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NEWS CORPORATION LIMITED ANNOUNCES ACQUISITION

 LONDON, July 26 /PRNewswire/ -- The Chairman and Chief Executive of the News Corporation Limited (NYSE: NWS; AMEX: NCP; LSE: NEWCP) Mr. Rupert Murdoch announced today the acquisition by News Corporation and associated companies of a 63.6 percent holding (on a fully diluted basis) in the Star Television Group of companies in Hong Kong, with Hutchison Whampoa Limited and the Li family retaining the remaining interest. They will also retain control and responsibility for the Hong Kong uplink licensee which will continue to provide a dedicated uplink facility for Star.
 The purchase price is US$525 million which will be paid half in cash and half in News Corporation ordinary shares. News is to fund the cash payment by an exempt issue of convertible preference shares. The issue will require News Corporation shareholder approval.
 Mr. Murdoch said he was very pleased that Hutchison Whampoa Limited and the Li family had retained a substantial holding in the company they had founded.
 Star Television is seen by 45 million people in 13 million homes in 38 countries across Asia. The leading satellite broadcaster in the region, Star Television operates five channels - news, sports, general entertainment, movies and a Chinese language channel. A sixth channel, broadcast in the Hindi language, is carried in India. Further channels are planned.
 Under the terms of the acquisition agreement, Star's library will be augmented by Fox television programming.
 Mr. Murdoch paid tribute to the vision of Mr. Richard Li in establishing Star Television two and a half years ago. "He saw the need for the use of satellite technology to take television across this huge region. I am delighted that Richard will be available to us to develop Star Television further.
 "The potential in Asia is enormous and it is obviously very exciting for News Corporation to be involved in Star Television."
 -0- 7/26/93
 /CONTACT: Jane Reed of News International Plc, in London, 071-782-6018, or Peter Smith for The News Corporation, in Hong Kong, 010-852-840-1202/
 (NWS)


CO: News Corporation; Star Television ST: IN: PUB SU: TNM

WB-MP -- NY028 -- 5632 07/26/93 11:02 EDT
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Date:Jul 26, 1993
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