MANHATTAN, NEW YORK, UNITED STATES - 2024/08/13: Marquee at the main entrance to the FOX News ... [+] Headquarters at NewsCorp Building in Manhattan. (Photo by Erik McGregor/LightRocket via Getty Images)LightRocket via Getty Images[Note: News Corp Fiscal 2024 Ended in June]After an 8% rise year-to-date, at the current price of around $26 per share, we believe News Corp stock (NASDAQ: NWSA), a global, diversified media and information services company, could see further gains in the longer term. NWSA stock g ...

Part I [Item 1. Business](index=4&type=section&id=ITEM%201.%20Business) News Corporation is a global diversified media and information services company, focusing on content creation and digital expansion across six segments - The company operates on a 52-53 week fiscal year, with both fiscal 2024 and 2023 comprising 52 weeks[16](index=16&type=chunk) Fiscal 2024 Segment Revenues and EBITDA | Segment | Revenues (in millions) | Segment EBITDA (in millions) | | :--- | :--- | :--- | | Digital Real Estate Services | $ 1,658 | $ 508 | | Subscription Video Services | $ 1,917 | $ 310 | | Dow Jones | $ 2,231 | $ 542 | | Book Publishing | $ 2,093 | $ 269 | | News Media | $ 2,186 | $ 120 | | Other | — | $ (210) | [Digital Real Estate Services](index=5&type=section&id=Digital%20Real%20Estate%20Services) This segment, including REA Group and Move, offers property advertising and lead generation services in Australia and the U.S - The segment comprises a **61.4% interest in REA Group** and an **80% interest in Move**, with REA Group holding the remaining 20% of Move[21](index=21&type=chunk) - In Australia, realestate.com.au averaged **127.7 million monthly visits** for FY2024, significantly outperforming its nearest competitor[23](index=23&type=chunk) - In the U.S., Realtor.com® recorded approximately **74 million average monthly unique users** during the quarter ended June 30, 2024[28](index=28&type=chunk) [Subscription Video Services](index=7&type=section&id=Subscription%20Video%20Services) This segment, primarily Foxtel Group, delivers sports, entertainment, and news via pay-TV and streaming in Australia, generating revenue from subscriptions and advertising - The segment is composed of a **65% interest in the Foxtel Group** and the Australian News Channel (ANC)[30](index=30&type=chunk) - The Foxtel Group broadcasts and streams approximately **32,000 hours of live sports programming annually**, including major Australian leagues[31](index=31&type=chunk) [Dow Jones](index=8&type=section&id=Dow%20Jones) The Dow Jones segment provides global news and business information through consumer products like The Wall Street Journal and professional services, focusing on digital growth Average Daily Subscriptions (Q4 FY2024) | Publication/Group | Digital-only subscriptions (in 000's) | Total subscriptions (in 000's) | | :--- | :--- | :--- | | The Wall Street Journal | 3,788 | 4,256 | | Barron's Group | 1,290 | 1,419 | | Total Consumer | 5,226 | 5,842 | - Dow Jones's professional information products, including Dow Jones Risk & Compliance and Factiva, target enterprise customers with data, news, and compliance tools[45](index=45&type=chunk)[46](index=46&type=chunk) [Book Publishing](index=11&type=section&id=Book%20Publishing) This segment, HarperCollins, is the world's second-largest consumer book publisher, operating globally with diverse imprints and significant digital sales - HarperCollins is the **second largest consumer book publisher** in the world based on global revenue[49](index=49&type=chunk) - Digital sales (e-books and audiobooks) represented about **23% of global consumer revenues** for fiscal year 2024[51](index=51&type=chunk) - In fiscal 2024, HarperCollins U.S. had **156 titles on the New York Times bestseller lists**, with 18 reaching number one[52](index=52&type=chunk) [News Media](index=11&type=section&id=News%20Media) The News Media segment encompasses major newspaper operations in Australia, the U.K., and the U.S., focusing on circulation, advertising, and digital platforms - News Corp Australia had approximately **968,000 aggregate digital closing subscribers** as of June 30, 2024[57](index=57&type=chunk) - News UK's publications, The Sun and The Times, accounted for about **one-third of all national newspaper sales** in the U.K. as of June 30, 2024, with The Times and The Sunday Times reaching **705,000 total subscribers**[62](index=62&type=chunk)[64](index=64&type=chunk) - The New York Post Digital Network averaged approximately **128.8 million unique users per month** during the quarter ended June 30, 2024[66](index=66&type=chunk) [Human Capital](index=18&type=section&id=Human%20Capital) News