## News Corporation (NWSA) — filings-first deep dive (business, drivers, risks, capital allocation) **Primary sources used:** FY2025 Form 10‑K (fiscal year ended June 30, 2025) and FY2026 Q1 Form 10‑Q (quarter ended Sept 30, 2025), plus the 2025 proxy statement (DEF 14A). ["FORM 10-K"](0001564708-25-000419|0) ["For the three months ended September 30, 2025"](0001564708-25-000573|0) ["2025 Proxy Statement"](0001140361-25-037696|1) --- # 1) “What is NWSA?” — portfolio map + how it makes money News Corp describes itself as a “global, diversified media and information services company,” with **five reportable segments**: **Dow Jones**, **Digital Real Estate Services**, **Book Publishing**, **News Media**, and **Other (corporate overhead/strategy and U.K. Newspaper Matters costs)**. ["five reportable segments"](0001564708-25-000419|0) A key portfolio event: News Corp completed the sale of **Foxtel** on **April 2, 2025** and classified it as **discontinued operations** (which also eliminated “Subscription Video Services” as a reportable segment). ["completed the sale of Foxtel"](0001564708-25-000419|0) --- ## FY2025 segment scoreboard (Revenue + Segment EBITDA) (USD **millions**, from the 10‑K segment table) | Segment | FY2025 Revenue | FY2025 Segment EBITDA | FY2024 Revenue | FY2024 Segment EBITDA | | --- | ---: | ---: | ---: | ---: | | Dow Jones | 2,331 ["2,331"](0001564708-25-000419|0) | 588 ["588"](0001564708-25-000419|0) | 2,231 ["2,231"](0001564708-25-000419|0) | 542 ["542"](0001564708-25-000419|0) | | Digital Real Estate Services | 1,802 ["1,802"](0001564708-25-000419|0) | 601 ["601"](0001564708-25-000419|0) | 1,658 ["1,658"](0001564708-25-000419|0) | 508 ["508"](0001564708-25-000419|0) | | Book Publishing | 2,149 ["2,149"](0001564708-25-000419|0) | 296 ["296"](0001564708-25-000419|0) | 2,093 ["2,093"](0001564708-25-000419|0) | 269 ["269"](0001564708-25-000419|0) | | News Media | 2,170 ["2,170"](0001564708-25-000419|0) | 153 ["153"](0001564708-25-000419|0) | 2,270 ["2,270"](0001564708-25-000419|0) | 133 ["133"](0001564708-25-000419|0) | | Other | — ["Other | —"](0001564708-25-000419|0) | (223) ["(223)"](0001564708-25-000419|0) | — ["Other | —"](0001564708-25-000419|0) | (211) ["(211)"](0001564708-25-000419|0) | | **Total** | **8,452** ["8,452"](0001564708-25-000419|0) | **1,415** ["1,415"](0001564708-25-000419|0) | **8,252** ["8,252"](0001564708-25-000419|0) | **1,241** ["1,241"](0001564708-25-000419|0) | **How to read this table (practical lens):** - The “engine rooms” on FY2025 Segment EBITDA were **Digital Real Estate Services (601)** and **Dow Jones (588)**—together ~84% of FY2025 segment EBITDA excluding “Other”. ["Digital Real Estate Services | 601"](0001564708-25-000419|0) ["Dow Jones | 588"](0001564708-25-000419|0) ["Total | 1,415"](0001564708-25-000419|0) - News Media is **lower-margin** relative to its revenue base (153 segment EBITDA on 2,170 revenue in FY2025). ["News Media | 2,170"](0001564708-25-000419|0) ["News Media | 153"](0001564708-25-000419|0) --- # 2) The operating model by segment (what to underwrite) ## A) Dow Jones — subscription-led information services (high recurring mix) FY2025 Dow Jones revenue rose **$100m (+4%)** “due to higher circulation and subscription revenues.” ["revenues … increased $100 million"](0001564708-25-000419|0) Dow Jones Segment EBITDA increased **$46m (+8%)**, driven by revenue growth and “lower newsprint, production and distribution costs,” partly offset by higher employee/tech/marketing costs. ["Segment EBITDA … increased $46 million"](0001564708-25-000419|0) **Underwrite focus:** paid subscription momentum + advertising mix + cost discipline (newsprint/print footprint vs digital growth). ["Digital revenues represented 82%"](0001564708-25-000419|0) ## B) Digital Real Estate Services — REA Group + Move (Realtor.com) News Corp’s Digital Real Estate Services segment consists of **REA Group (61.4% interest)** and **Move (80% interest)**; the remaining 20% of Move is held by REA Group. ["61.4% interest"](0001564708-25-000419|0) ["80% interest"](0001564708-25-000419|0) FY2025 segment revenue increased **$144m (+9%)** and Segment EBITDA increased **$93m (+18%)**. ["revenues … increased $144 million"](0001564708-25-000419|0) ["Segment EBITDA … increased $93 million"](0001564708-25-000419|0) **Underwrite focus:** - REA: pricing, depth penetration, listing volumes, India trajectory, and FX impacts. ["higher Australian residential revenues driven by price increases"](0001564708-25-000419|0) - Move: U.S. housing market sensitivity (leads/transactions), and product mix shift toward premium. ["Move shifts its focus to more premium offerings"](0001564708-25-000419|0) ## C) Book Publishing — HarperCollins (seasonal, title-driven, but meaningful backlist) HarperCollins is described as “the second largest consumer book publisher in the world based on global revenue.” ["second largest consumer book publisher"](0001564708-25-000419|0) FY2025 revenue increased **$56m (+3%)**, while Segment EBITDA increased **$27m (+10%)**. ["revenues … increased $56 million"](0001564708-25-000419|0) ["Segment EBITDA … increased $27 million"](0001564708-25-000419|0) **Underwrite focus:** backlist resilience + digital/audio growth + customer concentration/returns dynamics. ["Backlist sales represented approximately 64%"](0001564708-25-000419|0) ## D) News Media — Australian + UK + NY Post + audio/radio FY2025 News Media revenue decreased **$100m (‑4%)**, but Segment EBITDA increased **$20m (+15%)**, driven by “cost savings initiatives” (including printing JV changes + lower Talk costs), partly offset by revenue declines. ["revenues … decreased $100 million"](0001564708-25-000419|0) ["Segment EBITDA … increased $20 million"](0001564708-25-000419|0) **Underwrite focus:** ongoing print decline vs digital subs, ad cyclicality, platform-algorithm traffic sensitivity, and structural cost-out. ["algorithm changes"](0001564708-25-000419|0) --- # 3) “Latest quarter” snapshot — FY2026 Q1 (ended Sept 30, 2025) ## Consolidated P&L (Q1 FY2026 vs Q1 FY2025) (USD **millions**) | Metric | Q1 FY2026 (3 mos ended 9/30/2025) | Q1 FY2025 (3 mos ended 9/30/2024) | | --- | ---: | ---: | | Total revenue | 2,144 ["2,144"](0001564708-25-000573|0) | 2,096 ["2,096"](0001564708-25-000573|0) | | Net income from continuing ops | 150 ["150"](0001564708-25-000573|0) | 149 ["149"](0001564708-25-000573|0) | | Net income attributable to News Corp stockholders | 112 ["112"](0001564708-25-000573|0) | 119 ["119"](0001564708-25-000573|0) | | EPS (basic) | $0.20 ["$ | 0.20"](0001564708-25-000573|0) | $0.21 ["$ | 0.21"](0001564708-25-000573|0) | | Total Segment EBITDA (non‑GAAP) | 340 ["Total Segment EBITDA | $ | 340"](0001564708-25-000573|0) | 325 ["Total Segment EBITDA | $ | 325"](0001564708-25-000573|0) | ## Segment EBITDA bridge (Q1 FY2026 vs Q1 FY2025) | Segment | Q1 FY2026 Revenue | Q1 FY2026 Segment EBITDA | Q1 FY2025 Revenue | Q1 FY2025 Segment EBITDA | | --- | ---: | ---: | ---: | ---: | | Dow Jones | 586 ["586"](0001564708-25-000573|0) | 144 ["144"](0001564708-25-000573|0) | 552 ["552"](0001564708-25-000573|0) | 131 ["131"](0001564708-25-000573|0) | | Digital Real Estate Services | 479 ["479"](0001564708-25-000573|0) | 158 ["158"](0001564708-25-000573|0) | 457 ["457"](0001564708-25-000573|0) | 140 ["140"](0001564708-25-000573|0) | | Book Publishing | 534 ["534"](0001564708-25-000573|0) | 58 ["58"](0001564708-25-000573|0) | 546 ["546"](0001564708-25-000573|0) | 81 ["81"](0001564708-25-000573|0) | | News Media | 545 ["545"](0001564708-25-000573|0) | 30 ["30"](0001564708-25-000573|0) | 541 ["541"](0001564708-25-000573|0) | 18 ["18"](0001564708-25-000573|0) | | Other | — ["Other | —"](0001564708-25-000573|0) | (50) ["(50)"](0001564708-25-000573|0) | — ["Other | —"](0001564708-25-000573|0) | (45) ["(45)"](0001564708-25-000573|0) | **What jumped out in the quarter (filings-based drivers):** - Dow Jones: revenue up **6%**, driven by circulation/subscription. ["revenues … increased $34 million, or 6%"](0001564708-25-000573|0) - Digital Real Estate Services: Segment EBITDA up **13%**; Move revenue up **9%** (premium mix shift), and REA +3%. ["Segment EBITDA … increased $18 million, or 13%"](0001564708-25-000573|0) ["Move shifts its focus"](0001564708-25-000573|0) - Book Publishing: Segment EBITDA down **28%**, citing a **$13m write-off** of a customer receivable (expected closure of a book distributor) and lower revenues/mix. ["$13 million write-off"](0001564708-25-000573|0) ["Segment EBITDA … decreased $23 million, or 28%"](0001564708-25-000573|0) - News Media: Segment EBITDA up **67%** on cost savings/lower Talk costs. ["Segment EBITDA … increased by $12 million, or 67%"](0001564708-25-000573|0) --- # 4) Cash flow, balance sheet, and capital allocation (FY2025) ## A) Cash flow (FY2025 vs FY2024) | Metric | FY2025 | FY2024 | | --- | ---: | ---: | | Net cash from ops (continuing) | 978 ["| 978 |"](0001564708-25-000419|0) | 897 ["| 897 |"](0001564708-25-000419|0) | | Capex | (407) ["Capital expenditures | | (407)"](0001564708-25-000419|0) | (357) ["(357)"](0001564708-25-000419|0) | | **Free cash flow** (non‑GAAP) | **571** ["Free cash flow | 571"](0001564708-25-000419|0) | **540** ["540"](0001564708-25-000419|0) | News Corp defines **free cash flow** as “net cash provided by (used in) operating activities from continuing operations, less capital expenditures.” ["Free cash flow is defined"](0001564708-25-000419|0) ## B) Liquidity and leverage snapshot (FY2025 year-end) At June 30, 2025, cash & cash equivalents were **$2.403B**. ["Cash and cash equivalents | | $ | 2,403"](0001564708-25-000419|0) Total borrowings at June 30, 2025 were **$1.962B**, with **$25m** current and **$1.937B** long-term. ["Total borrowings … 1,962"](0001564708-25-000419|0) ["Less: current portion … (25)"](0001564708-25-000419|0) ["Long-term borrowings … 1,937"](0001564708-25-000419|0) ### Debt stack (from Note 9 — Borrowings) | Instrument | Rate (at 6/30/2025) | Maturity | Balance 6/30/2025 | | --- | ---: | --- | ---: | | 2022 Term Loan A | 5.774% ["5.774"](0001564708-25-000419|0) | Mar 31, 2027 ["Mar 31, 2027"](0001564708-25-000419|0) | 475 ["| 475 |"](0001564708-25-000419|0) | | 2021 Senior Notes | 3.875% ["3.875"](0001564708-25-000419|0) | May 15, 2029 ["May 15, 2029"](0001564708-25-000419|0) | 993 ["| 993 |"](0001564708-25-000419|0) | | 2022 Senior Notes | 5.125% ["5.125"](0001564708-25-000419|0) | Feb 15, 2032 ["Feb 15, 2032"](0001564708-25-000419|0) | 494 ["| 494 |"](0001564708-25-000419|0) | The 10‑K also discloses **$750m** undrawn commitments available under the revolving credit facility at June 30, 2025. ["$750 million of undrawn commitments"](0001564708-25-000419|0) ## C) Shareholder returns: buybacks + dividends ### Buybacks - The **2021 Repurchase Program** authorized up to **$1B**; remaining authorized amount at June 30, 2025 was **~$310m**. ["authorizing … up to $1 billion"](0001564708-25-000419|0) ["remaining … approximately $310 million"](0001564708-25-000419|0) - In **FY2025**, repurchases totaled **$150m** (5.3m shares combined Class A & B). ["Total | 5.3"](0001564708-25-000419|0) ["$ | 150"](0001564708-25-000419|0) - A **new $1B repurchase program** was announced **July 15, 2025** (“2025 Repurchase Program”). ["On July 15, 2025, … new stock repurchase program"](0001564708-25-000419|0) ### Dividends - FY2025 cash dividends paid per share: **$0.20** (Class A and Class B). ["Cash dividends paid per share | $ | 