David Haslingden, CEO of Fox International Channels, gave a presentation at a Merrill Lynch conference about FIC. Some key points included that FIC operates 140 channels in 32 languages reaching 383 million subscribers globally. FIC has experienced strong revenue and profit growth in recent years through expanding into new markets and launching additional channels. Ratings for National Geographic and Fox channels have increased and in some markets they are rating leaders in their categories. FIC sees continued opportunities for growth through further geographic and channel expansion.

1. MERRILL LYNCH CONFERENCE
DAVID HASLINGDEN / CEO
1

2. CAUTIONARY STATEMENT REGARDING
FORWARD LOOKING STATEMENTS.
This document contains certain “forward‐looking statements” within the meaning
of the Private Securities Litigation Reform Act of 1995.
These forward‐looking statements are based on management’s present
expectations and beliefs about future events.
As with any projection or forecast, these statements are inherently susceptible to
risks, uncertainty and changes in circumstance. Important factors could cause
actual results to differ materially from those expressed or implied by these
forward‐looking statements and should be considered in evaluating the outlook of
the Company.
Risks and uncertainties are detailed from time to time in News Corporation’s filings
with the U.S. Securities and Exchange Commission. News Corporation is under no
obligation to, and expressly disclaims any obligation to, update or alter its
forward‐looking statements, whether as a result of changes, new information,
subsequent events or otherwise.
For additional information, please visit Newscorp website:
www.newscorp.com/investor/index.html
2

4. WHAT IS FOX INTERNATIONAL CHANNELS
FOX and National Geographic branded Channels
•
140 Channels
•
32 Languages
•
383m Cumulative Subscribers
•
7,500 different Affiliates
•
3,500 different Advertisers
•
1,800 staff
•
37 offices
•
4

5. CHANNEL
Distribution

6. CHANNEL
Distribution

7. FOR EXAMPLE: OUR ITALIAN CHANNEL LINEUP
7

8. CHANNEL
Distribution
8

9. CHANNEL
Distribution
9

10. CHANNEL
Distribution
10

11. CHANNEL
Distribution
11

12. DIVERSE MARKETS
PayTV penetration 2008
US PayTV
12
Source: SNL Kagan, FIC analysis

13. DIVERSE MARKETS
Digital PayTV penetration 2008
US PayTV
US Digital PayTV
13
Source: SNL Kagan, FIC analysis

14. STILL EARLY ON IN THE GROWTH CURVE
With similar experience curves: young markets will be key growth drivers
US vs UK vs Chile
starting from the year they reached 20% penetration
YEAR
US starting in 1977 UK starting in 1994 Chile starting in 2004
14
Source: World Bank 2008, SNL Kagan 2008

15. STILL EARLY ON IN THE GROWTH CURVE
US Broadcast vs. cable network’s share of audience
Broadcast Cable Networks
15
Source: Nielsen, Merrill Lynch Research

16. THAT HAVE DELIVERED GROWTH
Industry PayTV revenue ‐ international CAGR 13% (2004‐2008)
16
Source: FIC analysis of SNL Kagan PayTV programmer Income (excluding platforms)

17. GROWTH DRIVERS
3 Key Factors
1. Socio‐demographic change
2. Competition among distributors
3. Acceptance of cable advertising
17

18. FIC REVENUE PERFORMANCE / FY03‐08
Revenues up at 30%+ CAGR to $926m
$926m
FY03‐07 are proforma, including National Geographic Channels International
18

19. FIC REVENUE PERFORMANCE / FY03‐08
Every segment showing growth
$926m
Internet
Production
NGC LatAm
FOX LatAm
NGC Europe
FOX Europe
NGC Asia
FOX Asia
FY03‐07 are proforma, including National Geographic Channels International
19

20. GROWTH DRIVERS / FY03 ‐ 08
Launching new channels
“Channel” means a unique distribution feed. FIC launched 40 in FY08
20

21. EXAMPLE: LATIN AMERICA
PayTV subscribers growing at 11% CAGR
CAGR 2%
CAGR 11%
21
Source: FIC analysis, SNL Kagan

22. EXAMPLE: LATIN AMERICA
19 new basic channels in 6 years ‐ cumulative FIC subscribers +31% CAGR
CAGR 31%
CAGR 2%
CAGR 11%
22
Source: FIC analysis, SNL Kagan

