News Corp (Class A)

News Corporation stands as one of the world's most influential media and information services companies, operating a strategically diversified portfolio of premium assets across news and information services, book publishing, and digital real estate. Headquartered at 1211 Avenue of the Americas in Midtown Manhattan, New York City, News Corp reaches hundreds of millions of consumers globally through authoritative journalism, award-winning books, and market-leading digital platforms. The company's flagship properties include Dow Jones & Company (publisher of The Wall Street Journal, Barron's, and MarketWatch), News UK (The Times and The Sun), News Corp Australia, HarperCollins Publishers, and digital real estate leaders REA Group and Realtor.com. With approximately 22,300 employees as of 2025 distributed across the United States (8,100), Australia (8,000), United Kingdom (5,400), and other global markets, News Corp delivers trusted content and services that inform, educate, and engage audiences worldwide.

The company's strategic evolution reflects a remarkable transformation from traditional media to a digitally-led enterprise. Under CEO Robert Thomson's leadership since 2013—recently extended through June 2030—News Corp has achieved unprecedented digital growth, with digital revenues comprising 62% of total business in fiscal 2025, nearly double the 32% share recorded in fiscal 2018. This digital transformation has fundamentally reshaped the company's revenue mix, reducing advertising dependency from 32% of revenues in fiscal 2018 to just 16% in fiscal 2025, while subscription and circulation revenues have become the dominant growth drivers. The company's two strongest divisions—Dow Jones and Digital Real Estate Services—contributed 49% of revenue and an impressive 84% of EBITDA in fiscal 2025, up from 29% of revenue and 55% of EBITDA in fiscal 2018, demonstrating the power of the portfolio optimization strategy.

News Corp's financial performance reflects the success of its digital-first strategy and focus on high-quality assets. For fiscal year 2025 ending June 30, 2025, the company reported revenues of $8.45 billion, a 2% increase compared to $8.25 billion in the prior year, with net income from continuing operations surging 71% to $648 million compared to $379 million in fiscal 2024. Dow Jones achieved record revenues of $2.33 billion in fiscal 2025, driven by 15% growth in Risk & Compliance and 11% growth in Dow Jones Energy, with digital revenues representing 83% of total Dow Jones revenues. Total average subscriptions to Dow Jones consumer products reached 6.4 million, an 8% increase year-over-year, with digital-only subscriptions growing 10% to nearly 5.9 million. The Wall Street Journal alone grew digital-only subscriptions 11% to 4.2 million average subscriptions, cementing its position as the leading premium business news brand. REA Group posted record revenues of $1.25 billion in fiscal 2025, a 12% increase driven by continued strong performance in Australian residential real estate markets.

The company's commitment to quality journalism and authoritative content creation has established News Corp as an essential partner in the digital age, including landmark agreements with technology leaders. A groundbreaking global partnership with OpenAI, announced in fiscal 2024, exemplifies News Corp's strategy of leveraging cutting-edge technology while protecting the value of premium journalism. This multi-year deal provides OpenAI access to current and archived content from News Corp's publications to enhance AI products, while ensuring proper attribution and compensation for journalistic content. News Corp has also made strategic acquisitions to strengthen its competitive position, including Dow Jones' purchases of Oxford Analytica, Dragonfly Intelligence, and EcoMovement (a platform providing data on nearly 2 million EV charging connectors), as well as Zenlist for realtor.com integration.

News Corp's portfolio streamlining and capital allocation discipline further demonstrate management's focus on maximizing shareholder value. The sale of Foxtel Group to sports streaming platform DAZN in April 2025—at more than 7 times Foxtel's EBITDA—represented a key portfolio adjustment that allowed News Corp to streamline its focus and accelerate investment in higher-growth digital assets. The company announced a $1 billion share buyback program, reinforcing its commitment to returning capital to shareholders while maintaining strategic flexibility for growth investments. Looking ahead, News Corp is positioned to capitalize on the continued growth of digital subscriptions, particularly at Dow Jones where professional information services (Risk & Compliance, Dow Jones Energy) are experiencing double-digit growth, and the resilient Australian residential real estate market driving REA Group performance. With a clear strategy focused on premium content, digital transformation, and operational excellence, News Corp remains committed to its mission of creating and distributing top-quality news, sports, and entertainment content that serves consumers and businesses around the world.