0.20"](0001564708-25-000419|0) - Subsequent event: in **August 2025**, News Corp declared a **$0.10** semi‑annual dividend payable **Oct 8, 2025** to holders of record **Sept 10, 2025**. ["declared a semi-annual cash dividend of $0.10"](0001564708-25-000419|0) ["payable on October 8, 2025"](0001564708-25-000419|0) --- # 5) Governance & control: dual-class voting + Murdoch-related ownership (proxy) ## Voting rights News Corp has two classes of common stock: - **Class B**: “entitled to one vote per share on all matters.” ["one vote per share"](0001140361-25-037696|1) - **Class A**: “not entitled to vote” on matters at the annual meeting. ["Class A Common Stock are not entitled to vote"](0001140361-25-037696|1) ## Ownership concentration (proxy + 10‑K risk disclosure) Proxy beneficial ownership table (as of Sept 10, 2025 unless otherwise specified): - **LGC Holdco, LLC**: **62,584,577** Class B shares (**33.3%** of Class B). ["62,584,577"](0001140361-25-037696|1) ["33.3%"](0001140361-25-037696|1) - **Lachlan K. Murdoch**: shown with **62,586,041** Class B shares (**33.3%**) including LGC Holdco shares. ["62,586,041"](0001140361-25-037696|1) ["33.3%"](0001140361-25-037696|1) The 10‑K also flags voting concentration risk around the Murdoch Family Trust and references a stockholders agreement intended to cap collective voting power at **44%** of Class B voting power (with vote forfeiture mechanics). ["more than 44%"](0001564708-25-000419|0) ["would forfeit votes"](0001564708-25-000419|0) --- # 6) A compact “investment debate kit” (interactive use) Use this like a decision tree—pick a path and I’ll drill further into the exact filing sections you care about (no extra info needed from you). ### Path A — “Dow Jones is the crown jewel” Validate: - Subscription growth and mix (digital % of revenue). ["Digital revenues represented 82%"](0001564708-25-000419|0) - Segment margin durability (Segment EBITDA expansion vs opex inflation). ["Segment EBITDA | $ | 588"](0001564708-25-000419|0) ### Path B — “REA + Realtor.com drive the equity” Validate: - How much of consolidated earnings/cash is tied to housing cycles and FX. ["Foreign Currency Exchange Rate Risk"](0001564708-25-000419|0) - Quarterly momentum: Digital Real Estate Services EBITDA **158 vs 140** in Q1. ["Segment EBITDA | $ | 158"](0001564708-25-000573|0) ["Segment EBITDA | | 140"](0001564708-25-000573|0) ### Path C — “Capital allocation is the story” Validate: - Buyback runway: remaining **~$310m** under 2021 plan + incremental **$1B** program. ["approximately $310 million"](0001564708-25-000419|0) ["new stock repurchase program"](0001564708-25-000419|0) - FCF coverage: **$571m** FCF (FY2025) vs buybacks/dividends. ["Free cash flow | 571"](0001564708-25-000419|0) ["repurchases … $ | 150"](0001564708-25-000419|0) ["dividend payments of $185 million"](0001564708-25-000419|0) ### Path D — “Governance/control discount” Validate: - Non-voting Class A economic exposure vs voting Class B control. ["Holders of Class A … are not entitled to vote"](0001140361-25-037696|1) - Concentrated voting power + constraints from the stockholders agreement. ["more than 44%"](0001564708-25-000419|0) --- ## If you want a “next module” (just reply with the label) - **Deep dive: Risks** (Item 1A + segment-specific risks like platform/algorithm dependence, housing cycle exposure, AI/content licensing) ["ITEM 1A. Risk Factors"](0001564708-25-000419|0) - **Deep dive: Sum-of-the-parts framework** (filings-only building blocks from segment EBITDA + corporate costs + net debt) ["Segment EBITDA"](0001564708-25-000419|0) ["Borrowings"](0001564708-25-000419|0) - **Deep dive: Foxtel/DAZN economics** (discontinued ops + investment accounting and implications) ["investment in DAZN"](0001564708-25-000419|0) ["discontinued operations"](0001564708-25-000573|0)

