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  "documentTitle": "Multiple (GoDaddy, News Corp, Fortrea) (GDDY, NWSA, FTRE)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2023-10-13 00:00:00",
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  "notes": "Uses a simple subtraction bridge to highlight undervaluation.",
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      "text": "We believe that News Corp’s other businesses are significantly undervalued in the market today.",
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      "text": "Valuation bridge: $12B - $8B = $4B",
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      "text": "4.0x",
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      "text": "FY24E EBITDA Multiple: 4.0x",
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      "kind": "source-note",
      "text": "Source: Public company filings, Capital IQ, Wall Street consensus estimates. Market data as of October 13, 2023. (1) Calculated as consensus News Corp FY24 EBITDA minus consensus REA FY24 EBITDA converted to USD at an exchange rate of 0.63.",
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      "kind": "title",
      "text": "Excluding the Value of Its Stake in REA Group, the Implied Value for News Corp’s Other Businesses Is Only $4 Billion",
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