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News Corporation Announces Expected Trading Timetable for Shares of Common Stock of 21st Century Fox and the new News

  News Corporation Announces Expected Trading Timetable for Shares of Common
  Stock of 21st Century Fox and the new News Corporation

Business Wire

NEW YORK -- June 13, 2013

News Corporation (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) (the "Company") today
announced that, in connection with the previously announced separation of the
Company into two distinct publicly traded companies, 21st Century Fox and the
new News Corporation, it expects that trading of the new News Corporation
Class A and Class B common stock on the “when-issued” trading market and
trading of the Company’s Class A and Class B common stock in the “due-bills”
and “ex-distribution” market, each on The NASDAQ Global Select Market
(“NASDAQ”), will begin on June 19, 2013 and will continue through the
completion of the separation, which is expected to occur after the close of
trading on NASDAQ on June 28, 2013, the distribution date, as set forth in the
table below (which is an indicative timetable and subject to possible change):

                         
Date                      Event
                           News Corporation Class A Common Stock (NASDAQ:
                           NWSA) (CUSIP 65248E104) begins trading with due
                           bills and will settle on a regular-way basis
                           (typically T+3).

                           

                           News Corporation Class B Common Stock (NASDAQ: NWS)
                           (CUSIP 65248E203) begins trading with due bills and
                           will settle on a regular-way basis (typically T+3).

                           

                           New News Corporation Class A Common Stock (NASDAQ:
                           NWSAV) (CUSIP 65249B109) begins trading in the
                           when-issued market and will generally settle 4 days
                           after the distribution date.

Wednesday, June 19, 2013  

                           New News Corporation Class B Common Stock (NASDAQ:
                           NWSVV) (CUSIP 65249B208) begins trading in the
                           when-issued market and will generally settle 4 days
                           after the distribution date.

                           

                           21^st Century Fox Class A Common Stock (NASDAQ:
                           FOXAV) (CUSIP 90130A101) begins trading
                           ex-distribution and will generally settle 4 days
                           after the distribution date.

                           

                           21^st Century Fox Class B Common Stock (NASDAQ:
                           FOXVV) (CUSIP 90130A200) begins trading
                           ex-distribution and will generally settle 4 days
                           after the distribution date.
                           Record date for determining the entitlement of the
Friday, June 21, 2013     holders of News Corporation's Class A and Class B
                           Common Stock to receive the new News Corporation
                           Class A and Class B Common Stock, respectively.
                           Distribution date and the issuance of the new News
                           Corporation Class A and Class B Common Stock to
                           holders entitled to receive such stock.

Friday, June 28, 2013     

                           Last day of when-issued and ex-distribution trading
                           in the new News Corporation and 21^st Century Fox
                           common stock, respectively.
                           New News Corporation Class A Common Stock (NASDAQ:
                           NWSA) (CUSIP 65249B109) begins trading on a
                           regular-way basis and will generally settle T+3.

                           

                           New News Corporation Class B Common Stock (NASDAQ:
                           NWS) (CUSIP 65249B208) begins trading on a
                           regular-way basis and will generally settle T+3.

Monday, July 1, 2013      

                           21^st Century Fox Class A Common Stock (NASDAQ:
                           FOXA) (CUSIP 90130A101) begins trading on a
                           regular-way basis and will generally settle T+3.

                           

                           21^st Century Fox Class B Common Stock (NASDAQ:
                           FOX) (CUSIP 90130A200) begins trading on a
                           regular-way basis and will generally settle T+3.
Friday, July 5, 2013      Expected settlement of all trades in the
                           when-issued and ex-distribution markets.
                         

The separation will be effected through the distribution of all shares of the
new News Corporation to the Company’s stockholders of record as of the close
of business on June 21, 2013, the record date for the distribution.

In the context of the distribution, when-issued trading refers to a securities
transaction made conditionally on or before the distribution date because the
securities are not yet available. When-issued trades generally settle within
four trading days after the distribution date. Holders of the Company's common
stock on the record date will be entitled to receive shares of the new News
Corporation common stock in the distribution. Such stockholders may trade this
entitlement to receive shares of the new News Corporation common stock,
without the shares of the Company's common stock they own, on the when-issued
market. On the first trading day following the distribution date, the Company
expects that when-issued trading of the new News Corporation Class A common
stock and Class B common stock will end and “regular-way” trading will begin.
Regular-way trading typically involves a trade that settles on the third full
trading day following the date of the securities transaction.

