Shareholders of The News Corporation Limited ADS ("NWS") voted on Tuesday, October 26, 2004, to approve a reorganization whereby The News Corporation Limited will reincorporate within the United States. Pursuant to the terms of the reorganization, each existing NWS American Depositary Share will be converted into the right to receive 2 shares of (New) The News Corporation Class B Common Stock. The reorganization is anticipated to become effective prior to the opening of business on Wednesday, November 3, 2004.

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