I believe your math is way to liberal. And as we all know liberals don't do well with News Corp. Here is my rational, math and footnotes:
(1) two weeks ago NWSA reported $25 billion of net equity, including (2) $24 billion of various intangible assets, (3) these intangible numbers are all related to various print related assets which NWSA is about to sell, for significantly less than what they/we paid to own them, (4) in other words, the intangibles are worthless and will be written down to zero, as these assets are sold off;
$24 billion of worthless intangibles divided by $25 billion of net equity equals the net asset value, reported by NWSA is 96% intangible. 4% X $25 billion equals a tangible net worth of $1 billion.
Current stock price of $23 X 4% = $.92 (that's 92 cents), not your $15 liberal valuation.