Core Insights - The article highlights the significant wealth accumulation of new immigrants in the United States, with the top ten billionaires born overseas amassing a total wealth of approximately $867 billion, comparable to Switzerland's GDP [1][2]. Group 1: Individual Billionaires - Elon Musk has a net worth of $393.1 billion and is the founder of Tesla and SpaceX, originally from South Africa [3][6]. - Sergey Brin, co-founder of Google, has a net worth of $139.7 billion and was born in Russia [9][11]. - Jensen Huang, co-founder of Nvidia, has a net worth of $137.9 billion and hails from Taiwan [12][16]. - Thomas Peterffy, founder of Interactive Brokers, has a net worth of $67.9 billion and was born in Hungary [13][15]. - Miriam Adelson and family, owners of the Las Vegas Sands casino empire, have a net worth of $33.4 billion and were born in Israel [16][19]. - Rupert Murdoch and family, owners of a global media empire, have a net worth of $24 billion and were born in Australia [20][22]. - Peter Thiel, co-founder of PayPal, has a net worth of $21.8 billion and was born in Germany [23][25]. - Jay Chaudhry, founder of cloud security company Zscaler, has a net worth of $17.9 billion and was born in India [27][29]. - Jan Koum, co-founder of WhatsApp, has a net worth of $16.9 billion and was born in Ukraine [30][32]. - Kingston Technology co-founder Dov Ziv has a net worth of $14.1 billion and was born in China [33][35].

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

Core Insights - News Corporation (NWSA) reported fourth-quarter fiscal 2025 earnings of 19 cents per share, matching the Zacks Consensus Estimate, with a 5% decrease from the previous year [1] - Revenues reached $2.11 billion, a 1% year-over-year increase, surpassing the consensus estimate by 0.26%, driven by growth in Digital Real Estate Services and Dow Jones segments [1][9] Financial Performance - Adjusted revenues were flat year over year, while total EBITDA increased by 6% to $329 million [3] - The company ended the fiscal fourth quarter with cash and cash equivalents of $2.4 billion, borrowings of $1.94 billion, and stockholder equity of $8.77 billion [21] Segment Performance Digital Real Estate Services - Revenues increased by 4% year over year to $466 million, with REA Group contributing significantly [4] - Move revenues rose by 3% to $148 million, driven by strong growth in sellers, new homes, and rentals [5] - Average monthly unique users of Realtor.com fell by 3% year over year to 72 million, with lead volume decreasing by 13% [5] Dow Jones - Revenues grew by 7% year over year to $604 million, supported by higher circulation and subscription revenues [7] - Digital revenues accounted for 83% of total revenues, up from 81% in the previous year [7] - Total average subscriptions to Dow Jones' consumer products increased by 7% to 6.3 million [12] Book Publishing - Revenues in the Book Publishing segment declined by 4% year over year to $494 million, attributed to softer consumer spending [14] - Digital sales decreased by 3%, with audiobook sales down by 7% [15] News Media - Revenues fell by 4% year over year to $545 million, impacted by lower advertising revenues [16] - Digital revenues represented 38% of the News Media segment's revenues, up from 37% in the prior year [18] Advertising Revenue - Advertising revenues increased by 2% year over year, with print advertising up by 3% and digital advertising up by 1% [11] - Digital advertising contributed 65% of total ad revenues, slightly down from 66% in the previous year [11]

[PART I](index=4&type=section&id=PART%20I) This section provides an overview of News Corporation's global media and information services businesses, including its segments, operations, and key resources [ITEM 1. BUSINESS](index=4&type=section&id=ITEM%201.%20BUSINESS) News Corporation is a global diversified media and information services company operating five segments, focusing on content creation and distribution across digital and traditional platforms - News Corporation is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services to consumers and businesses worldwide[14](index=14&type=chunk) - The Company's operations are organized into five reportable segments: Dow Jones, Digital Real Estate Services, Book Publishing, News Media, and Other[15](index=15&type=chunk) - The Company's diversified revenue base includes recurring subscriptions, circulation sales, advertising sales, sales of real estate listing products, licensing fees, and other consumer product sales[15](index=15&type=chunk) Fiscal Year Ended June 30, 2025 Segment Revenues and EBITDA | Segment | Revenues (in millions) | EBITDA (in millions) | | :----------------------- | :--------------------- | :------------------- | | Dow Jones | $2,331 | $588 | | Digital Real Estate Services | $1,802 | $601 | | Book Publishing | $2,149 | $296 | | News Media | $2,170 | $153 | | Other | — | $(223) | [Overview](index=4&type=section&id=OVERVIEW) News Corporation is a global media and information services company operating five segments, emphasizing quality content, product innovation, and AI monetization - News Corporation is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services to consumers and businesses throughout the world[14](index=14&type=chunk) - The Company's operations are organized into five reportable segments: Dow Jones, Digital Real Estate Services, Book Publishing, News Media, and Other[15](index=15&type=chunk) - The Company's focus on quality and product innovation has enabled it to capitalize on the shift to digital consumption and create opportunities for more effective monetization, including new licensing and partnership arrangements with large technology companies and AI-focused platforms[14](index=14&type=chunk) [Dow Jones](index=5&type=section&id=Dow%20Jones) The Dow Jones segment delivers global news and business information to consumers and enterprises, diversifying revenue across subscriptions, advertising, and licensing, while facing intense AI-driven competition - The Dow Jones segment is a global provider of news and business information, distributing content and data through various owned and off-platform media channels[21](index=21&type=chunk) - Products target individual consumers (The Wall Street Journal, Barron's, MarketWatch, Investor's Business Daily) and enterprise customers (Dow Jones Risk & Compliance, Dow Jones Energy, Factiva, Dow Jones Newswires)[21](index=21&type=chunk)[22](index=22&type=chunk)[32](index=32&type=chunk) Average Daily Consumer Subscriptions (Three Months Ended June 30, 2025) | (in 000's) | Digital-only subscriptions | Print subscriptions | Total subscriptions | | :----------------------- | :------------------------- | :------------------ | :------------------ | | The Wall Street Journal | 4,126 | 412 | 4,538 | | Barron's Group | 1,319 | 113 | 1,432 | | Total Consumer | 5,719 | 542 | 6,261 | - The Dow Jones segment faces increasing competition for both circulation and advertising revenue from alternative news and information sources, programmatic advertising buying channels, and AI aggregators and other emerging technology platforms[35](index=35&type=chunk) [Digital Real Estate Services](index=8&type=section&id=Digital%20Real%20Estate%20Services) This segment includes REA Group and Move (Realtor.com®), specializing in property advertising and data services, generating revenue from listings and subscriptions in competitive digital markets - The Digital Real Estate Services segment consists of a **61.4% interest in REA Group** (Australia, India) and an **80% interest in Move** (U.S.), which primarily operates Realtor.com®[37](index=37&type=chunk)[41](index=41&type=chunk)[43](index=43&type=chunk) - REA Group's realestate.com.au had **132.2 million average monthly visits** and **12.1 million unique visitors** for the year ended June 30, 2025, significantly outperforming its nearest competitor[39](index=39&type=chunk) - Realtor.com® and its mobile sites had approximately **72 million average monthly unique users** during the quarter ended June 30, 2025[43](index=43&type=chunk) - Revenue is primarily generated through property advertising listing products, monthly advertising subscriptions from real estate agents and developers, lead generation products, referral-based services, and commissions from lenders[40](index=40&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) [Book Publishing](index=9&type=section&id=Book%20Publishing) HarperCollins, the world's second-largest consumer book publisher, operates globally, publishing diverse content in print and digital formats, with digital sales representing 24% of fiscal 2025 consumer revenues - The Book Publishing segment consists of HarperCollins, the **second largest consumer book publisher in the world**, with operations in 15 countries[44](index=44&type=chunk) - HarperCollins publishes and distributes consumer books globally through print and digital formats, including e-books and downloadable and streaming audiobooks[44](index=44&type=chunk) - Digital sales represented approximately **24% of global consumer revenues** for the fiscal year ended June 30, 2025[47](index=47&type=chunk) - Revenues are significantly affected by the timing of releases and are typically highest during the Company's second fiscal quarter due to increased demand during the end-of-year holiday season[49](index=49&type=chunk) [News Media](index=10&type=section&id=News%20Media) The News Media segment, including News Corp Australia and News UK, generates revenue from circulation, subscriptions, advertising, and licensing, facing intense competition from digital and AI platforms - The News Media segment consists primarily of News Corp Australia, News UK and the New York Post, along with Wireless Group (talkSPORT, Virgin Radio, Talk), Australian News Channel (Sky News Australia), and Storyful[51](index=51&type=chunk) - News Corp Australia's digital mastheads had approximately **993,000 aggregate digital closing subscribers** as of June 30, 2025[52](index=52&type=chunk) News Corp Australia Key Properties (as of June 30, 2025) | Masthead | Total Paid Subscribers (Print and Digital) | Total Monthly Audience (Print and Digital) | | :----------------- | :----------------------------------------- | :--------------------------------------- | | The Australian | 335,903 | 4.8 million | | The Daily Telegraph | 151,336 | 4.6 million | | Herald Sun | 153,983 | 4.8 million | | The Courier Mail | 144,044 | 3.7 million | | The Advertiser | 106,696 | 2.2 million | News UK News Portfolio (as of June 30, 2025) | Publication | Print Average