News Corporation is a global, diversified media and information services company that creates and distributes authoritative and engaging content and other products and services to consumers and businesses worldwide. The company operates across a range of media, including information services and news, digital real estate services and book publishing, distributed under brands such as 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 distributes its content and products across digital platforms including websites, mobile apps, social media, e-book devices and streaming audio platforms, as well as traditional platforms such as print and radio. The company’s diversified revenue base includes recurring subscriptions, circulation sales, advertising sales, sales of real estate listing products, licensing fees and other consumer product sales. Headquartered in New York, the company operates primarily in the United States, Australia and the United Kingdom.

The company’s Dow Jones segment competes with a wide range of media and information businesses, including digital media, print publications and information services. Its news products compete for consumers, audience and advertising with other local and national news and editorial content providers, web and app-based media, news aggregators, customized news feeds, search engines, AI platforms, products and services, blogs, magazines, investment tools, integrated workflow tools, social media sources, podcasts and event producers, as well as other media such as television, radio stations and outdoor displays. The professional information products compete with various information service providers, compliance data providers, global financial newswires and energy and commodities pricing and data providers, including Reuters News, RELX (including LexisNexis and ICIS), LSEG Risk Intelligence, S&P Global, DTN and Argus Media, as well as many other providers of news, information and compliance data. The Digital Real Estate Services businesses operate in highly competitive markets that are evolving rapidly in response to new technologies, business models and practices, product and service offerings and changing consumer and customer preferences. The Book Publishing segment operates in a highly competitive market and competes with other large publishers such as Penguin Random House, Simon & Schuster, Hachette Livre and Macmillan, as well as with numerous smaller publishers. The News Media segment’s newspapers, magazines, digital publications, radio stations, broadcast and streaming channels and podcasts generally face competition from similar sources as the news products within the Dow Jones segment.

The company generates revenue through recurring subscriptions, circulation sales, advertising sales, sales of real estate listing products, licensing fees and other consumer product sales. The Dow Jones segment’s revenue is diversified across business-to-consumer and business-to-business subscriptions, circulation, advertising including custom content and sponsorships, licensing fees and participation fees for its live journalism events. The Digital Real Estate Services segment generates revenue from property advertising listing products, monthly advertising subscriptions from real estate agents and property developers, media display advertising, lead generation and listing advertisement products, referral-based services, non-listing advertisement products, commissions from lenders and monthly subscriptions for data services. The Book Publishing segment derives revenue from the sale and licensing of print and digital books to a customer base that includes global technology companies, traditional brick and mortar booksellers, wholesale clubs and discount stores, including Amazon, Apple, Barnes & Noble and Tesco, as well as from third-party distribution services. The News Media segment generates revenue primarily through circulation and subscription sales of its print and digital products, sales of print and digital advertising and licensing fees.

