Murdoch's Fox empire severs ties with his homeland

Click to follow
The Independent Online

Rupert Murdoch's flagship media business, the TV and film giant 21st Century Fox, plans to cut its links with his native land by delisting from the Australian stock market.

Fox, maker of The Simpsons and X-Men, will keep its primary listing on New York's Nasdaq as part of what Mr Murdoch called "our ongoing agenda to simplify the operating and capital structure". He said the move will boost liquidity and improve voting rights for foreign investors. Non-US shareholders' rights are limited because American TV regulators restrict foreign ownership of channels to 25 per cent.

Fox split from Mr Murdoch's troubled newspaper division, News Corporation, last June. Fox has "limited operations" in Australia as News Corp controls Mr Murdoch's interests there, including TV.

Fox is the biggest shareholder in the British pay-TV giant BSkyB.