Issue Readership | Paid Subscribers (Print/Digital) | Monthly Global Unique Users | | :------------------ | :----------------------------- | :------------------------------- | :-------------------------- | | The Sun (Mon – Sat) | 1,597,000 | N/A | 87 million | | The Sun on Sunday | 1,655,000 | N/A | N/A | | The Times (Mon – Sat) | 605,000 | 97,000 (print) / 640,000 (digital) | N/A | | The Sunday Times | 1,113,000 | 85,000 (print) / 640,000 (digital) | N/A | - The Post Digital Network averaged approximately **89.2 million unique users per month** during the quarter ended June 30, 2025[61](index=61&type=chunk) [Other](index=13&type=section&id=Other) The 'Other' segment encompasses general corporate overhead, strategic costs, and expenses related to U.K. Newspaper Matters - The Other segment includes the Company's general corporate overhead expenses, strategy costs and costs related to the U.K. Newspaper Matters[63](index=63&type=chunk) [Governmental Regulation](index=13&type=section&id=Governmental%20Regulation) News Corporation's global operations are subject to extensive and evolving governmental regulations, including data privacy, benchmark, and press laws, impacting business practices and costs - The Company's activities are subject to regulation in numerous jurisdictions, with new laws and changes in existing ones potentially impacting its interests[64](index=64&type=chunk) - The Company is subject to laws and regulations governing the collection, use, sharing, transfer, storage, and retention of personal data, as well as data security, including CCPA, GDPR, UK GDPR, and the AU Privacy Act[67](index=67&type=chunk)[68](index=68&type=chunk)[70](index=70&type=chunk) - U.K. operations are subject to press-related regulations (PRP, IPSO, Digital Markets, Competition and Consumers Act 2024) and radio broadcasting regulations (Ofcom)[73](index=73&type=chunk)[74](index=74&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) [Intellectual Property](index=16&type=section&id=Intellectual%20Property) News Corporation's intellectual property, including copyrights and trademarks, is crucial for revenue, facing threats from unauthorized digital use and generative AI, requiring robust protection strategies - The Company's intellectual property assets include copyrights in its digital and print newspapers, books and other content and technologies; trademarks in names and logos; trade names; domain names; and licenses of intellectual property rights[78](index=78&type=chunk) - Unauthorized use, including in the digital environment and as a result of recent advances in AI, particularly generative AI, presents a threat to revenues from products and services based on intellectual property[78](index=78&type=chunk) - The Company seeks to prevent unauthorized exploitation of its content by generative AI tools through paywalls, bot management, AI crawler blocking tools, opt-out directives, and legal remedies[78](index=78&type=chunk) [Raw Materials](index=17&type=section&id=Raw%20Materials) As a major publisher, News Corporation relies on various types of paper, procured globally, with current supply sources deemed adequate - As a major publisher of newspapers, magazines and books, the Company utilizes substantial quantities of various types of paper[80](index=80&type=chunk) - The Company believes that under present market conditions, its sources of paper supply used in its publishing activities are adequate[80](index=80&type=chunk) [Human Capital](index=17&type=section&id=Human%20Capital) News Corporation's human capital strategy focuses on attracting, developing, and retaining a diverse workforce, fostering a principled culture, and providing competitive benefits and training - News Corp's workforce is critical to the creation and delivery of its premium and trusted content and a key contributor to the success of the Company[81](index=81&type=chunk) - As of June 30, 2025, the Company had approximately **22,300 employees** globally, with significant presence in the U.S., U.K., and Australia[82](index=82&type=chunk) - Key focus areas of the Company's human capital management strategy include Culture and Values (ethical conduct, compliance training), Health, Safety, Security and Wellbeing (programs for mental/physical health, physical security infrastructure), Compensation and Benefits (competitive salaries, incentive programs, retirement/healthcare benefits), and Training, Development and Engagement (on-the-job learning, workshops, career planning)[81](index=81&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk)[87](index=87&type=chunk) [Explanatory Note Regarding Certain Metrics](index=19&type=section&id=Explanatory%20Note%20Regarding%20Certain%20Metrics) News Corporation clarifies that certain metrics, like subscriptions and unique users, are based on internal or third-party data, with specific definitions for 'Unique Users' and 'Total Digital Revenues' - Certain metrics like subscriptions and unique users are calculated using third-party or internal company data that have not been independently verified, and methodologies may differ from competitors[88](index=88&type=chunk) - Unique users are counted only the first time an individual accesses a product's website or mobile app using a browser/device during a calendar month[89](index=89&type=chunk) - Total digital revenues are defined as the sum of consolidated Digital Real Estate Services segment revenues, digital advertising revenues, digital circulation and subscription revenues, revenues from digital book sales and other miscellaneous digital revenue streams[90](index=90&type=chunk) [ITEM 1A. Risk Factors](index=19&type=section&id=ITEM%201A.%20Risk%20Factors) News Corporation faces significant risks from intense competition, macroeconomic conditions, AI, supply chain dependencies, reputational damage, and complex legal and regulatory landscapes, impacting financial performance - The Company operates in a highly competitive business environment, intensified by evolving technologies, including generative AI, which can reduce traffic and subscriber demand for digital products[92](index=92&type=chunk) - Macroeconomic and market conditions, such as economic weakness, inflation, elevated interest rates, and geopolitical tensions, may adversely affect the Company's business, particularly advertising expenditures and real estate markets[98](index=98&type=chunk)[102](index=102&type=chunk) - The Company's businesses depend on a single or limited number of suppliers for certain products, services, data, and information, making it vulnerable to supply disruptions or price increases[106](index=106&type=chunk)[108](index=108&type=chunk) - Developments in AI, including the Company's own use of AI, may expose it to risks such as producing deficient or infringing content, competitive disadvantages, and increased legal and regulatory scrutiny[111](index=111&type=chunk) - The Company is exposed to fluctuations in foreign currency exchange rates, primarily the Australian dollar and British pound sterling, which can impact reported earnings and financial statements[131](index=131&type=chunk) [Risks Relating to the Company's Businesses and Operations](index=19&type=section&id=Risks%20Relating%20to%20the%20Company%27s%20Businesses%20and%20Operations) Operational risks include intense competition from AI, adverse macroeconomic conditions impacting advertising and real estate, reliance on limited suppliers, potential reputational damage, and increased printing costs - The Company faces significant competition, including from other providers of information, news, real estate-related and entertainment products and services, intensified by changes in technologies, including developments in generative AI[92](index=92&type=chunk) - Macroeconomic and market conditions, such as economic weakness, uncertainty or volatility, geopolitical tensions, and inflationary pressures, have adversely affected, and may continue to affect, the U.S. and global economies and the Company's business[98](index=98&type=chunk) - A decline in customer advertising expenditures, driven by shifting consumer preferences, increased audience fragmentation, and the dominance of large digital platforms, could significantly reduce the Company's revenues and operating results[100](index=100&type=chunk)[101](index=101&type=chunk) - The Company's businesses depend on a single or limited number of third-party suppliers for certain products, services, data, and information, creating vulnerability to supply reductions, interruptions, or significant price increases[106](index=106&type=chunk)[108](index=108&type=chunk) - Any significant increase in the cost to print and distribute the Company's books and newspapers or disruption in its supply chain could adversely affect its business, results of operations, and financial condition[110](index=110&type=chunk) [Risks Related to Intellectual Property](index=27&type=section&id=Risks%20Related%20to%20Intellectual%20Property) News Corporation's success depends on protecting its intellectual property, which faces significant threats from unauthorized use by generative AI and an evolving legal landscape, potentially impacting revenue and costs - The Company's success depends on its ability to maintain, enforce and monetize the rights in its content and other intellectual property, and unauthorized use, especially by generative AI, affects their value[117](index=117&type=chunk) - The application of existing laws and regulations to new technologies, including generative AI, continues to be unsettled and is changing rapidly, making it difficult to adequately protect and monetize intellectual property[119](index=119&type=chunk) - Third parties may challenge the validity or scope of the Company's intellectual property, and infringement claims could result in substantial costs, diversion of resources, or the loss of IP rights[120](index=120&type=chunk) [Risks Related to Information Technology, Cybersecurity and Data Protection](index=29&type=section&id=Risks%20Related%20to%20Information%20Technology%2C%20Cybersecurity%20and%20Data%20Protection) News Corporation faces substantial risks from cyberattacks, system breaches, and data misuse, exacerbated by AI, potentially causing service disruptions, data loss, reputational damage, and regulatory non-compliance issues - A breach, failure, misuse, or other incident involving the Company's or its third-party providers' network and information systems could disrupt services, impact data confidentiality/integrity/availability, and result in increased costs, revenue loss, or reputational