Document:

Fourth Supplemental Indenture

 Exhibit 4.50 
  

  

 NEWS AMERICA INCORPORATED, 
 Company, 
 NEWS CORPORATION, 
 NEWS AUSTRALIA HOLDINGS PTY LIMITED, 
 FEG HOLDINGS, INC., 
 FOX
ENTERTAINMENT GROUP, INC., 
 NEWS AMERICA MARKETING FSI, LLC, 
 NEWS PUBLISHING AUSTRALIA LIMITED, 
 Guarantors 
 and 
 THE BANK OF NEW YORK, 

 Trustee 
  

 FOURTH SUPPLEMENTAL INDENTURE 
 Dated as of March 21, 2005 
 Amending and Supplementing the Indenture 
 Dated as of March 21, 2003 
  

 Senior Exchangeable 
 Beneficial Unsecured exChangeable Securities (BUCS)/TM/ due 2023 
  

  

 /TM/ Trademark of
Merrill Lynch & Co., Inc. 
  

 FOURTH SUPPLEMENTAL INDENTURE, dated as of March 21, 2005, among News America Incorporated, a
Delaware corporation (the “Company”), with its principal office located at 1211 Avenue of the Americas, New York, NY 10036, News Corporation, a Delaware corporation (“News Corporation”), News Australia Holdings Pty
Limited, an Australia corporation (ABN 32 105 197 028), FEG Holdings, Inc., a Delaware corporation, Fox Entertainment Group, Inc. (formerly known as Fox Acquisition Corp), a Delaware corporation (“New FEG”), News America Marketing
FSI, LLC, a Delaware limited liability company, News Publishing Australia Limited, a Delaware corporation and The Bank of New York, a New York banking corporation (the “Trustee”), amending and supplementing the Indenture, dated as
of March 21, 2003 the “Original Indenture”), among the Company, the guarantors named therein and the Trustee, which provided for the issuance of the Company’s Senior Exchangeable Beneficial Unsecured exChangeable
Securities due 2023. (The Original Indenture, as supplemented by the First Supplemental Indenture, dated as of June 27, 2003, the Second Supplemental Indenture, dated as of November 12, 2004, the Third Supplemental Indenture, dated as of
March 14, 2005, and this Fourth Supplemental Indenture, dated as of March 21, 2005 and as it may hereafter be supplemented is referred to herein as the or this “Indenture”.) Capitalized terms used herein and not otherwise
defined herein have the meanings ascribed thereto in the Indenture. 
 RECITALS: 
 WHEREAS, on January 10, 2005, News Corporation commenced an offer to exchange (the “Exchange Offer”) shares of News Corporation
Class A common stock for all of the outstanding shares of Fox Entertainment Group, Inc. (“Old FEG”) Class A common stock; and 
 WHEREAS, on the date hereof, New FEG, a wholly owned subsidiary of News Corporation, became the surviving corporation of a merger (the “Merger”) of Old FEG with and into New FEG, such Merger to be
effected in order to convert any Old FEG Class A common stock into shares of News Corporation Class A common stock that News Corporation did not acquire in the Exchange Offer; and 
 WHEREAS, Section 9.1 of the Indenture provides that, without the consent of Holders, the parties to the Indenture may enter into an indenture
supplemental to the Indenture to evidence the succession of another Person to any of the Guarantors and the assumption by such successor of the covenants of such Guarantor contained in the Indenture; and 
 WHEREAS, the Original Indenture is subject to the provisions of the United States Trust Indenture Act of 1939, as amended (the “TIA”),
that are required to be part of the Original Indenture and the Indenture shall, to the extent applicable, be governed by such provisions; and 
 WHEREAS, the Company and each of the Guarantors have duly authorized the execution and delivery of this Fourth Supplemental Indenture and have done all things necessary to make this Fourth Supplemental Indenture a valid agreement in
accordance with its terms. 

 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
 For and in consideration of the premises, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities,
as follows: 
 ARTICLE I 
 ORIGINAL INDENTURE 
 SECTION 1.1 Effect of Original Indenture. 
 Except as specifically provided in this Fourth Supplemental Indenture, the Original Indenture (as amended and supplemented prior to the date hereof)
shall remain in full force and effect. 
 ARTICLE II 
 AMENDMENTS TO THE INDENTURE 
 SECTION 2.1 Amendments to the Indenture 
 Effective upon the Merger, in accordance with Section 9.1 of the Original Indenture: 
 (a) Without further action on the part of Old FEG, New FEG or any other Person, New FEG hereby acknowledges and agrees that, by operation of law, it
succeeds to and assumes all the obligations of Old FEG under the Indenture. 
 (b) By reason of the Merger and the continuation, as
Guarantors, of the Guarantors under the Indenture, all references in the Indenture to the “Guarantors” are hereby deemed to refer to each of such entities: 
  

			
	 Name
	 	 Jurisdiction of Organization

	 News Corporation
	 	Delaware
	 News Australia Holdings Pty Limited
	 	Australia
	 FEG Holdings, Inc.
	 	Delaware
	 Fox Entertainment Group, Inc.
	 	
