Domestic News - The Yarlung Tsangpo River downstream hydropower project officially commenced on July 19 in Nyingchi, Tibet, with a total investment of approximately 1.2 trillion yuan, aiming to construct five tiered power stations primarily for power transmission and local consumption [2] - The Ministry of Finance's Deputy Minister Liao Min announced at the G20 finance ministers and central bank governors meeting that China will implement a more proactive fiscal policy in the second half of the year and expand high-level opening-up [2] Industry News - The State-owned Assets Supervision and Administration Commission (SASAC) released the list of A-level enterprises for the 2024 annual performance assessment, including major companies such as State Grid Corporation of China and China National Petroleum Corporation [3] - The Lixun Robot Headquarters project broke ground in Changshu with a total investment of 5 billion yuan, expected to achieve an annual output value of 10 billion yuan upon completion [4] - FAW Qiji New Power Technology Co., Ltd., a wholly-owned subsidiary of FAW Group, held its inaugural conference in Changchun, focusing on developing leading technologies in new energy powertrains [4]

Core Viewpoint - The article discusses former President Trump's lawsuit against media mogul Rupert Murdoch, News Corp, Dow Jones, and two journalists from The Wall Street Journal, seeking at least $10 billion in damages for defamation related to a report about a letter he sent to Jeffrey Epstein [1][2]. Group 1 - Trump filed the lawsuit in a federal court in Miami, claiming the report included a forged letter that misrepresented his words and intentions [1]. - The lawsuit is a response to an article that alleged inappropriate connections between Trump and Epstein, which Trump vehemently denies [2]. - Trump characterized the report as "fake news" and accused the media of malicious intent, asserting that he had previously warned Murdoch and the editor about the letter's authenticity [1][2]. Group 2 - The article highlights Trump's ongoing disputes with the media, particularly regarding the Epstein case, where he had previously promised to reveal a "client list" related to Epstein's activities [2]. - The U.S. Department of Justice and the FBI recently concluded that there is no "client list" and will not release further documents related to the Epstein case, which has led to dissatisfaction within Trump's camp [2].

Core Points - The article discusses a defamation lawsuit filed by former President Trump against News Corp, Dow Jones, Rupert Murdoch, and two Wall Street Journal reporters, seeking at least $10 billion in damages for alleged false reporting [1][2] - Trump claims that the Wall Street Journal published a "forged letter" related to his connection with Jeffrey Epstein, which he denies [1][2] Group 1 - Trump accuses the Wall Street Journal of maliciously publishing false information that has caused significant economic and reputational harm [1] - The lawsuit is described as part of a broader narrative of "fake news" that Trump has frequently criticized [2] - The Wall Street Journal's report included a letter from Trump in a birthday tribute to Epstein, which Trump claims is not authentic [2]

Group 1 - The core issue involves President Trump's lawsuit against media mogul Rupert Murdoch, News Corp, Dow Jones, and two journalists from The Wall Street Journal, seeking at least $10 billion in damages [1] - The lawsuit is based on a report claiming Trump sent a letter to financier Jeffrey Epstein in 2003 that included inappropriate illustrations and mentioned shared "secrets" [1] - Trump expressed his anticipation of having Murdoch testify in court, describing the experience as potentially interesting [1] Group 2 - Trump's supporters are dissatisfied with the U.S. Department of Justice's recent memorandum stating that there is no "client list" related to the Epstein case and that no further documents will be released [2] - In response to the pressure from his supporters, Trump has requested the Justice Department to seek the release of grand jury records related to the Epstein case [2]

Core Viewpoint - On July 18, U.S. President Trump filed a defamation lawsuit against News Corp, Dow Jones, media mogul Rupert Murdoch, and two journalists from The Wall Street Journal [1] Group 1 - The lawsuit has not yet been made public [1] - News Corp owns several print publications, including The Wall Street Journal, New York Post, and HarperCollins Publishers [1] - Dow Jones is a subsidiary of News Corp [1]