damage[121](index=121&type=chunk)[125](index=125&type=chunk) - Cyberattacks are increasing in number and sophistication, particularly with the emergence of AI capabilities, heightening cybersecurity risks for the Company[124](index=124&type=chunk) - Failure to comply with complex and evolving laws and regulations regarding privacy, data use, and data protection (e.g., GDPR, UK GDPR, U.S. state laws) could lead to enforcement actions, fines, notification/remediation costs, loss of customers, and reputational damage[126](index=126&type=chunk)[127](index=127&type=chunk) [Risks Related to Financial Results and Position](index=32&type=section&id=Risks%20Related%20to%20Financial%20Results%20and%20Position) Financial risks include substantial indebtedness, foreign currency fluctuations, potential asset impairment, restructuring charges, and significant tax liabilities from complex and evolving tax laws - As of June 30, 2025, News Corp had **$2.0 billion of total outstanding indebtedness**, which could limit its ability to obtain additional financing, satisfy obligations, and respond to changing market conditions[129](index=129&type=chunk) - The Company is exposed to fluctuations in foreign currency exchange rates, primarily the Australian dollar and the British pound sterling, which can have a currency translation impact on earnings[131](index=131&type=chunk) - The Company may recognize impairment charges for goodwill, intangible assets, investments, and other long-lived assets, as well as restructuring charges, which negatively impact results of operations[132](index=132&type=chunk) - The Company could be subject to significant additional tax liabilities due to complex tax laws, changes in regulations, and the outcome of tax audits, adversely affecting operating results and financial condition[133](index=133&type=chunk)[134](index=134&type=chunk) [Risks Related to Legal and Regulatory Matters](index=33&type=section&id=Risks%20Related%20to%20Legal%20and%20Regulatory%20Matters) Legal and regulatory risks include evolving laws on data privacy, AI, and ESG, potentially leading to non-compliance costs, penalties, reputational damage, and adverse litigation outcomes - The Company's activities are subject to regulation in numerous jurisdictions, and new laws or changes in existing ones, particularly concerning data privacy, AI, and ESG matters, can increase compliance risk and negatively impact its interests[135](index=135&type=chunk)[136](index=136&type=chunk) - Adverse results from litigation or other proceedings, including antitrust, tax, data privacy, intellectual property, and defamation matters, could lead to reputational harm, significant monetary damages, and changes in business practices[137](index=137&type=chunk) [Risks Related to the Company's Common Stock](index=34&type=section&id=Risks%20Related%20to%20the%20Company%27s%20Common%20Stock) Common stock market price fluctuations, potential conflicts of interest with Fox Corporation, and anti-takeover provisions, including concentrated ownership by the Murdoch Family Trust, pose risks - The market price of the Company's common stock may fluctuate significantly due to factors such as quarterly earnings, business strategy success, economic conditions, and investor perception[138](index=138&type=chunk) - Certain directors and significant stockholders, including Lachlan K. Murdoch, also hold equity or serve as officers/directors of Fox Corporation, which may create actual or potential conflicts of interest and divert corporate opportunities[139](index=139&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk) - Anti-takeover provisions in the Company's Restated Certificate of Incorporation and Amended and Restated By-laws, along with the Murdoch Family Trust's approximately **40.6% ownership of Class B Common Stock**, may discourage takeovers and affect voting results[142](index=142&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk) [ITEM 1B. Unresolved Staff Comments](index=36&type=section&id=ITEM%201B.%20Unresolved%20Staff%20Comments) News Corporation reports no unresolved staff comments from the SEC - There are no unresolved staff comments[147](index=147&type=chunk) [ITEM 1C. Cybersecurity](index=36&type=section&id=ITEM%201C.%20Cybersecurity) News Corporation maintains a comprehensive NIST-informed cybersecurity program, overseen by the Audit Committee, to manage threats, though acknowledging ongoing risks despite no material incidents to date - News Corporation has developed and implemented a cybersecurity program, informed by the NIST Cybersecurity Framework, to manage threats to its global media and information services[148](index=148&type=chunk) - The program includes a dedicated global cybersecurity organization led by the CISO, employee training, technical measures (e.g., multi-factor authentication, encryption), incident response planning, and periodic testing[148](index=148&type=chunk)[149](index=149&type=chunk) - The Board of Directors, through the Audit Committee, oversees cybersecurity risks, receiving quarterly reports from the CTO and CISO[153](index=153&type=chunk) - To date, the Company is not aware of any cybersecurity incidents that have materially affected or are reasonably likely to materially affect the Company[152](index=152&type=chunk) [Risk Management and Strategy](index=36&type=section&id=Risk%20Management%20and%20Strategy) News Corporation's cybersecurity strategy employs a NIST-guided defense-in-depth approach, including policies, training, technical controls, and third-party risk management, acknowledging increasing cyber threats - The Company's cybersecurity program is informed by the NIST Cybersecurity Framework and leverages a defense-in-depth approach to managing cybersecurity risk[148](index=148&type=chunk) - The program includes annual cybersecurity and privacy awareness trainings, quarterly phishing exercises, and various technical measures such as identity and access management, multi-factor authentication, and encryption[148](index=148&type=chunk) - The Company conducts periodic testing and assessments of its cybersecurity program through internal personnel and third-party firms, including penetration testing and security audits[149](index=149&type=chunk) - Processes for identifying, assessing, and managing cybersecurity risk are integrated into the Company's overall risk management process, with semi-annual reports to the Audit Committee and Board of Directors[150](index=150&type=chunk) [Governance](index=37&type=section&id=Governance) The Board, through its Audit Committee, oversees cybersecurity risks, receiving quarterly reports from the CTO and CISO, who lead day-to-day risk management and policy implementation - News Corp's Board of Directors oversees the Company's processes for identifying, assessing and managing significant risks, with the Audit Committee having primary responsibility for cybersecurity[153](index=153&type=chunk) - The Audit Committee generally receives reports at least quarterly from the CTO and CISO on the Company's cybersecurity program[153](index=153&type=chunk) - Management, led by the CISO and supported by the Global Cybersecurity Steering Committee, is responsible for day-to-day cybersecurity risk management, policy development, and compliance[154](index=154&type=chunk) - The CTO assumed his position in June 2025 after serving in various leadership and technology roles at the Company's subsidiary News Corp Australia since 2012, including as CTO from 2020. The CISO has been in his position since December 2024 after serving in various leadership and information security roles at the Company since 2021[154](index=154&type=chunk) [ITEM 2. Properties](index=38&type=section&id=ITEM%202.%20Properties) News Corporation owns and leases various real properties globally, including offices and printing facilities, all maintained in good condition and adequate for business operations - The Company owns and leases various real properties in the U.S., Europe, Australia and Asia that are utilized in the conduct of its businesses[155](index=155&type=chunk) - Principal U.S. properties include leased headquarters in New York, HarperCollins offices, an owned campus in South Brunswick, NJ, and Move's leased offices in Austin, TX[157](index=157&type=chunk) - Principal European properties include leased London headquarters for News UK, Dow Jones, and HarperCollins, U.K. newspaper production/printing facilities (owned and leased), and HarperCollins warehouse/offices in Glasgow, Scotland[157](index=157&type=chunk) - Principal Australia and Asia properties include owned and leased Australian newspaper production/printing facilities (Sydney, Melbourne, Adelaide), REA Group's leased corporate offices in Melbourne, and Dow Jones's leased office in Hong Kong[157](index=157&type=chunk) [ITEM 3. LEGAL PROCEEDINGS](index=38&type=section&id=ITEM%203.%20Legal%20Proceedings) News Corporation refers to Note 16—Commitments and Contingencies for details on legal proceedings - See Note 16—Commitments and Contingencies in the accompanying Consolidated Financial Statements for information on legal proceedings[156](index=156&type=chunk) [ITEM 4. Mine Safety Disclosures](index=39&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures) Mine safety disclosures are not applicable to News Corporation's operations - Mine Safety Disclosures are not applicable[158](index=158&type=chunk) [PART II](index=40&type=section&id=PART%20II) This section details News Corporation's market for common equity, financial performance, market risks, and financial statements [ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=40&type=section&id=ITEM%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) News Corporation's Class A and B Common Stock trade on Nasdaq and ASX, with active dividend payments and ongoing stock repurchase programs, including a new $1 billion authorization - News Corporation's Class A and Class B Common Stock are listed and traded on The Nasdaq Global Select Market under symbols 'NWSA' and 'NWS', respectively. CHESS Depositary Interests (CDIs) are listed on the Australian Securities Exchange (ASX) under 'NWSLV' and 'NWS'[160](index=160&type=chunk) - As of August 1, 2025, **376,442,848 shares of Class A Common Stock** and **188,528,838 shares of Class B Common Stock** were outstanding[8](index=8&type=chunk) Cash Dividends Paid Per Share (Fiscal Years Ended June 30) | Fiscal Year | Cash Dividends Paid Per Share | | :---------- | :---------------------------- | | 2025 | $0.20 | | 2024 | $0.20 | | 2023 | $0.20 | Stock Repurchases (Fiscal Years Ended June 30) | Class | 2025 Shares (millions) | 2025 Amount (millions) | 2024 Shares (millions) | 2024 Amount (millions) | 2023 Shares (millions) | 2023 Amount (millions) | | :----------------- | :--------------------- | :--------------------- | :--------------------- | :--------------------- | :--------------------- | :--------------------- | | Class A Common Stock | 3.5 | $97 | 3.4 | $79 | 9.5 | $159 | | Class B Common Stock | 1.8 | $53 | 1.6 | $38 | 4.7 | $81 | | Total | 5.3 | $150 | 5.0 | $117 | 14.2 | $240 | - As of June 30, 2025, approximately **$310 million remained authorized** under the 2021 Repurchase Program. A new **$1 billion stock repurchase program** was authorized on July 15, 2025[162](index=162&type=chunk)[164](index=164&type=chunk)[496](index=496&type=chunk)[499](index=499&type=chunk) [ITEM 6. [Reserved]](index=41&type=section&id=ITEM%206.