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Here are 1-2 brief analogies to describe News Corp (NWSA):

• Like a combination of Zillow, The New York Times, and Penguin Random House.
• A consumer-focused Thomson Reuters that also owns a major digital real estate platform like Zillow.

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• Digital Real Estate Services: Operates online platforms like Realtor.com and REA Group providing property listings and related tools.
• Subscription Video Services: Offers pay-TV and streaming content, primarily through Foxtel in Australia, including sports, movies, and entertainment.
• News Media: Publishes a wide array of newspapers and digital news platforms globally, such as The Wall Street Journal and The Times.
• Book Publishing: Produces and distributes books across various genres through HarperCollins Publishers.
• Business Information Services: Provides professional news, data, and analytical tools, primarily via Dow Jones, to businesses and financial markets.

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News Corp (NWSA) serves a diverse range of customers, but considering its extensive portfolio of news publications, book publishing, and subscription video services that directly target the general public, the company primarily sells to individuals.

Here are up to three categories of individual customers that News Corp serves:

• News and Information Consumers: This category includes individuals who subscribe to or purchase News Corp's various news publications, both in print and digital formats. Key brands include The Wall Street Journal, The Times, The Sun, New York Post, Barron's, and numerous Australian newspapers. These customers seek general news, business and financial analysis, sports, and entertainment, typically paying through digital subscriptions or print purchases.
• Book Readers: Individuals who purchase books published by News Corp's HarperCollins subsidiary fall into this category. This vast demographic encompasses readers interested in a wide array of genres, including fiction, non-fiction, children's literature, and religious books. Books are acquired through various retail channels, such as online bookstores, physical bookstores, and e-reader platforms.
• Entertainment and Media Subscribers: This category primarily consists of individuals who subscribe to News Corp's entertainment services, predominantly Foxtel in Australia. These customers pay for access to premium television content, including live sports, movies, and exclusive TV series, delivered through cable, satellite, or streaming services.

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Here are some of News Corporation's major suppliers:

• Cloud Computing Providers: These companies provide essential infrastructure for News Corp's digital properties, including Dow Jones, REA Group, and the online presence of its news media.
  • Amazon.com, Inc. (AMZN)
  • Microsoft Corporation (MSFT)
• Content Providers (for Foxtel Group): These companies supply critical programming content, including movies, TV shows, and sports, for News Corp's subscription video services in Australia.
  • The Walt Disney Company (DIS)
  • Warner Bros. Discovery, Inc. (WBD)
• Newsprint and Paper Suppliers: These companies supply the raw materials for News Corp's print publications (e.g., newspapers) and book publishing (HarperCollins).
  • International Paper Company (IP)
  • Resolute Forest Products Inc. (RFP)

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Robert Thomson, Chief Executive
Robert Thomson began his journalism career as a copyboy at The Herald in Melbourne in 1979. He held various editorial roles at The Sydney Morning Herald, the Financial Times (including correspondent in Beijing and Tokyo, foreign news editor, and editor of the U.S. edition), and was the first non-British editor of The Times of London from 2002 to 2008. From 2008 to 2013, he served as editor-in-chief of Dow Jones & Company and managing editor of The Wall Street Journal. Mr. Thomson assumed his current role as Chief Executive of News Corp in January 2013.

Lavanya Chandrashekar, Chief Financial Officer
Lavanya Chandrashekar became News Corp's Chief Financial Officer in January 2025. Prior to joining News Corp, she was the Chief Financial Officer of Diageo PLC from July 2021 to September 2024, where she also served as a Director of the Board. Her career includes senior finance positions at other major consumer-facing companies, Procter & Gamble and Mondelēz.

Lachlan Murdoch, Chair
Lachlan Murdoch is the Chair of News Corp. He also serves as the Executive Chair and Chief Executive Officer of Fox Corporation (FOX) and is the Executive Chair of NOVA Entertainment, an Australian media company. Mr. Murdoch has accumulated over two decades of experience in building, operating, and investing in various prominent television and publishing businesses, and previously served as Non-Executive Chair of Ten Network Holdings.

David Pitofsky, General Counsel
David Pitofsky serves as the General Counsel of News Corp.

Julian Delany, Chief Technology Officer
Julian Delany holds the position of Chief Technology Officer at News Corp.

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The most significant risk stems from

Legal Challenges and Copyright Concerns

Another substantial risk is the impact of a

Shifting Real Estate Market and Fluctuating Mortgage Rates

Finally, News Corp contends with the ongoing challenge of

Sustained Print Decline and the Imperative for Digital Transition

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The rapid advancement and widespread adoption of generative artificial intelligence (AI) poses a clear emerging threat to News Corp, particularly impacting its News Media and Book Publishing segments.

