NEW YORK, Dec 16 (Reuters) - Media company News Corp said on Tuesday it was moving its U.S. stock exchange listing to Nasdaq Stock Market on Dec. 29 after more than 22 years on the New York Stock Exchange.
A person familiar with the talks said Nasdaq had approached News Corp with a 'compelling package' with a range of additional services and technological advances.
News Corp, parent of Fox TV Network and Dow Jones, said its company's Class A common stock would trade under the symbol 'NWSA' and its Class B common stock would trade under the symbol 'NWS'.
Like other media companies, News Corp shares have been under pressure in the last year as investors worried that it may be over-exposed in sectors most vulnerable to the economic downturn, such as advertising.
Nasdaq has been pushing harder to attract bigger companies from New York Stock Exchange, tempting them with lower listing fees and advanced exchange technology.
Last month, Nasdaq triumphed in a long battle with rival NYSE by winning a regulatory ruling that a company can keep its stock symbol when it moves to a new exchange.
Nasdaq has long complained that the prospect of losing those symbols has dissuaded companies from changing venues, and believes the branding victory will help it attract listings to its venue.
(Reporting by Yinka Adegoke)
((e-mail:yinka.adegoke@thomsonreuters.com Reuters Messaging: Yinka.adegoke.reuters.com@reuters.net; +1 646 223 6081)) Keywords: NEWSCORP/ (Click on http://blogs.reuters.com/category/themes/mediafile/ to see Reuters MediaFile blog) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
A person familiar with the talks said Nasdaq had approached News Corp with a 'compelling package' with a range of additional services and technological advances.
News Corp, parent of Fox TV Network and Dow Jones, said its company's Class A common stock would trade under the symbol 'NWSA' and its Class B common stock would trade under the symbol 'NWS'.
Like other media companies, News Corp shares have been under pressure in the last year as investors worried that it may be over-exposed in sectors most vulnerable to the economic downturn, such as advertising.
Nasdaq has been pushing harder to attract bigger companies from New York Stock Exchange, tempting them with lower listing fees and advanced exchange technology.
Last month, Nasdaq triumphed in a long battle with rival NYSE by winning a regulatory ruling that a company can keep its stock symbol when it moves to a new exchange.
Nasdaq has long complained that the prospect of losing those symbols has dissuaded companies from changing venues, and believes the branding victory will help it attract listings to its venue.
(Reporting by Yinka Adegoke)
((e-mail:yinka.adegoke@thomsonreuters.com Reuters Messaging: Yinka.adegoke.reuters.com@reuters.net; +1 646 223 6081)) Keywords: NEWSCORP/ (Click on http://blogs.reuters.com/category/themes/mediafile/ to see Reuters MediaFile blog) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.