- News Corp is largely believed to be a newsprint company with little upside potential given the exposure to a dying industry. Of the total NAV, newsprint accounts for 1/5.
- The Move acquisition adds significant digital real estate assets to their fold with a substantial market opportunity.
- The disparate set of often hidden assets obscures a solid set of franchises with significant upside potential.
- The news business is the pinnacle in the space with a growing underlying WSJ business along with strong other assets like Dow Jones and Barron's.
- Over time, we think the FOX Sports 1 franchise expanding to the US (just last year) could be a significant growth driver for the cable networks division.