Core Insights - The U.S. housing market is experiencing a recovery that is unevenly distributed across different regions, with the South and West showing significant rebounds while the Northeast and Midwest lag behind [1][2][3] Market Overview - The number of homes for sale in the U.S. exceeded 1 million for the first time since Winter 2019, indicating a growing inventory [1][5] - The median listing price in May 2025 was $440,000, reflecting a 2.0% increase from April 2025 and a 37.5% increase from May 2019 [2][5] - Active listings reached 1,036,101, an 8.0% increase month-over-month and a 31.5% increase year-over-year [2][5] Regional Performance - All 50 largest U.S. metros reported annual inventory gains in May 2025, but only 22 have returned to pre-pandemic inventory levels, all located in the South or West [3][7] - Cities like Denver, Austin, and Seattle have seen substantial inventory increases due to a post-2020 construction boom, with Denver showing a 100.0% increase compared to pre-pandemic levels [3][10] - Conversely, metros such as Hartford, Chicago, and Virginia Beach have seen significant declines in inventory, with Hartford down 77.7% [3][10] Buyer Dynamics - Increased inventory has provided buyers with more options, but affordability remains a significant barrier, with homes taking a median of 51 days to sell, which is six days longer than the previous year [5][6] - In May 2025, 19.1% of listings had price reductions, the highest share for any May since at least 2016, with notable reductions in markets like Phoenix and Tampa [6][11] Construction Trends - The analysis indicates a strong correlation between pandemic-era construction activity and current inventory levels, with markets that built more homes recovering faster [7][8] - A nationwide shortfall of nearly 4 million homes persists, particularly affecting supply-constrained regions in the Northeast and Midwest [8]

Core Insights - International demand for U.S. housing has increased, with 1.9% of online traffic from international home shoppers in Q1 2025, up from 1.7% in Q1 2024, despite a decline in Canadian demand from 40.7% to 34.7% [1][2] International Demand Trends - Canadian home shoppers remain the largest group of international traffic at 34.7%, followed by the UK (5.7%), Mexico (5.4%), Germany (3.8%), and Australia (3.2%) [2] - Miami is the most popular U.S. market for international shoppers, capturing 8.7% of international demand, followed by New York, Los Angeles, and Orlando [2] Canadian Buyer Preferences - Canadian buyers dominate international views in Naples, Florida (59.6%), Cape Coral (59.1%), Phoenix (57.5%), North Port (56.4%), and Riverside, California (52.2%) [3] Mexican Buyer Preferences - International traffic from Mexico decreased slightly from 5.8% to 5.4%, with top destinations being border cities like San Diego, San Antonio, Dallas, El Paso, and Houston [4][6] - Proximity, cultural connections, and established networks make U.S. border cities practical for Mexican buyers [5] Shift in Texas Markets - Texas markets, particularly Austin and San Antonio, have gained international interest, marking a shift as they entered the top 20 metros for the first time [7] - Dallas and Houston also saw notable gains in international traffic, with Dallas climbing three spots and Houston securing the sixth position [7][8] Top 20 Markets for International Home Shoppers - The top markets for international home shoppers in Q1 2025 include: - Miami-Fort Lauderdale-West Palm Beach, FL: 8.7% - New York-Newark-Jersey City, NY-NJ: 4.9% - Los Angeles-Long Beach-Anaheim, CA: 4.6% - Orlando-Kissimmee-Sanford, FL: 2.9% - Dallas-Fort Worth-Arlington, TX: 2.8% - Houston-Pasadena-The Woodlands, TX: 2.6% [9][10]

Core Insights - Realtor.com® has released its 2025 list of the Top Rental Markets for Recent College Graduates, with Austin, Texas ranked first due to its affordable living and job opportunities [1][3] - The rankings reflect a rental landscape influenced by decreasing rents and evolving job markets, focusing on cities that offer a balance of career prospects and lifestyle [1][4] Rental Market Overview - The top three rental markets are Austin, Texas; Raleigh, N.C.; and Overland Park, Kan., based on factors such as rent affordability, job availability, and social amenities [1][2] - Austin has the lowest rent-to-income ratio at 18.9%, indicating that graduates spend a smaller portion of their income on housing compared to the national average [3][4] Job Opportunities and Economic Growth - Cities like Raleigh (30.4%) and Austin (29.4%) have a high share of jobs requiring a bachelor's degree with no prior experience, indicating strong job availability for recent graduates [4][6] - The Indeed Job Index shows that markets like Richmond, Va., and Scottsdale, Ariz., have 26% more job opportunities compared to pre-pandemic levels, suggesting robust career growth potential [4][6] Rental Availability and Choices - Atlanta and Overland Park lead in rental availability with vacancy rates exceeding 9%, providing new renters with more options and bargaining power [5][6] - The increase in multifamily housing construction in these markets is expected to enhance inventory and reduce competition for rentals [5] Lifestyle and Community - The cities on the list not only offer affordable housing but also vibrant social scenes, networking opportunities, and reasonable commute times, enhancing the overall quality of life for graduates [7][6] - Overland Park has an average commute time of 22 minutes, while Minneapolis has a high share of recent grads at 6.3%, making it conducive for both career and social development [7][6]

Core Insights - A significant portion of U.S. homebuyers, 63.4%, anticipate a recession within the next year, the highest level of concern since 2019, yet nearly 30% believe a recession may increase their likelihood of purchasing a home, indicating a complex market dynamic [1][2][3] Buyer Sentiment - Economic anxiety is prevalent, with many buyers motivated by personal circumstances such as family growth or job changes, which may outweigh economic uncertainties [2][3] - 54.4% of buyers stated that a recession would not affect their home purchasing decisions, suggesting resilience in the housing market despite economic concerns [3][9] Market Conditions - The current housing market is characterized by limited inventory, with 44.3% of buyers citing a lack of suitable homes as a major concern, and total active inventory remaining 16.3% below historical norms [4][9] - Budget constraints are a significant issue for 36% of buyers, which could worsen if inflation rises or interest rates remain high [5] - The competitive nature of the market is easing, with only 7.7% of buyers concerned about overbidding, down from 10.4% the previous year, indicating a calmer market environment [6][9] Challenges in Financing - Credit-related challenges are becoming more pronounced, with 13.5% of buyers reporting poor credit scores as a barrier and 8.2% struggling with mortgage qualification [5]

