NEWS CORP
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 7, 2025
NWS$28.96-0.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-09.
0001564708-25-000255
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001564708-25-000573
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 139 previous paragraphs and 110 current paragraphs.
42 unchanged; 55 reworded; 10 added; 41 removed; 1 previous and 3 current paragraphs rearranged.
Tables are not compared: 17 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
Revenues—Revenues increased $48 million, or 2%, for the three months ended September 30, 2025 as compared to the corresponding period of fiscal 2025.
Current report
For the three months ended September 30, 2024, the Company recorded income tax expense of $61 million on pre-tax income from continuing operations of $210 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses.
Current report
Dow Jones(27% and 26% of the Company’s consolidated revenues in the three months ended September 30, 2025 and 2024, respectively)
Current report
Digital Real Estate Services (22% of the Company’s consolidated revenues in both the three months ended September 30, 2025 and 2024)
Current report
Book Publishing (25% and 26% of the Company’s consolidated revenues in the three months ended September 30, 2025 and 2024, respectively)
Current report
For the three months ended September 30, 2025, Segment EBITDA at the Book Publishing segment decreased $23 million, or 28%, as compared to the corresponding period of fiscal 2025, primarily due to a $13 million write-off of a customer receivable related to the expected closure of a book distributor, the lower revenues discussed above and higher employee costs, partially offset by lower costs related to lower sales volumes.
Current report
News Media (26% of the Company’s consolidated revenues in both the three months ended September 30, 2025 and 2024)
Current report
Net cash used in financing activities from continuing operations was $179 million for the three months ended September 30, 2025, as compared to $109 million for the three months ended September 30, 2024.
Current report
HarperCollins Equipment Lease
Current report
In October 2025, HarperCollins entered into a finance leasing arrangement for up to $120 million of equipment for a new warehouse (the “Equipment Lease”), which is expected to increase efficiencies. Interest accrues on amounts drawn under the Equipment Lease based on the Term SOFR plus a margin of 1.475%. The Equipment Lease may be drawn on until June 30, 2028, after which lease payments commence for a term of 7 years. The lease obligations are secured by the acquired equipment, and ownership of the equipment acquired under the Equipment Lease will transfer to HarperCollins at the end of the lease term. The Equipment Lease will be classified as a finance lease on the Company’s balance sheet.
Removed paragraphs (41)
Previous report
Other Business Developments
Previous report
Sale of Foxtel Group
Previous report
During the second quarter of fiscal 2025, the Company entered into a definitive agreement to sell the Foxtel Group (“Foxtel”) to DAZN Group Limited (“DAZN”), a global sports streaming platform, which closed on April 2, 2025. Under the terms of the agreement, all amounts outstanding under Foxtel’s shareholder loans with News Corp (A$592 million) were repaid in full in cash at closing. Foxtel’s third-party borrowings transferred with the business, and News Corp received a minority equity interest in DAZN of approximately 6% and holds one seat on its Board of Directors. Telstra Group Ltd also sold its minority interest in Foxtel. Divestitures involve significant risks and uncertainties that could adversely affect the Company’s business, results of operations and financial condition, including those discussed in the risk factor titled “The Company Has Made and May Continue to Make Strategic Acquisitions, Investments and Divestitures That Introduce Significant Risks and Uncertainties” in the 2024 Form 10-K.
Previous report
The assets and liabilities of Foxtel have been classified as held for sale and the results of operations and cash flows have been classified as discontinued operations for all periods presented as the disposition reflects a strategic shift that has, and will have, a major effect on the Company’s operations and financial results. Furthermore, upon reclassification of Foxtel’s results, the Subscription Video Services segment ceased to be a reportable segment and the residual results of the segment were aggregated into the News Media segment. News Media segment results have been recast to reflect this change for all periods presented. See Note 2—Discontinued Operations in the accompanying Consolidated Financial Statements.
Previous report
Recent Developments Affecting the Macroeconomic Environment
Previous report
Recent changes in trade policy, including new or potential tariffs and other trade restrictions announced by the U.S. and other countries, have led to significant economic and market volatility and uncertainty and may exacerbate inflationary pressures. While the Company does not currently expect the announced tariffs to have a material impact on its supply chain or costs, it cannot predict the effect of any further changes in trade policy. The resulting volatility and uncertainty and potential increase in inflation may continue to have a negative impact on customer and consumer sentiment and spending. If this leads to reduced demand for the Company’s products and services, it could adversely impact the Company’s business, results of operations and financial condition. The Company will continue to closely monitor these trends and uncertainties and will seek to mitigate any impacts where possible.
Previous report
Revenues—Revenues increased $15 million, or 1%, and $183 million, or 3%, for the three and nine months ended March 31, 2025, respectively, as compared to the corresponding periods of fiscal 2024.
Previous report
The revenue increase for the three months ended March 31, 2025 was due to higher revenues at the Dow Jones segment driven by higher circulation and subscription revenues, at the Digital Real Estate Services segment driven by higher Australian residential revenues at REA Group and at the Book Publishing segment due to the $12 million impact from the acquisition of a German book publisher. These increases were partially offset by lower revenues at the News Media segment driven by lower advertising revenues, the transfer of third-party printing revenue contracts to News UK’s joint venture with DMG Media in fiscal 2024 and lower circulation and subscription revenues. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue decrease of $32 million, or 1%, for the three months ended March 31, 2025 as compared to the corresponding period of fiscal 2024.
Previous report
The decrease in operating expenses for the three months ended March 31, 2025 was primarily due to lower expenses at the News Media segment driven by cost savings from the combination of News UK’s printing operations with those of DMG Media and other cost savings initiatives. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in an Operating expense decrease of $10 million, or 1%, for the three months ended March 31, 2025 as compared to the corresponding period of fiscal 2024.
Previous report
The increase in Selling, general and administrative for the nine months ended March 31, 2025 was primarily due to higher costs at the Digital Real Estate Services segment driven by higher employee costs, higher costs at REA India and $12 million of costs related to REA Group’s withdrawn offer to acquire Rightmove, at the Book Publishing segment due to higher employee costs and at the Dow Jones segment driven by higher marketing costs. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a Selling, general and administrative decrease of $1 million for the nine months ended March 31, 2025 as compared to the corresponding period of fiscal 2024.
Previous report
During the nine months ended March 31, 2024, the Company recognized non-cash impairment charges of $22 million at the News Media segment related to the write-down of fixed assets associated with the combination of News UK’s printing operations with those of DMG Media.
Previous report
Other, net—For the three and nine months ended March 31, 2025, the Company recorded Other, net of $(13) million and $101 million, respectively. For the nine months ended March 31, 2025, Other, net was mainly comprised of REA Group’s gain recognized on the sale of its interest in PropertyGuru.
