News Corporation and the new News Corporation Execute Previously Announced Stockholder Rights Agreements

  News Corporation and the new News Corporation Execute Previously Announced
  Stockholder Rights Agreements

Business Wire

NEW YORK -- June 14, 2013

News Corporation (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) (the "Company") and new
News Corporation today announced that, in advance of the separation of the
Company into two distinct publicly traded companies (the “Separation”), 21st
Century Fox (which will be the new name of the Company after the Separation)
and the new News Corporation, the Company and the new News Corporation have
each entered into the previously announced stockholder rights agreements as of
June 14, 2013. In connection with the rights agreements, the Company and the
new News Corporation will distribute one right for each outstanding share of
their common stock held by all stockholders at the close of business on June
21, 2013, with the distribution conditioned upon the completion of the
separation. Each right entitles the holder to purchase one one-thousandth of a
share of 21st Century Fox Series A junior participating preferred stock or the
new News Corporation Series A junior participating preferred stock (each
subject to anti-dilution provisions), as applicable, upon the occurrence of
certain triggering events. The purchase price for the 21st Century Fox Series
A junior participating preferred stock and the new News Corporation Series A
junior participating preferred stock will be the exercise price of $150.00 and
$90.00, respectively, subject to certain adjustments. The rights agreements
will expire on May 24, 2014, in the case of the Company, or one year after the
date of the Separation, in the case of the new News Corporation.

The Company has considered that there may be significant volume of trading in
shares of 21st Century Fox and the new News Corporation around the time of the
Separation, and for a period thereafter. The respective rights agreements are
intended to protect the stockholders of the Company and of the new News
Corporation from efforts to obtain control of such companies that their
respective Boards of Directors determine are not in the best interests of the
companies and their respective stockholders. The rights agreements are not
intended to interfere with any merger, tender or exchange offer or other
business transaction approved by either the Board of Directors of 21st Century
Fox or the Board of Directors of the new News Corporation, and such rights
agreements do not prevent either Board of Directors from considering any offer
that it considers to be in the best interest of its stockholders.

Under the rights agreements, each outstanding share of common stock of 21st
Century Fox and the new News Corporation, as applicable, will have attached to
it one right, with the distribution of the rights by dividend to be
conditioned upon consummation of the Separation. Initially, the rights will be
represented by the common stock of 21st Century Fox or the new News
Corporation, as applicable, and will not be traded separately from the common
stock and will not be exercisable.

As previously announced, after May 24, 2013, any acquisition of shares of
voting common stock of the Company or the new News Corporation, whether as a
result of acquiring shares representing the new News Corporation voting common
stock in the when-issued trading market or shares of 21st Century Fox voting
common stock in the ex-dividend market, or otherwise, will be taken into
account in calculating the beneficial ownership of a person or group for the
purposes of determining whether the rights have become exercisable.

The rights will become exercisable for common stock of the Company or the new
News Corporation, as applicable, only if, a person or group obtains beneficial
ownership (defined to include stock which a person has the right to acquire,
regardless of whether such right is subject to the passage of time or the
satisfaction of conditions), including by means of a tender offer, of 15% or
more of the applicable company's voting common stock, at which time, unless
the applicable Board of Directors redeems the rights, each right would enable
the holder of such right to buy additional shares of common stock of the
Company or the new News Corporation, as applicable. Following the acquisition
of 15% or more of the applicable company's voting common stock, each right
will entitle its holder (other than the acquiring person or group) to
purchase, at the exercise price (subject to adjustments provided in the rights
agreements), a number of shares of the applicable company's voting or
non-voting common stock, as applicable, having a then-current market value of
twice the exercise price, and in the event of a subsequent merger into,
consolidation with, or transfer of 50% or more of the company’s consolidated
assets or earning power to another unaffiliated entity, to purchase, at the
exercise price, a number of shares of common stock of the acquiring entity
having a then-current market value of twice the exercise price.

The rights will not become exercisable by virtue of any person’s or group’s
beneficial ownership, including K. Rupert Murdoch, members of his immediate
family and the Murdoch Family Trust, as of May 24, 2013, of 15% or more of the
voting common stock of the Company or the new News Corporation, as applicable,
unless such person or group acquires beneficial ownership of additional shares
of the applicable company's voting common stock thereafter.

Either Board of Directors may redeem the applicable rights, in whole, but not
in part, at a price of $0.001 per right (subject to certain adjustments), or
amend the applicable rights agreement to change the expiration date of the
rights at any time prior to the earlier of the date that is 10 business days
(unless extended by the applicable Board of Directors in certain
circumstances) following such time as any person or group acquires 15% or more
of voting common stock and the expiration date of the rights.

Until a right is exercised, its holder, as such, will have no rights as a
stockholder of the Company or the new News Corporation, as applicable, with
respect to such rights, including, without limitation, the right to vote or to
receive dividends. For so long as the rights continue to be associated with
the Company’s or the new News Corporation's common stock, each new share of
the Company’s or the new News Corporation’s common stock issued will have
attached to it a right. Stockholders will not be required to pay any separate
consideration for the rights issued with the common stock.

Additional details about the stockholder holders rights agreements will be
contained in a Form 8-K to be filed by the Company and in Amendment No. 6 to
new News Corporation’s Registration Statement on Form 10 filed by new News
Corporation on June 13, 2013 with the Securities and Exchange Commission.

News Corporation Separation

On June 28, 2012, News Corporation announced its intent to pursue the
separation of its business into two separate independent companies, one of
which will hold the Company’s global media and entertainment businesses and
the other which will hold the businesses comprising News Corporation’s
newspapers, information services and integrated marketing services, digital
real estate services, book publishing, digital education and sports
programming and pay-TV distribution in Australia.

About News Corporation

News Corporation (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) had total assets as of
March 31, 2013 of approximately US$68 billion and total annual revenues of
approximately US$35 billion. News Corporation is a diversified global media
company with operations in six industry segments: cable network programming;
filmed entertainment; television; direct broadcast satellite television;
publishing; and other. The activities of News Corporation are conducted
principally in the United States, Continental Europe, the United Kingdom,
Australia, Asia and Latin America.

Cautionary Statement Concerning Forward-Looking Statements

This document contains certain "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. These statements are
based on management's views and assumptions regarding future events and
business performance, including its expectations with respect to the proposed
transaction. Actual results may differ materially from these expectations due
to changes in global economic, business, competitive market and regulatory
factors. In addition, actual plans, actions and results relating to the
proposed transaction may differ materially from current expectations as a
result of certain risks and uncertainties, including but not limited to:
unanticipated developments that delay or negatively impact the proposed
transaction; changes in market conditions; disruption to business operations
as a result of the proposed transaction; the inability to retain key
personnel; and the other risks and uncertainties described from time to time
in our filings with the Securities and Exchange Commission. More detailed
information about these and other factors that could affect future results is
contained in our filings with the Securities and Exchange Commission. There
can be no assurance that the proposed transaction will be completed as
anticipated or at all. The "forward-looking statements" included in this
document are made only as of the date of this document and we do not have any
obligation to publicly update any "forward-looking statements" to reflect
subsequent events or circumstances, except as required by law.

For more information about News Corporation, please visit www.newscorp.com.

Contact:

News Corporation
Press:
Julie Henderson, 212-852-7070
jhenderson@newscorp.com
Nathaniel Brown, 212-852-7746
nbrown@newscorp.com
or
Investor Relations:
Reed Nolte, 212-852-7092
rnolte@newscorp.com
Joe Dorrego, 212-852-7856
jdorrego@newscorp.com
 
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