DOCSLIB.ORG

News Corporation: Can News Corp's Assets Perform According to Their

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
News Corporation: Can News Corp's Assets Perform According to Their S AI B U S RESEARCH News Corporation (NWS & NWSA) February 27, 2018 News Corporation: Can News Corp’s Assets Perform According to their Maximum Potential? Neutral We are initiating coverage on News Corporation (NWS & NWSA) with a Neutral rating and a fair value target share price of $14. News Corp offers investors a 1.5% dividend yield, a dividend coverage ratio of 1.57X based on its trailing 12 month adjusted free cash flows, an 18% discount to its book value and a liquid balance sheet (its cash balance is nearly 85% of its combined debt and retirement benefit liability balances). We agree with Warren Buffett’s conclusion that News Corp is one of two diversified media companies that have an assured future due to its ownership of Dow Jones & Company, the publisher of The Wall Street Journal, Barron’s and other vital products and services geared towards financial professionals and wealthy individuals. However, we can only rate News Corp as a neutral at this time based on its low returns on investment capital (5%) and its recurring pattern of “non-recurring charges”. Source: Morningstar Direct and our Estimates The six most attractive catalysts for investing in News Corp’s stock are as follows: • Strong double-digit revenue and adjusted EBITDA growth from its digital real estate services subsidiaries • Solid 3.7% revenue growth from Dow Jones & Company due to increased circulation revenues and growth in professional fees from Dow Jones Risk & Compliance 1 Contact: [email protected] www.saibusresearch.com Downloaded from www.hvst.com by IP address 192.168.176.10 on 10/02/2021 S AI B U S RESEARCH News Corporation (NWS & NWSA) February 27, 2018 • News Corp’s liquid balance sheet ($1.6 Billion in cash is 85% of its combined gross debt and retirement benefit liability balances) gives it more flexibility with its free cash flows than its peer group • Growth potential at its Australian subscription video services (3% Adjusted Revenue Growth in H1 2019 plus further growth from the launch of its new Kayo Sports platform) • Revenue stability at its Book Publishing division (4.85% compounded annual growth since 2013 due to new releases and contributions from its 2015 acquisition of Harlequin) • News Corp’s share price is at an 18% discount to its book value Source: News Corp’s FQ2 2019 Report The four most prominent challenges News Corp’s investors must consider are as follows: • Revenue declines from legacy print media products and News America Marketing • Frequent impairment charges ($2.6 Billion in the last three years) since its 2013 spin-off from 21 st Century Fox (FOXA) • News Corp’s News & Information Services division’s Adjusted EBITDA Margin is significantly below that of other diversified news media companies • Foreign currency headwinds from a strong U.S. Dollar offsetting growth in its U.K. and Australian operations 2 Contact: [email protected] www.saibusresearch.com Downloaded from www.hvst.com by IP address 192.168.176.10 on 10/02/2021 S AI B U S RESEARCH News Corporation (NWS & NWSA) February 27, 2018 News Corporation is the largest diversified print media company as measured by market capitalization. News Corp acquired Dow Jones & Company in 2007, which gave it control over The Wall Street Journal, Barron’s and Dow Jones’s suite of consumer and professional finance information products and services. News Corp’s fasted growing division is its digital real estate services division, which consists of majority ownership of two digital real estate companies (Move and REA Group). News Corp’s Book Publishing Division consists of HarperCollins and its various subsidiaries, which collectively comprise the second largest consumer book publisher in the world. News Corp’s Subscription Video Services division includes ownership of the Australian News Channel, Fox Sports Australia and a 65% stake in Australian pay television operation Foxtel. News Corp also owns and operates other diverse regional and national media operations in Australia, the United Kingdom, Ireland and the U.S. Source: Morningstar Direct Executive Co-Chairman Rupert Murdoch established News Corporation in 1980 as a holding company for the Murdoch family’s diverse news media operations. News Corporation separated itself into two media companies (21 st Century Fox) and the new News Corp in 2013. 21 st Century Fox consisted of legacy News Corporation’s film and television operations whereas the new News Corp contained the publishing and Australian broadcasting assets. The Murdoch family still retains 40% voting control over both companies. Robert Thomson serves as CEO of News Corp since its 2013 spin-off from legacy News Corporation and previously served as Managing Editor of The Wall Street Journal from 2008 to 2013. Rupert Murdoch and his two sons Lachlan and James serve on the board. High profile non-family board members include former New Hampshire Senator Kelly Ayotte, former Spanish Prime Minster José María Aznar and former New York City Department of Education Chancellor Joel Klein. 