News Corporation (the “Company,” “News Corp,” “we,” “us,” or “our”) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services to consumers and businesses throughout the world.
−Removed: 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.
−Removed: The Company’s commitment to premium content makes its properties a premier destination for news, information, sports, entertainment and real estate.
−Removed: The Company distributes its content and other products and services to consumers and customers across an array of digital platforms including websites, mobile apps, smart TVs, social media, e-book devices and streaming audio platforms, as well as traditional platforms such as print, television and radio.
−Removed: 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.
+Added: 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.
+Added: The Company’s commitment to premium content makes its properties a premier destination for information, news, real estate and entertainment.
+Added: The Company distributes its content and other products and services to consumers and customers across an array of 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.
+Added: 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.
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Headquartered in New York, the Company operates primarily in the United States (“U.S.”), Australia and the United Kingdom (“U.K.”), with its content and other products and services distributed and consumed worldwide.
−Removed: The Company’s operations are organized into six reportable segments:
−Removed: (i) Digital Real Estate Services;
−Removed: (ii) Subscription Video Services;
−Removed: (iii) Dow Jones;
−Removed: (iv) Book Publishing;
−Removed: (v) News Media;
−Removed: and (vi) Other, which includes the Company’s general corporate overhead expenses, strategy costs and costs related to the U.K.
+Added: The Company’s operations are organized into five reportable segments:
+Added: (i) Dow Jones;
+Added: (ii) Digital Real Estate Services;
+Added: (iii) Book Publishing;
+Added: (iv) News Media;
+Added: and (v) Other, which includes the Company’s general corporate overhead expenses, strategy costs and costs related to the U.K.
Newspaper Matters (as defined in Note 16—Commitments and Contingencies in the accompanying Consolidated Financial Statements).
The Company maintains a 52-53 week fiscal year ending on the Sunday nearest to June 30 in each year.
−Removed: Fiscal 2024, fiscal 2023 and fiscal 2022 included 52, 52 and 53 weeks, respectively.
−Removed: 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.
+Added: Fiscal 2025, fiscal 2024 and fiscal 2023 each included 52 weeks.
+Added: 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.
For convenience purposes, the Company continues to date its financial statements as of June 30.
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The words “expect,” “will,” “estimate,” “anticipate,” “predict,” “believe,” “should” and similar expressions and variations thereof are intended to identify forward-looking statements.
−Removed: These statements appear in a number of places in this document 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.
+Added: These statements appear in a number of places in this document 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 (“Foxtel”) 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.
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BUSINESS OVERVIEW
−Removed: The Company’s six reportable segments are described below.
+Added: On April 2, 2025, the Company completed the sale of Foxtel.
+Added: All assets and liabilities, results of operations and cash flows for Foxtel have been classified as discontinued operations for all periods presented.
+Added: 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.
+Added: The Company’s five reportable segments are described below.
For the fiscal year ended June 30, 2025
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(in millions)
−Removed: Digital Real Estate Services $ 1,658 $ 508
−Removed: Subscription Video Services 1,917 310
Dow Jones $ 2,331 $ 588
+Added: Digital Real Estate Services 1,802 601
Book Publishing 2,149 296
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Other — (223)
−Removed: Digital Real Estate Services
−Removed: 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:
−Removed: REA), and its 80% interest in Move.
−Removed: The remaining 20% interest in Move is held by REA Group.
−Removed: REA Group is a market-leading digital media business specializing in property, with operations focused on property and property-related advertising and services, as well as financial services.
−Removed: Property and Property-Related Advertising and Services
−Removed: REA Group advertises property and property-related services on its websites and mobile apps across Australia, including leading residential, commercial and share property websites realestate.com.au, realcommercial.com.au and Flatmates.com.au, as well as property research site property.com.au.
−Removed: 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.
−Removed: 1 Australians visited realestate.com.au 4.1 times more on average than the nearest competitor during the six months ended June 30, 2024.
−Removed: 2 Realcommercial.com
−Removed: 1 In fiscal 2024, REA Group transitioned its audience metrics to Ipsos iris, the new digital audience measurement source that has been endorsed by the Interactive Advertising Bureau, Australia’s board and management council for digital advertising.
−Removed: 2 Based on Ipsos iris data.
−Removed: Competitor data available beginning December 2023.
−Removed: .au had 1.5 million people visit each month on average for the year ended June 30, 2024, 2.4 times more than the nearest competitor, based on Ipsos iris data.
−Removed: REA Group’s other Australian property and property-related advertising and services include media display advertising and data services for markets adjacent to property.
−Removed: Additionally, during fiscal 2024, REA Group acquired all remaining shares of CampaignAgent, a leading provider of marketing and home preparation financing solutions for homeowners and agents, and Realtair, an end-to-end property sales platform that streamlines the way agents connect with property owners.
−Removed: Realestate.com.au and realcommercial.com.au derive the majority of their revenue from their core property advertising listing products and monthly advertising subscriptions from real estate agents and property developers.
−Removed: Realestate.com.au and realcommercial.com.au offer a product hierarchy which enables real estate agents and property developers to upgrade listing advertisements to increase their prominence on the site, as well as a variety of targeted products, including media display advertising products.
−Removed: Flatmates.com.au derives the majority of its revenue from advertising listing products and membership fees.
