Robert Thomson, CEO of Rupert Murdoch's News Corp., which was sued last month by Donald Trump, found a crafty way to bring Trump back into the conversation Tuesday. The feisty and puckish exec, whose signature communiqués often include alliteration and high-flown language, cited Trump in the company's fiscal fourth quarter earnings report. Trump's suit was prompted by an enterprise report in News Corp's Wall Street Journal exploring ties between the president and convicted pedophile Jeffrey Epstein. Thomson ...

[Overall Financial Performance](index=1&type=section&id=Overall%20Financial%20Performance) News Corporation achieved strong FY2025 results with revenues up 2% to $8.45 billion, net income up 71% to $648 million, and a new $1 billion stock repurchase program Fiscal Year Financial Performance | Financial Metric | Fiscal Year 2025 | Fiscal Year 2024 | % Change | | :--- | :--- | :--- | :--- | | **Revenues** | $8.45 billion | $8.25 billion | 2% | | **Net Income (Continuing Ops)** | $648 million | $379 million | 71% | | **Total Segment EBITDA** | $1.42 billion | $1.24 billion | 14% | | **Diluted EPS (Continuing Ops)** | $0.84 | $0.47 | 79% | | **Adjusted Diluted EPS** | $0.89 | $0.74 | 20% | Fourth Quarter Financial Performance | Financial Metric | Q4 Fiscal 2025 | Q4 Fiscal 2024 | % Change | | :--- | :--- | :--- | :--- | | **Revenues** | $2.11 billion | $2.09 billion | 1% | | **Net Income (Continuing Ops)** | $86 million | $67 million | 28% | | **Total Segment EBITDA** | $322 million | $308 million | 5% | | **EPS (Continuing Ops)** | $0.09 | $0.08 | 12.5% | | **Adjusted EPS** | $0.19 | $0.20 | -5% | - The Board of Directors authorized a new **$1 billion stock repurchase program**, in addition to approximately **$300 million** remaining from the previous program, with an intent to accelerate repurchases[5](index=5&type=chunk)[7](index=7&type=chunk) - Chief Executive Robert Thomson emphasized protecting intellectual property in the age of AI, noting "The Art of the Deal has become The Art of the Steal" regarding AI engines consuming copyrighted content without compensation[6](index=6&type=chunk)[7](index=7&type=chunk) [Segment Performance Review](index=3&type=section&id=Segment%20Performance%20Review) FY2025 growth was led by Digital Real Estate Services, Dow Jones, and Book Publishing, while News Media improved EBITDA through cost savings Fiscal Year Segment Performance | Segment | FY 2025 Revenue | FY 2025 vs FY 2024 | FY 2025 Segment EBITDA | FY 2025 vs FY 2024 | | :--- | :--- | :--- | :--- | :--- | | Dow Jones | $2,331 M | 4% | $588 M | 8% | | Digital Real Estate Services | $1,802 M | 9% | $601 M | 18% | | Book Publishing | $2,149 M | 3% | $296 M | 10% | | News Media | $2,170 M | (4)% | $153 M | 15% | Fourth Quarter Segment Performance | Segment | Q4 2025 Revenue | Q4 2025 vs Q4 2024 | Q4 2025 Segment EBITDA | Q4 2025 vs Q4 2024 | | :--- | :--- | :--- | :--- | :--- | | Dow Jones | $604 M | 7% | $151 M | 10% | | Digital Real Estate Services | $466 M | 4% | $152 M | 13% | | Book Publishing | $494 M | (4)% | $50 M | (12)% | | News Media | $545 M | (4)% | $28 M | (13)% | [Dow Jones](index=3&type=section&id=Dow%20Jones) Dow Jones achieved record FY2025 revenues of $2.33 billion, up 4%, with Segment EBITDA up 8%, driven by professional information and digital subscriptions - Full-year revenue growth was driven by a **7% increase** in the professional information business, led by **15% growth** in Risk & Compliance and **11% growth** in Dow Jones Energy[25](index=25&type=chunk) Dow Jones Consumer Subscriptions | Dow Jones Consumer Subscriptions | Q4 2025 (thousands) | Q4 2024 (thousands) | % Change | | :--- | :--- | :--- | :--- | | **The Wall Street Journal** | | | | | Digital-only subscriptions | 4,126 | 3,788 | 9% | | Total subscriptions | 4,538 | 4,256 | 7% | | **Total Consumer** | | | | | Digital-only subscriptions | 5,719 | 5,226 | 9% | | Total subscriptions | 6,261 | 5,842 | 7% | - Digital revenues represented **82% of total Dow Jones revenues** for the full fiscal year, up from **80%** in the prior year[24](index=24&type=chunk) [Digital Real Estate Services](index=4&type=section&id=Digital%20Real%20Estate%20Services) Digital Real Estate Services saw FY2025 revenue increase 9% to $1.8 billion and Segment EBITDA