In December, U.S. median rents dropped (-0.4%) for the eighth month in a row and across all-sized homes SANTA CLARA, Calif., Jan. 25, 2024 /PRNewswire/ -- The U.S. rental market experienced a noticeable shift in momentum in 2023 and closed out the year with eight straight months of year-over-year price declines, according to the Realtor.com® December Rental Report released today. While rents are overall up from pre-pandemic levels, an uptick in supply from a building boom in recent years means 2023 didn't s ...

NEW YORK--(BUSINESS WIRE)--News Corp will release its second quarter Fiscal 2024 results on Wednesday, February 7, 2024. News Corp Chief Executive Robert Thomson and Chief Financial Officer Susan Panuccio will discuss the results via a live audio webcast at 5:00 p.m. EST (Sydney: Thursday, February 8, at 9:00 a.m. AEDT). To listen to the webcast, please register using the following link: https://newscorp-q2fy2024-earnings-call.open-exchange.net/ A live audio webcast of the call and the archived webcast wi ...

News Corp announced Thursday that veteran communications advisor Arthur Bochner will become chief communications officer and executive vice president, following the retirement later this year of longtime spokesperson Jim Kennedy.Bochner, who has spent the past decade at Disney, will join News Corp — parent of the New York Post, Wall Street Journal and Dow Jones — this month, working with Kennedy and his team during the transition. “Arthur has vast and valuable experience at the highest levels of business a ...

NEW YORK--(BUSINESS WIRE)--News Corp today announced that veteran communications advisor Arthur Bochner will become Chief Communications Officer and Executive Vice President, following the retirement later this year of Jim Kennedy, who joined the company in 2013. Mr. Bochner will begin at News Corp this month, working with Mr. Kennedy and his team during the transition. He spent nearly a decade at The Walt Disney Company, most recently overseeing strategic communications. He also served as Chief of Staff ...

Small and Mid-Size Towns Prove to Be the Hottest Options for Buyers Starting Their Home Ownership Journey SANTA CLARA, Calif., Jan. 11, 2024 /PRNewswire/ -- First-time homebuyers are optimistic when it comes to buying a home in 2024 with 61% indicating that now is a good time to buy, per a recent Realtor.com® survey. And, when it comes to investing in their first home, they may find the best luck in some unexpected places. In its most recent report, Realtor.com® unveiled the Best Markets for First-Time Home ...

In December the Number of Homes Actively for Sale Grew 4.4% Year-Over-Year Indicating a More Active Market and Higher Levels of Inventory for Prospective Buyers SANTA CLARA, Calif., Jan. 9, 2024  /PRNewswire/ -- For the first time since May 2023 home shoppers are seeing a larger number of unsold homes on the market, according to the Realtor.com® December Monthly Housing Trends Report, released today. Looking ahead, as mortgage rates have been on a downward trend since the beginning of November, Realtor.com ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________ FORM 10-Q _________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35769 ________________ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ________________________________ FORM 10-K ________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-35769 ________________________________ g741099g44h57.jpg NEWS CORPORATI ...

Financial Data and Key Metrics Changes - Total revenues for Q4 2023 were over $2.43 billion, down 9% year-over-year, primarily due to foreign exchange rates and the absence of a 53rd week in the previous year [28][67] - Adjusted earnings per share were a loss of $0.01 compared to income of $0.19 in the prior year, reflecting restructuring and impairment charges [68] - Total segment EBITDA was $341 million, up 8% year-over-year, with margins improving by over 2 percentage points to 14% [37] Business Line Data and Key Metrics Changes - Digital real estate services segment revenues were $369 million, down 17% year-over-year, impacted by macroeconomic pressures and foreign currency fluctuations [38] - Dow Jones revenues were $546 million, down 3%, with professional information business revenues rising 10% year-over-year [44][46] - Subscription video services reported revenues of $501 million, down 4% on a reported basis but up 3% on a constant currency basis [72] Market Data and Key Metrics Changes - In the U.S., the New York Post reported strong profits, with digital outpacing print ads [33] - REA revenues were $223 million, declining 11% on a reported basis, attributed to lower national listings and decreased financial services revenue [39] - The Australian housing market showed signs of improvement, with auction completion rates rising to over 70% in June [62] Company Strategy and Development Direction - The company is focused on digital transformation, with digital revenues now comprising over half of total revenues [66] - Strategic acquisitions, including OPIS and CMA, have strengthened