HONG KONG – 21st Century Fox will seek to delist the company’s shares from the Australian Securities Exchange (ASX).
“Today’s announcement is part of our ongoing agenda to simplify the operating and capital structure of the company. Following the separation of our businesses in June last year, 21st Century Fox has only limited operations in Australia,” said Rupert Murdoch, chairman and CEO. He said the stock consolidation would improve liquidity and provide greater efficiencies for the company.
The delisting, which has been approved by the ASX subject to conditions, requires shareholder approval. The company says that it will take up to four months for the move to receive shareholder and final ASX approvals.
Murdoch started his media empire in Australia some 60 years ago and formed News Corp. in 1979. It corporate headquarters were relocated from Australia to New York in 2004.
Murdoch’s outstanding media interests in Australia are mostly newspapers and local TV networks which, since last year’s corporate split, are not part of 21st Century Fox, but instead fall under the slimmed down News Corp.