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Mergers and Acquisition Scenario Report

Summary

Other Scenarios:

  • NWS - GE=20
  • NWS - MSFT =
  • GE - DJ=20
  • MSFT - DJ=20
Buyer: News Corporation (NWS) Last Price: 23.58 Market Cap.: 74.68B
Target: Dow Jones & Company, Inc. (DJ) Last Price: 55.80 Market Cap.: 4.67B

Lines of Business Summary:

  • News Corporation (NWS) competes in = 4=20 industries and 112 product/service groups=20
  • Dow Jones & Company, Inc. (DJ) = competes in=20 2 industries and 34 product/service groups=20
  • A combined entity will have 5% Product/Service Group = overlap=20
  • News Corporation (NWS) has 1 = and Dow=20 Jones & Company, Inc. (DJ) has = 0=20 suppliers that rely on a material % of their business. They share = 0=20 in common.

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
3D""=20 = *Media 3D""=20 3D""=20 144
3D""=20 = *Technology = = 1,218
3D""=20 = Retail and Wholesale =   284
3D""=20 = Services =   395

3D""=20 = - Sector Pure-Plays. Denotes that the company is focused in the selected = sector=20 and generates nearly all earnings in the sector/product area specified. =

3D""=20 = - Sector Participation. Denotes that the company develops products in = this line=20 of business.

Sample Products in Similar Lines of Business

Sample Products in Complementary Lines of = Business
Buyer (Total: 173)
  • Fox Entertainment Group - Fox News Radio Network=20
  • Fox Entertainment Group WPWR - Chicago - FOX=20
  • Fox Entertainment Group WFLD - Chicago - FOX=20
  • Fox Entertainment Group WJBK - Detroit - FOX
Target (Total: 79)
  • Factiva, Inc.=20
  • Dow Jones Financial Wire=20
  • Dow Jones News Service=20
  • Dow Jones NewsWires
Buyer
  • ign.com=20
  • FOXTEL=20
  • SKY Brasil=20
  • SKY Mexico
Target
  • MarketWatch Information Services - Personal Finance Center=20

Business Relationship Summary:

Top Key Suppliers

Top Key Customers
Buyer (Total: 40)
  • NDS Group plc (ADR) (NNDS)=20
  • International Business Machines Corp. (IBM)=20
  • The Walt Disney Company (DIS)=20
  • Yahoo! Inc. (YHOO) =
Target (Total: 10)
  • International Business Machines Corp. (IBM)=20
  • The Bank of New York Company, Inc. (BK)=20
  • The Washington Post Co. (WPO)=20
  • salesforce.com, inc. (CRM) =
Buyer (Total: 29)
  • Microsoft Corporation (MSFT)=20
  • Time Warner Inc. (TWX)=20
  • Yahoo! Inc. (YHOO)=20
  • DIRECTV Group, Inc. (DTV) =
Target (Total: 4)
  • Koninklijke KPN N.V. (ADR) (KPN) =
  • FactSet Research Systems Inc. (FDS)=20
  • ProQuest Company (PQES)=20
  • HyperFeed Technologies, Inc. (HYPRQ)=20

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 47,300 7,400
Revenue Per Employee 665,162.8 274,898.0
Total Revenue 7,844.0 507.2
Total Expenses 6,700.0 469.3
Other=20 Revenue3D""=20=20 0.0 0.0
Cost of=20 Revenue=20 5,335.0 243.9
SG&A=20 Expense3D""=20=20 1,153.0 199.4
Research=20 & Development3D""=20=20 0.0 0.0
Other = Operating=20 Expense=20 6.0 0.0
Operating=20 Income3D""=20=20 1,144.0 37.9
Unusual = Income=20 0.0 0.0
LT Debt to = Capital=20 26.38 n/a
Fwd=20 P/E=20 22.32 37.43
Fwd=20 P/Rev=20 2.68 2.21
Book Value 31,894.0 n/a
Curr=20 Portion of LTD/Cap Lease=20 4.0 n/a

Individual Company=20 Summary

Focused

Buyer

Focused (3D""=20)= :=20 *Media

Target

Focused (3D""=20)= :=20 *Media > Print > Publishing > Newspapers

Revenue/Earnings=20 Summary

Buyer
Fiscal Year:
Quarter:
2007
*  Jun =
2006
Jun
2005
Jun
Q1
Rev. (M)
EPS
5,914.0
0.27
5,682.0
-0.13
5,146.0
0.21
Q2
Rev. (M)
EPS
7,844.0
0.26
6,665.0
0.33
6,562.0
0.13
Q3
Rev. (M)
EPS
*  6,790.4 =
0.28
6,198.0
0.26
6,043.0
0.14
Q4
Rev. (M)
EPS
*  7,138.9 =
0.30
6,782.0
0.27
6,108.0
0.21
FY
Rev. (M)
EPS
*  27,688.7 =
1.05
25,327.0
0.72
23,859.0
0.69
*  -=20 Estimates
Target
Fiscal Year:
Quarter:
2007
*  Dec =
2006
Dec
2005
Dec
Q1
Rev. (M)
EPS
507.2
0.27
430.1
0.74
412.1
0.10
Q2
Rev. (M)
EPS
*  539.0 =
0.47
456.0
0.35
818.6
0.11
Q3
Rev. (M)
EPS
*  499.5 =
0.21
412.4
1.26
396.8
0.12
Q4
Rev. (M)
EPS
*  568.0 =
 
485.4
2.27
457.6
0.49
FY
Rev. (M)
EPS
*  2,115.7 =
1.49
1,783.9
4.62
1,672.9
0.73
*  -=20 Estimates

Business=20 Description

Buyer

News Corporation is a diversified entertainment company with = operations in=20 eight industry segments, including Filmed Entertainment; Television; = Cable=20 Network Programming; Direct Broadcast Satellite Television; Magazines = and=20 Inserts; Newspapers; Book Publishing, and Other. The Company engages in = the=20 development, production and worldwide distribution of feature films and=20 television programs. Through its subsidiaries, it is engaged in the = operation of=20 broadcast television stations, and development, production and = distribution of=20 network and television programming. The Company engages in the direct = broadcast=20 satellite business through its subsidiary, SKY Italia. It also owns = equity=20 interests in BSkyB and DIRECTV, which are engaged in the direct = broadcast=20 satellite business. The Company engages in marketing operations and = magazine=20 publishing. It is engaged in the newspaper and magazine publishing = business.=20 Through HarperCollins Publishers, it is engaged in English language book = publishing.

Target

Dow Jones & Company, Inc. is a provider of global business and = financial=20 news, information and insight through multiple channels of media. In = addition to=20 The Wall Street Journal and its international and online editions, the = Company=20 publishes the print and online editions of Barron?s, Dow Jones = Newswires, Dow=20 Jones Indexes and MarketWatch.com. It also provides news and information = of=20 general interest to local communities throughout the United States = through its=20 Ottaway group of local media, formerly known as community media. The = Company is=20 a co-owner with Hearst of SmartMoney, and it also provides news content = to CNBC=20 television operations and radio stations in the United States. The = Company?s=20 segments include consumer media and enterprise media, and local media. = In=20 December 2006, the Company sold its 23.5% interest in Economia to = majority=20 owner, Verlagsgruppe Handelsblatt GmbH. In December 2006, Dow Jones = &=20 Company, Inc. acquired the remaining 50% interest in Factiva LLC=20 (Factiva).

Deal Summary

Scenario 1:=20
Buyer's Share Price: 23.58; Target's Share Price: = 55.80;=20 Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: = 5.00%/6.00%; Years=20 to Amortize Acquired Intangibles: 7;=20
Scenario 2:=20
Buyer's Share Price: 23.58; Target's Share Price: = 61.38;=20 Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: = 5.00%/6.00%; Years=20 to Amortize Acquired Intangibles: 7;=20
Scenario 3:=20
Buyer's Share Price: 23.58; Target's Share Price: = 66.96;=20 Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: = 5.00%/6.00%; Years=20 to Amortize Acquired Intangibles: 7;=20
Scenario 4:=20
Buyer's Share Price: 23.58; Target's Share Price: = 72.54;=20 Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: = 5.00%/6.00%; Years=20 to Amortize Acquired Intangibles: 7;

Deal Scenarios Analytics

  Scenario 1 Scenario 2 Scenario 3 Scenario 4
Financial Analysis
Financing Value 4.69B 5.16B 5.63B 6.10B
Required for deal
Stock 4.69B 5.16B 5.63B 6.10B
Cash 0 0 0 0
Debt 0 0 0 0
Shares
New Shares to be Issued 198.95M 218.85M 238.74M 258.64M
New Shares Outstanding F.D 3.39B 3.41B 3.43B 3.45B
Taxes
New Tax Rate 0.36 0.36 0.36 0.36
EPS
Old FD EPS 1.00 1.00 1.00 1.00
New FD EPS 0.97 0.97 0.96 0.96
Goodwill and Synergy
Goodwill/Intangibles        
Total Synergy Required for Accretion 171.68M 202.79M 233.91M 265.03M
Pro Forma % Ownership
Buyer's 94.12% 93.57% 93.03% 92.49%
Seller's 5.88% 6.43% 6.97% 7.51%
Accretion/Dilution
Per Share -0.03 -0.04 -0.04 -0.05
% Change -3.24% -3.81% -4.37% -4.92%
Total Consideration
Cash as % of Total Consideration to increase $0.01 EPS 75.68% 70.99% 67.18% 64.04%
Synergy to increase $0.01 EPS 52.70M 53.01M 53.32M 53.63M

