Twenty-First Century Fox 2005 Annual Report Download - page 126

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NEWS CORPORATION
Notes to the Consolidated Financial Statements (continued)
Notes to Supplemental Guarantor Information
(1) Guarantors consist of the Company and the following subsidiaries:
Subsidiaries Jurisdiction of Incorporation Principal Business
News Australia Holdings Pty Ltd Australia Wholly owned subsidiary of News Corporation, which holds all of
the stock of News Holdings Limited (formerly known as The News
Corporation Limited).
News Publishing Australia Limited Delaware, USA U.S. holding company, which owns 100% of NAI.
FEG Holdings, Inc. Delaware, USA Wholly owned subsidiary of NAI.
News America Marketing FSI, L.L.C. Delaware, USA Publishes free-standing inserts.
Fox Entertainment Group, Inc. Delaware, USA Wholly owned subsidiary of News Corporation, principally
engaged in the development, production and worldwide
distribution of feature films and television programs, television
broadcasting, and cable network programming.
(2) Investments in the Company’s subsidiaries, for purposes of the supplemental consolidating presentation, are accounted for by their parent
companies under the equity method of accounting whereby earnings of subsidiaries are reflected in the parent company’s investment account and
earnings.
(3) The guarantees of NAI’s senior public indebtedness constitute senior indebtedness of each of the guarantors thereto, including the Company, and
rank pari passu with all present and future senior indebtedness of such guarantors. Because the factual basis underlying the obligations created
pursuant to the various facilities and other obligations constituting senior indebtedness of the Company and the guarantors of NAI’s senior public
indebtedness, including the Company differ, it is not possible to predict how a court in bankruptcy would accord priorities among the obligations
of the Company and its subsidiaries.
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