Core Insights - National rents are becoming more affordable after pandemic-era spikes, with renters now spending 23.4% of their income on rent, down from 24.7% in April 2024 [1][3] - The median asking rent in April 2025 is $1,699, reflecting a slight increase of $5 from the previous month but remaining $60 below the peak in August 2022 [2][11] - The 30% rule indicates that most major U.S. metros are affordable for renters earning the typical household income, although rents are still approximately 20% above pre-pandemic levels [3][10] Rental Affordability Trends - Oklahoma City is the most affordable rental market, with median rent at $994, representing only 16.7% of the median household income [9][8] - Miami is the least affordable market, with median rent at $2,345, which is 1.3 times the estimated maximum affordable rent for median-income households [4][8] - Significant improvements in affordability have been noted in Southern markets like Miami and Tampa, as well as Western metros such as San Diego and Denver [3][8] Changes in Rent Burden - Five of the top 50 U.S. metros have a rent share exceeding 30% relative to median household income, indicating a slight improvement in affordability across these markets compared to last year [4][8] - The rent-to-income ratio has declined in major coastal and Southern California metros, signaling modest improvements in affordability [4][8] Market Dynamics - The national rental vacancy rate has increased to 7.1%, the highest since Q3 2018, creating a more favorable environment for renters [12] - An influx of new multifamily units is contributing to slower rental increases, easing pricing pressure [12][10] - April rents were $293 (20.8%) above pre-pandemic levels, but this increase is less than the 54% surge in the median price-per-square foot of for-sale homes over the same period [10][11]

Part I. Financial Information [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents News Corporation's unaudited Consolidated Financial Statements, including Statements of Operations, Balance Sheets, and Cash Flows, with the Foxtel Group classified as a discontinued operation Consolidated Statements of Operations Highlights (Unaudited, in millions, except per share amounts) | Metric | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | Change (%) | Nine Months Ended Mar 31, 2025 | Nine Months Ended Mar 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $2,009 | $1,994 | +0.8% | $6,343 | $6,160 | +3.0% | | **Net income from continuing operations** | $107 | $64 | +67.2% | $562 | $312 | +80.1% | | **Net income attributable to News Corporation stockholders** | $103 | $30 | +243.3% | $437 | $216 | +102.3% | | **Diluted EPS from continuing operations** | $0.14 | $0.07 | +100.0% | $0.75 | $0.39 | +92.3% | Consolidated Balance Sheet Highlights (Unaudited, in millions) | Account | March 31, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $2,095 | $1,872 | | Total current assets | $6,841 | $4,372 | | Goodwill | $4,285 | $4,336 | | Total assets | $16,580 | $16,684 | | Total current liabilities | $4,081 | $3,055 | | Total borrowings | $1,965 | $2,102 | | Total News Corporation stockholders' equity | $8,203 | $8,120 | Consolidated Statements of Cash Flows Highlights (Unaudited, in millions) | Cash Flow Activity | Nine Months Ended Mar 31, 2025 | Nine Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities from continuing operations | $789 | $721 | | Net cash used in investing activities from continuing operations | ($194) | ($296) | | Net cash used in financing activities from continuing operations | ($425) | ($322) | - The Foxtel Group's assets and liabilities are classified as held for sale, with results reported as discontinued operations following a definitive sale agreement to DAZN Group Limited that closed on April 2, 2025[24](index=24&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the financial performance for Q3 and 9M FY2025, highlighting revenue growth driven by Digital Real Estate, Book Publishing, and Dow Jones, alongside significant increases in net income from continuing operations [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Total revenues increased by **1% to $2.01 billion** in Q3 and **3% to $6.34 billion** for the nine months, driven by Digital Real Estate, Dow Jones, and Book Publishing, while net income from continuing operations significantly improved Consolidated Results of Operations (in millions) | Metric | Q3 FY25 | Q3 FY24 | % Change | 9M FY25 | 9M FY24 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $2,009 | $1,994 | 1% | $6,343 | $6,160 | 3% | | Net income from continuing operations | $107 | $64 | 67% | $562 | $312 | 80% | | Net income attributable to stockholders | $103 | $30 | 243% | $437 | $216 | 102% | - Quarterly revenue growth was driven by **Dow Jones** (higher circulation), **Digital Real Estate Services** (higher Australian residential revenues), and **Book Publishing** (acquisition impact), partially offset by lower advertising and circulation revenues at the News Media segment[121](index=121&type=chunk) - The nine-month increase in net income was significantly impacted by an **$87 million gain** from the sale of REA Group's interest in PropertyGuru[48](index=48&type=chunk)[107](index=107&type=chunk)[135](index=135&type=chunk) [Segment Analysis](index=33&type=section&id=Segment%20Analysis) Total Segment EBITDA increased **12% to $290 million** in Q3 and **17% to $1.09 billion** for the nine months, driven by strong performance across Dow Jones, Digital Real Estate Services, and Book Publishing, with News Media EBITDA also growing due to cost savings Segment EBITDA (in millions) | Segment | Q3 FY25 | Q3 FY24 | % Change | 9M FY25 | 9M FY24 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Dow Jones | $132 | $118 | 12% | $437 | $405 | 8% | | Digital Real Estate Services | $124 | $104 | 19% | $449 | $373 | 20% | | Book Publishing | $64 | $62 | 3% | $246 | $212 | 16% | | News Media | $33 | $27 | 22% | $125 | $101 | 24% | | Other | ($63) | ($52) | (21)% | ($164) | ($158) | (4)% | | **Total Segment EBITDA** | **$290** | **$259** | **12%** | **$1,093** | **$933** | **17%** | - Dow Jones' digital revenues reached **82% of total revenues** in Q3, with