News Corp. seeks to ease disclosures in Canada
News Corp. moves to lessen disclosure requirements in Canada as it prepares for split
NEW YORK (AP) -- News Corp. said Monday that it has applied to securities regulators in the Canadian province of Quebec to stop being considered a "reporting issuer," a status that requires the most stringent disclosures by stock-issuing companies. If its application is approved, the company says it will no longer hold that status anywhere in Canada.
The move comes as News Corp. prepares to split into two companies, with one half holding its newspaper, publishing and education assets, and the other its film and pay-TV properties.
News Corp. said its action won't hurt Canadian stockholders, who can get their information from the U.S. Securities and Exchange Commission or the company's website.
News Corp. shares fell 3.6 percent to close at $30.40 in a declining market on Monday. Shares shed another 25 cents to fall to $30.15 in after-hours trading.