Key Ratios

  Buyer Target Scenario 1 Scenario 2 Scenario 3 Scenario 4
Gross Margin=20 %=20 34.3 51.01 35.38 35.38 35.38 35.38
Operating=20 Margin %=20 15.09 7.78 14.61 14.61 14.61 14.61
Quick = Ratio=20 1.64 n/a n/a n/a n/a n/a
Current=20 Ratio=20 2.01 n/a n/a n/a n/a n/a
Coverage = Ratio=20 0.12 -0.03 -0.12 -0.12 -0.12 -0.12
Total Assets 59,173.0 n/a n/a n/a n/a n/a
Return on Equity % 10.26 n/a n/a n/a n/a n/a
Return on Assets % 5.53 n/a n/a n/a n/a n/a
Cash+ ST Inv. = Per=20 Share3D""=20=20 1.71 n/a n/a n/a n/a n/a
Total Debt 11,435.0 0.0 n/a n/a n/a n/a
Total Debt to Equity % 35.85 n/a n/a n/a n/a n/a
Total Debt to Tangible Equity % 151.12 n/a n/a n/a n/a n/a
Debt = to Asset=20 %=20 19.32 n/a n/a n/a n/a n/a

Product = Details

Sector Buyer Target
3D""=20 = *Media 3D""=20 3D""=20
3D""=20 = Broadcasting =  
3D""=20 = Radio=20
The Radio Broadcasting subsector is comprised of = companies=20 that transmit entertainment and information via cables, = microwaves, and=20 satellites. Largely all of these companies also transmit the same = content=20 via the internet.
 =  
3D""=20 = Television Stations=20
The Television Broadcasting subsector represents = licensed=20 communication facilities, which transmit televised content. The = television=20 programs may originate in their own studios, from an affiliate = network, or=20 from external sources. Largely all of these companies also = transmit some=20 portion of their content via the internet.
 =  
3D""=20 = Electronic Media = =
3D""=20 = Content Syndicators=20
Companies that provide proprietary or aggregated = information via the internet by means of automated data feed or = licensed=20 access. Frequently includes multimedia, as well as = streaming/cached video=20 content.
   =
3D""=20 = Electronic Publishers=20
Companies engaged in the distribution of = electronic media=20 to end users via the internet. These companies either produce and = publish=20 their own content, or license information and features from = content=20 syndicators.
 = =
3D""=20 = Financial Data=20
Services offered electronically which provide = research and=20 execution capability on a variety of financial instruments, = including=20 equities, derivatives, and bonds. Content offered via datafeeds = are placed=20 here also.
   =
3D""=20 = Entertainment/Programming = =
3D""=20 = Music=20
The Music sector is comprised of companies = engaged in the=20 production and publication of various formats of musical=20 recordings.
 =  
3D""=20 = Radio=20
Companies involved in Production, Preparation = Services,=20 and Advertising production for the radio industry.
 = =
3D""=20 = Television Cable and Broadcast Networks=20
Television Cable and Broadcast = Networks.
 =  
3D""=20 = Television, Film and Video=20
Companies involved in the production, = post-production, and=20 distribution of Motion Pictures and Television = programming.
 = =
3D""=20 = Print = 3D""=20
3D""=20 = Advertising=20
The Print Advertising subsector contains = publications such=20 as catalogs, classifieds, and directories that promote products or = services that are intended to be bought by companies and/or=20 consumers.
 =  
3D""=20 = Publishing=20
Publications of news/information/entertainment = content,=20 which include paper and electronic format. Publications such as = books,=20 magazines, newspapers, and trade journals are captured in this = area.=20 Largely all of these companies also transmit some portion of their = content=20 via the internet.
 = 3D""=20
3D""=20 = *Technology = =
3D""=20 = Software = =
3D""=20 = Home/Office=20
Personal productivity and entertainment software = targeted=20 toward consumer and business users.
 =  
3D""=20 = Industry-Specific=20
Software that has functionality specific to a = vertical=20 industry.
   =
3D""=20 = Technology Services =  
3D""=20 = Telecommunications Services=20
The Telecommunications Services subsector = encompasses=20 services designed to promote or enhance the transmission of voice, = data,=20 and video over various communications mediums, including cable, = satellite,=20 wireless (terrestrial-based), and wireline.
 =  
3D""=20 = Retail and Wholesale =  
3D""=20 = Miscellaneous =  
3D""=20 = Office Supplies and Giftware=20
Office supplies, stationery, and gift = stores.
 =  
3D""=20 = Services =  
3D""=20 = Business Services =  
3D""=20 = Professional Services=20
Includes accounting, advertising, consulting, = legal, and=20 printing services.
 =  

3D""=20 = - Sector Pure-Plays. Denotes that the company is focused in the selected = sector=20 and generates nearly all earnings in the sector/product area specified. =

3D""=20 = - Sector Participation. Denotes that the company develops products in = this line=20 of business.

Product = Details

Sector Buyer Target
3D""=20 = *Media 3D""=20 3D""=20
3D""=20 = Broadcasting =  
3D""=20 = Radio =  
3D""=20 = Domestic =  
3D""=20 = Networks =  
3D""=20 = English=20
Radio Networks that transmit news and = information as well=20 as entertainment programs in English.

Buyer Products:

  • Fox Entertainment Group - Fox News Radio Network =
=  
3D""=20 = Television Stations =  
3D""=20 = Domestic =  
3D""=20 = English Format =  
3D""=20 = Midwest =  
3D""=20 = East North Central =  
3D""=20 = Illinois=20
Television broadcast stations located in the = state of=20 Illinois

Buyer Products:

  • Fox Entertainment Group WPWR - Chicago - FOX=20
  • Fox Entertainment Group WFLD - Chicago - FOX =
=  
3D""=20 = Michigan=20
Television broadcast stations located in the = state of=20 Michigan.

Buyer Products:

  • Fox Entertainment Group WJBK - Detroit - FOX =
=  
3D""=20 = Ohio=20
Television broadcast stations located in the = state of=20 Ohio.

Buyer Products:

  • Fox Entertainment Group WJW - Cleveland - FOX =
=  
3D""=20 = Wisconsin=20
Television broadcast stations located in the = state of=20 Wisconsin.

Buyer Products:

  • Fox Entertainment Group WITI - Milwaukee - FOX =
=  
3D""=20 = West North Central =  
3D""=20 = Minnesota=20
Television broadcast stations located in the = state of=20 Minnesota.

Buyer Products:

  • Fox Entertainment Group KMSP - Minneapolis - FOX=20
  • Fox Entertainment Group WFTC - Minneapolis - FOX =
=  
3D""=20 = Missouri=20
Television broadcast stations located in the = state of=20 Missouri.

Buyer Products:

  • Fox Entertainment Group KTVI - St. Louis - FOX=20
  • Fox Entertainment Group WDAF - Kansas City - FOX =
=  
3D""=20 = Northeast =  
3D""=20 = Middle Atlantic =  
3D""=20 = District of Columbia=20
Television broadcast stations located in = Washington=20 D.C.

Buyer Products:

  • Fox Entertainment Group WTTG - Washington D.C. - FOX=20
  • Fox Entertainment Group WDCA - Washington D.C. - FOX=20
=  
3D""=20 = Maryland=20
Television broadcast stations located in the = state of=20 Maryland.

Buyer Products:

  • Fox Entertainment Group WUTB - Baltimore - FOX =
=  
3D""=20 = New York=20
Television broadcast stations located in the = state of New=20 York.

Buyer Products:

  • Fox Entertainment Group WWOR - New York City - FOX=20
  • Fox Entertainment Group WNYW - New York City - FOX =
=  
3D""=20 = Pennsylvania=20
Television broadcast stations located in the = commonwealth=20 of Pennsylvania.

Buyer Products:

  • Fox Entertainment Group WTXF - Philadelphia - FOX =
=  
3D""=20 = New England =  
3D""=20 = Massachusetts=20
Television broadcast stations located in the = commonwealth=20 of Massachusetts..

Buyer Products:

  • Fox Entertainment Group WFXT - Boston - FOX =
=  
3D""=20 = South =  
3D""=20 = East South Central =  
3D""=20 = Alabama=20
Television broadcast stations located in the = state of=20 Alabama.

Buyer Products:

  • Fox Entertainment Group WBRC - Birmingham - FOX =
=  
3D""=20 = Tennessee=20
Television broadcast stations located in the = state of=20 Tennessee.

Buyer Products:

  • Fox Entertainment Group WHBQ - Memphis - FOX =
=  
3D""=20 = South Atlantic =  
3D""=20 = Florida=20
Television broadcast stations located in the = state of=20 Florida.

Buyer Products:

  • Fox Entertainment Group WOGX - Ocala - FOX=20
  • Fox Entertainment Group WRBW - Orlando - FOX=20
  • Fox Entertainment Group WTVT - Tampa Bay - FOX=20
  • Fox Entertainment Group WOFL - Orlando - FOX =
=  
3D""=20 = Georgia=20
Television broadcast stations located in the = state of=20 Georgia.

Buyer Products:

  • Fox Entertainment Group WAGA - Atlanta - FOX =
=  
3D""=20 = North Carolina=20
Television broadcast stations located in the = state of=20 North Carolina.

Buyer Products:

  • Fox Entertainment Group WGHP - Greensboro - FOX =
=  
3D""=20 = West South Central =  
3D""=20 = Texas=20
Television broadcast stations located in the = state of=20 Texas.

Buyer Products:

  • Fox Entertainment Group KRIV - Houston - FOX=20
  • Fox Entertainment Group KTXH - Houston - FOX=20
  • Fox Entertainment Group KTBC - Austin - FOX=20
  • Fox Entertainment Group KDFW - Dallas - FOX=20
  • Fox Entertainment Group KDFI - Dallas - FOX =
=  
3D""=20 = West =  
3D""=20 = Mountain =  
3D""=20 = Arizona=20
Television broadcast stations located in the = state of=20 Arizona.

Buyer Products:

  • Fox Entertainment Group KSAZ - Phoenix - FOX=20
  • Fox Entertainment Group KUTP - Phoenix - FOX =
=  
3D""=20 = Colorado=20
Television broadcast stations located in the = state of=20 Colorado.

Buyer Products:

  • Fox Entertainment Group KDVR - Denver - FOX =
=  
3D""=20 = Utah=20
Television broadcast stations located in the = state of=20 Utah.

Buyer Products:

  • Fox Entertainment Group KSTU - Salt Lake City - FOX=20
=  
3D""=20 = Pacific =  
3D""=20 = California=20
Television broadcast stations located in the = state of=20 California.