consumer digital-only subscriptions growing **9% to 5.5 million**[150](index=150&type=chunk)[155](index=155&type=chunk) - Digital Real Estate Services' growth was led by **REA Group**, with revenues increasing **6%** despite currency impacts, while Move revenues grew **2%** amid a challenging U.S. housing market[160](index=160&type=chunk) - News Media's revenue declined **8%** due to lower advertising and printing contracts, but Segment EBITDA grew **22%** due to significant cost savings[168](index=168&type=chunk)[169](index=169&type=chunk) [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$2.1 billion** in cash, improved free cash flow to **$539 million**, and continued its capital return program, repurchasing **$115 million** in stock with **$345 million** remaining authorized - The company's principal source of liquidity is internally generated funds and cash on hand, totaling **$2.1 billion** as of March 31, 2025[176](index=176&type=chunk) Free Cash Flow Reconciliation (in millions) | Metric | Nine Months Ended Mar 31, 2025 | Nine Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities from continuing operations | $789 | $721 | | Less: Capital expenditures | ($250) | ($246) | | **Free cash flow** | **$539** | **$475** | Stock Repurchases (in millions) | Period | Shares Repurchased | Amount Paid | | :--- | :--- | :--- | | Q3 FY25 | 1.2 | $37 | | 9M FY25 | 4.0 | $115 | - As of March 31, 2025, approximately **$345 million** remained authorized under the stock Repurchase Program[179](index=179&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) There has been no material change in the company's assessment of its sensitivity to market risk since the disclosures in its FY2024 Form 10-K - There has been no material change in the Company's assessment of its sensitivity to market risk since its presentation in the **2024 Form 10-K**[197](index=197&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - The Company's Chief Executive Officer and Chief Financial Officer concluded that disclosure controls and procedures were effective as of the end of the quarter[198](index=198&type=chunk) - There were no material changes to the Company's internal control over financial reporting during the third quarter of fiscal 2025[199](index=199&type=chunk) Part II. Other Information [Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) The company discloses legal matters including a settled antitrust class action against Dow Jones (OPIS), a dismissed case against HarperCollins, and ongoing U.K. Newspaper Matters with accrued liabilities and indemnification - Dow Jones (OPIS) entered a settlement in May 2025 to resolve class action antitrust complaints related to pipe pricing reports[79](index=79&type=chunk) - Antitrust complaints against HarperCollins and other publishers were dismissed with prejudice by the U.S. District Court[81](index=81&type=chunk) - For U.K. Newspaper Matters, the company accrued approximately **$27 million** for liabilities and recorded a corresponding indemnification receivable from FOX of approximately **$44 million** as of March 31, 2025[83](index=83&type=chunk)[84](index=84&type=chunk) [Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's FY2024 Form 10-K - There have been no material changes to the risk factors described in the **2024 Form 10-K**[202](index=202&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **1.2 million shares** for **$37 million** in Q3 FY2025 under its authorized program, with approximately **$345 million** remaining for future repurchases Share Repurchases for Q3 FY2025 | Month (2025) | Class A Shares (millions) | Class B Shares (millions) | Total Shares (millions) | Total Value (millions) | | :--- | :--- | :--- | :--- | :--- | | Jan | 0.2 | 0.1 | 0.3 | ~$11.2* | | Feb | 0.3 | 0.2 | 0.5 | ~$15.2* | | Mar | 0.3 | 0.1 | 0.4 | ~$11.3* | | **Total** | **0.8** | **0.4** | **1.2** | **~$37.7*** | *Calculated from data in the table. Total for the quarter is $37M per chunk 61.* - The stock repurchase program has no time limit, with approximately **$345 million** remaining authorized for purchases as of the end of the quarter[203](index=203&type=chunk)[204](index=204&type=chunk) [Defaults Upon Senior Securities](index=44&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section is not applicable - Not applicable[206](index=206&type=chunk) [Mine Safety Disclosures](index=44&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable - Not applicable[207](index=207&type=chunk) [Other Information](index=44&type=section&id=Item%205.%20Other%20Information) There is no other information to report for this period - None[208](index=208&type=chunk) [Exhibits](index=45&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL formatted financial data - The exhibits filed with this report include: - CEO Certification (Rule 13a-14) - CFO Certification (Rule 13a-14) - CEO/CFO Certification (Sarbanes-Oxley Section 906) - Inline XBRL formatted financial data[211](index=211&type=chunk)

Core Viewpoint - News Corp. reported strong financial results for the third quarter despite political turbulence and the impact of Donald Trump's tariffs, indicating resilience in its business model and potential for future growth [1][2][4]. Financial Performance - News Corp. revenues for the three months ended March 31 were $2.01 billion, a 1% increase from the same period a year earlier [4]. - Net income from continuing operations was $107 million, up 67% from a year earlier [4]. - Total segment EBITDA rose 12% to $290 million [4]. Segment Performance - Revenue at Dow Jones reached $575 million, up 6% from a year earlier, driven by higher circulation and subscription revenue [5]. - Digital-only subscriptions to The Wall Street Journal rose 5% to 3.91 million, representing 90% of subscriptions to the publication [5]. - The news media segment saw revenues decrease by 8% to $514 million due to lower advertising revenues [6]. - Digital real estate services revenue grew by 5% to $406 million, while book publishing revenue rose by 2% to $514 million [6]. Market Outlook - The company believes that the current political disruption is temporary and anticipates robust growth potential in the U.S. economy [3]. - Despite uncertainties related to tariffs, the impact on the company is expected to be "immaterial," although advertising may remain volatile [7]. AI and Intellectual Property - News Corp. has partnered with OpenAI and is actively addressing issues related to AI companies' use of copyrighted content [7][9]. - The company emphasizes the importance of protecting its intellectual property against unauthorized use by AI operators [9].

