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  "documentTitle": "GoDaddy Inc. (GDDY)",
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  "notes": "The slide uses a waterfall-style logic to isolate the 'RemainCo' valuation by subtracting the REA Group stake from the total News Corp valuation.",
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      "text": "We believe the valuation discrepancy between News Corp and The New York Times Company represents a huge value creation opportunity.",
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      "text": "Excluding the value of its stake in REA Group, News Corp is valued at just 4x EBITDA, compared to The New York Times Company at greater than 15x EBITDA.",
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      "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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