RUPERT Murdoch’s 21st Century Fox has started the process to remove its listing from Australia’s stock exchange, a move that the company said was designed to simplify its operating structure and cut compliance costs.
Following the move 21st Century Fox’s shares will be listed solely on the US Nasdaq exchange and it is expected to reduce the number of non-US shareholders in the media corporation.
“This announcement is part of our ongoing agenda to simplify the operating and capital structure of our company,” said 21st Century Fox chairman and chief executive Rupert Murdoch. “Following the separation of our businesses in June last year, 21st Century Fox has only limited operations in Australia, and we believe that consolidating the trading of our stock in the world’s largest equity market would provide improved liquidity to the company’s stockholders and greater efficiencies for the company.”
The firm owns the US Fox Television network and holds a 39.1 per cent stake in BSkyB.