Corp employed approximately 23,900 people globally as of June 30, 2024, with a human capital strategy focused on culture, diversity, and talent development - The company employed approximately **23,900 people** as of June 30, 2024, with significant concentrations in the U.S., Australia, and the U.K[94](index=94&type=chunk) - As of December 31, 2023, **women comprised 49% of the global workforce**, 39% of senior executives, and 43% of the Board of Directors[97](index=97&type=chunk) [Item 1A. Risk Factors](index=21&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from intense competition, evolving technologies, macroeconomic conditions, and reliance on advertising, with concentrated voting power posing a governance risk - The company faces intense competition, intensifying due to technological changes like generative AI, new platforms, and shifting consumer behaviors that could adversely impact demand and pricing[114](index=114&type=chunk)[115](index=115&type=chunk) - Macroeconomic factors like persistent inflation and elevated interest rates continued to adversely impact the U.S. real estate market in fiscal 2024, depressing lead and transaction volumes for the Digital Real Estate Services segment[121](index=121&type=chunk) - The company derives substantial revenues from advertising, which is vulnerable to declines in customer spending, audience fragmentation, and the shift to digital platforms where large players command significant market share[123](index=123&type=chunk)[125](index=125&type=chunk) - As of June 30, 2024, the Murdoch Family Trust (MFT) beneficially owned approximately **40.3% of the Company's Class B Common Stock**, representing a significant concentration of voting power[176](index=176&type=chunk) [Item 1C. Cybersecurity](index=31&type=section&id=Item%201C.%20Cybersecurity) News Corp maintains a comprehensive cybersecurity program, overseen by the Audit Committee and CISO, with no material incidents reported to date - The company's cybersecurity program is overseen by a dedicated global cybersecurity organization led by the Chief Information Security Officer (CISO) and is informed by the NIST Cybersecurity Framework[179](index=179&type=chunk) - The Board of Directors has delegated primary responsibility for overseeing cybersecurity risks to the Audit Committee, which receives regular reports from the CTO and CISO[185](index=185&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, its business strategy, results of operations, or financial condition[183](index=183&type=chunk) [Item 2. Properties](index=32&type=section&id=Item%202.%20Properties) The company owns and leases various real properties globally, including headquarters in New York and London, and newspaper production facilities [Item 3. Legal Proceedings](index=33&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various legal proceedings, including U.K. Newspaper Matters and past antitrust lawsuits, detailed in Note 16 of the financial statements Part II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=34&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) News Corporation's Class A and B Common Stock trade on Nasdaq, supported by a $1 billion stock repurchase program with $460 million remaining as of June 30, 2024 - The company has a **$1 billion stock repurchase program**, with approximately **$460 million remaining authorized** as of June 30, 2024[196](index=196&type=chunk) Stock Repurchases (Fiscal Years 2022-2024) | Fiscal Year | Shares Repurchased (in millions) | Amount Paid (in millions) | | :--- | :--- | :--- | | 2024 | 5.0 | $117 | | 2023 | 14.2 | $240 | | 2022 | 8.7 | $183 | [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) For fiscal 2024, News Corp reported a 2% revenue increase to $10.1 billion and a 79% rise in net income to $266 million, maintaining strong liquidity and continuing share repurchases [Results of Operations—Fiscal 2024 versus Fiscal 2023](index=41&type=section&id=Results%20of%20Operations%E2%80%94Fiscal%202024%20versus%20Fiscal%202023) In fiscal 2024, revenues increased 2% to $10.085 billion, and net income attributable to stockholders rose 79% to $266 million, driven by segment growth and improved profitability Consolidated Statement of Operations (FY2024 vs FY2023) | Metric | FY 2024 (in millions) | FY 2023 (in millions) | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $10,085 | $9,879 | 2% | | Income before income tax expense | $546 | $330 | 65% | | Net income | $354 | $187 | 89% | | Net income attributable to News Corporation stockholders | $266 | $149 | 79% | - Equity losses of affiliates improved by **$121 million**, primarily due to