Previous report
For the nine months ended March 31, 2025, the Company recorded income tax expense of $229 million on pre-tax income from continuing operations of $791 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses offset by lower taxes on the disposition of REA Group’s interest in PropertyGuru.
Previous report
For the three months ended March 31, 2024, the Company recorded income tax expense of $32 million on pre-tax income from continuing operations of $96 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses.
Previous report
For the nine months ended March 31, 2024, the Company recorded income tax expense of $163 million on pre-tax income from continuing operations of $475 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses.
Previous report
Net income—Net income for the three and nine months ended March 31, 2025 was $137 million and $564 million, respectively, compared to net income of $42 million and $283 million for the corresponding periods of fiscal 2024. The increases of $95 million, or 226%, and $281 million, or 99%, for the three and nine months ended March 31, 2025, respectively, as compared to the corresponding periods of fiscal 2024 were driven by the factors discussed above.
Previous report
Dow Jones(27% of the Company’s consolidated revenues in both the nine months ended March 31, 2025 and 2024)
Previous report
For the nine months ended March 31, 2025, revenues at the Dow Jones segment increased $62 million, or 4%, as compared to the corresponding period of fiscal 2024, due to higher circulation and subscription revenues, partially offset by lower advertising revenues. Digital revenues represented 82% of total revenues at the Dow Jones segment for the nine months ended March 31, 2025, as compared to 80% in the corresponding period of fiscal 2024.
Previous report
Circulation and subscription revenues increased $76 million, or 6%, during the nine months ended March 31, 2025 as compared to the corresponding period of fiscal 2024. Circulation and other revenues increased $39 million, or 6%, driven by increased circulation revenues due to growth in digital-only subscriptions, which benefited from bundled offers, and higher content licensing revenues, partially offset by print circulation declines. Professional information business revenues increased $37 million, or 6%, primarily due to the $27 million and $19 million increases in Risk & Compliance and Dow Jones Energy revenues, respectively, driven by new customers, new products and price increases, partially offset by the $9 million decrease in Other information services revenues driven by the impact of an ongoing customer dispute at Factiva. Digital revenues represented 73% of circulation revenue for the nine months ended March 31, 2025, as compared to 70% in the corresponding period of fiscal 2024.
Previous report
For the nine months ended March 31, 2025, Segment EBITDA at the Dow Jones segment increased $32 million, or 8%, as compared to the corresponding period of fiscal 2024, primarily due to the increase in revenues discussed above and lower newsprint, production and distribution costs, partially offset by higher marketing and employee costs.
Previous report
Digital Real Estate Services (21% and 19% of the Company’s consolidated revenues in the nine months ended March 31, 2025 and 2024, respectively)
Previous report
For the three months ended March 31, 2025, Segment EBITDA at the Digital Real Estate Services segment increased $20 million, or 19%, as compared to the corresponding period of fiscal 2024, due to the higher contribution from REA Group and improved results at Move, partially offset by the $6 million, or 6%, negative impact of foreign currency fluctuations.
Previous report
For the nine months ended March 31, 2025, revenues at the Digital Real Estate Services segment increased $126 million, or 10%, as compared to the corresponding period of fiscal 2024. Revenues at REA Group increased $123 million, or 15%, to $932 million for the nine months ended March 31, 2025 from $809 million in the corresponding period of fiscal 2024. The increase was due to higher Australian residential revenues driven by price increases, increased depth penetration and growth in national listings and higher revenues from REA India, partially offset by the $5 million, or 1%, negative impact of foreign currency fluctuations. Revenues at Move increased $3 million, or 1%, to $404 million for the nine months ended March 31, 2025 from $401 million in the corresponding period of 2024, driven by revenue growth in seller, new homes and rentals, including the partnership with Zillow, and higher advertising revenues, partially offset by the continued impact of the macroeconomic environment on the U.S. housing market. The challenging market conditions resulted in lower lead volumes, which decreased 7%, and lower transaction volumes.
Previous report
Book Publishing (26% of the Company’s consolidated revenues in both the nine months ended March 31, 2025 and 2024)
Previous report
For the three months ended March 31, 2025, Segment EBITDA at the Book Publishing segment increased $2 million, or 3%, as compared to the corresponding period of fiscal 2024, primarily due to the higher revenues discussed above, partially offset by higher employee costs.
Previous report
For the nine months ended March 31, 2025, revenues at the Book Publishing segment increased $74 million, or 5%, as compared to the corresponding period of fiscal 2024, including the $12 million impact from the acquisition of a German book publisher, primarily due to higher physical book sales in the U.K. and from Christian publishing and higher digital book sales. Digital sales increased by 8% as compared to the corresponding period of fiscal 2024 driven by continued market growth in audiobooks, including the contribution from the Spotify partnership, as well as growth in e-book sales. Digital sales represented approximately 23% of consumer revenues in both the nine months ended March 31, 2025 and 2024. Backlist sales represented approximately 63% of consumer revenues during the nine months ended March 31, 2025, as compared to 61% in the corresponding period of fiscal 2024.
Previous report
For the nine months ended March 31, 2025, Segment EBITDA at the Book Publishing segment increased $34 million, or 16%, as compared to the corresponding period of fiscal 2024, primarily due to the higher revenues discussed above, partially offset by higher manufacturing costs due to higher sales volume and higher employee costs.
Previous report
News Media (26% and 28% of the Company’s consolidated revenues in the nine months ended March 31, 2025 and 2024, respectively)
Previous report
Revenues at the News Media segment decreased $42 million, or 8%, for the three months ended March 31, 2025 as compared to the corresponding period of fiscal 2024. Advertising revenues decreased $19 million, or 9%, as compared to the corresponding period of fiscal 2024, primarily due to lower print advertising revenues, lower digital advertising revenues at News UK, driven by a decline in traffic, mainly at The Sun, due to algorithm changes at certain platforms, and the $4 million, or 2%, negative impact of foreign currency fluctuations. Other revenues decreased $13 million, or 20%, primarily driven by the transfer of third-party printing revenue contracts to News UK’s joint venture with DMG Media in fiscal 2024. Circulation and subscription revenues decreased $10 million, or 3%, as compared to the corresponding period of fiscal 2024, primarily due to print volume declines and the $7 million, or 2%, negative impact of foreign currency fluctuations, partially offset by cover price increases and higher content licensing revenues at News UK. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue decrease of $11 million, or 2%, for the three months ended March 31, 2025 as compared to the corresponding period of fiscal 2024.
Previous report
Segment EBITDA at the News Media segment increased by $24 million, or 24%, for the nine months ended March 31, 2025 as compared to the corresponding period of fiscal 2024. The increase was driven by cost savings initiatives, including lower Talk costs and the combination of News UK’s printing operations with those of DMG Media, partially offset by the decrease in revenues discussed above.