Group 1 - Robert Thomson has been reappointed as CEO of News Corp for another five years, extending his tenure through June 2030 [1] - News Corp's portfolio includes notable subsidiaries such as the Wall Street Journal, Dow Jones, and HarperCollins [1] - The company has experienced its four most profitable years under Thomson's leadership [4] Group 2 - The Murdoch family previously explored a merger between News Corp and Fox Corp, but the effort was abandoned in 2023 due to resistance from influential shareholders [2] - Thomson has made strategic investments in growth areas like Dow Jones, Digital Real Estate Services, and Book Publishing [3] - The company has recently sold Foxtel to DAZN and established partnerships with tech platforms, including OpenAI [4]

Core Points - News Corp has extended CEO Robert Thomson's contract through 2030, highlighting his significant contributions to the company's growth and profitability [1][2] - Thomson has led News Corp during its four most profitable years from fiscal 2021 to 2024, with strong performance expected to continue in fiscal 2025 [1] - The company has engaged in major transactions, including the sale of its Australian cable-TV unit Foxtel for $2.19 billion in 2024 [2] - News Corp has established landmark agreements with major technology platforms, including a recent deal with OpenAI for licensing intellectual property [5] Company Performance - Under Thomson's leadership, News Corp has achieved its four most profitable years from fiscal 2021 to 2024 [1] - The company anticipates continued strong performance in fiscal 2025 despite challenges in the media landscape [1] Leadership and Vision - Lachlan Murdoch, News Corp Chair, emphasized Thomson's instrumental role in the company's growth and transformation during a period of rapid change [2] - Thomson expressed gratitude for the opportunity to lead a company that is passionate and principled, acknowledging the challenges and opportunities in the current media environment [5][6]

Core Viewpoint - News Corporation (NWSA) reported mixed third-quarter fiscal 2025 earnings, with earnings per share of 17 cents, missing estimates but showing a year-over-year increase of 54.5% [1]. Financial Performance - Revenues reached $2.01 billion, a 1% increase year over year, but fell short of consensus estimates by 0.29% [1]. - Adjusted revenues, excluding foreign currency impacts, grew by 2% year over year [3]. - Total EBITDA rose 12% year over year to $290 million, driven by strong contributions from Digital Real Estate Services and Dow Jones segments [3]. Segment Performance Digital Real Estate Services - Revenues increased by 5% year over year to $406 million, with strong performance from REA Group and a second consecutive quarter of revenue growth for Move [4]. - Move revenues grew 2% year over year to $135 million, supported by strong growth in sellers, new homes, and rentals [5]. - REA Group revenues rose 6% year over year to $271 million, driven by higher Australian residential revenues [6]. Dow Jones - Revenues increased 6% year over year to $575 million, fueled by higher circulation and subscription revenues [9]. - Digital revenues accounted for 82% of total revenues, up from 81% in the previous year [9]. - Total average subscriptions to Dow Jones' consumer products grew 7% year over year to 6.1 million [13]. Book Publishing - Revenues in the Book Publishing segment reached $514 million, a 2% increase year over year, driven by higher book sales [15]. - Digital sales rose 3% year over year, with audiobook sales benefiting from a partnership with Spotify [16]. News Media - Revenues in the News Media segment fell 8% year over year to $514 million, primarily due to lower advertising revenues [17]. - Digital revenues represented 39% of the News Media segment's revenues, up from 37% in the prior year [20]. Strategic Developments - NWSA completed the sale of Foxtel Group to DAZN, receiving a minority equity stake of approximately 6% in DAZN [7]. Other Financial Aspects - As of March 31, 2025, NWSA had cash and cash equivalents of $2.09 billion and borrowings of $1.95 billion [22].