the absence of a prior-year non-cash write-down of REA Group's investment in PropertyGuru of approximately **$81 million**[241](index=241&type=chunk) [Segment Analysis](index=43&type=section&id=Segment%20Analysis) In fiscal 2024, Total Segment EBITDA increased 8% to $1.54 billion, driven by Digital Real Estate, Dow Jones, and Book Publishing, partially offset by declines in Subscription Video and News Media Segment EBITDA (FY2024 vs FY2023) | Segment | FY 2024 (in millions) | FY 2023 (in millions) | | :--- | :--- | :--- | | Digital Real Estate Services | $508 | $457 | | Subscription Video Services | $310 | $347 | | Dow Jones | $542 | $494 | | Book Publishing | $269 | $167 | | News Media | $120 | $156 | | Other | $(210) | $(201) | | **Total** | **$1,539** | **$1,420** | [Liquidity and Capital Resources](index=49&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2024, the company maintained $1.96 billion in cash, with stable operating cash flow and a $460 million remaining share repurchase authorization - As of June 30, 2024, the company's cash and cash equivalents were **$1,960 million**[277](index=277&type=chunk) - Net cash provided by operating activities was **$1,098 million** in fiscal 2024, a slight increase from **$1,092 million** in fiscal 2023[283](index=283&type=chunk) - Free cash flow for fiscal 2024 was **$602 million**, compared to **$593 million** in fiscal 2023[291](index=291&type=chunk) [Critical Accounting Policies and Estimates](index=54&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) The company's critical accounting policies involve significant judgment in goodwill impairment, programming cost amortization, income tax provisions, and retirement benefit obligations - Goodwill and indefinite-lived intangible assets are tested for impairment annually, with the fiscal 2024 analysis resulting in an **$18 million impairment**[315](index=315&type=chunk)[318](index=318&type=chunk) - The company uses significant judgment in determining its tax expense and evaluating tax positions, including the realization of deferred tax assets[321](index=321&type=chunk) - Accounting for retirement benefit obligations requires significant assumptions regarding discount rates, expected return on plan assets, and mortality rates[325](index=325&type=chunk)[326](index=326&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=57&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from foreign currency, interest rates, and credit, using derivatives to hedge exposures, with minimal credit risk - The company's primary market risks are foreign currency exchange rates (USD, AUD, GBP), interest rates on its debt, and credit risk[333](index=333&type=chunk)[336](index=336&type=chunk) - Based on FY2024 results, a one-cent change in the USD/AUD exchange rate would impact annual revenues by approximately **$63 million** and Total Segment EBITDA by **$14 million**[338](index=338&type=chunk) - The company utilizes derivative instruments to hedge foreign currency and interest rate risks, including cross-currency swaps for Foxtel's U.S. dollar debt and interest rate swaps for its variable-rate borrowings[339](index=339&type=chunk)[342](index=342&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=60&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents News Corporation's audited consolidated financial statements for fiscal years 2024, 2023, and 2022, including statements of operations, balance sheets, cash flows, and notes [Consolidated Statements of Operations](index=65&type=section&id=Consolidated%20Statements%20of%20Operations) For fiscal 2024, News Corporation reported total revenues of $10.085 billion and net income attributable to stockholders of $266 million, or $0.46 per diluted share Key Financial Results (FY2024 vs FY2023) | Metric | FY 2024 (in millions) | FY 2023 (in millions) | | :--- | :--- | :--- | | Total Revenues | $10,085 | $9,879 | | Net Income | $354 | $187 | | Net Income Attributable to Stockholders | $266 | $149 | | Diluted EPS | $0.46 | $0.26 | [Consolidated Balance Sheets](index=67&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2024, total assets were $16.684 billion, with $1.960 billion in cash, and total equity stood at $9.011 billion Balance Sheet Summary (as of June 30) | Metric | 2024 (in millions) | 2023 (in millions) | | :--- | :--- | :--- | | Cash and cash equivalents | $1,960 | $1,833 | | Goodwill | $5,186 | $5,140 | | Total Assets | $16,684 | $16,921 | | Total Liabilities | $7,673 | $7,976 | | Total Equity | $9,011 | $8,945 | [Consolidated Statements of Cash Flows](index=68&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For fiscal 2024, net cash from operating activities was $1.098 billion, with cash and cash equivalents increasing by $127 million to $1.960 billion Cash Flow Summary (FY2024) | Cash Flow Activity | Amount (in millions) | | :--- | :--- | | Net cash provided by operating activities | $1,098 | | Net cash used in investing activities | $(524) | | Net cash used in financing activities | $(441) | | **Net change in cash and cash equivalents** | **$133** | [Note 16. Commitments and Contingencies](index=101&type=section&id=NOTE%2016.