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News Corp. on the Move - Broadcasting & Cable

News Corp. on the Move

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According to News Corp. -- U.S. holdings of which include Fox Broadcasting Co., TV stations, Fox News Channel, various cable networks and the Twentieth Century Fox studio -- it has received permission from the Federal Court of Australia to reincorporate in the United States.

Shareholders voted to approve the move, expected to be completed by Nov. 12, at a meeting Oct. 26.

News Corp. is headquartered in New York and had been operating as an American company for years, which it had to do to be able to own Fox.

By making the move official, News Corp. will now get to be listed on the New York Stock Exchange, which  Chairman Rupert Murdoch said would "make News Corp. a more attractive investment for a far larger pool of potential shareholders."

The move of News Corp. really began in 1985, when Murdoch bought the Metromedia stations and launched Fox Network with the 99% backing of his Australian-owned News Corp. That came despite FCC restrictions on foreign ownership. Murdoch got a break from the FCC, which accepted his pledge to become a U.S. citizen and that he personally would control 76% of Fox (FCC rules prohibit more than 25% foreign ownership of media properties).

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