Buyer Products:

  • Fox Entertainment Group KTTV - Los Angeles - FOX=20
  • Fox Entertainment Group KCOP - Los Angeles - FOX =
=  
3D""=20 = Electronic Media = =
3D""=20 = Content Syndicators   =
3D""=20 = News=20
Syndication of news to various websites.

Target Products:

  • Factiva, Inc.=20
  • Dow Jones Financial Wire=20
  • Dow Jones News Service=20
  • Dow Jones NewsWires=20
  • MarketWatch
  =
3D""=20 = Video/Images   =
3D""=20 = Video=20
Video syndicators provide websites with the = ability to=20 distribute news and information via streaming video.

Target Products:

  • CNBC/Dow Jones Business Video
  =
3D""=20 = Electronic Publishers = =
3D""=20 = Classifieds and Directories = =
3D""=20 = Automotive=20
Websites which advertise cars for sale, along = with=20 additional resources, such as financing assistance and = reviews.

Buyer Products:

  • News Digital Media - Carsguide.com.au
=  
3D""=20 = Career=20
Resource which allows job seekers to find = suitable=20 employment positions.

Buyer Products:

  • CareerOne.com.au=20
  • News Digital Media - Careerone.com.au

Target Products:

  • CareerJournal.com=20
  • CollegeJournal.com
= =
3D""=20 = Directory=20
Web-based business/individual directories. = Includes=20 white/yellow pages.

Buyer Products:

  • News Digital Media - Truelocal.com.au
=  
3D""=20 = Event Planning/Social Networking=20
Websites which offer social networking, as well = as event=20 invitation services.

Buyer Products:

  • MySpace.com
=  
3D""=20 = Personals=20
Websites which serve to pair individuals seeking = romantic=20 relationships.

Buyer Products:

  • CupidJunction.com
=  
3D""=20 = Real Estate=20
Websites which advertise rental properties, as = well as=20 properties for sale. Includes moving referral services.

Buyer Products:

  • News Digital Media - Homesite.com.au

Target Products:

  • RealEstateJournal.com
= =
3D""=20 = Community Sites =  
3D""=20 = Parents=20
Websites that provide information on family = related issues=20 such as child rearing, childcare, ideas for child activities, = etc.

Buyer Products:

  • FlowGo.com
=  
3D""=20 = Entertainment =  
3D""=20 = Fun/Humor=20
Web sites that provide jokes, cartoons, humorous = articles,=20 and other similar content.

Buyer Products:

  • MadBlast.com=20
  • CoolQuiz.com=20
  • SmilePop.com=20
  • FunnyGreetings.com=20
  • CastleMountains.com=20
  • PerfectGreetings.com
=  
3D""=20 = Games=20
Gaming news/information portals catering to = gaming=20 enthusiats.

Buyer Products:

  • IGN Entertainment FilePlanet=20
  • IGN Entertainment Ve3D.com=20
  • Grab.com=20
  • IGN Entertainment Gamestats.com=20
  • IGN Entertainment Direct2Drive=20
  • IGN Entertainment GameSpy=20
  • IGN Entertainment IGN.com=20
  • IGN Entertainment TeamXbox=20
  • IGN Entertainment 3D Gamers
=  
3D""=20 = Movies=20
Specialty entertainment sites that focus on = providing the=20 latest information on movies released domestically. These sites = can=20 provide basic descriptions of movie plots, starring roles, movie = rating,=20 running time, screenings and show times.

Buyer Products:

  • IGN Entertainment RottenTomatoes
=  
3D""=20 = Music=20
Websites which offer music content, including = downloads,=20 news, and karoake. These sites are devoted to keeping track of = music=20 artist, their new albums, music charts and up-coming concert = dates.

Buyer Products:

  • Americanidol.com=20
  • ClassicFM.nl=20
  • Radioveronica.nl=20
  • Ksolo.com
=  
3D""=20 = Sports=20
Destination sites that provide news and updates = on=20 domestic and international sporting events.

Buyer Products:

  • News Digital Media - Foxsports.com.au=20
  • Nrl.com.au=20
  • Foxsports.com=20
  • Scout.com=20
  • Whatifsports.com
=  
3D""=20 = Reference =  
3D""=20 = General News/Commentary=20
General news/opinion articles that are collated = from=20 various sources throughout the internet and made available to end=20 users.

Buyer Products:

  • News Digital Media - News.com.au=20
  • FOX News Network - Foxnews.com
=  
3D""=20 = Self Help=20
Websites that offer content relating to self = help.

Buyer Products:

  • Colorgenics.com=20
  • SelfNetwork.com=20
  • QuickInspirations.com
=  
3D""=20 = Financial Data   =
3D""=20 = Institutional Financial Content and = Research=20
Research reports and other content targeted = towards=20 institutional clients, including fund managers, buy-side analysts, = and=20 other financial professionals.

Target Products:

  • Dow Jones Client Solutions=20
  • Factiva, Inc.=20
  • Dow Jones Diversified Markets=20
  • Dow Jones Indexes=20
  • Dow Jones Financial Information Services =
  =
3D""=20 = Retail Financial Content and Research=20
Financial Content targeted toward consumers. = Frequently=20 free, some content is available on a subscription basis.

Target Products:

  • MarketWatch
  =
3D""=20 = Entertainment/Programming = =
3D""=20 = Music =  
3D""=20 = Production =  
3D""=20 = Domestic =  
3D""=20 = Publishing =  
3D""=20 = Soundtracks=20
The Soundtracks sub sector is comprised of = companies that=20 own the publishing rights to songs, music, etc. that are licensed = for=20 theatrical features.

Buyer Products:

  • Fox Entertainment Group - Fox Music Publishing =
=  
3D""=20 = Radio = =
3D""=20 = Preparation Services   =
3D""=20 = News=20
News Prep Services provide sound bites of = interviews=20 dealing with current events and financial news. These services = also=20 include scripted stories to be read over the air.

Target Products:

  • MarketWatch.com Radio Network=20
  • The Wall Street Journal Radio Network
  =
3D""=20 = Production=20
Companies that produce radio programs which are = syndicated=20 nationwide, not radio programs that are produced for local = audiences,=20 these are usually distributed through a network of radio stations = or radio=20 affiliates.

Buyer Products:

  • Fox Entertainment Group - Fox News Radio

Target Products:

  • MarketWatch Business Reports for Radio
= =
3D""=20 = Television Cable and Broadcast Networks = =  
3D""=20 = Domestic =  
3D""=20 = Broadcast Networks =  
3D""=20 = English Format=20
Television networks that provide entertainment = and=20 informative television programs to the English speaking population = in the=20 United States.

Buyer Products:

  • Fox Entertainment Group - FOX Television Network =
=  
3D""=20 = Cable Networks =  
3D""=20 = English Format =  
3D""=20 = Cinema=20
Programming consisting of previously released = theatrical=20 or made-for-television motion pictures.

Buyer Products:

  • Fox Entertainment Group - Fox Movie Channel =
=  
3D""=20 = Cultural/Educational=20
Programming consisting of cultural/educational = content,=20 including nature, history, arts, and DIY.

Buyer Products:

  • Fox Entertainment Group - National Geographic Channel=20
=  
3D""=20 = News=20
Programming focused on the presentation of = information=20 about specific and timely events.

Buyer Products:

  • Fox Entertainment Group - Fox News
=  
3D""=20 = Sports=20
Programming centered on sports and related = topics.=20 Includes baseball, football, basketball, hockey, and = autoracing.

Buyer Products:

  • Fox Entertainment Group - Fox Sports Digital=20
  • Fox Entertainment Group - Fox Sports International=20
  • Fox Entertainment Group - Fox Sports Net=20
  • Fox Entertainment Group - FUEL Channel=20
  • Fox Entertainment Group - SPEED Channel=20
  • Fox Entertainment Group - FOX Soccer Channel =
=  
3D""=20 = Superstation=20
Programming consisting of multiple themes = including,=20 syndicated sit-coms, game shows, talk shows, and movies.

Buyer Products:

  • Fox Television Stations, Inc. - MY Network TV=20
  • Fox Entertainment Group - FX=20
  • Fox Entertainment Group - FOX Reality
=  
3D""=20 = Spanish Format =  
3D""=20 = Sports=20
Cable network stations dedicated to sports = broadcasting in=20 Spanish.

Buyer Products:

  • Fox Entertainment Group - Fox Sports en Espanol =
=  
3D""=20 = International =  
3D""=20 = Asia/Pacific =  
3D""=20 = Cable Networks =  
3D""=20 = Educational=20
The Educational subsector under Asian cable = broadcasting=20 is comprised of channels that show programs that inform viewers on = science, medicine, etc.

Buyer Products:

  • Fox Entertainment Group - National Geographic Channel=20
=  
3D""=20 = Entertainment=20
The Entertainment subsector under Asian cable = broadcasting=20 is comprised of channels that update viewers on the latest news = from=20 Hollywood. Updates can be about a favorite artist, movie, = television show,=20 television schedules, etc.

Buyer Products:

  • STAR Group Limited
=  
3D""=20 = Music=20
The Music subsector under Asian cable = broadcasting is=20 comprised of channels that broadcast music videos and music=20 concerts.

Buyer Products:

  • STAR Group Limited
=  
3D""=20 = News=20
The News subsector under Asian cable = broadcasting is=20 comprised of channels that show news updates.

Buyer Products:

  • STAR Group Limited
=  
3D""=20 = Pay-Per-View/Premium Cinema=20
Programming consisting of motion pictures as an = extra=20 service and fee from the cable provider throughout Asia. = Programming=20 consisting of movies, specials, sports and entertainment delivered = for a=20 set price.

Buyer Products:

  • STAR Group Limited
=  
3D""=20 = Sports=20
Channels that show all sorts of domestic and/or = foreign=20 sporting events.

Buyer Products:

  • Fox Entertainment Group - Fox Sports Australia=20
  • Fox Entertainment Group - FUEL Channel
=  
3D""=20 = Europe =  
3D""=20 = Cable Networks =  
3D""=20 = Educational=20
The Educational sub sector under European cable=20 broadcasting is comprised of channels that show programs that = inform=20 viewers on science, medicine, etc.