Previous report
News Corp Australia
Previous report
Revenues were $204 million for the three months ended March 31, 2025, a decrease of $15 million, or 7%, compared to revenues of $219 million in the corresponding period of fiscal 2024. Advertising revenues decreased $7 million, or 8%, driven by lower print advertising revenues. Circulation and subscription revenues decreased $7 million, or 7%, driven by print volume declines, partially offset by cover price increases. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue decrease of $9 million, or 4%, for the three months ended March 31, 2025 as compared to the corresponding period of 2024.
Previous report
Revenues were $671 million for the nine months ended March 31, 2025, a decrease of $22 million, or 3%, compared to revenues of $693 million in the corresponding period of fiscal 2024. Advertising revenues decreased $13 million, or 5%, driven by lower print advertising revenues. Circulation and subscription revenues decreased $12 million, or 4%, driven by print volume declines and lower content licensing revenues, partially offset by cover price increases and digital subscriber growth. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue decrease of $4 million for the nine months ended March 31, 2025 as compared to the corresponding period of fiscal 2024.
Previous report
News UK
Previous report
Revenues were $211 million for the three months ended March 31, 2025, a decrease of $23 million, or 10%, as compared to revenues of $234 million in the corresponding period of fiscal 2024. Other revenues decreased $15 million, or 58%, driven by the transfer of third-party printing revenue contracts to its joint venture with DMG Media in fiscal 2024. Advertising revenues decreased $7 million, or 11%, primarily due to lower digital advertising revenues, mainly at The Sun, which includes the impact of algorithm changes at certain platforms, and lower print advertising revenues. Circulation and subscription revenues decreased $1 million, or 1%, due to the negative impact of foreign currency fluctuations as higher content licensing revenues and cover price increases were largely offset by print volume declines. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue decrease of $1 million, or 1%, for the three months ended March 31, 2025 as compared to the corresponding period of fiscal 2024.
Previous report
Revenues were $644 million for the nine months ended March 31, 2025, a decrease of $57 million, or 8%, as compared to revenues of $701 million in the corresponding period of fiscal 2024. Other revenues decreased $39 million, or 53%, driven by the transfer of third-party printing revenue contracts to its joint venture with DMG Media in fiscal 2024. Advertising revenues decreased $21 million, or 11%, driven by lower digital advertising revenues, mainly at The Sun, driven by algorithm changes at certain platforms, and lower print advertising revenues. Circulation and subscription revenues increased $3 million, or 1%, due to the positive impact of foreign currency fluctuations as cover price increases, higher content licensing revenues and digital subscriber growth were more than offset by print volume declines. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $11 million, or 2%, for the nine months ended March 31, 2025 as compared to the corresponding period of fiscal 2024.
Previous report
Net cash used in financing activities from continuing operations for the nine months ended March 31, 2025 and 2024 was as follows:
Previous report
Net cash used in financing activities from continuing operations was $425 million for the nine months ended March 31, 2025, as compared to $322 million for the nine months ended March 31, 2024.
Previous report
During the nine months ended March 31, 2024, the Company had $353 million of borrowing repayments, primarily related to the refinancing of REA Groups’ debt portfolio, dividend payments of $115 million to News Corporation stockholders and REA Group minority stockholders and $83 million of stock repurchases of outstanding Class A and Class B Common Stock under the Repurchase Program. The net cash used in financing activities from continuing operations was partially offset by new borrowings of $279 million primarily related to the refinancing at REA Group.
Previous report
Net cash provided by discontinued operations for the nine months ended March 31, 2025 and 2024 was as follows:
Showing the first 40 of 41 passages. Open the source sections for the rest.
Reworded paragraphs (55)
Previous wording
This document, including the following discussion and analysis, contains statements that constitute “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Section 27A of the Securities Act of 1933, as amended. All statements that are not statements of historical fact are forward-looking statements. The words “expect,” “will,” “estimate,” “anticipate,” “predict,” “believe,” “should” and similar expressions and variations thereof are intended to identify forward-looking statements. These statements appear in a number of places in this discussion and analysis and include statements regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things, trends affecting the Company’s business, financial condition or results of operations, the Company’s strategy and strategic initiatives, including the sale of the Foxtel Group and other potential acquisitions, investments and dispositions, the Company’s cost savings initiatives and the outcome of contingencies such as litigation and investigations. Readers are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties. More information regarding these risks and uncertainties and other important factors that could cause actual results to differ materially from those in the forward-looking statements is set forth under the heading “Risk Factors” in Part I, Item 1A. in News Corporation’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024, as filed with the Securities and Exchange Commission (the “SEC”) on August 13, 2024 (the “2024 Form 10-K”), and as may be updated in this and other subsequent Quarterly Reports on Form 10-Q. The Company does not ordinarily make projections of its future operating results and undertakes no obligation (and expressly disclaims any obligation) to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review this document and the other documents filed by the Company with the SEC. This section should be read together with the unaudited consolidated financial statements of News Corporation and related notes set forth elsewhere herein and the audited consolidated financial statements of News Corporation and related notes set forth in the 2024 Form 10-K.
Current wording
This document, including the following discussion and analysis, contains statements that constitute “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Section 27A of the Securities Act of 1933, as amended. All statements that are not statements of historical fact are forward-looking statements. The words “expect,” “will,” “estimate,” “anticipate,” “predict,” “believe,” “should” and similar expressions and variations thereof are intended to identify forward-looking statements. These statements appear in a number of places in this discussion and analysis and include statements regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things, trends affecting the Company’s business, financial condition or results of operations, the Company’s strategy and strategic initiatives, including potential acquisitions, investments and dispositions, the Company’s cost savings initiatives and the outcome of contingencies such as litigation and investigations. Readers are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties. More information regarding these risks and uncertainties and other important factors that could cause actual results to differ materially from those in the forward-looking statements is set forth under the heading “Risk Factors” in Part I, Item 1A. in News Corporation’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025, as filed with the Securities and Exchange Commission (the “SEC”) on August 6, 2025 (the “2025 Form 10-K”), and as may be updated in this and other subsequent Quarterly Reports on Form 10-Q. The Company does not ordinarily make projections of its future operating results and undertakes no obligation (and expressly disclaims any obligation) to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review this document and the other documents filed by the Company with the SEC. This section should be read together with the unaudited consolidated financial statements of News Corporation and related notes set forth elsewhere herein and the audited consolidated financial statements of News Corporation and related notes set forth in the 2025 Form 10-K.