	 (formerly known as Fox Acquisition Corp)
	 	Delaware
	 News America Marketing FSI, LLC
	 	Delaware
	 News Publishing Australia Limited
	 	Delaware

  

 2 

 ARTICLE III 
 MISCELLANEOUS 
 SECTION 3.1 Effect of Headings. 
 The Article and Section headings herein are for convenience of reference only and shall not affect the construction hereof. 
 SECTION 3.2 Governing Law. 
 Subject to the
following sentence, this Fourth Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to principles of conflicts of laws. This Fourth Supplemental Indenture is subject to the
provisions of the TIA that are required to be part of the Original Indenture and shall, to the extent applicable, be governed by such provisions. 
 SECTION 3.3 Trustee. 
 The Trustee makes no representation as to the validity or sufficiency of this Fourth Supplemental Indenture.
The recitals and statements herein are deemed to be those of the Company and the Guarantors and not of the Trustee. 
 SECTION 3.4
Counterparts. 
 This Fourth Supplemental Indenture may be executed in any number of counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. 
 SECTION 3.5 Trustee. 
 The Trustee makes no representation as to the validity or sufficiency of this Fourth Supplemental Indenture. The recitals and statements herein are
deemed to be those of the Company and the Guarantors and not of the Trustee. 
  

 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture to be duly executed
as of the day and year first above written. 
  

			
	News America Incorporated
		
	By:	 	    /s/    Paula Wardynski        
	 Name:
 Title:
	 	     Paula Wardynski
     Vice President

	  
 News Corporation, as Guarantor
  
 News Australia Holdings Pty Limited, as Guarantor
  
 FEG Holdings, Inc., as Guarantor
  
 Fox Entertainment Group, Inc. (formerly known as Fox Acquisition Corp.), as Guarantor
  
 News America Marketing FSI, LLC, as Guarantor
  
 News Publishing Australia Limited, as Guarantor

		
	By:	 	    /s/    Paula Wardynski        
	 Name:
 Title:
	 	     Paula Wardynski
     Vice President, News Corporation, as
Attorney-in-Fact for the Guarantors

  

 4 

			
	The Bank of New York, as Trustee
		
	By:	 	    /s/    Kisha A. Holder        
	 Name:
 Title:
	 	     Kisha A. Holder
     Assistant Vice President

  

 5 

																																																																			
	STATE OF NEW YORK	  	)	  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	
		  	) ss.:	  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	
	COUNTY OF NEW YORK	  	)	  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	

 On this 21 day of March, 2005, before me personally appeared Paula Wardynski, who acknowledged
herself to be the Vice President of News America Incorporated, and that she, as such Vice President, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing in the name of each such corporation as
such Vice President. 
 IN WITNESS WHEREOF, I hereunto set my hand and official seal. 
  

			
		
	By:	 	    /s/    Catherine B. McDermott         
	 Name:
 Title:
	 	     Catherine B. McDermott
     Notary Public, State of New York
     No. 02MC4974028
     Qualified in Kings County
     Commission Expires Nov. 5, 2006

 [Notarial Seal] 
  

																																																																			
	STATE OF NEW YORK	  	)	  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	
		  	) ss.:	  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	
	COUNTY OF NEW YORK	  	)	  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  		  	

 On this 21 day of March, 2005, before me personally appeared Paula Wardynski, who acknowledged
herself to be the Vice President of News Corporation, and that she, as such Vice President, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing in the name of each such corporation as such Vice
President. 
 IN WITNESS WHEREOF, I hereunto set my hand and official seal. 
  

			
		
	By:	 	    /s/    Catherine B. McDermott         
	 Name:
 Title:
	 	     Catherine B. McDermott
     Notary Public, State of New York
     No. 02MC4974028
     Qualified in Kings County
     Commission Expires Nov. 5, 2006

 [Notarial Seal] 
  

 6Non-Executive Director Compensation Summary Sheet

 Exhibit 10.8 
 Summary Sheet 
 Compensation for Non-Executive Directors of News Corporation 
 (Effective as of July 1, 2007) 
 Summary of compensation amounts 
 Cash (annual amount in US$) 

	1.	Cash Retainer - $90,000 

  

	2.	Committee Member Retainer 

	    	Audit - $16,000 

	    	Compensation - $11,000 

	    	Nominating/Corporate Governance $11,000 

  

	3.	Committee Chair Retainer: 

	    	Audit - $27,000 

	    	Compensation - $16,000 

	    	Nominating/Corporate Governance - $16,000 

  

	4.	Deferred Stock Retainer - $105,000 value 

 The annual
retainer paid to non-executive directors is partly paid in cash and partly paid in deferred stock units for a total amount of $195,000 per year. 
 Cash 
  

	 	•	 	 Committee members of the Board will receive a further retainer. The chairman of a committee will receive an additional retainer. 

  

	 	•	 	 There is no “per meeting attended” compensation. 

  

	 	•	 	 Non-executive directors who join or leave the board will receive a partial payment of the cash portion of the retainer. 

 Deferred Stock Units 
  

	 	•	 	 Non-executive directors are credited with the number of shares of News Corporation Class A Common Stock equal to $105,000 per year.

  

	 	•	 	 The value of the shares will be paid to non-executive directors in cash on the fifth anniversary date of when it was credited to the directors’ account, unless
such director leaves the board before such date. 

  

	 	•	 	 Upon a non-executive director’s end of service on the Board, such director will be paid the value of the shares credited to his or her account at the market
value of such shares as of the date of the director’s end of service.

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