News Corp Valuation Overview

Dow Jones Compares Favorably to The New York Times Company When compared with The New York Times Company (NYT), Dow Jones is more profitable, has more digital exposure, and has a greater subscription mix. D DOW JONES Side-by-Side Comparison of Dow Jones and The New York Times Company Digital Revenue as a % of Subscription / Circulation Revenue ( (1) 69% D DOW JONES Subscription / Circulation as a % of Total Revenue (1) LTM EBITDA Margin % (2) D The New York Times 78% 21% DOW JONES For reference, the NYT trades at >15x The New York Times 65% The New York Times 68% The New York Times 15% NTM EBITDA We believe Dow Jones is a high-quality business and should garner a premium valuation. Source: Public company filings, Capital IQ, Wall Street consensus estimates. Market data as of October 13, 2023. (1) Dow Jones revenue is based on circulation and subscription revenue, per company disclosures, and The New York Times revenue is based on subscription revenue, per company disclosures. (2) EBITDA margin fully burdened for unallocated corporate costs. Corporate cost allocation calculated on a percentage of total revenue basis. Note: All metrics included in the "Side-by-Side Comparison of Dow Jones and The New York Times Company" are based on LTM figures. STARBOARD VALUE 13

View entire presentation