Previous wording
•Results of Operations—This section provides an analysis of the Company’s results of operations for the three and nine months ended March 31, 2025 and 2024. This analysis is presented on both a consolidated basis and a segment basis. Supplemental revenue information is also included for reporting units within certain segments and is presented on a gross basis, before eliminations in consolidation. In addition, a brief description is provided of significant transactions and events that impact the comparability of the results being analyzed.
Current wording
•Results of Operations—This section provides an analysis of the Company’s results of operations for the three months ended September 30, 2025 and 2024. This analysis is presented on both a consolidated basis and a segment basis. In addition, a brief description is provided of significant transactions and events that impact the comparability of the results being analyzed.
Previous wording
•Liquidity and Capital Resources—This section provides an analysis of the Company’s cash flows for the nine months ended March 31, 2025 and 2024, as well as a discussion of the Company’s financial arrangements and outstanding commitments, both firm and contingent, that existed as of March 31, 2025.
Current wording
•Liquidity and Capital Resources—This section provides an analysis of the Company’s cash flows for the three months ended September 30, 2025 and 2024, as well as a discussion of the Company’s financial arrangements and outstanding commitments, both firm and contingent, that existed as of September 30, 2025.
Previous wording
•Dow Jones—The Dow Jones segment consists of Dow Jones, a global provider of news and business information whose products target individual consumers and enterprise customers and are distributed through a variety of media channels including newspapers, newswires, websites, mobile apps, newsletters, magazines, proprietary databases, live journalism, video and podcasts. Dow Jones’s consumer products include premier brands such as The Wall Street Journal, Barron’s, MarketWatch and Investor’s Business Daily. Dow Jones’s professional information products, which target enterprise customers, include Dow Jones Risk & Compliance, a leading provider of data solutions to help customers identify and manage regulatory, corporate and reputational risk with tools focused on financial crime, sanctions, trade and other compliance requirements, Dow Jones Energy, a leading provider ofpricing data, news, insights, analysis and other information for energy commodities and key base chemicals, Factiva, a leading provider of global business content, and Dow Jones Newswires, which distributes real-time business news, information and analysis to financial professionals and investors.
Current wording
•Dow Jones—The Dow Jones segment consists of Dow Jones, a global provider of news and business information whose products target individual consumers and enterprise customers and are distributed through a variety of media channels including websites, mobile apps, newspapers, newswires, newsletters, magazines, proprietary databases, live journalism, video and podcasts. Dow Jones’s consumer products include premier brands such as The Wall Street Journal, Barron’s, MarketWatch and Investor’s Business Daily. Dow Jones’s professional information products, which target enterprise customers, include Dow Jones Risk & Compliance, a leading provider of data and other solutions to help customers identify and manage regulatory, corporate, geopolitical, security and reputational risk with tools focused on financial crime, sanctions, trade and other risks and compliance requirements, Dow Jones Energy, a leading provider ofpricing data, news, insights, analysis and other information for energy commodities and key base chemicals, Factiva, a leading provider of global business content, and Dow Jones Newswires, which distributes real-time business news, information and analysis to financial professionals and investors.
Previous wording
•Digital Real Estate Services—The Digital Real Estate Services segment consists of the Company’s 61.4% interest in REA Group and 80% interest in Move. The remaining 20% interest in Move is held by REA Group. REA Group is a market-leading digital media business specializing in property and is listed on the Australian Securities Exchange (“ASX”) (ASX: REA). REA Group advertises property and property-related services on its websites and mobile apps, including Australia’s leading residential, commercial and share property websites, realestate.com.au, realcommercial.com.au and Flatmates.com.au, property.com.au and property portals in India. In addition, REA Group provides property-related data to the financial sector and financial services through a digital property search and financing experience and a mortgage broking offering.
Current wording
•Digital Real Estate Services—The Digital Real Estate Services segment consists of the Company’s 61.4% interest in REA Group and 80% interest in Move. The remaining 20% interest in Move is held by REA Group. REA Group is a market-leading digital media business specializing in property and is listed on the Australian Securities Exchange (“ASX”) (ASX: REA). REA Group advertises property and property-related services on its websites and mobile apps, including Australia’s leading residential, commercial and share property websites, realestate.com.au, realcommercial.com.au and Flatmates.com.au, property.com.au and Housing.com in India. In addition, REA Group provides property-related data to the financial sector and financial services through a digital property search and financing experience and a mortgage broking offering.
Previous wording
Move is a leading provider of digital real estate services in the U.S. and primarily operates Realtor.com®, a premier real estate information, advertising and services platform. Move offers real estate advertising solutions to agents and brokers, including its Connections SM Plus, Market VIPSM, Advantage SM Pro and Listing Toolkit products as well as its referral-based services, ReadyConnect Concierge SMand RealChoice TMSelling. Move also offers online tools and services to do-it-yourself landlords and tenants.
Current wording
Move is a leading provider of digital real estate services in the U.S. and primarily operates Realtor.com®, a premier real estate information, advertising and services platform. Move offers real estate advertising solutions to agents and brokers, including its RealPRO Select SM, Connections SM Plus and Listing Toolkit products as well as its referral-based services, ReadyConnect Concierge SMand RealChoice TMSelling. Move also offers online tools and services to do-it-yourself landlords and tenants.
Previous wording
•Book Publishing—The Book Publishing segment consists of HarperCollins, the second largest consumer book publisher in the world, with operations in 15 countries and particular strengths in general fiction, nonfiction, children’s and religious publishing. HarperCollins owns more than 120 branded publishing imprints, including Harper, William Morrow, Mariner, HarperCollins Children’s Books, Avon, Harlequin and Christian publishers Zondervan and Thomas Nelson, and publishes works by well-known authors such as Harper Lee, George Orwell, Agatha Christie and Zora Neale Hurston, as well as global author brands including J.R.R. Tolkien, C.S. Lewis, Daniel Silva, Karin Slaughter and Dr. Martin Luther King, Jr. It is also home to many beloved children’s books and series and a significant Christian publishing business.
Current wording
•Book Publishing—The Book Publishing segment consists of HarperCollins, the second largest consumer book publisher in the world, with operations in 15 countries and particular strengths in general fiction, nonfiction, children’s and religious publishing. HarperCollins owns more than 120 branded publishing imprints, including Harper, William Morrow, Mariner, HarperCollins Children’s Books, Avon, Harlequin and Christian publishers Zondervan and Thomas Nelson, and publishes works by well-known authors such as Harper Lee, George Orwell, Agatha Christie and Zora Neale Hurston, as well as global author brands including J.R.R. Tolkien, C.S. Lewis, Daniel Silva, Karin Slaughter and Dr. Martin Luther King, Jr. It is home to many beloved children’s books and series and a significant Christian publishing business.
