New report from Realtor.com® dissects the gridlock affecting all corners of the housing landscapeAUSTIN, Texas, Aug. 26, 2025 /PRNewswire/ -- The U.S. housing market may be showing signs of movement on paper, but for many Americans, it feels like the market has stalled. According to Realtor.com®'s latest report, Cruel Summer: Why the U.S. Housing Market is Stuck, buyers, sellers, and builders are all facing different challenges, yet all are united by one common experience: frustration."The housing market i ...

AUSTIN, Texas, Aug. 21, 2025 /PRNewswire/ -- In a market defined by higher interest rates and persistent affordability challenges, a new report from Realtor.com® reveals just how far buyers' budgets are being stretched. According to the August 2025 Buying Power Report, only 28.0% of homes on the market were priced within reach of the typical household as the maximum affordable home price for a median-income household in the U.S. has fallen to $298,000. The figure is down nearly $30,000 from $325,000, which ...

New report from Realtor.com® ranks the metros leading the charge on affordability, availability and climate-smart new construction for today's buyers AUSTIN, Texas, Aug. 20, 2025 /PRNewswire/ -- With the U.S. facing a housing shortage of nearly 4 million homes, new residential construction is critical to restoring affordability and expanding access to homeownership. A new report from Realtor.com® identifies the Top Metros for New Construction, the markets stepping up and delivering the best combination of a ...

| | | | | Median | Premium | Premium | | Pupil/ | School | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Metro | Most Popular | District | Median | Listing Price, | vs. | vs. | Locale | Teacher | Walkability | | | School District | Rating | Listing Price | Surrounding | Surrounding | Surrounding | | Ratio | Score | | | | | | Metro | Metros (%) | Metros ($) | | | (out of 10) | | Atlanta-Sandy Springs-Roswell, | Fayette County | 8 | $597,617 | $420,282 | 42.2 % | $177,335 | Suburb: Large 13. ...

科技行业更以七人上榜的强势表现，贡献逾八成财富。这10位富豪的出生地遍及南非、中国台湾、匈牙利、乌克兰等地，行业涵盖AI芯片、电动汽车、 云安全、媒体和博彩等多元领域。 2025年7月《福布斯》榜单显示，出生海外、后入籍或定居美国的十大富豪，总财富约8670亿美元，相当于瑞士GDP。 其中，马斯克、谢尔盖·布林和黄仁勋三位科技巨头财富合计占该榜单总财富77%。 本文，家办新智点将聚焦这十位富豪。他们中的许多人在移民美国时历经艰辛，其中，马斯克耗时十年才获得美国国籍。 在美国，新移民正源源不断地刷新着白手起家的财富纪录。 一、埃隆·马斯克 净资产：3931亿美元 职衔：特斯拉与SpaceX创始人 出生地：南非 1971年6月28日，马斯克出生于南非首都比勒陀利亚(现名:茨瓦内)。祖父是治疗师、飞行员和政治活动家，母亲为加拿大籍模特兼营养师，父亲是机电工 程师和房地产开发商。 受外祖父探险故事的影响，马斯克自称家族都有"冒险与探索"的精神。9岁时父母离异，他随父亲生活。在南非辗转多所学校求学期间，马斯克曾深陷校 园霸凌阴影——就读布莱恩斯顿高中时，他甚至被推下楼梯，浑身是伤地送医救治。 少年时期，马斯克为规避南非 ...

The impact is being felt across the country as the Midwest saw the steepest annual drop in completions, followed by the South. AUSTIN, Texas, Aug. 12, 2025 /PRNewswire/ -- Rent prices declined for the 24th month in a row in July, marking a full two years of easing rental pressure in the U.S. rental market. At the same time, a growing pullback in multifamily development driven by rising construction costs and new tariffs on key materials like aluminum and steel is signaling potential trouble ahead for future ...