Financial Data and Key Metrics Changes - Net income from continuing operations increased by 67% to $107 million in the third quarter compared to the prior year, while revenues were $2 billion, up 1% year over year despite currency headwinds [6][24] - Total segment EBITDA rose 12%, with overall margin expanding from 13% to 14.4% [6][24] - Adjusted revenues increased by 2%, and adjusted total segment EBITDA grew by 15% [7][24] - Reported EPS from continuing operations doubled to $0.14, while adjusted EPS was $0.17 compared to $0.13 a year ago [7][24] Business Line Data and Key Metrics Changes - **Dow Jones**: Revenue grew by 6% to $575 million, with digital revenue accounting for 82% of total segment revenues [25][26] - **Digital Real Estate**: Revenues increased by 5% to $406 million, with segment EBITDA up 19% [28] - **Book Publishing**: Revenue rose by 2% to $514 million, with EBITDA increasing by 3% [33] - **News Media**: Revenue decreased by 8% to $514 million, but EBITDA grew by 22% due to cost-saving initiatives [34] Market Data and Key Metrics Changes - Dow Jones digital circulation revenue expanded by 14%, marking the fastest growth rate in almost three years, with total consumer subscriptions surpassing 6 million [11][25] - REA maintained a significant audience lead with nearly four times as many average monthly visits as Domain [14] - News Corp Australia's digital subscriptions reached 1.1 million, with news.com.au achieving 292 million page views per month [18] Company Strategy and Development Direction - The company is focusing on three core pillars for growth: Dow Jones, digital real estate, and book publishing, following the sale of Foxtel [7][22] - Continuous exploration of structural options to maximize shareholder returns is emphasized, with a commitment to quality journalism amid political challenges [9][62] - The company aims to enhance its digital offerings and capitalize on the growth of AI while protecting its intellectual property [10][19] Management's Comments on Operating Environment and Future Outlook - Management believes the current political turbulence is temporary and anticipates robust growth potential in the U.S. economy [5][6] - The company is monitoring economic trends closely and expects the direct impact of tariffs to be immaterial [22] - Future growth is expected to be driven by the professional information business and ongoing cost discipline [35][36] Other Important Information - The sale of Foxtel resulted in a significant reduction of debt on the balance sheet and provided cash for shareholder returns [7][8] - The company has been upgraded to investment grade by Moody's and S&P, enhancing its financial flexibility [8][53] Q&A Session Summary Question: Insights on Dow Jones business investment for the fourth quarter - Management indicated no significant increase in investment, focusing on both consumer and professional information business growth [40][41] Question: Impact of Factiva dispute on margins and future expectations - A smaller impact from the Factiva dispute is expected in the fourth quarter, with ongoing margin expansion anticipated as the professional information business grows [45][48] Question: Capital allocation strategy and potential M&A opportunities - The company is focused on its three core pillars for potential acquisitions and will not overpay for businesses, emphasizing shareholder value [52][53] Question: Simplification of the company structure - Management highlighted the Foxtel deal as an example of their willingness to make significant structural decisions to enhance shareholder value [61][62] Question: Progress on Dow Jones subscriber pricing strategy - The strategy to convert promotional pricing to higher-paying plans is proceeding well, with a 7% increase in total subscriptions driven by digital growth [65][66] Question: Churn impact from moving customers to non-promotional plans - Management is learning about price elasticity and aims to reduce churn while maximizing revenue through advanced AI tools [70]

Financial Data and Key Metrics Changes - Net income from continuing operations increased by 67% to $107 million in Q3 2025 compared to the prior year, while revenues were $2 billion, up 1% despite currency headwinds [6][24] - Total segment EBITDA rose 12%, with overall margin expanding from 13% to 14.4% [6][24] - Adjusted revenues increased by 2%, and adjusted total segment EBITDA grew by 15% [7][24] - Reported EPS from continuing operations doubled to $0.14, while adjusted EPS was $0.17 compared to $0.13 a year ago [7][24] Business Line Data and Key Metrics Changes - **Dow Jones**: Revenue grew by 6% to $575 million, with digital revenue accounting for 82% of total segment revenues [25][26] - **Digital Real Estate**: Revenues increased by 5% to $406 million, with segment EBITDA up 19% [28] - **Book Publishing**: Revenue rose by 2% to $514 million, with EBITDA increasing by 3% [33] - **News Media**: Revenue decreased by 8% to $514 million, but segment EBITDA grew by 22% [34] Market Data and Key Metrics Changes - Dow Jones digital circulation revenue expanded by 14%, with total consumer subscriptions surpassing 6 million [11][25] - REA maintained a significant audience lead, with nearly four times as many average monthly visits as Domain [14] - News Corp Australia's news.com.au achieved 292 million page views per month, making it the number one digital news brand [19] Company Strategy and Development Direction - The company is focusing on three core pillars of growth: Dow Jones, digital real estate, and book publishing, following the sale of Foxtel [7][22] - Continuous exploration of structural options to maximize shareholder returns is emphasized, with a commitment to quality journalism [9][62] - The company aims to enhance its digital offerings and capitalize on the growth of AI while protecting its intellectual property [10][9] Management's Comments on Operating Environment and Future Outlook - Management believes the current political turbulence is temporary and anticipates robust growth potential in the U.S. economy [5][6] - The company is monitoring economic trends closely and expects the direct impact of tariffs to be immaterial [22] - Future growth