−Removed: The media business offers unique advertising opportunities on REA Group’s websites to property developers and other relevant markets, including utilities and telecommunications, insurance, finance, automotive and retail.
−Removed: REA Group also provides residential property data services to the financial sector through its PropTrack data services business, primarily on a monthly subscription basis.
−Removed: REA Group’s international operations consist of digital property assets in Asia, including a 78.0% interest in REA India, a leading digital real estate services provider in India that owns and operates PropTiger.com and Housing.com (News Corp holds a 22.0% interest in REA India), and a 17.2% interest in PropertyGuru Group Ltd., a leading digital property technology company operating marketplaces in Southeast Asia and listed on the New York Stock Exchange.
−Removed: REA Group’s other assets include a 20% interest in Move, as referenced above.
−Removed: REA Group’s businesses outside Australia derive the majority of their revenue from their property advertising listing products and monthly advertising subscriptions from real estate agents and property developers.
−Removed: Financial Services
−Removed: REA Group’s financial services business encompasses a digital property search and financing experience and mortgage broking services under its Mortgage Choice brand.
−Removed: REA Group has continued to execute on its financial services strategy by growing its nationwide broker network and developing innovative products and partnerships, including launching “Mortgage Choice Freedom,” a suite of white label mortgages, with digital lender Athena Home Loans.
−Removed: The financial services business generates revenue primarily through commissions from lenders.
−Removed: Move is a leading provider of digital real estate services in the U.S.
−Removed: Move primarily operates Realtor.com ® , a premier real estate information, advertising and services platform, under a perpetual agreement and trademark license with the National Association of Realtors ® (“NAR”).
−Removed: Through Realtor.com ® , consumers have access to approximately 148 million properties across the U.S., including an extensive collection of homes, properties and apartments listed and displayed for sale or for rent and a large database of “off-market” properties.
−Removed: Realtor.com ® and its related mobile apps display nearly 100% of all Multiple Listing Services (“MLS”)-listed, for-sale and rental properties in the U.S., which are primarily sourced directly from relationships with MLSs across the country.
−Removed: Realtor.com ® also sources new construction and rental listing content from a variety of sources, including directly from homebuilders and landlords, as well as from listing aggregators.
−Removed: Approximately 94% of its for-sale listings are updated at least every 15 minutes, on average, with the remaining listings updated daily.
−Removed: Realtor.com ® ’s content attracts a large and highly engaged consumer audience.
−Removed: Realtor.com ® and its mobile sites had approximately 74 million average monthly unique users during the quarter ended June 30, 2024 based on internal data and methodologies which may differ from those used by third parties or competitors.
−Removed: Business—Explanatory Note Regarding Certain Metrics.”
−Removed: Realtor.com ® generates the majority of its revenues through the sale of listing advertisement and lead generation products, including Connections SM Plus, Market VIP SM , Advantage SM Pro, Sales Builder SM and Listing Toolkit, as well as its real estate referral-based services ReadyConnect Concierge SM and RealChoice TM Selling (formerly UpNest).
−Removed: Listing advertisement and lead generation products allow real estate agents, brokers and homebuilders to enhance, prioritize and connect with consumers on for-sale property listings within the Realtor.com ® website and mobile apps.
−Removed: Listing advertisement and lead generation products are typically sold on a subscription basis.
−Removed: The real estate referral-based business model, as well as the Market VIP SM lead generation product, leverage Move’s proprietary technology and platform to connect real estate professionals and other service providers, such as lenders and insurance companies, to pre-vetted consumers who have submitted inquiries via the Realtor.com ® website and mobile apps, as well as other online sources.
−Removed: The real estate referral-based services that connect real estate agents and brokers with these consumers typically generate fees upon completion of the associated real estate transaction, while the referral-based services that give other service providers, including lenders and insurance companies, access to the same highly qualified
−Removed: consumers are generally provided on a subscription basis.
−Removed: Realtor.com ® also derives revenue from sales of non-listing advertisement, or Media, products to real estate, finance, insurance, home improvement and other professionals that enable those professionals to connect with Realtor.com ® ’s highly engaged and valuable consumer audience.
−Removed: Media products include sponsorships, display advertisements, text links, directories and other advertising and lead generation services.
−Removed: Non-listing advertisement pricing models include cost per thousand, cost per click, cost per unique user and subscription-based sponsorships of specific content areas or targeted geographies.
−Removed: In addition to Realtor.com ® , Move also offers online tools and services to do-it-yourself landlords and tenants, including Avail, a platform that improves the renting experience for do-it-yourself landlords and tenants with online tools, educational content and world-class support.
−Removed: Avail employs a variety of pricing models, including subscription fees, as well as fixed- or variable-pricing models.
−Removed: The Company’s 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.
−Removed: The success of these businesses depends on their ability to provide products and services that are useful for consumers, real estate, mortgage and other related services professionals, homebuilders and landlords and attractive to their advertisers, the breadth, depth and accuracy of information they provide and brand awareness and reputation.
−Removed: These businesses compete primarily with companies that provide real-estate focused technology, products and services in their respective geographic markets, including other real estate and property websites and apps in Australia, the U.S.
−Removed: Subscription Video Services
−Removed: The Company’s Subscription Video Services segment provides sports, entertainment and news services to pay-TV and streaming subscribers and other commercial licensees via satellite and internet distribution.
