News Corp. issued a $1 billion debt offering Tuesday. The 10-year notes were sold through News America, the media giant's U.S. unit.
The 3 percent notes are due in 10 years and will be used to cover debt that comes due in 2013 and 2014.
News Corp., like other media conglomerates, is issuing debt so it can take advantage of lower interest rates. Time Warner, for instance, issued its own $1 billion debt offering last summer.
The closing of News Corp.'s offering is expected to take place on Sept. 14.
News America will receive gross proceeds of $992.9 million from this offering and expects to
use the net proceeds for "general corporate purposes."