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Tuesday, June 18, 2013

Equity Trader Alert #2013 - 56
NASDAQ Outlines Symbology Associated with News Corporation Upcoming Separation

Markets Impacted:

Contact Information:

What you need to know:

  • On Wednesday, June 19, 2013, "New" News Corporation Class A and Class B common stock when issued and Twenty-First Century Fox, Inc. Class A and Class B common stock ex-distribution when issued are expected to begin trading on The NASDAQ Global Select Market under the symbols NWSAV, NWSVV, FOXAV and FOXVV, respectively.
  • The parent company (News Corporation Class A and B common stock) will continue to be traded on The NASDAQ Global Select Market under the symbols NWSA and NWS.
  • On Monday, July 1, 2013, after the execution of the separation, the current News Corporation will change its name to Twenty-First Century Fox, Inc. and its Class A and Class B common stock will trade under the symbols FOXA and FOX, while the new company will assume the name News Corporation and its Class A and Class B common stock will trade under the symbols NWS and NWSA.

What is changing?

On Wednesday, June 19, 2013, new News Corporation Class A and B common stock (when issued) and Twenty-First Century Fox, Inc. Class A and B common stock ex-distribution (when issued) are expected to begin trading on The NASDAQ Global Select Market® (NASDAQ®) under the symbols NWSAV, NWSVV, FOXAV and FOXVV, respectively. The current parent company (News Corporation Class A and B common stock) will continue to be traded on The NASDAQ Global Select Market under the symbols NWSA and NWS.

On Monday, July 1, 2013, after the execution of the separation, News Corporation Class A and B common stock will begin trading as two separate companies, Twenty-First Century Fox, Inc. and a new News Corporation. The current News Corporation will change its name to Twenty-First Century Fox, Inc. and will trade under the tickers FOX and FOXA. It will be comprised of the current News Corporation's media and entertainment businesses. The new company will assume the name News Corporation and its Class A and Class B common stock will trade under tickers NWSA and NWS. It will hold the businesses comprising current News Corporation's news and information services, integrated marketing services, digital real estate services, book publishing and digital education, as well as sports programming and pay-TV distribution in Australia.

Why is this occurring?

On May 24, 2013, News Corporation (NASDAQ: NWSA, NWS) announced that its Board of Directors approved the separation of News Corporation into two distinct publicly traded companies, Twenty-First Century Fox and new News Corporation. In connection with the separation, the Company's Board approved the distribution of all shares of the new News Corporation to the current stockholders of the Company in a ratio of one share of the new News Corporation for every four shares currently held. In conjunction with this transaction, News Corporation will be changing its name to Twenty-First Century Fox, Inc. at the completion of the separation.

Where will the new News Corporation be trading?

On Wednesday, June 19, 2013, the new News Corporation Class A and B common stock is expected to trade on The NASDAQ Global Select Market on a when-issued basis (NASDAQ: NWSAV, NWSVV). Also on that date, the ex-distribution when-issued market for Twenty-First Century Fox, Inc. Class A and B common stock (NASDAQ: FOXAV, FOXVV) is expected to trade on The NASDAQ Global Select Market. Trades made in the ex-distribution when-issued market (FOXAV, FOXVV) of Twenty-First Century Fox, Inc. will not carry due-bills for the separation. An EX date of July 1, 2013, is expected to be formally established for News Corporation. The chart set forth below is a timetable of expected changes and assumes an EX date of July 1, 2013.

What are the issue details for the new NASDAQ listings?

Prior to the effective date of the separation, News Corporation will make available several "when issued" stocks. On Wednesday, June 19, 2013, the following symbols will be in effect for News Corporation:

Issue Name CUSIP Issue Symbol NASDAQ Market Category Details
News Corporation Class A Common Stock 65248E104 NWSA NASDAQ Global Select Market The current News Corporation Class A common stock trading with due bills.
News Corporation Class A Common Stock When Issued 65249B109 NWSAV NASDAQ Global Select Market The new News Corporation Class A common stock trading when issued. This represents the News Corporation that will exist following the separation.
News Corporation Class B Common Stock 65248E203 NWS NASDAQ Global Select Market The current News Corporation Class B common stock trading with due bills.
News Corporation Class B Common Stock When Issued 65249B208 NWSVV NASDAQ Global Select Market The new News Corporation Class B common stock trading when issued. This represents the News Corporation that will exist following the separation.
Twenty-First Century Fox, Inc. Class A Common Stock Ex distribution When Issued 90130A101 FOXAV NASDAQ Global Select Market The Twenty-First Century Fox, Inc. Class A common stock trading when issued. This represents the existing News Corporation, which will change its name to Twenty-First Century Fox, Inc. upon the separation and will be comprised of the media and entertainment businesses of the former News Corporation.
Twenty-First Century Fox, Inc. Class B Common Stock Ex distribution When Issued 90130A200 FOXVV NASDAQ Global Select Market The Twenty-First Century Fox, Inc. Class B common stock trading when issued. This represents the existing News Corporation, which will change its name to Twenty-First Century Fox, Inc. upon the separation and will be comprised of the media and entertainment businesses of the former News Corporation.

On Monday, July 1, 2013, after the execution of the separation, the issue mapping for Twenty-First Century Fox, Inc. and News Corporation will be as follows:

Issue Name CUSIP Symbol through June 28, 2013 Symbol as of July 1, 2013 NASDAQ Market Category Details
Twenty-First Century Fox, Inc. Class A Common Stock 90130A101 FOXAV FOXA NASDAQ Global Select Market The existing News Corporation, which will change its name to Twenty-First Century Fox, Inc. upon the separation and will be comprised of the media and entertainment businesses of the former News Corporation.
Historical data for NWSA should now be associated with FOXA.
Twenty-First Century Fox, Inc. Class B Common Stock 90130A200 FOXVV FOX NASDAQ Global Select Market The existing News Corporation, which will change its name to Twenty-First Century Fox, Inc. upon the separation and will be comprised of the media and entertainment businesses of the former News Corporation.
Historical data for NWS should now be associated with FOX.
News Corporation Class A Common Stock 65249B109 NWSAV NWSA NASDAQ Global Select Market The new News Corporation.
News Corporation Class B Common Stock 65249B208 NWSVV NWS NASDAQ Global Select Market The new News Corporation.

If you would like to register as a Market Maker in NWSAV, NWSVV, FOXAV or FOXVV please contact NASDAQ OMX Trading Operations at +1 212 231 5100.

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