3 Contact: [email protected] www.saibusresearch.com Downloaded from www.hvst.com by IP address 192.168.176.10 on 10/02/2021 S AI B U S RESEARCH News Corporation (NWS & NWSA) February 27, 2018 News Corp’s recent earnings report shows its financial performance meets our expectations. News Corp’s revenue adjusted for the impact of acquisitions, divestitures and currency fluctuations grew by 3.55% in H1 2019 on the strength of 11% revenue growth from Digital Real Estate Services, 6.2% revenue growth from its Book Publishing division and 3.7% revenue growth from Dow Jones. Dow Jones’s Risk & Compliance business generated 26% revenue growth in the recent quarter, which represented the seventh straight quarter of 25%+ growth. Reported revenue and EBITDA grew by 21.5% and 26% respectively due to the aforementioned organic growth performance trends as well as incremental contributions from its April 2018 consolidation of Foxtel. We expect that the management changes at Foxtel and Fox Sports Australia as well as the new sports streaming product Kayo Sports should help it generate the 5% revenue growth we are targeting from its Subscription Video Services division during the 2019-2025 periods. While we rate News Corp as a Neutral, we believe Lee Enterprises (LEE) still offers a more attractive total return investment opportunity to investors in the news media industry than News Corp. Although News Corp’s has a strong revenue trend and balance sheet than LEE, LEE’s steady digital revenue growth and balance sheet deleveraging offers greater potential for PE expansion than investors can expect from News Corp. We also noted the following areas where LEE actually outperformed News Corp: • LEE’s Adjusted Enterprise Value to Adjusted EBITDA minus CapEx of 5.3X is half of News Corp’s 10.9X • LEE’s ROIC of 17.55% is higher than News Corp’s 5% • Even though LEE relies more on the out-of-favor sector of the media industry (regional and community news media print operations) than News Corp, LEE’s adjusted EBITDA Margin of 21.55% greatly exceeds the 12.32% of News Corp’s consolidated operations and the 8% from News Corp’s News and Information Services division • LEE has been profitable on a GAAP reported income basis over year over the last five years ($149 Million since the beginning of FY 2014) whereas News Corp reported $1.77 Billion in losses since then due to various “non-recurring impairment charges” We are initiating coverage of News Corp as a Neutral. We like its healthy, liquid balance sheet and we expect continued growth from its digital real estate, subscription video services and Dow Jones operations. However, News Corp’s low ROIC, frequent “non-recurring impairment 4 Contact: [email protected] www.saibusresearch.com Downloaded from www.hvst.com by IP address 192.168.176.10 on 10/02/2021 S AI B U S RESEARCH News Corporation (NWS & NWSA) February 27, 2018 charges” and slow organic growth trends prevent us from giving it a rating higher than Neutral. We would interested in seeing how the company would take shape once Rupert Murdoch cedes control of the company to his son Lachlan , perhaps News Corp would shed money losing assets such as the New York Post. 5 Contact: [email protected] www.saibusresearch.com Downloaded from www.hvst.com by IP address 192.168.176.10 on 10/02/2021 S AI B U S RESEARCH News Corporation (NWS & NWSA) February 27, 2018 DISCLOSURES Past performance is not necessarily indicative of future results. All investments involve risk including the loss of principal. This report is confidential and may not be distributed without the express written consent of the original author and does not constitute a recommendation, an offer to sell or a solicitation of an offer to purchase any security or investment product. Any such offer or solicitation may only be made by means of delivery of an approved confidential private offering memorandum. Investments may currently or in the future buy, sell, cover or otherwise change the form of its investment in the companies discussed in this letter for any reason. The author hereby disclaims any duty to provide any updates or changes to the information contained here including, without limitation, the manner or type of any of the investments. All of the views expressed in this research report accurately reflect the research analysts’ personal views regarding any and all of the subject securities or issuers. The research analyst is not registered with FINRA, and may not be subject to FINRA rule 2711 restrictions on communicating with the subject company, public appearances, and trading securities held in the research analysts’ account.