Discontinued Operations - Foxtel's results have been classified as discontinued operations, reflecting a strategic shift that significantly impacts the Company's operations and financial results[117]. - The Company entered into a definitive agreement to sell the Foxtel Group for A$592 million, which closed on April 2, 2025[116]. Financial Performance - Revenues increased by $15 million, or 1%, for the three months ended March 31, 2025, and by $183 million, or 3%, for the nine months ended March 31, 2025, compared to the same periods in fiscal 2024[120]. - Net income for the three months ended March 31, 2025, was $137 million, a 226% increase compared to $42 million for the same period in fiscal 2024[145]. - Net income attributable to News Corporation stockholders was $103 million for the three months ended March 31, 2025, compared to $30 million for the same period in 2024, representing a 243% increase[120]. - Net income from continuing operations increased by $43 million, or 67%, for the three months ended March 31, 2025, and by $250 million, or 80%, for the nine months ended March 31, 2025[143]. - Total revenues decreased by $22 million, or 3%, to $671 million for the nine months ended March 31, 2025, compared to $693 million in the same period of fiscal 2024[173]. Segment Performance - The Digital Real Estate Services segment includes a 61.4% interest in REA Group and an 80% interest in Move, which operates Realtor.com[114]. - Revenues at the Digital Real Estate Services segment increased by $126 million, or 10%, for the nine months ended March 31, 2025, compared to the same period in fiscal 2024[163]. - Revenues at the Book Publishing segment increased by $74 million, or 5%, for the nine months ended March 31, 2025, compared to the same period in fiscal 2024[167]. - Revenues for the Dow Jones segment increased by $31 million, or 6%, to $575 million for the three months ended March 31, 2025, driven by higher circulation and subscription revenues[150]. - Revenues at the News Media segment decreased by $42 million, or 8%, for the three months ended March 31, 2025, compared to the same period in fiscal 2024[168]. Expenses and Cash Flow - Operating expenses decreased by $34 million, or 4%, for the three months ended March 31, 2025, and by $67 million, or 2%, for the nine months ended March 31, 2025[124]. - Selling, general and administrative expenses increased by $18 million, or 2%, for the three months ended March 31, 2025, and by $90 million, or 4%, for the nine months ended March 31, 2025[127]. - Free cash flow for the nine months ended March 31, 2025, was $539 million, an increase from $475 million in the same period of fiscal 2024[190]. - Net cash provided by operating activities increased by $68 million to $789 million for the nine months ended March 31, 2025, compared to $721 million in the same period of fiscal 2024[182]. Market and Economic Conditions - Recent changes in trade policy may lead to economic volatility and could negatively impact customer sentiment and spending, affecting the Company's financial condition[118]. - The Company does not expect announced tariffs to materially impact its supply chain or costs but acknowledges potential future uncertainties[118]. - The Company will continue to monitor macroeconomic trends and seek to mitigate potential impacts on its operations[118]. Legal and Regulatory Matters - Legal proceedings and claims may adversely affect the Company's results of operations and financial condition due to significant uncertainty in outcomes[195]. - The Company establishes accrued liabilities for legal claims when a loss is probable and can be reasonably estimated, with adjustments made as necessary[196]. Strategic Acquisitions and Divestitures - The Company has made significant strategic acquisitions and divestitures, which introduce risks and uncertainties to its business[116]. - The Company has commitments under firm contractual arrangements for future payments, which will change upon the sale of Foxtel on April 2, 2025[194].

Core Insights - News Corp reported better-than-expected quarterly earnings, driven by growth in digital real estate, Dow Jones, and book publishing divisions [1][3] - The company achieved a net income of $107 million, or 14 cents per share, compared to $64 million, or 7 cents, in the previous year [1][3] - Adjusted earnings per share totaled 17 cents, exceeding Wall Street's expectations of 13 cents [3] Financial Performance - Third-quarter revenue increased by 1% to $2.01 billion from $1.99 billion a year earlier [3] - The Dow Jones unit saw a revenue increase of 5.7% to $575 million, attributed to improved circulation revenues [4] - The real estate division's revenue rose by 4.6% to $406 million [4] - The book publishing unit, including HarperCollins, experienced a 2% revenue increase due to higher sales of key titles [5] Strategic Initiatives - CEO Robert Thomson highlighted the company's "sustained strength" and "strategic transformation" as key factors for the 67% profit increase in the quarter [3][4] - The company has focused on digital growth, asset realignment, cost discipline, and the value of intellectual property [4] - News Corp completed the sale of its Australian cable TV business, Foxtel Group, to DAZN for $2.1 billion, which is expected to strengthen the balance sheet and enhance returns for shareholders [7][8]