RNS Number:9073I
News Corporation Ld
18 March 2003


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For Immediate Release               Contact: Investors: Reed Nolte 852 7092


                                        Media: Andrew Butcher 212 852 7070


News America Incorporated Agrees to Buy In $715 Million of 5% Exchangeable Trust
Originated Preferred Securities

Announces Plan For Finance Trust To Issue Up To $1.35 Billion Of Senior
Exchangeable BUCS

New York, NY, March 18, 2003 - News America Incorporated today announced it had
agreed to buy in $715 million of 5% Exchangeable Trust Originated Preferred
Securities ("TOPrS") from holders (the "Sellers") in a privately negotiated
transaction. Consummation of this transaction is subject to the completion of
the offering described below. This announcement is neither an offer to purchase
nor a solicitation of an offer to sell TOPrS.

News America Incorporated also announced its intention to raise $1.35 billion,
which may increase by up to $150 million, through the offering of Senior
Exchangeable BUCS by News America Finance Trust II, subject to market and other
conditions. The Senior Exchangeable BUCS ("BUCS") represent interests in debt
securities issued by News America Incorporated and guaranteed on a senior basis
by News Corporation and certain of its subsidiaries. The BUCS will be
exchangeable one year after issue into ordinary shares or ADSs of British Sky
Broadcasting plc, whose ordinary shares are traded on the London Stock Exchange
and ADSs are traded on the New York Stock Exchange, provided that News America
will have the option to deliver cash in lieu thereof. The Sellers have also
agreed, subject to the satisfaction of certain conditions, to purchase $400
million of BUCS in the offering and may purchase an additional $350 million of
BUCS.

The offering of the BUCS will be made in accordance with Rule 144A under the
Securities Act of 1933. News America expects to use the proceeds from the sale
of the BUCS to purchase the TOPrs in the private transaction and for general
corporate purposes. The offering of the BUCS has not been registered under the
Securities Act, and the BUCS may not be offered or sold in the United States or
to U.S. persons absent registration or an applicable exemption from
registration.




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