Buyer Products:

  • Fox Entertainment Group - National Geographic Channel=20
=  
3D""=20 = Sports=20
The Sports sub sector under European cable = broadcasting is=20 comprised of channels that show all sorts of domestic and/or = foreign=20 sporting events.

Buyer Products:

  • Fox Entertainment Group - Fox Sports International =
=  
3D""=20 = Superstation=20
The Superstation sub sector under European cable = broadcasting is comprised of channels that broadcast a variety of = shows.=20 This channel can broadcast syndicated comedies and dramas, = sporting events=20 and movies.

Buyer Products:

  • STAR Group Limited
=  
3D""=20 = Television, Film and Video = =
3D""=20 = Distribution =  
3D""=20 = Library=20
Collection of motion pictures and television = programming=20 that a company owns. These are typically licensed by third parties = for=20 television broadcast syndication. Stock Footage licensing also = falls in=20 this level.

Buyer Products:

  • Fox Entertainment Group - Twentieth Century Fox Television=20 Distribution=20
  • Fox Entertainment Group - Fox Library=20
  • Fox Entertainment Group - Twentieth Century Fox Home = Entertainment=20
=  
3D""=20 = Video/DVD=20
Companies involved in licensing motion picture = and=20 television programming for general distribution to the public via = video=20 and DVD formats.

Buyer Products:

  • Fox Entertainment Group - Twentieth Century Fox Home = Entertainment=20
=  
3D""=20 = Post-Production =  
3D""=20 = Audio/Sound =  
3D""=20 = Editing=20
Services that allow production companies to add = dialog and=20 sound effects to the finished film or video portion.

Buyer Products:

  • Fox Entertainment Group - Fox Studios Australia=20
  • Fox Entertainment Group - Fox Studios
=  
3D""=20 = Stages =  
3D""=20 = ADR/Foley=20
An ADR stage, also known as an Automatic Dialog=20 Replacement stage, provides producers with the space and equipment = to=20 record and re-record dialog for a film. Foley stages are used = either to=20 create everyday sounds for incorporation into a movie, or to = re-record=20 sounds and dialogue that might not have been clear in the original = take.

Buyer Products:

  • Fox Entertainment Group - Fox Studios=20
  • Fox Entertainment Group - Fox Studios Australia =
=  
3D""=20 = Scoring=20
Scoring Stages provide directors with the = ability to=20 compose music that will be added to scenes as background = sound.

Buyer Products:

  • Fox Entertainment Group - Fox Studios Newman Scoring Stage=20
  • Fox Entertainment Group - Fox Studios Australia =
=  
3D""=20 = Editing and Visual Effects =  
3D""=20 = Editing=20
Services that allow television and movie = directors and=20 editors to begin the process of splicing and cutting prior to = final=20 release. Services in this include offline and online = editing.

Buyer Products:

  • Fox Entertainment Group - Fox Studios Australia=20
  • Fox Entertainment Group - Fox Studios
=  
3D""=20 = Special Effects=20
Visual Effects services provide for the creation = of=20 special effects for insertion into movies and television = programs.

Buyer Products:

  • Fox Entertainment Group - Fox Studios=20
  • Fox Entertainment Group - Fox Studios Australia =
=  
3D""=20 = Film Services =  
3D""=20 = Telecine=20
Telecine services provide production companies = with the=20 ability to transfer footage from one medium to another, (e.g. DVD = or=20 computer). This service is typically done to prepare a motion = picture for=20 the home entertainment market.

Buyer Products:

  • Fox Entertainment Group - Fox Studios=20
  • Fox Entertainment Group - Fox Studios Australia =
=  
3D""=20 = Production = =
3D""=20 = Motion Picture =  
3D""=20 = Animation=20
Films created with moving diagrams, cartoons or = claymation=20 that are made up of a sequence of images displayed one after the = other,=20 sometimes computer-generated.

Buyer Products:

  • FOX Filmed Entertainment - Blue Sky Studios =
=  
3D""=20 = General=20
Includes drama, science fiction, comedy, and = horror=20 films.

Buyer Products:

  • Fox Entertainment Group - Fox Searchlight Pictures=20
  • Fox Entertainment Group - Twentieth Century Fox =
=  
3D""=20 = International =  
3D""=20 = Americas =  
3D""=20 = Latin America=20
Companies that produce movies in Latin = America.

Buyer Products:

  • Fox Entertainment Group - Twentieth Century Fox Espanol=20
=  
3D""=20 = Europe=20
The Europe sector is comprised of movie = production=20 companies that specialize in producing films for the European = audiences=20 and often are distributed all over Europe.

Buyer Products:

  • Fox Entertainment Group - Twentieth Century Fox = International=20
=  
3D""=20 = Television = =
3D""=20 = Domestic = =
3D""=20 = Action=20
Shows whose themes revolve around adventure and=20 action.

Buyer Products:

  • Fox Entertainment Group - Twentieth Century Fox Television=20
=  
3D""=20 = Children`s=20
Shows geared toward educating or entertaining = children.=20 Children's Cartoons are also included in this level.

Buyer Products:

  • Fox Entertainment Group - Twentieth Century Fox Television=20
=  
3D""=20 = Drama/Sitcom=20
Drama shows and/or Sitcoms.

Buyer Products:

  • Fox Entertainment Group - Fox Television Studios=20
  • Fox Entertainment Group - Twentieth Century Fox Television=20
=  
3D""=20 = Game Show=20
Shows that involve participants competing = against one=20 another, usually for cash or prizes.

Buyer Products:

  • Fox Entertainment Group - Twentieth Century Fox Television=20
=  
3D""=20 = News/News Magazine=20
Shows that present current news events. These = shows often=20 have reporters out in the field, along with interviews from the = world of=20 entertainment, sports and finance.

Buyer Products:

  • Fox Entertainment Group - Twentieth Century Fox Television=20

Target Products:

  • MarketWatch Weekend
= =
3D""=20 = Prime-Time Animation=20
Companies which produce animated television = shows for an=20 adult audience. These shows typically air during and after prime = time=20 hours. Examples include: The Simpsons, Family Guy and various = shows on=20 Cartoon Network's Adult Swim.

Buyer Products:

  • Fox Entertainment Group - Twentieth Century Fox Television=20
=  
3D""=20 = Reality Based=20
Shows that are based on real events and/or = contrived=20 situations. These shows usually feature "everyday people" and not=20 actors.

Buyer Products:

  • Fox Entertainment Group - Fox Television Studios=20
  • Fox Entertainment Group - Twentieth Century Fox Television=20
=  
3D""=20 = Sports=20
Shows that broadcast or report on sporting = events.

Buyer Products:

  • Fox Entertainment Group - Twentieth Century Fox Television=20
=  
3D""=20 = Variety/Talk Show=20
Shows that include on-air guests interacting = with a host=20 or hosts .

Buyer Products:

  • Fox Entertainment Group - Twentieth Century Fox Television=20
=  
3D""=20 = International =  
3D""=20 = Asia/Pacific=20
Companies that produce television shows for the=20 Asia/Pacific region.

Buyer Products:

  • STAR Group Limited
=  
3D""=20 = Studio Space=20
Companies which own and rent Studio Production = Facilities=20 to third party Motion Picture and Television producers.

Buyer Products:

  • Fox Entertainment Group - Fox Studios Australia=20
  • Fox Entertainment Group - Fox Studios Baja=20
  • Fox Entertainment Group - Fox Studios
=  
3D""=20 = Print = 3D""=20
3D""=20 = Advertising =  
3D""=20 = Directories =  
3D""=20 = International =  
3D""=20 = Asia/Pacific=20
The Directories sector is comprised of = publications in the=20 Asia/Pacific region containing lists of names, addresses and other = information such as telephone numbers that are usually listed=20 alphabetically and/or by class.

Buyer Products:

  • Independent Newspaper Ltd. A-Z Directory =
=  
3D""=20 = Publishing = 3D""=20
3D""=20 = Books =  
3D""=20 = Domestic =  
3D""=20 = Fiction=20
Books with fictional content.

Buyer Products:

  • Zondervan=20
  • Eos=20
  • Ecco=20
  • Avon Books=20
  • HarperPerennial=20
  • Amistad=20
  • HarperEntertainment=20
  • William Morrow=20
  • Regan Books=20
  • HarperBusiness=20
  • HarperCollins=20
  • HarperCollins Children's Books=20
  • HarperTorch
=  
3D""=20 = Non-Fiction =  
3D""=20 = Biographies=20
The Biographies sub sector is comprised of = companies that=20 publish books that deal or dealt with an individuals life.

Buyer Products:

  • William Morrow=20
  • HarperCollins
=  
3D""=20 = Children`s=20
The Children's sub sector is comprised of = companies that=20 publish non-fiction books for children.

Buyer Products:

  • Ecco=20
  • HarperCollins Children's Books=20
  • Joanna Cotler Books=20
  • Laura Geringer Books=20
  • Eos=20
  • ZonderKidz
=  
3D""=20 = Dictionaries=20
Dictionaries in general and specific fields, = including=20 translation, science, law, medical, and engineering. Also includes = Thesaurus books.

Buyer Products:

  • HarperCollins
=  
3D""=20 = Educational=20
Books and study aids with content that informs = or provides=20 knowledge.

Buyer Products:

  • HarperBusiness
=  
3D""=20 = Faith and Spirituality=20
Books that are written for those interested in = aiding=20 oneself or in spiritual pursuits.

Buyer Products:

  • Zondervan
=  
3D""=20 = Home and Garden=20
The Home and Garden sub sector is comprised of = companies=20 that publish books dealing with interior decorating ideas and = gardening=20 tips.

Buyer Products:

  • Regan Books=20
  • HarperCollins
=  
3D""=20 = Industry Specific =  
3D""=20 = Business/Finance=20
Published Encyclopedias used as a reference = guide for the=20 Business/Financial institutions.

Buyer Products:

  • HarperCollins
=  
3D""=20 = Cultural=20
The Cultural sub sector is comprised of = encyclopedias that=20 help inform individuals on a cultures particularity. Topics can = include,=20 art, history, sports, theology, mythology, etc.

