News Corp says it will move its primary listing to the New York Stock Exchange and shift its official company headquarters to the United States from Australia.
Mr Rupert Murdoch's News Corp, which was built from a single newspaper in the Adelaide and now ranks as one of the world's biggest media companies, said today the move would give it better access to capital markets in the United States, where it earns more than 75 per cent of its revenues and profits.
The firm said it planned to reincorporate in the United States by the end of 2004 and the deal would prove tax-free for most shareholders of News Corp's Australian stock.
Analysts have said News Corp, which is incorporated and registered in Australia, has so far maintained its primary listing in Australia's to avoid capital gains charges.
Mr Murdoch, who took US citizenship to circumvent media ownership laws and has lived in the United States since the 1970s, will host conference calls with analysts and media later in the day.
On an operational basis, News Corp has been managed from its offshore offices for many years.
News Corp shares ended one cent firmer at A$12.16 as the overall market.