News Corp Valuation Overview

News Corp Is Significantly Undervalued Excluding the value of its stake in REA Group, News Corp is valued at just 4x EBITDA, compared to The New York Times Company at greater than 15x EBITDA. News Corp Today REA Group Stake 8x EBITDA News Corp Today FOXTEL BINGE Harper Collins move NEW YORK POST The New THE THE TIMES AUSTRALIAN ANC The Telegraph THE WALL STREET JOURNAL. MarketWatch BARRON'S INVESTOP'S BUSINESS DAILY OPIS D A DOW JONES COMPANY DOW JONES RISK & COMPLIANCE CHEMICAL MARKET ANALYTICS York Times Company >15x NTM EBITDA RemainCo 4x EBITDA (1) BY OPIS, A DOW JONES COMPANY We believe the valuation discrepancy between News Corp and The New York Times Company represents a huge value creation opportunity. Source: Public company filings, Capital IQ, Wall Street consensus estimates. Market data as of October 13, 2023. (1) Calculated as consensus News Corp FY24 EBITDA minus consensus REA FY24 EBITDA converted to USD at an exchange rate of 0.63. STARBOARD VALUE 14

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