The Dow Jones segment is a global provider of news, data and business information distributed through websites, mobile apps, newspapers, newswires, newsletters, magazines, proprietary databases, live journalism, video and podcasts. Its products include The Wall Street Journal, Barron’s, MarketWatch, Investor’s Business Daily, Dow Jones Risk & Compliance, Dow Jones Energy, Factiva and Dow Jones Newswires. For the three months ended June 30, 2026, The Wall Street Journal had 4,827,000 ¹ total subscriptions, including 4,465,000 ² digital-only subscriptions and 362,000 ³ print subscriptions. Barron’s Group had 1,602,000 ⁴ total subscriptions, including 1,512,000 ⁵ digital-only subscriptions and 90,000 ⁶ print subscriptions. Total News Products had 6,725,000 ⁷ total subscriptions, including 6,258,000 ⁸ digital-only subscriptions and 467,000 ⁹ print subscriptions. WSJ had 130 million ¹⁰ average monthly visits and 35 million ¹¹ average monthly unique users. MarketWatch had 43 million ¹² average monthly visits and 12 million ¹³ average monthly unique users. WSJDN had 195 million ¹⁴ average monthly visits and 58 million ¹⁵ average monthly unique users. As of June 30, 2026, there were approximately 852,000 ¹⁶ activated Factiva users. Dow Jones Newswires publishes, on average, over 17,000 ¹⁷ news items each day. The Digital Real Estate Services segment consists of a 62.0% ¹⁸ interest in REA Group and an 80% ¹⁹ interest in Move, with the remaining 20% ²⁰ interest in Move held by REA Group. For the year ended June 30, 2026, average monthly visits to realestate.com.au were 146.4 million ²¹, with 12.7 million ²² people visiting each month on average. Realtor.com had approximately 68 million ²³ average monthly unique users during the quarter ended June 30, 2026, and monthly average visits for the quarter ended June 30, 2026 were 297 million ²⁴. The Book Publishing segment, HarperCollins, is the second largest consumer book publisher in the world based on global revenue, with operations in 15 ²⁵ countries. HarperCollins owns more than 120 ²⁶ branded imprints. Its print and digital global catalog includes more than 250,000 ²⁷ publications in different formats, in 16 ²⁸ languages. As of June 30, 2026, HarperCollins offered approximately 150,000 ²⁹ publications in digital formats. Digital sales represented approximately 23% ³⁰ of global consumer revenues for the fiscal year ended June 30, 2026. During fiscal 2026, HarperCollins U.S. had 230 ³¹ titles on the New York Times print and digital bestseller lists, with 37 ³² titles hitting number one. The News Media segment includes News Corp Australia, News UK and the New York Post. News Corp Australia had approximately 981,000 ³³ aggregate digital closing subscribers as of June 30, 2026. Its Monday to Friday, Saturday and Sunday, weekly and bi-weekly newspapers were read by 3.9 million ³⁴ Australians on average every week. The Australian had 341,975 ³⁵ total paid subscribers, The Daily Telegraph had 140,808 ³⁶, Herald Sun had 148,753 ³⁷, The Courier Mail had 131,947 ³⁸ and The Advertiser had 106,468 ³⁹. News.com.au delivers an average monthly unique audience of approximately 12.0 million ⁴⁰. News Corp Australia’s other assets included an approximate 29.1% ⁴¹ interest in Hipages Group Holdings Ltd. News UK publishes The Sun, The Sun on Sunday, The Times and The Sunday Times, which together accounted for approximately one-third ⁴² of all national newspaper sales as of June 30, 2026. Together, across print and digital, these brands reach approximately 60% ⁴³ of adult news readers in the U.K., or approximately 29 million ⁴⁴ people. The Sun (Mon – Sat) had print average issue readership of 1,247,000 ⁴⁵, The Sun on Sunday had 1,368,000 ⁴⁶, The Times (Mon – Sat) had 539,000 ⁴⁷ and The Sunday Times had 922,000 ⁴⁸. The Times had 88,000 ⁴⁹ print subscribers and 681,000 ⁵⁰ digital subscribers, and The Sunday Times had 78,000 ⁵¹ print subscribers and 681,000 ⁵² digital subscribers. Total subscribers across The Times and The Sunday Times, including TLS, as of June 30, 2026 was 773,000 ⁵³, including 681,000 ⁵⁴ closing digital subscribers. The Sun had 65 million ⁵⁵ monthly global unique users. For the three months ended June 30, 2026, average weekday circulation for the New York Post and California Post was 494,896 ⁵⁶. The Post Digital Network averaged approximately 86.5 million ⁵⁷ unique users per month during the quarter ended June 30, 2026.