Previous wording
•News Media—The News Media segment consists primarily of News Corp Australia, News UK and the New York Postand includes The Australian, The Daily Telegraph, Herald Sun, The Courier Mail, The Advertiserand the news.com.au website in Australia, The Times, The Sunday Times, The Sun, The Sun on Sundayand thesun.co.uk in the U.K. and the-sun.com in the U.S. This segment also includes Wireless Group, operator of talkSPORT, the leading sports radio network in the U.K., Talk in the U.K., Australian News Channel, which operates the Sky News Australia network, Australia’s 24-hour multi-channel, multi-platform news service, and Storyful, a social media content agency.
Current wording
•News Media—The News Media segment consists primarily of News Corp Australia, News UK and the New York Postand includes The Australian, The Daily Telegraph, Herald Sun, The Courier Mail, The Advertiserand the news.com.au website in Australia, The Times, The Sunday Times, The Sun, The Sun on Sundayand thesun.co.uk in the U.K. and the-sun.com in the U.S. This segment also includes News Broadcasting (formerly Wireless Group), operator of talkSPORT, the leading sports radio network in the U.K., Talk in the U.K., Australian News Channel, which operates the Sky News Australia network, Australia’s 24-hour multi-channel, multi-platform news service, and Storyful, a social media content agency.
Previous wording
Results of Operations—For the three and nine months ended March 31, 2025 versus the three and nine months ended March 31, 2024
Current wording
Results of Operations—For the three months ended September 30, 2025 versus the three months ended September 30, 2024
Previous wording
The following table sets forth the Company’s operating results for the three and nine months ended March 31, 2025 as compared to the three and nine months ended March 31, 2024:
Current wording
The following table sets forth the Company’s operating results for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024:
Previous wording
The revenue increase for the nine months ended March 31, 2025 was due to higher revenues at the Digital Real Estate Services segment driven by higher Australian residential revenues at REA Group, at the Book Publishing segment driven by higher physical and digital book sales and at the Dow Jones segment driven by higher circulation and subscription revenues. These increases were partially offset by lower revenues at the News Media segment driven by the transfer of third-party printing revenue contracts to News UK’s joint venture with DMG Media in fiscal 2024 and lower advertising and circulation and subscription revenues. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $3 million for the nine months ended March 31, 2025 as compared to the corresponding period of fiscal 2024.
Current wording
The revenue increase for the three months ended September 30, 2025 was primarily due to higher revenues at the Dow Jones segment driven by higher circulation and subscription revenues and at the Digital Real Estate Services segment driven by higher revenues at Move and REA Group. These increases were partially offset by lower revenues at the Book Publishing segment driven by lower book sales. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $4 million for the three months ended September 30, 2025 as compared to the corresponding period of fiscal 2025.
Previous wording
Operating expenses—Operating expenses decreased $34 million, or 4%, and $67 million, or 2%, for the three and nine months ended March 31, 2025, respectively, as compared to the corresponding periods of fiscal 2024.
Current wording
Operating expenses—Operating expenses decreased $11 million, or 1%, for the three months ended September 30, 2025, as compared to the corresponding period of fiscal 2025.
Previous wording
The decrease in operating expenses for the nine months ended March 31, 2025 was primarily due to lower expenses at the News Media segment driven by cost savings from the combination of News UK’s printing operations with those of DMG Media and other cost savings initiatives, partially offset by increased expenses at the Book Publishing segment driven by higher manufacturing costs from higher sales volumes. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in an Operating expense increase of $3 million for the nine months ended March 31, 2025 as compared to the corresponding period of fiscal 2024.
Current wording
The decrease in operating expenses for the three months ended September 30, 2025 was primarily due to lower expenses at the Book Publishing segment driven by lower costs related to lower sales volume and at the News Media segment driven by cost savings initiatives and lower Talk costs. The decrease was partially offset by higher expenses at the Digital Real Estate Services segment driven by higher employee costs. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in an Operating expense increase of $5 million, or 1%, for the three months ended September 30, 2025 as compared to the corresponding period of fiscal 2025.
Previous wording
Selling, general and administrative—Selling, general and administrative increased $18 million, or 2%, and $90 million, or 4%, for the three and nine months ended March 31, 2025, respectively, as compared to the corresponding periods of fiscal 2024.
Current wording
Selling, general and administrative—Selling, general and administrative increased $44 million, or 5%, for the three months ended September 30, 2025, as compared to the corresponding period of fiscal 2025.
Previous wording
The increase in Selling, general and administrative for the three months ended March 31, 2025 was primarily due to higher costs at the Dow Jones segment driven by higher technology and marketing costs and at the Other segment due to higher employee costs. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a Selling, general and administrative decrease of $16 million, or 2%, for the three months ended March 31, 2025 as compared to the corresponding period of fiscal 2024.
Current wording
The increase in Selling, general and administrative for the three months ended September 30, 2025 was primarily due to higher employee and marketing costs at the Dow Jones segment and a $13 million write-off of a customer receivable related to the expected closure of a book distributor and higher employee costs at the Book Publishing segment. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a Selling, general and administrative increase of $1 million for the three months ended September 30, 2025 as compared to the corresponding period of fiscal 2025.
Previous wording
Depreciation and amortization—Depreciation and amortization expense was flat and increased $14 million, or 4%, for the three and nine months ended March 31, 2025, respectively, as compared to the corresponding periods of fiscal 2024. The increase in the nine months ended March 31, 2025 was driven by higher depreciation of capitalized software costs, primarily at the News Media and Digital Real Estate Services segments.
Current wording
Depreciation and amortization—Depreciation and amortization expense increased $5 million, or 4%, for the three months ended September 30, 2025, as compared to the corresponding period of fiscal 2025.
Previous wording
Impairment and restructuring charges— During the three and nine months ended March 31, 2025, the Company recorded restructuring charges of $11 million and $49 million, respectively. During the three and nine months ended March 31, 2024, the Company recorded restructuring charges of $35 million and $60 million, respectively.
Current wording
Impairment and restructuring charges— During the three months ended September 30, 2025 and 2024, the Company recorded impairment and restructuring charges of $19 million and $22 million, including restructuring charges of $14 million and $22 million, respectively.
Previous wording
Equity losses of affiliates—Equity losses of affiliates improved by $2 million, or 100%, and worsened by $6 million, or 120%, for the three and nine months ended March 31, 2025, respectively, as compared to the corresponding periods of fiscal 2024. See Note 5—Investments in the accompanying Consolidated Financial Statements.
Current wording
Equity losses of affiliates—Equity losses of affiliates improved by $1 million, or 33%, for the three months ended September 30, 2025, as compared to the corresponding period of fiscal 2025. See Note 5—Investments in the accompanying Consolidated Financial Statements.