the company’s revenue base and positioned it for long-term growth [17] - The company aims to capitalize on the energy transition through new products and pricing transparency in the OPIS segment [11] Management's Comments on Operating Environment and Future Outlook - Management noted that fiscal 2023 was the second most profitable year despite macroeconomic challenges, with optimism for future growth [15][9] - The company expects to generate strong cash flows and return a high percentage to shareholders through buybacks and dividends [55] - Management highlighted the importance of addressing AI challenges and ensuring fair compensation for content creators [6][24] Other Important Information - The company announced a 5% headcount reduction, expected to yield over $160 million in annual gross savings [9] - The Dow Jones segment was the highest contributor to profits across all of News Corp in fiscal 2023 [10] - The company is experiencing ongoing inflationary pressures related to wages and manufacturing costs, but is optimistic about moderating these impacts [57] Q&A Session Summary Question: What is the impact of cost initiatives in the quarter? - Management confirmed that cost savings significantly helped segments, particularly News Media, and expects full benefits to materialize in fiscal 2024 [87] Question: Can you provide insights on Generative AI and its implications? - Management acknowledged the importance of addressing AI's impact on news and emphasized the need for fair compensation for content creators [90] Question: What are the expectations for Foxtel's subscriber and revenue targets? - Management remains optimistic about achieving the 5 million subscribers and $3 billion revenue target, citing strong growth in streaming [114][115] Question: What is the outlook for book publishing margins and revenue performance? - Management expressed confidence in upcoming releases and expects significant margin improvement in the current fiscal year [131] Question: Can you discuss the growth drivers in Professional Information Services? - Management highlighted double-digit growth in Risk & Compliance and the successful integration of OPIS and CMA as key growth drivers [126]

[Financial Information (Part I)](index=3&type=section&id=Part%20I.%20Financial%20Information) [Financial Statements (Item 1)](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for News Corporation for the three and nine months ended March 31, 2023, and 2022, including Statements of Operations, Comprehensive Income, Balance Sheets, and Cash Flows, along with detailed notes covering accounting policies, segment information, acquisitions, and other financial details [Consolidated Statements of Operations](index=3&type=section&id=Consolidated%20Statements%20of%20Operations) For the third quarter of fiscal 2023, News Corp reported total revenues of $2.45 billion, a slight decrease from $2.49 billion in the prior year quarter, with net income attributable to stockholders at $50 million, down from $82 million year-over-year, while for the nine-month period, revenues decreased to $7.45 billion from $7.71 billion, and net income attributable to stockholders fell significantly to $157 million from $513 million Consolidated Statements of Operations (in millions, except per share amounts) | | For the three months ended March 31, | For the nine months ended March 31, | | :--- | :--- | :--- | :--- | :--- | | | **2023** | **2022** | **2023** | **2022** | | **Total Revenues** | $2,447 | $2,492 | $7,446 | $7,711 | | **Net income** | $59 | $104 | $219 | $633 | | **Net income attributable to News Corporation stockholders** | $50 | $82 | $157 | $513 | | **Diluted EPS** | $0.09 | $0.14 | $0.27 | $0.86 | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2023, News Corp's total assets were $17.03 billion, a slight decrease from $17.22 billion at June 30, 2022, with cash and cash equivalents decreasing to $1.66 billion from $1.82 billion, total borrowings increasing slightly to $2.99 billion, and total equity decreasing to $8.98 billion from $9.14 billion Consolidated Balance Sheet Highlights (in millions) | | **March 31, 2023 (unaudited)** | **June 30, 2022 (audited)** | | :--- | :--- | :--- | | **Cash and cash equivalents** | $1,659 | $1,822 | | **Total current assets** | $4,032 | $4,093 | | **Goodwill** | $5,136 | $5,169 | | **Total assets** | $17,034 | $17,221 | | **Total current liabilities** | $3,204 | $3,519 | | **Borrowings (non-current)** | $2,960 | $2,776 | | **Total liabilities** | $8,050 | $8,078 | | **Total equity** | $8,984 | $9,143 | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended March 31, 2023, net cash provided by operating activities was $670 million, a decrease from $1.03 billion in the prior year period, net cash used in investing activities was $440 million, significantly lower than the $1.55 billion used in the prior year, and net cash used in financing activities was $382 million, compared to net cash provided of $174 million in the prior year, reflecting higher share repurchases and debt repayments Consolidated