Shares of the Company’s common stock that trade on the due-bills market will
trade with an entitlement to receive shares of the new News Corporation common
stock in the distribution, and such trades will settle on a regular-way basis.
Shares that trade on the ex-distribution market will trade without an
entitlement to receive shares of the new News Corporation common stock in the
distribution, and such trades will generally settle within four trading days
after the distribution date. Therefore, if holders of the Company’s common
stock sell shares in the due-bills market after the record date and through
the distribution date, such stockholders will be selling their right to
receive shares of the new News Corporation common stock in the distribution.
However, if stockholders own shares of the Company’s common stock on the
record date and sell those shares in the ex-distribution market up through the
distribution date, such stockholders will still be entitled to receive shares
of the new News Corporation common stock in the distribution. On the first
trading day following the distribution date, shares of the Company’s common
stock will begin trading without any entitlement to receive shares of the new
News Corporation common stock.

If the distribution does not occur, all when-issued trades in the new News
Corporation common stock and all ex-distribution trades in the Company’s
common stock will not be settled and therefore will be null and void.

Trading of CDIs on ASX

In addition, the Company today announced that it expects that trading of CHESS
Depositary Interests ("CDIs") representing the new News Corporation Class A
and Class B common stock on the Australian Securities Exchange ("ASX") will
commence on a conditional and deferred settlement basis, and trading of CDIs
representing the Company’s Class A and Class B common stock will commence
trading on an ex-distribution, unconditional and normal T+3 settlement basis,
each on June 19, 2013 (being the expected date of the new News Corporation's
admission to the official list of ASX) and to continue trading on this basis
until the distribution occurs, as set forth in the table below (which is an
indicative timetable and subject to possible change):

                         
Date                      Event
                           CDIs representing the News Corporation Class A
                           Common Stock (ASX: NWSLV) begin trading on an
                           ex-distribution, unconditional and normal T+3
                           settlement basis.

                           

                           CDIs representing the News Corporation Class B
                           Common Stock (ASX: NWS) begin trading on an
                           ex-distribution, unconditional and normal T+3
                           settlement basis.
Wednesday, June 19, 2013 
                           

                           CDIs representing the new News Corporation Class A
                           Common Stock (ASX: NNCLV) begin trading on a
                           conditional and deferred settlement basis.

                           

                           CDIs representing the new News Corporation Class B
                           Common Stock (ASX: NNC) begin trading on a
                           conditional and deferred settlement basis.
                           Record date for determining the entitlement of the
                           holders of CDIs representing the Company’s Class A
Friday, June 21, 2013     and Class B Common Stock to receive CDIs
                           representing the new News Corporation Class A and
                           Class B Common Stock, respectively.
                           Distribution date and the issuance of the CDIs
                           representing new News Corporation Class A and Class
                           B Common Stock to holders entitled to receive such
                           CDIs (expected to occur after 7 p.m. (AEST) due to
Friday, June 28, 2013     time differences).

                           

                           Last day of conditional trading in the CDIs
                           representing new News Corporation common stock.
                           CDIs representing the new News Corporation Class A
                           Common Stock (ASX: NNCLV) begin trading on an
                           unconditional but deferred settlement basis.

                           

                           CDIs representing the new News Corporation Class B
Monday, July 1, 2013      Common Stock (ASX: NNC) begin trading on an
                           unconditional but deferred settlement basis.

                           

                           Dispatch date – Mailing of holding statements in
                           respect of CDIs representing the new News
                           Corporation Class A Common Stock and Class B Common
                           Stock.
                           CDIs representing the new News Corporation Class A
                           Common Stock (ASX: NNCLV) begin trading on a T+3
                           settlement basis.

                           

                           CDIs representing the new News Corporation Class B
                           Common Stock (ASX: NNC) begin trading on a T+3
                           settlement basis.

                           
Tuesday, July 2, 2013    
                           CDIs representing the Company’s Class A Common
                           Stock will begin to trade under the ASX ticker code
                           “FOXLV” and continue to settle on a normal T+3
                           basis.

                           

                           CDIs representing the News Corporation Class B
                           Common Stock will begin to trade under the ASX
                           ticker code “FOX” and continue to settle on a
                           normal T+3 basis.
                           Expected settlement of all trades of CDIs
Friday, July 5, 2013      representing the new News Corporation Class A and
                           Class B Common Stock conducted on a conditional and
                           deferred settlement basis.
                         

