OTHER NEWS - Oct. 24, 1991

Murdoch to Sell Stake in Australian Assets: Rupert Murdoch’s News Corp. said it will sell a 55% stake in its Australian commercial printing and magazine operations in a public offering expected to raise $545 million. The proceeds are expected to be used to continue the international media conglomerate’s debt reduction. Murdoch, chairman and chief executive, said the new company, to be called Pacific Magazines & Printing Ltd., will include the magazines of Southdown Press along with national commercial printing and distribution operations. Subject to stock exchange approval, 55% of Pacific would be offered first to Australian shareholders and noteholders of News Corp. through a rights issue. News Corp. would retain a 45% interest in Pacific.