Core Viewpoint - News Corp CEO Robert Thomson has called for the White House to take action against AI companies that are allegedly using copyrighted material without permission, highlighting the impact on authors and publishers, including President Trump's works [1][4][5] Group 1: AI and Copyright Issues - Thomson criticized AI firms for "cannibalizing" copyrighted works, specifically mentioning Trump's book "The Art of the Deal," which he claims has been exploited by AI systems [1][4] - The lawsuit against Meta involved over 190,000 protected works, including Trump's book, raising questions about the fairness of creators being deprived of their rights [2][4] - News Corp is suing AI startup Perplexity for allegedly stealing content to train its language model, emphasizing the need for AI companies to compensate content creators [5][17] Group 2: Economic and Competitive Concerns - Thomson warned that the practices of AI firms could undermine America's competitive edge, which relies on creativity and innovation rather than just technology [6] - He urged AI companies to allocate a portion of their substantial investments in infrastructure towards compensating content creators, highlighting that they are spending tens of billions on data centers and chips [10][9] - News Corp reported a profit of $648 million and announced a $1 billion stock buyback, indicating strong financial performance amidst these challenges [16] Group 3: Long-term Implications for Content Quality - Thomson expressed concerns about the long-term health of the content ecosystem, arguing that AI companies should support diverse and reliable sources of information rather than creating a "deeply derivative" system [13][12] - He noted that audiences are seeking profound and purposeful content, which could be jeopardized by the current practices of AI firms [13] - News Corp has been vocal in demanding compensation from AI firms for the use of their content, indicating a proactive stance in protecting intellectual property rights [14][18]

[PART I](index=4&type=section&id=PART%20I) [ITEM 1. BUSINESS](index=4&type=section&id=ITEM%201.%20BUSINESS) News Corporation is a global, diversified media and information services company operating across five segments, focusing on content, digital distribution, and AI monetization - News Corporation is a global, diversified media and information services company with **five reportable segments**, focusing on premium content, digital distribution, and new licensing/partnership arrangements with technology and AI-focused platforms[14](index=14&type=chunk)[15](index=15&type=chunk) Fiscal Year Ended June 30, 2025 Segment Revenues and EBITDA | Segment | Revenues (in millions) | EBITDA (in millions) | | :----------------------- | :--------------------- | :------------------- | | Dow Jones | $2,331 | $588 | | Digital Real Estate Services | $1,802 | $601 | | Book Publishing | $2,149 | $296 | | News Media | $2,170 | $153 | | Other | — | $(223) | - The company's diversified revenue base includes recurring subscriptions, advertising sales, real estate listing products, and licensing fees, with operations primarily in the **U.S., Australia, and the U.K.**[15](index=15&type=chunk) Dow Jones Consumer Product Subscriptions (Average Daily, Q4 FY25) | Product | Digital-only subscriptions (in 000's) | Total subscriptions (in 000's) | | :----------------------- | :----------------------------------- | :----------------------------- | | The Wall Street Journal | 4,126 | 4,538 | | Barron's Group | 1,319 | 1,432 | | Total Consumer | 5,719 | 6,261 | - Digital sales, including e-books and audiobooks, represented approximately **24% of HarperCollins' global consumer revenues** for fiscal year 2025[47](index=47&type=chunk) - As of June 30, 2025, News Corp had approximately **22,300 employees globally**, with **7,900 in the U.S.**, **3,900 in the U.K.**, and **5,800 in Australia**[82](index=82&type=chunk) [ITEM 1A. Risk Factors](index=14&type=section&id=ITEM%201A.%20Risk%20Factors) The Company faces significant risks from intense competition, evolving AI technologies, macroeconomic conditions, and brand reputation - The Company operates in a highly competitive environment, intensified by evolving technologies like **generative AI**, which can reduce traffic and subscriber demand[92](index=92&type=chunk) - Macroeconomic factors like **persistent inflation**, **elevated interest rates**, and **lower consumer confidence** adversely impacted the U.S. real estate and book publishing markets in fiscal 2025[98](index=98&type=chunk) - A decline in customer **advertising expenditures**, driven by shifts to **digital content**, **audience fragmentation**, and **large digital platforms**, could significantly reduce the Company's revenues[100](index=100&type=chunk)[101](index=101&type=chunk) - The Company's reputation and brands, including **The Wall Street Journal** and **Realtor.com**, are vulnerable to damage from incidents, perceptions of bias, or misattributions by generative AI tools[109](index=109&type=chunk) - The Company's use of AI exposes it to risks of producing deficient, inaccurate, biased, or infringing content, potentially leading to **reputational harm, legal scrutiny, and increased litigation**[111](index=111&type=chunk) News Corp Total Outstanding Indebtedness (June 30, 2025) | Metric | Amount (in billions) | | :----------------------- | :------------------- | | Total Outstanding Indebtedness | $2.0 | | Undrawn Commitments (aggregate) | $1.0 | [ITEM 1B. Unresolved Staff Comments](index=27&type=section&id=ITEM%201B.