−Removed: This segment consists of (i) the Company’s 65% interest in NXE Australia Pty Limited, which, together with its subsidiaries, is referred to herein as the “Foxtel Group” (the remaining 35% interest in the Foxtel Group is held by Telstra Corporation Limited), and (ii) Australian News Channel (“ANC”).
−Removed: The Foxtel Group
−Removed: The Foxtel Group is the largest Australian-based subscription television provider, with a suite of offerings targeting a wide range of consumers.
−Removed: These include (i) its Foxtel premium pay-TV aggregation and Foxtel Now streaming services, which deliver approximately 200 channels 3 , including a number of owned and operated channels, covering sports, general entertainment, movies, documentaries, music, children’s programming and news, (ii) its sports and entertainment streaming services, Kayo Sports and BINGE , and (iii) Hubbl, its recently launched content aggregation platform.
−Removed: Through both its owned and operated and licensed channels on Foxtel, as well as Foxtel Now and Kayo Sports, the Foxtel Group broadcasts and streams approximately 32,000 hours of live sports programming each year, encompassing both live national and international licensed sports events such as National Rugby League, Australian Football League, Cricket Australia and various motorsports programming.
−Removed: Live sports programming also includes other featured original and licensed premium sports content tailored to the Australian market such as events from ESPN.
−Removed: Entertainment content provided by the Foxtel Group includes television programming from Warner Bros.
−Removed: Discovery, FOX, NBCUniversal, Paramount Global and BBC Studios, as well as Foxtel-produced original dramas and lifestyle shows.
−Removed: The Foxtel Group’s content is available through channels and on-demand and is currently distributed to broadcast subscribers using Optus’s satellite platform and internet delivery via Foxtel’s set-top boxes.
−Removed: Broadcast subscribers can also access Foxtel’s content using Foxtel GO, a companion service app on mobile devices.
−Removed: In addition, the Foxtel Group offers video content via the internet through its streaming services, including Kayo Sports and BINGE , which are available on a number of devices, including Hubbl Glass and Hubbl small device.
−Removed: The Foxtel Group also offers a bundled broadband product, which consists of Foxtel’s broadcast pay-TV service, sold together with an unlimited broadband service (predominantly on the National Broadband Network), and an option for customers to add home phone services.
−Removed: In addition to its subscription television services, the Foxtel Group operates FOX SPORTS Australia, the leading producer of live sports programming in Australia, foxsports.com.au, a leading general sports news website in Australia, and Watch NRL and Watch AFL, subscription services that provide live streaming and on-demand replays of National Rugby League and Australian Football League matches internationally.
−Removed: The Foxtel Group generates revenue primarily through subscription revenue from its pay-TV and streaming services as well as advertising revenue, including through its advertising products within Kayo Sports and BINGE .
−Removed: The Foxtel Group’s business generally is not highly seasonal, though subscribers and results can fluctuate due to the timing and mix of its local and
−Removed: 3 Channel count includes standard definition channels, high definition versions of those channels, audio channels and 4K Ultra HD channels.
−Removed: international sports programming.
−Removed: “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for information regarding certain key performance indicators for the Foxtel Group.
−Removed: The Foxtel Group competes primarily with a variety of other video content providers, such as traditional Free-To-Air (“FTA”) TV operators in Australia and content providers that deliver video programming over the internet to televisions, computers, and mobile and other devices.
−Removed: These providers include Internet Protocol television, or IPTV, subscription video-on-demand, or SVOD, and broadcast video-on-demand, or BVOD, services;
−Removed: streaming services offered through digital media providers;
−Removed: as well as programmers and distributors that provide content, including smaller, lower-cost or free programming packages, directly to consumers over the internet.
−Removed: The Company believes that the Foxtel Group’s premium service and exclusive content, wide array of products and services, set-top box features that enable subscribers to record, rewind, discover and watch content, its integration of third-party apps, including via Hubbl, and its investment in On Demand capability and programming enable it to offer subscribers a compelling alternative to its competitors.
−Removed: Its streaming services, including Kayo Sports, BINGE and Foxtel Now, provide a diversified portfolio of subscription television services that allow the Foxtel Group to provide services targeted at a wide range of Australian consumers.
−Removed: Australian News Channel
−Removed: ANC operates the Sky News Australia network, Australia’s 24-hour multi-channel, multi-platform news service, and produces the channels Sky News, Sky News Extra, Sky News Weather, Sky News Regional and Fox Sports News.
−Removed: Sky International AG licenses Sky trademarks and domain names to ANC for use in connection with ANC’s operation and distribution of channels and services in Australia and New Zealand.
−Removed: Sky News, Sky News Extra, Sky News Weather and Fox Sports News are distributed by Foxtel in Australia, Sky News Regional is distributed by regional FTA broadcasters in certain regional license areas in Australia and Sky News is distributed in New Zealand by Sky Network Television Limited.
−Removed: In addition, ANC owns and operates the IPTV Australia Channel, which is available in territories outside Australia and New Zealand, and the IPTV channel Sky News Now, which is available in Australia.
−Removed: ANC also offers content across a variety of digital media platforms, including web, mobile and third party providers.
−Removed: In January 2024, ANC launched the SkyNews.com.au streaming subscription service, which includes four channels produced by ANC and is available within Australia through its website and app.
