News Corporation to switch listing from NYSE to Nasdaq
17 Dec 2008
News Corporation, the global media company led by Robert Murdoch, will move its US stock listing from the New York Stock Exchange to the Nasdaq Global Select Market effective 29 December.
The company's Class A common stock will trade on Nasdaq under the symbol `NWSA' and its Class B common stock will trade under the symbol `NWS'.
''Our move to Nasdaq will ensure that our stockholders have access to the most current trading technology possible. We are confident that Nasdaq's broad offerings and exceptional service, coupled with a cost-effective structure, will provide more value for our stockholders,'' said Reed Nolte, senior vice president (investor relations) of News Corporation.
"News Corporation has been defined by innovative ideas, and its leadership in news and entertainment has changed the media landscape. We are very pleased to welcome News Corp to Nasdaq OMX and our family of 4,100 industry leading companies," said Bruce Aust, executive vice president, Global Corporate Client Group, Nasdaq OMX.
News Corporation had total assets of approximately $61 billion and total annual revenues of approximately $33 billion as of 30 September 2008.
News Corporation is a diversified global media company with operations in eight industry segments: filmed entertainment; television; cable network programming; direct broadcast satellite television; magazines and inserts; newspapers and information services; book publishing; and others.
News Corporation operates mainly in the United States, Continental Europe, the United Kingdom, Australia, Asia and Latin America.
News Corp. plans to switch its stock-market listing to the Nasdaq Stock Market from the New York Stock Exchange, a win for Nasdaq in the exchanges' running fight for stock listings.
News Corp., the parent company of The Wall Street Journal, will list its two classes of stock on the Nasdaq effective Dec. 29.
Reports, meanwhile, cited people close to the developments as saying that Nasdaq had approached News Corp with a "compelling package," that offers various benefits like trading technology advances and co-sponsorship marketing partnerships.
The News Corp move is a major coup for Nasdaq's parent, Nasdaq OMX Group Inc, which has been attempting to lure high profile companies to its exchange with lower listing fees and other benefits.
Arch rivals Nasdaq and NYSE have been poaching each other's listings to add to their overall revenues. The News Corp move comes after reports of biotechnology company Myriad Genetics is shifting base from Nasdaq to NYSE.