Document:

Form of Notes

 Exhibit 4.3 
 6.150% SENIOR NOTE 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO
TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE. 
 THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A)(1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR
RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (4) TO AN INSTITUTIONAL ACCREDITED INVESTOR IN A TRANSACTION EXEMPT
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER
JURISDICTIONS. 

 **$                    ** 
 NEWS AMERICA INCORPORATED 
 6.150% SENIOR NOTES DUE MARCH 1, 2037 
 CUSIP 652482 BM1 
 see reverse for certain
definitions 
 NEWS AMERICA INCORPORATED, a Delaware corporation (“NAI” or the “Company”, which terms include any successor Person under
the Indenture hereinafter referred to), for value received, hereby promises to pay to 
 **CEDE & CO.**

 or registered assigns; 
 the principal amount of
**                                       
                     ** 
 on March 1,
2037 and to pay interest thereon from March 2, 2007 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on March 1, and September 1 of each year, commencing
September 1, 2007, at the rate of 6.15% per annum, until the principal hereof is fully paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in
the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date, which shall be the February 15 or August 15 (whether or not a Business
Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in
whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not
less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Note may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in such Indenture. 
 This Note is unconditionally guaranteed by News Corporation, a Delaware
corporation (“News Corporation”), and the other Guarantors listed herein, as set forth in Article Twelve of the Indenture and in the Guarantee endorsed hereon. The Guarantors other than News Corporation may change from time to time
pursuant to the terms of the Indenture. 
 Payment of the principal of, and interest on, this Note will be made at the offices or agencies of
the Company maintained for that purpose in The City of New York, New York in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public debts; provided, however, that, at the
option of the Company, payment of 

 
interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or by wire transfer
to an account maintained by the Person entitled thereto as specified in the Security Register. 
 Reference is hereby made to the further
provisions of this Note set forth herein which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to herein by manual signature, this Note shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.

 IN WITNESS WHEREOF, NAI has caused this Note to be signed manually or by facsimile by its duly authorized
officers and a facsimile of its corporate seal to be affixed hereto or imprinted hereon. 
 Dated: March 2, 2007 
  

									
	 NEWS AMERICA INCORPORATED

					
	 By:
	 	  
	 		 	By:	 	  

		 	Secretary	 		 		 	Authorized Signatory

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

			
	
	 This is one of the Securities referred
 to in the within-mentioned Indenture

	
	 THE BANK OF NEW YORK, as Trustee

		
	 By:
	 	  

		 	Authorized Signatory
	 Date:
	 	March 2, 2007

 NEWS AMERICA INCORPORATED 
 6.150% SENIOR NOTES DUE MARCH 1, 2037 
 Indenture 
 This Security is one of a duly authorized series (this series being the “Securities”) of debt securities of News America Incorporated, a
Delaware corporation (“NAI” or the “Company”), issued under an Amended and Restated Indenture dated as of March 24, 1993, as supplemented by a First Supplemental Indenture, dated as of May 20, 1993, a Second
Supplemental Indenture, dated as of May 28, 1993, a Third Supplemental Indenture, dated as of July 21, 1993, a Fourth Supplemental Indenture, dated as of October 20, 1995, a Fifth Supplemental Indenture, dated as of January 8,
1998, a Sixth Supplemental Indenture, dated as of March 1, 1999, a Seventh Supplemental Indenture, dated as of February 14, 2001, an Eighth Supplemental Indenture, dated as of June 27, 2003, a Ninth Supplemental Indenture, dated as of
November 12, 2004, a Tenth Supplemental Indenture, dated as of March 14, 2005, and an Eleventh Supplemental Indenture, dated as of March 21, 2005 (as so supplemented, the “Indenture”), among NAI, the Guarantors named therein
(the “Guarantors”) and The Bank of New York, as Trustee (the “Trustee”, which term includes any successor trustee under the indenture), which provides for the issuance by NAI from time to time of debt securities (the “Debt
Securities”) in one or more series, in which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the
Guarantors, the Trustee and the Holders of the Debt Securities and of the terms upon which the Debt Securities are, and are to be, authenticated and delivered. The terms of the Securities include those stated in the Indenture and those made part of
the Indenture by reference to the Trust Indenture Act of 1939, as in effect on the date of the Indenture (the “TIA”), and as provided in the Indenture. The terms of the Securities and Guarantee set forth in this certificate are qualified
in their entirety by reference to the terms of the Indenture. The Securities are subject to all such terms, and Securityholders are referred to the Indenture and the TIA for a statement of those terms. The Securities are unconditionally guaranteed
on a senior basis (the “Guarantee”) by the Guarantors. Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Indenture. 
  

	 	1.	Paying Agent and Security Registrar 

 Initially, the
Trustee will act as Paying Agent and Security Registrar. NAI may appoint and change any Paying Agent or Security Registrar without notice, other than notice to the Trustee. NAI or any Subsidiary or an Affiliate of either of them may act as Paying
Agent, Security Registrar or co-registrar. 
  

	 	2.	Optional Redemption by the Company 

 This Note is
redeemable, as a whole or in part, at our option, at any time or from time to time, upon mailed notice to the registered address of the Holder at least 30 days but not more than 60 days prior to the redemption. The redemption price will be equal to
the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values 

  

 -1- 

 
of the Remaining Scheduled Payments (as defined below) on such Notes discounted to the date of redemption, on a semiannual basis (assuming a 360-day year
consisting of twelve 30-day months), at a rate equal to the sum of the applicable Treasury Rate (as defined below) plus 25 basis points. Accrued interest will be paid to the date of redemption. 
 “Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity (computed
as of the third business day immediately preceding that redemption date) of the Comparable Treasury Issue (as defined below), assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for that redemption date. 
 “Comparable Treasury Issue” means the United States Treasury security
selected by the Reference Treasury Dealer (as defined below) as having a maturity comparable to the remaining term of the Notes, that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining term of the Notes. 
 “Comparable Treasury Price”
means, with respect to any redemption date, the Reference Treasury Dealer Quotations (as defined below) for that redemption date. 
 “Reference Treasury Dealer” means Citigroup Global Markets Inc. and its successor. If it shall cease to be a primary U.S. Government securities dealer, we will substitute another nationally recognized investment banking firm that
is a primary U.S. Government securities dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to the Reference
Treasury Dealer and any redemption date, the average, as determined by the trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the trustee by
the Reference Treasury Dealer at 3:30 p.m., New York City time, on the third business day preceding that redemption date. 
 “Remaining
Scheduled Payments” means the remaining scheduled payments of principal of and interest on the Notes that would be due after the related redemption date but for that redemption. If that redemption date is not an interest payment date with
respect to the Notes, the amount of the next succeeding scheduled interest payment on the Notes will be reduced by the amount of interest accrued on the Notes to such redemption date. 
 On and after the redemption date, interest will cease to accrue on this Note or any portion of this Note called for redemption (unless we default in the
payment of the redemption price and accrued interest). On or before the redemption date, the Company will deposit with a paying agent (or the trustee) money sufficient to pay the redemption price of and accrued interest on the Notes to be redeemed
on that date. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by the trustee by a method the trustee deems to be fair and appropriate. 
  