is expected to be driven by the professional information business and digital revenue streams [35][46] Other Important Information - The sale of Foxtel resulted in a significant reduction of debt on the balance sheet and provided cash for further investments [7][8] - The company has been upgraded to investment grade by Moody's and S&P, enhancing its financial flexibility [8][53] Q&A Session Summary Question: Insights on Dow Jones investment rate for Q4 - Management indicated no significant increase in investment, focusing on both consumer and professional information business growth [38][40] Question: Impact of Factiva dispute on Q4 - A smaller impact from the Factiva dispute is expected in Q4 compared to Q3, with ongoing improvements anticipated [44][46] Question: Capital allocation strategy and M&A opportunities - The company is focused on its three core pillars for potential acquisitions and will not overpay for businesses [51][52] Question: Simplification of the company structure - Management highlighted the Foxtel deal as an example of their willingness to make significant structural decisions for shareholder benefit [57][60] Question: Dow Jones subscriber pricing strategy - The strategy to convert promotional subscribers to higher-paying plans is proceeding well, with a 7% increase in total subscriptions [65][66] Question: Churn impact from pricing changes - Management is learning about price elasticity and aims to reduce churn while maximizing revenue through dynamic pricing strategies [70][71]

[Executive Summary & Financial Highlights](index=1&type=section&id=NEWS%20CORPORATION%20REPORTS%20THIRD%20QUARTER%20RESULTS%20FOR%20FISCAL%202025) [Fiscal 2025 Third Quarter Key Financial Highlights](index=1&type=section&id=FISCAL%202025%20THIRD%20QUARTER%20KEY%20FINANCIAL%20HIGHLIGHTS) News Corp reported strong Q3 FY2025 results with significant growth in profitability and strategic progress - **Strategic Transformation**: The company pursued digital growth, realigned assets, focused on cost discipline, and asserted intellectual property value[4](index=4&type=chunk) - **Foxtel Sale**: The sale was completed in April, strengthening the balance sheet and is expected to be **accretive to EPS**[6](index=6&type=chunk)[8](index=8&type=chunk) - **Dow Jones**: Achieved improved revenue and profit growth, including **double-digit growth** in digital circulation, Risk and Compliance, and Dow Jones Energy[7](index=7&type=chunk)[8](index=8&type=chunk) - **REA Group**: Revenues **increased 6%**, driven by strong Australian residential performance[8](index=8&type=chunk) - **Book Publishing**: Benefited from a strong backlist and higher downloadable audiobook sales[8](index=8&type=chunk) Q3 FY2025 Key Financial Highlights | Metric | Q3 FY2025 (Millions) | % Change YoY | | :--- | :--- | :--- | | Net income from continuing operations | $107 | 67% | | Total Segment EBITDA | $290 | 12% | | Total Revenues | $2,010 | 1% | | Reported EPS from continuing operations | $0.14 | 100% | | Adjusted EPS | $0.17 | 31% | [Third Quarter Results Overview](index=2&type=section&id=THIRD%20QUARTER%20RESULTS) [Consolidated Financial Performance](index=2&type=section&id=Consolidated%20Financial%20Performance) Consolidated revenues rose 1% to $2.01 billion, while net income from continuing operations surged 67% Consolidated Financial Performance (Q3 FY2025 vs Q3 FY2024) | Metric | Q3 FY2025 (Millions) | Q3 FY2024 (Millions) | % Change YoY | | :--- | :--- | :--- | :--- | | Total Revenues | $2,009 | $1,994 | 1% | | Adjusted Revenues | - | - | 2% | | Net income from continuing operations | $107 | $64 | 67% | | Total Segment EBITDA | $290 | $259 | 12% | | Adjusted Total Segment EBITDA | - | - | 15% | | Reported EPS from continuing operations | $0.14 | $0.07 | 100% | | Adjusted EPS | $0.17 | $0.13 | 31% | - Foreign currency fluctuations had a **negative impact of $32 million**, or 1%, on total revenues[9](index=9&type=chunk) [Segment Review](index=2&type=section&id=SEGMENT%20REVIEW) [Dow Jones](index=3&type=section&id=Dow%20Jones) Dow Jones revenues grew 6% to $575 million, driven by strong digital subscription and professional information growth Dow Jones Segment Performance (Q3 FY2025 vs Q3 FY2024) | Metric | Q3 FY2025 (Millions) | Q3 FY2024 (Millions) | % Change YoY | | :--- | :--- | :--- | :--- | | Revenues | $575 | $544 | 6% | | Segment EBITDA | $132 | $118 | 12% | | Risk & Compliance Revenues | $84 | - | 11% | | Dow Jones Energy Revenues | $69 | - | 10% | - Digital revenues at Dow Jones represented **82% of total revenues**, up from 81% in the prior year[15](index=15&type=chunk) - Digital circulation revenues accounted for **75% of circulation revenues**, compared to 70% in the prior year[16](index=16&type=chunk) Dow Jones Consumer Subscriptions (Q3 FY2025 vs Q3 FY2024) | Metric | Q3 FY2025 (Thousands) | Q3 FY2024 (Thousands) | % Change YoY | | :--- | :--- | :--- | :--- | | Total Consumer Digital-only subscriptions | 5,543 | 5,068 | 9% | | Total Consumer Total subscriptions | 6,103 | 5,723 | 7% | | WSJ Digital-only subscriptions | 3,913 | 3,715 | 5% | | WSJ Total subscriptions | 4,339 | 4,217 | 3% | | Barron's Group Digital-only subscriptions | 1,368 | 1,221 | 12% | | Barron's Group Total subscriptions | 1,485 | 1,355 | 10% | [Digital Real Estate Services](index=3&type=section&id=Digital%20Real%20Estate%20Services) Digital Real Estate Services revenues increased 5% to $406 million, with Segment EBITDA growing 19% Digital Real Estate Services Segment Performance (Q3 FY2025 vs Q3 FY2024) | Metric | Q3 FY2025 (Millions) | Q3 FY2024 (Millions) | % Change YoY | | :--- | :--- | :--- | :--- | | Revenues | $406 | $388 | 5% | | Segment EBITDA | $124 | $104 | 19% | | REA Group Revenues | $271 | $256 | 6% | | Move's Revenues | $135 | $132 | 2% | - Revenues were negatively impacted by **$14 million (3%)** from foreign currency fluctuations[20](index=20&type=chunk) - Australian national residential buy listing volumes were **flat** compared to the prior year[21](index=21&type=chunk) - Average monthly unique users of Realtor.com's web and mobile sites **decreased 8% to 66 million**[22](index=22&type=chunk) - Lead volume was **down 17%** year over year due to high mortgage