Thomson said News Corp’s digital mix rose to 62% in fiscal 2025 from 22% in 2014, and that excluding HarperCollins, the business was 72% digital. He also said segment EBITDA margin improved to nearly 17% last fiscal year from 11% in 2014.Chief Executive Robert Thomson said News Corp has transformed over the past decade through portfolio reshaping, becoming a “majority digital company” with higher recurring revenue and expanding margins. He cited record profitability last year on a continuing operations basi ...

Core Viewpoint - The Dow Jones Special Committee has elected Melanie Kirkpatrick to succeed Tom Bray as a member, ensuring continuity in leadership and editorial independence at Dow Jones and The Wall Street Journal [1][2]. Group 1: Leadership Changes - Melanie Kirkpatrick will serve out Tom Bray's term until December 31, 2029, and is eligible for reelection for an additional five-year term [2]. - Tom Bray is retiring after 18 years as chair of the committee, emphasizing his commitment to maintaining the reputation of The Wall Street Journal for fair reporting [3]. - Lawrence Ingrassia was elected as the board chair in December, bringing experience from his roles at The Wall Street Journal and The New York Times [2]. Group 2: Committee Composition and Responsibilities - The Special Committee consists of five members, including Kirkpatrick and Ingrassia, and is tasked with safeguarding the editorial independence of The Wall Street Journal and Dow Jones [6]. - The committee's approval is necessary for appointing the Journal's Editor-in-Chief and Editorial Page Editor, ensuring adherence to high ethical and professional standards [6]. Group 3: Kirkpatrick's Background - Kirkpatrick has a distinguished career as a journalist, having worked at The Wall Street Journal from 1980 to 2009, holding senior editing positions in the Opinion section [3]. - She is an accomplished author with three published books and has received the 2001 Mary Morgan Hewett Award for Women in Journalism [4]. - Kirkpatrick holds a bachelor's degree from Princeton University and a master's degree from the University of Toronto, and is involved in various prestigious organizations [5].

Summary of News Corp Investor Briefing on Dow Jones Company Overview - **Company**: News Corp (NasdaqGS:NWS) - **Focus**: Digital-first news and information services, particularly through Dow Jones - **Key Leadership**: Lachlan Murdoch (Chairman), Robert Thomson (CEO), Almar Latour (CEO of Dow Jones) Core Industry Insights - **Industry**: Media and Information Services - **Transformation**: News Corp has shifted from traditional media to a majority digital company, with a focus on recurring revenues and expanding margins [18][19] - **AI Integration**: The company is leveraging AI to enhance content value, improve subscription management, and create new products [20][21][22] Financial Performance - **EBITDA Growth**: Reported 11 successive quarters of year-on-year EBITDA growth, with a free cash flow of $571 million in fiscal 2025 [19][38] - **Digital Revenue**: 62% digital revenue in fiscal 2025, up from 22% in 2014; total segment EBITDA margin increased from 11% in 2014 to nearly 17% [20] - **Buyback and Dividends**: Increased buyback levels four times compared to the previous year while maintaining dividends [19] Dow Jones Business Model - **Three Growth Engines**: Dow Jones, Digital Real Estate, and HarperCollins, all contributing to profitability and cash flow [19] - **B2B Focus**: Significant growth expected in B2B properties, particularly in risk and energy sectors, with a target of reaching $1 billion in EBITDA within five years [31][80] - **Consumer Engagement**: Average of 67 million monthly users in fiscal 2025, with a focus on expanding subscription base and geographic reach [44] AI and Technology Strategy - **AI Partnerships**: Landmark deals with Meta and OpenAI to enhance content creation and consumption [20][21] - **AI Applications**: Using AI for dynamic pricing, content translation, and improving operational efficiency [22][41] - **Data Utilization**: Proprietary data and intelligence are critical for clients, especially in compliance and risk management [80][89] Market Position and Competitive Advantage - **Trust and Credibility**: Dow Jones is recognized as the most trusted source for business news, particularly among C-suite executives [66] - **Retention Rates**: High retention rates linked to trust, with around 90% for premium products [50] - **Growth Potential**: Opportunities for international expansion and deeper integration of services across various sectors [80][86] Key Metrics and Future Outlook - **Subscription Growth**: Digital subscriptions have grown 12% per year to 6 million, with ARPU up 6% [74] - **Advertising Revenue**: Digital ad revenue has held steady, with a shift towards higher-value formats [75] - **Strategic Initiatives**: Focus on enhancing product offerings, expanding into new markets, and leveraging AI for growth [86] Conclusion - **Overall Strategy**: News Corp is positioned to thrive in the evolving media landscape by focusing on digital transformation, AI integration, and maintaining high standards of trust and credibility in its offerings [19][86]

Core Viewpoint - Ben Levisohn has been appointed as the new editor in chief of Barron's, succeeding in a role that comes at a time of heightened investor interest in markets and the publication itself [1] Company Overview - Dow Jones announced the appointment of Ben Levisohn, a 15-year veteran of the company, who previously served as senior managing editor [1] - Barron's is recognized as a leading financial publication, established in 1921, known for its authoritative analysis and in-depth coverage of global financial markets [1] Leadership and Experience - Levisohn has a background as a Wall Street equities trader and transitioned to journalism in 2007, joining Dow Jones in 2010 and Barron's in 2012 [1] - His previous roles include writing popular columns such as Streetwise and Trader, and he served as deputy editor before becoming senior managing editor in August 2025 [1] Strategic Initiatives - Levisohn was instrumental in launching Barron's Investor Circle, a new premium experience for readers, which offers exclusive content and investing tools [1] - Dow Jones has recently reported a record quarter and six years of continuous growth, supported by its business news and intelligence units [1] Subscription and Market Position - The company currently boasts over 6 million subscriptions, positioning itself as a core provider of news and intelligence to large financial institutions and corporate customers [1] - In the context of AI advancements, Dow Jones is recognized as a leading provider of trusted proprietary data and exclusive news [1]