 -2- 

	 	3.	Redemption Upon the Requirement of a Foreign Guarantor to Pay Certain Additional Amounts (as defined in the Indenture) 

 The Securities may be redeemed at the option of NAI, in whole, but not in part, at 100% of principal amount, plus accrued interest to the redemption date
in the event that NAI has delivered to the Trustee an Officer’s Certificate stating that (i) NAI does not have sufficient funds to fulfill its obligations under the Indenture and a Guarantor is required to make the payments on the
Securities pursuant to the Guarantee, (ii) a Guarantor that is not a United States resident has or will become obligated to pay the Additional Amounts which are described in Section 1204 of the Indenture and (iii) such obligation
cannot be avoided by the Guarantor taking reasonable measures (including News Corporation causing any other Guarantor to make payments pursuant to the Guarantee) that require no material cost to News Corporation or any other Guarantor. 

Notice of redemption will be mailed at least 30 days but not more than 60 days before the Redemption Date to each Holder of Securities to be redeemed
at the Holder’s registered address. 
  

	 	4.	Repurchase Upon Change of Control Triggering Event 

 Subject to the terms and conditions of the Indenture, NAI shall become immediately obligated to offer to purchase the Securities pursuant to Section 1301 of the Indenture upon the occurrence of a Change of Control Triggering Event at a
price equal to 101% of aggregate principal amount, plus accrued interest, if any, to the date of purchase. 
  

	 	5.	Denominations; Transfer; Exchange 

 The Securities
are in registered form, without coupons, in denominations of US$1,000 of principal amount and integral multiples thereof. A Holder may transfer or exchange Securities in accordance with the terms of the Indenture. The Security Registrar may require
a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Security Registrar need not register the transfer or exchange of any Securities
for a period of 15 days before the selection of any Securities for redemption or of any Securities so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part. 
  

	 	6.	Persons Deemed Owners 

 The registered Holder of
this Security may be treated as the owner of the Security for all purposes. 
  

	 	7.	Amendment; Waiver 

 The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of Securities under the Indenture and the waiver of compliance by the Company with certain
provisions of the Indenture at any time with the consent of the Holders of a majority in aggregate principal amount of the Debt Securities at the time outstanding (or, in case less than all of the several series of Debt Securities then outstanding
are affected, of the Holders of a majority 

  

 -3- 

 
in principal amount of the Debt Securities at the time outstanding of each affected series). The Indenture also permits the Holders of a majority in
principal amount of the Securities at the time outstanding, on behalf of the Holders of all the Securities, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder hereof shall be
conclusive and binding upon such Holder and upon all future Holders hereof and of any Securities issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made
hereon. 
  

	 	8.	Defeasance 

 The Indenture contains provisions for
defeasance at any time of (i) the entire indebtedness of the Securities and (ii) certain restrictive covenants and certain Events of Default applicable to the Securities, upon compliance by the Company with certain conditions set forth in
the Indenture. 
  

	 	9.	Defaults and Remedies 

 Under the Indenture, Events
of Default include (i) default in payment of the principal amount, premium, if any, or interest, in respect of the Securities when the same becomes due and payable subject, in the case of interest, to the grace period contained in the
Indenture; (ii) failure by the Company or the Guarantors to perform any other covenant or warranty (other than a covenant included in the Indenture solely for the benefit of another series of Debt Securities), subject to notice and lapse of
time; (iii) failure to pay at Stated Maturity (after the expiration of any grace period) certain indebtedness; (iv) certain events of acceleration prior to maturity of certain indebtedness; (v) certain final judgments which remain
undischarged; or (vi) certain events of bankruptcy or insolvency. If an Event of Default occurs and is continuing, the Holders of at least 25% in aggregate principal amount of the Securities at the time outstanding may declare all the
Securities to be due and payable immediately. Certain events of bankruptcy or insolvency are Events of Default which will result in the Securities becoming due and payable immediately upon the occurrence of such Events of Default. 
 Securityholders may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or
the Securities unless it receives reasonable indemnity or security. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Securities at the time outstanding may direct the Trustee in its exercise of any trust or
power. The Trustee may withhold from Securityholders notice of any continuing Default (except a Default in payment of amounts specified in clause (i) above) if it determines that withholding notice is in their interests. 
  

	 	10.	Trustee Dealings with NAI 

 Subject to certain
limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by NAI or its Affiliates and may
otherwise deal with NAI or its Affiliates with the same rights it would have if it were not Trustee. 
  

 -4- 

	 	11.	No Recourse Against Others 

 A director, officer,
employee or stockholder, as such, of NAI shall not have any liability for any obligations of NAI under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a
Security, each Securityholder waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities. 
  

	 	12.	Abbreviations 

 Customary abbreviations may be used
in the name of a Principal or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with right of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gifts to
Minors Acts). 
  

	 	13.	Governing Law 

 THE INDENTURE AND THIS SECURITY
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. 
  

 -5- 

 OPTION OF HOLDER TO ELECT PURCHASE 
 If you wish to have this Security purchased by the Company pursuant to Section 1301 of the Indenture, check the
Box.     ̈ 
 If
you wish to have a portion of this Security purchased by the Company pursuant to Section 1301 of the Indenture, state the amount (in original principal amount): 
 $                    

  

											
	  
 
						
	 Date:
	 		 	  
	 		 	Your Signature	 	  

					
		 		 		 	  
	 	
		 		 		 	(Sign exactly as your name appears in this Note)	 	

 Signature Guarantee:
                                        

  

	
	 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all
in accordance with the Securities Exchange Act of 1934, as amended.

  

 -6- 

 GUARANTEE 
 Each of News Corporation and the other entities listed below, each a “Guarantor” and collectively the “Guarantors”, which terms include any successor Person under the Indenture (as defined in the
Security upon which this notation is endorsed), have unconditionally guaranteed on a senior basis (i) the due and punctual payment of the principal of, premium, if any, and interest (including post-petition interest) on the Securities, when and
as the same shall become due and payable, whether at maturity, by acceleration, as a result of redemption, upon a Change of Control Triggering Event, by acceleration or otherwise, (ii) the due and punctual payment of interest on the overdue
principal of, premium and interest, if any, on the Securities, to the extent lawful, (iii) the due and punctual performance of all other obligations of NAI to the Holders or the Trustee under the Indenture and (iv) in case of any extension
of time of payment or renewal of any Securities or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration
or otherwise. 
 The obligations of each Guarantor to the Holders of the Securities and to the Trustee pursuant to the Guarantees and the
Indenture are expressly set forth to the extent and in the manner provided in Article Twelve of the Indenture and reference is hereby made to such Indenture for the precise terms of the Guarantees therein made. The Guarantors, other than News
Corporation, may change from time to time pursuant to the terms of the Indenture. Reference is hereby made to the Indenture and all Indentures supplemental thereto for a complete list of the Guarantors as of any date subsequent to March 2,
2007. 
 No stockholder, officer, director or incorporator, as such, past, present or future, of any Guarantor shall have any personal
liability under the Guarantee by reason of his or its status as such stockholder, officer, director or incorporator. 
 The Guarantees shall
not be valid or obligatory for any purpose until the certificate of authentication on the Securities upon which this Guarantee is noted shall have been executed by the Trustee under the Indenture by the manual signature of one of its authorized
signatories. 
 Executed as a deed in New York, New York. 
  

 -7- 

 GUARANTORS 
  

					
	News Corporation	  	News America Marketing FSI, LLC	  	News Publishing Australia Limited
			
	FEG Holdings, Inc.	  	News Australia Holdings Pty. Limited	  	
			
	Fox Entertainment Group, Inc.	  		  	