rates and affordability issues, partially offset by higher revenue per lead[22](index=22&type=chunk) [Book Publishing](index=4&type=section&id=Book%20Publishing) Book Publishing revenues rose 2% to $514 million, supported by an acquisition and strong backlist sales Book Publishing Segment Performance (Q3 FY2025 vs Q3 FY2024) | Metric | Q3 FY2025 (Millions) | Q3 FY2024 (Millions) | % Change YoY | | :--- | :--- | :--- | :--- | | Revenues | $514 | $506 | 2% | | Segment EBITDA | $64 | $62 | 3% | - Revenues were driven by a recently closed German book publisher acquisition and higher Bible sales, partially offset by a **$5 million (1%) negative impact** from foreign currency fluctuations[23](index=23&type=chunk) - Digital sales **increased 3%** compared to the prior year, driven by 3% growth from audiobook sales, including the contribution from Spotify[24](index=24&type=chunk) - Digital sales represented **25% of Consumer revenues** for both the quarter and the prior year period[24](index=24&type=chunk) - Backlist sales represented approximately **65% of Consumer revenues** in the quarter compared to 63% in the prior year[24](index=24&type=chunk) [News Media](index=4&type=section&id=News%20Media) News Media revenues declined 8% to $514 million, but Segment EBITDA grew 22% due to cost savings News Media Segment Performance (Q3 FY2025 vs Q3 FY2024) | Metric | Q3 FY2025 (Millions) | Q3 FY2024 (Millions) | % Change YoY | | :--- | :--- | :--- | :--- | | Revenues | $514 | $556 | (8)% | | Circulation and subscription revenues | $276 | $286 | (3)% | | Advertising revenues | $186 | $205 | (9)% | | Segment EBITDA | $33 | $27 | 22% | - Revenues were negatively impacted by an **$11 million (2%)** foreign currency fluctuation[26](index=26&type=chunk) - Segment EBITDA increase was driven by **cost savings initiatives**, including lower Talk costs, and the combination of News UK's printing operations with those of DMG Media[29](index=29&type=chunk) - Digital revenues represented **39% of News Media segment revenues**, compared to 37% in the prior year[30](index=30&type=chunk) News Media Digital Subscribers and Users (March 31, 2025 vs Prior Year) | Property | March 31, 2025 (Thousands/Millions) | Prior Year (Thousands/Millions) | | :--- | :--- | :--- | | News Corp Australia Digital Subscribers | 1,148 (news mastheads: 981) | 1,113 (news mastheads: 966) | | The Times and Sunday Times Digital Subscribers | 629 | 582 | | The Sun Global Monthly Unique Users | 74 million | 126 million | | New York Post Digital Network Unique Users | 85 million | 125 million | [Cash Flow](index=5&type=section&id=CASH%20FLOW) [Free Cash Flow](index=5&type=section&id=Free%20cash%20flow) Free cash flow from continuing operations for the nine-month period improved to $539 million from $475 million Free Cash Flow Reconciliation (Nine Months Ended March 31) | Metric | 2025 (Millions) | 2024 (Millions) | | :--- | :--- | :--- | | Net cash provided by operating activities from continuing operations | $789 | $721 | | Less: Capital expenditures | $(250) | $(246) | | **Free cash flow** | **$539** | **$475** | - Free cash flow is a non-GAAP financial measure, defined as net cash provided by (used in) operating activities from continuing operations less capital expenditures, excluding cash flows from discontinued operations[32](index=32&type=chunk) [Other Strategic Items](index=6&type=section&id=OTHER%20ITEMS) [Foxtel Sale](index=6&type=section&id=Foxtel%20Sale) The company completed the sale of Foxtel to DAZN, receiving loan repayments and a minority equity stake - The sale of the Foxtel Group to DAZN Group Limited **closed on April 2, 2025**[36](index=36&type=chunk) - Amounts outstanding under Foxtel's shareholder loans with News Corp (**A$592 million**) were repaid in full in cash at closing[36](index=36&type=chunk) - News Corp received a **minority equity interest in DAZN of approximately 6%** and holds one seat on its Board of Directors[36](index=36&type=chunk) - Foxtel's assets, liabilities, results of operations, and cash flows have been **classified as discontinued operations** for all periods presented[37](index=37&type=chunk) - The Subscription Video Services segment ceased to be a reportable segment, and its residual results were **aggregated into the News Media segment**[37](index=37&type=chunk) [Non-GAAP Financial Measures](index=6&type=section&id=COMPARISON%20OF%20NON-GAAP%20TO%20U.S.%20GAAP%20INFORMATION) [Comparison of Non-GAAP to U.S. GAAP Information](index=6&type=section&id=Comparison%20of%20Non-GAAP%20to%20U.S.%20GAAP%20Information) The company uses non-GAAP measures to assess performance by excluding items like currency and acquisitions - Non-GAAP financial measures include Adjusted Revenues, Total Segment EBITDA, Adjusted Total Segment EBITDA, Adjusted Segment EBITDA, adjusted net income attributable to News Corporation stockholders, Adjusted EPS, constant currency revenues, and free cash flow[38](index=38&type=chunk) - These measures are used to assess underlying business performance and provide more meaningful comparisons by excluding certain items like foreign currency impact, acquisitions, divestitures, and specific legal charges[38](index=38&type=chunk) - Non-GAAP measures may not be comparable to similarly titled measures reported by other companies and should be considered in addition to, not as a substitute for, GAAP measures[38](index=38&type=chunk) [Additional Information](index=7&type=section&id=Conference%20call) [Conference Call & Forward-Looking Statements](index=7&type=section&id=Conference%20call) The report contains forward-looking statements subject to risks and uncertainties detailed in SEC filings - News Corporation's earnings conference call was held live at 5:00 p.m. EDT on **May 8, 2025**[40](index=40&type=chunk) - The document contains forward-looking statements regarding business trends, strategy, initiatives (including the Foxtel Group sale), cost savings, and litigation[41](index=41&type=chunk) - Actual results may differ materially from expectations due to risks, uncertainties, and other factors described in the Company's SEC filings[41](index=41&type=chunk) - The Company does not undertake any obligation to publicly update any