OTHER NEWS - Oct. 22, 1991

News Corp. Makes Private Equity Offering: News Corp. said it sold $175 million worth of exchangeable preference shares in a private place to three unidentified investors. The preference shares, which pay an annual dividend of 8.5%, are exchangeable into about 17.5 million ordinary shares. News Corp. Chief Executive Rupert Murdoch, whose family controls 43% of company’s shares, had previously said he was willing to sell equity as part of financial restructuring. News Corp. said the proceeds will be used to reduce debt, provide additional funding for British Sky Broadcasting and for working capital. News Corp. had slightly more than $7 billion in debt as of June 30.