%20Unresolved%20Staff%20Comments) No unresolved staff comments were reported - **No unresolved staff comments were reported**[147](index=147&type=chunk) [ITEM 1C. Cybersecurity](index=27&type=section&id=ITEM%201C.%20Cybersecurity) News Corporation maintains a comprehensive cybersecurity program, informed by the NIST Framework, with Board oversight to manage evolving threats - News Corp's cybersecurity program, informed by the **NIST Cybersecurity Framework**, employs a defense-in-depth approach with a global organization, training, and technical measures[148](index=148&type=chunk) - The Board of Directors, via its **Audit Committee**, oversees cybersecurity risk management, receiving quarterly reports from the CTO and CISO[153](index=153&type=chunk)[154](index=154&type=chunk) - The company relies on third-party service providers for critical operations and manages associated cybersecurity risks through policies, contractual requirements, and assessments[151](index=151&type=chunk) - To date, no cybersecurity incidents have materially affected or are reasonably likely to materially affect the Company's business strategy, operations, or financial condition[152](index=152&type=chunk) [ITEM 2. Properties](index=38&type=section&id=ITEM%202.%20Properties) News Corporation owns and leases various properties globally, which are considered adequate and suitably utilized for its business operations - News Corporation owns and leases various real properties across the **U.S., Europe, Australia, and Asia**, including offices, publishing, and printing facilities[155](index=155&type=chunk)[157](index=157&type=chunk) - All properties are considered in **good condition**, adequate, and suitably utilized, with a policy to improve and replace as appropriate[155](index=155&type=chunk) [ITEM 3. Legal Proceedings](index=38&type=section&id=ITEM%203.%20Legal%20Proceedings) The Company is involved in various legal proceedings, including antitrust lawsuits and U.K. Newspaper Matters, with uncertain outcomes that could impact operations - Dow Jones's **OPIS subsidiary** faced purported class action complaints alleging **antitrust violations** related to PVC pipe, preliminarily settled in May 2025[531](index=531&type=chunk)[532](index=532&type=chunk) - **HarperCollins** is a defendant in class action complaints alleging **antitrust and competition law violations** related to book sales, with pending appeals despite some dismissals[533](index=533&type=chunk) - The Company addresses **U.K. Newspaper Matters**, including civil claims, with **FOX Corporation indemnifying News Corp** for certain payments and legal fees, resulting in a **$17 million accrued liability** and **$29 million receivable** as of June 30, 2025[534](index=534&type=chunk)[536](index=536&type=chunk)[537](index=537&type=chunk) [ITEM 4. Mine Safety Disclosures](index=39&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures) Mine Safety Disclosures are not applicable to the Company - **Mine Safety Disclosures are not applicable to the Company**[158](index=158&type=chunk) [PART II](index=40&type=section&id=PART%20II) [ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=40&type=section&id=ITEM%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) News Corporation's common stock trades on Nasdaq and ASX, with dividends paid and ongoing stock repurchase programs, including a new $1 billion authorization - News Corporation's Class A and Class B Common Stock are listed on **The Nasdaq Global Select Market**, and CHESS Depositary Interests are on the **Australian Securities Exchange**[3](index=3&type=chunk)[160](index=160&type=chunk) - As of August 1, 2025, **376.4 million Class A** and **188.5 million Class B Common Stock shares** were outstanding[8](index=8&type=chunk) Dividends Paid Per Share (FY2023-FY2025) | Fiscal Year Ended June 30, | Cash Dividends Paid Per Share | | :------------------------- | :---------------------------- | | 2025 | $0.20 | | 2024 | $0.20 | | 2023 | $0.20 | Stock Repurchases (FY2023-FY2025) | Fiscal Year Ended June 30, | Class A Common Stock (Shares in millions) | Class A Common Stock (Amount in millions) | Class B Common Stock (Shares in millions) | Class B Common Stock (Amount in millions) | Total (Shares in millions) | Total (Amount in millions) | | :------------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | :------------------------- | :------------------------- | | 2025 | 3.5 | $97 | 1.8 | $53 | 5.3 | $150 | | 2024 | 3.4 | $79 | 1.6 | $38 | 5.0 | $117 | | 2023 | 9.5 | $159 | 4.7 | $81 | 14.2 | $240 | - As of June 30, 2025, **$310 million remained** under the 2021 Repurchase Program, with a **new $1 billion program authorized** on July 15, 2025[162](index=162&type=chunk)[164](index=164&type=chunk)[238](index=238&type=chunk)[239](index=239&type=chunk)[496](index=496&type=chunk)[498](index=498&type=chunk) [ITEM 6. [Reserved]](index=41&type=section&id=ITEM%206.