−Removed: ANC primarily generates revenue through monthly fees received from pay-TV providers and advertising.
−Removed: ANC competes primarily with other news providers in Australia and New Zealand via its subscription television channels, third party content arrangements and free and subscription website and app.
−Removed: IPTV Australia Channel also competes against subscription-based streaming news providers in regions outside of Australia and New Zealand.
−Removed: 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 newspapers, newswires, websites, mobile apps, newsletters, magazines, proprietary databases, live journalism, video and podcasts.
+Added: 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.
This segment consists of the Dow Jones business, whose products target individual consumers and enterprise customers and include The Wall Street Journal , Barron’s , MarketWatch, Investor’s Business Daily , Dow Jones Risk & Compliance, Dow Jones Energy, Factiva and Dow Jones Newswires.
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Through its premier brands and authoritative journalism, the Dow Jones segment’s products targeting individual consumers provide insights, research and understanding that enable consumers to stay informed and make educated financial decisions.
−Removed: As consumer preferences for content consumption evolve, the Dow Jones segment continues to capitalize on a variety of digital distribution platforms, technologies and business models for these products, including licensing its content for distribution on third party subscription and non-subscription platforms, which is referred to as off-platform distribution, and for use by generative artificial intelligence (“AI”) platforms.
+Added: As consumer preferences for content consumption evolve, the Dow Jones segment continues to capitalize on a variety of digital distribution platforms, technologies and business models for these products, including licensing its content for distribution on
+Added: third-party platforms, which is referred to as off-platform distribution, and for use by generative artificial intelligence (“AI”) platforms.
With a focus on the financial markets, investing and other professional services, many of these products offer advertisers an attractive consumer demographic.
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• The Wall Street Journal (WSJ) .
−Removed: WSJ, Dow Jones’s flagship consumer product, is available in print, online and across multiple mobile devices.
−Removed: WSJ covers national and international news and provides analysis, commentary, reviews and opinions on a wide range of topics, including business developments and trends, economics, financial
−Removed: markets, investing, science and technology, lifestyle, culture, consumer products and sports.
−Removed: WSJ’s print products are printed at plants located around the U.S., including both owned and third-party facilities.
−Removed: WSJ’s digital products offer both free content and premium, subscription-only content and are comprised of WSJ.com, WSJ mobile products, including a responsive design website and mobile apps (WSJ Mobile), and live and on-demand video through WSJ.com and other platforms such as YouTube, internet-connected television and set-top boxes (WSJ Video), as well as podcasts.
+Added: WSJ, Dow Jones’s flagship consumer product, is available online, across multiple mobile devices and in print.
+Added: WSJ covers national and international news and provides analysis, commentary, reviews and opinions on a wide range of topics, including business developments and trends, economics, financial markets, investing, science and technology, lifestyle, culture, consumer products and sports.
+Added: WSJ’s digital products offer both free content and premium, subscription-only content and are comprised of WSJ.com, WSJ mobile products, including a responsive design website and mobile apps (WSJ Mobile), and live and on-demand video through WSJ.com and other platforms (WSJ Video), as well as podcasts.
For the year ended June 30, 2025, WSJ Mobile (including WSJ.com accessed via mobile devices, as well as apps, and excluding off-platform distribution) accounted for approximately 70% of visits to WSJ’s digital news and information products according to Adobe Analytics.
+Added: WSJ’s print products are printed at plants located around the U.S., including both owned and third-party facilities.
• Barron’s Group .
The Barron’s Group focuses on Dow Jones consumer brands outside of The Wall Street Journal franchise, including Barron’s and MarketWatch, among other properties.
−Removed: Barron’s , which is available to subscribers in print, online and on multiple mobile devices, delivers news, analysis, investigative reporting, company profiles and insightful statistics for investors and others interested in the investment world.
+Added: Barron’s , which is available to subscribers online, across multiple mobile devices and in print, delivers news, analysis, investigative reporting, company profiles and insightful statistics for investors and others interested in the investment world.
MarketWatch .
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• Investor’s Business Daily (IBD) .
−Removed: IBD provides investing content, analytical products and educational resources to subscribers in print and online, as well as through mobile apps and video.
+Added: IBD provides investing content, analytical products and educational resources to subscribers online and in print, as well as through mobile apps and video.
IBD’s services include the Investors.com website, the MarketSurge and LeaderBoard market research and analysis tools and a weekly print publication.
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Many of these programs also earn revenue from participation fees charged to attendees.
−Removed: The following table provides information regarding average daily subscriptions (excluding off-platform distribution) during the three months ended June 30, 2024 for certain Dow Jones segment consumer products and for all consumer subscription products:
+Added: The following table provides information regarding average daily subscriptions during the three months ended June 30, 2025 for certain Dow Jones segment consumer products and for all consumer subscription products:
The Wall Street Journal (1)
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________________________
−Removed: (1) Based on internal data for the period from April 1, 2024 to June 30, 2024, with independent verification procedures performed by PricewaterhouseCoopers LLP UK.
+Added: (1) Based on internal data for the period from March 31, 2025 to June 29, 2025.
+Added: Business—Explanatory Note Regarding Certain Metrics” for more information.
+Added: Excludes off-platform distribution, except for certain custom workflow integration products.