Load more

Recommended publications
  • Annual Report 2012
    NEWS CORP. ANNU AL REPO RT 2012 NEWSANNUAL REPORT 2012 1211 Avenue of the Americas New York, NY 10036 www.newscorp.com C O RP. 425667.COVER.CX.CS5.indd 1 8/29/12 5:21 PM OUR AIM IS TO UNLOCK MORE VALUE FOR OUR STOCKHOLDERS 425667.COVER.CS5.indd 2 8/31/12 9:58 AM WE HAVE NO INTENTION OF RESTING ON OUR LAURELS WE ARE ALWAYS INVESTING IN THE NEXT GENERATION 425667.TEXT.CS5.indd 2 8/28/12 5:10 PM 425667.TEXT.CS5.indd 3 8/27/12 8:44 PM The World’s LEADER IN QUALITY JOURNALISM 425667.TEXT.CS5.indd 4 8/28/12 5:11 PM A LETTER FROM Rupert Murdoch It takes no special genius to post good earnings in a booming economy. It’s the special company that delivers in a bad economic environment. At a time when the U.S. has been weighed down by its slowest recovery since the Great Depression, when Europe’s currency threatens its union and, I might add when our critics flood the field with stories that refuse to move beyond the misdeeds at two of our papers in Britain, I am delighted to report something about News Corporation you Rupert Murdoch, Chairman and Chief Executive Officer might not know from the headlines: News Corporation In 2012, for the second year in a row, we have brought our stockholders double-digit growth in total segment operating income. FOR THE SECOND We accomplished this because we do not consider ourselves a conventional YEAR IN A ROW, company.
    [Show full text]
  • Media Ownership Chart
    In 1983, 50 corporations controlled the vast majority of all news media in the U.S. At the time, Ben Bagdikian was called "alarmist" for pointing this out in his book, The Media Monopoly . In his 4th edition, published in 1992, he wrote "in the U.S., fewer than two dozen of these extraordinary creatures own and operate 90% of the mass media" -- controlling almost all of America's newspapers, magazines, TV and radio stations, books, records, movies, videos, wire services and photo agencies. He predicted then that eventually this number would fall to about half a dozen companies. This was greeted with skepticism at the time. When the 6th edition of The Media Monopoly was published in 2000, the number had fallen to six. Since then, there have been more mergers and the scope has expanded to include new media like the Internet market. More than 1 in 4 Internet users in the U.S. now log in with AOL Time-Warner, the world's largest media corporation. In 2004, Bagdikian's revised and expanded book, The New Media Monopoly , shows that only 5 huge corporations -- Time Warner, Disney, Murdoch's News Corporation, Bertelsmann of Germany, and Viacom (formerly CBS) -- now control most of the media industry in the U.S. General Electric's NBC is a close sixth. Who Controls the Media? Parent General Electric Time Warner The Walt Viacom News Company Disney Co. Corporation $100.5 billion $26.8 billion $18.9 billion 1998 revenues 1998 revenues $23 billion 1998 revenues $13 billion 1998 revenues 1998 revenues Background GE/NBC's ranks No.