%20Commitments%20and%20Contingencies) The company has significant firm commitments totaling $10.8 billion as of June 30, 2024, and has accrued $62 million for U.K. Newspaper Matters liabilities Material Firm Commitments as of June 30, 2024 | Commitment Type | Total (in millions) | | :--- | :--- | | Purchase obligations | $1,563 | | Sports programming rights | $3,177 | | Programming costs | $908 | | Operating leases | $1,609 | | Borrowings | $2,902 | | **Total** | **$10,792** | - For the U.K. Newspaper Matters, the company has accrued approximately **$62 million** for estimated liabilities, with a corresponding receivable from FOX Corporation for indemnification of approximately **$65 million**[611](index=611&type=chunk) [Item 9A. Controls and Procedures](index=121&type=section&id=ITEM%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2024, with no material changes to internal controls during the fourth quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the fiscal year[693](index=693&type=chunk) - No changes in internal control over financial reporting occurred during the fourth quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[695](index=695&type=chunk) Part III [Item 10. Directors, Executive Officers and Corporate Governance](index=122&type=section&id=ITEM%2010.%20Directors,%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the company's 2024 Proxy Statement - Required information for this item is incorporated by reference from the company's 2024 Proxy Statement[699](index=699&type=chunk)[700](index=700&type=chunk)[701](index=701&type=chunk) [Item 11. Executive Compensation](index=122&type=section&id=ITEM%2011.%20Executive%20Compensation) Information regarding executive and director compensation is incorporated by reference from the company's 2024 Proxy Statement - Required information for this item is incorporated by reference from the company's 2024 Proxy Statement[705](index=705&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=122&type=section&id=ITEM%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership and equity compensation plans is incorporated by reference from the company's 2024 Proxy Statement - Required information for this item is incorporated by reference from the company's 2024 Proxy Statement[708](index=708&type=chunk)[709](index=709&type=chunk) [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=123&type=section&id=ITEM%2013.%20Certain%20Relationships%20and%20Related%20Transactions,%20and%20Director%20Independence) Information on related person transactions and director independence is incorporated by reference from the company's 2024 Proxy Statement - Required information for this item is incorporated by reference from the company's 2024 Proxy Statement[710](index=710&type=chunk)[711](index=711&type=chunk) [Item 14. Principal Accountant Fees and Services](index=123&type=section&id=ITEM%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information on principal accountant fees and Audit Committee pre-approval policies is incorporated by reference from the company's 2024 Proxy Statement - Required information for this item is incorporated by reference from the company's 2024 Proxy Statement[712](index=712&type=chunk) Part IV [Item 15. Exhibits and Financial Statement Schedules](index=124&type=section&id=ITEM%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists financial statements, schedules, and exhibits filed as part of the Annual Report, including key corporate and debt documents [Item 16. Form 10-K Summary](index=127&type=section&id=ITEM%2016.%20Form%2010-K%20Summary) This item is not applicable as no Form 10-K summary is provided

News Corporation (NWSA) reported fourth-quarter fiscal 2024 earnings of 17 cents per share, which beat the Zacks Consensus Estimate by 13.33% and increased 21.4% year over year.Revenues of $2.58 billion increased 6% year over year and beat the consensus mark by 2.06%. The improvement was driven by growth in the Digital Real Estate Services, Book Publishing and Dow Jones segments.Quarterly DetailsAdjusted revenues (which exclude the impact of foreign currency, acquisitions and divestitures) increased 6% year ...