The Dow Jones segment’s professional information products include Dow Jones Risk & Compliance, Dow Jones Energy, Factiva and Dow Jones Newswires. Factiva offers content from over 33,000 ⁵⁸ global news and information sources from over 200 ⁵⁹ countries and territories and in 33 ⁶⁰ languages. REA Group’s international operations consist primarily of a 78.0% ⁶¹ interest in REA India, which operates Housing.com in India (News Corp holds a 22.0% ⁶² interest in REA India), and a 61.5% ⁶³ interest in Planitar, which operates iGUIDE. REA Group’s other assets include a 20% ⁶⁴ interest in Move. Move primarily operates Realtor.com under a perpetual agreement and trademark license with the National Association of Realtors. Through Realtor.com, consumers have access to approximately 155 million ⁶⁵ properties across the U.S. Realtor.com displays nearly 100% ⁶⁶ of all MLS-listed, for-sale and rental properties in the U.S. Approximately 94% ⁶⁷ of its for-sale listings are updated at least every 10 minutes, on average. Move’s offerings also include the recently-launched Realtor.com + TM, its collaborative home search platform. Additionally, Move provides online tools and services to do-it-yourself landlords and tenants through Avail. The Book Publishing segment publishes fiction and nonfiction, with a focus on general, children’s and religious content. HarperCollins also publishes titles for the equivalent of the K-12 educational market in the U.K. and India. The News Media segment also includes News Broadcasting (formerly Wireless Group), operator of talkSPORT, the leading sports radio network in the U.K., Virgin Radio and Talk in the U.K., and Australian News Channel, which operates the News24 network (formerly Sky News Australia), Australia’s 24-hour multi-channel, multi-platform news service.

In July 2026, REA Group announced an agreement to sell REA India. The California Post was launched in January 2026. The company has established its own benchmark administrator, OPIS Benchmark Administration B.V., organized in the Netherlands and authorized under the EU Benchmarks Regulation by the Netherlands Authority for Financial Markets. The Administrator currently oversees two ⁶⁸ OPIS price assessments. The company has a Compliance Steering Committee that oversees the company’s global compliance-related policies, protocols and guidance and reports directly to the Board of Directors through the Audit Committee. All employees are required to regularly complete training on, and affirm compliance with, News Corp’s Standards of Business Conduct. As of June 30, 2026, the company had approximately 21,700 ⁶⁹ employees, of whom approximately 7,900 ⁷⁰ were located in the U.S., 3,900 ⁷¹ were located in the U.K. and 5,600 ⁷² were located in Australia. Of the company’s employees, approximately 3,300 ⁷³ were represented by various employee unions.

For the fiscal year ended June 30, 2026, the Dow Jones segment reported revenues of $2,497 million ⁷⁴ and Segment EBITDA of $663 million ⁷⁵. The Digital Real Estate Services segment reported revenues of $2,016 million ⁷⁶ and Segment EBITDA of $741 million ⁷⁷. The Book Publishing segment reported revenues of $2,288 million ⁷⁸ and Segment EBITDA of $287 million ⁷⁹. The News Media segment reported revenues of $2,227 million ⁸⁰ and Segment EBITDA of $139 million ⁸¹. The Other segment reported Segment EBITDA of negative $203 million ⁸².

The company is pursuing multiple strategies to further exploit opportunities, including leveraging global audience scale and valuable data and sharing technologies and practices across geographies and businesses. The company is developing products and services that incorporate AI solutions to enhance insights and value for consumers and customers and using AI to improve efficiency and productivity internally. The company expects to continue to pursue various strategic initiatives, incorporate new technologies and develop new and enhanced products and services to remain competitive, including additional licensing arrangements with large platform operators, AI companies and other partners for the use of its content, the continued expansion into different business models and adjacencies, streaming audio partnerships for its books, multi-product digital bundles and other innovative digital news products and experiences. REA Group continued to execute on its financial services strategy, with its broker network benefiting from continued investment in core platforms and AI training and tools to support broker productivity. Move’s offerings also include the recently-launched Realtor.com + TM, its collaborative home search platform, which is expected to generate revenue from the sale of enhanced features and services to real estate professionals.

The company has incurred, and expects to continue to incur, significant costs in connection with its strategic efforts, including costs relating to the initiatives referenced above, as well as other costs to acquire, develop, adopt, upgrade and exploit new and existing technologies and attract and retain employees with the necessary knowledge and skills.

