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THE NEWS CORPORATION ANNOUNCES OFFERING

 THE NEWS CORPORATION ANNOUNCES OFFERING
 NEW YORK, Nov. 13 /PRNewswire/ -- The News Corporation Limited


(NYSE: NWS) announced today that it has filed with the Securities and Exchange Commission a registration statement to register 16,100,000 American Depositary Shares (representing 32,200,000 ordinary shares) to be sold in the United States and 5,000,000 ordinary shares to be sold internationally outside of the United States, and that it expects to file soon a separate registration statement to register U.S.$300 million of senior notes due 2001 of News America Holdings Incorporated guaranteed by the News Corporation Limited.
 The purpose of the offerings is to permit News Corporation to reduce indebtedness, to strengthen its financial position and to add to its working capital.
 American Depositary Shares (each such share representing two ordinary shares) are traded on the New York Stock Exchange.
 The equity, which will be offered internationally by public offering in the United States and private placement elsewhere (and not by a rights offering), will consist of American Depositary Shares in the United States and ordinary shares outside the United States. The equity offering will be underwritten by a syndicate of underwriters lead managed by Allen & Company Incorporated and Morgan Stanley & Co. Incorporated in the United States. The international offering will be lead managed by Allen & Company Incorporated and Morgan Stanley International and will be co-lead managed by J.B. Were & Son.
 Each of the offerings will be made only 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" or "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. The equity offering will be subject to the approval of News Corporation shareholders in accordance with the Listing Rules of the Australian Stock Exchange Limited at a meeting to be held Dec. 6, 1991.
 The offerings are part of a financing program that includes the recently completed private placement of U.S.$180 million of convertible preference shares and the public offering of a 55 percent interest in News Corporation's Australian commercial printing and magazine operations for approximately U.S.$540 million. The aggregate net proceeds from these transactions, including the equity and senior notes financings, is estimated to be approximately U.S.$1.4 billion, based on current market prices.
 -0- 11/13/91
 /CONTACT: Martha Cid of Howard J. Rubenstein Associates, 212-489-6900, for The News Corporation/
 (NWS) CO: News Corporation Limited ST: New York IN: PUB SU: OFR PS -- NY094 -- 4191 11/13/91 18:30 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 13, 1991
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