News Corp (NASDAQ:NWSA) (NASDAQ:NWS), the film, television, and publishing conglomerate owned by Rupert Murdoch, announced its plan to move its entire operations in the United Kingdom from its location in Wapping, East London to a single location in The Place, which is located in the south bank of the Thames River.
According to the media company, for the first time, the businesses and employees of News UK, Dow Jones, and Harper Collins will be transferred together into one home. The move will begin next year around summer.
News Corp’s CEO Statement
In a statement, Robert Thomson, chief executive officer of News Corp (NASDAQ:NWSA) (NASDAQ:NWS) said, “Our new London location in the vibrant borough of Southwark will allow us to realize one core objective as the new News – to work more closely and creatively, and leverage our collective resources.”
The Place is situated next to The Shard at the heart of the London Bridge Quarter, which is a major redevelopment area and one of the best-connected travel hubs in the United Kingdom. It is also one of the most significant redevelopment projects of South London and contributes to the revival of the area.
Harper Collins Maintaining Offices in Glasgow
At present, News U.K.’s headquarters is located in Thomas More Square in Tower Hamlets, Harper Collins is based in Hammersmith while Dow Jones has offices in Holborn and the City. According to News Corp (NASDAQ:NWSA) (NASDAQ:NWS), Harper Collins will maintain its offices in Glasgow and Yorkshire, and its London headquarter will at The Place.
“I am delighted that News Corp will be moving to such an iconic location in Southwark – bringing new jobs and opportunities to this part of London. The move underlines Southwark’s growing reputation as a place to do business and endorses our work as a council to generate real economic growth,” said Peter John, leader of Southwark Council.
Meanwhile, earlier this month, analysts at Deutsche Bank equity research stated that News Corp (NASDAQ:NWSA) (NASDAQ:NWS)’s stock is “too cheap to ignore” after its split with 21st Century Fox. According to the analysts, shares of the company are trading 50 percent below its asset value, which offers a great opportunity to investors.