%20%5BReserved%5D) This item is reserved and not applicable to News Corporation's current filing - This item is reserved and not applicable[166](index=166&type=chunk) [ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=ITEM%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) News Corporation's fiscal 2025 revenues increased 2% to $8,452 million, with net income attributable to stockholders surging 344% to $1,180 million, largely due to the Foxtel sale Consolidated Operating Results (Fiscal Years Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | Change (in millions) | % Change | | :-------------------------------------------------- | :------------------- | :------------------- | :------------------- | :------- | | Total Revenues | $8,452 | $8,252 | $200 | 2% | | Operating expenses | $(3,736) | $(3,814) | $78 | 2% | | Selling, general and administrative | $(3,301) | $(3,197) | $(104) | (3)% | | Depreciation and amortization | $(459) | $(440) | $(19) | (4)% | | Impairment and restructuring charges | $(132) | $(133) | $1 | 1% | | Equity losses of affiliates | $(15) | $(6) | $(9) | (150)% | | Interest income (expense), net | $3 | $(18) | $21 | ** | | Other, net | $111 | $(59) | $170 | ** | | Income before income tax expense from continuing operations | $923 | $585 | $338 | 58% | | Income tax expense from continuing operations | $(275) | $(206) | $(69) | (33)% | | Net income from continuing operations | $648 | $379 | $269 | 71% | | Net income (loss) from discontinued operations, net of tax | $692 | $(25) | $717 | ** | | Net income | $1,340 | $354 | $986 | 279% | | Net income attributable to News Corporation stockholders | $1,180 | $266 | $914 | 344% | - Revenues increased by **$200 million (2%)** in fiscal 2025, driven by Digital Real Estate Services, Dow Jones, and Book Publishing, partially offset by News Media declines. Foreign currency fluctuations had a positive impact of **$8 million**[195](index=195&type=chunk) - Net income attributable to News Corporation stockholders increased by **$914 million (344%) to $1,180 million**, primarily due to a **$716 million pre-tax gain** on the sale of Foxtel[194](index=194&type=chunk)[415](index=415&type=chunk) Total Segment EBITDA (Fiscal Years Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | | :----------------- | :------------------- | :------------------- | | Total Segment EBITDA | $1,415 | $1,241 | [INTRODUCTION](index=42&type=section&id=INTRODUCTION) This section provides management's discussion and analysis of News Corporation's financial condition and results of operations for fiscal years 2025 and 2024, including business overview, segment results, and critical accounting policies - This discussion and analysis covers News Corporation's financial condition and results of operations for the fiscal years ended June 30, 2025 and 2024, omitting fiscal 2023[167](index=167&type=chunk)[168](index=168&type=chunk) - It includes an overview of businesses, results of operations (consolidated and segment-based), liquidity and capital resources, and critical accounting policies and estimates[171](index=171&type=chunk)[172](index=172&type=chunk) - The discussion contains forward-looking statements and should be read in conjunction with the Consolidated Financial Statements and 'Item 1A. Risk Factors'[167](index=167&type=chunk) [OVERVIEW OF THE COMPANY'S BUSINESSES](index=43&type=section&id=OVERVIEW%20OF%20THE%20COMPANY%27S%20BUSINESSES) News Corporation operates five segments: Dow Jones, Digital Real Estate Services, Book Publishing, News Media, and Other, each with distinct revenue drivers, competitive landscapes, and macroeconomic sensitivities - The Company manages and reports its businesses in five segments: Dow Jones, Digital Real Estate Services, Book Publishing, News Media, and Other[173](index=173&type=chunk)[174](index=174&type=chunk) - Dow Jones revenue is diversified across B2C and B2B subscriptions, circulation, advertising, and licensing, facing increasing competition from AI-powered platforms[175](index=175&type=chunk)[176](index=176&type=chunk)[180](index=180&type=chunk) - Digital Real Estate Services revenue is from property advertising, lead generation, and financial services, highly sensitive to real estate market conditions and macroeconomic factors[181](index=181&type=chunk) - Book Publishing revenue is from print and digital book sales and licensing, affected by release timing, seasonal demand, and technological developments[183](index=183&type=chunk) - News Media revenue is from circulation, subscriptions, advertising, and licensing, facing intense competition from digital platforms and AI, with advertising revenues subject to seasonality[185](index=185&type=chunk)[187](index=187&type=chunk)[188](index=188&type=chunk) [Other Business Developments](index=47&type=section&id=Other%20Business%20Developments) News Corporation completed the sale of Foxtel in April 2025, resulting in a $716 million pre-tax gain and reclassification as discontinued operations, while monitoring macroeconomic trends - The Company completed the sale of the Foxtel Group to DAZN Group Limited in April 2025[190](index=190&type=chunk) - The transaction resulted in a pre-tax gain of **$716 million** and a minority equity interest of approximately **6% in DAZN**, recorded at **$648 million**[415](index=415&type=chunk) - Foxtel's assets, liabilities, results of operations, and cash flows have been classified as discontinued operations for all periods presented, and its segment results were aggregated into News Media[191](index=191&type=chunk)[416](index=416&type=chunk) - The Company is closely monitoring recent macroeconomic trends, including changes in trade policy and inflationary pressures, which could negatively impact customer and consumer sentiment and spending[192](index=192&type=chunk) [Results of Operations—Fiscal 2025 versus Fiscal 2024](index=48&type=section&id=Results%20of%20Operations%

Group 1 - News Corp. reported revenue of $2.11 billion for the quarter ended June 2025, a decrease of 18.2% year-over-year, with EPS at $0.19 compared to $0.17 in the same quarter last year [1] - The reported revenue slightly exceeded the Zacks Consensus Estimate of $2.1 billion, resulting in a surprise of +0.26%, while the EPS met the consensus estimate [1] - Over the past month, News Corp. shares returned +0.5%, underperforming the Zacks S&P 500 composite's +1% change, and the stock currently holds a Zacks Rank 3 (Hold) [3] Group 2 - Revenue breakdown by product includes: Dow Jones at $604 million (+6.7% YoY), Book Publishing at $494 million (-3.5% YoY), Digital Real Estate Services at $466 million (+4% YoY), and News Media at $545 million (0% change YoY) [4] - EBITDA figures show Dow Jones at $151 million, News Media at $28 million, Other at -$59 million, Book Publishing at $50 million, and Digital Real Estate Services at $152 million, with most figures exceeding analyst estimates [4]

Core Insights - News Corp reported a 28% increase in quarterly profits and a 1% rise in revenue, surpassing Wall Street expectations [1] - The company's net income for the fourth quarter was $86 million, up from $67 million year-over-year, while revenues reached $2.11 billion, compared to $2.09 billion in the prior year [1] - For the fiscal year 2025, profits surged 71% to $648 million from $379 million, with annual revenues increasing 2% to $8.45 billion [4] Revenue Drivers - The earnings growth was primarily driven by higher circulation and subscription revenues from the Dow Jones division, which includes notable publications like The Wall Street Journal and Barron's [2][4] Capital Return Strategy - News Corp's CEO announced a new $1 billion stock repurchase program, in addition to approximately $300 million remaining from a previous program [5] - The company plans to accelerate share repurchases following the release of these strong financial results, reflecting confidence in its financial strength [6] Expansion Plans - The company is set to expand its operations with the launch of The California Post in early 2026, targeting the West Coast market [8] Industry Commentary - The CEO emphasized the importance of protecting intellectual property rights in the face of challenges posed by artificial intelligence, highlighting the need to maintain America's competitive edge through creativity and innovation [9][10]

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

Core Viewpoint - News Corp's CEO Robert Thomson highlighted the challenges posed by AI to intellectual property, referencing Donald Trump's situation in the context of the company's fiscal fourth quarter earnings report [1][3][5]. Group 1: Company Earnings and AI Impact - Thomson cleverly referenced Trump in the earnings report without directly mentioning the lawsuit or Epstein, indicating a potential thaw in relations between Murdoch and Trump [2]. - The earnings release emphasized the irony of Trump, as an intellectual property holder, being affected by AI, despite his support for tech firms in AI development [3]. - Thomson stated that companies are investing tens of billions in data centers, chips, and energy generation, and they must also invest significantly in content to ensure a healthy content ecosystem [8]. Group 2: Intellectual Property and Legal Actions - News Corp has been actively pursuing legal options to protect its intellectual property, including a lawsuit against AI firm Perplexity for allegedly using its content without permission [4][9]. - Thomson stressed the importance of protecting intellectual property rights, arguing that undermining these rights would damage America's creative advantage [5]. - The company is adopting a "woo-and-sue" strategy towards AI firms, indicating a dual approach of collaboration and legal action to safeguard its content [9].