  

			
	 By:
	 	  

		 	Authorized Signatory for the Guarantors

  

 -8- 

 ASSIGNMENT FORM 
 To assign the Security, fill in the form below: 
 I or we assign and transfer this security to 
 INSERT ASSIGNEE’S SOC. SEC. OR TAX ID NO. 
  

  

  

 (Print or type assignee’s name, address and zip code) 
  

			
	and irrevocably appoint	 	  

  

 to transfer this Security on the books of NAI. The agent may substitute another to act for him. 
  

											
	 Date:
	 	  
	 		 	Your Signature:	 	  

		 		 		 		 	(Sign exactly as your name appears in this Security)
	 Guaranteed:
	 	  
	 		 	

  

	
	 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all
in accordance with the Securities Exchange Act of 1934, as amended.

  

 -9- 

 6.150% SENIOR NOTE 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE. 
 THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) AND MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A)(1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (4) TO AN INSTITUTIONAL ACCREDITED INVESTOR IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR (5) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS. 

 **$                    ** 
 NEWS AMERICA INCORPORATED 
 6.150% SENIOR NOTES DUE MARCH 1, 2037 
 CUSIP U65249 AN1 
 see reverse for certain
definitions 
 NEWS AMERICA INCORPORATED, a Delaware corporation (“NAI” or the “Company”, which terms include any successor Person under
the Indenture hereinafter referred to), for value received, hereby promises to pay to 
 **CEDE & CO.**

 or registered assigns; 
 the principal amount of
**                                       
                     ** 
 on March 1, 2037
and to pay interest thereon from March 2, 2007 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on March 1, and September 1 of each year, commencing September 1,
2007, at the rate of 6.15% per annum, until the principal hereof is fully paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be
paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date, which shall be the February 15 or August 15 (whether or not a Business Day), as the case
may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this
Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not less than 10
days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Note may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in such Indenture. 
 This Note is unconditionally guaranteed by News Corporation, a Delaware corporation
(“News Corporation”), and the other Guarantors listed herein, as set forth in Article Twelve of the Indenture and in the Guarantee endorsed hereon. The Guarantors other than News Corporation may change from time to time pursuant to the
terms of the Indenture. 
 Payment of the principal of, and interest on, this Note will be made at the offices or agencies of the Company
maintained for that purpose in The City of New York, New York in such coin or currency of the United States of America as at the time of payment is legal tender 

 
for payment of public debts; provided, however, that, at the option of the Company, payment of interest may be made by check mailed to the
address of the Person entitled thereto as such address shall appear in the Security Register or by wire transfer to an account maintained by the Person entitled thereto as specified in the Security Register. 
 Reference is hereby made to the further provisions of this Note set forth herein which further provisions shall for all purposes have the same effect as
if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to herein by manual
signature, this Note shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, NAI has caused this Note to be signed manually or by facsimile by its duly authorized
officers and a facsimile of its corporate seal to be affixed hereto or imprinted hereon. 
 Dated: March 2, 2007 
  

									
	 NEWS AMERICA INCORPORATED

					
	 By:
	 	  
	 		 	By:	 	  

		 	Secretary	 		 		 	Authorized Signatory

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

			
	
	 This is one of the Securities referred
 to in the within-mentioned Indenture

	
	THE BANK OF NEW YORK, as Trustee
		
	 By:
	 	  

		 	Authorized Signatory
	 Date:
	 	March 2, 2007

 NEWS AMERICA INCORPORATED 
 6.150% SENIOR NOTES DUE MARCH 1, 2037 
 Indenture 
 This Security is one of a duly authorized series (this series being the “Securities”) of debt securities of News America Incorporated, a
Delaware corporation (“NAI” or the “Company”), issued under an Amended and Restated Indenture dated as of March 24, 1993, as supplemented by a First Supplemental Indenture, dated as of May 20, 1993, a Second
Supplemental Indenture, dated as of May 28, 1993, a Third Supplemental Indenture, dated as of July 21, 1993, a Fourth Supplemental Indenture, dated as of October 20, 1995, a Fifth Supplemental Indenture, dated as of January 8,
1998, a Sixth Supplemental Indenture, dated as of March 1, 1999, a Seventh Supplemental Indenture, dated as of February 14, 2001, an Eighth Supplemental Indenture, dated as of June 27, 2003, a Ninth Supplemental Indenture, dated as of
November 12, 2004, a Tenth Supplemental Indenture, dated as of March 14, 2005, and an Eleventh Supplemental Indenture, dated as of March 21, 2005 (as so supplemented, the “Indenture”), among NAI, the Guarantors named therein
(the “Guarantors”) and The Bank of New York, as Trustee (the “Trustee”, which term includes any successor trustee under the indenture), which provides for the issuance by NAI from time to time of debt securities (the “Debt
Securities”) in one or more series, in which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the
Guarantors, the Trustee and the Holders of the Debt Securities and of the terms upon which the Debt Securities are, and are to be, authenticated and delivered. The terms of the Securities include those stated in the Indenture and those made part of
the Indenture by reference to the Trust Indenture Act of 1939, as in effect on the date of the Indenture (the “TIA”), and as provided in the Indenture. The terms of the Securities and Guarantee set forth in this certificate are qualified
in their entirety by reference to the terms of the Indenture. The Securities are subject to all such terms, and Securityholders are referred to the Indenture and the TIA for a statement of those terms. The Securities are unconditionally guaranteed
on a senior basis (the “Guarantee”) by the Guarantors. Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Indenture. 
  

	 	14.	Paying Agent and Security Registrar 

 Initially, the
Trustee will act as Paying Agent and Security Registrar. NAI may appoint and change any Paying Agent or Security Registrar without notice, other than notice to the Trustee. NAI or any Subsidiary or an Affiliate of either of them may act as Paying
Agent, Security Registrar or co-registrar. 
  

	 	15.	Optional Redemption by the Company 

 This Note is
redeemable, as a whole or in part, at our option, at any time or from time to time, upon mailed notice to the registered address of the Holder at least 30 days but not more than 60 days prior to the redemption. The redemption price will be equal to
the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values 

  

 -1- 

 
of the Remaining Scheduled Payments (as defined below) on such Notes discounted to the date of redemption, on a semiannual basis (assuming a 360-day year
consisting of twelve 30-day months), at a rate equal to the sum of the applicable Treasury Rate (as defined below) plus 25 basis points. Accrued interest will be paid to the date of redemption. 
 “Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity (computed
as of the third business day immediately preceding that redemption date) of the Comparable Treasury Issue (as defined below), assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for that redemption date. 
 “Comparable Treasury Issue” means the United States Treasury security
selected by the Reference Treasury Dealer (as defined below) as having a maturity comparable to the remaining term of the Notes, that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining term of the Notes. 
 “Comparable Treasury Price”
means, with respect to any redemption date, the Reference Treasury Dealer Quotations (as defined below) for that redemption date. 
 “Reference Treasury Dealer” means Citigroup Global Markets Inc. and its successor. If it shall cease to be a primary U.S. Government securities dealer, we will substitute another nationally recognized investment banking firm that
is a primary U.S. Government securities dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to the Reference
Treasury Dealer and any redemption date, the average, as determined by the trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the trustee by
the Reference Treasury Dealer at 3:30 p.m., New York City time, on the third business day preceding that redemption date. 
 “Remaining
Scheduled Payments” means the remaining scheduled payments of principal of and interest on the Notes that would be due after the related redemption date but for that redemption. If that redemption date is not an interest payment date with
respect to the Notes, the amount of the next succeeding scheduled interest payment on the Notes will be reduced by the amount of interest accrued on the Notes to such redemption date. 
 On and after the redemption date, interest will cease to accrue on this Note or any portion of this Note called for redemption (unless we default in the
payment of the redemption price and accrued interest). On or before the redemption date, the Company will deposit with a paying agent (or the trustee) money sufficient to pay the redemption price of and accrued interest on the Notes to be redeemed
on that date. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by the trustee by a method the trustee deems to be fair and appropriate. 
  

