In July 2007, News Corporation entered into an agreement to purchase all of the outstanding shares of Dow Jones and Company for $69 per share. Immediately prior to the News Corporation bid, the shares of Dow Jones traded at $44 per share. The number of outstanding shares at the time of the announcement was 89 million. The book value of interest-bearing liabilities on the balance sheet of Dow Jones was $1.54 billion.

1. Estimate the cost of this acquisition to the shareholders of News Corporation
2. What value did News Corporation place on the control of Dow Jones and Company?

Note: For all requirements, enter your answers in billions rounded to 2 decimal places.