[Company Overview and Executive Summary](index=1&type=section&id=Company_Overview_and_Executive_Summary) This section provides an executive overview of News Corp's fiscal 2025 performance, including CEO commentary and key financial highlights for the full year and fourth quarter [CEO Commentary](index=1&type=section&id=CEO_Commentary) Robert Thomson highlights a strong Fiscal 2025 with revenue growth, substantial net income improvement, and record Total Segment EBITDA. The company is enhancing shareholder returns through a new $1 billion stock repurchase program and emphasizes the importance of intellectual property in the AI age - For the full year, revenues rose **2 percent to nearly $8.5 billion**[4](index=4&type=chunk) - Net income from continuing operations improved substantially, increasing **71 percent to $648 million**[4](index=4&type=chunk) - Total Segment EBITDA improved **14 percent to a new record** on a continuing operations basis of **over $1.4 billion**[4](index=4&type=chunk) - The Board of Directors authorized a new **$1 billion stock repurchase program**, in addition to the approximately **$300 million remaining** from the previous **$1 billion program**[5](index=5&type=chunk) - Emphasized the value of intellectual property in the AI age, citing concerns about IP theft[6](index=6&type=chunk) [Fiscal 2025 Full Year Key Financial Highlights](index=1&type=section&id=Fiscal_2025_Full_Year_Key_Financial_Highlights) News Corp reported a **2% increase in full-year revenues to $8.45 billion**, driven by Digital Real Estate Services, Dow Jones, and Book Publishing. Net income from continuing operations surged **71% to $648 million**, and Total Segment EBITDA grew **14% to $1.42 billion** Fiscal 2025 Full Year Key Financial Highlights | Metric | Amount | Change YoY | | :----------------------------------- | :------------- | :--------- | | Revenues | $8.45 billion | +2% | | Net income from continuing operations | $648 million | +71% | | Total Segment EBITDA | $1.42 billion | +14% | | Reported diluted EPS from continuing operations | $0.84 | +79% | | Adjusted diluted EPS | $0.89 | +20% | - Dow Jones achieved record revenues for the full year of **$2.33 billion**[7](index=7&type=chunk) - REA Group posted record revenues for the full year of **$1.25 billion**, a **12% increase** compared to the prior year[7](index=7&type=chunk) [Fiscal 2025 Fourth Quarter Key Financial Highlights](index=1&type=section&id=Fiscal_2025_Fourth_Quarter_Key_Financial_Highlights) Fourth quarter revenues increased **1% to $2.11 billion**, primarily due to Dow Jones and Digital Real Estate Services. Net income from continuing operations rose **28% to $86 million**, and Total Segment EBITDA increased **5% to $322 million** Fiscal 2025 Fourth Quarter Key Financial Highlights | Metric | Amount | Change YoY | | :----------------------------------- | :------------- | :--------- | | Revenues | $2.11 billion | +1% | | Net income from continuing operations | $86 million | +28% | | Total Segment EBITDA | $322 million | +5% | | Reported EPS from continuing operations | $0.09 | +12.5% | | Adjusted EPS | $0.19 | -5% | [Consolidated Financial Performance](index=2&type=section&id=Consolidated_Financial_Performance) This section details News Corp's overall financial results for the fourth quarter and full fiscal year 2025, covering revenues, net income, and Total Segment EBITDA [Fourth Quarter Consolidated Results](index=2&type=section&id=Fourth_Quarter_Consolidated_Results) Total revenues for Q4 fiscal 2025 increased **1% to $2.11 billion**, driven by Dow Jones and REA Group, partially offset by declines in News Media and Book Publishing. Net income from continuing operations rose **28% to $86 million**, and Total Segment EBITDA increased **5% to $322 million** Q4 2025 Consolidated Financial Results | Metric | Q4 2025 (millions) | Q4 2024 (millions) | % Change | | :----------------------------------- | :----------------- | :----------------- | :--------- | | Total Revenues | $2,110 | $2,090 | 1% | | Net income from continuing operations | $86 | $67 | 28% | | Total Segment EBITDA | $322 | $308 | 5% | | Reported EPS from continuing operations | $0.09 | $0.08 | 12.5% | | Adjusted EPS | $0.19 | $0.20 | (5)% | - Revenue increase primarily driven by higher circulation and subscription revenues at Dow Jones, higher Australian residential revenues at REA Group, and a **$5 million positive impact** from foreign currency fluctuations[9](index=9&type=chunk) - Increase in net income from continuing operations primarily driven by higher Other, net and Total Segment EBITDA, partially offset by higher impairment and restructuring charges[10](index=10&type=chunk) [Full Year Consolidated Results](index=2&type=section&id=Full_Year_Consolidated_Results) Full year fiscal 2025 revenues increased **2% to $8.45 billion**, primarily from Digital Real Estate Services, Dow Jones, and Book Publishing. Net income from continuing operations significantly increased by **71% to $648 million**, and Total Segment EBITDA grew **14% to $1.42 billion**, supported by cost savings in News Media FY 2025 Consolidated Financial Results | Metric | FY 2025 (millions) | FY 2024 (millions) | % Change | | :----------------------------------- | :----------------- | :----------------- | :--------- | | Total Revenues | $8,450 | $8,250 | 2% | | Net income from continuing operations | $648 | $379 | 71% | | Total Segment EBITDA | $1,420 | $1,240 | 14% | | Diluted EPS from continuing operations | $0.84 | $0.47 | 79% | | Adjusted diluted EPS | $0.89 | $0.74 | 20% | - Revenue increase driven by higher revenues at Digital Real Estate Services, Dow Jones and Book Publishing segments, and an **$8 million positive impact** from foreign currency fluctuations[13](index=13&type=chunk) - Increase in net income from continuing operations reflects higher Total Segment EBITDA, higher Other, net and higher interest income, net, partially offset by higher income tax expense and higher depreciation and amortization expense[14](index=14&type=chunk) [Segmental Performance Review](index=3&type=section&id=Segmental_Performance_Review) This section analyzes the financial performance of News Corp's key business segments, including Dow Jones, Digital Real Estate Services, Book Publishing, and News Media, for both quarterly and full-year periods [Dow Jones](index=3&type=section&id=Dow_Jones) Dow Jones demonstrated strong performance in both Q4 and the full fiscal year 2025, driven by growth in professional information businesses and digital circulation. Digital revenues consistently represented a significant majority of total revenues, and subscriptions to consumer products, especially digital-only, continued to grow Dow Jones Segment Financials | Metric | Q4 2025 (millions) | Q4 2024 (millions) | % Change | FY 2025 (millions) | FY 2024 (millions) | % Change | | :----------------- | :----------------- | :----------------- | :--------- | :----------------- | :----------------- | :--------- | | Revenues | $604 | $566 | 7% | $2,331 | $2,231 | 4% | | Segment EBITDA | $151 | $137 | 10% | $588 | $542 | 8% | [Fourth Quarter Segment Results](index=3&type=section&id=Dow_Jones_Fourth_Quarter_Segment_Results) Dow Jones' Q4 revenues increased **7% to $604 million**, driven by higher circulation and subscription revenues, particularly from professional information businesses (Risk & Compliance up **21%**, Dow Jones Energy up **12%**). Digital revenues accounted for **83% of total revenues**. Segment EBITDA increased **10% to $151 million** - Digital revenues at Dow Jones in the quarter represented **83% of total revenues** compared to **81%** in the prior year[19](index=19&type=chunk) - Professional information business revenues increased **10%**, led by **21% growth** in Risk & Compliance revenues to **$92 million** and **12% growth** in Dow Jones Energy revenues to **$73 million**[20](index=20&type=chunk) - Total average subscriptions to Dow Jones' consumer products approached **6.3 million**, a **7% increase** compared to the prior year[21](index=21&type=chunk) Dow Jones Q4 2025 Subscriptions | Product | Digital-only subscriptions (thousands) | Total subscriptions (thousands) | | :------------------------ | :----------------------------------- | :---------------------------- | | The Wall Street Journal | 4,126 (+9% YoY) | 4,538 (+7% YoY) | | Barron's Group | 1,319 (+2% YoY) | 1,432 (+1% YoY) | | Total Consumer | 5,719 (+9% YoY) | 6,261 (+7% YoY) | [Full Year Segment Results](index=4&type=section&id=Dow_Jones_Full_Year_Segment_Results) Full year revenues for Dow Jones increased **4% to $2.33 billion**, primarily from professional information businesses (Risk & Compliance up **15%**, Dow Jones Energy up **11%**) and digital circulation. Digital revenues represented **82% of total revenues**. Segment EBITDA increased **8% to $588 million** - Digital revenues at Dow Jones represented **82% of total revenues** compared to **80%** in the prior year[24](index=24&type=chunk) - Professional information business revenues increased **7%**, led by **15% growth** in Risk & Compliance revenues to **$337 million** and **11% growth** in Dow Jones Energy revenues to **$278 million**[25](index=25&type=chunk) - Digital circulation revenues accounted for **74% of circulation revenues** for the year, compared to **71%** in the prior year[25](index=25&type=chunk) [Digital Real Estate Services](index=4&type=section&id=Digital_Real_Estate_Services) The Digital Real Estate Services segment saw revenue growth in both Q4 and the full fiscal year 2025, primarily driven by REA Group's strong Australian residential performance and Move's shift to premium offerings, despite macroeconomic headwinds affecting lead volumes Digital Real Estate Services Segment Financials | Metric | Q4 2025 (millions) | Q4 2024 (millions) | % Change | FY 2025 (millions) | FY 2024 (millions) | % Change | | :----------------- | :----------------- | :----------------- | :--------- | :----------------- | :----------------- | :--------- | | Revenues | $466 | $448 | 4% | $1,802 | $1,658 | 9% | | Segment EBITDA | $152 | $135 | 13% | $601 | $508 | 18% | [Fourth Quarter Segment Results](index=4&type=section&id=Digital_Real_Estate_Services_Fourth_Quarter_Segment_Results) Q4 revenues increased **4% to $466 million**, driven by REA Group (up **4% to $318 million**, **7% in constant currency**) and improved Move revenues (up **3% to $148 million**). Segment EBITDA increased **13% to $152 million** - Revenues at REA Group increased **$13 million, or 4%**, to **$318 million**, driven by higher Australian residential revenues due to price increases and increased depth penetration[30](index=30&type=chunk) - Move's revenues increased **$5 million, or 3%**, to **$148 million**, primarily as a result of revenue growth in seller, new homes and rentals, and higher sales of RealPRO Select[31](index=31&type=chunk) - Average monthly unique users of Realtor.com's web and mobile sites for the fiscal fourth quarter decreased **3%** compared to the prior year to **72 million**. Lead volume was down **13%**[31](index=31&type=chunk) [Full Year Segment Results](index=5&type=section&id=Digital_Real_Estate_Services_Full_Year_Segment_Results) Full year revenues increased **9% to $1.80 billion**, primarily from REA Group (up **12% to $1.25 billion**, **13% in constant currency**) and Move (up **1% to $552 million**). Segment EBITDA increased **18% to $601 million** - REA Group's revenues increased **$136 million, or 12%**, to **$1.25 billion**, primarily due to higher Australian residential revenues driven by price increases, increased depth penetration and **1% growth** in national listings[33](index=33&type=chunk) - Move's revenues increased **$8 million, or 1%**, to **$552 million**, primarily due to revenue growth in seller, new homes and rentals, and higher sales of RealPRO Select[34](index=34&type=chunk) - Segment EBITDA for fiscal 2025 increased **$93 million, or 18%**, compared to the prior year, primarily due to the higher revenues[32](index=32&type=chunk) [Book Publishing](index=5&type=section&id=Book_Publishing) Book Publishing experienced a revenue decrease in Q4 due to tough comparisons and softer consumer spending, but achieved full-year revenue growth driven by digital sales and acquisitions. Digital sales, particularly audiobooks, continued to be a growth driver for the full year Book Publishing Segment Financials | Metric | Q4 2025 (millions) | Q4 2024 (millions) | % Change | FY 2025 (millions) | FY 2024 (millions) | % Change | | :----------------- | :----------------- | :----------------- | :--------- | :----------------- | :----------------- | :--------- | | Revenues | $494 | $512 | (4)% | $2,149 | $2,093 | 3% | | Segment EBITDA | $50 | $57 | (12)% | $296 | $269 | 10% | [Fourth Quarter Segment Results](index=5&type=section&id=Book_Publishing_Fourth_Quarter_Segment_Results) Q4 revenues decreased **4% to $494 million**, attributed to strong prior-year performance, softer consumer spending, and fewer notable frontlist titles. Digital sales declined **3%**, mainly due to a **7% drop** in audiobook sales. Segment EBITDA decreased **12% to $50 million** - Revenues in the quarter decreased **$18 million, or 4%**, compared to the strong prior year performance and were also impacted by some softer consumer spending within the industry and fewer notable frontlist titles[35](index=35&type=chunk) - Digital sales decreased **3%** compared to the prior year due to a **7% decline** from audiobook sales[36](index=36&type=chunk) - Digital sales represented **25% of Consumer revenues** for the quarter compared to **24%** for the prior year period. Backlist sales represented approximately **65% of Consumer revenues**[36](index=36&type=chunk) [Full Year Segment Results](index=6&type=section&id=Book_Publishing_Full_Year_Segment_Results) Full year revenues increased **3% to $2.15 billion**, driven by higher digital book sales (including audiobooks and e-books), improved U.S. returns, and the acquisition of a German publisher. Segment EBITDA increased **10% to $296 million** - Fiscal 2025 full year revenues increased **$56 million, or 3%**, primarily due to higher digital book sales, improved returns in the U.S., the **$14 million impact** from the acquisition of a German book publisher[38](index=38&type=chunk) - Digital sales increased **5%** compared to the prior year, driven by higher audiobooks sales, which included the contribution from Spotify, as well as growth in e-book sales[39](index=39&type=chunk) - Digital sales represented **24% of Consumer revenues** for the year compared to **23%** in the prior year. Backlist sales represented approximately **64% of Consumer revenues**[39](index=39&type=chunk) [News Media](index=6&type=section&id=News_Media) News Media experienced revenue declines in both Q4 and the full fiscal year 2025, primarily due to lower printing contracts and advertising. Despite this, full-year Segment EBITDA increased due to cost savings initiatives. Digital subscriber growth was noted for some mastheads, while others saw a decrease in unique users News Media Segment Financials | Metric | Q4 2025 (millions) | Q4 2024 (millions) | % Change | FY 2025 (millions) | FY 2024 (millions) | % Change | | :----------------- | :----------------- | :----------------- | :--------- | :----------------- | :----------------- | :--------- | | Revenues | $545 | $566 | (4)% | $2,170 | $2,270 | (4)% | | Segment EBITDA | $28 | $32 | (13)% | $153 | $133 | 15% | [Fourth Quarter Segment Results](index=6&type=section&id=News_Media_Fourth_Quarter_Segment_Results) Q4 revenues decreased **4% to $545 million**, primarily driven by lower revenues from third-party printing contracts and lower advertising revenues. Segment EBITDA decreased **13% to $28 million**, partially offset by cost savings. Digital revenues represented **38% of segment revenues** - Revenues in the quarter decreased **$21 million, or 4%**, primarily driven by lower revenues from the transfer of third-party printing revenue contracts to News UK's joint venture with DMG Media and lower advertising revenues[41](index=41&type=chunk) - Circulation and subscription revenues increased **$3 million, or 1%**, due to a **$5 million positive impact** from foreign currency fluctuations[42](index=42&type=chunk) - Digital revenues represented **38% of News Media segment revenues** in the quarter, compared to **37%** in the prior year[44](index=44&type=chunk) - Closing digital subscribers at News Corp Australia as of June 30, 2025 were **1,166,000** (**993,000** for news mastheads), compared to **1,117,000** (**968,000** for news mastheads) in the prior year[44](index=44&type=chunk) [Full Year Segment Results](index=7&type=section&id=News_Media_Full_Year_Segment_Results) Full year revenues decreased **4% to $2.17 billion**, mainly due to lower third-party printing contracts, advertising, and circulation. Segment EBITDA increased **15% to $153 million**, driven by cost savings initiatives. Digital subscribers for The Times and Sunday Times grew to **640,000** - Fiscal 2025 full year revenues decreased **$100 million, or 4%**, primarily driven by lower revenues from the transfer of third-party printing revenue contracts to News UK's joint venture with DMG Media, lower advertising revenues and lower circulation and subscription revenues[46](index=46&type=chunk) - Advertising revenues decreased **$39 million, or 5%**, primarily due to lower print advertising revenues at News Corp Australia and lower digital advertising revenues at News UK, driven by a decline in traffic, mainly at The Sun, due to algorithm changes at certain platforms[48](index=48&type=chunk) - The Times and Sunday Times closing digital subscribers, including the Times Literary Supplement, as of June 30, 2025 were **640,000**, compared to **594,000** in the prior year[52](index=52&type=chunk) - The Sun's digital offering reached **87 million global monthly unique users** in June 2025, compared to **112 million** in the prior year. New York Post's digital network reached **90 million unique users** in June 2025, compared to **117 million** in the prior year[52](index=52&type=chunk) [Cash Flow Analysis](index=7&type=section&id=Cash_Flow_Analysis) This