 -2- 

	 	16.	Redemption Upon the Requirement of a Foreign Guarantor to Pay Certain Additional Amounts (as defined in the Indenture) 

 The Securities may be redeemed at the option of NAI, in whole, but not in part, at 100% of principal amount, plus accrued interest to the redemption date
in the event that NAI has delivered to the Trustee an Officer’s Certificate stating that (i) NAI does not have sufficient funds to fulfill its obligations under the Indenture and a Guarantor is required to make the payments on the
Securities pursuant to the Guarantee, (ii) a Guarantor that is not a United States resident has or will become obligated to pay the Additional Amounts which are described in Section 1204 of the Indenture and (iii) such obligation
cannot be avoided by the Guarantor taking reasonable measures (including News Corporation causing any other Guarantor to make payments pursuant to the Guarantee) that require no material cost to News Corporation or any other Guarantor. 

Notice of redemption will be mailed at least 30 days but not more than 60 days before the Redemption Date to each Holder of Securities to be redeemed
at the Holder’s registered address. 
  

	 	17.	Repurchase Upon Change of Control Triggering Event 

 Subject to the terms and conditions of the Indenture, NAI shall become immediately obligated to offer to purchase the Securities pursuant to Section 1301 of the Indenture upon the occurrence of a Change of Control Triggering Event at a
price equal to 101% of aggregate principal amount, plus accrued interest, if any, to the date of purchase. 
  

	 	18.	Denominations; Transfer; Exchange 

 The Securities
are in registered form, without coupons, in denominations of US$1,000 of principal amount and integral multiples thereof. A Holder may transfer or exchange Securities in accordance with the terms of the Indenture. The Security Registrar may require
a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Security Registrar need not register the transfer or exchange of any Securities
for a period of 15 days before the selection of any Securities for redemption or of any Securities so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part. 
  

	 	19.	Persons Deemed Owners 

 The registered Holder of
this Security may be treated as the owner of the Security for all purposes. 
  

	 	20.	Amendment; Waiver 

 The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of Securities under the Indenture and the waiver of compliance by the Company with certain
provisions of the Indenture at any time with the consent of the Holders of a majority in aggregate principal amount of the Debt Securities at the time outstanding (or, in case less than all of the several series of Debt Securities then outstanding
are affected, of the Holders of a majority 

  

 -3- 

 
in principal amount of the Debt Securities at the time outstanding of each affected series). The Indenture also permits the Holders of a majority in
principal amount of the Securities at the time outstanding, on behalf of the Holders of all the Securities, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder hereof shall be
conclusive and binding upon such Holder and upon all future Holders hereof and of any Securities issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made
hereon. 
  

	 	21.	Defeasance 

 The Indenture contains provisions for
defeasance at any time of (i) the entire indebtedness of the Securities and (ii) certain restrictive covenants and certain Events of Default applicable to the Securities, upon compliance by the Company with certain conditions set forth in
the Indenture. 
  

	 	22.	Defaults and Remedies 

 Under the Indenture, Events
of Default include (i) default in payment of the principal amount, premium, if any, or interest, in respect of the Securities when the same becomes due and payable subject, in the case of interest, to the grace period contained in the
Indenture; (ii) failure by the Company or the Guarantors to perform any other covenant or warranty (other than a covenant included in the Indenture solely for the benefit of another series of Debt Securities), subject to notice and lapse of
time; (iii) failure to pay at Stated Maturity (after the expiration of any grace period) certain indebtedness; (iv) certain events of acceleration prior to maturity of certain indebtedness; (v) certain final judgments which remain
undischarged; or (vi) certain events of bankruptcy or insolvency. If an Event of Default occurs and is continuing, the Holders of at least 25% in aggregate principal amount of the Securities at the time outstanding may declare all the
Securities to be due and payable immediately. Certain events of bankruptcy or insolvency are Events of Default which will result in the Securities becoming due and payable immediately upon the occurrence of such Events of Default. 
 Securityholders may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or
the Securities unless it receives reasonable indemnity or security. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Securities at the time outstanding may direct the Trustee in its exercise of any trust or
power. The Trustee may withhold from Securityholders notice of any continuing Default (except a Default in payment of amounts specified in clause (i) above) if it determines that withholding notice is in their interests. 
  

	 	23.	Trustee Dealings with NAI 

 Subject to certain
limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by NAI or its Affiliates and may
otherwise deal with NAI or its Affiliates with the same rights it would have if it were not Trustee. 
  

 -4- 

	 	24.	No Recourse Against Others 

 A director, officer,
employee or stockholder, as such, of NAI shall not have any liability for any obligations of NAI under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a
Security, each Securityholder waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities. 
  

	 	25.	Abbreviations 

 Customary abbreviations may be used
in the name of a Principal or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with right of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gifts to
Minors Acts). 
  

	 	26.	Governing Law 

 THE INDENTURE AND THIS SECURITY
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. 
  

 -5- 

 OPTION OF HOLDER TO ELECT PURCHASE 
 If you wish to have this Security purchased by the Company pursuant to Section 1301 of the Indenture, check the
Box.     ̈ 
 If
you wish to have a portion of this Security purchased by the Company pursuant to Section 1301 of the Indenture, state the amount (in original principal amount): 
 $                    

  

											
	  
 
						
	 Date:
	 		 	  
	 		 	Your Signature	 	  

					
		 		 		 	  
	 	
		 		 		 	(Sign exactly as your name appears in this Note)	 	

 Signature Guarantee:
                                        

  

	
	 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all
in accordance with the Securities Exchange Act of 1934, as amended.

  

 -6- 

 GUARANTEE 
 Each of News Corporation and the other entities listed below, each a “Guarantor” and collectively the “Guarantors”, which terms include any successor Person under the Indenture (as defined in the
Security upon which this notation is endorsed), have unconditionally guaranteed on a senior basis (i) the due and punctual payment of the principal of, premium, if any, and interest (including post-petition interest) on the Securities, when and
as the same shall become due and payable, whether at maturity, by acceleration, as a result of redemption, upon a Change of Control Triggering Event, by acceleration or otherwise, (ii) the due and punctual payment of interest on the overdue
principal of, premium and interest, if any, on the Securities, to the extent lawful, (iii) the due and punctual performance of all other obligations of NAI to the Holders or the Trustee under the Indenture and (iv) in case of any extension
of time of payment or renewal of any Securities or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration
or otherwise. 
 The obligations of each Guarantor to the Holders of the Securities and to the Trustee pursuant to the Guarantees and the
Indenture are expressly set forth to the extent and in the manner provided in Article Twelve of the Indenture and reference is hereby made to such Indenture for the precise terms of the Guarantees therein made. The Guarantors, other than News
Corporation, may change from time to time pursuant to the terms of the Indenture. Reference is hereby made to the Indenture and all Indentures supplemental thereto for a complete list of the Guarantors as of any date subsequent to March 2,
2007. 
 No stockholder, officer, director or incorporator, as such, past, present or future, of any Guarantor shall have any personal
liability under the Guarantee by reason of his or its status as such stockholder, officer, director or incorporator. 
 The Guarantees shall
not be valid or obligatory for any purpose until the certificate of authentication on the Securities upon which this Guarantee is noted shall have been executed by the Trustee under the Indenture by the manual signature of one of its authorized
signatories. 
 Executed as a deed in New York, New York. 
  

