Co-movers

daily closes · 499dMethod

Moved together

NWSAwithFOX

×0.66co-movement · FOX on NWSA · 499d

r 0.51scale to r 0.75

Shared co-movers1with NWSAwith FOX

NWSNews Corpr 0.95r 0.52

NWSA, solidFOX, hatched× = co-movement · βr = correlationBar = r to r 0.75Order: weaker of A and BSource: daily closes

NWSANews Corp

29.44· pre 29.44· delayed

Mkt cap$15.9BRevenue$2.3BQ4 FY26Revenue$9.0BFY26

FOXFox Corp

59.60· pre 59.85· delayed

Pre-marketNov 3 '26delayed

Mkt cap$26.5BRevenue$4.6BQ1 FY27Revenue$17.1BFY26

vs

Compare

Pre-marketNov 3 '26delayed

NWSANews Corp

vs

FOXFox Corp

29.44pre 29.44delayed

Price

59.60pre 59.85delayed

$15.9B

Mkt cap

$26.5B

Q4 FY26$2.3B

Revenue

$4.6BQ1 FY27

FY26$9.0B

Revenue

$17.1BFY26

NWSA compared with FOX: revenue, margins and what each company keeps, and the suppliers and customers both name