rise 18% to $601 million, led by REA Group - REA Group's full-year revenues increased **12% to $1.25 billion**, driven by Australian residential price increases, increased depth penetration, and **1% growth** in national listings[33](index=33&type=chunk) - Move's (operator of Realtor.com) full-year revenues increased **1% to $552 million**, as growth in seller, new homes, and rentals was largely offset by the impact of higher interest rates on lead and transaction volumes[34](index=34&type=chunk) - In Q4, average monthly unique users of Realtor.com's web and mobile sites decreased **3% year-over-year to 72 million**, and lead volume was down **13%**[31](index=31&type=chunk) [Book Publishing](index=5&type=section&id=Book%20Publishing) Book Publishing's FY2025 revenue grew 3% to $2.15 billion and Segment EBITDA increased 10% to $296 million, driven by digital sales, despite a Q4 decline - Full-year digital sales increased **5%** compared to the prior year, driven by higher audiobook sales, which included contributions from Spotify[39](index=39&type=chunk) - Backlist sales remained strong, representing approximately **64% of Consumer revenues** for the full year, up from **61%** in the prior year[39](index=39&type=chunk) - Q4 revenues decreased **4%** due to a strong prior year comparison, softer consumer spending, and fewer notable frontlist titles[35](index=35&type=chunk) [News Media](index=6&type=section&id=News%20Media) News Media's FY2025 revenue declined 4% to $2.17 billion, but Segment EBITDA increased 15% to $153 million due to cost savings - Full-year Segment EBITDA increased **15%** due to cost savings initiatives, including lower costs at TalkTV and the combination of News UK's printing operations with DMG Media[49](index=49&type=chunk) - Full-year advertising revenues decreased **5%**, primarily due to lower print advertising at News Corp Australia and lower digital advertising at News UK, impacted by algorithm changes at certain platforms affecting traffic to The Sun[48](index=48&type=chunk) Digital Subscribers/Users | Digital Subscribers/Users | As of June 30, 2025 | Prior Year Comparison | | :--- | :--- | :--- | | News Corp Australia (Closing digital subs) | 1,166,000 | 1,117,000 | | The Times and Sunday Times (Closing digital subs) | 640,000 | 594,000 | | The Sun (Global monthly unique users) | 87 million | 112 million | | New York Post (Digital network unique users) | 90 million | 117 million | [Cash Flow](index=7&type=section&id=Cash%20Flow) FY2025 net cash from operating activities increased to $978 million, and free cash flow rose to $571 million, driven by higher Segment EBITDA Cash Flow Metrics (in millions) | Cash Flow Metric (in millions) | Fiscal Year 2025 | Fiscal Year 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $978 | $897 | | Less: Capital expenditures | ($407) | ($357) | | **Free cash flow** | **$571** | **$540** | - The **$81 million** year-over-year increase in net cash from operating activities was primarily due to higher Total Segment EBITDA and lower restructuring and interest payments, partially offset by higher working capital and tax payments[50](index=50&type=chunk) [Shareholder Returns](index=1&type=section&id=Shareholder%20Returns) News Corp committed to shareholder returns with a $0.10 semi-annual dividend and a new $1 billion stock repurchase program - A new **$1 billion stock repurchase program** was authorized in July, in addition to the approximately **$300 million** remaining from the previous program[5](index=5&type=chunk)[7](index=7&type=chunk) - The company declared a semi-annual cash dividend of **$0.10 per share** for both Class A and Class B Common Stock, payable on October 8, 2025[55](index=55&type=chunk) [Consolidated Financial Statements](index=10&type=section&id=Consolidated%20Financial%20Statements) This section presents News Corporation's unaudited consolidated financial statements, including Statements of Operations, Balance Sheets, and Cash Flows [Consolidated Statements of Operations](index=10&type=section&id=Consolidated%20Statements%20of%20Operations) This statement details the company's revenues, expenses, and net income for FY2025 and Q4, showing $648 million net income from continuing operations Income Statement (FY 2025, in millions) | Income