 -7- 

 GUARANTORS 
  

					
	News Corporation	  	News America Marketing FSI, LLC	  	News Publishing Australia Limited
			
	FEG Holdings, Inc.	  	News Australia Holdings Pty. Limited	  	
			
	Fox Entertainment Group, Inc.	  		  	

  

			
	 By:
	 	  

		 	Authorized Signatory for the Guarantors

  

 -8- 

 ASSIGNMENT FORM 
 To assign the Security, fill in the form below: 
 I or we assign and transfer this security to 
 INSERT ASSIGNEE’S SOC. SEC. OR TAX ID NO. 
  

  

  

 (Print or type assignee’s name, address and zip code) 
  

			
	and irrevocably appoint	 	  

  

 to transfer this Security on the books of NAI. The agent may substitute another to act for him. 
  

											
	 Date:
	 	  
	 		 	Your Signature:	 	  

		 		 		 		 	(Sign exactly as your name appears in this Security)
	 Guaranteed:
	 	  
	 		 	

  

	
	 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all
in accordance with the Securities Exchange Act of 1934, as amended.

  

 -9-Amended and Restated Employment Agreement

 EXHIBIT 10.1 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT dated as of
February 21, 2007 (the “Effective Date”), between News America Incorporated, a Delaware corporation (the “Company”), and Roger Ailes (the “Executive”). 
 W I T N E S S E T H: 
 WHEREAS, the Executive is currently employed by the Company
pursuant to the terms of an employment agreement between the Company and the Executive dated as of August 15, 2005 (the “Prior Agreement”); 
 WHEREAS, the Company desires to continue such employment relationship and enter into this Agreement, which will supersede the Prior Agreement and set forth the terms and conditions under which the Executive will
continue to serve the Company, its parent, News Corporation, and its affiliates; 
 WHEREAS, the Company and the Executive agreed under the
Prior Agreement to negotiate an alternative structure to replace the “New Duties Incentive Compensation” in Section 3(d) thereof if either the Company or the Executive desired to do so and the Company and the Executive hereby agree to
postpone any possible renegotiation of an alternative structure until after December 31, 2007, at the earliest; and 
 WHEREAS, the
Executive wishes to continue his employment with the Company on the terms and conditions set forth herein. 
 NOW, THEREFORE, in
consideration of the premises and mutual agreements hereinafter contained, the parties hereto agree as follows: 
 1. Duties. The
Company agrees to employ the Executive as Chairman and 

 
Chief Executive Officer of Fox News Channel (the “News Channel”) and Fox Business Channel (the “Business Channel”), as Chairman of Fox
Television Stations (“FTS”) and Twentieth Television (“TT”), and as Editor-in-Chief of Fox News.com, and the Executive agrees to accept such employment for the Term of Employment as hereinafter defined. During the Term of
Employment, the Executive, subject to the provisions of this Agreement, shall have the title and the duties of Chairman and Chief Executive Officer of the News Channel and the Business Channel, Chairman of FTS and TT, and Editor-in-Chief of Fox
News.com. 
 In performing his duties hereunder, the Executive shall report directly to the Chairman and Chief Executive Officer and
President and Chief Operating Officer of News Corporation. In conformity with budgets approved by the Chief Executive Officer of News Corporation, the Executive shall have the authority and perform such duties for (i) the News Channel and
Business Channel as shall be consistent with the authority and duties of a chairman and chief executive officer including the right to hire and fire employees (including an executive assistant) and (ii) FTS and TT as shall be consistent with
the authority and duties of a chairman. Executive’s duties will include direction of affiliate sales and advertising sales (subject to coordinating such activities with similar activities conducted by other Fox Television entities) and content
and format of the News Channel and Business Channel and Fox News.com. In connection with performing his duties under this Agreement, the Executive shall be a Senior Advisor to the Chairman and Chief Executive Officer and President and Chief
Operating Officer of News Corporation on television and all broadcast, cable news, business news and internet matters. During the Term of Employment, subject to the provisions of Section 6(d) hereof, the Executive shall devote all of his
business time and attention and give his best efforts and skill to 

 
furthering the business and interests of the Company. If requested, Executive agrees to serve without additional compensation as a director and/or committee
member of the News Channel, the Business Channel, FTS, TT and any other subsidiaries and affiliates of News Corporation. 
 In his capacities
under this Agreement, including as a director, Executive shall be indemnified, defended and held harmless for any and all claims as against the Company and Executive and will be insured under News Corporation’s Directors and Officers Liability
Insurance Policy. This insurance and/or indemnification will include the provision of legal representation and the payment of damages. 
 2.
Term. “Term of Employment” as used herein shall mean the period commencing on the date hereof and ending on August 14, 2010, provided, however, if the Term of Employment is terminated earlier, as hereinafter set forth, the Term
of Employment shall mean the period from the date hereof through the effective date of such earlier termination. 
 3. Compensation.

 (a) Base Salary and Minimum Bonus. As compensation for his services, Executive shall be paid, and agrees to accept, a base salary
at an annual rate of $5,000,000 (the “Base Salary”), to be paid in the same manner as other senior executives of the Company are paid. If the Executive is employed on June 30, 2007, June 30, 2008, June 30, 2009 and
June 30, 2010, on each such date the Executive shall be entitled to a minimum bonus of $1,000,000 (“Minimum Bonus”), and, other than the “Special” Bonuses provided under Section 3(b) and (c) hereof, any additional
bonus in excess of the Minimum Bonus shall be in the sole discretion of the Company. The payments to be made to the Executive pursuant to this Agreement shall be subject to deductions as shall be required to be withheld by applicable law and
regulations. 

 (b) Special Bonus. 
  

	 	(i)	Executive shall be entitled to receive from the Company a special bonus (the “Special Bonus”) based on the earnings before interest, taxes, depreciation and amortization
of the News Channel, as determined by the Company consistent with past practice (excluding the expensing or employee stock options and/or grants) applied in accordance with the Company’s normal practice and policies (“EBITDA”) in
accordance with the following terms and conditions: 

  

	 	(A)	Special Bonus Schedule 

  

				
	 Fiscal Year
 Ended June 30
	  	High End
Special Bonus
	 2007
	  	$	3,000,000
	 2008
	  	$	4,500,000
	 2009
	  	$	5,500,000
	 2010
	  	$	6,500,000

 For each fiscal year during the Term of Employment, the Compensation Committee of News Corporation
(the “Compensation Committee”) shall establish a high end EBITDA for the News Channel (“High End EBITDA”) and a low end EBITDA for the News Channel (“Low End EBITDA”) which shall be communicated to the Executive upon
determination. Such determination for any fiscal year during the Term of Employment shall be made no later than (but may be made at any time before) the first quarter of the fiscal year for which the goal applies. 
  