Previous wording
Interest income (expense), net—Interest income (expense), net improved by $4 million for the three months ended March 31, 2025 and by $16 million, or 89%, for the nine months ended March 31, 2025 as compared to the corresponding periods of fiscal 2024, primarily driven by lower borrowings at REA Group and higher interest income on cash balances. See Note 6—Borrowings and Note 8—Financial Instruments and Fair Value Measurements in the accompanying Consolidated Financial Statements.
Current wording
Interest income, net—Interest income, net improved by $6 million for the three months ended September 30, 2025 as compared to the corresponding period of fiscal 2025, primarily driven by higher interest income on cash balances and lower borrowings at REA Group. See Note 6—Borrowings and Note 8—Financial Instruments and Fair Value Measurements in the accompanying Consolidated Financial Statements.
Previous wording
For the three and nine months ended March 31, 2024, the Company recorded Other, net of $(9) million and $(26) million, respectively.
Current wording
Other, net—For the three months ended September 30, 2025 and 2024, the Company recorded Other, net of $4 million and $22 million, respectively.
Previous wording
Income tax expense from continuing operations—For the three months ended March 31, 2025, the Company recorded income tax expense of $44 million on pre-tax income from continuing operations of $151 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses.
Current wording
Income tax expense from continuing operations—For the three months ended September 30, 2025, the Company recorded income tax expense of $62 million on pre-tax income from continuing operations of $212 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses.
Previous wording
Net income from continuing operations—Net income from continuing operations for the three and nine months ended March 31, 2025 was $107 million and $562 million, respectively, compared to $64 million and $312 million for the corresponding periods of fiscal 2024.
Current wording
Net income from continuing operations—Net income from continuing operations for the three months ended September 30, 2025 was $150 million, compared to $149 million for the corresponding period of fiscal 2025, an increase of $1 million, or 1%, driven by the factors discussed above.
Previous wording
Net income (loss) from discontinued operations, net of tax—Net income (loss) from discontinued operations, net of tax for the three and nine months ended March 31, 2025 was $30 million and $2 million, respectively, compared to $(22) million and $(29) million for the corresponding periods of fiscal 2024. The amounts recognized in both fiscal years relate to the reclassification of Foxtel to discontinued operations. See Note 2—Discontinued Operations in the accompanying Consolidated Financial Statements.
Current wording
Net loss from discontinued operations, net of tax—Net loss from discontinued operations, net of tax for the three months ended September 30, 2025 was nil, compared to $5 million for the corresponding period of fiscal 2025. The amount recognized in fiscal 2025 related to the reclassification of Foxtel to discontinued operations. See Note 2—Discontinued Operations in the accompanying Consolidated Financial Statements.
Previous wording
Net income from continuing operations for the three and nine months ended March 31, 2025 increased by $43 million, or 67%, and $250 million, or 80%, respectively, as compared to the corresponding periods of fiscal 2024, driven by the factors discussed above.
Current wording
Net income—Net income for the three months ended September 30, 2025 was $150 million, compared to net income of $144 million for the corresponding period of fiscal 2025, an increase of $6 million, or 4%, driven by the factors discussed above.
Previous wording
Net income attributable to noncontrolling interests from continuing operations—Net income attributable to noncontrolling interests from continuing operations increased by $4 million, or 18%, and $49 million, or 57%, for the three and nine months ended March 31, 2025, respectively, as compared to the corresponding periods of fiscal 2024. The increase in the nine months was primarily due to the gain recognized on REA Group’s sale of its investment in PropertyGuru.
Current wording
Net income attributable to noncontrolling interests from continuing operations—Net income attributable to noncontrolling interests from continuing operations increased by $7 million, or 23%, for the three months ended September 30, 2025, as compared to the corresponding period of fiscal 2025, primarily driven by higher earnings at REA Group.
Previous wording
Segment EBITDA 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. Segment EBITDA is defined as revenues less operating expenses and selling, general and administrative expenses. Segment EBITDA 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. Segment EBITDA may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what items should be included in the calculation of Segment EBITDA. Segment EBITDA provides management, investors and equity analysts with a measure to analyze the operating performance of each of the Company’s business segments and its enterprise value against historical data and competitors’ data, although historical results may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).
Current wording
The Company’s chief operating decision maker is its Chief Executive Officer. Segment EBITDA 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. Segment EBITDA is defined as revenues less operating expenses and selling, general and administrative expenses. Segment EBITDA 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. Segment EBITDA may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what items should be included in the calculation of Segment EBITDA. Segment EBITDA provides management, investors and equity analysts with a measure to analyze the operating performance of each of the Company’s business segments and its enterprise value against historical data and competitors’ data, although historical results may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).
Previous wording
The following table reconciles Net income from continuing operations to Total Segment EBITDA for the three and nine months ended March 31, 2025 and 2024:
Current wording
The following table reconciles Net income from continuing operations to Total Segment EBITDA for the three months ended September 30, 2025 and 2024:
Previous wording
The following tables set forth the Company’s Revenues and Segment EBITDA by reportable segment for the three and nine months ended March 31, 2025 and 2024:
Current wording
The following table sets forth the Company’s Revenues and Segment EBITDA by reportable segment for the three months ended September 30, 2025 and 2024:
Previous wording
For the three months ended March 31, 2025, revenues at the Dow Jones segment increased $31 million, or 6%, as compared to the corresponding period of fiscal 2024, due to higher circulation and subscription revenues. Digital revenues represented 82% of total revenues at the Dow Jones segment for the three months ended March 31, 2025, as compared to 81% in the corresponding period of fiscal 2024. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue decrease of $2 million for the three months ended March 31, 2025 as compared to the corresponding period of fiscal 2024.
Current wording
For the three months ended September 30, 2025, revenues at the Dow Jones segment increased $34 million, or 6%, as compared to the corresponding period of fiscal 2025, due to higher circulation and subscription revenues. Digital revenues represented 84% of total revenues at the Dow Jones segment for the three months ended September 30, 2025, as compared to 82% in the corresponding period of fiscal 2025. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $3 million for the three months ended September 30, 2025 as compared to the corresponding period of fiscal 2025.
Previous wording
Circulation and subscription revenues increased $33 million, or 7%, during the three months ended March 31, 2025 as compared to the corresponding period of fiscal 2024. Circulation and other revenues increased $21 million, or 9%, driven by increased circulation revenues due to growth in digital-only subscriptions and the conversion of customers from introductory promotions to higher pricing, partially offset by print circulation declines. Professional information business revenues increased $12 million, or 6%, driven by $8 million and $6 million increases in Risk & Compliance and Dow Jones Energy revenues, respectively, primarily driven by price increases, new customers and new products, partially offset by the $2 million, or 3%, decrease in Other information services revenues driven by the impact of an ongoing customer dispute at Factiva. Digital revenues represented 75% of circulation revenue for the three months ended March 31, 2025, as compared to 70% in the corresponding period of fiscal 2024.
