Apparently despite News Corp.’s plummeting stock value they are still a desirable to Wall Street! The Times reported today that News Corp. has switched its listing to NASDAQ from the NYSE amid accusations from the NYSE that NASDAQ had “bought the listing with a significant advertising commitment.” We are (not surprisingly) a bit in the dark as to how this works or whether it is common (or even legal) to purchase listings so we checked in with Clusterstock’s John Carney to see what the deal is. According to him it’s not illegal to “buy” a listing.
The stock exchanges want prominent names so they can get other companies to list on their exchange. Ordinarily, you actually pay to be listed. That’s part of how exchanges make money. But a big name like News Corp helps bring in other companies, so you might pay them. It’s like nightclubs giving free stuff to celebrities.