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Despite the filename emphasizing 'News Corp,' the deck is a three-idea TMT/Healthcare pitch covering GoDaddy, News Corp, and Fortrea with roughly equal weight (~15 slides each). Opens with a track-record victory-lap on prior-year ideas (Salesforce +39%, Splunk +100%, Wix +12%). Unusual for activist decks: Tom Pike is explicitly praised (not attacked), and his CEO quote is deployed as supporting evidence — not a contradiction. No named villain, no explicit closing-ask slide; deck ends on a Starboard logo page. No current stake percentages disclosed (Starboard's GoDaddy 13D filed Dec 2021 is referenced in a footnote only). Campaign phase tagged 'initial_thesis' because all three ideas are presented as new theses at this summit, though Starboard had owned GoDaddy since 2021.", "kpisCited": [ { "detail": "GoDaddy 31% (FY23E) vs. scaled-tech peer median 39%; target 40% by Q4'24", "metric": "Growth + Profitability (revenue growth + EBITDA margin)" }, { "detail": "News Corp ex-REA Group implied at 4x vs. NYT at 15x+", "metric": "EV / FY24E EBITDA multiple" }, { "detail": "Fortrea 13% FY22 (9% FY23 guide) vs. 18% peer median at comparable scale", "metric": "Adjusted EBITDA margin" }, { "detail": "GoDaddy $7.25 FY23E; targeting $10+ by FY25", "metric": "Free Cash Flow per share" }, { "detail": "News Corp owns 61%; stake worth ~$8B vs. $12B total NWSA EV", "metric": "REA Group ownership" }, { "detail": "GoDaddy expected to miss FY24 revenue target by >$500M and EBITDA by >$100M", "metric": "Revenue miss vs. Investor Day target" }, { "detail": "GoDaddy T&D expense grew from 16.3% (FY18) to 20.9% (Q2'23 annualized) while revenue growth decelerated", "metric": "Technology & Development as % of revenue" }, { "detail": "Top 7 CROs control >80% of market; Fortrea is #6 at 7% share", "metric": "CRO market concentration" } ], "closingAsk": null, "extraction": { "at": "2026-04-22 15:44:45+00", "model": "unknown-legacy", "runId": null, "seconds": 307.8565, "promptVersion": null }, "scqaReward": "GoDaddy can reach $10+ FCF/share at ~7x FCF multiple. News Corp offers ~50% upside to ~$33/share via sum-of-parts. Fortrea has 60-144% share-price upside ($47-$72) at normalized margins.", "thesisTypes": [ "breakup_spinoff", "operational_turnaround", "cost_cutting", "undervaluation", "multiple_rerating" ], "top3Reasons": [ "News Corp ex-REA Group trades at just 4x EBITDA versus NYT at 15x+ — separation unlocks ~$7B+", "GoDaddy can lift growth+profitability from 31% to 40% by Q4'24 via Tech & Development cost cuts", "Fortrea's 13% EBITDA margins lag the 18% peer median; CEO Tom Pike drove +425bps at IQVIA" ], "scqaSituation": "Starboard uses the 13D Monitor Active-Passive Summit to pitch three new ideas: GoDaddy (small-business web services, $14B EV), News Corp ($12B EV global media portfolio), and Fortrea ($4B EV CRO recently spun from Labcorp).", "thesisSummary": "Starboard's 2023 Active-Passive Summit presentation covers three new ideas. At News Corp ($12B EV), the implied RemainCo ex-REA Group trades at just 4x EBITDA versus NYT at 15x+; separating REA Group and the Digital Real Estate assets could unlock ~$7B+ of value, implying ~50% upside to ~$33/share. At GoDaddy ($14B EV), management has missed its 2022 Investor Day commitments — revenue short by $500M and EBITDA short by $100M in 2024; Starboard argues that cutting bloated Tech & Development spend can push growth+profitability from 31% to 40% exiting 2024, delivering $10+ FCF/share. At Fortrea ($4B EV, CRO spun from Labcorp), 13% EBITDA margins lag the 18% peer median; CEO Tom Pike — who drove a 425bp margin expansion at IQVIA/Quintiles — can deliver 60-144% upside to $47-$72/share.", "primaryDemands": [ "GoDaddy: cut Technology & Development spend and drive Adj. EBITDA margins from 28% exiting 2023 to 33%+ exiting 2024", "GoDaddy: target combination of growth + profitability of 40% exiting Q4'24 to deliver $10+ FCF/share in FY25", "News Corp: separate Digital Real Estate assets (REA Group + Move) from the remaining media portfolio", "Fortrea: execute margin-expansion plan toward 18% peer median under CEO Tom Pike", "Pursue CRO precedent-transaction optionality given M&A activity in the space" ], "scqaResolution": "Starboard urges GoDaddy to cut Tech & Development costs to reach 33%+ EBITDA margins, News Corp to separate its Digital Real Estate assets (REA Group and Move), and Fortrea to execute CEO Tom Pike's margin plan toward peer benchmarks.", "thesisOneLiner": "Starboard pitches three ideas: News Corp should separate Digital Real Estate to unlock ~50% upside, GoDaddy should expand margins to 33%+, and Fortrea can hit 18% peer margins under Tom Pike.", "precedentsCited": [ "Tom Pike's margin expansion at IQVIA/Quintiles (+425bps, 2012-2016, 48% outperformance vs S&P)", "New York Times Company trading at >15x NTM EBITDA as valuation comp for Dow Jones", "Starboard's 2022 Active-Passive ideas (Salesforce +39%, Splunk +100%, Wix +12%) as track record", "LabCorp/Covance, Thermo Fisher/PPD, ICON/PRA Health, EQT/Parexel precedent CRO transactions at 13-25x EBITDA" ], "scqaComplication": "All three underperform scaled peers — GoDaddy has missed its 2022 Investor Day targets, News Corp's non-REA assets are implicitly valued at only 4x EBITDA versus NYT's 15x+, and Fortrea's 13% margins lag the 18% peer median.", "narrativeInterest": 4, "notableSlidePages": [ 5, 22, 44, 51, 63, 64 ], "peerCompaniesCited": [ "Salesforce", "Splunk", "Wix", "Ionos", "Squarespace", "Broadcom (AVGO)", "Fleetcor (FLT)", "Verra Mobility (VRRM)", "ZoomInfo (ZI)", "Progress (PRGS)", "Fiserv (FI)", "Instructure (INST)", "Akamai (AKAM)", "Zoom (ZM)", "F5 (FFIV)", "DocuSign (DOCU)", "Box", "Blackbaud (BLKB)", "Informatica (INFA)", "Teradata (TDC)", "Commvault (CVLT)", "NetApp (NTAP)", "Pegasystems (PEGA)", "The New York Times Company", "IQVIA", "ICON", "PPD", "Syneos Health", "Parexel", "Medpace", "PRA Health", "Covance", "Charles River Labs" ], "valuationFrameworks": [ "sum_of_parts", "multiple_comparison", "precedent_transactions" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/18QrLqCiXkaBZVxpwu5JiS8vkF5wXsnceRRaYYBdoYs/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yZDIwN2FiZjk0OTkvcDAwMS5qcGc", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "dense", "densityScore": 52, "componentCount": 4, "textChars": 788, "nDataPoints": 0, "notes": null, "elementsJson": [ "logo_grid", "headline_text", "subtitle_text", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:11:33.397+00", "seconds": 2.942, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-4f76d1ed07b0/1", "deck": "/decks/019dd923-622b-71dc-a6da-4f76d1ed07b0", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-4f76d1ed07b0#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6da-4f76d1ed07b0.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.94, "x": 0.03, "y": 0.92 }, "kind": "disclaimer", "text": "This presentation is for discussion and general informational purposes only. Under no circumstances is this presentation to be used or considered as an offer to sell or a solicitation of an offer to buy any security. This presentation should not be construed as legal, tax, investment, financial or any other category of advice. The views expressed herein represent the opinions of Starboard, and are based on publicly available information with respect to GoDaddy Inc., News Corporation, and Fortrea Holdings Inc. 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