(2) Barron’s Group consists of Barron’s , MarketWatch, Financial News and Private Equity News.
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• Dow Jones Risk & Compliance .
−Removed: Dow Jones Risk & Compliance products provide data solutions for customers focused on anti-bribery and corruption, anti-money laundering, counter terrorism financing, monitoring embargo and sanction lists and other compliance requirements.
+Added: Dow Jones Risk & Compliance products provide data and other solutions for customers focused on anti-bribery and corruption, anti-money laundering, counter terrorism financing, monitoring embargo and sanction lists, geopolitical and security risk intelligence and other risks and compliance requirements.
Dow Jones’s solutions allow customers to screen their business transactions and third parties against its data to identify regulatory, corporate and reputational risk, and request follow-up reports to conduct further due diligence.
Products include online risk data and negative news searching tools such as RiskCenter Financial Crime Search and Advanced Screening and Monitoring for bulk screening as well as RiskCenter Trade Compliance for trade finance-related checks on dual-use or other controlled goods.
−Removed: Dow Jones also provides a solution for supplier risk assessment, RiskCenter Third Party, which provides customers with automated risk and compliance checks via questionnaires and embedded scoring.
+Added: RiskCenter Third Party, a solution for supplier risk assessment, provides customers with automated risk and compliance checks via questionnaires and embedded scoring.
Feed services include PEPs (politically exposed persons), Sanctions, Adverse Media and other Specialist Lists.
−Removed: In addition, Dow Jones produces customized Due Diligence Reports to assist its customers with regulatory compliance, including IntegrityCheck, a generative AI-enabled automated report.
+Added: Dow Jones produces customized Due Diligence Reports to assist its customers with regulatory compliance, including IntegrityCheck, a generative AI-enabled automated report, and also publishes Risk Journal , an intelligence solution delivering expert reporting, analysis and real time alerts on global risk and compliance issues.
• Dow Jones Energy .
−Removed: Dow Jones Energy provides pricing data, news, analysis, software and events relating to energy commodities, including crude oil, refined products, petrochemicals, natural gas liquids, coal, metals, renewables, Renewable Identification Numbers and carbon credits, as well as pricing data, insights, analysis and forecasting for key base chemicals.
+Added: Dow Jones Energy provides pricing data, news, analysis, consulting, software and events relating to energy commodities, including crude oil, refined products, petrochemicals, natural gas liquids, coal, metals, renewables, Renewable Identification Numbers and carbon credits, as well as pricing data, insights, analysis and forecasting for key base chemicals.
Factiva is a leading provider of global business content, built on an archive of important original and licensed publishing sources.
Factiva offers content from approximately 33,000 global news and information sources from over 200 countries and territories and in 32 languages.
−Removed: This combination of business news and information, plus sophisticated tools, helps professionals find, monitor, interpret and share essential information.
+Added: This combination of business news and information, plus sophisticated tools and generative AI solutions, helps professionals find, monitor, interpret and share essential information.
As of June 30, 2025, there were approximately 1.1 million activated Factiva users, including both institutional and individual accounts.
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Dow Jones Newswires distributes real-time business news, information, analysis, commentary and statistical data to financial professionals and investors worldwide.
−Removed: It publishes, on average, over 15,000 news items each day, which are distributed via Dow Jones’s market data platform partners, including Bloomberg and FactSet, as well as trading platforms and websites reaching hundreds of thousands of financial professionals.
−Removed: This content also reaches millions of individual investors via customer portals and the intranets of brokerage and trading firms, as well as digital media publishers.
+Added: It publishes, on average, over 17,000 news items each day, which are distributed via Dow Jones’s market data platform partners, including Bloomberg, London Stock Exchange Group and FactSet, as well as trading platforms and websites reaching hundreds of thousands of financial professionals.
+Added: This content reaches millions of individual investors via customer portals and the intranets of brokerage and trading firms, as well as digital media publishers.
Dow Jones Newswires is also used as an input for algorithms supporting automated trading.
−Removed: The Dow Jones segment’s businesses compete with a wide range of media and information businesses, including print publications, digital media and information services.
−Removed: The Dow Jones segment’s consumer products, including its newspapers, magazines, digital publications, podcasts and video, compete for consumers, audience and advertising with other local and national newspapers, web and app-based media, news aggregators, customized news feeds, search engines, blogs, magazines, investment tools, social media sources, podcasts and event producers, as well as other media such as television, radio stations and outdoor displays.
−Removed: Competition for subscriptions and circulation is based on news and editorial content, data and analytics content in research tools, subscription pricing, cover price and, from time to time, various promotions.
+Added: The Dow Jones segment’s businesses compete with a wide range of media and information businesses, including digital media, print publications and information services.
+Added: The Dow Jones segment’s consumer products, including its digital publications, newspapers, magazines, podcasts and video, compete for consumers, audience and advertising with other local and national newspapers, web and app-based media, news aggregators, customized news feeds, search engines, blogs, magazines, investment tools, social media sources, podcasts and event producers, as well as other media such as television, radio stations and outdoor displays.
+Added: Competition for subscriptions and
+Added: circulation is based on news and editorial content, data and analytics content in research tools, subscription pricing, the usefulness and popularity of its digital products, cover price and, from time to time, various promotions.
