tag:blogger.com,1999:blog-2080506270244832638.post4537892115542458842..comments2024-03-28T07:17:13.573-05:00Comments on Clark Street Value: Buying "New" News CorpMDChttp://www.blogger.com/profile/10679835609782815537noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-2080506270244832638.post-56880600040388273972014-10-29T10:10:02.646-05:002014-10-29T10:10:02.646-05:00I agree, I get roughly the same valuation, mid-$20...I agree, I get roughly the same valuation, mid-$20s. I did a quick update and grouped it together with some other newspaper spinoffs a couple months ago: http://clarkstreetvalue.blogspot.com/2014/08/newspaper-spinoffs.html<br /><br />This was before the Move acquisition, which I haven't spent much time on, any thoughts there? <br /><br />The correlation with the AUD is interesting, and the Australian exposure does concern me as its economy has been seemingly overheated for years, the air is coming out of China, commodities, etc. Thanks for the comment.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-64275210510350961422014-10-28T05:07:29.719-05:002014-10-28T05:07:29.719-05:00Nice write-up. Would you happen to have an update?...Nice write-up. Would you happen to have an update? I did my own numbers today and I am getting a range of 22-26 for the equity. Its actually quite hard to back out to a valuation of 15/sh -- it implies very low EBITDA multiples for the various businesses. <br /><br />Also interesting -- though unsure how relevant -- look at the charts for NWS and the AUD and the correlation is uncanny. Cogitatorhttps://www.blogger.com/profile/00499882251652904445noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-63048561561351843882013-10-18T10:37:27.920-05:002013-10-18T10:37:27.920-05:00Thanks.
I agree its a turnaround story and will t...Thanks.<br /><br />I agree its a turnaround story and will take a few years to play out fully. I failed to mention that Murdoch tapped the former head of Dow Jones, Robert Thompson, to be the CEO of the new News Corp. He has mentioned on several calls he's focused on "relentless cost cutting" and "obsessed with cash flow". So I doubt he'll let struggling papers just maintain the status quo for long now that the newspaper business is more exposed in the new structure. Under his leadership, Dow Jones was really able to monetize the digital business more than anyone else, he seems like a natural choice to lead the efforts across all the news businesses.<br /><br />MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-47817113661172976642013-10-18T10:05:40.156-05:002013-10-18T10:05:40.156-05:00Great post. Love the recommendation for a long te...Great post. Love the recommendation for a long term holding with great potential value.<br /><br />I think the success or failure of this company rests squarely on the shoulders of the management team. This is not a ho-hum business that will run itself. With the unique mix of assets and a large cash position, management has a great opportunity to take a blank slate and create great value. There is nobody in the industry I would rather have at the helm than Murdoch. Albeit his age may come into play in the next few years.<br /><br />Anonymousnoreply@blogger.com