%20%5BReserved%5D) This item is reserved and not applicable - **Item 6 is reserved and not applicable**[166](index=166&type=chunk) [ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=ITEM%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section analyzes News Corporation's financial condition and results for fiscal years 2025 and 2024, including segment performance, liquidity, and accounting policies - News Corporation is a global diversified media and information services company with **five segments**: Dow Jones, Digital Real Estate Services, Book Publishing, News Media, and Other[169](index=169&type=chunk)[173](index=173&type=chunk)[174](index=174&type=chunk) Consolidated Operating Results (FY2025 vs. FY2024) | Metric | FY2025 (in millions) | FY2024 (in millions) | Change (in millions) | % Change | | :------------------------------------------ | :------------------- | :------------------- | :------------------- | :------- | | Total Revenues | $8,452 | $8,252 | $200 | 2% | | Operating expenses | $(3,736) | $(3,814) | $78 | 2% | | Selling, general and administrative | $(3,301) | $(3,197) | $(104) | (3)% | | Depreciation and amortization | $(459) | $(440) | $(19) | (4)% | | Impairment and restructuring charges | $(132) | $(133) | $1 | 1% | | Equity losses of affiliates | $(15) | $(6) | $(9) | (150)% | | Interest income (expense), net | $3 | $(18) | $21 | ** | | Other, net | $111 | $(59) | $170 | ** | | Income before income tax expense from continuing operations | $923 | $585 | $338 | 58% | | Income tax expense from continuing operations | $(275) | $(206) | $(69) | (33)% | | Net income from continuing operations | $648 | $379 | $269 | 71% | | Net income (loss) from discontinued operations, net of tax | $692 | $(25) | $717 | ** | | Net income | $1,340 | $354 | $986 | 279% | | Net income attributable to News Corporation stockholders | $1,180 | $266 | $914 | 344% | - Net income from discontinued operations was **$692 million in fiscal 2025**, primarily due to the **sale of Foxtel**, compared to a net loss of **$(25) million in fiscal 2024**[211](index=211&type=chunk) Segment EBITDA (FY2025 vs. FY2024) | Segment | FY2025 (in millions) | FY2024 (in millions) | Change (in millions) | % Change | | :----------------------- | :------------------- | :------------------- | :------------------- | :------- | | Dow Jones | $588 | $542 | $46 | 8% | | Digital Real Estate Services | $601 | $508 | $93 | 18% | | Book Publishing | $296 | $269 | $27 | 10% | | News Media | $153 | $133 | $20 | 15% | | Other | $(223) | $(211) | $(12) | (6)% | | Total Segment EBITDA | $1,415 | $1,241 | $174 | 14% | - As of June 30, 2025, the Company had **$2.4 billion in cash and cash equivalents**; net cash from operating activities increased by **$81 million to $978 million** in fiscal 2025[235](index=235&type=chunk)[243](index=243&type=chunk) Free Cash Flow (FY2025 vs. FY2024) | Metric | FY2025 (in millions) | FY2024 (in millions) | | :------------------------------------------ | :------------------- | :------------------- | | Net cash provided by operating activities from continuing operations | $978 | $897 | | Less: Capital expenditures | $(407) | $(357) | | Free cash flow | $571 | $540 | Total Commitments and Contractual Obligations (June 30, 2025) | Category | Less than 1 year (in millions) | 1-3 years (in millions) | 3-5 years (in millions) | More than 5 years (in millions) | Total (in millions) | | :-------------------------------- | :----------------------------- | :---------------------- | :---------------------- | :------------------------------ | :------------------ | | Purchase obligations | $415 | $437 | $88 | $94 | $1,034 | | Operating leases | $117 | $208 | $146 | $860 | $1,331 | | Borrowings | $25 | $450 | $1,000 | $500 | $1,975 | | Interest payments on borrowings | $81 | $144 | $90 | $51 | $366 | | **Total commitments and contractual obligations** | **$638** | **$1,239** | **$1,324** | **$1,505** | **$4,706** | [Overview of the Company's Businesses](index=43&type=section&id=Overview%20of%20the%20Company%27s%20Businesses) [Results of Operations—Fiscal 2025 versus Fiscal 2024](index=48&type=section&id=Results%20of%20Operations%E2%80%94Fiscal%202025%20versus%20Fiscal%202024) [Liquidity and Capital Resources](index=55&type=section&id=Liquidity%20and%20Capital%20Resources) [Critical Accounting Policies and Estimates](index=60&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) [ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk](index=62&type=section&id=ITEM%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) News Corporation faces market risks from foreign currency, interest rates, and