Competition for advertising is based upon advertisers’ judgments as to the most effective media for their advertising budgets, which is in turn based upon various factors, including circulation volume, readership levels, audience demographics, advertising rates, advertising effectiveness and brand strength and reputation.
−Removed: As a result of rapidly changing and evolving technologies (including recent developments in AI, particularly generative AI), distribution platforms and business models, and corresponding changes in consumer behavior, the consumer-focused businesses within the Dow Jones segment continue to face increasing competition for both circulation and advertising revenue, including from a variety of alternative news and information sources, as well as programmatic advertising buying channels and off-platform distribution of its products.
+Added: As a result of rapidly changing and evolving technologies (including developments in AI, particularly generative AI), distribution platforms and business models, and corresponding changes in consumer behavior, the consumer-focused businesses within the Dow Jones segment continue to face increasing competition for both circulation and advertising revenue, including from a variety of alternative news and information sources, programmatic advertising buying channels and AI aggregators and other emerging technology platforms.
Shifts in consumer behavior require the Company to continually innovate and improve upon its own products, services and platforms in order to remain competitive.
−Removed: The Company believes that these changes will continue to pose
−Removed: opportunities and challenges, and that it is well positioned to leverage its global reach, brand recognition and proprietary technology to take advantage of the opportunities presented by these changes.
+Added: The Company believes that these changes will continue to pose opportunities and challenges, and that it is well positioned to leverage its global reach, brand recognition and proprietary technology to take advantage of the opportunities presented by these changes.
The Dow Jones segment’s professional information products that target enterprise customers 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), Refinitiv, S&P Global, DTN and Argus Media, as well as many other providers of news, information and compliance data.
+Added: The professional information business also faces increasing competition from a variety of AI-powered platforms and services.
+Added: Digital Real Estate Services
+Added: 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:
+Added: REA), and its 80% interest in Move.
+Added: The remaining 20% interest in Move is held by REA Group.
+Added: REA Group is a market-leading digital media business specializing in property, with operations focused on property and property-related advertising and services, as well as financial services.
+Added: Property and Property-Related Advertising and Services
+Added: REA Group advertises property and property-related services on its websites and mobile apps across Australia, including leading residential, commercial and share property websites realestate.com.au, realcommercial.com.au and Flatmates.com.au, as well as property research site property.com.au.
+Added: For the year ended June 30, 2025, average monthly visits to realestate.com.au were 132.2 million, with 12.1 million people visiting each month on average, according to Ipsos iris data.
+Added: Australians visited realestate.com.au 4.0 times more on average than the nearest competitor during the year ended June 30, 2025.
+Added: Realcommercial.com.au had 1.9 million people visit each month on average for the year ended June 30, 2025, 3.0 times more than the nearest competitor, based on Ipsos iris data.
+Added: REA Group’s other Australian property and property-related advertising and services include media display advertising and data services for markets adjacent to property.
+Added: Realestate.com.au and realcommercial.com.au derive the majority of their revenue from their core property advertising listing products and monthly advertising subscriptions from real estate agents and property developers.
+Added: Realestate.com.au and realcommercial.com.au offer a product hierarchy which enables real estate agents and property developers to upgrade listing advertisements to increase their prominence on the site, as well as a variety of targeted products, including media display advertising products.
+Added: Flatmates.com.au derives the majority of its revenue from advertising listing products and membership fees.
+Added: The media business offers unique advertising opportunities on REA Group’s websites to property developers and other relevant markets, including utilities and telecommunications, insurance, finance, automotive and retail.
+Added: REA Group also provides residential property data services to the financial sector through its PropTrack data services business, primarily on a monthly subscription basis.
+Added: REA Group’s international operations consist primarily of its 78.0% interest in REA India, a leading digital real estate services provider in India (News Corp holds a 22.0% interest in REA India).
+Added: REA Group’s other assets include a 20% interest in Move, as referenced above.
+Added: REA Group’s businesses outside Australia derive the majority of their revenue from their property advertising listing products and monthly advertising subscriptions from real estate agents and property developers.
+Added: Financial Services
+Added: REA Group’s financial services business encompasses a digital property search and financing experience and mortgage broking services under its Mortgage Choice brand.
+Added: REA Group has continued to execute on its financial services strategy by improving broker productivity and increasing penetration of Mortgage Choice white label products, supported by REA Group’s partnership with digital lender Athena Home Loans.
+Added: The financial services business generates revenue primarily through commissions from lenders.
+Added: Move is a leading provider of digital real estate services in the U.S.
+Added: Move primarily operates Realtor.com ® , a premier real estate information, advertising and services platform, under a perpetual agreement and trademark license with the National Association of Realtors ® (“NAR”).
+Added: Through Realtor.com ® , consumers have access to approximately 151 million properties across the U.S., including an extensive collection of homes, properties and apartments listed and displayed for sale or for rent and a large database of “off-market” properties.
+Added: Realtor.com ® and its related mobile apps display nearly 100% of all Multiple Listing Services (“MLS”)-listed, for-sale and rental properties in the U.S., which are primarily sourced directly from relationships with MLSs across the country.
+Added: Realtor.com ® also sources new construction and rental listing content from a variety of sources, including directly from homebuilders and landlords, as well as from listing aggregators.
+Added: Approximately 94% of its for-sale listings are updated at least every 10 minutes, on average, with the remaining listings updated at least daily.