Cash Flow Summary (in millions) | | **For the nine months ended March 31,** | | :--- | :--- | :--- | | | **2023** | **2022** | | **Net cash provided by operating activities** | $670 | $1,030 | | **Net cash used in investing activities** | ($440) | ($1,554) | | **Net cash (used in) provided by financing activities** | ($382) | $174 | | **Net change in cash and cash equivalents** | ($152) | ($350) | | **Cash and cash equivalents, end of period** | $1,659 | $1,865 | [Notes to Financial Statements](index=7&type=section&id=Notes%20to%20the%20Unaudited%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the financial statements, including revenue disaggregation by segment, recent acquisitions, restructuring charges, investments, borrowings, equity transactions, and legal contingencies, with key events including acquisitions in the Dow Jones and Digital Real Estate segments and ongoing restructuring efforts - The company acquired OPIS for **$1.15 billion** in February 2022 and Base Chemicals (CMA) for **$295 million** in June 2022, both of which are included in the Dow Jones segment[33](index=33&type=chunk)[36](index=36&type=chunk) - In fiscal 2023, the company recorded restructuring charges of **$65 million** for the nine months ended March 31, 2023, primarily for employee termination benefits related to headcount reductions announced in February 2023[39](index=39&type=chunk) - The company repurchased **$194 million** of its Class A and Class B stock in the nine months ended March 31, 2023, under its **$1 billion** repurchase program[52](index=52&type=chunk)[55](index=55&type=chunk) - The company has accrued approximately **$123 million** for liabilities related to the U.K. Newspaper Matters, with a corresponding receivable from FOX for indemnification[87](index=87&type=chunk) [Management's Discussion and Analysis (MD&A)](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, business developments, and liquidity, with key themes including revenue declines driven by foreign currency impacts and challenging market conditions in real estate and book publishing, offset by growth at Dow Jones from recent acquisitions, and the company is implementing cost-saving initiatives, including a 5% headcount reduction, to address macroeconomic challenges [Business Overview and Developments](index=28&type=section&id=Overview%20of%20the%20Company%27s%20Businesses) The company provides an overview of its six operating segments and discusses key business developments, including the acquisitions of OPIS and CMA to bolster the Dow Jones segment, and UpNest for the Digital Real Estate segment, noting the withdrawal of a proposal to combine with FOX Corporation and the termination of sale discussions for its subsidiary, Move, and in response to macroeconomic challenges, the company announced a 5% headcount reduction expected to generate over $160 million in annualized gross cost savings - In February 2022, the Company acquired OPIS for **$1.15 billion** in cash, and in June 2022, it acquired Base Chemicals (CMA) for **$295 million**, both part of the Dow Jones segment[123](index=123&type=chunk)[124](index=124&type=chunk) - In January 2023, a proposal from K. Rupert Murdoch to explore a potential combination with FOX Corporation was withdrawn, and the special committee formed to evaluate it was dissolved[126](index=126&type=chunk) - The company announced an expected **5% headcount reduction** (around **1,250 positions**) in calendar year 2023, anticipating annualized gross cost savings of at least **$160 million**[129](index=129&type=chunk)[130](index=130&type=chunk) [Consolidated Results of Operations](index=31&type=section&id=Results%20of%20Operations) For the third quarter of fiscal 2023, total revenues decreased 2% to $2.45 billion, and for the nine-month period, they decreased 3% to $7.45 billion, with the decline primarily driven by negative foreign currency fluctuations, which impacted revenues by $98 million in the quarter and $422 million for the nine months, and lower revenues in the Digital Real Estate, News Media, and Book Publishing segments were partially offset by growth at Dow Jones, fueled by acquisitions, while net income attributable to stockholders declined 39% in the quarter and 69% for the nine months Consolidated Results of Operations (in millions) | | For the three months ended March 31, | For the nine months ended March 31, | | :--- | :--- | :--- | :--- | :--- | | | **2023** | **2022** | **2023** | **2022** | | **Total Revenues** | $2,447 | $2,492 | $7,446 | $7,711 | | **Change** | ($45) | | ($265) | | | **% Change** | (2)% | | (3)% | | | **Net income attributable to News Corporation stockholders** | $50 | $82 | $157 | $513 | | **Change** | ($32) | | ($356) | | | **% Change** | (39)% | | (69)% | | - Foreign currency fluctuations negatively impacted revenues by **$98 million (4%)** for the third quarter and **$422 million (5%)** for the nine months ended March 31, 2023[134](index=134&type=chunk)[136](index=136&type=chunk) [Segment Analysis](index=34&type=section&id=Segment%20Analysis) Total Segment EBITDA