21st Century Fox to delist from Australian Stock Exchange
This image provided by News Corp. on Thursday, May 9, 2013 shows a new corporate logo that emphasizes its focus on Hollywood as it prepares to spin off its newspaper division and be renamed 21st Century Fox. (AP Photo/News Corp-21st Century Fox)
The Associated Press
Published Thursday, January 9, 2014 7:28AM EST
NEW YORK -- Twenty-First Century Fox Inc., the media entertainment giant controlled by Rupert Murdoch, says it plans to delist its shares in Australia, the country where the company got its start.
Since it split from publishing company News Corp. last June, Fox generates very little revenue in Australia. Listing it's shares solely on the Nasdaq should reduce the regulatory burden and increase liquidity for the shares, the company said.
Existing Australian shareholders will be given the opportunity to sell their shareholdings on the Nasdaq and receive Australian dollars.
The move will also help the company reduce its foreign shareholders. The company has had to suspend foreign shareholder voting rights to comply with TV station ownership laws in the U.S., but the company says it expects delisting in Australia will help it lift the suspension.