Core Viewpoint - News Corp. reported a revenue of $2.58 billion for the quarter ended June 2024, marking a year-over-year increase of 5.9% and an EPS of $0.17, up from $0.14 a year ago, exceeding both revenue and EPS consensus estimates [1]. Revenue Performance - The reported revenue of $2.58 billion surpassed the Zacks Consensus Estimate of $2.53 billion, resulting in a surprise of +2.06% [1]. - The EPS of $0.17 also exceeded the consensus estimate of $0.15, delivering an EPS surprise of +13.33% [1]. Key Metrics Analysis - Revenue from Dow Jones - Circulation and subscription was $102 million, above the average estimate of $99.92 million [5]. - Revenue from Dow Jones - Other reached $15 million, compared to the average estimate of $13.89 million [5]. - Book Publishing - Consumer revenue was $566 million, slightly above the estimated $565.22 million, reflecting a +3.7% year-over-year change [5]. - Subscription Video Services - Advertising revenue was $512 million, exceeding the average estimate of $506.78 million, with a year-over-year increase of +14.8% [6]. - News Media - Circulation and subscription revenue was $263 million, below the average estimate of $273.57 million [8]. - News Media - Advertising revenue was $209 million, slightly above the average estimate of $207.16 million [8]. Stock Performance - Over the past month, shares of News Corp. have returned -6.3%, compared to the Zacks S&P 500 composite's -6.5% change [9]. - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [9].

News Corp. (NWSA) came out with quarterly earnings of $0.17 per share, beating the Zacks Consensus Estimate of $0.15 per share. This compares to earnings of $0.14 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 13.33%. A quarter ago, it was expected that this publishing company whose flagship is The Wall Street Journal would post earnings of $0.10 per share when it actually produced earnings of $0.11, delivering a surprise of ...

Exhibit 99.1 NEWS CORPORATION REPORTS FOURTH QUARTER AND FULL YEAR RESULTS FOR FISCAL 2024 FISCAL 2024 FOURTH QUARTER AND FULL YEAR KEY FINANCIAL HIGHLIGHTS NEW YORK, NY – August 8, 2024 – News Corporation ("News Corp" or the "Company") (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) today reported financial results for the three months and fiscal year ended June 30, 2024. Commenting on the results, Chief Executive Robert Thomson said: "Fiscal 2024 was an outstanding year for News Corp, as we not only delivered robust ...

While "the trend is your friend" when it comes to short-term investing or trading, timing entries into the trend is a key determinant of success. And increasing the odds of success by making sure the sustainability of a trend isn't easy.The trend often reverses before exiting the trade, leading to a short-term capital loss for investors. So, for a profitable trade, one should confirm factors such as sound fundamentals, positive earnings estimate revisions, etc. that could keep the momentum in the stock aliv ...

It has been about a month since the last earnings report for News Corp. (NWSA) . Shares have added about 11.8% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is News Corp. due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. News Corporation Q3 Earnings Beat, Revenues Fall ...