for Q3 FY23 was $320 million, down from $358 million year-over-year, with the Digital Real Estate segment seeing a 26% decline in EBITDA due to a challenging housing market, Subscription Video Services EBITDA falling 14% on higher sports programming costs, Dow Jones being a bright spot with EBITDA up 24% driven by acquisitions, Book Publishing EBITDA dropping 9% due to higher costs, and News Media EBITDA decreasing 13% from lower revenues and higher newsprint and investment costs Segment EBITDA (in millions) | Segment | Q3 2023 | Q3 2022 | % Change | 9M 2023 | 9M 2022 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Digital Real Estate Services | $102 | $137 | (26)% | $349 | $453 | (23)% | | Subscription Video Services | $68 | $79 | (14)% | $269 | $279 | (4)% | | Dow Jones | $109 | $88 | 24% | $361 | $327 | 10% | | Book Publishing | $61 | $67 | (9)% | $151 | $259 | (42)% | | News Media | $34 | $39 | (13)% | $111 | $184 | (40)% | | **Total Segment EBITDA** | **$320** | **$358** | **(11)%** | **$1,079** | **$1,354** | **(20)%** | [Digital Real Estate Services](index=36&type=section&id=Digital%20Real%20Estate%20Services) Q3 revenues decreased 13% to $363 million, and Segment EBITDA fell 26% to $102 million, driven by challenging macroeconomic conditions affecting the U.S. housing market, leading to a 17% revenue drop at Move, while REA Group's revenues fell 10%, impacted by foreign currency fluctuations and lower Australian residential listings - Move's revenues decreased **17%** to **$141 million**, primarily due to a **30% decline** in lead volumes caused by higher interest rates and a market downturn[165](index=165&type=chunk) - REA Group's revenues decreased **10%** to **$222 million**, reflecting a **$13 million** negative impact from foreign currency, lower Australian residential listings, and reduced financial services revenue[165](index=165&type=chunk) [Subscription Video Services](index=37&type=section&id=Subscription%20Video%20Services) Q3 revenues decreased 3% to $477 million, primarily due to a $28 million negative impact from foreign currency, and Segment EBITDA declined 14% to $68 million, driven by higher sports programming rights costs, while streaming subscribers showed strong growth, with total paid subscribers reaching 4.59 million, up from 4.34 million in the prior year, led by Kayo and BINGE - Foxtel Group's total paid subscribers grew to **4.59 million** as of March 31, 2023, up from **4.34 million** a year prior[175](index=175&type=chunk) - Streaming revenues grew by **$26 million** in Q3, driven by increased volume and pricing at Kayo and BINGE, now representing **26%** of total circulation and subscription revenues, up from **20%** last year[170](index=170&type=chunk) [Dow Jones](index=38&type=section&id=Dow%20Jones) Dow Jones was a strong performer, with Q3 revenues increasing 9% to $529 million and Segment EBITDA growing 24% to $109 million, with growth fueled by the acquisitions of OPIS and CMA, which contributed to a 13% rise in circulation and subscription revenues, and total subscriptions for The Wall Street Journal grew 5% to 3.9 million - Q3 revenues increased **9%** year-over-year, driven by the acquisitions of OPIS and CMA, which contributed **$27 million** and **$19 million** in revenue, respectively[176](index=176&type=chunk) - Professional information business revenues grew **38%** in Q3, driven by acquisitions and a **$9 million** increase in Risk & Compliance revenues[179](index=179&type=chunk) - Total subscriptions for The Wall Street Journal grew **5%** to **3.89 million**, with digital-only subscriptions up **9%** to **3.30 million**[181](index=181&type=chunk) [Book Publishing](index=40&type=section&id=Book%20Publishing) Q3 revenues were flat at $515 million, as higher Christian Publishing sales were offset by negative foreign currency impacts, and Segment EBITDA decreased 9% to $61 million, primarily due to higher manufacturing, freight, and distribution costs from supply chain and inflationary pressures, while for the nine-month period, revenues fell 9% and Segment EBITDA dropped 42%, reflecting difficult market conditions and Amazon's inventory reset - For the nine months ended March 31, 2023, revenues decreased **9%** and Segment EBITDA decreased **42%**, impacted by lower sales, difficult frontlist comparisons, and Amazon's inventory rightsizing[190](index=190&type=chunk)[191](index=191&type=chunk) - Q3 Segment EBITDA declined **9%** due to ongoing supply chain, inventory, and inflationary pressures, which increased manufacturing, freight, and distribution costs[189](index=189&type=chunk) [News Media](index=41&type=section&id=News%20Media) Q3 revenues decreased 3% to $563 million, impacted by a $42 million negative effect from foreign currency, and Segment EBITDA fell 13% to $34 million, driven by lower revenues, a $14 million impact from higher newsprint prices, and $13 million in costs for TalkTV and other digital investments - Q3 revenue decline was primarily due to a **$42 million (7%)** negative impact from foreign currency