The assumed initial public offering price
of $ per share, which is the midpoint
of the
estimated offering price range set forth on the cover page
of this prospectus, is substantially higher than the net
tangible book value per share
of our outstanding common stock immediately after this offering.
Selling at a significant discount to our
estimate of intrinsic
value and at only a modest premium to
tangible book value, we think News Corp offers a compelling risk / reward profile.