No More News For NYSE12/19/2008 7:00 PM Eastern
News Corp. said last Tuesday after market close that it will voluntarily move its stock listing from the New York Stock Exchange to the NASDAQ Exchange effective Dec. 29.
On NASDAQ, the company's Class A common stock will trade under the symbol “NWSA” and its Class B common stock will trade under the symbol “NWS”.
News Corp. stock has traded on the NYSE since 2004, when it moved its official company headquarters from Australia to New York. Prior to that, News Corp.'s American Depository Receipts (ADRs) had been traded on the NYSE for years. The company stock continues to be traded on the Australian Stock Exchange.
While News said in a statement that NASDAQ's “cost-effective structure” was part of the reason for the change, others familiar with the media giant said that NASDAQ just offered a better deal.
That better deal, according to some reports, was an advertising commitment.
According to a report in The New York Times, the NYSE claims that NASDAQ lured the media giant away with promises to increase its advertising in News Corp. properties like The Wall Street Journal and Fox News Channel. News Corp. declined to comment and a NASDAQ spokeswoman wouldn't say if an advertising deal had been made.
News Corp. stock has been battered this year — it is down 56% ($11.78) since Jan. 2. The stock closed Tuesday at $8.92, up 61 cents, then dipped a penny on Dec. 17.