EXHIBIT 25.1

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                                    FORM T-1

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                            STATEMENT OF ELIGIBILITY
                   UNDER THE TRUST INDENTURE ACT OF 1939 OF A
                    CORPORATION DESIGNATED TO ACT AS TRUSTEE

                      CHECK IF AN APPLICATION TO DETERMINE
                      ELIGIBILITY OF A TRUSTEE PURSUANT TO
                            SECTION 305(b)(2)   [__]

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                              THE BANK OF NEW YORK

               (Exact name of trustee as specified in its charter)

               New York                                13-5160382
       (State of incorporation                      (I.R.S. employer
     if not a U.S. national bank)                 identification no.)

   One Wall Street, New York, N.Y.                        10286
(Address of principal executive offices)               (Zip code)

                                   ----------

                            NEWS AMERICA INCORPORATED
               (Exact name of obligor as specified in its charter)

               Delaware                                13-3249610
   (State or other jurisdiction of                  (I.R.S. employer
    incorporation or organization)                identification no.)

     1211 Avenue of the Americas
             New York, NY                                 10036
(Address of principal executive offices)               (Zip code)



                          THE NEWS CORPORATION LIMITED
               (Exact name of obligor as specified in its charter)

      South Australia, Australia                     Not Applicable
   (State or other jurisdiction of                  (I.R.S. employer
    incorporation or organization)                identification no.)

            2 Holt Street
Surry Hills, New South Wales 2010, Australia
(Address of principal executive offices)               (Zip code)

                               FEG HOLDINGS, INC.
               (Exact name of obligor as specified in its charter)

               Delaware                                51-0385056
   (State or other jurisdiction of                  (I.R.S. employer
    incorporation or organization)                identification no.)

 1300 North Market Street, Suite 404
            Wilmington, DE                                19801
(Address of principal executive offices)               (Zip code)

                          FOX ENTERTAINMENT GROUP, INC.
               (Exact name of obligor as specified in its charter)

               Delaware                                95-4066193
   (State or other jurisdiction of                  (I.R.S. employer
    incorporation or organization)                identification no.)

     1211 Avenue of the Americas
             New York, NY                                 10036
(Address of principal executive offices)               (Zip code)

                                       -2-



                        NEWS AMERICA MARKETING FSI, INC.
               (Exact name of obligor as specified in its charter)

               Delaware                                62-1396771
   (State or other jurisdiction of                  (I.R.S. employer
    incorporation or organization)                identification no.)

     1211 Avenue of the Americas
             New York, NY                                 10036
(Address of principal executive offices)               (Zip code)

                        NEWS PUBLISHING AUSTRALIA LIMITED
               (Exact name of obligor as specified in its charter)

               Delaware                                13-3249611
   (State or other jurisdiction of                  (I.R.S. employer
    incorporation or organization)                identification no.)

     1211 Avenue of the Americas
             New York, NY                                 10036
(Address of principal executive offices)               (Zip code)

                                   ----------

                      0.75% Senior Exchangeable Debentures
                       (Title of the indenture securities)

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                                       -3-



1.       General information. Furnish the following information as to the
         Trustee:

         (a)      Name and address of each examining or supervising authority to
                  which it is subject.



                      Name                                                     Address
        -----------------------------------------------------------------------------------------------
                                                             
        Superintendent of Banks of the State of New York        2 Rector Street, New York, N.Y.  10006,
                                                                and Albany, N.Y. 12203

        Federal Reserve Bank of New York                        33 Liberty Plaza, New York, N.Y.  10045

        Federal Deposit Insurance Corporation                   Washington, D.C.  20429

        New York Clearing House Association                     New York, New York   10005


         (b)      Whether it is authorized to exercise corporate trust powers.

         Yes.

2.       Affiliations with Obligor.

         If the obligor is an affiliate of the trustee, describe each such
         affiliation.

         None.

16.      List of Exhibits.

         Exhibits identified in parentheses below, on file with the Commission,
         are incorporated herein by reference as an exhibit hereto, pursuant to
         Rule 7a-29 under the Trust Indenture Act of 1939 (the "Act") and 17
         C.F.R. 229.10(d).

         1.       A copy of the Organization Certificate of The Bank of New York
                  (formerly Irving Trust Company) as now in effect, which
                  contains the authority to commence business and a grant of
                  powers to exercise corporate trust powers. (Exhibit 1 to
                  Amendment No. 1 to Form T-1 filed with Registration Statement
                  No. 33-6215, Exhibits 1a and 1b to Form T-1 filed with
                  Registration Statement No. 33-21672 and Exhibit 1 to Form T-1
                  filed with Registration Statement No. 33-29637.)

