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NEWS CORPORATION FILES FOR GLOBAL EQUITY OFFERING

 NEWS CORPORATION FILES FOR GLOBAL EQUITY OFFERING
 NEW YORK, Sept. 11 /PRNewswire/ -- The News Corporation Limited


(NYSE: NWS; ASX; NCP; LSE; NEWCP) announced that it has filed today with the U.S. Securities and Exchange Commission a registration statement with respect to a global equity offering of 40 million Ordinary Shares, including 18 million Ordinary Shares represented by American Depositary Shares to be offered in the United States and Canada, and a registration statement with respect to the offering of US$1 billion of senior debt securities.
 News Corporation intends to use the entire proceeds of the offerings to repay bank debt. In fiscal 1992, News Corporation raised US$1.8 billion from asset sales and public and private equity and debt offerings as part of its debt reduction strategy.
 Rupert Murdoch, chief executive of News Corporation, said "By repaying bank debt with these proceeds, News Corporation will satisfy a majority of its debt amortization due in February 1994 and the balance will be satisfied from operating cash flow."
 He added, "We also hope the raising of these funds will go a long way toward accomplishing our pre-eminent goal, which is to achieve an investment grade rating. In the near future, the company expects to renegotiate its bank obligations to extend maturities and reduce borrowing costs."
 The aggregate offering of American Depositary Shares and Ordinary Shares will be made in 4 tranches throughout the world. Merrill Lynch & Co. is acting as the Global Coordinator for the equity offerings.
 In the U.S., the other lead equity underwriters are Allen & Company Incorporated, Donaldson, Lufkin & Jenrette Securities Corporation and J.P. Morgan Securities Inc. In Australia, the lead underwriters are J.B. Were & Son, Merrill Lynch International Limited and Prudential- Bache Securities (Australia) Limited. In the U.K., the lead underwriters are Merrill Lynch International Limited, Barclays de Zoete Wedd and County NatWest Securities Limited. Outside of the U.S., the U.K., and Australia, the lead underwriters are Merrill Lynch International Limited, Credit Suisse First Boston Limited and Deutsche Bank.
 The senior debt securities will consist of US$200 million of senior debentures due Oct. 15, 1999, US$600 million of senior debentures due Oct. 15, 2004 and US$200 million senior debentures due Oct. 15, 2012. The debt securities will be issued by News America Holdings Incorporated, a subsidiary of News Corporation, and will be guaranteed by News Corporation.
 The underwriters of the debt offering are Merrill Lynch & Co., Allen & Company Incorporated, Citicorp Securities Markets, Inc., Donaldson, Lufkin & Jenrette Securities Corporation and J.P. Morgan Securities Inc.
 Each of the offerings of Ordinary Shares will be made by means of a prospectus (filed with the U.S. Securities and Exchange Commission). No offer or invitation will be made in Australia other than by way of an "excluded offer" of "excluded invitation" under the Australian Corporations Law. Offers will not be made in any jurisdiction where such offers would not be permitted by applicable law.
 -0- 9/11/92
 /CONTACT: Peter Rosenthal or Martha Cid of Howard J. Rubenstein Associates, Inc., 212-489-6900, for the News Corporation/
 (NWS) CO: News Corporation Limited ST: New York IN: PUB SU: OFR


PS-KW -- NY070 -- 8676 09/11/92 17:27 EDT
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Publication:PR Newswire
Date:Sep 11, 1992
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