The company’s human capital management strategy is designed to attract, develop, retain and engage top talent with the experience, perspectives, skills and capabilities needed to achieve the company’s business objectives. The company invests in training and development programs designed to enable its employees to develop the skills and leadership abilities necessary to execute on the company’s strategy and engage and retain top talent. The company provides workshops, webinars and classes on a variety of topics, access to next generation learning platforms, job-specific training and other continuing education resources.

As of June 30, 2026, News Corp had $2.0 billion ⁸³ of total outstanding indebtedness, and it and its non-wholly owned subsidiary REA Group had approximately $1.1 billion ⁸⁴ of undrawn commitments, in the aggregate. The company maintains cyber risk insurance. The company has hedged a portion of its interest rate exposure.

During fiscal 2026, high home prices and other housing-related costs, low inventory, elevated interest rates and lower levels of consumer confidence continued to adversely impact the U.S. real estate market and the Digital Real Estate Services segment. Recently enacted Australian housing reform legislation may impact listing volumes and the company’s digital real estate services business in Australia. Economic uncertainty and lower consumer confidence have also contributed to softer consumer spending within the U.S. book publishing industry, which may continue in the near term. During fiscal 2026, factors such as geopolitical tensions and conflicts and elevated interest rates contributed to continued economic uncertainty, reduced spending by advertisers and lower advertising revenues at certain of the company’s businesses. The closure of several newsprint suppliers during fiscal 2026 resulted in an increase in the market price for newsprint.

Management emphasizes that 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. The company is pursuing multiple strategies to further exploit these opportunities, including leveraging global audience scale and valuable data and sharing technologies and practices across geographies and businesses. The company expects to continue to pursue various strategic initiatives, incorporate new technologies and develop new and enhanced products and services to remain competitive.

For the fiscal year ended June 30, 2026, the Dow Jones segment reported revenues of $2,497 million ⁸⁶ and Segment EBITDA of $663 million ⁸⁷. The Digital Real Estate Services segment reported revenues of $2,016 million ⁸⁸ and Segment EBITDA of $741 million ⁸⁹. The Book Publishing segment reported revenues of $2,288 million ⁹⁰ and Segment EBITDA of $287 million ⁹¹. The News Media segment reported revenues of $2,227 million ⁹² and Segment EBITDA of $139 million ⁹³. The Other segment reported Segment EBITDA of negative $203 million ⁹⁴. As of June 30, 2026, News Corp had $2.0 billion ⁹⁵ of total outstanding indebtedness, and it and its non-wholly owned subsidiary REA Group had approximately $1.1 billion ⁹⁶ of undrawn commitments, in the aggregate. The company had cash and cash equivalents as of June 30, 2026, though the filing does not provide a specific total cash balance figure in the narrative sections extracted. The company’s effective tax rate is impacted by the tax laws, treaties, regulations, practices and interpretations in the jurisdictions in which it operates and may fluctuate significantly from period to period.

The company operates in a highly competitive business environment, and its success depends on its ability to compete effectively, including by responding to evolving technologies and changes in consumer and customer behavior. The company faces significant competition from other providers of information, news, real estate-related and entertainment products and services, and this competition continues to intensify as a result of changes in technologies, including developments in AI, platforms and business models. A decline in customer advertising expenditures or other adverse changes in the advertising ecosystem could cause the company’s revenues and operating results to decline significantly, as the company generates substantial revenues from the sale of advertising. The company’s businesses depend on a single or limited number of suppliers for certain products, services, data and information, and reductions, interruptions or other issues affecting their supply or a significant increase in price could have an adverse effect. The company relies on Amazon Web Services to supply cloud-based services used in many of its business activities and Google to provide workspace and other enterprise services. As of June 30, 2026, News Corp had $2.0 billion ⁸⁵ of total outstanding indebtedness, and the terms of its financing arrangements could limit its ability to obtain additional financing, make it more difficult to satisfy its obligations, limit its flexibility and require it to dedicate a substantial portion of its cash flow to interest and principal payments.