NWSAMEDIUM SIGNALOPERATIONAL10-K

News Corp completed the divestiture of its Australian television assets (Foxtel/FOX SPORTS) while strengthening its balance sheet and pivoting toward AI partnerships and digital monetization.

The removal of subscription video services from the business description and meaningful revenue decline signals completion of a strategic asset sale that allows management to focus on core news, publishing, and digital real estate operations. The company is positioning itself for growth through AI licensing deals and technology partnerships, suggesting a strategic pivot toward leveraging content assets in new ways.

Comparing 2025-08-06 vs 2024-08-13View on EDGAR →
FINANCIAL ANALYSIS

News Corp's financial profile improved substantially despite lower revenues, with total debt declining 33% to $2.0B while cash increased 23% to $2.4B, creating a much stronger balance sheet. The revenue decline reflects the strategic divestiture of television assets rather than operational weakness in core businesses. Management increased share buybacks by 28% to $150M and reduced current liabilities, indicating confidence in the streamlined business model and improved financial flexibility for future investments.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
-32.6%
$2.9B→$2.0B

Debt reduced 32.6% — deleveraging strengthens balance sheet and reduces financial risk.

Share Buybacks
Cash Flow
+28.2%
$117.0M→$150.0M

Share repurchases increased 28.2% — management returning capital, signals confidence in intrinsic value.

Cash & Equivalents
Balance Sheet
+22.6%
$2.0B→$2.4B

Cash grew 22.6% — improving liquidity position supports investment and shareholder returns.

Revenue
P&L
-16.2%
$10.1B→$8.5B

Revenue softened 16.2% — monitor whether this is cyclical or structural.

Current Liabilities
Balance Sheet
-14.6%
$3.1B→$2.6B

Current liabilities reduced — improved short-term financial position and working capital health.

Inventory
Balance Sheet
+10.5%
$296.0M→$327.0M

Inventory built 10.5% — monitor whether demand supports this build or if write-downs may follow.

Current Assets
Balance Sheet
+10%
$4.4B→$4.8B

Current assets grew 10% — improving short-term liquidity or inventory/receivables build.

LANGUAGE CHANGES
NEW — 2025-08-06
PRIOR — 2024-08-13
ADDED
As of August 1, 2025, 376,442,848 shares of Class A Common Stock and 188,528,838 shares of Class B Common Stock were outstanding.
The Company comprises businesses across a range of media, including information services and news, digital real estate services and book publishing, that are distributed under some of the world s most recognizable and respected brands, including The Wall Street Journal , Barron s , Dow Jones, The Australian , Herald Sun , The Sun , The Times, HarperCollins Publishers, realestate.com.au, Realtor.com , talkSPORT and many others.
The Company s commitment to premium content makes its properties a premier destination for information, news, real estate and entertainment.
The Company s focus on quality and product innovation has enabled it to capitalize on the shift to digital consumption to deliver its products and services in a more engaging, timely and personalized manner and create opportunities for more effective monetization, including new licensing and partnership arrangements with large technology companies and AI-focused platforms and digital offerings that leverage the Company s existing content.
Fiscal 2025, fiscal 2024 and fiscal 2023 each included 52 weeks.
Unless otherwise noted, all references to the fiscal years ended June 30, 2025, June 30, 2024 and June 30, 2023 relate to the fiscal years ended June 29, 2025, June 30, 2024 and July 2, 2023, respectively.
BUSINESS OVERVIEW On April 2, 2025, the Company completed the sale of Foxtel.
All assets and liabilities, results of operations and cash flows for Foxtel have been classified as discontinued operations for all periods presented.
Upon reclassification, the Company determined that the Subscription Video Services segment was no longer a reportable segment, and the residual results of the segment were aggregated into the News Media segment.
For the fiscal year ended June 30, 2025 Revenues Segment EBITDA (in millions) Dow Jones $ 2,331 $ 588 Digital Real Estate Services 1,802 601 Book Publishing 2,149 296 News Media 2,170 153 Other (223) Dow Jones The Company s Dow Jones segment is a global provider of news and business information, which distributes its content and data through a variety of owned and off-platform media channels including websites, mobile apps, newspapers, newswires, newsletters, magazines, proprietary databases, live journalism, video and podcasts.
REMOVED
As of August 2, 2024, 378,325,803 shares of Class A Common Stock and 190,258,938 shares of Class B Common Stock were outstanding.
The Company comprises businesses across a range of media, including digital real estate services, subscription video services in Australia, news and information services and book publishing, that are distributed under some of the world s most recognizable and respected brands, including The Wall Street Journal , Barron s , Dow Jones, The Australian , Herald Sun , The Sun , The Times, HarperCollins Publishers, Foxtel, FOX SPORTS Australia, realestate.com.au, Realtor.com , talkSPORT and many others.
The Company s commitment to premium content makes its properties a premier destination for news, information, sports, entertainment and real estate.
The Company s focus on quality and product innovation has enabled it to capitalize on the shift to digital consumption to deliver its content and other products and services in a more engaging, timely and personalized manner and create opportunities for more effective monetization, including new licensing and partnership arrangements and digital offerings that leverage the Company s existing content rights.
Fiscal 2024, fiscal 2023 and fiscal 2022 included 52, 52 and 53 weeks, respectively.
Unless otherwise noted, all references to the fiscal periods ended June 30, 2024, June 30, 2023 and June 30, 2022 relate to the fiscal periods ended June 30, 2024, July 2, 2023 and July 3, 2022, respectively.
BUSINESS OVERVIEW The Company s six reportable segments are described below.
For the fiscal year ended June 30, 2024 Revenues Segment EBITDA (in millions) Digital Real Estate Services $ 1,658 $ 508 Subscription Video Services 1,917 310 Dow Jones 2,231 542 Book Publishing 2,093 269 News Media 2,186 120 Other (210) Digital Real Estate Services The Company s Digital Real Estate Services segment consists of its 61.4% interest in REA Group, a publicly-traded company listed on ASX (ASX: REA), and its 80% interest in Move.
For the year ended June 30, 2024, average monthly visits to realestate.com.au were 127.7 million, with 10.8 million people visiting each month on average, according to Ipsos iris data.
1 Australians visited realestate.com.au 4.1 times more on average than the nearest competitor during the six months ended June 30, 2024.
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