section details the company's cash flow performance for fiscal year 2025, highlighting changes in operating activities, capital expenditures, and free cash flow [Fiscal Year 2025 Cash Flow](index=7&type=section&id=Fiscal_Year_2025_Cash_Flow) Net cash provided by operating activities from continuing operations increased by **$81 million to $978 million** for fiscal year 2025. Free cash flow improved to **$571 million** from **$540 million** in the prior year, primarily due to higher operating cash flow, partially offset by increased capital expenditures Fiscal Year Cash Flow Summary | Metric | FY 2025 (millions) | FY 2024 (millions) | | :-------------------------------------------------- | :----------------- | :----------------- | | Net cash provided by operating activities from continuing operations | $978 | $897 | | Capital expenditures | $(407) | $(357) | | Free cash flow | $571 | $540 | - Net cash provided by operating activities from continuing operations was **$81 million higher** than in the prior year, primarily due to higher Total Segment EBITDA and lower restructuring and interest payments, partially offset by higher working capital and higher tax payments[50](index=50&type=chunk) - Free cash flow is a non-GAAP financial measure, defined as net cash provided by operating activities from continuing operations less capital expenditures[53](index=53&type=chunk) [Other Financial Information](index=8&type=section&id=Other_Financial_Information) This section covers additional financial details, including dividend declarations and other relevant corporate financial disclosures [Dividends](index=8&type=section&id=Dividends) News Corporation declared a semi-annual cash dividend of **$0.10 per share** for Class A and Class B Common Stock, payable on October 8, 2025, to stockholders of record as of September 10, 2025 - The Company declared today a semi-annual cash dividend of **$0.10 per share** for Class A Common Stock and Class B Common Stock[55](index=55&type=chunk) - This dividend is payable on October 8, 2025 to stockholders of record as of September 10, 2025[55](index=55&type=chunk) [Non-GAAP Financial Measures and Reconciliations](index=8&type=section&id=Non-GAAP_Financial_Measures_and_Reconciliations) This section provides definitions and reconciliations for non-GAAP financial measures, including Total Segment EBITDA, Adjusted Revenues, Adjusted EPS, and Constant Currency Revenues, used to assess core business performance [Note 1 – Total Segment EBITDA](index=14&type=section&id=Note%201%20%E2%80%93%20Total%20Segment%20EBITDA) Total Segment EBITDA is a non-GAAP measure defined as revenues less operating and SG&A expenses, excluding depreciation, amortization, impairment, restructuring, equity losses, interest, other net, income tax, and discontinued operations. It is used by management and investors to assess core operating performance and allocate resources - Segment EBITDA is defined as revenues less operating expenses and selling, general and administrative expenses[72](index=72&type=chunk) - It does not include 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[72](index=72&type=chunk) - Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company's business segments because it is the primary measure used by the Company's chief operating decision maker to evaluate the performance of and allocate resources within the Company's businesses[72](index=72&type=chunk) Reconciliation of Net Income from Continuing Operations to Total Segment EBITDA (Q4) | Metric | Q4 2025 (millions) | Q4 2024 (millions) | Change (millions) | % Change | | :----------------------------------- | :----------------- | :----------------- | :---------------- | :--------- | | Net income from continuing operations | $86 | $67 | $19 | 28% | | Total Segment EBITDA | $322 | $308 | $14 | 5% | Reconciliation of Net Income from Continuing Operations to Total Segment EBITDA (FY) | Metric | FY 2025 (millions) | FY 2024 (millions) | Change (millions) | % Change | | :----------------------------------- | :----------------- | :----------------- | :---------------- | :--------- | | Net income from continuing operations | $648 | $379 | $269 | 71% | | Total Segment EBITDA | $1,415 | $1,241 | $174 | 14% | [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) These non-GAAP measures exclude the impact of acquisitions, divestitures, U.K. Newspaper Matters, litigation charges, and foreign currency fluctuations to provide a clearer view of core business operations and comparability between periods - The Company uses revenues, Total Segment EBITDA and Segment EBITDA excluding the impact of acquisitions, divestitures, fees and costs related to the U.K. Newspaper Matters, litigation charges and foreign currency fluctuations[76](index=76&type=chunk) - These measures are used to evaluate the performance of the Company's core business operations exclusive of certain items that impact the comparability of results from period to period such as the unpredictability and volatility of currency fluctuations[76](index=76&type=chunk) Reconciliation of Reported to Adjusted Revenues and Total Segment EBITDA (Q4) | Metric | Q4 2025 (millions) | Q4 2024 (millions) | Difference (millions) | | :-------------------------- | :----------------- | :----------------- | :-------------------- | | Reported Revenues | $2,109 | $2,092 | $17 | | Adjusted Revenues | $2,095 | $2,090 | $5 | | Reported Total Segment EBITDA | $322 | $308 | $14 | | Adjusted Total Segment EBITDA | $329 | $310 | $19 | Reconciliation of Reported to Adjusted Revenues and Total Segment EBITDA (FY) | Metric | FY 2025 (millions) | FY 2024 (millions) | Difference (millions) | | :-------------------------- | :----------------- | :----------------- | :-------------------- | | Reported Revenues | $8,452 | $8,252 | $200 | | Adjusted Revenues | $8,413 | $8,244 | $169 | | Reported Total Segment EBITDA | $1,415 | $1,241 | $174 | | Adjusted Total Segment EBITDA | $1,435 | $1,253 | $182 | Average Foreign Exchange Rates | Currency | Q4 FY25 | Q4 FY24 | FY25 | FY24 | | :-------------------------- | :-------- | :-------- | :----- | :----- | | U.S. Dollar per Australian Dollar | $0.64 | $0.66 | $0.65 | $0.65 | | U.S. Dollar per British Pound Sterling | $1.33 | $1.26 | $1.29 | $1.26 | [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) Adjusted net income and EPS are non-GAAP measures that exclude U.K. Newspaper Matters, litigation charges, impairment and restructuring charges, and "Other, net" (net of tax) to provide a clearer view of operational performance - The Company uses net income (loss) attributable to News Corporation stockholders from continuing operations and diluted earnings per share from continuing operations excluding expenses related to U.K. Newspaper Matters, litigation charges, impairment and restructuring charges and "Other, net", net of tax[85](index=85&type=chunk) - These measures are used to evaluate the performance of the Company's operations exclusive of certain items that impact the comparability of results from period to period, as well as certain non-operational items[85](index=85&type=chunk) Reconciliation of Reported to Adjusted Net Income and EPS (Q4) | Metric | Q4 2025 (millions) | Q4 2024 (millions) | | :-------------------------------------------------- | :----------------- | :----------------- | | Net income attributable to News Corp stockholders from continuing operations | $53 | $43 | | Diluted EPS from continuing operations | $0.09 | $0.08 | | Adjusted net income attributable to News Corp stockholders | $106 | $114 | | Adjusted EPS | $0.19 | $0.20 | Reconciliation of Reported to Adjusted Net Income and EPS (FY) | Metric | FY 2025 (millions) | FY 2024 (millions) | | :-------------------------------------------------- | :----------------- | :----------------- | | Net income attributable to News Corp stockholders from continuing operations | $480 | $269 | | Diluted EPS from continuing operations | $0.84 | $0.47 | | Adjusted net income attributable to News Corp stockholders | $510 | $427 | | Adjusted EPS | $0.89 | $0.74 | [Note 4 – Constant Currency Revenues](index=23&type=section&id=Note%204%20%E2%80%93%20Constant%20Currency%20Revenues) Constant currency revenues are a non-GAAP measure that excludes the impact of foreign currency fluctuations to provide useful information regarding the performance of core business operations - The Company believes that the presentation of revenues excluding the impact of foreign currency fluctuations ("constant currency revenues") provides useful information regarding the performance of the Company's core business operations exclusive of distortions between periods caused by the unpredictability and volatility of currency fluctuations[90](index=90&type=chunk) Consolidated Revenues (Q4 Fiscal 2025 vs 2024) - Constant Currency | Metric | Q4 Fiscal 2024 (millions) | Q4 Fiscal 2025 (millions) | FX impact (millions) | Q4 Fiscal 2025 constant currency (millions) | % Change - reported | % Change - constant currency | | :-------------------------- | :------------------------ | :------------------------ | :------------------- | :------------------------------------------ | :------------------ | :--------------------------- | | Total revenues | $2,092 | $2,109 | $5 | $2,104 | 1% | 1% | Consolidated Revenues (Fiscal Year 2025 vs 2024) - Constant Currency | Metric | Fiscal 2024 (millions) | Fiscal 2025 (millions) | FX impact (millions) | Fiscal 2025 constant currency (millions) | % Change - reported | % Change - constant currency | | :-------------------------- | :--------------------- | :--------------------- | :------------------- | :--------------------------------------- | :------------------ | :--------------------------- | | Total revenues | $8,252 | $8,452 | $8 | $8,444 | 2% | 2% | [Consolidated Financial Statements](index=10&type=section&id=Consolidated_Financial_Statements) This section presents the company's official consolidated financial statements, including statements of operations, balance sheets, and cash flows, for the reported periods [Consolidated Statements of Operations](index=10&type=section&id=Consolidated_Statements_of_Operations) The consolidated statements of operations present the company's revenues, expenses, and net income for the three months and fiscal years ended June 30, 2025 and 2024. For FY2025, total revenues were **$8,452 million** and net income was **$1,340 million** Consolidated Statements of Operations (Q4) | Metric | Q4 2025 (millions) | Q4 2024 (millions) | | :----------------------------------- | :----------------- | :----------------- | | Total Revenues | $2,109 | $2,092 | | Net income from continuing operations | $86 | $67 | | Net income | $776 | $71 | | Diluted EPS from continuing operations | $0.09 | $0.08 | Consolidated Statements of Operations (FY) | Metric | FY 2025 (millions) | FY 2024 (millions) | | :----------------------------------- | :----------------- | :----------------- | | Total Revenues | $8,452 | $8,252 | | Net income from continuing operations | $648 | $379 | | Net income | $1,340 | $354 | | Diluted EPS from continuing operations | $0.84 | $0.47 | [Consolidated Balance Sheets](index=11&type=section&id=Consolidated_Balance_Sheets) The consolidated balance sheets provide a snapshot of the company's assets, liabilities, and equity as of June 30, 2025 and 2024. As of June 30, 2025, total assets were **$15,504 million**, and total equity was **$9,389 million** Consolidated Balance Sheets (As of June 30, 2025) | Metric | Amount (millions) | | :----------------------------------- | :---------------- | | Total current assets | $4,811 | | Total assets | $15,504 | | Total current liabilities | $2,608 | | Total liabilities and equity | $15,504 | | Total News Corporation stockholders' equity | $8,774 | | Total equity | $9,389 | Consolidated Balance Sheets (As of June 30, 2024) | Metric | Amount (millions) | | :----------------------------------- | :---------------- | | Total current assets | $4,372 | | Total assets | $16,684 | | Total current liabilities | $3,055 | | Total liabilities and equity | $16,684 | | Total News Corporation stockholders' equity | $8,120 | | Total equity | $9,011 | [Consolidated Statements of Cash Flows](index=13&type=section&id=Consolidated_Statements_of_Cash_Flows) The consolidated statements of cash flows detail the cash inflows and outflows from operating, investing, and financing activities for the fiscal years ended June 30, 2025 and 2024. Net cash provided by operating activities from continuing operations was **$978 million** in FY2025 Consolidated Statements of Cash Flows (FY) | Metric | FY 2025 (millions) | FY 2024 (millions) | | :-------------------------------------------------- | :----------------- | :----------------- | | Net cash provided by operating activities from continuing operations | $978 | $897 | | Net cash used in investing activities from continuing operations | $(406) | $(410) | | Net cash used in financing activities from continuing operations | $(524) | $(483) | | Net cash provided by discontinued operations | $370 | $129 | | Net change in cash and cash equivalents, including discontinued operations | $418 | $133 | | Cash and cash equivalents, end of year | $2,403 | $1,960 | [Corporate Information](index=9&type=section&id=Corporate_Information) This section provides essential corporate details, including conference call information, cautionary statements, company overview, and contact information [Conference Call](index=9&type=section&id=Conference_Call) News Corporation's earnings conference call was scheduled for August 5, 2025, at 5:00 p.m. EDT, accessible via their investor relations website - News Corporation's earnings conference call can be heard live at 5:00 p.m. EDT on August 5, 2025[58](index=58&type=chunk) - To listen to the call, please visit http://investors.newscorp.com[58](index=58&type=chunk) [Cautionary Statement Concerning Forward-Looking Statements](index=9&type=section&id=Cautionary_Statement_Concerning_Forward-Looking_Statements) The document contains forward-looking statements regarding business trends, strategy, and financial condition, which are based on management's views and subject to risks and uncertainties detailed in SEC filings. The company disclaims any obligation to update these statements - This document contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995[59](index=59&type=chunk) - These statements are based on management's views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from these expectations due to the risks, uncertainties and other factors described in the Company's filings with the Securities and Exchange Commission[59](index=59&type=chunk) - The "forward-looking statements" included in this document are made only as of the date of this document and we do not have and do not undertake any obligation to publicly update any "forward-looking statements" to reflect subsequent events or circumstances, and we expressly disclaim any such obligation, except as required by law or regulation[59](index=59&type=chunk) [About News Corporation](index=9&type=section&id=About_News_Corporation) News Corp is a global, diversified media and information services company focused on creating and distributing authoritative content across information services, news, digital real estate, and book publishing. Headquartered in New York, it operates primarily in the U.S., Australia, and the U.K. - News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services[60](index=60&type=chunk) - The company comprises businesses across a range of media, including: information services and news, digital real estate services and book publishing[60](index=60&type=chunk) - Headquartered in New York, News Corp operates primarily in the United States, Australia, and the United Kingdom, and its content and other products and services are distributed and consumed worldwide[60](index=60&type=chunk) [Contacts](index=9&type=section&id=Contacts) Provides contact information for Investor Relations and Corporate Communications - Investor Relations: Michael Florin (**212-416-3363**, mflorin@newscorp.com)[61](index=61&type=chunk) - Corporate Communications: Arthur Bochner (**646-422-9671**, abochner@newscorp.com), Anthony Rudolf (**212-416-3040**, arudolf@newscorp.com)[61](index=61&type=chunk)

Core Insights - News Corporation (NWSA) is set to report its fourth-quarter fiscal 2025 results on August 5, with revenue expectations of $2.10 billion, reflecting an 18.37% decline year-over-year, while earnings per share (EPS) is projected to grow by 11.76% to 19 cents [1][9]. Financial Performance - The company has a mixed earnings surprise history, beating the Zacks Consensus Estimate in two of the last four quarters, missing in one, and matching in another, resulting in an average surprise of 8.51% [2]. - NWSA's fiscal fourth-quarter performance is anticipated to benefit from strong segments such as Digital Real Estate, Book Publishing, and Dow Jones, alongside a disciplined capital return strategy [3]. Strategic Developments - Recent acquisitions, including Oxford Analytica and DragonFly Intelligence, have bolstered NWSA's intelligence capabilities, particularly in geopolitical and macroeconomic analysis [4]. - The Dow Jones Energy segment reported a 10% revenue growth, driven by investments in proprietary pricing tools and a new carbon and clean fuels platform [4]. - Realtor.com is expected to perform well, contributing 22% to revenues, supported by increased demand in rental, seller, and new-home categories [5]. Financial Health - The company authorized a $1 billion share repurchase, indicating confidence in its financial health, supported by $539 million in free cash flow and over $2.1 billion in cash as of March 31, 2025 [6]. - NWSA ended the fiscal third quarter with a net cash position of $130 million, allowing for buybacks without compromising investment priorities [6]. Challenges - The company is likely to face challenges due to ongoing advertising turbulence, particularly in the News Media segment, which saw an 8% revenue decline in the fiscal third quarter [7]. - Advertising revenues fell by $19 million in the fiscal third quarter, impacting segment performance despite cost-cutting measures [7].