Fox to quit Australia, as News vows to remain

21st Century Fox plans to end its dual listing on the Australian Securities Exchange, but News Corp isn't going anywhere.

21st Century Fox plans to end its dual listing on the Australian Securities Exchange, leaving News Corporation as the sole locally-listed Murdoch company.

Fox said it would seek shareholder approval by April to delist its Australian shares, aiming to simplify the operating and capital structure of the company.  It said it would assist local investors who wanted to switch to the company’s Nasdaq market-listed securities.

21st Century Fox chairman and chief executive Rupert Murdoch said the film and entertainment company had only limited operations in Australia following the split in June last year.

Home Alone 2, A 20th Century Fox production

Home Alone 2: A 20th Century Fox production

“We believe that consolidating the trading of our stock in the world’s largest equity market would provide improved liquidity to the company’s shareholders and greater efficiencies,” he said.

Sister company News Corp has no plans to delist its Australian shares.

Under the demerger, News Corp maintained ownership of more than 120 publications in Australia, HarperCollins Australia, digital real estate business REA, Fox Sports Australia, and 50 per cent of Foxtel.

News Corp chief executive Robert Thomson reaffirmed the company’s commitment to Australia, saying that Australia was a significant market for the business.

“We are proud of our Australian provenance.

“More than 30 per cent of News Corp’s revenue was generated from Australia last year,” Mr Thomson said.

“I spent much of December in the country, speaking with some of our 9000-plus employees and holding meetings to focus on our strategies for growth in the region.”

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