Statement (FY 2025, in millions) | Amount | | :--- | :--- | | Total Revenues | $8,452 | | Income before income tax expense | $923 | | Net income from continuing operations | $648 | | Net income attributable to News Corporation stockholders | $1,180 | [Consolidated Balance Sheets](index=11&type=section&id=Consolidated%20Balance%20Sheets) This statement presents the company's financial position as of June 30, 2025, with total assets of $15.5 billion and total equity of $9.4 billion Balance Sheet (As of June 30, 2025, in millions) | Balance Sheet (As of June 30, 2025, in millions) | Amount | | :--- | :--- | | Cash and cash equivalents | $2,403 | | Total current assets | $4,811 | | Total assets | $15,504 | | Total current liabilities | $2,608 | | Total liabilities | $6,115 | | Total equity | $9,389 | [Consolidated Statements of Cash Flows](index=13&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This statement details cash flows from operating, investing, and financing activities for FY2025, showing $978 million from operations and $2.4 billion cash balance Cash Flow Statement (FY 2025, in millions) | Cash Flow Statement (FY 2025, in millions) | Amount | | :--- | :--- | | Net cash provided by operating activities from continuing operations | $978 | | Net cash used in investing activities from continuing operations | ($406) | | Net cash used in financing activities from continuing operations | ($524) | | Net change in cash and cash equivalents | $418 | [Notes on Non-GAAP Financial Measures](index=14&type=section&id=Notes%20on%20Non-GAAP%20Financial%20Measures) This section defines and reconciles non-GAAP financial measures like Total Segment EBITDA, Adjusted Revenues, and Adjusted EPS for clearer performance assessment - The company uses non-GAAP measures like Adjusted Revenues, Total Segment EBITDA, and Adjusted EPS to provide a clearer view of core business performance, excluding impacts from acquisitions, divestitures, foreign currency fluctuations, and certain legal matters[56](index=56&type=chunk)[76](index=76&type=chunk) [Note 1 – Total Segment EBITDA](index=14&type=section&id=Note%201%20%E2%80%93%20Total%20Segment%20EBITDA) This note defines Total Segment EBITDA and reconciles it to net income from continuing operations, showing FY2025 EBITDA of $1.415 billion - Total Segment EBITDA is reconciled from Net income from continuing operations by adding back items including Income tax expense, Other net, Interest, Equity losses, Impairment and restructuring charges, and Depreciation and amortization[73](index=73&type=chunk)[74](index=74&type=chunk) [Note 2 – Adjusted Revenues, Adjusted Total Segment EBITDA and Adjusted Segment EBITDA](index=16&type=section&id=Note%202%20%E2%80%93%20Adjusted%20Revenues%2C%20Adjusted%20Total%20Segment%20EBITDA%20and%20Adjusted%20Segment%20EBITDA) This note details adjusted metrics, excluding acquisitions, divestitures, legal matters, and FX, showing FY2025 adjusted Total Segment EBITDA of $1.435 billion Reconciliation (FY 2025, in millions) | Reconciliation (FY 2025, in millions) | Revenues | Total Segment EBITDA | | :--- | :--- | :--- | | As reported | $8,452 | $1,415 | | Adjustments (Acquisitions, Divestitures, FX, etc.) | ($39) | $20 | | As adjusted | $8,413 | $1,435 | [Note 3 – Adjusted Net Income and Adjusted EPS](index=21&type=section&id=Note%203%20%E2%80%93%20Adjusted%20Net%20Income%20and%20Adjusted%20EPS) This note reconciles reported net income and EPS to adjusted figures, with FY2025 diluted EPS adjusted from $0.84 to $0.89 EPS Reconciliation (FY 2025) | EPS Reconciliation (FY 2025) | Amount | | :--- | :--- | | Reported Diluted EPS from continuing operations | $0.84 | | Adjustments (U.K. Newspaper Matters, Impairment, etc.) | $0.05 | | **Adjusted Diluted EPS** | **$0.89** | [Note 4 – Constant Currency Revenues](index=23&type=section&id=Note%204%20%E2%80%93%20Constant%20Currency%20Revenues) This note reconciles reported revenues to constant currency, showing minimal FX impact for FY2025 with total revenues growing 2% on a constant currency basis - On a constant currency basis, total revenues for fiscal year 2025 grew by **2%**, the same as the reported growth rate, indicating a minimal overall impact from foreign exchange fluctuations for the full year[94](index=94&type=chunk)