Key TakeawaysOpenAI and News Corp announced a multi-year agreement Wednesday, giving the maker of ChatGPT access to content from brands like The Wall Street Journal and Barron's.Microsoft-backed OpenAI has signed deals with other publishers as well to license their content for training purposes, while also including content from the outlets in ChatGPT's responses.The moves come as Microsoft, OpenAI, and Google have faced scrutiny over whether they used copyrighted content without consent to train AI models. ...

[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company reported Q3 fiscal 2024 revenues of $2.42 billion and nine-month operating cash flow of $844 million [Consolidated Statements of Operations](index=3&type=section&id=Consolidated%20Statements%20of%20Operations) | Financial Metric | Q3 2024 (ended Mar 31) | Q3 2023 (ended Mar 31) | YoY Change | Nine Months 2024 | Nine Months 2023 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $2,423 M | $2,447 M | -1% | $7,508 M | $7,446 M | +1% | | **Net Income** | $42 M | $59 M | -29% | $283 M | $219 M | +29% | | **Net Income to Stockholders** | $30 M | $50 M | -40% | $216 M | $157 M | +38% | | **Diluted EPS** | $0.05 | $0.09 | -44% | $0.38 | $0.27 | +41% | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) | Balance Sheet Item | March 31, 2024 (unaudited) | June 30, 2023 (audited) | | :--- | :--- | :--- | | **Cash and cash equivalents** | $1,943 M | $1,833 M | | **Total current assets** | $4,128 M | $4,053 M | | **Total assets** | $16,544 M | $16,921 M | | **Total current liabilities** | $3,042 M | $3,165 M | | **Total borrowings** | $2,900 M | $2,967 M | | **Total equity** | $8,908 M | $8,945 M | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) | Cash Flow Item (Nine Months Ended Mar 31) | 2024 | 2023 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $844 M | $670 M | | **Net cash used in investing activities** | ($404 M) | ($440 M) | | **Net cash used in financing activities** | ($317 M) | ($382 M) | | **Net change in cash and cash equivalents** | $123 M | ($152 M) | [Notes to the Unaudited Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Unaudited%20Consolidated%20Financial%20Statements) - For the nine months ended March 31, 2024, the company recorded **restructuring charges of $62 million** related to employee termination benefits[39](index=39&type=chunk) - During the nine months ended March 31, 2024, both the Foxtel Group and REA Group completed **significant debt refinancing activities**[52](index=52&type=chunk)[55](index=55&type=chunk) - As of March 31, 2024, the company had approximately **$495 million remaining under its $1 billion stock repurchase program**[62](index=62&type=chunk)[63](index=63&type=chunk) - The company has accrued approximately **$70 million for liabilities related to the U.K. Newspaper Matters**, which are largely indemnified by FOX Corporation[91](index=91&type=chunk)[92](index=92&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a 1% Q3 revenue decline, flat Segment EBITDA, and strong operating cash flow of $844 million [Overview of the Company's Businesses](index=30&type=section&id=Overview%20of%20the%20Company's%20Businesses) - The company's **5% headcount reduction initiative** is expected to generate at least **$160 million in annualized gross cost savings**[126](index=126&type=chunk) - News UK and DMG Media received regulatory approval for a proposed joint venture to combine certain printing operations[127](index=127&type=chunk) [Results of Operations](index=32&type=section&id=Results%20of%20Operations) | Performance Metric | Q3 2024 | Q3 2023 | YoY Change | Nine Months 2024 | Nine Months 2023 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $2,423 M | $2,447 M | -1% | $7,508 M | $7,446 M | +1% | | **Total Segment EBITDA** | $322 M | $320 M | +1% | $1,159 M | $1,079 M | +7% | - The Q3 revenue decrease was driven by lower advertising and currency headwinds, partially offset by growth at Digital Real Estate Services and Dow Jones[130](index=130&type=chunk) - Equity losses of affiliates decreased by **$38 million for the nine-month period** due to the absence of prior-year losses from an investment[143](index=143&type=chunk) [Segment Analysis](index=35&type=section&id=Segment%20Analysis) | Segment | Q3 2024 Revenue | YoY Change | Q3 2024 Segment