+Added: Realtor.com ® ’s content attracts a large and highly engaged consumer audience.
+Added: Realtor.com ® and its mobile sites had approximately 72 million average monthly unique users during the quarter ended June 30, 2025 based on internal data and methodologies, which may differ from those used by third parties or competitors.
+Added: Business—Explanatory Note Regarding Certain Metrics.”
+Added: Realtor.com ® generates the majority of its revenues through the sale of listing advertisement and lead generation products, including its RealPRO Select SM (formerly Market VIP SM ), Connections SM Plus and Listing Toolkit products, as well as its referral-based services, ReadyConnect Concierge SM and RealChoice TM Selling.
+Added: Listing advertisement and lead generation products allow real estate agents, brokers and homebuilders to enhance, prioritize and connect with consumers on for-sale property listings within the Realtor.com ® website and mobile apps.
+Added: Listing advertisement and lead generation products are typically sold on a subscription basis.
+Added: The real estate referral-based business model, as well as the RealPRO Select SM lead generation product, leverage Move’s proprietary technology and platform to connect real estate professionals and other service providers, such as lenders and insurance companies, to pre-vetted consumers who have submitted inquiries via the Realtor.com ® website and mobile apps, as well as other online sources.
+Added: The real estate referral-based services that connect real estate agents and brokers with these consumers typically generate fees upon completion of the associated real estate transaction, while the referral-based services that give other service providers, including lenders and insurance companies, access to the same highly qualified consumers are generally provided on a subscription basis.
+Added: Realtor.com ® also derives revenue from sales of non-listing advertisement, or Media, products to real estate, finance, insurance, home improvement and other professionals that enable those professionals to connect with Realtor.com ® ’s highly engaged and valuable consumer audience.
+Added: Media products include sponsorships, display advertisements, text links, directories and other advertising and lead generation services.
+Added: Non-listing advertisement pricing models include cost per thousand, cost per click, cost per unique user and subscription-based sponsorships of specific content areas or targeted geographies.
+Added: In addition to Realtor.com ® , Move also offers online tools and services to do-it-yourself landlords and tenants through Avail, a platform that improves the renting experience with online tools, educational content and world-class support.
+Added: Avail employs a variety of pricing models, including subscription fees, as well as fixed- or variable-pricing models.
+Added: The Company’s 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.
+Added: The success of these businesses depends on their ability to provide products and services that are useful for consumers, real estate, mortgage and other related services professionals, homebuilders and landlords and attractive to their advertisers, the breadth, depth and accuracy of information they provide and brand awareness and reputation.
+Added: These businesses compete primarily with companies that provide real-estate focused technology, products and services in their respective geographic markets, including other real estate and property websites and apps in Australia, the U.S.
Book Publishing
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HarperCollins publishes and distributes consumer books globally through print and digital formats.
−Removed: Its digital formats include e-books and downloadable and streaming audiobooks for a variety of mobile and home devices.
+Added: Its digital formats include e-books and downloadable and streaming audiobooks for a variety of
+Added: mobile and home devices.
HarperCollins owns more than 120 branded imprints, including Harper, William Morrow, Mariner, HarperCollins Children’s Books, Avon, Harlequin and Christian publishers Zondervan and Thomas Nelson.
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Martin Luther King, Jr.
−Removed: It is also home to many beloved children’s books and series, including Goodnight Moon , Curious George , Little Blue Truck and Pete the Cat .
−Removed: In addition, HarperCollins has a significant Christian publishing business, which includes the NIV Bible, Jesus Calling and author Max Lucado.
+Added: It is home to many beloved children’s books and series, including Goodnight Moon , Curious George , Little Blue Truck and Pete the Cat .
+Added: HarperCollins has a significant Christian publishing business, which includes the NIV Bible, Jesus Calling and author Max Lucado.
HarperCollins’ print and digital global catalog includes more than 250,000 publications in different formats, in 16 languages, and it licenses rights for its authors’ works to be published in more than 50 languages around the world.
HarperCollins publishes fiction and nonfiction, with a focus on general, children’s and religious content.
−Removed: Additionally, in the U.K., HarperCollins publishes titles for the equivalent of the K-12 educational market.
+Added: HarperCollins also publishes titles for the equivalent of the K-12 educational market in the U.K.
As of June 30, 2025, HarperCollins offered approximately 150,000 publications in digital formats, and nearly all of HarperCollins’ new titles, as well as the majority of its entire catalog, are available as e-books and digital audiobooks.
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During fiscal 2025, HarperCollins U.S.
−Removed: had 156 titles on the New York Times print and digital bestseller lists, with 18 titles hitting number one, including Tom Lake by Ann Patchett, The Collector by Daniel Silva, The War on Warriors by Pete Hegseth, The Big Cheese by Jory John, Mostly What God Does by Savannah Guthrie, Get It Together by Jesse Watters, How to Be the Love You Seek by Nicole LePera, Little Blue Truck’s Valentine by Alice Schertle, Medgar & Myrlie by Joy-Ann Reid, Rhett & Link Present:
−Removed: The Mythical Cookbook by Josh Scherer, The House of Hidden Meanings by RuPaul, The One and Only Family by Katherine Applegate, Blood Money by Peter Schweizer and Hooky Vol 3 by Miriam Bonastre Tur.
