Reuters: Regulatory News: News Corp to act on US ownership rule breach-WSJ

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News Corp to act on US ownership rule breach-WSJ Apr 18th 2012, 07:55 April 18 | Wed Apr 18, 2012 3:55am EDT April 18 (Reuters) - News Corp is expected to suspend half the voting rights of its non-American shareholders to comply with a U.S. law that limits foreign ownership, after the company found it had breached the rule, Wall Street Journal reported, citing people familiar with the situation. During a company review, News Corp found voting stock held by foreign investors had risen above the 25 percent limit set by the Communications Act of 1934, the paper said. To deal with the breach, the media company will suspend 50 percent of the voting rights of B class voting shares held by non-American shareholders. The suspension will last until the company is in compliance with the ownership limits, the paper said. News Corp owns Dow Jones & Co, publisher of the Wall Street Journal. News Corp would not comment on the report.

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