News Corp. is leaving the land “Down Under” -- on paper, anyway.
The company’s shareholders voted Tuesday to move its main share listing to the New York Stock Exchange in an effort to strengthen the media conglomerate's finances, AP reported.
Holders of ordinary shares voted 91.3% of their stock in favor of the proposal at the company’s annual meeting, easily topping the required total of 75%, while holders of preferred shares voted 96.2% in favor, according to AP.
News Corp. chairman Rupert Murdoch told AP the company -- which generates around 75% of its earnings and revenue from U.S. operations -- will be in a "much stronger financial position" once the shift has been completed, and it may consider higher dividends in a few years.
News Corp. shares are expected to move their listing to the NYSE sometime next month, coinciding with the stock's removal from the Australian benchmark index, AP reported.
“News Corp. will always be defined by an Australian spirit, and for entirely selfish reasons, as it is from Australia that this company derives its entrepreneurial spirit, our energy, our brashness," Murdoch told Reuters.