The Newell-Littlewood numbers are tensor product multiplicities of Weyl modules for the classical groups in the stable range. Littlewood-Richardson 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: an eigenvalue interpretation; a minimal list of defining linear inequalities; a description by Extended Horn inequalities, as conjectured in part II of this series; and a factorization of NL-numbers, on the boundary.