I looked for the S&P article as suggested, here it is:
S&P Boosts News Corp. to Buy
Publication Date: Nov 04, 2004 03:40 PM EST
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News Corp. (NWS): Upgrades to 5 STARS (buy) from 4 STARS (accumulate) Analyst: Tuna Amobi, CPA, CFA News Corp.'s September-quarter earnings per share of 32 cents on 13% more shares, vs. 29 cents, is in line with our estimate. Double-digit operating income growth reflected gains at Fox Entertainment (FOX) cable nets and international print ads. Key to the long-term view are affiliates DirecTV and BSkyB, plus wholly-owned STARS Asia and newly acquired Sky Italia, which is likely on track for late fiscal 2005 (June) profitability. After the yes vote on U.S. re-incorporation, News Corp. now trades when-issued on the New York Stock Exchange, with regular trading to start Nov. 12. We still see fiscal 2005 earnings per share of 73 cents, but are raising our 12-month blended discounted-cash-flow/sum-of-the-parts target price by $5 to $25.