## News Corporation (NWSA) — filings-first deep dive (business, drivers, risks, capital allocation) **Primary sources used:** FY2025 Form 10‑K (fiscal year ended June 30, 2025) and FY2026 Q1 Form 10‑Q (quarter ended Sept 30, 2025), plus the 2025 proxy statement (DEF 14A). ["FORM 10-K"](0001564708-25-000419|0) ["For the three months ended September 30, 2025"](0001564708-25-000573|0) ["2025 Proxy Statement"](0001140361-25-037696|1) --- # 1) “What is NWSA?” — portfolio map + how it makes money News Corp describes itself as a “global, diversified media and information services company,” with **five reportable segments**: **Dow Jones**, **Digital Real Estate Services**, **Book Publishing**, **News Media**, and **Other (corporate overhead/strategy and U.K. Newspaper Matters costs)**. ["five reportable segments"](0001564708-25-000419|0) A key portfolio event: News Corp completed the sale of **Foxtel** on **April 2, 2025** and classified it as **discontinued operations** (which also eliminated “Subscription Video Services” as a reportable segment). ["completed the sale of Foxtel"](0001564708-25-000419|0) --- ## FY2025 segment scoreboard (Revenue + Segment EBITDA) (USD **millions**, from the 10‑K segment table) | Segment | FY2025 Revenue | FY2025 Segment EBITDA | FY2024 Revenue | FY2024 Segment EBITDA | | --- | ---: | ---: | ---: | ---: | | Dow Jones | 2,331 ["2,331"](0001564708-25-000419|0) | 588 ["588"](0001564708-25-000419|0) | 2,231 ["2,231"](0001564708-25-000419|0) | 542 ["542"](0001564708-25-000419|0) | | Digital Real Estate Services | 1,802 ["1,802"](0001564708-25-000419|0) | 601 ["601"](0001564708-25-000419|0) | 1,658 ["1,658"](0001564708-25-000419|0) | 508 ["508"](0001564708-25-000419|0) | | Book Publishing | 2,149 ["2,149"](0001564708-25-000419|0) | 296 ["296"](0001564708-25-000419|0) | 2,093 ["2,093"](0001564708-25-000419|0) | 269 ["269"](0001564708-25-000419|0) | | News Media | 2,170 ["2,170"](0001564708-25-000419|0) | 153 ["153"](0001564708-25-000419|0) | 2,270 ["2,270"](0001564708-25-000419|0) | 133 ["133"](0001564708-25-000419|0) | | Other | — ["Other | —"](0001564708-25-000419|0) | (223) ["(223)"](0001564708-25-000419|0) | — ["Other | —"](0001564708-25-000419|0) | (211) ["(211)"](0001564708-25-000419|0) | | **Total** | **8,452** ["8,452"](0001564708-25-000419|0) | **1,415** ["1,415"](0001564708-25-000419|0) | **8,252** ["8,252"](0001564708-25-000419|0) | **1,241** ["1,241"](0001564708-25-000419|0) | **How to read this table (practical lens):** - The “engine rooms” on FY2025 Segment EBITDA were **Digital Real Estate Services (601)** and **Dow Jones (588)**—together ~84% of FY2025 segment EBITDA excluding “Other”. ["Digital Real Estate Services | 601"](0001564708-25-000419|0) ["Dow Jones | 588"](0001564708-25-000419|0) ["Total | 1,415"](0001564708-25-000419|0) - News Media is **lower-margin** relative to its revenue base (153 segment EBITDA on 2,170 revenue in FY2025). ["News Media | 2,170"](0001564708-25-000419|0) ["News Media | 153"](0001564708-25-000419|0) --- # 2) The operating model by segment (what to underwrite) ## A) Dow Jones — subscription-led information services (high recurring mix) FY2025 Dow Jones revenue rose **$100m (+4%)** “due to higher circulation and subscription revenues.” ["revenues … increased $100 million"](0001564708-25-000419|0) Dow Jones Segment EBITDA increased **$46m (+8%)**, driven by revenue growth and “lower newsprint, production and distribution costs,” partly offset by higher employee/tech/marketing costs. ["Segment EBITDA … increased $46 million"](0001564708-25-000419|0) **Underwrite focus:** paid subscription momentum + advertising mix + cost discipline (newsprint/print footprint vs digital growth). ["Digital revenues represented 82%"](0001564708-25-000419|0) ## B) Digital Real Estate Services — REA Group + Move (Realtor.com) News Corp’s Digital Real Estate Services segment consists of **REA Group (61.4% interest)** and **Move (80% interest)**; the remaining 20% of Move is held by REA Group. ["61.4% interest"](0001564708-25-000419|0) ["80% interest"](0001564708-25-000419|0) FY2025 segment revenue increased **$144m (+9%)** and Segment EBITDA increased **$93m (+18%)**. ["revenues … increased $144 million"](0001564708-25-000419|0) ["Segment EBITDA … increased $93 million"](0001564708-25-000419|0) **Underwrite focus:** - REA: pricing, depth penetration, listing volumes, India trajectory, and FX impacts. ["higher Australian residential revenues driven by price increases"](0001564708-25-000419|0) - Move: U.S. housing market sensitivity (leads/transactions), and product mix shift toward premium. ["Move shifts its focus to more premium offerings"](0001564708-25-000419|0) ## C) Book Publishing — HarperCollins (seasonal, title-driven, but meaningful backlist) HarperCollins is described as “the second largest consumer book publisher in the world based on global revenue.” ["second largest consumer book publisher"](0001564708-25-000419|0) FY2025 revenue increased **$56m (+3%)**, while Segment EBITDA increased **$27m (+10%)**. ["revenues … increased $56 million"](0001564708-25-000419|0) ["Segment EBITDA … increased $27 million"](0001564708-25-000419|0) **Underwrite focus:** backlist resilience + digital/audio growth + customer concentration/returns dynamics. ["Backlist sales represented approximately 64%"](0001564708-25-000419|0) ## D) News Media — Australian + UK + NY Post + audio/radio FY2025 News Media revenue decreased **$100m (‑4%)**, but Segment EBITDA increased **$20m (+15%)**, driven by “cost savings initiatives” (including printing JV changes + lower Talk costs), partly offset by revenue declines. ["revenues … decreased $100 million"](0001564708-25-000419|0) ["Segment EBITDA … increased $20 million"](0001564708-25-000419|0) **Underwrite focus:** ongoing print decline vs digital subs, ad cyclicality, platform-algorithm traffic sensitivity, and structural cost-out. ["algorithm changes"](0001564708-25-000419|0) --- # 3) “Latest quarter” snapshot — FY2026 Q1 (ended Sept 30, 2025) ## Consolidated P&L (Q1 FY2026 vs Q1 FY2025) (USD **millions**) | Metric | Q1 FY2026 (3 mos ended 9/30/2025) | Q1 FY2025 (3 mos ended 9/30/2024) | | --- | ---: | ---: | | Total revenue | 2,144 ["2,144"](0001564708-25-000573|0) | 2,096 ["2,096"](0001564708-25-000573|0) | | Net income from continuing ops | 150 ["150"](0001564708-25-000573|0) | 149 ["149"](0001564708-25-000573|0) | | Net income attributable to News Corp stockholders | 112 ["112"](0001564708-25-000573|0) | 119 ["119"](0001564708-25-000573|0) | | EPS (basic) | $0.20 ["$ | 0.20"](0001564708-25-000573|0) | $0.21 ["$ | 0.21"](0001564708-25-000573|0) | | Total Segment EBITDA (non‑GAAP) | 340 ["Total Segment EBITDA | $ | 340"](0001564708-25-000573|0) | 325 ["Total Segment EBITDA | $ | 325"](0001564708-25-000573|0) | ## Segment EBITDA bridge (Q1 FY2026 vs Q1 FY2025) | Segment | Q1 FY2026 Revenue | Q1 FY2026 Segment EBITDA | Q1 FY2025 Revenue | Q1 FY2025 Segment EBITDA | | --- | ---: | ---: | ---: | ---: | | Dow Jones | 586 ["586"](0001564708-25-000573|0) | 144 ["144"](0001564708-25-000573|0) | 552 ["552"](0001564708-25-000573|0) | 131 ["131"](0001564708-25-000573|0) | | Digital Real Estate Services | 479 ["479"](0001564708-25-000573|0) | 158 ["158"](0001564708-25-000573|0) | 457 ["457"](0001564708-25-000573|0) | 140 ["140"](0001564708-25-000573|0) | | Book Publishing | 534 ["534"](0001564708-25-000573|0) | 58 ["58"](0001564708-25-000573|0) | 546 ["546"](0001564708-25-000573|0) | 81 ["81"](0001564708-25-000573|0) | | News Media | 545 ["545"](0001564708-25-000573|0) | 30 ["30"](0001564708-25-000573|0) | 541 ["541"](0001564708-25-000573|0) | 18 ["18"](0001564708-25-000573|0) | | Other | — ["Other | —"](0001564708-25-000573|0) | (50) ["(50)"](0001564708-25-000573|0) | — ["Other | —"](0001564708-25-000573|0) | (45) ["(45)"](0001564708-25-000573|0) | **What jumped out in the quarter (filings-based drivers):** - Dow Jones: revenue up **6%**, driven by circulation/subscription. ["revenues … increased $34 million, or 6%"](0001564708-25-000573|0) - Digital Real Estate Services: Segment EBITDA up **13%**; Move revenue up **9%** (premium mix shift), and REA +3%. ["Segment EBITDA … increased $18 million, or 13%"](0001564708-25-000573|0) ["Move shifts its focus"](0001564708-25-000573|0) - Book Publishing: Segment EBITDA down **28%**, citing a **$13m write-off** of a customer receivable (expected closure of a book distributor) and lower revenues/mix. ["$13 million write-off"](0001564708-25-000573|0) ["Segment EBITDA … decreased $23 million, or 28%"](0001564708-25-000573|0) - News Media: Segment EBITDA up **67%** on cost savings/lower Talk costs. ["Segment EBITDA … increased by $12 million, or 67%"](0001564708-25-000573|0) --- # 4) Cash flow, balance sheet, and capital allocation (FY2025) ## A) Cash flow (FY2025 vs FY2024) | Metric | FY2025 | FY2024 | | --- | ---: | ---: | | Net cash from ops (continuing) | 978 ["| 978 |"](0001564708-25-000419|0) | 897 ["| 897 |"](0001564708-25-000419|0) | | Capex | (407) ["Capital expenditures | | (407)"](0001564708-25-000419|0) | (357) ["(357)"](0001564708-25-000419|0) | | **Free cash flow** (non‑GAAP) | **571** ["Free cash flow | 571"](0001564708-25-000419|0) | **540** ["540"](0001564708-25-000419|0) | News Corp defines **free cash flow** as “net cash provided by (used in) operating activities from continuing operations, less capital expenditures.” ["Free cash flow is defined"](0001564708-25-000419|0) ## B) Liquidity and leverage snapshot (FY2025 year-end) At June 30, 2025, cash & cash equivalents were **$2.403B**. ["Cash and cash equivalents | | $ | 2,403"](0001564708-25-000419|0) Total borrowings at June 30, 2025 were **$1.962B**, with **$25m** current and **$1.937B** long-term. ["Total borrowings … 1,962"](0001564708-25-000419|0) ["Less: current portion … (25)"](0001564708-25-000419|0) ["Long-term borrowings … 1,937"](0001564708-25-000419|0) ### Debt stack (from Note 9 — Borrowings) | Instrument | Rate (at 6/30/2025) | Maturity | Balance 6/30/2025 | | --- | ---: | --- | ---: | | 2022 Term Loan A | 5.774% ["5.774"](0001564708-25-000419|0) | Mar 31, 2027 ["Mar 31, 2027"](0001564708-25-000419|0) | 475 ["| 475 |"](0001564708-25-000419|0) | | 2021 Senior Notes | 3.875% ["3.875"](0001564708-25-000419|0) | May 15, 2029 ["May 15, 2029"](0001564708-25-000419|0) | 993 ["| 993 |"](0001564708-25-000419|0) | | 2022 Senior Notes | 5.125% ["5.125"](0001564708-25-000419|0) | Feb 15, 2032 ["Feb 15, 2032"](0001564708-25-000419|0) | 494 ["| 494 |"](0001564708-25-000419|0) | The 10‑K also discloses **$750m** undrawn commitments available under the revolving credit facility at June 30, 2025. ["$750 million of undrawn commitments"](0001564708-25-000419|0) ## C) Shareholder returns: buybacks + dividends ### Buybacks - The **2021 Repurchase Program** authorized up to **$1B**; remaining authorized amount at June 30, 2025 was **~$310m**. ["authorizing … up to $1 billion"](0001564708-25-000419|0) ["remaining … approximately $310 million"](0001564708-25-000419|0) - In **FY2025**, repurchases totaled **$150m** (5.3m shares combined Class A & B). ["Total | 5.3"](0001564708-25-000419|0) ["$ | 150"](0001564708-25-000419|0) - A **new $1B repurchase program** was announced **July 15, 2025** (“2025 Repurchase Program”). ["On July 15, 2025, … new stock repurchase program"](0001564708-25-000419|0) ### Dividends - FY2025 cash dividends paid per share: **$0.20** (Class A and Class B). ["Cash dividends paid per share | $ | 