Buyer Products:

  • HarperCollins
=  
3D""=20 = Medical=20
Published Encyclopedias used as a reference = guide for the=20 medical industry.

Buyer Products:

  • HarperCollins
=  
3D""=20 = Science/Technology=20
Published Encyclopedias used as a reference = guide for the=20 entire scientific community.

Buyer Products:

  • HarperCollins
=  
3D""=20 = Personal Health=20
The Personal Health sub section is comprised of = companies=20 that publish books dealing with nutritional issues, treatments,=20 alternative medicine and new age therapies.

Buyer Products:

  • Regan Books=20
  • HarperCollins
=  
3D""=20 = Trade=20
Books on business or tailored toward people = working in or=20 associated with particular industries.

Buyer Products:

  • HarperPerennial
=  
3D""=20 = International =  
3D""=20 = Americas=20
Companies that publish books in Canada, Mexico, = and=20 Central/South America.

Buyer Products:

  • HarperCollins=20
  • HarperCollins Canada
=  
3D""=20 = Asia/Pacific=20
The Asia/Pacific sector is comprised of = companies that=20 publish books throughout the Asia/Pacific region.

Buyer Products:

  • HarperCollins Publishers Australia=20
  • HarperCollins
=  
3D""=20 = Europe=20
The Europe sector is comprised of companies that = publish=20 books in Western and Eastern Europe, the Middle East, etc.

Buyer Products:

  • HarperCollins=20
  • HarperCollins UK
=  
3D""=20 = Magazines = =
3D""=20 = Domestic = =
3D""=20 = Arts/Culture=20
Magazines with content that is intended to = provide general=20 knowledge and intellectual skills on the arts and culture.

Buyer Products:

  • The Weekly Standard
=  
3D""=20 = Business/Financial=20
Magazines with information on business and money = management be it personal or corporate.

Target Products:

  • Barron's=20
  • SmartMoney
  =
3D""=20 = Entertainment/Hollywood=20
Magazines with content that is amusing or = provides=20 entertainment news or gossip generally related to Hollywood.

Buyer Products:

  • TV Guide
=  
3D""=20 = International = =
3D""=20 = Asia/Pacific = =
3D""=20 = Business/Financial=20
Magazines with information on business and money = management.

Target Products:

  • Far Eastern Economic Review
  =
3D""=20 = General Interest/News Magazine=20
Magazines published in said territory with = content about=20 current events and the world in general.

Buyer Products:

  • TV Guide
=  
3D""=20 = Hobbies/Leisure=20
Magazines targeted toward special interests = and/or=20 hobbies.

Buyer Products:

  • Donna Hay Magazine
=  
3D""=20 = Home/Garden=20
Magazines published for Asian countries relating = the Home=20 and Garden.

Buyer Products:

  • InsideOut
=  
3D""=20 = Multimedia =  
3D""=20 = Audio/Visual Books=20
Books that are on audio cassette/CD (Audio) or = CD-ROM=20 (Audio/visual) format.

Buyer Products:

  • Harper Audio=20
  • Zondervan
=  
3D""=20 = E-Books=20
The E-Books sub sector is comprised of companies = that make=20 book contents available via a handheld device.

Buyer Products:

  • HarperCollins=20
  • William Morrow=20
  • Zondervan
=  
3D""=20 = Newspapers = 3D""=20
3D""=20 = Domestic = =
3D""=20 = Nationwide   =
3D""=20 = Financial News=20
Newspapers containing predominantly financial = and economic=20 news content.

Target Products:

  • Wall Street Journal, The=20
  • Wall Street Journal Classroom Edition, The=20
  • Wall Street Journal Sunday, The
  =
3D""=20 = Regional = =
3D""=20 = English Format = =
3D""=20 = Midwest   =
3D""=20 = East North Central   =
3D""=20 = Michigan=20
Newspapers published in the state of = Michigan.

Target Products:

  • Ottaway Newspapers, Inc. Grand Traverse Herald, The=20
  =
3D""=20 = Northeast = =
3D""=20 = Middle Atlantic = =
3D""=20 = New York=20
Newspapers published in the state of New = York.

Buyer Products:

  • New York Post

Target Products:

  • Ottaway Newspapers, Inc. Cooperstown Crier, The=20
  • Ottaway Newspapers, Inc. Middletown Times Herald-Record=20
  • Ottaway Newspapers, Inc. Tri-State Gazette=20
  • Ottaway Newspapers, Inc. Hang 24/7
= =
3D""=20 = Pennsylvania=20
Newspapers published in the commonwealth of=20 Pennsylvania.

Target Products:

  • Ottaway Newspapers, Inc. Danville News, The=20
  • Ottaway Newspapers, Inc. Mountain Mail
  =
3D""=20 = New England   =
3D""=20 = Connecticut=20
Newspapers published in the state of = Connecticut.

Target Products:

  • Ottaway Newspapers, Inc. New Milford Spectrum, The =
  =
3D""=20 = Maine=20
Newspapers published in the state of = Maine.

Target Products:

  • Ottaway Newspapers, Inc. York Weekly, The=20
  • Ottaway Newspapers, Inc. York County Coast Star, The=20
  =
3D""=20 = Massachusetts=20
Newspapers published in the commonwealth of=20 Massachusetts.

Target Products:

  • Ottaway Newspapers, Inc. Cape Cod Times=20
  • Ottaway Newspapers, Inc. New Bedford Standard-Times, The=20
  • Ottaway Newspapers, Inc. Barnstable Patriot, The=20
  • Ottaway Newspapers, Inc. Cape Week=20
  • Ottaway Newspapers, Inc. Inquiror and Mirror =
  =
3D""=20 = New Hampshire=20
Newspapers published in the state of New = Hampshire.

Target Products:

  • Ottaway Newspapers, Inc. Portsmouth Herald, The=20
  • Ottaway Newspapers, Inc. Exeter News-Letter, The=20
  • Ottaway Newspapers, Inc. Rockingham Co. News, The=20
  • Ottaway Newspapers, Inc. Dover Community News=20
  • Ottaway Newspapers, Inc. Hampton Union, The =
  =
3D""=20 = West   =
3D""=20 = Pacific   =
3D""=20 = California=20
Newspapers published in the state of = California.

Target Products:

  • Ottaway Newspapers, Inc. Record of Stockton, The=20
  • Ottaway Newspapers, Inc. Santa Cruz Live =
  =
3D""=20 = Oregon=20
Newspapers published in the state of = Oregon.

Target Products:

  • Ottaway Newspapers, Inc. Ashland Daily Tidings=20
  • Ottaway Newspapers, Inc. Medford Mail Tribune, The =
  =
3D""=20 = International = =
3D""=20 = Americas   =
3D""=20 = Central and South America=20
Newspapers published in South America.

Target Products:

  • Wall Street Journal Americas, The
  =
3D""=20 = Asia/Pacific=20
Newspapers published in Asia.

Buyer Products:

  • Gold Coast Bulletin, The=20
  • Treasure Islander=20
  • News Limited - Cumberland Newspaper=20
  • News Limited - Herald Sun=20
  • News Limited - Leader Newspaper=20
  • News Limited - Messenger Press=20
  • News Limited - Northen Territory News=20
  • News Limited - Quest Community Newspapers=20
  • News Limited - The Advertiser=20
  • News Limited - The Australian=20
  • News Limited - The Daily Telegraph=20
  • News Limited - The Mercury=20
  • News Limited - Townsville Bulletin=20
  • Post-Courier=20
  • Sportsman=20
  • Sunday Herald Sun=20
  • Sunday Mail=20
  • Sunday Territorian=20
  • Sunday Times=20
  • Tasmanian Country=20
  • The Fiji Times=20
  • The Suburban=20
  • The Sunday Tasmanian=20
  • The Sunday Telegraph=20
  • The Weekend Australian=20
  • The Weekly Times=20
  • News Limited - MX

Target Products:

  • Wall Street Journal Asia, The
= =
3D""=20 = Europe = =
3D""=20 = France/Daily=20
Newspapers published in France five or more = times per=20 week.

Target Products:

  • Wall Street Journal Europe, The
  =
3D""=20 = Germany/Daily=20
Newspapers published in Germany five or more = times per=20 week.

Target Products:

  • Wall Street Journal Europe, The
  =
3D""=20 = Portugal=20
Newspapers distributed and sold in Portugal on a = weekly or=20 daily basis.

Target Products:

  • Wall Street Journal Europe, The
  =
3D""=20 = Russia/Daily=20
Financial Newspapers published daily in = Russia.

Target Products:

  • Vedomosti
  =
3D""=20 = Spain/Daily=20
Newspapers published in Spain five or more times = per=20 week.

Target Products:

  • Wall Street Journal Europe, The
  =
3D""=20 = United Kingdom=20
Newspapers published in the United = Kingdom.

Buyer Products:

  • News International - The Sun=20
  • News International - The Sunday Times=20
  • News International - The Times=20
  • News International - News of the World

Target Products:

  • Wall Street Journal Europe, The
= =
3D""=20 = Middle East/Africa=20
Newspapers published in the Middle East and = Africa.

Target Products:

  • Wall Street Journal Europe, The
  =
3D""=20 = Trade Publications   =
3D""=20 = Newsletters   =
3D""=20 = Domestic   =
3D""=20 = Finance=20
The Finance sub sector is comprised of = newsletters that=20 update professionals in the finance industry.

Target Products:

  • Private Equity Analyst=20
  • MarketWatch=20
  • Dow Jones Financial Information Services =
  =
3D""=20 = Medical=20
The Medical sub sector is comprised of = newsletters that=20 update subscribers in the healthcare industry.

Target Products:

  • Private Equity Analyst
  =
3D""=20 = Technology=20
Newsletters which update individuals and or = corporations=20 in the technology industry. Newsletters that pertain to computers, = technology services, electronics or high tech. services, among = others are=20 classified as a technologies.