forward-looking statements, except as required by law or regulation[41](index=41&type=chunk) [About News Corporation](index=7&type=section&id=About%20News%20Corporation) News Corp is a global media and information services company with operations in news, real estate, and publishing - News Corp is a **global, diversified media and information services company**[42](index=42&type=chunk) - The company focuses on creating and distributing authoritative and engaging content and other products and services[42](index=42&type=chunk) - Its businesses include information services and news, digital real estate services, and book publishing[42](index=42&type=chunk) - News Corp operates primarily in the **United States, Australia, and the United Kingdom**[42](index=42&type=chunk) [Consolidated Financial Statements](index=8&type=section&id=NEWS%20CORPORATION%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) [Consolidated Statements of Operations](index=8&type=section&id=Consolidated%20Statements%20of%20Operations) The company reported Q3 revenues of $2,009 million and net income from continuing operations of $107 million Consolidated Statements of Operations (Q3 FY2025 vs Q3 FY2024) | Metric | Q3 2025 (Millions) | Q3 2024 (Millions) | | :--- | :--- | :--- | | Total Revenues | $2,009 | $1,994 | | Income before income tax expense from continuing operations | $151 | $96 | | Net income from continuing operations | $107 | $64 | | Net income (loss) from discontinued operations, net of tax | $30 | $(22) | | Net income | $137 | $42 | | Net income attributable to News Corporation stockholders | $103 | $30 | | Diluted EPS - Continuing operations | $0.14 | $0.07 | | Diluted EPS - Discontinued operations | $0.04 | $(0.02) | | Diluted EPS - Total | $0.18 | $0.05 | [Consolidated Balance Sheets](index=9&type=section&id=Consolidated%20Balance%20Sheets) Total assets were $16,580 million as of March 31, 2025, with stockholders' equity increasing to $8,203 million Consolidated Balance Sheets (As of March 31, 2025 vs June 30, 2024) | Metric | March 31, 2025 (Millions) | June 30, 2024 (Millions) | | :--- | :--- | :--- | | Cash and cash equivalents | $2,095 | $1,872 | | Current assets held for sale | $2,364 | $340 | | Total current assets | $6,841 | $4,372 | | Total assets | $16,580 | $16,684 | | Current liabilities held for sale | $1,431 | $551 | | Total current liabilities | $4,081 | $3,055 | | Borrowings (Non-current) | $1,943 | $2,093 | | Total News Corporation stockholders' equity | $8,203 | $8,120 | | Total equity | $9,081 | $9,011 | [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities for the nine-month period increased to $789 million from $721 million Consolidated Statements of Cash Flows (Nine Months Ended March 31) | Metric | 2025 (Millions) | 2024 (Millions) | | :--- | :--- | :--- | | Net income | $564 | $283 | | Net cash provided by operating activities from continuing operations | $789 | $721 | | Net cash used in investing activities from continuing operations | $(194) | $(296) | | Net cash used in financing activities from continuing operations | $(425) | $(322) | | Net cash provided by discontinued operations | $53 | $18 | | Net change in cash, cash equivalents and restricted cash | $223 | $121 | | Cash and cash equivalents (end of period) | $2,095 | $1,927 | [Notes to Financial Statements](index=12&type=section&id=NOTE%201%20%E2%80%93%20TOTAL%20SEGMENT%20EBITDA) [NOTE 1 – TOTAL SEGMENT EBITDA](index=12&type=section&id=NOTE%201%20%E2%80%93%20TOTAL%20SEGMENT%20EBITDA) Total Segment EBITDA, a key performance metric, increased 12% to $290 million in the third quarter - Segment EBITDA is defined as revenues less operating expenses and selling, general and administrative expenses, excluding depreciation and amortization, impairment and restructuring charges, equity losses of affiliates, interest (expense) income, net, other, net, income tax (expense) benefit and net income (loss) from discontinued operations, net of tax[54](index=54&type=chunk) - Management uses Segment EBITDA as the primary measure to evaluate the operating performance of and allocate resources within the Company's businesses[54](index=54&type=chunk) Total Segment EBITDA Reconciliation (Q3 FY2025 vs Q3 FY2024) | Metric | Q3 2025 (Millions) | Q3 2024 (Millions) | Change (Millions) | % Change | | :--- | :--- | :--- | :--- | :--- | | Net income from continuing operations | $107 | $64 | $43 | 67% | | Add: Income tax expense | $44 | $32 | $12 | 38% | | Add: Other, net | $13 | $9 | $4 | 44% | | Add: Interest (income) expense, net | $(1) | $3 | $(4) | ** | | Add: Equity losses of affiliates | $0 | $2 | $(2) | (100)% | | Add: Impairment and restructuring charges | $13 | $35 | $(22) | (63)% | | Add: Depreciation and amortization | $114 | $114 | $0 | 0% | | **Total Segment EBITDA** | **$290** | **$259** | **$31** | **12%** | Total Segment EBITDA Reconciliation (Nine Months Ended March 31) | Metric | 2025 (Millions) | 2024 (Millions) | Change (Millions) | % Change | | :--- | :--- | :--- | :--- | :--- | | Net income from continuing operations | $562 | $312 | $250 | 80% | | Add: Income tax expense | $229 | $163 | $66 | 40% | | Add: Other, net | $(101) | $26 | $(127) | ** | | Add: Interest expense, net | $2 | $18 | $(16) | (89)% | | Add: Equity losses of affiliates | $11 | $5 | $6 | 120% | | Add: Impairment and restructuring charges | $51 | $84 | $(33) | (39)% | | Add: Depreciation and amortization | $339 | $325 | $14 | 4% | | **Total Segment EBITDA** | **$1,093** | **$933** | **$160** | **17%** | [NOTE 2 – ADJUSTED REVENUES, ADJUSTED TOTAL SEGMENT EBITDA AND ADJUSTED SEGMENT EBITDA](index=14&type=section&id=NOTE%202%20%E2%80%93%20ADJUSTED%20REVENUES%2C%20ADJUSTED%20TOTAL%20SEGMENT%20EBITDA%20AND%20ADJUSTED%20SEGMENT%20EBITDA) Adjusted measures show core business growth, with Adjusted Total Revenues up 2% and Adjusted Total Segment EBITDA up 15% - Adjusted Revenues, Adjusted Total Segment EBITDA, and Adjusted Segment EBITDA exclude the impact of acquisitions, divestitures, U.K. Newspaper Matters, litigation charges, and foreign currency fluctuations[58](index=58&type=chunk) - These measures are used to evaluate the performance of core business operations exclusive of certain items