Financial Data and Key Metrics Changes - Revenues increased by 6% to $2.4 billion for the quarter, with total segment EBITDA expanding by 9% to $521 million, despite a one-time inventory-related charge at HarperCollins [4][20] - Net income from continuing operations was $242 million, a 21% decrease from the prior year, primarily due to the absence of a favorable $87 million gain from the sale of PropertyGuru [4][21] - Adjusted EPS for the quarter was $0.40, compared to $0.33 in the prior quarter, with profitability margin rising from 21.4% to 22.1% [4][20] Business Line Data and Key Metrics Changes - **Dow Jones**: Revenues rose by 8% to $648 million, with digital revenues accounting for 82% of segment revenues. Segment EBITDA grew by 10% to $191 million, achieving a profit margin of 29.5% [21][25] - **Digital Real Estate Services**: Revenues increased by 8% to $511 million, with segment EBITDA up 11% to $206 million. Realtor.com revenues grew by 10% to $143 million, driven by premium products and improved lead volume [11][26] - **Book Publishing**: Revenues grew by 6% to $633 million, although segment EBITDA declined by 2% to $99 million due to a one-time write-off related to inventory [29][31] Market Data and Key Metrics Changes - In Australia, REA revenues grew by 7%, benefiting from double-digit yield growth and improved listing volumes in major cities [12][26] - Digital advertising revenue at Dow Jones reached a record $87 million, rising by 12%, particularly supported by demand from the financial services sector [8][25] - The Times and The Sunday Times in the UK saw digital subscribers rise by 7% to 659,000, while News Corp Australia reached nearly 1.2 million total subscribers, surpassing the prior year by 4% [14][15] Company Strategy and Development Direction - The company is focused on transforming into a digital-first entity, increasing recurring revenues, and reducing dependence on advertising [5][19] - There is a strong emphasis on operational efficiency and disciplined investment in core growth pillars: Dow Jones, Digital Real Estate, and Book Publishing, which collectively accounted for 95% of profitability [18][19] - The company is actively pursuing AI partnerships and content licensing opportunities to enhance revenue streams [10][41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of the fiscal year, citing strong cash flow and a robust balance sheet [5][16] - The evolving impact of AI on the industry was discussed, with management confident in the value of proprietary content and the company's ability to monetize it [6][36] - The outlook for Dow Jones remains positive, with expectations of continued strong revenue growth in B2B segments [32] Other Important Information - The company repurchased $172 million in shares during the quarter, significantly higher than the previous year, and plans to continue this trend [20][51] - The launch of the California Post was highlighted as a strategic move to enhance the company's media presence [16] Q&A Session Summary Question: Market reaction to AI and its implications for business services - Management clarified that AI's impact is often misunderstood, emphasizing the value of proprietary content and the company's strategy to monetize it through partnerships and legal actions against unauthorized use [35][36] Question: Investment in Dow Jones and CapEx related to AI - Management expressed confidence in the Dow Jones Professional Information business and indicated that CapEx for Dow Jones would be modestly down this year, while overall free cash flow growth is expected to remain strong [40][42] Question: M&A strategy and areas of interest - Management stated that they are continuously looking for sensible investments but will prioritize organic growth and share buybacks at reasonable prices [49][50] Question: Simplifying the company structure and competition from Homes.com - Management noted ongoing evaluations of the company structure to enhance shareholder value and expressed confidence in Realtor.com's growth trajectory despite competition [54][56] Question: Subscription revenue growth and pricing strategy at Dow Jones - Management highlighted successful increases in enterprise customers and the potential for price elasticity, while also noting improvements in ARPU excluding enterprise customers [63][66]

Core Insights - News Corporation (NWSA) is expected to report first-quarter fiscal 2026 results on November 6, with revenues projected at $2.11 billion, reflecting an 18.06% decline year-over-year. Earnings per share are estimated to be 18 cents, indicating a 14.29% decrease from the previous year [1][7]. Financial Performance - The Zacks Consensus Estimate indicates a mixed earnings surprise history for News Corp, with one earnings beat, one miss, and one match in the last four quarters, resulting in an average surprise of 5.18% [2]. - The company's current Earnings ESP is 0.00%, and it holds a Zacks Rank of 4 (Sell), suggesting low odds for an earnings beat this time [6]. Segment Analysis - The News Media segment is anticipated to be negatively impacted by ongoing advertising softness, with a 4% revenue decline year-over-year in the previous quarter due to weaker ad demand and lower audience engagement [3]. - Factiva's customer disputes are expected to continue affecting performance, potentially limiting B2B growth and slowing subscription renewals, which could hurt profitability [4]. Positive Developments - The success of Move's product enhancements and pricing strategies is likely to have positively influenced News Corp's performance, with previous quarters showing revenue improvement driven by premium listing products and partnerships [5].

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

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