33 of the top 50 metros experienced year-over-year price declines AUSTIN, Texas, July 31, 2025 /PRNewswire/ -- The national market is cooling overall, but the pace and severity of the slowdown varies widely across regions, according to the latest Realtor.com® July Housing Trends Report. The South and West are shifting decisively in favor of buyers, with rising inventory, deeper price cuts, and longer time on market. In contrast, conditions in the Northeast and Midwest remain much tighter. Nationally, active ...

New report reveals how even the city's "affordable" boroughs are pushing renters to the brink, yet closing the affordability gap could take decades AUSTIN, Texas, July 29, 2025 /PRNewswire/ -- A new analysis from Realtor.com® paints a startling picture of New York City's rental market. The median asking rent in NYC accounted for 55% of a typical household income in the second quarter of 2025, almost 10% above the national median in the for-sale market, which sits at 44.5% and more than double the recent sha ...

Core Insights - The financial gap between renting and buying is narrowing in many U.S. metropolitan areas, indicating a shift in the affordability landscape [2][3] - The median asking rent for 0-2 bedroom units has decreased by 2.1% year-over-year to $1,711, while rents remain elevated compared to pre-pandemic levels [1][2] - Despite the decline in rents, renting is still more affordable than buying in 49 out of 50 major metros, with Austin, Texas, showing the largest disparity [3][5] Rental Market Overview - The U.S. median rent in June 2025 was only $48 (2.7%) below its peak in August 2022, but still $268 (18.6%) higher than June 2019 levels [1] - Across the 50 largest metros, median asking rents have decreased by $36 (2.1%) from the previous year, with all unit sizes experiencing declines [2] - The average monthly savings for renters is now $908, down from $956 a year ago, suggesting that buying costs are approaching rental costs [3] Top Markets Analysis - Austin, Texas, has the highest monthly savings for renters, where buying costs 114.7% more than renting, while other major markets like Los Angeles and San Francisco also show significant differences [4][5] - San Jose, California, has seen a reduction in monthly savings for renters, indicating a diminishing advantage over buying [5][7] - Markets like Birmingham, Alabama, and Memphis, Tennessee, are showing increasing advantages for renting, highlighting rapid changes in local market dynamics [8][9] Local Market Trends - Pittsburgh is the only major metro where buying a starter home is cheaper than renting, but this trend may change as the market evolves [5] - The rental savings in San Jose have decreased by $349 over the past year, reflecting a shift in the rental landscape [5][7] - Other metros, such as Milwaukee and Oklahoma City, are also experiencing increasing advantages for renting, with significant year-over-year changes [8][9]

Core Insights - The real estate market is experiencing a stand-off between buyers and sellers, with active inventory increasing while delistings are also on the rise, indicating sellers' impatience with the market conditions [1][2][7] Market Dynamics - Active inventory rose 28.1% year-over-year, reaching a post-pandemic high, while delistings increased by 47% year-over-year in May, suggesting a growing trend of sellers withdrawing listings [1][7] - The ratio of delistings to new listings reached 13% in spring 2025, indicating that for every 100 new listings, approximately 13 homes were pulled from the market [9] Pricing Trends - The national median listing price remained stable at $440,950, reflecting a slight increase of 0.1% from the previous year, despite a significant number of price reductions [6][5] - In June, 20.7% of listings experienced price reductions, marking the highest share for any June since at least 2016 [5] Regional Insights - Inventory growth was observed across all four major U.S. regions, with the West seeing a 38% increase and the South nearly 30% [4] - Las Vegas and Washington, D.C. led the top 50 metros in active inventory gains, with increases of 77.6% and 63.6% year-over-year, respectively [4] Seller Behavior - Many sellers are holding out for peak prices, leading to a cautious approach in adjusting expectations, as they prefer to withdraw listings rather than lower prices [2][11] - The market has shifted from urgency to a more balanced dynamic, with both buyers and sellers recalibrating their strategies [11]