23. EXAMPLE: LATIN AMERICA
FIC’s Ad revenue grew at a 43% CAGR
CAGR 31%
CAGR 2%
CAGR 43%
CAGR 11%
23
Source: FIC analysis, SNL Kagan

24. FIC PROFIT PERFORMANCE /FY03‐08
Operating Profits grown to $232m (50%+ CAGR)
$232m
FY03‐07 are proforma, including National Geographic Channels International and
excludes acquisition related amortization of $14 million in FY08. 24

25. FIC PROFIT PERFORMANCE /FY03‐08
Every segment profitable
$232m
Internet
Production
NGC LatAm
FOX LatAm
NGC Europe
FOX Europe
NGC Asia
FOX Asia
FY03‐07 are proforma, including National Geographic Channels International
FY03‐07 are proforma, including National Geographic Channels International and
excludes acquisition related amortization of $14 million in FY08. 25

26. MARGIN GROWTH
Operating margin increased from below 10% to above 25%
40 Channels
>25%
20
<10%
FIC Margin FIC New Channels
26

27. CHANNEL AGE & PROFITABILITY
New channels broke‐even by 6th quarter after launch
>$20m
Channels launched less than 3 years ago contribute >$20m in aggregate profits.
27

28. RATINGS PERFORMANCE
Nat Geo vs. Discovery
Discovery
Nat Geo
28
Source: FIC analysis of people‐meter ratings in multichannel homes, prime time, 2008 to date

29. NAT GEO vs. DISCOVERY IN LATAM
Catching up on ratings
Discovery
Nat Geo
29
Source: FIC analysis of people‐meter ratings in multichannel homes, prime time, 2008 to date

30. NAT GEO vs. DISCOVERY vs FOX
Our FOX channel is a ratings leader in Latin America
Discovery FOX
Nat Geo
30
Source: FIC analysis of people‐meter ratings in multichannel homes, prime time, 2008 to date

31. FOX: #1 IN ENTERTAINMENT
SPAIN
LATIN AMERICA
Pay/P18‐34HM rat% D+/Cable/P18‐34 rat%
FOX 0.59 FOX 0.55
TNT 0.50 C+ 0.51
Disney Channel 0.39 PARAMOUNT 0.46
Universal Channel 0.34 COMEDYAXN 0.41
Cartoon Network 0.30 CALLE 13 0.25
JAPAN
ITALY
Pay/P18‐34HM rat% Pay/P18‐34HM rat%
FOX 0.50 FOX 0.35
Sky Sport 1 0.45 Animax 0.28
FOX LIFE 0.42 Kids Station 0.26
FOX CRIME 0.39 Sky A Sports+Jidaigeki Senmon 0.20
Sky Cinema 1 0.30 Channel 0.20
31
Source: FIC analysis of people‐meter ratings in multichannel homes, prime time, 2008 to date

32. FIC RATINGS ON SKY ITALIA
Driving viewership on SKY
OUR CHANNELS
DELIVER 21%
OF ALL TV RATINGS
IN SKY HOMES
32

33. NEWSCORP OPPORTUNITIES / ITALY
ENTERTAINMENT DOCUMENTARIES KIDS
Cartoon Network
Discovery Science
BBC Prime
FOX National Geographic
Cartoon Network +1
Discovery Civilization
Hallmark
FOX +1 National Geographic +1
Boomerang
Animal Planet
E! Entertainment
FOX Life NatGeoAdventure
RaiSat Smash
Comedy Central
FOX Life +1 NatGeoWild
Jetix
AXN
FOX Crime HistoryChannel
Jetix +1
DiscoveryRealTime
FOX Crime +1 HistoryChannel+1
Nickelodeon
Fantasy
FX RaiSat Gambero Rosso
Disney Channel
Current
Cult Marco Polo
Disney Channel +1
Cooltoon
SKY Vivo Alice
Toon Disney
GXT
SKY Show Leonardo
ToonDisney +1
GXT+1
Jimmy DiscoveryChannel
Playhouse Disney
RaiSat Extra DiscoveryTravel& Living
RaiSat YoYo
RaiSat Premium
JimJam
SPORT CINEMA MUSIC
NatGeoMusic
Music on SKY
Eurosport News SKY CINEMA 1 SKY Cinema Classics
Video Italia
Radio on SKY*MTV
ESPN Classic SKY Cinema 2 The MGM Channel
Deejay TV
Brand New
Nuvolari SKY CINEMA 3 RAISAT Cinema
Match Music Rock
MTV Hits
Snai Sat SKY Cinema Hits SKY Cinema HD
TV
MTV Gold
Sport Italia SKY Cinema MAX
Music Box
MTV Pulse
Yacht &Sail SKY Cinema Mania
VH1
* FIC CHANNELS 33