Current wording
Circulation and subscription revenues increased $32 million, or 7%, during the three months ended September 30, 2025 as compared to the corresponding period of fiscal 2025. Professional information business revenues increased $22 million, or 10%, primarily due to the $13 million and $5 million increases in Risk & Compliance and Dow Jones Energy revenues, respectively, driven by price increases, new customers and new products, and also benefited from improvement at Factiva, primarily due to the resolution of a customer dispute. Circulation and other revenues increased $10 million, or 4%, driven by increased circulation revenues due to the conversion of customers from introductory promotions to higher pricing and growth in digital-only subscriptions, partially offset by print circulation declines. Digital revenues represented 75% of circulation revenue for the three months ended September 30, 2025, as compared to 72% in the corresponding period of fiscal 2025.
Previous wording
(a)Based on internal data for the periods from December 30, 2024 through March 30, 2025 and January 1, 2024 through March 31, 2024, respectively.
Current wording
(a)Based on internal data for the periods from June 30, 2025 through September 28, 2025 and July 1, 2024 through September 29, 2024, respectively. Excludes off-platform distribution, except for certain custom workflow integration products.
Previous wording
Advertising revenues decreased $11 million, or 4%, during the nine months ended March 31, 2025 as compared to the corresponding period of fiscal 2024 primarily due to lower print advertising revenues. Digital advertising represented 65% of advertising revenue for the nine months ended March 31, 2025, as compared to 63% in the corresponding period of fiscal 2024.
Current wording
Advertising revenues were flat during the three months ended September 30, 2025 as compared to the corresponding period of fiscal 2025, as higher digital advertising revenues were offset by lower print advertising revenues. Digital advertising revenues represented 68% of advertising revenue for the three months ended September 30, 2025, as compared to 67% in the corresponding period of fiscal 2025.
Previous wording
For the three months ended March 31, 2025, Segment EBITDA at the Dow Jones segment increased $14 million, or 12%, as compared to the corresponding period of fiscal 2024, primarily due to the increase in revenues discussed above, partially offset by higher employee, technology and marketing costs.
Current wording
For the three months ended September 30, 2025, Segment EBITDA at the Dow Jones segment increased $13 million, or 10%, as compared to the corresponding period of fiscal 2025, primarily due to the increase in revenues discussed above, partially offset by higher employee and marketing costs.
Previous wording
For the three months ended March 31, 2025, revenues at the Digital Real Estate Services segment increased $18 million, or 5%, as compared to the corresponding period of fiscal 2024. At REA Group, revenues increased $15 million, or 6%, to $271 million for the three months ended March 31, 2025 from $256 million in the corresponding period of fiscal 2024. The increase was due to higher Australian residential revenues driven by price increases and increased depth penetration and higher revenues from REA India, partially offset by the $14 million, or 5%, negative impact of foreign currency fluctuations. Revenues at Move increased $3 million, or 2%, to $135 million for the three months ended March 31, 2025 from $132 million in the corresponding period of fiscal 2024, primarily driven by revenue growth in seller, new homes and rentals, including the partnership with Zillow, partially offset by the continued impact of the macroeconomic environment on the U.S. housing market. The challenging market conditions resulted in lower lead volumes, which decreased 17%, and lower transaction volumes.
Current wording
For the three months ended September 30, 2025, revenues at the Digital Real Estate Services segment increased $22 million, or 5%, as compared to the corresponding period of fiscal 2025. Revenues at Move increased $13 million, or 9%, to $152 million for the three months ended September 30, 2025 from $139 million in the corresponding period of fiscal 2025, driven by higher sales of RealPRO Select SM, as Move shifts its focus to more premium offerings, and revenue growth in seller, new homes and rentals. The increase was partially offset by the continued negative impact of the macroeconomic environment on the U.S. housing market, which resulted in a 1% decrease in lead volumes. Revenues at REA Group increased $9 million, or 3%, to $327 million for the three months ended September 30, 2025 from $318 million in the corresponding period of fiscal 2025. The increase was due to higher Australian residential revenues driven by price increases and growth in add-on products and higher financial services revenues from higher settlements, partially offset by the $7 million, or 2%, negative impact of foreign currency fluctuations and lower revenues at REA India. REA India revenues are expected to be impacted in the near-term by recent divestitures and discontinuations of certain businesses.
Previous wording
For the nine months ended March 31, 2025, Segment EBITDA at the Digital Real Estate Services segment increased $76 million, or 20%, as compared to the corresponding period of fiscal 2024, primarily due to the higher revenues discussed above, partially offset by higher employee costs, higher costs at REA India, $12 million of costs related to the withdrawn offer to acquire Rightmove and the $2 million, or 1%, negative impact of foreign currency fluctuations.
Current wording
For the three months ended September 30, 2025, Segment EBITDA at the Digital Real Estate Services segment increased $18 million, or 13%, as compared to the corresponding period of fiscal 2025, primarily due to the higher revenues discussed above and the absence of $12 million of costs related to the withdrawn offer to acquire Rightmove in the prior year, partially offset by higher employee costs, higher broker commissions at REA Group from higher settlements and the $4 million, or 3%, negative impact of foreign currency fluctuations.
Previous wording
For the three months ended March 31, 2025, revenues at the Book Publishing segment increased $8 million, or 2%, as compared to the corresponding period of fiscal 2024, due to the $12 million impact from the acquisition of a German book publisher, as growth at Christian publishing was offset by lower revenues from General Books. Digital sales increased by 3% as compared to the corresponding period of fiscal 2024 driven by continued market growth in audiobooks, including the contribution from the Spotify partnership. Digital sales represented approximately 25% of consumer revenues in both the three months ended March 31, 2025 and 2024, and backlist sales represented approximately 65% of consumer revenues during the three months ended March 31, 2025, as compared to 63% in the corresponding period of fiscal 2024. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue decrease of $5 million, or 1%, for the three months ended March 31, 2025 as compared to the corresponding period of fiscal 2024.
Current wording
For the three months ended September 30, 2025, revenues at the Book Publishing segment decreased $12 million, or 2%, as compared to the corresponding period of fiscal 2025, primarily due to lower digital book sales driven by the mix of titles, including the impact of Hillbilly Elegy by J.D. Vance in the prior year, as well as softness in consumer spending and the timing of ordering from certain customers. Digital sales decreased by 9% as compared to the corresponding period of fiscal 2025 driven by lower audiobook and e-book sales. Digital sales represented approximately 23% of consumer revenues in the three months ended September 30, 2025 as compared to 25% in the corresponding period of fiscal 2025. Backlist sales represented approximately 65% of consumer revenues during the three months ended September 30, 2025 as compared to 64% in the corresponding period of fiscal 2025. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $5 million, or 1%, for the three months ended September 30, 2025 as compared to the corresponding period of fiscal 2025.