credit, managing interest rate risk with derivatives while not hedging currency translation risk - The Company is exposed to market risks from **foreign currency exchange rates, interest rates, and credit**, using derivative financial instruments like interest rate swaps to hedge interest rate risk[282](index=282&type=chunk)[283](index=283&type=chunk) - Operations are primarily in **U.S. dollars, Australian dollars, and British pound sterling**; foreign currency translation risk is not hedged due to local reinvestment[285](index=285&type=chunk)[286](index=286&type=chunk) Revenue and Expense by Principal Currency (FY2025) | Currency | Revenues | Operating and Selling, general and administrative expenses | | :--------------- | :------- | :------------------------------------------------------- | | U.S. Dollars | 50% | 52% | | Australian Dollars | 27% | 23% | | British Pound Sterling | 17% | 18% | - A **one-cent change** in USD/AUD exchange rate impacts revenues by **$35 million** and EBITDA by **$10 million**; for USD/GBP, the impact is **$11 million on revenues** and **$1 million on EBITDA**[287](index=287&type=chunk) Derivative Financial Instruments Sensitivity (June 30, 2025) | Instrument | Notional Value (in millions) | Fair Value (in millions) | Sensitivity from Adverse 10% Change in Interest Rates (in millions) | | :----------------------- | :--------------------------- | :----------------------- | :---------------------------------------------------------------- | | Interest rate derivatives | US$475 | US$12 | US$(1) | [ITEM 8. Financial Statements and Supplementary Data](index=65&type=section&id=ITEM%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents News Corporation's audited consolidated financial statements, including operations, balance sheets, and cash flows, with management's internal control report and auditor's opinions - Management affirmed **effective internal control over financial reporting** as of June 30, 2025, with **Ernst & Young LLP providing an unqualified opinion**[299](index=299&type=chunk)[303](index=303&type=chunk)[311](index=311&type=chunk) - **Goodwill valuation** was a critical audit matter due to significant judgment in estimating fair value, sensitive to assumptions like discount rates and revenue growth[317](index=317&type=chunk) Consolidated Statements of Operations (FY2023-FY2025) | Metric | FY2025 (in millions) | FY2024 (in millions) | FY2023 (in millions) | | :------------------------------------------ | :------------------- | :------------------- | :------------------- | | Total Revenues | $8,452 | $8,252 | $8,012 | | Operating expenses | $(3,736) | $(3,814) | $(3,911) | | Selling, general and administrative | $(3,301) | $(3,197) | $(3,012) | | Depreciation and amortization | $(459) | $(440) | $(415) | | Impairment and restructuring charges | $(132) | $(133) | $(121) | | Equity losses of affiliates | $(15) | $(6) | $(127) | | Interest income (expense), net | $3 | $(18) | $(49) | | Other, net | $111 | $(59) | $3 | | Income before income tax expense from continuing operations | $923 | $585 | $380 | | Income tax expense from continuing operations | $(275) | $(206) | $(152) | | Net income from continuing operations | $648 | $379 | $228 | | Net income (loss) from discontinued operations, net of tax | $692 | $(25) | $(41) | | Net income | $1,340 | $354 | $187 | | Net income attributable to News Corporation stockholders | $1,180 | $266 | $149 | Consolidated Balance Sheets (June 30, 2025 vs. 2024) | Asset/Liability | June 30, 2025 (in millions) | June 30, 2024 (in millions) | | :------------------------------------------ | :-------------------------- | :-------------------------- | | Cash and cash equivalents | $2,403 | $1,872 | | Total current assets | $4,811 | $4,372 | | Total assets | $15,504 | $16,684 | | Total current liabilities | $2,608 | $3,055 | | Total liabilities | $6,115 | $7,673 | | Total News Corporation stockholders' equity | $8,774 | $8,120 | | Total equity | $9,389 | $9,011 | Consolidated Statements of Cash Flows (FY2023-FY2025) | Cash Flow Activity | FY2025 (in millions) | FY2024 (in millions) | FY2023 (in millions) | | :------------------------------------------ | :------------------- | :------------------- | :------------------- | | Net cash provided by operating activities from continuing operations | $978 | $897 | $777 | | Net cash used in investing activities from continuing operations | $(406) | $(410) | $(423) | | Net cash used in financing activities from continuing operations | $(524) | $(483) | $(525) | | Net cash provided by discontinued operations | $370 | $129 | $187 | | Net change in cash and cash equivalents, including discontinued operations | $418 | $133 | $16 | | Cash and cash equivalents, end of year | $2,403 | $1,960 | $1,833 | - The Company completed the **sale of Foxtel** on April 2, 2025, resulting in a **$716 million pre-tax gain** and classifying Foxtel as discontinued operations[415](index=415&type=chunk) Disaggregated Revenues by Type and Segment (FY2025) | Revenue Type | Dow Jones (in