34. NEWSCORP OPPORTUNITIES / GERMANY
ENTERTAINMENT DOCUMENTARIES KIDS
FOX Disney Channel
Discovery Channel
Premiere 4 Junior
Discovery Geschichte
Premiere Nostalgie Jetix
Discovery HD
Premiere Krimi Animal Planet
Premiere HD Focus Gesundheit
13th Street
Sci Fi
Heimatkanal
SPORT CINEMA MUSIC
Hit24
Premiere Premiere 1
Goldstar TV
Sportportal Premiere 2
Classica
Premiere 3
Premiere Filmfest
Premiere Film Classics
MGM
* FIC CHANNELS 34

35. MARKET GROWTH /02‐08
13% CAGR Intl Markets (industry multichannel revenue)
35
Source: FIC analysis of SNL Kagan PayTV programmer Income (excluding platforms)

36. MARKET GROWTH /08‐12
Not 13%, but 10% CAGR is not too shabby
36
Source: FIC analysis of SNL Kagan PayTV programmer Income (excluding platforms)

37. FINANCIAL PROFILE OF BUSINESS
Many and young
Profit Contribution ($m) by Channel
WELL POSITIONED TO:
‐Increase subscribers above the organic growth of current platforms
‐Increase ratings
37

38. STRONG BRANDS
“While branding has not historically been overly important in
television… brand is increasing in importance, along with the
growth of multi‐platform opportunities”
Jessica Reif Cohen
38
Source: Scripps Networks Interactive – Merrill Lynch Equity Report Sept 2008

41. OFFICES
Distribution
140 Channels
383m Cum. Subs.
7,500 Affiliates
3,500 Advertisers
1,800 Employees
37 Offices
41

42. OFFICES
DISTRIBUTION
AVERAGE 10 YEARS AT FIC
140 Channels
383m Cum. Subs.
7,500 Affiliates
3,500 Advertisers
1,800 Employees
37 Offices
42

43. OFFICES
DISTRIBUTION
AVERAGE 10 YEARS AT FIC
AVERAGE 6 YEARS AT FIC
140 Channels
383m Cum. Subs.
7,500 Affiliates
3,500 Advertisers
1,800 Employees
37 Offices
43

44. OFFICES
DISTRIBUTION
AVERAGE 10 YEARS AT FIC
AVERAGE 6 YEARS AT FIC
140 Channels
383m Cum. Subs.
7,500 Affiliates
3,500 Advertisers
1,800 Employees
37 Offices
44

45. SLEEPING GIANTS
Medium term?
JAPAN
CHINA
• 369m TV homes • 48m TV homes
• 164m PayTV home (45%) • 11m PayTV home (23%)
• 41m digital homes (11%) • $17bn TV Ad market
• National Geographic Magazine recently • Pay Channels get 2% of this ad spend
approved for distribution • 48m TV homes
• FIC has 6 Channels, second intl. player
behind Liberty’s Jupiter
RUSSIA KOREA
• 18m TV homes
• 50m TV homes
• 17m PayTV home (95%)
• 17m PayTV home (34%)
• 4m digital homes (23%)
• 4.5m digital homes (9%)
• FOX and Nat Geo are the two leading
• Digital penetration growing at 20% p.a.
international channel brands
• We have 4 channels, avg. 2m homes
• Impending changes to Media laws will
• Extremely embryonic
permit foreign operators to increase
• Still in investment phase
ownership; greater return possibilities
45
Source: eMarketer, SNL Kagan, FIC analysis

46. CHINA
One day?
• Limited channel distribution in 80 cities
• 50m Households viewing Nat Geo programming blocks
• At some point foreign channels will be granted access
46

47. CHINA
One day?
47

48. ENGINE OF GROWTH FOR NWS
We are well positioned for the opportunities that lay in front of us
50% Historical
CAGR
FIC Op Inc
FY03‐07 are proforma, including National Geographic Channels International and excludes acquisition related 48
amortization of $14 million in FY08.