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NEWS LTD TO UPGRADE ITS AUSTRALIAN NEWSPAPER OPERATIONS.
SYDNEY, Sept 1 Asia Pulse - News Corporation Ltd (ASX:NCP) today underlined its commitment to its Australian newspaper operations with a $A500 million ($US351.22 million) investment in plant and buildings.
The spend, announced today by News' Australian operation, News Ltd, will be made over the next four years and includes million ($US152.43 million) to upgrade and expand the Chullora newspaper printing centre in Sydney where the flagship The Australian newspaper is printed.
The upgrade will increase the 10-year old plant's colour printing capability to 100 per cent from 50 per cent.
"These investments are about creating better newspapers for our readers and more successful vehicles for our advertisers, right across the country," News Ltd chair Lachlan Murdoch said.
"These investments also send a further message that Australia remains a vital part of News Corporation's future."
News Corp Ltd is planning to move its domicile from Australia to the US later this year, pending shareholder approval.
"Our newspapers continue to flourish in spite of the increasing competition from television, radio and the internet, as we develop new sections for readers and more attractive platforms for advertisers," Mr Murdoch said.
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Source: HighBeam Research, NEWS LTD TO UPGRADE ITS AUSTRALIAN NEWSPAPER OPERATIONS.