         4.       A copy of the existing By-laws of the Trustee. (Exhibit 4 to
                  Form T-1 filed with Registration Statement No. 33-31019.)

         6.       The consent of the Trustee required by Section 321(b) of the
                  Act. (Exhibit 6 to Form T-1 filed with Registration Statement
                  No. 33-44051.)

                                       -4-



         7.       A copy of the latest report of condition of the Trustee
                  published pursuant to law or to the requirements of its
                  supervising or examining authority.

                                       -5-



                                    SIGNATURE

         Pursuant to the requirements of the Act, the Trustee, The Bank of New
York, a corporation organized and existing under the laws of the State of New
York, has duly caused this statement of eligibility to be signed on its behalf
by the undersigned, thereunto duly authorized, all in The City of New York, and
State of New York, on the 30th day of June, 2003.

                                        THE BANK OF NEW YORK


                                        By:  /S/    STACEY POINDEXTER
                                             ------------------------------
                                             Name:  STACEY POINDEXTER
                                             Title: ASSISTANT TREASURER

                                      -6-



                                                                       EXHIBIT 7

                       Consolidated Report of Condition of

                              THE BANK OF NEW YORK

                    of One Wall Street, New York, N.Y. 10286
                     And Foreign and Domestic Subsidiaries,
a member of the Federal Reserve System, at the close of business March 31, 2003,
published in accordance with a call made by the Federal Reserve Bank of this
District pursuant to the provisions of the Federal Reserve Act.



                                                                     Dollar Amounts
                                                                      In Thousands
                                                                  
ASSETS
Cash and balances due from depository institutions:
   Noninterest-bearing balances and currency and coin ............   $    4,389,492
   Interest-bearing balances .....................................        3,288,212
Securities:
   Held-to-maturity securities ...................................          654,763
   Available-for-sale securities .................................       17,626,360
Federal funds sold in domestic offices ...........................        1,759,600
Securities purchased under agreements to resell ..................          911,600
Loans and lease financing receivables:
   Loans and leases held for sale ................................          724,074
   Loans and leases, net of unearned income ......................       32,368,718
   LESS: Allowance for loan and lease losses .....................          826,505
   Loans and leases, net of unearned income and allowance ........       31,542,213
Trading Assets ...................................................        7,527,662
Premises and fixed assets (including capitalized leases) .........          825,706
Other real estate owned ..........................................              164
Investments in unconsolidated subsidiaries and
 associated companies ............................................          260,940
Customers' liability to this bank on acceptances
 outstanding .....................................................          225,935
Intangible assets
   Goodwill ......................................................        2,027,675
   Other intangible assets .......................................           75,330
Other assets .....................................................        4,843,295
                                                                     --------------
Total assets .....................................................   $   76,683,021
                                                                     ==============





                                                                  
LIABILITIES
Deposits:
   In domestic offices ...........................................   $   33,212,852
   Noninterest-bearing ...........................................       12,997,086
   Interest-bearing ..............................................       20,215,766
   In foreign offices, Edge and Agreement
    subsidiaries, and IBFs .......................................       24,210,507
   Noninterest-bearing ...........................................          595,520
   Interest-bearing ..............................................       23,614,987
Federal funds purchased in domestic offices ......................          375,322
Securities sold under agreements to repurchase ...................          246,755
Trading liabilities ..............................................        2,335,466
Other borrowed money:
 (includes mortgage indebtedness and obligations
 under capitalized leases) .......................................          959,997
Bank's liability on acceptances executed and
 outstanding .....................................................          227,253
Subordinated notes and debentures ................................        2,090,000
Other liabilities ................................................        5,716,796
                                                                     --------------
Total liabilities ................................................   $   69,374,948
                                                                     ==============
Minority interest in consolidated subsidiaries ...................          540,772

EQUITY CAPITAL
Perpetual preferred stock and related surplus ....................                0
Common stock .....................................................        1,135,284
Surplus ..........................................................        1,056,295
Retained earnings ................................................        4,463,720
Accumulated other comprehensive income ...........................         (112,002)
Other equity capital components ..................................                0
                                                                     --------------
Total equity capital .............................................        6,767,301
                                                                     --------------
Total liabilities minority interest and equity capital ...........   $   76,683,021
                                                                     ==============




         I, Thomas J. Mastro, Senior Vice President and Comptroller of the
above-named bank do hereby declare that this Report of Condition is true and
correct to the best of my knowledge and belief.

                                                          Thomas J. Mastro,
                                      Senior Vice President and Comptroller

         We, the undersigned directors, attest to the correctness of this
statement of resources and liabilities. We declare that it has been examined by
us, and to the best of our knowledge and belief has been prepared in conformance
with the instructions and is true and correct.

Thomas A. Renyi
Gerald L. Hassell                        Directors
Alan R. Griffith