New News Corp shares drop in debut on Australian exchange

City A.M. Reporter
SHARES in the so-called new News Corp – the publishing company created by the split of Rupert Murdoch’s News Corp empire – began trading in Australia yesterday, dropping around three per cent during trading to close at A$14.55.

News Corp will abandon its London listing on 28 June when the split becomes official. Until then investors can snap up the stock on a conditional and deferred basis, meaning they won’t officially own the stock until the split is complete.

News Corp shareholders rubber stamped the company’s proposed split last week, clearing the way for Rupert Murdoch to separate his lucrative TV and film assets from the troubled publishing divisions.

The firm is splitting into 21st Century Fox – comprised of the Fox TV network, the 20th Century Fox film studio, a 39 per cent stake in BSkyB and other TV and film assets – and new News Corp, containing the publishing divisions of News Corp. These include the Wall Street Journal, The Times and Sunday Times and The Sun.