Rupert Murdoch’s News Corp. (NWSA:US) is canceling its listing on the London Stock Exchange, citing the low trading volume for its shares.
The delisting precedes the New York-based company’s split into two separate businesses at the end of next month, News Corp. said in a statement today. London trades represent less than 1 percent of the total global volume, it said.
News Corp. will break its publishing assets from entertainment operations in June. Murdoch agreed to the split last year under pressure from shareholders, who wanted the faster-growing entertainment division to trade separately. The publishing side with retain the News Corp. name while entertainment will go under 21st Century Fox.
News Corp., which owns papers including the Wall Street Journal and The Times of London, said last week it expects to write down the value of its publishing business by $1.2 billion to $1.4 billion this quarter, according a filing.
Murdoch won’t be leaving London altogether. News Corp. owns about 40 percent of the U.K.’s biggest pay-television company, British Sky Broadcasting Group Plc. (BSY), which is listed in London.
To contact the reporter on this story: Kristen Schweizer in London at email@example.com.
To contact the editor responsible for this story: Kenneth Wong at firstname.lastname@example.org.