News Corp. Explores Options for News Outdoor Group

NEW YORK, June 21: News Corporation said today that it is
exploring strategic options for its Moscow-based out-of-home advertising
company, News Outdoor Group, including taking on new “strategic and private
equity partners.”

News Outdoor has a leadership position in Russia as well as
strong operations in Poland, the Czech Republic, Romania, Ukraine and Bulgaria,
and a growing presence in Turkey, Israel, India and Southeast Asia. It has more
than 4,500 employees and operates more than 50,000 advertising displays in
excess of 300 cities across 13 time zones. It offers billboards, bus shelters
and other street furniture, as well as airport, transit and in-store
point-of-sale displays.

News Corporation has retained Goldman Sachs International to
assist in the process of exploring strategic options.