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null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "waterfall-bridge" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "analytical", "notes": "Starboard presentation at the 2023 13D Monitor Active-Passive Investor Summit (October 2023). No stake disclosed in the deck and no named villain — a 'stub' / hidden-asset SOTP thesis rather than a governance attack. Core rhetorical move: strip out the publicly-traded REA stake to expose that the rest of the company, anchored by a higher-quality Dow Jones, trades at only 4x vs. NYT's >15x. The $33/share waterfall on p.21 and the NYT peer-gap chart on p.13 are the strongest slides. No closing 'ask' slide beyond the last content page (p.21) and a plain Starboard logo (p.22-23); the ask is inferred from the separation narrative.", "kpisCited": [ { "detail": "$12B total News Corp EV at 7.9x FY24E EBITDA", "metric": "Enterprise value" }, { "detail": "~$8B market value based on 61% of REA's $13B market cap", "metric": "REA Group stake value" }, { "detail": "$4B implied EV / ~4.0x FY24E EBITDA excluding REA stake", "metric": "RemainCo implied multiple" }, { "detail": "13% FY18-FY23 blended, with Professional Info Services now 35% of revenue", "metric": "Dow Jones revenue CAGR" }, { "detail": "22% FY18-FY23, margin rising from 11% to 21%", "metric": "Dow Jones EBITDA CAGR" }, { "detail": "69% digital of sub/circ revenue vs. NYT's 65%", "metric": "Dow Jones vs. NYT digital mix" }, { "detail": "78% of total revenue vs. NYT's 68%", "metric": "Dow Jones vs. NYT subscription mix" }, { "detail": "21% vs. NYT's 15%", "metric": "Dow Jones vs. NYT LTM EBITDA margin" }, { "detail": ">15x NTM EBITDA", "metric": "NYT trading multiple" }, { "detail": "~$475M; at 15x implies $7B+ value", "metric": "Dow Jones consensus FY24 EBITDA" }, { "detail": "$937M FY23 at 54% EBITDA margin, 10% CAGR FY15-FY23", "metric": "REA Group revenue" }, { "detail": "+354% Oct-2013 to Oct-2023", "metric": "REA share price performance" }, { "detail": "~$33 vs. ~$22 current Class B price, ~50% upside", "metric": "SOTP per share" } ], "closingAsk": "Separate News Corp's Digital Real Estate assets to unlock an estimated $33 per share of sum-of-parts value — roughly 50% upside from the current price.", "extraction": { "at": "2026-04-22 15:36:33+00", "model": "unknown-legacy", "runId": null, "seconds": 102.25854, "promptVersion": null }, "scqaReward": "A sum-of-parts value of ~$33 per share versus the ~$22 current price — roughly 50% upside, including ~$14 from REA, ~$3 from Move, ~$12 from Dow Jones, and ~$4 from the remaining assets.", "thesisTypes": [ "breakup_spinoff", "undervaluation", "multiple_rerating" ], "top3Reasons": [ "Excluding the $8B REA Group stake, News Corp's other businesses trade at just 4x EBITDA", "Dow Jones is a better business than NYT yet NYT trades at >15x NTM EBITDA vs. implied ~4x here", "Sum-of-parts value is ~$33/share vs. ~$22 current, ~50% upside from separating digital real estate" ], "scqaSituation": "News Corp is a $12B-EV global media conglomerate spanning Dow Jones, HarperCollins, News Media mastheads, Foxtel, and a 61% stake in Australia's leading digital real estate portal REA Group.", "thesisSummary": "News Corp trades at $12B enterprise value, but its 61% stake in Australia's REA Group is already worth ~$8B in the public market — implying the rest of the company (Dow Jones, HarperCollins, News Media, Foxtel, Move) is valued at only $4B, or ~4x FY24E EBITDA. Starboard argues Dow Jones alone is a higher-quality business than The New York Times Company on digital mix, subscription mix, and EBITDA margin (21% vs. 15%), yet NYT trades at >15x NTM EBITDA. At the same multiple, Dow Jones would be worth $7B+. 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