Target Products:

  • Private Equity Analyst
  =
3D""=20 = *Technology = =
3D""=20 = Software = =
3D""=20 = Home/Office =  
3D""=20 = Games =  
3D""=20 = Online Games=20
Web sites that allow visitors to engage in video = games for=20 fun or prizes. Excludes betting/gambling games.

Buyer Products:

  • ign.com
=  
3D""=20 = Industry-Specific   =
3D""=20 = Finance   =
3D""=20 = Investment Management/Brokerage=20
Software designed specifically for = investment-related=20 financial firms.

Target Products:

  • MarketWatch Information Services - Personal Finance Center=20
  =
3D""=20 = Technology Services =  
3D""=20 = Telecommunications Services =  
3D""=20 = Cable Services =  
3D""=20 = International =  
3D""=20 = Asia/Pacific =  
3D""=20 = Australia/New Zealand=20
Australia and New Zealand.

Buyer Products:

  • FOXTEL
=  
3D""=20 = Satellite Services =  
3D""=20 = Fixed =  
3D""=20 = International =  
3D""=20 = Americas=20
North (excluding the US), South, and Central=20 America.

Buyer Products:

  • SKY Brasil=20
  • SKY Mexico
=  
3D""=20 = Europe=20
Includes Western and Easter Europe, including=20 Russia.

Buyer Products:

  • SKY Italia
=  
3D""=20 = Retail and Wholesale =  
3D""=20 = Miscellaneous =  
3D""=20 = Office Supplies and Giftware =  
3D""=20 = Office Supplies and Stationery Stores=20
Office supplies and stationery stores.

Buyer Products:

  • 2for1Inkjet.com=20
  • PremiumInk.com=20
  • AllYouCanInk.com
=  
3D""=20 = Services =  
3D""=20 = Business Services =  
3D""=20 = Professional Services =  
3D""=20 = Advertising and Marketing Services =  
3D""=20 = Direct Marketing=20
Companies which offer promotional selling = services through=20 mail, e-mail, and phone, targeted individually to the prospective=20 customer. Membership rewards programs are also included at this=20 level.

Buyer Products:

  • News American Marketing
=  
3D""=20 = Display Advertising=20
Companies which create and design public display = advertising for indoor and outdoor billboards, transit vehicles, = Point of=20 Purchase locations within retail stores, and other creative = locations,=20 such as taxis, baggage conveyors, public restrooms, trade shows = and=20 corporate lobbies, and inflatables. Also includes companies which = only=20 lease land for advertising displays.

Buyer Products:

  • News Outdoor Group=20
  • News American Marketing
=  
3D""=20 = Marketing Consulting Services=20
Includes providing advice and assistance on = marketing=20 issues, retail branding, sales forecasting, new product = development and=20 pricing, and general marketing planning and strategy.

Buyer Products:

  • News American Marketing
=  

3D""=20 = - Sector Pure-Plays. Denotes that the company is focused in the selected = sector=20 and generates nearly all earnings in the sector/product area specified. =

3D""=20 = - Sector Participation. Denotes that the company develops products in = this line=20 of business.

Relationship = Details

Key = Competitors

  Name Dir Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value =
Overlap
  3D""=20=20 General Electric Company 3D""=20=20 n/a 382,205.166 18.29 16.82 2.31 2.20 15.40
3D""=20=20 Microsoft Corporation 3D""=20=20 n/a 292,361.667 21.10 20.79 5.90 5.79 9.73
3D""=20=20 Time Warner Inc. 3D""=20=20 n/a 80,592.593 12.81 22.16 1.78 1.69 n/a
3D""=20=20 Pearson PLC (ADR) 3D""=20=20 n/a 14,304.087 16.04 20.33 1.73 1.67 n/a
3D""=20=20 The New York Times Company 3D""=20=20 n/a 3,729.102 n/a 23.46 1.14 1.13 n/a
3D""=20=20 CNET Networks, Inc. 3D""=20=20 n/a 1,413.301 n/a 20.05 3.57 3.05 12.39
Buyer
  3D""=20=20 General Electric Company 3D""=20=20 n/a 382,205.166 18.29 16.82 2.31 2.20 15.40
3D""=20=20 Microsoft Corporation 3D""=20=20 n/a 292,361.667 21.10 20.79 5.90 5.79 9.73
Target
  3D""=20=20 General Electric Company 3D""=20=20 n/a 382,205.166 18.29 16.82 2.31 2.20 15.40
3D""=20=20 Microsoft Corporation 3D""=20=20 n/a 292,361.667 21.10 20.79 5.90 5.79 9.73
3D""=20=20 Google Inc. 3D""=20=20 n/a 146,691.228 42.06 35.85 12.21 12.20 8.93
3D""=20=20 Morgan Stanley 3D""=20=20 n/a 91,238.810 10.69 10.59 1.10 2.36 2.71
3D""=20=20 Time Warner Inc. 3D""=20=20 n/a 80,592.593 12.81 22.16 1.78 1.69 n/a
3D""=20=20 Yahoo! Inc. 3D""=20=20 n/a 41,773.060 56.92 54.19 6.40 7.08 7.67
3D""=20=20 The Thomson Corporation (USA) 3D""=20=20 n/a 27,807.113 22.55 26.03 4.09 3.59 n/a
3D""=20=20 The McGraw-Hill Companies, Inc. 3D""=20=20 n/a 23,224.343 24.40 22.26 3.62 3.34 n/a
3D""=20=20 Moody's Corporation 3D""=20=20 n/a 18,327.939 23.40 25.62 8.41 7.78 n/a
3D""=20=20 Reed Elsevier plc (ADR) 3D""=20=20 n/a 16,608.442 25.10 17.54 2.91 n/a 7.99
3D""=20=20 Reuters Group PLC (ADR) 3D""=20=20 n/a 15,680.148 25.83 24.25 3.07 2.38 n/a
3D""=20=20 Reed Elsevier NV (ADR) 3D""=20=20 n/a 15,192.665 24.68 n/a 2.85 n/a 7.71
3D""=20=20 Pearson PLC (ADR) 3D""=20=20 n/a 14,304.087 16.04 20.33 1.73 1.67 n/a
3D""=20=20 R.R. Donnelley & Sons Company 3D""=20=20 n/a 9,251.630 21.59 15.13 0.94 0.80 n/a
3D""=20=20 The Washington Post Co. 3D""=20=20 n/a 7,317.256 22.62 21.58 1.87 1.70 5.30
3D""=20=20 The Dun & Bradstreet Corporation 3D""=20=20 n/a 5,654.507 23.49 19.93 3.69 3.31 n/a
3D""=20=20 Idearc Inc. 3D""=20=20 n/a 5,453.922 7.06 12.77 1.69 1.67 n/a

3D""=20=20 - Defined by the Company 3D""=20=20 - Defined by Others

Dependent=20 Suppliers

  Name Dir Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value =
Overlap
  3D""=20=20 International Business Machines Corp. 3D""=20=20 n/a 152,877.793 15.88 15.21 1.65 1.59 12.18
Buyer
  3D""=20=20 NDS Group plc (ADR) 3D""=20=20 11.00% 2,961.567 25.90 23.46 4.47 4.30 5.94
3D""=20=20 International Business Machines Corp. 3D""=20=20 n/a 152,877.793 15.88 15.21 1.65 1.59 12.18
3D""=20=20 The Walt Disney Company 3D""=20=20 n/a 73,436.103 16.92 19.83 2.09 2.04 38.11
3D""=20=20 Yahoo! Inc. 3D""=20=20 n/a 41,773.060 56.92 54.19 6.40 7.08 7.67
3D""=20=20 British Sky Broadcasting Group plc (ADR) 3D""=20=20 n/a 22,099.194 21.60 24.64 2.50 2.51 n/a
3D""=20=20 Liberty Media Corporation (Interactive) 3D""=20=20 n/a 16,751.994 32.78 31.26 2.29 2.04 n/a
3D""=20=20 Thomson (ADR) 3D""=20=20 n/a 5,138.851 1,936.54 14.61 0.72 n/a n/a
3D""=20=20 Business Objects S.A. (ADR) 3D""=20=20 n/a 3,817.007 55.64 23.37 2.91 2.62 8.57
3D""=20=20 XM Satellite Radio Holdings Inc. 3D""=20=20 n/a 3,449.549 n/a -6.51 3.49 3.02 n/a
3D""=20=20 DreamWorks Animation SKG, Inc. 3D""=20=20 n/a 3,135.264 207.31 16.57 7.94 4.62 3.15
3D""=20=20 Equinix, Inc. 3D""=20=20 n/a 2,614.870 n/a -422.05 8.51 7.37 6.42
3D""=20=20 Marvel Entertainment, Inc. 3D""=20=20 n/a 2,553.538 43.50 20.27 7.26 5.91 n/a
3D""=20=20 Speedway Motorsports, Inc. 3D""=20=20 n/a 1,728.074 15.54 16.07 3.05 3.10 2.60
3D""=20=20 Arbitron Inc. 3D""=20=20 n/a 1,474.486 30.74 34.14 4.39 4.17 21.91
Target
  3D""=20=20 International Business Machines Corp. 3D""=20=20 n/a 152,877.793 15.88 15.21 1.65 1.59 12.18
3D""=20=20 The Bank of New York Company, Inc. 3D""=20=20 n/a 31,300.241 10.35 16.88 7.93 3.33 6.32
3D""=20=20 The Washington Post Co. 3D""=20=20 n/a 7,317.256 22.62 21.58 1.87 1.70 5.30
3D""=20=20 salesforce.com, inc. 3D""=20=20 n/a 4,950.750 10,206.26 475.33 9.96 6.81 18.00
3D""=20=20 Mack-Cali Realty Corp. 3D""=20=20 n/a 3,221.423 22.58 14.03 4.35 4.94 2.11
3D""=20=20 ProQuest Company 3D""=20=20 n/a 290.597 5.47 -32.00 0.53 n/a n/a
3D""=20=20 Insightful Corporation 3D""=20=20 n/a 31.441 201.40 n/a 1.31 n/a 2.98
3D""=20=20 Semotus Solutions, Inc. 3D""=20=20 n/a 3.754 n/a n/a 2.00 n/a 26.62
3D""=20=20 F.F. Soucy, Inc. & Partners 3D""=20=20 n/a n/a n/a n/a n/a n/a n/a
3D""=20=20 ChemConnect Inc. 3D""=20=20 n/a n/a n/a n/a n/a n/a n/a