fluctuations[193](index=193&type=chunk) - Segment EBITDA decreased by **$5 million** in Q3, pressured by higher newsprint costs (**$14 million** impact) and increased costs for digital investments like TalkTV (**$13 million**)[194](index=194&type=chunk)[195](index=195&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) As of March 31, 2023, the company held $1.7 billion in cash and cash equivalents, with net cash from operating activities for the nine-month period at $670 million, down from $1.03 billion year-over-year, and free cash flow available to News Corporation was $258 million, a significant decrease from $618 million in the prior year, while the company continued its stock repurchase program, buying back $194 million in shares during the nine-month period, and paid a semi-annual dividend of $0.10 per share - The company's cash and cash equivalents stood at **$1.7 billion** as of March 31, 2023[202](index=202&type=chunk) Reconciliation of Free Cash Flow Available to News Corporation (in millions) | | **For the nine months ended March 31,** | | :--- | :--- | :--- | | | **2023** | **2022** | | **Net cash provided by operating activities** | $670 | $1,030 | | Less: Capital expenditures | ($350) | ($315) | | **Free cash flow** | $320 | $715 | | Less: REA Group free cash flow | ($153) | ($184) | | Plus: Cash dividends received from REA Group | $91 | $87 | | **Free cash flow available to News Corporation** | **$258** | **$618** | - During the nine months ended March 31, 2023, the Company repurchased **$194 million** of its Class A and Class B Common Stock[206](index=206&type=chunk)[211](index=211&type=chunk) [Market Risk Disclosures (Item 3)](index=47&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that there has been no material change in its assessment of sensitivity to market risk since the disclosures made in its Annual Report on Form 10-K for the fiscal year ended June 30, 2022 - There has been no material change in the Company's assessment of its sensitivity to market risk since its presentation in the 2022 Form 10-K[232](index=232&type=chunk) [Controls and Procedures (Item 4)](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of March 31, 2023, with no material changes to the company's internal control over financial reporting during the quarter - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of the end of the reporting period[233](index=233&type=chunk) - No changes in internal control over financial reporting occurred during the third quarter of fiscal 2023 that materially affected, or are reasonably likely to materially affect, these controls[234](index=234&type=chunk) [Other Information (Part II)](index=48&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings (Item 1)](index=48&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 10 of the Consolidated Financial Statements for information on legal proceedings, with key matters including ongoing civil claims related to the U.K. Newspaper Matters and antitrust litigation involving HarperCollins - For details on legal proceedings, the report refers to Note 10—Commitments and Contingencies in the financial statements[237](index=237&type=chunk) [Risk Factors (Item 1A)](index=48&type=section&id=Item%201A.%20Risk%20Factors) The company states that there have been no material changes to the risk factors described in its Annual Report on Form 10-K for the fiscal year ended June 30, 2022 - There have been no material changes to the risk factors described in the 2022 Form 10-K[238](index=238&type=chunk) [Share Repurchases (Item 2)](index=48&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Under its $1 billion stock repurchase program, the company repurchased 0.8 million Class A shares and 0.4 million Class B shares during the third quarter of fiscal 2023 for a total of approximately $20 million, and as of April 2, 2023, approximately $623 million remained available for future repurchases under the program Share Repurchases for Q3 FY2023 | Period | Class A Shares Purchased (millions) | Class B Shares Purchased (millions) | Total Value (millions) | | :--- | :--- | :--- | :--- | | Jan 2 - Apr 2, 2023 | 0.8 | 0.4 | ~$20 | | **Remaining Authorization** | | | **$623** | [Other Information (Item 5)](index=48&type=section&id=Item%205.%20Other%20Information) The company entered into amended and restated employment agreements with CEO Robert Thomson and CFO Susan Panuccio, effective July 1, 2023, with Mr. Thomson's agreement extending his term to June 30, 2027, with no increase in target compensation for fiscal 2024, and Ms. Panuccio's agreement extending her term to June 30, 2026, with increases to her base salary and target bonus - CEO Robert Thomson's employment agreement was extended to June 30, 2027, with his FY2024 target compensation unchanged from FY2023[244](index=244&type=chunk)[245](index=245&type=chunk) - CFO Susan Panuccio's employment agreement was extended to June 30, 2026, with increases to her annual base salary (to **$1.7 million**), target bonus (to **$2.7 million**), and target equity bonus (to **$2.85 million**)[249](index=249&type=chunk)