    [Show full text]
  • Managing by the Numbers
    Managing by the Numbers Empowerment and Accountability in New York City’s Schools by CLARA HEMPHILL AND KIM NAUER WITH HELEN ZELON, THOMAS JACOBS, ALESSANDRA RAIMONDI, SHARON McCLOSKEY AND RAJEEV YERNENI Center for New York City Affairs Milano the new school for Management and Urban Policy June 2010 Contents 1 Executive Summary 7 Recommendations From the Field The Center for New York City Affairs is dedicated to 10 Principal Power Deconstructed: A History of Reform advancing innovative public policies that strengthen neighborhoods, support families and reduce urban 16 Measuring Progress in the South Bronx poverty. Our tools include rigorous analysis; journalistic 27 Alternate Possibilities: Competing Visions of School Improvement research; candid public dialogue with stakeholders; and 35 A Tale of Two High Schools: Curriculum Matters strategic planning with government officials, nonprofit 40 Local Voices: Where Can Communities Turn? practitioners and community residents. 42 What Makes an “A” School? Grading the Progress Reports 47 Building a Better Yardstick: Making Measures More Consistent Andrew White, Director 48 Beyond Numbers: Where is the Quality in Qualitative Carin Mirowitz, Deputy Director Measurement? Kim Nauer, Education Project Director Clara Hemphill, Senior Editor 49 What’s Wrong With Using State Tests to Measure Progress? Paul Tainsh, Senior Research Associate 50 The Level 4 Paradox: Why Are Fewer Children Scoring at the Top? Kendra Hurley, Associate Editor 51 Principals Without Supervisors: Networks Replace Oversight Anna
    [Show full text]
  • Teacher Attrition and Retention
    THE COUNCIL OF THE CITY OF NEW YORK HON. GIFFORD MILLER SPEAKER A staff report of the New York City Council Investigation Division on Teacher Attrition and Retention to Members of the Committee on Oversight and Investigations Hon. Eric Gioia, Chair Hon. Tracy Boyland Hon. Miguel Martinez Hon. John C. Liu Hon. Peter Vallone, Jr. New York City Council Investigation Division EXECUTIVE SUMMARY New York City faces a “brain drain” in our City’s schools; a staffing crisis looms on the horizon as New York City public school teachers retire or leave the system at alarming rates. A report by the New York City Council Investigation Division (CID) shows that over 70% of the most experienced NYC public school teachers are likely to retire within the next two years, while more than 25% of mid-career teachers and nearly 30% of newer teachers say it is likely that they will leave the system within the next three years—potentially creating as many as 30,000 vacancies in the City’s classrooms in that time. There are currently over 80,000 teachers in New York City’s public school system.i In NYC, the two-year attrition rate for teachers is 25%, with 18% of teachers leaving in the first year—while the national rate is only ten percent.ii To find out how many teachers are thinking of leaving the school system and possible reasons why, CID investigators, with the assistance of UFT staff members, conducted a telephone survey of 2,781 teachers currently employed by the DOE. Respondents, who were randomly selected, were called during the weeks of April 26 and May 3, 2004.
    [Show full text]
  • Remarks by Rupert Murdoch Accepting the Media Institute's
    Remarks by Rupert Murdoch Accepting The Media Institute’s American Horizon Award October 6, 2010 Thank you for those gracious words, Joel. Many of you know Joel from his days in Washington. Some of you are even reporters. Let me tell you: There are many stories to be written about the miracles Joel has been performing for the New York City school system. This is a man who works day and night for one goal: that every child who enters a New York City public school will leave with a solid education – and a fair shot at the American Dream. So I ask you, please join me in toasting a man for all seasons … Joel Klein. I also want to congratulate Kyle McSlarrow. In his work for National Freedom of Speech Week, Kyle reminds us that the Founders made freedom of the press first for a reason. In his work for cable television, he reminds us why property rights are vital for keeping the press free and independent. So again, let’s give a good man a big thank you. Finally I’d like to acknowledge Meredith Attwell Baker. Commissioner Baker is one of the brightest people to sit on the FCC – and tonight we can see why. It’s refreshing to have in government someone who recognizes that the first protection for a free press is limited government. Meredith, thank you for your wise words – and thank you for your good work. I also want to thank The Media Institute. Every day, you advance three principles essential for a healthy media – freedom … competition … and excellence.