3D""=20=20 - Defined by the Company 3D""=20=20 - Defined by Others

Key = Customers

  Name Dir Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value =
Buyer
  3D""=20=20 Microsoft Corporation 3D""=20=20 n/a 292,361.667 21.10 20.79 5.90 5.79 9.73
3D""=20=20 Time Warner Inc. 3D""=20=20 n/a 80,592.593 12.81 22.16 1.78 1.69 n/a
3D""=20=20 Yahoo! Inc. 3D""=20=20 n/a 41,773.060 56.92 54.19 6.40 7.08 7.67
3D""=20=20 DIRECTV Group, Inc. 3D""=20=20 n/a 29,597.884 20.84 19.12 2.01 1.79 21.84
3D""=20=20 Clear Channel Communications, Inc. 3D""=20=20 n/a 18,032.765 25.87 23.81 2.51 2.46 n/a
3D""=20=20 Grupo Televisa, S.A. (ADR) 3D""=20=20 n/a 16,767.189 20.64 21.93 4.92 4.57 n/a
3D""=20=20 Naspers Limited (ADR) 3D""=20=20 n/a 8,230.420 20.03 n/a 3.39 n/a 8.03
3D""=20=20 Tribune Company 3D""=20=20 n/a 7,892.040 16.74 16.82 1.44 1.47 n/a
3D""=20=20 Central European Media Enterprises Ltd. 3D""=20=20 n/a 3,891.272 190.54 33.87 6.45 5.64 n/a
3D""=20=20 XM Satellite Radio Holdings Inc. 3D""=20=20 n/a 3,449.549 n/a -6.51 3.49 3.02 n/a
3D""=20=20 Meredith Corporation 3D""=20=20 n/a 2,800.026 17.57 17.72 1.71 1.71 11.78
3D""=20=20 Gemstar-TV Guide International, Inc. 3D""=20=20 n/a 1,998.349 27.58 32.36 3.50 3.14 52.09
3D""=20=20 JetBlue Airways Corporation 3D""=20=20 n/a 1,849.820 205.55 39.50 0.75 0.63 1.99
3D""=20=20 Speedway Motorsports, Inc. 3D""=20=20 n/a 1,728.074 15.54 16.07 3.05 3.10 2.60
3D""=20=20 CanWest Global Communications Corp.(USA) 3D""=20=20 n/a 1,717.721 7.93 n/a 0.65 n/a n/a
3D""=20=20 Journal Communications, Inc. 3D""=20=20 n/a 943.990 7.53 19.54 1.41 1.44 37.44
3D""=20=20 LIN TV Corp. 3D""=20=20 n/a 816.059 n/a 85.00 1.92 2.06 n/a
3D""=20=20 Build-A-Bear Workshop, Inc 3D""=20=20 n/a 597.551 20.26 17.37 1.37 1.16 4.80
3D""=20=20 i-CABLE Communications Limited (ADR) 3D""=20=20 n/a 500.770 9.00 21.04 1.57 n/a 1.92
3D""=20=20 Fisher Communications, Inc. 3D""=20=20 n/a 428.680 24.79 n/a 2.72 n/a 1.74
3D""=20=20 Nexstar Broadcasting Group, Inc. 3D""=20=20 n/a 334.787 n/a -18.33 1.26 1.25 n/a
Target
  3D""=20=20 Koninklijke KPN N.V. (ADR) 3D""=20=20 n/a 33,132.507 15.57 18.49 2.04 2.03 n/a
3D""=20=20 FactSet Research Systems Inc. 3D""=20=20 n/a 3,091.010 32.62 31.07 7.20 6.49 14.39
3D""=20=20 ProQuest Company 3D""=20=20 n/a 290.597 5.47 -32.00 0.53 n/a n/a
3D""=20=20 HyperFeed Technologies, Inc. 3D""=20=20 n/a 0.153 n/a n/a 0.04 n/a n/a

3D""=20=20 - Defined by the Company 3D""=20=20 - Defined by Others

Key = Partners

  Name Dir Rel. Revenue % Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value =
Overlap
  3D""=20=20 General Electric Company 3D""=20=20 n/a 382,205.166 18.29 16.82 2.31 2.20 15.40
3D""=20=20 Yahoo! Inc. 3D""=20=20 n/a 41,773.060 56.92 54.19 6.40 7.08 7.67
Buyer
  3D""=20=20 General Electric Company 3D""=20=20 n/a 382,205.166 18.29 16.82 2.31 2.20 15.40
3D""=20=20 Microsoft Corporation 3D""=20=20 n/a 292,361.667 21.10 20.79 5.90 5.79 9.73
Target
  3D""=20=20 General Electric Company 3D""=20=20 n/a 382,205.166 18.29 16.82 2.31 2.20 15.40
3D""=20=20 Yahoo! Inc. 3D""=20=20 n/a 41,773.060 56.92 54.19 6.40 7.08 7.67
3D""=20=20 Koninklijke KPN N.V. (ADR) 3D""=20=20 n/a 33,132.507 15.57 18.49 2.04 2.03 n/a
3D""=20=20 The Bank of New York Company, Inc. 3D""=20=20 n/a 31,300.241 10.35 16.88 7.93 3.33 6.32
3D""=20=20 Pearson PLC (ADR) 3D""=20=20 n/a 14,304.087 16.04 20.33 1.73 1.67 n/a
3D""=20=20 CBOT Holdings, Inc. 3D""=20=20 n/a 10,377.144 53.90 40.10 15.52 13.20 13.57
3D""=20=20 The Washington Post Co. 3D""=20=20 n/a 7,317.256 22.62 21.58 1.87 1.70 5.30
3D""=20=20 FactSet Research Systems Inc. 3D""=20=20 n/a 3,091.010 32.62 31.07 7.20 6.49 14.39
3D""=20=20 Interactive Data Corp. 3D""=20=20 n/a 2,794.430 28.18 27.48 4.43 4.22 11.98
3D""=20=20 Xinhua Finance Media Limited (ADR) 3D""=20=20 n/a 835.980 n/a 33.11 14.18 7.77 n/a
3D""=20=20 NetRatings, Inc. 3D""=20=20 n/a 751.080 265.58 n/a 9.19 n/a 4.06
3D""=20=20 TheStreet.com, Inc. 3D""=20=20 n/a 292.779 22.75 20.55 5.75 4.91 7.81
3D""=20=20 ProQuest Company 3D""=20=20 n/a 290.597 5.47 -32.00 0.53 n/a n/a
3D""=20=20 Audible, Inc. 3D""=20=20 n/a 232.485 n/a -540.50 2.83 2.40 4.61
3D""=20=20 Answers Corporation 3D""=20=20 n/a 110.264 n/a 70.75 15.69 7.10 11.14
3D""=20=20 Semotus Solutions, Inc. 3D""=20=20 n/a 3.754 n/a n/a 2.00 n/a 26.62
3D""=20=20 HyperFeed Technologies, Inc. 3D""=20=20 n/a 0.153 n/a n/a 0.04 n/a n/a
3D""=20=20 The Hearst Corporation 3D""=20=20 n/a n/a n/a n/a n/a n/a n/a
3D""=20=20 Verlagsgruppe Georg von Holtzbrinck GmbH 3D""=20=20 n/a n/a n/a n/a n/a n/a n/a
3D""=20=20 ChemConnect Inc. 3D""=20=20 n/a n/a n/a n/a n/a n/a n/a
3D""=20=20 The Associated Press 3D""=20=20 n/a n/a n/a n/a n/a n/a n/a

