RNS Number:9082I
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 $834 Million Of 5% Exchangeable Trust
Originated Preferred Securities

News America Incorporated Prices Issue Of $1.5 Billion Of 0.75% Senior
Exchangeable BUCS

New York, NY, March 18, 2003 - News America Incorporated today announced it had
agreed to buy in $834 million of 5% Exchangeable Trust Originated Preferred
Securities ("TOPrS") from holders in privately negotiated transactions,
including the purchase of $715 million of TOPrS announced earlier today.
Consummation of these transactions 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 the pricing of the issuance of $1.5
billion of 0.75% Senior Exchangeable BUCS ("BUCS") by News Corporation Finance
Trust II. The size of the offering may increase by $250 million. The 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 commencing April 2, 2004 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 offering will be completed on March 21, 2003, subject to
customary closing conditions.

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 transactions 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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