    [Show full text]
  • For Personal Use Only Use Personal For
    News Corp To Acquire Social Video Ad Platform Unruly ● Unruly Connects Leading Brands With Massive Global Audiences ● Tracks Video Shareability To Predict Virality For Advertisers ● Unruly's Global Platform To Accelerate News Corp's Digital Transformation New York, NY – (September 16, 2015) – News Corp announced today that it has agreed to acquire Unruly Holdings Limited ("Unruly"), a leading global ad platform that is revolutionizing digital and social video advertising for clients around the world. "Unruly is a feisty and creative company with a start-up sensibility that fits perfectly with our own approach to developing businesses in the digital age. The acquisition will serve as a catalyst for our brands, helping to extend our expertise in the digital and mobile video area, whether through the fast-growing realtor.com® in the US, Fox Sports in Australia, News America Marketing, HarperCollins Publishers, or our market-leading mastheads around the world. Unruly complements our traditional editorial and commercial expertise with contemporary insight into how people read, watch, buy and sell in the digital era," said Robert Thomson, Chief Executive of News Corp. "We have a track record of acquiring businesses with unique capabilities, allowing them the freedom to do what they do best, while providing a global platform to accelerate their growth and realize their potential." Led by Unruly's three co-founders, it will operate as a separate business unit, reporting to Rebekah Brooks, Chief Executive of News UK. Unruly will continue to work with its existing roster of global advertisers and publishers and collaborate with News Corp businesses around the world.
    [Show full text]
  • Fp174:Free Press Template Changed Fonts.Qxd.Qxd
    fp174:Free Press template changed fonts.qxd 17/02/2010 20:02 Page 1 FREE Press No 174 January-February 2010 £1 Journal of the Campaign for Press and Broadcasting Freedom Press will HERE COMES set terms THE MEDIA of debate by Nicholas Jones Online participation in this year’s general election is certain to set a new benchmark for the web’s influence on ELECTION political debate but the British blogosphere will be hard pressed to ● lot will hang for media policy in match the impact achieved in the Can the UK keep the public the coming UK general election. campaigning for and against President service broadcasting that These questions (left) are just the Obama. biggest: there are uncertainties Unlike the US, where television and people want? Will the BBC too around cross-platform publi- radio are dominant news providers Acation as the Digital Economy Bill strug- along with the internet, Britain has a licence fee be safe and its gles through parliament, before the elec- powerful national press which regularly digital services be free to tion even starts. calls the shots and commands the news There is also the growing intimacy agenda. expand? Or will they be cut between the Conservative leadership Much of the traffic generated by back to benefit commercial and the still-powerful Murdoch cross- blogs and social networking sites is a media group, the biggest in Europe. response to the storylines of the daily competitors? To determine campaigning priorities papers and it still tends to be the press and the questions to put to the parties, rather than the internet which retains the CPBF is preparing a Media the clout to transform online chatter ● Can local and regional Manifesto, for circulation in both print into mainstream news.
