The Newell–Littlewood (NL) numbers are tensor product multiplicities of Weyl modules for the classical groups in the stable range. Littlewood–Richardson (LR) coefficients form a special case. Klyachko connected eigenvalues of sums of Hermitian matrices to the saturated LR-cone and established defining linear inequalities. We prove analogues for the saturated NL-cone: a description by Extended Horn inequalities (as conjectured in part II of this series), where, using a result of King’s, this description is controlled by the saturated LR-cone and thereby recursive, just like the Horn inequalities; a minimal list of defining linear inequalities; an eigenvalue interpretation; and a factorization of Newell–Littlewood numbers, on the boundary.