Core Insights - The U.S. housing market is experiencing a significant recovery in active inventory, with 22 of the 50 largest metros showing more listings than pre-pandemic levels, led by Denver, Austin, and Seattle [1][2] Inventory Growth - Denver has seen a 100% increase in available homes compared to pre-pandemic averages, followed by Austin at 69% and Seattle at 60.9% [1][4] - Other notable metros include Dallas-Fort Worth (+55.5%), San Antonio (+58.3%), and San Francisco (+53.5%) [4] Market Dynamics - The increase in inventory is attributed to a combination of affordability concerns slowing buyer demand and a rise in new housing construction over the past six years [2][5] - Longer selling times in many Western and Southern metros are contributing to the accumulation of active inventory, indicating a cooling demand [6] Buyer Market Conditions - Although the U.S. housing market is not officially in a buyer's market, conditions are shifting favorably for buyers, with more options and increased willingness from sellers to negotiate [7] - The current supply stands at 4.6 months, still below the 6-month threshold typically defining a buyer's market, but the landscape is evolving towards a more balanced market [7] Regional Variations - The recovery in inventory is not uniform across all metros, with some markets normalizing rapidly while others remain constrained by low supply [2][5] - The nationwide shortage of nearly 4 million homes continues to impact local market conditions, making regional trends critical for buyers and sellers [7]

Core Insights - The affordability of housing in major U.S. metros is severely constrained, with the typical household needing to spend 44.6% of their income to afford a median-priced home as of May 2025, significantly above the recommended 30% threshold [1][8] - Only three major metropolitan areas—Pittsburgh, Detroit, and St. Louis—allow median-income earners to purchase a median-priced home without exceeding 30% of their income [3][4] - High mortgage rates and home prices are the primary factors contributing to the lack of affordability in most large metros, with the average mortgage rate at 6.82% as of May 2025 [3][7] Affordability Analysis - In Pittsburgh, the median listing price is $249,900, requiring 27.4% of household income; in Detroit, it's $270,000 (29.8%); and in St. Louis, $299,900 (30.0%) [4][6] - Conversely, in Los Angeles, the median home price is $1,195,000, necessitating over 104% of the area's median income, indicating extreme unaffordability [5][6] - Other high-cost metros include San Diego, San Jose, New York, and Boston, all with affordability ratios exceeding 60% [5][6] Market Dynamics - Demand for affordable homes is increasing, particularly in the Midwest, where some markets still offer pathways to homeownership for median-income households [2][5] - The coastal markets, particularly in California, are experiencing a significant affordability crisis, with a high percentage of renters compared to homeowners [5][6] - The overall national median home price is $440,000, with a monthly payment of $2,930, reflecting the broader affordability challenges across the country [8] Potential Solutions - To improve housing affordability, strategies could include raising incomes or lowering housing costs through reduced mortgage rates or home prices [7] - Increasing the supply of affordable homes is critical, as many markets face a growing home supply gap, which has kept prices high [7]

Robert Thomson, a close confidante of Rupert and Lachlan Murdoch for decades, has been re-upped as CEO of News Corp. for another five years, through June 2030. Among Thomson's accomplishments as CEO, he has recently shepherded the company to its four most profitable years. He also steered the sale of Foxtel to DAZN last April and forged pacts with a number of tech platforms, notably OpenAI. The exec has overseen the media company, whose portfolio spans print, digital and book publishing, since 2013. Among t ...

AUSTIN, Texas, June 17, 2025 /PRNewswire/ -- While U.S. rents generally remain higher than pre-pandemic levels, their growth over the past six years has lagged behind both overall inflation and home prices, according to the Realtor.com® May Rent Report. As of May 2025, the median rent was $1,705, up 19.6% compared to the same time in 2019—below the 25.6% rise in consumer prices. With market-based rents continuing to cool, Americans can expect further relief in shelter inflation in the months ahead. Falling ...