    [Show full text]
  • Pbs Quarterly Program Topic Report
    July 2005 PBS QUARTERLY PROGRAM TOPIC REPORT ------------------------------------------------------------------------------- QPTR Category: Abortion ------------------------------------------------------------------------------- NOLA Code: NOWD 000130C1 Series Title: NOW Distributor: PBS Release Date: 7/29/2005 7:30:00 PM Length: 30 Format: Interview/Discussion/Review; Magazine; News In a controversial reading of the state's statutory rape law, Kansas Attorney General Phill Kline has pushed to mandate reporting of any sexual activity of people under the age of 16 and subpoenaed medical records of abortion patients. Kline maintains he just wants to enforce the law and protect children, but critics charge that he's attacking a woman's right to an abortion and putting more kids at risk. NOW examines Kline's policies, which have made Kansas ground-zero for the reproductive rights debate in America. The report looks at both sides of the issue and at the implications for the nation. ------------------------------------------------------------------------------- QPTR Category: Agriculture ------------------------------------------------------------------------------- NOLA Code: MLNH 008314C1 Series Title: The NewsHour with Jim Lehrer Distributor: PBS Release Date: 7/20/2005 6:00:00 PM Length: 60 Segment: 00:08:55 Format: Interview/Discussion/Review; News Cultivating Controversy: Betty Ann Bowser provides a report on Minnesota farmers' differing opinions on the Central American Free Trade Agreement. -------------------------------------------------------------------------------
    [Show full text]
  • Albert Shanker Institute in Cooperation with the Cte Technical Assistance Center of New York
    UNITED FEDERATION OF TEACHERS & THE ALBERT SHANKER INSTITUTE IN COOPERATION WITH THE CTE TECHNICAL ASSISTANCE CENTER OF NEW YORK Fulfilling The Promise Of a Quality Education for All: st 21 Century Career and Technical Education October 10-11, 2013 New York, NY BIOS OF SPEAKERS Vanda Belusic-Vollor Vanda Belusic-Vollor is Executive Director of the Office of Postsecondary Readiness (OPSR), which leads efforts that ensure all New York City students graduate high school prepared for postsecondary success. These efforts include the Expanded Success Initiative, an educational component of the Office of the Mayor’s Young Men’s Initiative and a pioneering effort to close the achievement gap by significantly increasing the percentage of Black and Latino young men who complete high school prepared to succeed in college and careers. Ms. Belusic-Vollor also leads OPSR’s work to drive rigorous Career and Technical Education school and program pathways aligned to current labor market demands. Previously, she served as Executive Director of the Office of Multiple Pathways to Graduation (OMPG), where she supported the expansion of school and program models to meet the needs of differentiated segments of the over-age, under-credited population. Prior to joining OMPG, Ms. Belusic-Vollor served as the principal of South Brooklyn Community High School, a successful New York City transfer school, which served as the model for transfer schools opened under the leadership of New York City Schools’ Chancellor, Joel Klein. James E. (Gene) Bottoms Gene Bottoms has served as Director of the Southern Regional Education Board's High Schools That Work initiative since 1987.
    [Show full text]
  • Good Chemistry James J
    Columbia College Fall 2012 TODAY Good Chemistry James J. Valentini Transitions from Longtime Professor to Dean of the College your Contents columbia connection. COVER STORY FEATURES The perfect midtown location: 40 The Home • Network with Columbia alumni Front • Attend exciting events and programs Ai-jen Poo ’96 gives domes- • Dine with a client tic workers a voice. • Conduct business meetings BY NATHALIE ALONSO ’08 • Take advantage of overnight rooms and so much more. 28 Stand and Deliver Joel Klein ’67’s extraordi- nary career as an attorney, educator and reformer. BY CHRIS BURRELL 18 Good Chemistry James J. Valentini transitions from longtime professor of chemistry to Dean of the College. Meet him in this Q&A with CCT Editor Alex Sachare ’71. 34 The Open Mind of Richard Heffner ’46 APPLY FOR The venerable PBS host MEMBERSHIP TODAY! provides a forum for guests 15 WEST 43 STREET to examine, question and NEW YORK, NY 10036 disagree. TEL: 212.719.0380 BY THOMAS VIncIGUERRA ’85, in residence at The Princeton Club ’86J, ’90 GSAS of New York www.columbiaclub.org COVER: LESLIE JEAN-BART ’76, ’77J; BACK COVER: COLIN SULLIVAN ’11 WITHIN THE FAMILY DEPARTMENTS ALUMNI NEWS Déjà Vu All Over Again or 49 Message from the CCAA President The Start of Something New? Kyra Tirana Barry ’87 on the successful inaugural summer of alumni- ete Mangurian is the 10th head football coach since there, the methods to achieve that goal. The goal will happen if sponsored internships. I came to Columbia as a freshman in 1967. (Yes, we you do the other things along the way.” were “freshmen” then, not “first-years,” and we even Still, there’s no substitute for the goal, what Mangurian calls 50 Bookshelf wore beanies during Orientation — but that’s a story the “W word.” for another time.) Since then, Columbia has compiled “The bottom line is winning,” he said.
