News Corporation moves main listing to US

Media magnate Rupert Murdoch’s global News Corporation empire shocked Australian investors today by announcing its shares will have a primary listing on the US stock market instead of the Australian exchange by the end of the year.

A primary listing in the United States is expected to significantly increase the international media company’s shareholder base and stimulate demand for its shares, the company said in a statement in Sydney.

The company, owner of The Times and The Sun newspapers in Britain, is already listed in both the United States and Australia – where Murdoch’s family launched the empire – but currently has its main listing in Australia.

News Corporation said it expects to remain part of Australian Stock Exchange indexes and hasn’t changed its commitment to its Australian operations, which include a string of major newspapers.