Bullish firms believe that NWS continues to represent the best opportunity in Media, driven by increasingly strong cable nets, a healthy film slate, high international exposure, meaningful advertising exposure, and asset sale/capital return potential. The firms see further upside potential from continued ad recovery and Avatar. The firms remain impressed with the company’s excellent financial position and increasing visibility to operating income growth. NWSA shares are of compelling value considering cable affiliate growth, which remains robust and contractual increases, which provide continued visibility to the company. The firms believe that NWS is in the early stages of finally realizing the dream of generating a dual revenue stream from its traditional broadcast station /network businesses. Moreover, the firms believe that there are opportunities to expand franchise businesses globally in the next year (either internally or externally via acquisition), which may be a wise use of shareholder cash.