	 	(B)	If the EBITDA of the News Channel for any fiscal year during the Term of Employment is not less than the High End EBITDA, then Executive shall be entitled to receive a Special Bonus
equal to the High End Special Bonus for such fiscal year. 

	 	(C)	If the EBITDA for fiscal year 2007 during the Term of Employment is equal to or greater than the Low End EBITDA but less than the High End EBITDA, then Executive shall be entitled
to receive a Special Bonus equal to $1.8 million plus the product of (1) a fraction, the numerator of which is the amount by which the EBITDA for such fiscal year exceeds the Low End EBITDA for such fiscal year and the denominator of which is
the High End EBITDA less the Low End EBITDA for fiscal year 2007, multiplied by (2) the sum of the High End Special Bonus minus $1.8 million. 

  

	 	(D)	If the EBITDA for fiscal year 2008 during the Term of Employment is equal to or greater than the Low End EBITDA but less than the High End EBITDA, then Executive shall be entitled
to receive a Special Bonus equal to $2.5 million plus the product of (1) a fraction, the numerator of which is the amount by which the EBITDA for such fiscal year exceeds the Low End EBITDA for such fiscal year and the denominator of which is
the High End EBITDA less the Low End EBITDA for fiscal year 2008, multiplied by (2) the sum of the High End Special Bonus minus $2.5 million. 

  

	 	(E)	 If the EBITDA for fiscal year 2009 during the Term of 

	 	 
Employment is equal to or greater than the Low End EBITDA but less than the High End EBITDA, then Executive shall be entitled to receive a Special Bonus
equal to $2.8 million plus the product of (1) a fraction, the numerator of which is the amount by which the EBITDA for such fiscal year exceeds the Low End EBITDA for such fiscal year and the denominator of which is the High End EBITDA less the
Low End EBITDA for fiscal year 2009, multiplied by (2) the sum of the High End Special Bonus minus $2.8 million. 

  

	 	(F)	If the EBITDA for fiscal year 2010 during the Term of Employment is equal to or greater than the Low End EBITDA but less than the High End EBITDA, then Executive shall be entitled
to receive a Special Bonus equal to $3.1 million plus the product of (1) a fraction, the numerator of which is the amount by which the EBITDA for such fiscal year exceeds the Low End EBITDA for such fiscal year and the denominator of which is
the High End EBITDA less the Low End EBITDA for fiscal year 2010, multiplied by (2) the sum of the High End Special Bonus minus $3.1 million. 

  

	 	(G)	If the EBITDA for any fiscal year during the Term of Employment is not equal to or greater than the Low End EBITDA, then Executive shall not be entitled to receive a Special Bonus
for such fiscal year. 

	 	(H)	The Special Bonus, if any, shall be payable within twenty days after the determination of EBITDA for the fiscal year then ended and shall be in addition to, and not in lieu of, or
considered an advance in respect of, any other bonus that Executive may be entitled to receive pursuant to this Agreement. 

  

	 	(ii)	If, during the Term of the Employment, the News Channel commences or acquires another business, is involved in a reorganization, or any similar event occurs which has the effect of
changing in a material respect the EBITDA of the News Channel as calculated under this Agreement , Executive and the Company will agree to adjustments in the amount and in the manner in which the EBITDA of the News Channel is calculated.

 (c) Signing Bonus. Under the terms and conditions of the Prior Agreement, the Executive received 333,333 Restricted
Stock Units (the “Bonus RSUs”). Twenty percent (20%) of the Bonus RSUs vested on August 15, 2006 and twenty percent (20%) of the Bonus RSUs shall vest on each of August 15, 2007, August 15, 2008,
August 15, 2009 and August 15, 2010. At the Company’s discretion, settlement for any of the vested Bonus RSUs shall be in shares of News Corporation’s Class A Common Stock (the “Common Stock”) or in cash equal to
the fair market value of the shares of Common Stock subject to the vested Bonus RSUs or a combination of cash and shares of Common Stock. Notwithstanding anything to the contrary contained herein (capitalized terms not already defined shall have the
meanings set forth in Section 7 hereof) any unpaid Bonus RSUs shall be paid within 15 business days of the Executive’s death, disability or termination of the Executive’s employment by the Company without Cause. The Bonus RSUs shall
be granted under, and in accordance with the terms of, News Corporation’s 2005 Long-Term Incentive Plan, except as otherwise stated herein. 

 (d) New Duties Incentive Compensation. Under this agreement, Executive has agreed to undertake new
duties. In recognition the Company shall provide incentive compensation under the following terms: The Executive shall be entitled to receive shares of Common Stock (the “Bonus Stock”) at such time that each of the following events occur:
(i) 333,333 shares upon the earlier of (A) when the Business Channel launches and is available to no fewer than 30,000,000 cable and satellite subscribers or (B) when the fair market value of the Business Channel (the “Business
Channel Fair Market Value”), as determined by an investment banking firm upon the launch of the Business Channel and thereafter as requested by the Executive (but no more than two times in any calendar year after the date of launch), equals or
exceeds the cumulative net cash (including operating expenses and capital expenditures) invested by the Company in the Business Channel, as set forth in the Company’s books and records in accordance with United States generally accepted
accounting principles (the “Business Channel Cost”); provided however that if the Company instructs Executive to incur operating expenses or make capital expenditures in excess of those set forth in the Business Channel’s budget and
business plan, such operating expenses or capital expenditures will be excluded from the Business Channel Cost for purposes of this Agreement, and, for purposes of this clause (i)(B), the investment banking firm will only consider valuations of
cable channels of comparable size in determining the Business Channel Fair Market Value; and (ii) 333,333 shares when the Business Channel Fair Market Value equals or exceeds two times the Business Channel Cost. In the event that
Executive’s employment is terminated by the Company due to death, disability or without Cause, then the Business Channel Fair Market Value shall be determined as of the 

 
date of termination to determine whether Executive is entitled to receive the Bonus Stock as provided in clause (ii) of the preceding sentence. If, as
of December 31, 2007, the Business Channel is not launched, then Executive and the Company agree to negotiate in good faith an alternative structure to replace the “New Duties Incentive Compensation” Bonus with the same level of
payments based on a mutually agreeable standard of Executive performance and/or earnings and/or asset value of entities for which Executive is responsible. The Bonus Stock shall be granted under, and in accordance with the terms of, News
Corporation’s 2005 Long-Term Incentive Plan, except as otherwise stated herein. 
 4. Other Benefits. The Executive shall be
entitled to the following benefits (collectively, the “Benefits”): 
 (a) The Executive shall be entitled to participate in any
equity, profit-sharing, pension, group medical, dental, disability and life insurance and other similar benefit plans, presently in effect or hereafter adopted, applicable generally to the highest level of senior executives of the Company . In
addition, for as long as he lives, whether or not he is employed by the Company, the Executive will be entitled to participate in, and the Company will pay for, such group medical, dental, disability and life insurance and other similar benefit
plans, presently in effect or hereafter adopted, applicable generally to the highest level of senior executives of the Company; provided that the Company shall not be required to continue to provide the benefits under this Section 4(a) if such
benefits are provided to Executive by another employer. 
 (b) In order to facilitate the Executive’s performance of his duties, the
Company shall provide him with the use of an automobile and driver, which driver shall be selected by Executive. If it is necessary for the Executive to travel for the performance of his duties he shall be provided with a private jet to do so by the
Company. In the Company’s 

 
discretion upon Executive’s request, the Executive shall be permitted to use a jet owned by News Corporation for business travel or a chartered jet
selected by and arranged for by the Executive and approved by the Deputy Chief Financial Officer of News Corporation. Further, the Company shall provide security services reasonably selected by Executive for the protection of Executive and his
family. 
  