3D""=20=20 - Defined by the Company 3D""=20=20 - Defined by Others

Financials

Scenario 1:=20
Buyer's Share Price: 23.58; Target's Share Price: = 55.80;=20 Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: = 5.00%/6.00%; Years=20 to Amortize Acquired Intangibles: 7;=20
Scenario 2:=20
Buyer's Share Price: 23.58; Target's Share Price: = 61.38;=20 Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: = 5.00%/6.00%; Years=20 to Amortize Acquired Intangibles: 7;=20
Scenario 3:=20
Buyer's Share Price: 23.58; Target's Share Price: = 66.96;=20 Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: = 5.00%/6.00%; Years=20 to Amortize Acquired Intangibles: 7;=20
Scenario 4:=20
Buyer's Share Price: 23.58; Target's Share Price: = 72.54;=20 Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: = 5.00%/6.00%; Years=20 to Amortize Acquired Intangibles: 7;
  Buyer Target Scenario 1 Scenario 2 Scenario 3 Scenario 4
Income Statement
Operating = Items
Revenue 26,738.0 1,860.9 28,598.9 28,598.9 28,598.9 28,598.9
Other = Revenue=20 0.0 0.0 0.0 0.0 0.0 0.0
Total Revenue 26,738.0 1,860.9 28,598.9 28,598.9 28,598.9 28,598.9
Cost of=20 Revenue=20 17,568.0 911.6 18,479.6 18,479.6 18,479.6 18,479.6
SG&A=20 Expense3D""=20=20 4,300.0 683.4 4,983.4 4,983.4 4,983.4 4,983.4
Depreciation=20 & Amortization3D""=20=20 816.0 99.0 915.0 915.0 915.0 915.0
Interest=20 Expense3D""=20=20 0.0 0.0 0.0 0.0 0.0 0.0
Other = Operating=20 Expense=20 20.0 0.0 20.0 20.0 20.0 20.0
Unusual Expense=20 (Income)=20 0.0 22.2 22.2 22.2 22.2 22.2
Total Expenses 22,704.0 1,716.2 24,420.2 24,420.2 24,420.2 24,420.2
Operating=20 Income3D""=20=20 4,034.0 144.7 4,178.7 4,178.7 4,178.7 4,178.7
Non Operating = Items
Interest=20 Expense (Inc.), Net Non-Oprtng3D""=20=20 493.0 -4.3 488.7 488.7 488.7 488.7
Other, = Net3D""=20=20 567.0 -1.0 566.0 566.0 566.0 566.0
Income Before Taxes = 5,094.0 139.4 5,233.4 5,233.4 5,233.4 5,233.4
Income Taxes 1,821.0 23.0 1,870.8 1,870.8 1,870.8 1,870.8
Income After Taxes = 3,273.0 116.4 3,362.6 3,362.6 3,362.6 3,362.6
Minority Interest (IS) = -70.0 0.0 n/a n/a n/a n/a
Net Income - = Excl. Xord.=20 Items3D""=20=20 3,203.0 116.4 3,292.6 3,292.6 3,292.6 3,292.6
Discontinued = Operations 134.0 231.2 n/a n/a n/a n/a
Net Income - = Incl. Xord.=20 Items3D""=20=20 3,337.0 347.7 3,657.8 3,657.8 3,657.8 3,657.8
Income Avail. to = Common=20 3,337.0 347.7 3,657.8 3,657.8 3,657.8 3,657.8
Share Items
Basic Avg. Shares=20 Outstanding3D""=20=20 3,165.0 83.6 3,364.0 3,383.8 3,403.7 3,423.6
Basic EPS - = Excl. Xord.=20 Items3D""=20=20 1.01 1.39 0.98 0.97 0.97 0.96
Basic EPS - = Incl. Xord.=20 Items3D""=20=20 1.05 4.16 1.09 1.08 1.07 1.07
Full Dilution = Adjustment 0.0 0.0 n/a n/a n/a n/a
Fully Diluted Shares = Outstanding=20 3,187.0 84.1 3,386.0 3,405.8 3,425.7 3,445.6
F.D. = EPS - Excl.=20 Xord. Items=20 1.00 1.38 0.97 0.97 0.96 0.96
F.D. = EPS - Incl.=20 Xord. Items=20 1.05 4.14 1.08 1.07 1.07 1.06
Dividends Per Common = Share 0.25 1.00 n/a n/a n/a n/a
Balance Sheet
Assets
Cash and=20 Equivalents3D""=20=20 5,438.0 n/a n/a n/a n/a n/a
Accounts=20 Receivable3D""=20=20 6,339.0 n/a n/a n/a n/a n/a
Inventory=20 2,241.0 n/a n/a n/a n/a n/a
Other=20 Current Assets3D""=20=20 396.0 n/a n/a n/a n/a n/a
Current Assets3D""=20=20 14,414.0 n/a n/a n/a n/a n/a
Accum=20 D&A3D""=20=20 0.0 n/a n/a n/a n/a n/a
PPE, Net3D""=20=20 5,128.0 n/a n/a n/a n/a n/a
Goodwill & = Intangibles 24,327.0 n/a n/a n/a n/a n/a
Long Term Investments = 11,255.0 n/a n/a n/a n/a n/a
Note=20 Receivable3D""=20=20 492.0 n/a n/a n/a n/a n/a
Other Assets 0.0 n/a n/a n/a n/a n/a
Other LT Assets3D""=20=20 3,557.0 n/a n/a n/a n/a n/a
Total Assets 59,173.0 n/a n/a n/a n/a n/a
Liabilities
Accounts Payable 825.0 n/a n/a n/a n/a n/a
Payable/Accrued 4,480.0 n/a n/a n/a n/a n/a
ST=20 Debt3D""=20=20 0.0 n/a n/a n/a n/a n/a
Curr Port=20 of LTD & Cap Lease Oblg=20 4.0 n/a n/a n/a n/a n/a
Other (Current) = Liabilities 1,861.0 n/a n/a n/a n/a n/a
Current Liab.3D""=20=20 7,170.0 n/a n/a n/a n/a n/a
LT=20 Debt3D""=20=20 11,431.0 n/a n/a n/a n/a n/a
Total LT Debt3D""=20=20 11,431.0 n/a n/a n/a n/a n/a
Minority Interest (BS) = 289.0 n/a n/a n/a n/a n/a
Deferred Taxes 5,528.0 n/a n/a n/a n/a n/a
Other LT Liab.3D""=20=20 2,861.0 n/a n/a n/a n/a n/a
Total Liabilities3D""=20=20 27,279.0 n/a n/a n/a n/a n/a
Shareholders = Equity
Common Stock 32.0 n/a n/a n/a n/a n/a
Additional Paid in = Capital 28,290.0 n/a n/a n/a n/a n/a
Retained Earnings = 3,572.0 n/a n/a n/a n/a n/a
Other Equity 0.0 n/a n/a n/a n/a n/a
Total Equity3D""=20=20 31,894.0 n/a n/a n/a n/a n/a
Total Liab. & = Equity=20 59,173.0 n/a n/a n/a n/a n/a
Shares = Outstanding=20 3,166.8 n/a 3,365.7 3,385.6 3,405.5 3,425.4
Cash Flow
Operating Cash = Flow
CF Net Income 3,337.0 n/a n/a n/a n/a n/a
CF Depreciation 816.0 n/a n/a n/a n/a n/a
CF Deferred Taxes = 0.0 n/a n/a n/a n/a n/a
Other Non-Cash Items = -1,316.0 n/a n/a n/a n/a n/a
Change in Working = Capital 664.0 n/a n/a n/a n/a n/a
Total Cash From = Operating=20 Activities 3,501.0 n/a 0.0 0.0 0.0 0.0
Investing Cash Flow = (not=20 calculated)
Capital Expenditures = -1,172.0 n/a n/a n/a n/a n/a
Other Investing Cash = Flows -361.0 n/a n/a n/a n/a n/a
Total Cash From = Investing=20 Activities -1,533.0 n/a n/a n/a n/a n/a
Financing Cash Flow = (not=20 calculated)
Dividends Paid -375.0 n/a n/a n/a n/a n/a
Purchase Or Sale of = Stock -687.0 n/a n/a n/a n/a n/a
Purchase and = Retirement of Debt=20 -878.0 n/a n/a n/a n/a n/a
Other Financing Cash = Flow 0.0 n/a n/a n/a n/a n/a
Total Cash From = Financing=20 Activities -1,940.0 n/a n/a n/a n/a n/a
Exchange Rate Effects = 167.0 n/a n/a n/a n/a n/a
Net Change in Cash = 195.0 n/a n/a n/a n/a n/a
Cash Taxes Paid 1,024.0 n/a n/a n/a n/a n/a
Cash Interest Paid = 590.0 n/a n/a n/a n/a n/a

Accretion/Dilution Matrices

Cash as Percentage of the Total Consideration

  Consideration 0 - $4,691.27 Consideration 1 - $5,160.40 Consideration 2 - $5,676.44 Consideration 3 - $6,244.08
Cash % Proforma = EPS Acc./Dil. Acc./Dil. % Proforma = EPS Acc./Dil. Acc./Dil. % Proforma = EPS Acc./Dil. Acc./Dil. % Proforma = EPS Acc./Dil. Acc./Dil. %
0% 0.97 -0.03 -0.03% 0.97 -0.04 -0.04% 0.96 -0.04 -0.04% 0.95 -0.05 -0.05%
10% 0.97 -0.03 -0.03% 0.97 -0.04 -0.04% 0.96 -0.04 -0.04% 0.96 -0.05 -0.05%
20% 0.97 -0.03 -0.03% 0.97 -0.04 -0.04% 0.96 -0.04 -0.04% 0.96 -0.05 -0.05%
30% 0.98 -0.03 -0.03% 0.97 -0.03 -0.03% 0.96 -0.04 -0.04% 0.96 -0.05 -0.05%
40% 0.98 -0.03 -0.03% 0.97 -0.03 -0.03% 0.97 -0.04 -0.04% 0.96 -0.04 -0.04%
50% 0.98 -0.03 -0.03% 0.97 -0.03 -0.03% 0.97 -0.04 -0.04% 0.96 -0.04 -0.04%

Proforma Effect of Operating Synergies

  Consideration 0 - $4,691.27 Consideration 1 - $5,160.40 Consideration 2 - $5,676.44 Consideration 3 - $6,244.08
Synergies $ Proforma = EPS Acc./Dil. Acc./Dil. % Proforma = EPS Acc./Dil. Acc./Dil. % Proforma = EPS Acc./Dil. Acc./Dil. % Proforma = EPS Acc./Dil. Acc./Dil. %
$0.0 0.97 -0.03 -0.03% 0.97 -0.04 -0.04% 0.96 -0.04 -0.04% 0.95 -0.05 -0.05%
$68.3 0.99 -0.02 -0.02% 0.98 -0.03 -0.03% 0.97 -0.03 -0.03% 0.97 -0.04 -0.04%
$136.7 1.00 -0.01 -0.01% 0.99 -0.01 -0.01% 0.99 -0.02 -0.02% 0.98 -0.03 -0.03%
$205.0 1.01 0.01 0.01% 1.01 0.00 0.00% 1.00 -0.01 -0.01% 0.99 -0.01 -0.01%
$273.4 1.02 0.02 0.02% 1.02 0.01 0.01% 1.01 0.01 0.01% 1.00 -0.00 -0.00%
$341.7 1.04 0.03 0.03% 1.03 0.03 0.03% 1.02 0.02 0.02% 1.02 0.01 0.01%

Quotes are delayed 20 minutes. Prices are in USD. = Index=20 Values =3D 100.00 on 01/01/94.  MRQ =3D most recent quarter, TTM = =3D trailing=20 twelve months.  Pricing Information is provided by HyperFeed = Technologies,=20 Inc.  Fundamental data is provided by Reuters=A9 2004.  = Copying and=20 redistribution prohibited.  SEC Filings are provided by EDGAR = Online. =20 Insider Trading and Institutional Holdings information is provided by = Vickers=20 Stock Research.  Estimates are provided by Zacks Investment = Research. =20 News is provided by NewsWare.  Dividend data provided by = Mergent. =20 Earnings announcement dates provided by Wall Street Horizon, Inc.  = Use of=20 this site constitutes acceptance of the Revere Data, LLC.  Revere=20 Subscription Agreement.  Copyright =A9 2007 Revere Data, LLC. All = rights=20 reserved.

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