that impact comparability[58](index=58&type=chunk) Adjusted Total Revenues Reconciliation (Q3 FY2025 vs Q3 FY2024) | Metric | Q3 2025 (Millions) | Q3 2024 (Millions) | Difference (Millions) | | :--- | :--- | :--- | :--- | | As reported | $2,009 | $1,994 | $15 | | Impact of acquisitions | $(13) | $0 | $(13) | | Impact of foreign currency fluctuations | $32 | $0 | $32 | | Net impact of U.K. Newspaper Matters | $0 | $0 | $0 | | **As adjusted** | **$2,028** | **$1,994** | **$34** | Adjusted Total Segment EBITDA Reconciliation (Q3 FY2025 vs Q3 FY2024) | Metric | Q3 2025 (Millions) | Q3 2024 (Millions) | Difference (Millions) | | :--- | :--- | :--- | :--- | | As reported | $290 | $259 | $31 | | Impact of acquisitions | $1 | $0 | $1 | | Impact of foreign currency fluctuations | $6 | $0 | $6 | | Net impact of U.K. Newspaper Matters | $4 | $2 | $2 | | **As adjusted** | **$301** | **$261** | **$40** | [Foreign Exchange Rates](index=15&type=section&id=Foreign%20Exchange%20Rates) Average Foreign Exchange Rates (Q3 FY2025 vs Q3 FY2024) | Currency | Q3 FY2025 | Q3 FY2024 | | :--- | :--- | :--- | | U.S. Dollar per Australian Dollar | $0.63 | $0.66 | | U.S. Dollar per British Pound Sterling | $1.26 | $1.27 | [Adjusted Revenues and Adjusted Segment EBITDA by Segment](index=16&type=section&id=Adjusted%20Revenues%20and%20Adjusted%20Segment%20EBITDA%20by%20segment) Adjusted Revenues by Segment (Q3 FY2025 vs Q3 FY2024) | Segment | Q3 FY2025 (Millions) | Q3 FY2024 (Millions) | % Change YoY | | :--- | :--- | :--- | :--- | | Dow Jones | $577 | $544 | 6% | | Digital Real Estate Services | $419 | $388 | 8% | | Book Publishing | $507 | $506 | 0% | | News Media | $525 | $556 | (6)% | | **Adjusted Total Revenues** | **$2,028** | **$1,994** | **2%** | Adjusted Segment EBITDA by Segment (Q3 FY2025 vs Q3 FY2024) | Segment | Q3 FY2025 (Millions) | Q3 FY2024 (Millions) | % Change YoY | | :--- | :--- | :--- | :--- | | Dow Jones | $133 | $118 | 13% | | Digital Real Estate Services | $130 | $104 | 25% | | Book Publishing | $64 | $62 | 3% | | News Media | $33 | $27 | 22% | | **Adjusted Total Segment EBITDA** | **$301** | **$261** | **15%** | [NOTE 3 – ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO NEWS CORPORATION STOCKHOLDERS AND ADJUSTED EPS](index=19&type=section&id=NOTE%203%20%E2%80%93%20ADJUSTED%20NET%20INCOME%20(LOSS)%20ATTRIBUTABLE%20TO%20NEWS%20CORPORATION%20STOCKHOLDERS%20AND%20ADJUSTED%20EPS) Adjusted EPS for Q3 FY2025 was $0.17, up from $0.13, excluding certain non-operational items - Adjusted net income and adjusted EPS exclude expenses related to U.K. Newspaper Matters, litigation charges, impairment and restructuring charges, and "Other, net", net of tax, as well as the settlement of certain pre-Separation tax matters[67](index=67&type=chunk) - These measures are used to evaluate the performance of operations exclusive of certain items that impact comparability and certain non-operational items[67](index=67&type=chunk) Adjusted EPS Reconciliation (Q3 FY2025 vs Q3 FY2024) | Metric | Q3 2025 (EPS) | Q3 2024 (EPS) | | :--- | :--- | :--- | | Net income attributable to News Corporation stockholders from continuing operations | $0.14 | $0.07 | | U.K. Newspaper Matters | $0.01 | $0.00 | | Impairment and restructuring charges | $0.02 | $0.06 | | Other, net | $0.02 | $0.02 | | Tax impact on items above | $(0.02) | $(0.02) | | Impact of noncontrolling interest on items above | $0.00 | $0.00 | | **As adjusted** | **$0.17** | **$0.13** | Adjusted EPS Reconciliation (Nine Months Ended March 31) | Metric | 2025 (EPS) | 2024 (EPS) | | :--- | :--- | :--- | | Net income attributable to News Corporation stockholders from continuing operations | $0.75 | $0.39 | | U.K. Newspaper Matters | $0.02 | $0.01 | | Impairment and restructuring charges | $0.09 | $0.15 | | Other, net | $(0.18) | $0.05 | | Tax impact on items above | $(0.03) | $(0.05) | | Impact of noncontrolling interest on items above | $0.06 | $0.00 | | **As adjusted** | **$0.71** | **$0.55** | [NOTE 4 – CONSTANT CURRENCY REVENUES](index=21&type=section&id=NOTE%204%20%E2%80%93%20CONSTANT%20CURRENCY%20REVENUES) On a constant currency basis, total revenues increased 2%, highlighting a negative foreign exchange impact - Constant currency revenues exclude the impact of foreign currency fluctuations to provide useful information regarding the performance of core business operations[71](index=71&type=chunk) Consolidated Constant Currency Revenues (Q3 FY2025 vs Q3 FY2024) | Metric | Q3 FY2024 (Millions) | Q3 FY2025 (Millions) | FX impact (Millions) | Q3 FY2025 Constant Currency (Millions) | % Change - Reported | % Change - Constant Currency | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total revenues | $1,994 | $2,009 | $(32) | $2,041 | 1% | 2% | Dow Jones Constant Currency Revenues (Q3 FY2025 vs Q3 FY2024) | Metric | Q3 FY2024 (Millions) | Q3 FY2025 (Millions) | FX impact (Millions) | Q3 FY2025 Constant Currency (Millions) | % Change - Reported | % Change - Constant Currency | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Dow Jones segment revenues | $544 | $575 | $(2) | $577 | 6% | 6% | Digital Real Estate Services Constant Currency Revenues (Q3 FY2025 vs Q3 FY2024) | Metric | Q3 FY2024 (Millions) | Q3 FY2025 (Millions) | FX impact (Millions) | Q3 FY2025 Constant Currency (Millions) | % Change - Reported | % Change - Constant Currency | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Digital Real Estate Services segment revenues | $388 | $406 | $(14) | $420 | 5% | 8% | Book Publishing Constant Currency Revenues (Q3 FY2025 vs Q3 FY2024) | Metric | Q3 FY2024 (Millions) | Q3 FY2025 (Millions) | FX impact (Millions) | Q3 FY2025 Constant Currency (Millions) | % Change - Reported | % Change - Constant Currency | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Book Publishing segment revenues | $506 | $514 | $(5) | $519 | 2% | 3% | News Media Constant Currency Revenues (Q3 FY2025 vs Q3 FY2024) | Metric | Q3 FY2024 (Millions) | Q3 FY2025 (Millions) | FX impact (Millions) | Q3 FY2025 Constant Currency (Millions) | % Change - Reported | % Change - Constant Currency | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total News Media segment revenues | $556 | $514 | $(11) | $525 | (8)% | (6)% |