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  "documentTitle": "News Corporation (NWSA)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2023-10-01 00:00:00",
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  "notes": "Uses a simple arithmetic bridge (Market Cap * Ownership = Stake Value) to highlight undervaluation.",
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      "kind": "callout",
      "text": "We applaud News Corp for making the investment in REA Group but believe it is not receiving full credit for the value of its REA Group stake.",
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      "kind": "diagram",
      "text": "REA Market Cap: $13 Billion * News Corp's 61% Ownership = Market Value of News Corp's Stake: ~$8 Billion",
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      "text": "News Corp initially acquired a 44% stake in REA in the early 2000s and has grown its ownership to 61% over time. REA Group shares not held by News Corp trade freely on the Australian Stock Exchange.",
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      "text": "Source: Public company filings, Capital IQ. Market data as of October 13, 2023. (1) Returns adjusted for dividends and are from October 13, 2013 to October 13,2023. (2) REA market capitalization shown in USD.",
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      "text": "REA Group Has Been an Incredible Investment for News Corp",
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