    [Show full text]
  • How Bias Is Your News Source? Source/: Just a Few of Rupert  Murdoch's News Corporation Brands
    23 views 0 0 RELATED TITLES How Bias is Your News Source? source/: Just a few of Rupert Murdoch's News Corporation Brands Original Title: How Bias is Your News Source? BENSON Unleaded Hidden Costs of Loudest Climate Mapping Field Gasoline Prices Pump Prices Change Skeptic Uploaded by Kenneth Burridge 100s if not 1000s of incorrect and slanted news reports relating to: climate change, alternative energy, and electric cars appear to be coming from the same source! Full description Save Embed Share Print How Bias is Your News Source? http://theev.biz/ev-info/how-bias-is-your-news- source/ 23 views 0 0 RELATED TITLES How Bias is Your News Source? source/: Just a few of Rupert Murdoch's News Corporation Brands Original Title: How Bias is Your News Source? BENSON Unleaded Hidden Costs of Loudest Climate Mapping Field Gasoline Prices Pump Prices Change Skeptic Uploaded by Kenneth Burridge 100s if not 1000s of incorrect and slanted news reports relating to: climate change, alternative energy, and electric cars appear to be coming from the same source! Full description Save Embed Share Print Each in their own right taking part in a chorus that repeats the same very right-wing conservative agenda. The big picture view is that the news they report on clearly supports and favors keeping and preserving the status quo and thus the wealth and power of the largest companies and industries on the planet…not the common man. The TV networks, websites, newspapers, magazines owned by Rupert Murdoch have been at best been reluctant to publish or report on anything that doesn’t support the various big businesses that continue to fund their media empire with advertising dollars.
    [Show full text]
  • US Education Reform and National Security
    U.S. Education Reform and National Security and National U.S. Education Reform CFR-sponsored Independent Task Force reports offer analysis and policy prescriptions for major foreign policy issues facing the United States, developed through nonpartisan deliberations that aim to reach consensus. Task Force Members Carole Artigiani Joel I. Klein Global Kids, Inc. News Corporation Craig R. Barrett Wendy Kopp Intel Corporation Teach For America Richard Barth Jeffrey T. Leeds KIPP Foundation Leeds Equity Partners, LLC Edith L. Bartley Julia Levy UNCF Culture Craver Gaston Caperton Michael L. Lomax The College Board UNCF Linda Darling-Hammond Eduardo J. Padrón Stanford University Miami Dade College Jonah M. Edelman Matthew F. Pottinger Stand for Children China Six LLC Roland Fryer Jr. Laurene Powell Jobs Harvard University Emerson Collective Ann M. Fudge Condoleezza Rice Ellen V. Futter Hoover Institution Independent Task Force Report No. 68 American Museum of Natural History Benno C. Schmidt Preston M. Geren Avenues: The World School Sid W. Richardson Foundation Stanley S. Shuman Joel I. Klein and Condoleezza Rice, Chairs Allen & Company LLC Louis V. Gerstner Jr. Julia Levy, Project Director Allan E. Goodman Leigh Morris Sloane Institute of International Education Association of Professional Schools of International Affairs Frederick M. Hess No. 68 Report Force Task Independent American Enterprise Institute for Margaret Spellings Public Policy Research Margaret Spellings and Company Shirley Ann Jackson Stephen M. Walt U.S. Education Rensselaer Polytechnic Institute Harvard Kennedy School Kay King Randi Weingarten King Strategies American Federation of Teachers Reform and www.cfr.org National Security U.S. Education Reform and National Security Independent Task Force Report No.
    [Show full text]