	 	(c)	Executive shall be entitled to four weeks vacation during each year of his employment hereunder. 

 5. Business Expenses. During the Term of Employment, the Executive shall be reimbursed for all expenses reasonably incurred by him in connection
with his performance of his duties hereunder. 
 6. Confidentiality; Restriction on Competition; Etc. 
  

	 	(a)	The Executive shall not, without the prior written consent of the Company, 

 divulge, disclose or make accessible to any other person, firm, partnership, corporation or other entity any Confidential Information except (a) in the course of carrying out his duties under this Agreement or (b) when required to
do so by a court of law, by any governmental agency having supervisory authority over the business of the Company or by any administrative or legislative body (including a committee thereof) with apparent jurisdiction to order him to divulge,
disclose or make accessible such information. For purposes of this Section 6(a), “Confidential Information” shall mean all information that is not known or available to the public concerning the business of the Company, the Fox
Television Group, or News Corporation and its subsidiaries relating to its products, product development, trade secrets, customers, suppliers, finances, and business plans and strategies. For this purpose, information known or available 

 
generally within the trade or entertainment industry shall be deemed to be known or available to the public. Confidential Information shall include
information that is, or becomes, known to the public as a result of a breach by the Executive of the provisions of this Section 6(a). 
 (b) The relationship between the parties hereto is exclusively that of employer and employee, and the obligations of the Company, to the Executive are exclusively contractual in nature. The Company or such of its affiliates as shall be
designated shall be the sole owner of all the fruits and proceeds of the Executive’s services hereunder, including, but not limited to, all ideas, concepts, formats, suggestions, developments, arrangements, designs, patents, tradenames,
trademarks, packages, programs, promotions and other intellectual properties which the Executive may create in connection with his services hereunder and during the Term of Employment, free and clear of any claims by the Executive (or anyone
claiming under the Executive) of any kind or character whatsoever (other than the Executive’s right to compensation hereunder). The Executive shall, at the request of the Company, execute such assignments, certificates or other instruments as
the Company may from time to time deem necessary or desirable to evidence, establish, maintain, perfect, protect, enforce or defend its right, title and interest in or to any such properties. 
 (c) Upon termination of his employment, the Executive will immediately surrender and turn over to the Company all books, forms, records, customer lists
and all other papers and writings relating to the Company and News Corporation and all other property belonging to the Company that are then in his possession, other than (i) personal notes, calendars, Rolodexes and diaries and (ii) any
document or other item that he is prohibited from turning over pursuant to an order of a court of law or other governmental body with apparent jurisdiction to issue such order. 

 (d) During the Term of Employment (unless terminated by Employer with Cause), Executive will not, in any
manner directly or indirectly, engage in any business which competes with businesses in which the Company or any of its affiliates is then engaged and will not directly or indirectly own, manage, operate, join, control or participate in the
ownership, management, operation or control of, or be employed by, or connected in any manner with any corporation, firm or business that is so engaged; provided, however, that nothing herein contained shall prohibit the Executive from owning not
more than five (5%) of the outstanding stock of any publicly held corporation. 
 7. Termination of Employment. 
 (a) Termination Due to Death. In the event the Executive’s employment is terminated due to his death, his estate or his beneficiaries, as the
case may be, shall be entitled to: 
  

	 	(i)	Base Salary through the date of death; 

  

	 	(ii)	full minimum bonus for the fiscal year in which Executive’s death occurs, and one-half of minimum bonus for next fiscal year, to be paid in the same manner as such payments
were previously made; 

  

	 	(iii)	exercise any stock options, including any unvested stock options which shall immediately vest as of the date of the Executive’s death, exercisable for a period of twelve months
following such date; 

  

	 	(iv)	payment of any unvested Bonus RSUs in accordance with Section 3(c) hereof and Bonus Stock, if any, in accordance with Section 3(d) hereof; and 

	 	(v)	other or additional benefits in accordance with applicable plans and programs of the Company. 

  

	 	(b)	Termination Due to Disability. In the event the Executive’s employment is terminated due to his Disability (as defined below), he shall be entitled in such case to the
following: 

  

	 	(i)	Base Salary through the date that is the one year anniversary of the date of termination, to be paid in the same manner as such payments were previously made;

  

	 	(ii)	full minimum bonus for the fiscal year in which termination due to Disability occurs; and one-half of minimum bonus for next fiscal year, to be paid in the same manner as such
payments were previously made; 

  

	 	(iii)	the right to exercise any stock options, including any unvested stock options which shall immediately vest as of the date of the Executive’s termination due to Disability, for
a period of twelve months following such date; 

  

	 	(iv)	payment of any unvested Bonus RSUs in accordance with Section 3(c) hereof and Bonus Stock, if any, in accordance with Section 3(d) hereof; 

  

	 	(v)	continued participation for life in medical, dental, hospitalization and life insurance coverage and in all other employee plans and programs in which he was participating on the
date of termination of his employment due to Disability in accordance with the terms of such plans; and 

 (vi) other or additional benefits in accordance with applicable plans and programs of the
Company. 
 For the purposes of this Section 7(b), “Disability” shall mean the Executive’s inability to substantially
perform his duties under this Agreement for a period of 120 consecutive days. Notice of termination by reason of Executive’s disability may be sent by the Company any time after said 120 day period. In the event there should be a disagreement
between the Executive and the Company as to whether Executive is disabled within the meaning of this subsection, an impartial physician agreed upon by the parties shall determine the issue of Executive’s disability, or in the absence of such an
agreement, then each party shall select a physician, and the physicians selected by the parties shall jointly select an impartial physician, and the three physicians shall by a majority determine the issue of Executive’s Disability. The
determination of the single impartial physician or majority determination of three physicians, as applicable, shall be final and binding upon the parties hereto. 
  

	 	(c)	Termination for Cause. 

  

	 	(i)	For the purposes of this Agreement, “Cause” shall mean: 

  

	 	(A)	the Executive is convicted of a felony involving moral turpitude; 

	 	(B)	the Executive engages in conduct that constitutes willful gross neglect or willful gross misconduct in carrying out his duties under this Agreement, resulting, in either case, in
harm to the Company; or 

  

	 	(C)	the Executive breaches any material affirmative or negative covenant or undertaking hereunder, which breach is not cured within fifteen days after written notice to the Executive
specifying such breach. 

 Except as is expressly set forth above, the termination of Executive’s employment by the
Company shall not be considered to be for “Cause,” including a termination that results from a disagreement between the Executive and the Company as to policies or judgments made by Executive in good faith. 
  

	 	(ii)	A Termination for Cause shall be communicated by a written Notice of Termination to the Executive, which Notice of Termination shall set forth the facts and circumstances claimed to
provide a basis for termination of the Executive’s employment. 

  

	 	(iii)	In the event the Company terminates the Executive’s employment for Cause, he shall be entitled to Base Salary through the date of the termination of his employment for Cause.