• News Media (e.g., The Wall Street Journal, The Times, The Sun): Generative AI can produce news articles, summaries, and analysis quickly and at scale, potentially devaluing human-generated journalism. While current AI models have limitations in accuracy and nuance, their rapid improvement suggests a future where AI-generated content could flood the information ecosystem, making it harder for traditional news organizations to monetize their original reporting through subscriptions and advertising. This shift could commoditize news content, undermining the business models that rely on the unique value and trust associated with human journalists and established news brands.
• Book Publishing (HarperCollins Publishers): Similarly, generative AI's ability to create written content, including novels, non-fiction books, and scripts, threatens the traditional publishing model. If AI can produce content at a fraction of the cost and time, it could lead to an oversaturated market, devalue intellectual property, and challenge the role of authors and publishers. This could disrupt the economics of content creation and distribution within the book publishing industry, much like how digital photography impacted film manufacturers or streaming services impacted physical media sales.

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News Corporation (NWSA) operates in several key segments, including News and Information Services, Book Publishing, Digital Real Estate Services, and Subscription Video Services. The addressable market sizes for its main products and services are as follows:

• News and Information Services: The global information services market was valued at approximately $169.11 billion in 2024 and is projected to grow to $219.97 billion by 2028, with a compound annual growth rate (CAGR) of 6.8%. Another estimate places the global information services market at $179.73 billion in 2025, anticipating a rise to $327.94 billion by 2034 with a CAGR of 6.91%.
• Book Publishing: The global book publishing market was estimated to be around $136.5 billion in 2024 and is projected to reach approximately $229.5 billion by 2035. Another report indicates the global book publishers market size was $95.02 billion in 2024, expected to increase to $97.71 billion in 2025. The global consumer book publishing market size reached $70.0 billion in 2024.
• Digital Real Estate Services: The global IT in Real Estate market, which includes digital real estate services, was valued at $20.8 billion in 2024 and is projected to reach $66.2 billion by 2035. Another estimate for the global IT in Real Estate market size was $10.52 billion in 2024, expected to reach $23.16 billion by 2032. The global real estate software market was valued at $10.29 billion in 2023 and is projected to grow to $21.77 billion by 2030.
• Subscription Video Services (Foxtel Group): null

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• Growth in Professional Information and Digital Subscriptions at Dow Jones: The Dow Jones segment, a significant contributor to News Corp's profitability, is poised for continued revenue growth, particularly from its professional information business, including Risk & Compliance, which saw a 16% revenue increase in Q1 Fiscal 2026. Digital-only subscriptions for flagship products like The Wall Street Journal also continue to expand, with an 11% surge in digital-only subscriptions noted in Q1 Fiscal 2026, pushing digital circulation revenues to 75% of total circulation revenue for the segment. This focus on high-value professional information and increasing digital subscriber base is a key growth driver.
• Expansion and Performance in Digital Real Estate Services: News Corp's Digital Real Estate Services, encompassing REA Group and realtor.com, are expected to contribute significantly to future revenue growth. REA Group has demonstrated robust Australian residential performance, and realtor.com has seen revenue boosts, partly from focusing on premium real estate offerings. The segment saw a 5% revenue increase in Q1 Fiscal 2026, with realtor.com achieving a 9% revenue increase. Strategic initiatives such as the launch of the Listing Toolkit further enhance this segment's growth potential.
• Strategic Partnerships and Monetization of AI-Related Revenues: News Corp is strategically focused on digital and AI-related revenues. The company has announced a landmark multi-year global partnership with OpenAI and anticipates further AI-related deals, which are expected to positively impact future results. CEO Robert Thomson has emphasized the value of intellectual property in the AI era, highlighting that information and sophisticated data are essential for AI, and these partnerships will monetize News Corp's valuable content.
• Growth in Streaming Subscribers for Foxtel Group: The Subscription Video Services segment, primarily the Foxtel Group in Australia, is expected to see continued revenue growth driven by its strong streaming performance. Both Kayo and BINGE achieved record paying subscribers, with total paying streaming subscribers reaching over 3.2 million, representing a 5% year-on-year increase in fiscal 2024. This expansion in streaming services provides a sustained revenue stream.

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Share Repurchases

• News Corp authorized a new $1 billion stock repurchase program in July 2025.
• This new authorization adds to an existing $1 billion program from September 2021, which had approximately $303 million remaining as of July 2025, bringing the total authorized amount to $1.3 billion.
• The company intends to significantly increase the pace of these buybacks following its fiscal 2025 fourth-quarter earnings release in early August 2025.

Share Issuance

• News Corp announced the pricing of a secondary offering of 14.07 million Class B common stock at $32.45 per share on September 8, 2025.

Outbound Investments

• News Corp completed several acquisitions, including OPIS for $1.15 billion in February 2022, Houghton Mifflin Harcourt for $349 million in March 2021, and Investor's Business Daily for $275 million in March 2021.
• In June 2025, News Corp acquired Vapormedia, a provider of fantasy sports games and services.
• The company sold its 65% interest in Foxtel Group, an Australian pay-TV and streaming provider, to DAZN for A$3.4 billion (approximately $2.2 billion USD) in April 2025, as part of a strategy to streamline assets and focus on core growth pillars.

Capital Expenditures

• Capital expenditures were $407 million for the fiscal year ended June 30, 2025, and $357 million for the fiscal year ended June 30, 2024.
• For the fiscal year ended June 30, 2023, capital expenditures amounted to $294 million.
• A significant focus of capital allocation is on strategic investments in its core growth pillars: Dow Jones, Digital Real Estate Services, and Book Publishing.