millions) | Digital Real Estate Services (in millions) | Book Publishing (in millions) | News Media (in millions) | Other (in millions) | Total Revenues (in millions) | | :----------------------- | :---------------------- | :--------------------------------------- | :---------------------------- | :----------------------- | :------------------ | :--------------------------- | | Circulation and subscription | $1,884 | $7 | — | $1,118 | — | $3,009 | | Advertising | $396 | $151 | — | $820 | — | $1,367 | | Consumer | — | — | $2,047 | — | — | $2,047 | | Real estate | — | $1,410 | — | — | — | $1,410 | | Other | $51 | $234 | $102 | $232 | — | $619 | | **Total Revenues** | **$2,331** | **$1,802** | **$2,149** | **$2,170** | **—** | **$8,452** | - The Company recorded **$120 million in restructuring charges** in fiscal 2025, primarily for employee termination benefits[428](index=428&type=chunk)[429](index=429&type=chunk) Investments (June 30, 2025 vs. 2024) | Investment Type | June 30, 2025 (in millions) | June 30, 2024 (in millions) | | :----------------------- | :-------------------------- | :-------------------------- | | Equity method investments | $85 | $215 | | Equity and other securities | $931 | $214 | | **Total Investments** | **$1,016** | **$429** | - The Company's equity and other securities include a **6% equity interest in DAZN**, valued at **$648 million**, received from the sale of Foxtel[435](index=435&type=chunk) Goodwill by Segment (June 30, 2025) | Segment | Goodwill (in millions) | | :----------------------- | :------------------- | | Dow Jones | $2,239 | | Digital Real Estate Services | $1,575 | | Book Publishing | $424 | | News Media | $135 | | **Total Goodwill** | **$4,373** | Total Borrowings (June 30, 2025) | Category | Amount (in millions) | | :----------------------- | :------------------- | | News Corporation Borrowings | $1,962 | | REA Group Borrowings | — | | **Total Borrowings** | **$1,962** | - News Corporation had **$750 million of undrawn commitments** available under its Revolving Facility as of June 30, 2025[459](index=459&type=chunk) Net Income Attributable to News Corporation Stockholders Per Share (FY2025) | Metric | Basic EPS | Diluted EPS | | :----------------------- | :-------- | :---------- | | Continuing operations | $0.85 | $0.84 | | Discontinued operations | $1.23 | $1.23 | | **Total** | **$2.08** | **$2.07** | Income Before Income Tax Expense from Continuing Operations by Jurisdiction (FY2025) | Jurisdiction | Amount (in millions) | | :----------------------- | :------------------- | | U.S. | $213 | | Foreign | $710 | | **Total** | **$923** | Effective Tax Rate Reconciliation (FY2025) | Factor | % Impact | | :------------------------------------------ | :------- | | U.S. federal income tax rate | 21% | | State and local taxes, net | 2% | | Effect of foreign operations | 10% | | Non-deductible compensation and benefits | 1% | | R&D tax credits | (1)% | | Impact of dispositions | (3)% | | Other | — | | **Effective tax rate** | **30%** | - The **'One Big Beautiful Bill Act' (OBBBA)**, enacted July 4, 2025, made permanent key elements of the Tax Cuts and Jobs Act, including **100% bonus depreciation**[581](index=581&type=chunk) - The **OECD's proposed global minimum tax (Pillar 2) of 15%** is incorporated into many domestic laws, with the U.S. opposing certain aspects and G7 acknowledging exemptions for U.S. parented groups[582](index=582&type=chunk) [ITEM 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=114&type=section&id=ITEM%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) No changes in or disagreements with accountants on accounting and financial disclosure were reported - **No changes in or disagreements with accountants on accounting and financial disclosure were reported**[617](index=617&type=chunk) [ITEM 9A. Controls and Procedures](index=114&type=section&id=ITEM%209A.%20Controls%20and%20Procedures) Management, including the CEO and CFO, affirmed the effectiveness of disclosure controls and internal control over financial reporting as of June 30, 2025, with an unqualified audit opinion - The Company's **CEO and CFO concluded disclosure controls and procedures were effective** as of June 30, 2025[617](index=617&type=chunk) - Management determined News Corporation maintained **effective internal control over financial reporting** as of June 30, 2025, based on the COSO framework[299](index=299&type=chunk)[618](index=618&type=chunk) - **Ernst & Young LLP** issued an **unqualified opinion** on the effectiveness of the Company's internal control over financial reporting[300](index=300&type=chunk)[303](index=303&type=chunk)[618](index=618&type=chunk) - No material changes occurred in the Company's internal control over financial reporting during the fourth quarter of fiscal year 2025[619](index=619&type=chunk) [ITEM 9B. Other Information](index=127&type=section&id=ITEM%209B.