 (d) Termination Without Cause by Company. The Company may, for any 

 
reason, terminate the Executive’s employment hereunder at any time. If the Executive’s employment is terminated pursuant to this Section 7(d)
the Executive shall be entitled to, as severance, the following amounts and other benefits: 
  

	 	(i)	the Base Salary plus the minimum bonuses provided for in Section 3(a) for the period from the date of termination to the end of the Term of Employment; payable in a lump sum,
after applying a discount rate of 8% (eight percent) per annum from the date that such payments would have been made if the termination had not occurred, within five business days of such termination; 

  

	 	(ii)	if Executive’s employment is terminated under this Section (d), during the period from the date of termination to the end of the Term of Employment Executive shall be entitled
to receive a payment equal to one-half of each of the High End Special Bonus payments as referred to in Section 3(a), which amount shall be payable to the Executive in the same manner as payments of the Special Bonus were previously made ;

  

	 	(iii)	any unvested stock options shall immediately vest as of the date of the Executive’s termination without Cause and Executive shall have the right to exercise any stock options
for a period of twelve months following the date of the Executive’s termination without Cause; and 

  

	 	(iv)	payment of Bonus Stock, if any, in accordance with Section 3(c) hereof. 

 (e) No Mitigation. In the event of termination of Executive’s employment hereunder by the
Company for reasons other than cause, Executive shall be under no obligation to seek other employment, nor shall he be prohibited from pursuing other employment and there shall be no offset against amounts due the Executive under this Agreement on
account of any remuneration attributable to any subsequent employment Executive may obtain. 
 (f) Expiration of Term of Employment.
If, at the end of the Term of Employment, Executive ceases to be employed by the Company and is not employed by any of the Company’s affiliates, any unvested Options that had been granted to Executive prior to the end of the Term of Employment
shall immediately vest as of such date and Executive shall have the right to exercise any Options for a period of twelve months following such date. 
 8. Condition of and Survival of Agreement. In the event that the Company shall at any time be merged or consolidated with any other corporation or corporations or shall sell or otherwise transfer a substantial
portion of its assets to another corporation or entity, the provisions of this Agreement shall be binding upon and inure to the benefit of the corporation or entity surviving or resulting from such merger or consolidation or to which such assets
shall be sold or transferred. 
 9. Right to Use Name. The Company shall have the right to use the Executive’s biography, name
and likeness in connection with its businesses, subject to Executive’s approval, including in advertising its products and services, but not for use as a direct or indirect endorsement. 
 10. Conflict and Standards Policies. Executive agrees to abide by the provisions of any conflict of interest and broadcast standards policies of
the Company from time to time in effect during the Term of Employment and the News Corporation Standards of Business Conduct. 

 11. Arbitration. Any controversy arising out of or relating to this Agreement, including any
modification or amendment thereof, shall be resolved by arbitration in the City of New York, pursuant to the rules then obtaining of the American Arbitration Association under the auspices of the American Arbitration Association or such other
tribunal as the parties may mutually agree shall determine such controversy or disputes. The arbitration shall be conducted before a single arbitrator agreed by the parties or, in the absence of such agreement, before a panel of three arbitrators
who shall be selected as follows: each party shall select an arbitrator and the two arbitrators shall jointly select a third arbitrator. The parties agree that the arbitrators sitting in any controversy shall have no power to alter or modify any
express provision of this Agreement, or to make any award which by its terms causes such alteration or modification. The parties consent to the application of the New York or Federal Arbitration Statutes and to the jurisdiction of the Supreme Court
of the State of New York, and of the United States District Court of the Southern District of New York, for judgment on an award and for all other purposes in connection with said arbitration and further consent that any notice, process or notice of
motion or other application to either of said Courts or Judges thereof, or of any notice in connection with any arbitration hereunder, may be served in or out of the State or Southern District of New York by certified or registered mail, return
receipt requested, or by personal service, provided a reasonable time for appearance is allowed, or in such other manner as may be permitted under applicable arbitration rules or of either of said Courts. Judgment upon the award rendered may be
entered by any Court having jurisdiction. If Executive breaches any of his obligations under Section 6 hereof relating to confidentiality and restriction on competition, and a remedy at law or equity would be available but for the provisions of
this Section 11, those remedies will remain available notwithstanding this Section. 

 12. Notices. Any notices or other communications required or permitted hereunder shall be in
writing and shall be deemed to have been given if delivered by registered mail or certified mail, return receipt requested, postage prepaid, as of the date so mailed, as follows (or to such other or additional addresses as either party shall
designate by notice in writing in accordance herewith, except that notices of change of address shall not be deemed given until received): 
  

	
	 If to the Executive:

	
	 Roger Ailes

	 1211 Avenue of the Americas

	 New York, NY 10036

	
	 with a copy to

	
	 Leahey & Johnson, P.C.

	 120 Wall Street

	 New York, New York 10005

	 Attention: Peter James Johnson, Jr., Esq.

	
	 If to the Company:

	
	 News America Incorporated

	 1211 Avenue of the Americas

	 New York, New York 10036

	 Attention: Group General Counsel

	                   News
Corporation

 13. Construction. This Agreement shall be construed in accordance with and governed by the
laws of the State of New York, without giving effect to conflict of laws. 
 14. Severability. The conditions and provisions
herein set forth shall be severable, and if any condition or provision or portion thereof shall be held invalid or unenforceable, then 

 
said conditions or provision shall not in any manner affect any other condition or provision and the remainder of this Agreement and every section thereof
construed without regard to said invalid condition or provision, shall continue in full force and effect. 
 15. Assignment. Neither
party shall have the right, subject to Section 8 hereof, to assign the Executive’s rights and obligations with respect to his actual employment duties without the prior consent of the other party. 
 16. Entire Agreement; Existing Agreement. This Agreement constitutes the entire understanding between the parties hereto with respect to the
subject matter hereof, and this Agreement supersedes and renders null and void any and all prior oral or written agreements, understandings or commitments pertaining to the subject matter hereof. No waiver or modification of the terms or provisions
hereof shall be valid unless in writing signed by the party so to be charged thereby and then only to the extent therein set forth. The parties agree and acknowledge that the Prior Agreement is hereby cancelled and shall have no further force or
effect. 
 17. No Prior Agreements. The Executive represents and warrants that he is not bound by any agreement or any other existing
or previous business relationship which conflicts with, or may prevent or otherwise conflict with, the full performance of his obligations an duties under this Agreement. The Executive agrees to indemnify and hold the Company harmless from any
claims, costs or liabilities resulting from a breach of the foregoing representation. 

 18. Headings. The headings of the sections contained in this Agreement are for convenience only
and shall not be deemed to control or affect the meaning or construction of any provision of this Agreement. 
 IN WITNESS WHEREOF, the
parties hereto have affixed their signatures as of the day and year first above written. 
  

			
	 NEWS AMERICA INCORPORATED

		
	 By:
	 	 /s/ Lawrence A. Jacobs

	 Name:
	 	Lawrence A. Jacobs
	 Title:
	 	 Senior Executive Vice President
 Group General
Counsel

	
	 /s/ Roger Ailes
 ROGER
AILES

 GUARANTEE 
 For value received, the undersigned hereby guarantees the obligations of News America Incorporated under the foregoing Employment Agreement. 
  

			
	 NEWS CORPORATION

		
	 By:
	 	 /s/ Lawrence A. Jacobs

		 	 Lawrence A. Jacobs

		 	 Senior Executive Vice President

		 	 Group General Counsel

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]