Detailed Description of Trading

Trading of the CDIs representing new News Corporation Class A and Class B
Common Stock under the temporary symbols “NNCLV” and “NNC”, respectively, will
continue until such time as ASX determines that the transition to trading of
CDIs representing new News Corporation Class A and Class B common stock under
the symbols “NWSLV” and “NWS”, respectively, can be completed, which the
Company currently expects to be approximately two months. On and from the
first ASX trading day after the distribution, which the Company expects to be
July 1, 2013, and until the Company has advised ASX that holding statements
have been distributed to CDI holders, the new News Corporation CDIs will trade
on an unconditional and deferred settlement basis. Holding statements are
expected to be distributed to holders on the first trading day following the
distribution date. On that basis, CDIs representing the new News Corporation
common stock will commence trading on a normal T+3 settlement basis (which
means trading that settles on the third full trading day following the date of
the securities transaction) on the second ASX trading day after the
distribution occurs, which the Company expects to be July 2, 2013, and all
conditional and unconditional deferred settlement trades will settle on the
fifth ASX trading day after the distribution, which the Company expects to be
July 5, 2013.

Further, the Company today announced that CDIs representing News Corporation
Class A and Class B common stock are expected to commence trading on an
ex-distribution, unconditional and normal T+3 settlement basis on June 19,
2013. Once this occurs, unlike on NASDAQ, there will only be a single,
ex-distribution market in News Corporation CDIs, and trading of News
Corporation CDIs on a "cum" basis, with an entitlement to receive CDIs
representing shares of new News Corporation common stock in the distribution,
will have ceased. This is consistent with ASX's standard trading arrangements.

News Corporation CDI holders who intend to trade their News Corporation CDIs
prior to the distribution should be aware of the risks in doing so. As
previously announced, the distribution is subject to the satisfaction of
certain conditions and News Corporation may decide at any time not to proceed
with the distribution. There is no certainty that the distribution will occur,
even once the record date has passed.

If the distribution is cancelled, all trades in new News Corporation CDIs
occurring up to that point will also be cancelled and of no effect. However,
any trades in News Corporation CDIs made after the commencement of trading on
an ex-distribution, unconditional and normal T+3 settlement basis will not be
cancelled or unwound, even if the distribution is cancelled. Those News
Corporation CDI holders who sold their News Corporation CDIs on or after the
ex-distribution date may have sold their CDIs at prices which are less than
what they would have obtained had the CDIs continued trading on a
cum-distribution basis and never on an ex-distribution basis, reflecting the
value attributed to the proposed distribution of new News Corporation's
businesses. Such holders will be unable to recover the value of that
difference in price from purchasers or any other persons. Accordingly, holders
who choose to trade their News Corporation CDIs on ASX before the distribution
do so at their own risk.

It is the responsibility of each News Corporation CDI holder to determine
their entitlement to new News Corporation CDIs before trading those CDIs to
avoid the risk of selling new News Corporation CDIs they do not or will not
own. If a News Corporation CDI holder sells new News Corporation CDIs without
receiving confirmation of their entitlement, they do so at their own risk. As
noted above, holding statements for new News Corporation CDIs are expected to
be dispatched by post on July 1, 2013, being the first ASX trading day after
the distribution date.

Conversions between Australian and U.S. registers

News Corporation securities

The distribution record date applicable to News Corporation common stock and
to its CDIs will be the same. Due to the different settlement procedures
operating in the U.S. and Australian markets and the timing of the
due-bills/”cum” and ex-distribution periods prior to the distribution record
date, News Corporation will cease processing of conversions between its U.S.
common stock register and its Australian CDI register during the period
commencing on the first day of when-issued trading on NASDAQ and
ex-distribution trading on ASX (in each case June 19, 2013) and ending on the
distribution record date (June 21, 2013). Processing of conversion requests
will recommence the trading day after the distribution record date (June 24,
2013).

New News Corporation securities

The processing of requests for conversions between new News Corporation common
stock and CDIs will commence on or about the first trading day after the
distribution date.

More information on the matters described above is available in the Form 10
Registration Statement filed by the new News Corporation, which is available
on the SEC’s website at www.sec.gov and at http://www.newscorp.com/investor.

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.

    1211 AVENUE OF THE AMERICAS · NEW YORK, NEW YORK 10036 · newscorp.com

Contact:

News Corporation
Reed Nolte, 212-852-7092
rnolte@newscorp.com
or
Joe Dorrego, 212-852-7856
jdorrego@newscorp.com
or
Nathaniel Brown, 212-852-7746
nbrown@newscorp.com
 
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