EBITDA | YoY Change | | :--- | :--- | :--- | :--- | :--- | | **Digital Real Estate Services** | $388 M | +7% | $104 M | +2% | | **Subscription Video Services** | $455 M | -5% | $66 M | -3% | | **Dow Jones** | $544 M | +3% | $118 M | +8% | | **Book Publishing** | $506 M | -2% | $62 M | +2% | | **News Media** | $530 M | -6% | $26 M | -24% | - **Digital Real Estate:** Growth was driven by a **15% revenue increase at REA Group**, which offset a 6% decline at Move[158](index=158&type=chunk) - **Dow Jones:** Growth was led by a **10% increase in professional information business revenues**, with total subscriptions for The Wall Street Journal growing 8%[177](index=177&type=chunk)[179](index=179&type=chunk)[181](index=181&type=chunk) - **News Media:** Performance was negatively impacted by a **13% decline in advertising revenues**, attributed to lower print and digital advertising[194](index=194&type=chunk) [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) - The company's principal source of liquidity is internally generated funds and cash on hand, which stood at **$1.9 billion** as of March 31, 2024[202](index=202&type=chunk) | Cash Flow Metric (Nine Months Ended Mar 31) | 2024 | 2023 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $844 M | $670 M | | **Free cash flow** | $491 M | $320 M | | **Free cash flow available to News Corporation** | $378 M | $258 M | - During the nine-month period, the Foxtel Group refinanced its debt with a new **A$1.2 billion syndicated credit facility**[221](index=221&type=chunk)[226](index=226&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk sensitivity assessment remains unchanged from the last annual report - There has been **no material change** in the Company's assessment of its sensitivity to market risk since its last annual report[236](index=236&type=chunk) [Controls and Procedures](index=50&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes to internal controls - The CEO and CFO concluded that as of the end of the quarter, the company's **disclosure controls and procedures were effective**[237](index=237&type=chunk) - **No changes in internal control over financial reporting** occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[238](index=238&type=chunk) [Part II. Other Information](index=51&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) This section details ongoing legal matters, including antitrust complaints and U.K. Newspaper claims - For details on legal proceedings, the report refers to Note 9 in the financial statements, which covers matters such as the HarperCollins antitrust complaints and the U.K. Newspaper Matters[241](index=241&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk) [Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors have occurred since the last annual report - There have been **no material changes** to the risk factors described in the 2023 Form 10-K[242](index=242&type=chunk) [Issuer Purchases of Equity Securities](index=51&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased $27 million of its shares in Q3, with $495 million remaining under its program | Period (2024) | Class A Shares Purchased (M) | Class B Shares Purchased (M) | Total Shares Purchased (M) | Approx. Value (M) | | :--- | :--- | :--- | :--- | :--- | | Jan 1 - Jan 28 | 0.1 | 0.1 | 0.2 | $4.9 | | Jan 29 - Mar 3 | 0.3 | 0.1 | 0.4 | $10.4 | | Mar 4 - Mar 31 | 0.3 | 0.1 | 0.4 | $10.5 | | **Total Q3** | **0.7** | **0.3** | **1.0** | **$25.8** | - As of March 31, 2024, the remaining authorized amount under the company's stock repurchase program was approximately **$495 million**[205](index=205&type=chunk)[244](index=244&type=chunk) [Other Information](index=51&type=section&id=Item%205.%20Other%20Information) The company amended the employment agreement for its General Counsel, extending the term to 2028 - The company entered into an **amended employment agreement with General Counsel David B. Pitofsky**, effective July 1, 2024, extending his term to June 30, 2028[248](index=248&type=chunk) [Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including executive agreements, certifications, and XBRL data - Exhibits filed with the report include the amended employment agreement for David Pitofsky, CEO/CFO certifications, and financial statements in Inline XBRL format[255](index=255&type=chunk)