Previous wording
Revenues at the News Media segment decreased $79 million, or 5%, for the nine months ended March 31, 2025 as compared to the corresponding period of fiscal 2024. Other revenues decreased $35 million, or 17%, primarily driven by the transfer of third-party printing revenue contracts to News UK’s joint venture with DMG Media in fiscal 2024. Advertising revenues decreased $31 million, or 5%, as compared to the corresponding period of fiscal 2024, due to lower print advertising revenues 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, partially offset by higher advertising revenues at Wireless Group and the $3 million positive impact of foreign currency fluctuations. Circulation and subscription revenues decreased $13 million, or 2%, as compared to the corresponding period of fiscal 2024, driven by print volume declines, partially offset by cover price increases, higher content licensing revenues at News UK, digital subscriber growth and the $4 million positive impact of foreign currency fluctuations. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $8 million for the nine months ended March 31, 2025 as compared to the corresponding period of fiscal 2024.
Current wording
Revenues at the News Media segment increased $4 million, or 1%, for the three months ended September 30, 2025 as compared to the corresponding period of fiscal 2025. Circulation and subscription revenues increased $7 million, or 2%, as compared to the corresponding period of fiscal 2025, driven by price increases, digital subscriber growth and the $3 million, or 1%, positive impact of foreign currency fluctuations, partially offset by print volume declines. Advertising revenues decreased $7 million, or 4%, as compared to the corresponding period of fiscal 2025, due to lower print and digital advertising revenues at News Corp Australia, partially offset by higher digital advertising revenues at the New York Postand the $1 million positive impact of foreign currency fluctuations. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $3 million, or 1%, for the three months ended September 30, 2025 as compared to the corresponding period of fiscal 2025.
Previous wording
Segment EBITDA at the News Media segment increased by $6 million, or 22%, for the three months ended March 31, 2025 as compared to the corresponding period of fiscal 2024. The increase was driven by cost savings initiatives, including lower Talk costs and the combination of News UK’s printing operations with those of DMG Media, partially offset by the decrease in revenues discussed above.
Current wording
Segment EBITDA at the News Media segment increased by $12 million, or 67%, for the three months ended September 30, 2025 as compared to the corresponding period of fiscal 2025. The increase was driven by cost savings initiatives, lower Talk costs and the higher revenues discussed above.
Previous wording
The Company’s principal source of liquidity is internally generated funds and cash and cash equivalents on hand. As of March 31, 2025, the Company’s cash and cash equivalents were $2.1 billion. The Company also has available borrowing capacity under its revolving credit facility (the “Revolving Facility”) and certain other facilities, as described below, and expects to have access to the worldwide credit and capital markets, subject to market conditions, in order to issue additional debt if needed or desired. The Company currently expects these elements of liquidity will enable it to meet its liquidity needs for at least the next twelve months, including repayment of indebtedness. Although the Company believes that its cash on hand and future cash from operations, together with its access to the credit and capital markets, will provide adequate resources to fund its operating and financing needs for at least the next twelve months, its access to, and the availability of, financing on acceptable terms in the future will be affected by many factors, including: (i) the financial and operational performance of the Company and/or its operating subsidiaries, as applicable, (ii) the Company’s credit ratings and/or the credit rating of its operating subsidiaries, as applicable, (iii) the provisions of any relevant debt instruments, credit agreements, indentures and similar or associated documents, (iv) the liquidity of the overall credit and capital markets and (v) the state of the economy. There can be no assurances that the Company will continue to have access to the credit and capital markets on acceptable terms.
Current wording
The Company’s principal source of liquidity is internally generated funds and cash and cash equivalents on hand. As of September 30, 2025, the Company’s cash and cash equivalents were$2.2 billion. The Company also has available borrowing capacity under its revolving credit facility (the “Revolving Facility”) and certain other facilities, as described below, and expects to have access to the worldwide credit and capital markets, subject to market conditions, in order to issue additional debt if needed or desired. The Company currently expects these elements of liquidity will enable it to meet its liquidity needs for at least the next twelve months, including repayment of indebtedness. Although the Company believes that its cash on hand and future cash from operations, together with its access to the credit and capital markets, will provide adequate resources to fund its operating and financing needs for at least the next twelve months, its access to, and the availability of, financing on acceptable terms in the future will be affected by many factors, including: (i) the financial and operational performance of the Company and/or its operating subsidiaries, as applicable, (ii) the Company’s credit ratings and/or the credit rating of its operating subsidiaries, as applicable, (iii) the provisions of any relevant debt instruments, credit agreements, indentures and similar or associated documents, (iv) the liquidity of the overall credit and capital markets and (v) the state of the economy. There can be no assurances that the Company will continue to have access to the credit and capital markets on acceptable terms.
Previous wording
As of March 31, 2025, the Company’s consolidated assets included $937 million in cash and cash equivalents that were held by its foreign subsidiaries. Of this amount, approximately $190 million is cash not readily accessible by the Company as it is held by REA Group, a majority owned but separately listed public company. REA Group must declare a dividend in order for the Company to have access to its share of REA Group’s cash balance.
Current wording
As of September 30, 2025, the Company’s consolidated assets included $720 million in cash and cash equivalents that were held by its foreign subsidiaries. Of this amount, $213 million is cash not readily accessible by the Company as it is held by REA Group, a majority owned but separately listed public company. REA Group must declare a dividend in order for the Company to have access to its share of REA Group’s cash balance.
Showing the first 40 of 55 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
On September 22, 2021, the Company announced a stock repurchase program authorizing the Company to purchase up to $1 billion in the aggregate of the Company’s outstanding Class A Common Stock and Class B Common Stock (the “2021 Repurchase Program”). On July 15, 2025, the Company announced a new stock repurchase program authorizing the Company to purchase up to $1 billion in the aggregate of the Company’s outstanding Class A Common Stock and Class B Common Stock (the “2025 Repurchase Program” and, together with the 2021 Repurchase Program, the “Stock Repurchase Programs”), which is in addition to the remaining authorized amount under the 2021 Repurchase Program.
Current report — wording carried from elsewhere
Net cash used in financing activities from continuing operations for the three months ended September 30, 2025 and 2024 was as follows:
Current report — wording carried from elsewhere
During the three months ended September 30, 2025, the Company had $92 million of stock repurchases of outstanding Class A and Class B Common Stock under the Stock Repurchase Programs and dividend payments of $47 million primarily to REA Group minority stockholders.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Advertising revenues were flat during the three months ended March 31, 2025 as compared to the corresponding period of fiscal 2024. Digital advertising represented 63% of advertising revenue for both the three months ended March 31, 2025 and 2024.