RNS Number:3889Q
News Corporation Ld
01 October 2003


For Immediate Release      Contacts:  Media - Andrew Butcher 212-852-7070
                                      Investors - Craig Felenstein 212-852-7084


Liberty Media Corporation Exercises Right To Acquire $500 Million In News
Corporation Preferred ADRs
______________________



NEW YORK, NY, September 30, 2003 - News Corporation today announced that Liberty
Media Corporation has exercised the right that it acquired in March 2003 to
purchase $500 million in News Corp. preferred limited voting ordinary ADRs, at
$21.50 per ADR.  This transaction is expected to close in two weeks, subject to
customary closing conditions.


The News Corporation Limited (NYSE: NWS, NWS.A; ASX: NCP, NCPDP) had total
assets as of June 30, 2003 of approximately US$45 billion and total annual
revenues of approximately US$17 billion. News Corporation is a diversified
international media and entertainment company with operations in eight industry
segments: filmed entertainment; television; cable network programming; direct
broadcast satellite television; magazines and inserts; newspapers; book
publishing; and other. The activities of News Corporation are conducted
principally in the United States, Continental Europe, the United Kingdom,
Australia, Asia and the Pacific Basin.


For more information about News Corporation, please visit www.newscorp.com.








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