%20Other%20Information) No other information was reported under this item - **No other information was reported under this item**[620](index=620&type=chunk) [ITEM 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections](index=127&type=section&id=ITEM%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20That%20Prevent%20Inspections) Disclosure regarding foreign jurisdictions that prevent inspections is not applicable - **Disclosure regarding foreign jurisdictions that prevent inspections is not applicable**[620](index=620&type=chunk) [PART III](index=128&type=section&id=PART%20III) [ITEM 10. Directors, Executive Officers and Corporate Governance](index=128&type=section&id=ITEM%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, corporate governance, and related policies is incorporated by reference from the 2025 Proxy Statement - Information on Directors, Executive Officers, Corporate Governance, Section 16(a) compliance, and related policies is incorporated by reference from the **2025 Proxy Statement**[622](index=622&type=chunk)[623](index=623&type=chunk)[624](index=624&type=chunk)[625](index=625&type=chunk)[626](index=626&type=chunk)[627](index=627&type=chunk) [ITEM 11. Executive Compensation](index=128&type=section&id=ITEM%2011.%20Executive%20Compensation) Details on executive and director compensation, including risk-related policies, are incorporated by reference from the 2025 Proxy Statement - Information on executive and director compensation, pay ratio, pay versus performance, and risk-related policies is incorporated by reference from the **Proxy Statement**[628](index=628&type=chunk)[629](index=629&type=chunk)[630](index=630&type=chunk) [ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=128&type=section&id=ITEM%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on equity compensation plan securities and beneficial ownership is incorporated by reference from the 2025 Proxy Statement - Information on securities authorized under equity compensation plans and beneficial ownership is incorporated by reference from the **Proxy Statement**[631](index=631&type=chunk)[632](index=632&type=chunk) [ITEM 13. Certain Relationships and Related Transactions, and Director Independence](index=129&type=section&id=ITEM%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related person transactions and director independence is incorporated by reference from the 2025 Proxy Statement - Information on transactions with related persons and director independence is incorporated by reference from the **Proxy Statement**[633](index=633&type=chunk)[634](index=634&type=chunk) [ITEM 14. Principal Accountant Fees and Services](index=129&type=section&id=ITEM%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information on principal accountant fees and Audit Committee pre-approval policies is incorporated by reference from the 2025 Proxy Statement - Information on principal accountant fees and services, including fees paid and Audit Committee pre-approval policies, is incorporated by reference from the **Proxy Statement**[635](index=635&type=chunk) [PART IV](index=130&type=section&id=PART%20IV) [ITEM 15. Exhibits and Financial Statement Schedules](index=130&type=section&id=ITEM%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all documents filed as part of the Annual Report, including consolidated financial statements, key agreements, corporate governance documents, and executive certifications - The report includes the Company's **Consolidated Financial Statements** and Reports of Independent Registered Public Accounting Firm[638](index=638&type=chunk) - Exhibits include key agreements such as the **Separation and Distribution Agreement**, **Tax Sharing and Indemnification Agreement**, and the **Credit Agreement**[638](index=638&type=chunk) - Corporate governance documents like the **Restated Certificate of Incorporation** and **Amended and Restated By-laws** are filed as exhibits[638](index=638&type=chunk) - Management contracts and compensatory plans, such as the **News Corporation 2013 Long-Term Incentive Plan**, are also listed[638](index=638&type=chunk)[639](index=639&type=chunk) - Certifications from the **Chief Executive Officer** and **Chief Financial Officer**, as required by the Securities Exchange Act, are included[639](index=639&type=chunk)[642](index=642&type=chunk) [ITEM 16. Form 10-K Summary](index=132&type=section&id=ITEM%2016.%20Form%2010-K%20Summary) No Form 10-K Summary is provided - **No Form 10-K Summary is provided**[641](index=641&type=chunk) [SIGNATURES](index=133&type=section&id=SIGNATURES) [SIGNATURES](index=133&type=section&id=SIGNATURES) The report is duly signed by News Corporation's Chief Financial Officer, Chief Executive Officer, and other Directors, affirming compliance with the Securities Exchange Act - The report is signed by **Lavanya Chandrashekar (CFO)**, **Robert J. Thomson (CEO and Director)**, **Marygrace DeGrazio (CAO)**, **Lachlan K. Murdoch (Chair)**, and other Directors[644](index=644&type=chunk) - Signatures confirm compliance with the requirements of **Section 13 or 15(d) of the Securities Exchange Act of 1934**[644](index=644&type=chunk)

