Investor Presentaiton
News Corp owns high quality, extremely valuable businesses
REA Group
61.4% Stake
Preeminent global real estate listings platform, dominant in Australia
News Corp owns 61.4% of REA, which is listed on the Australian Securities Exchange
Dow Jones
Book
Publishing
(HarperCollins)
•
Flagship The Wall Street Journal and other publications have 4.9mm subscribers (83% digital-only)
$700mm+ run-rate high-margin Professional Information business w/ consistent double-digit % growth
•
2nd largest of the five major consumer book publishers globally
Book publishing is a concentrated industry with steady growth and consistent cash flow
News Media
•
$2.4bn+ business: the New York Post, The Australian, The Sun and The Times of London
Collectively, more paid digital subscribers than The Economist and The Financial Times
Receives high margin licensing payments from Google, Facebook and Apple
Value
Value/Share
$6.7B
$11.56
$9.2B
$16.01
$3.5B
$6.00
$1.0B
$1.70
Subscription
Video Services
(FOXTEL)
Move, Inc.
(Realtor.com)
•
The leading local Australian Pay-TV provider with 4.6mm subscribers
$0.7B
$1.27
Successfully transitioned to a profitable live sports & news-focused streaming business
• Operator of Realtor.com, the 2nd largest digital real estate listings platform in the U.S
•
80.0% Stake
Since News Corp's $950mm (80% owned by News Corp and 20% owned by REA Group) acquisition of
Move, Inc. in 2014, it has grown revenue from $227mm to $700mm+ in FY2022
$1.4B
$2.47
Net Debt & Corporate
Adjustments
Capitalized overhead, net debt and listed investments
News Corp
News Corp Fair Market Value
Note: Supporting assumptions and additional financial data provided on further pages and contained within appendix
IRENIC
($2.9B)
($5.07)
$19.5B
$33.95
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