0.20"](0001564708-25-000419|0) - Subsequent event: in **August 2025**, News Corp declared a **$0.10** semi‑annual dividend payable **Oct 8, 2025** to holders of record **Sept 10, 2025**. ["declared a semi-annual cash dividend of $0.10"](0001564708-25-000419|0) ["payable on October 8, 2025"](0001564708-25-000419|0) --- # 5) Governance & control: dual-class voting + Murdoch-related ownership (proxy) ## Voting rights News Corp has two classes of common stock: - **Class B**: “entitled to one vote per share on all matters.” ["one vote per share"](0001140361-25-037696|1) - **Class A**: “not entitled to vote” on matters at the annual meeting. ["Class A Common Stock are not entitled to vote"](0001140361-25-037696|1) ## Ownership concentration (proxy + 10‑K risk disclosure) Proxy beneficial ownership table (as of Sept 10, 2025 unless otherwise specified): - **LGC Holdco, LLC**: **62,584,577** Class B shares (**33.3%** of Class B). ["62,584,577"](0001140361-25-037696|1) ["33.3%"](0001140361-25-037696|1) - **Lachlan K. Murdoch**: shown with **62,586,041** Class B shares (**33.3%**) including LGC Holdco shares. ["62,586,041"](0001140361-25-037696|1) ["33.3%"](0001140361-25-037696|1) The 10‑K also flags voting concentration risk around the Murdoch Family Trust and references a stockholders agreement intended to cap collective voting power at **44%** of Class B voting power (with vote forfeiture mechanics). ["more than 44%"](0001564708-25-000419|0) ["would forfeit votes"](0001564708-25-000419|0) --- # 6) A compact “investment debate kit” (interactive use) Use this like a decision tree—pick a path and I’ll drill further into the exact filing sections you care about (no extra info needed from you). ### Path A — “Dow Jones is the crown jewel” Validate: - Subscription growth and mix (digital % of revenue). ["Digital revenues represented 82%"](0001564708-25-000419|0) - Segment margin durability (Segment EBITDA expansion vs opex inflation). ["Segment EBITDA | $ | 588"](0001564708-25-000419|0) ### Path B — “REA + Realtor.com drive the equity” Validate: - How much of consolidated earnings/cash is tied to housing cycles and FX. ["Foreign Currency Exchange Rate Risk"](0001564708-25-000419|0) - Quarterly momentum: Digital Real Estate Services EBITDA **158 vs 140** in Q1. ["Segment EBITDA | $ | 158"](0001564708-25-000573|0) ["Segment EBITDA | | 140"](0001564708-25-000573|0) ### Path C — “Capital allocation is the story” Validate: - Buyback runway: remaining **~$310m** under 2021 plan + incremental **$1B** program. ["approximately $310 million"](0001564708-25-000419|0) ["new stock repurchase program"](0001564708-25-000419|0) - FCF coverage: **$571m** FCF (FY2025) vs buybacks/dividends. ["Free cash flow | 571"](0001564708-25-000419|0) ["repurchases … $ | 150"](0001564708-25-000419|0) ["dividend payments of $185 million"](0001564708-25-000419|0) ### Path D — “Governance/control discount” Validate: - Non-voting Class A economic exposure vs voting Class B control. ["Holders of Class A … are not entitled to vote"](0001140361-25-037696|1) - Concentrated voting power + constraints from the stockholders agreement. ["more than 44%"](0001564708-25-000419|0) --- ## If you want a “next module” (just reply with the label) - **Deep dive: Risks** (Item 1A + segment-specific risks like platform/algorithm dependence, housing cycle exposure, AI/content licensing) ["ITEM 1A. Risk Factors"](0001564708-25-000419|0) - **Deep dive: Sum-of-the-parts framework** (filings-only building blocks from segment EBITDA + corporate costs + net debt) ["Segment EBITDA"](0001564708-25-000419|0) ["Borrowings"](0001564708-25-000419|0) - **Deep dive: Foxtel/DAZN economics** (discontinued ops + investment accounting and implications) ["investment in DAZN"](0001564708-25-000419|0) ["discontinued operations"](0001564708-25-000573|0)