News: Fox to exit Aus market

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Twenty-First Century Fox Inc (ASX:FOX) plans to exit the Australian share market.

 

The move is part of an ongoing agenda to simplify the operating and capital structure of the company. 

 

Twenty-First Century Fox chairman and chief executive Rupert Murdoch says the entertainment company has limited operations in Australia and that consolidating the trading of the stock would provide improved liquidity to the company's shareholders.

 

The company says it expects to hold a special meeting in March or April for shareholders to vote on the move. The delisting would occur the month after.

 

Mr Murdoch split Fox from News Corp's media business in June last year to separate the film and television broadcast business from it's other media assets.

 

Twenty-First Century Fox generated a net profit of $7.9 billion in fiscal 2013.