Financial Data and Key Metrics Changes - For fiscal year 2025, revenues increased by 2% to nearly $8.5 billion, while total segment EBITDA improved by 14% to just over $1.4 billion, marking a record for the company on a continuing operations basis [6] - Net income from continuing operations rose by 71% to $648 million, with profit margins increasing by 170 basis points to 16.7% [6] - In the fourth quarter, revenues rose by 1% to $2.1 billion, profitability grew by 5% to $322 million, and net income from continuing operations increased by 28% to $86 million [6][25] Business Line Data and Key Metrics Changes - Dow Jones reported a strong year with revenue and EBITDA rising by 48% respectively, with fourth-quarter revenues increasing by 7% to $604 million [12][26] - Digital real estate revenues rose by 9% for the year, with segment EBITDA increasing by 18% [14] - Book publishing achieved a 3% revenue increase to $2.1 billion, with segment EBITDA expanding by 10% [17] Market Data and Key Metrics Changes - REA posted a 12% revenue growth for the year, with audience reach improving significantly [17] - Digital real estate segment revenues were up 4% year-over-year, while segment EBITDA increased by 13% [31] - The New York Post continued to expand its influence and profitability, with plans for expansion in California [21] Company Strategy and Development Direction - The company remains focused on driving value across three pillars: Dow Jones, digital real estate services, and book publishing [9] - The recent sale of Foxtel Group has streamlined the portfolio and bolstered cash position, allowing for strategic acquisitions [9] - The company emphasizes the importance of protecting intellectual property in the age of AI, advocating for the value of content creation [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's transformation towards high-margin content licensing and recurring digital revenues [23] - The outlook for Dow Jones remains positive, with expectations for continued margin expansion as the business shifts to B2B [38] - The company anticipates challenges in the housing market affecting digital real estate but remains optimistic about future growth [38] Other Important Information - The board authorized a new $1 billion stock repurchase program, in addition to approximately $300 million remaining from a previous program [7][24] - Free cash flow for fiscal 2025 was $571 million, up from $540 million in the prior year [7] Q&A Session Summary Question: Can you expand on the decision to accelerate the buyback? - Management indicated that the scale and pace of the buyback will increase, supported by improved free cash flow and the sale of Foxtel [43] Question: What is the strategy for Move and its growth adjacencies? - Management expressed positivity about realtor.com, highlighting revenue growth despite a sluggish property market and the focus on rentals, new homes, and seller segments [49] Question: What is the outlook for Dow Jones' revenue growth? - Management is optimistic about continued growth in both the professional information and consumer businesses, with a focus on risk and compliance [57] Question: Any updates on simplifying the company? - Management noted that the sale of Foxtel was a step towards simplification, and they are continuously evaluating the best use of capital [63] Question: What impact is AI having on the publishing business? - Management stated that they are not seeing negative trends from AI and are engaged in negotiations with several AI companies regarding IP rights [68]

Core Viewpoint - The ongoing conflict between News Corp and Donald Trump highlights the tension surrounding intellectual property rights in the age of AI, with CEO Robert Thomson criticizing Trump's support for AI technology while emphasizing the need to protect creators' rights [1][2][5]. Group 1: Company Position on AI and Intellectual Property - News Corp is actively pursuing legal action against AI firms, claiming that their technologies infringe on the company's intellectual property by utilizing content from its publications without permission [4][9]. - Thomson articulated the importance of safeguarding intellectual property, stating that the value of creativity and ingenuity must be preserved to maintain a competitive edge against countries like China [5][8]. - The company is adopting a "woo-and-sue" strategy towards AI firms, indicating a dual approach of collaboration and litigation to protect its content [9]. Group 2: Financial Implications and Industry Context - Thomson noted that companies are investing tens of billions in AI infrastructure, yet they must also allocate significant resources to secure content that is essential for their success [8]. - The potential for AI to cannibalize existing works, such as Trump's books, raises concerns about future sales and the overall health of the content ecosystem [6][7]. - The ongoing legal battles and the need for a healthy content ecosystem are critical for the sustainability of media companies like News Corp in the evolving digital landscape [9].