−Removed: HarperCollins derives its revenue from the sale 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.
+Added: had 164 titles on the New York Times print and digital bestseller lists, with 19 titles hitting number one, including Cher:
+Added: The Memoir Part One by Cher, Hillbilly Elegy by J.D.
+Added: Vance, Wicked by Gregory Maguire, Watch Me by Tahereh Mafi, A Death in Cornwall by Daniel Silva, Little Blue Truck and Racer Red by Alice Schertle, A Study in Drowning by Ava Reid, The Strawberry Patch Pancake House by Laurie Gilmore, Fight by Jonathan Allen and Amie Parnes, Mostly What God Does is Love You by Savannah Guthrie, Imminent by Luis Elizondo, Under His Wings by Emily Compagno, Fahrenheit-182 by Mark Hoppus with Dan Ozzi, Seven Things You Can’t Say About China by Tom Cotton, Shameless by Brian Tyler Cohen, A Long Walk to Water by Linda Sue Park, The Best Christmas Pageant Ever by Barbara Robinson and You Can Be a Good Friend (No Matter What!) by Taraji P.
+Added: HarperCollins derives its 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.
Revenues at the Book Publishing segment are significantly affected by the timing of releases and the number of HarperCollins’ books in the marketplace and are typically highest during the Company’s second fiscal quarter due to increased demand during the end-of-year holiday season in its main operating geographies.
The book publishing business operates in a highly competitive market that is quickly changing and continues to see technological innovations.
−Removed: HarperCollins competes with other large publishers, such as Penguin Random House, Simon & Schuster and Hachette Livre, as well as with numerous smaller publishers, for the rights to works by well-known authors and public personalities;
+Added: HarperCollins competes with other large publishers, such as Penguin Random House, Simon & Schuster, Hachette Livre and Macmillan, as well as with numerous smaller publishers, for the rights to works by well-known authors and public personalities;
competition could also come from new entrants as barriers to entry in book publishing are low.
2 unchanged sentences
The Company’s News Media segment consists primarily of News Corp Australia, News UK and the New York Post .
−Removed: This segment also includes Wireless Group, operator of talkSPORT, the leading sports radio network in the U.K., and Virgin Radio, Talk in the U.K., which is available on multiple digital streaming platforms, and Storyful, a social media content agency that enables the Company to source real-time video content through social media platforms.
−Removed: The News Media segment generates revenue primarily through circulation and subscription sales of its print and digital products and sales of print and digital advertising.
+Added: This segment also includes Wireless Group, operator of talkSPORT, the leading sports radio network in the U.K., and Virgin Radio, Talk in the U.K., which is available on multiple digital streaming platforms, Australian News Channel, which operates the Sky
+Added: News Australia network, Australia’s 24-hour multi-channel, multi-platform news service, and Storyful, a social media content agency that enables the Company to source real-time video content through social media platforms.
+Added: 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.
Advertising revenues at the News Media segment are subject to seasonality, with revenues typically highest in the Company’s second fiscal quarter due to the end-of-year holiday season in its main operating geographies.
19 unchanged sentences
(1) As of June 30, 2025, based on internal sources.
+Added: Business—Explanatory Note Regarding Certain Metrics” for more information.
(2) Based on Roy Morgan Single Source Australia;
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Together, across print and digital, these brands reach approximately 60% of adult news readers in the U.K., or approximately 27 million people, based on the PAMCo data referenced below.
−Removed: News UK’s print products are printed at facilities in England and Scotland operated by a newly formed joint venture with DMG Media that assumed all of News UK’s print operations in June 2024, including its third-party contract printing services.
+Added: News UK’s print products are printed at facilities in England and Scotland operated by its joint venture with DMG Media.
In addition to its news businesses, News UK has assembled a portfolio of complementary ancillary product offerings, including betting and gaming products.
17 unchanged sentences
Total figures are de-duplicated for subscribers who receive a print product every day of the week.
+Added: Business—Explanatory Note Regarding Certain Metrics” for more information.
(3) In addition to their print and digital-only products, The Times and The Sunday Times sell print and digital products bundled into one subscription.
For bundled products that provide access to both print and digital products every day of the week, only one subscriber is reported as of June 30, 2025 and is designated as a print subscriber.
−Removed: For bundled products that provide access to the print product only on specified days and full digital access, a fraction equal to the number of days that a print copy is served relative to the total days in the week is reported as a print subscriber as of June 30, 2024 and a fraction equal to the number of remaining days of the week, when only a digital copy is served, relative to the total days in the week is reported as a digital subscriber.
+Added: For bundled products that provide access to the print product only on specified days and full digital access, a fraction
+Added: equal to the number of days that a print copy is served relative to the total days in the week is reported as a print subscriber as of June 30, 2025 and a fraction equal to the number of remaining days of the week, when only a digital copy is served, relative to the total days in the week is reported as a digital subscriber.
(4) Includes aggregate unique users accessing thesun.co.uk, the-sun.com and other associated websites and mobile apps based on Meta Pixel data for the month ended June 30, 2025.
8 unchanged sentences
Business—Explanatory Note Regarding Certain Metrics” for information regarding the calculation of unique users.
−Removed: The News Media segment’s newspapers, magazines, digital publications, radio stations, streaming channel and podcasts generally face competition from similar sources, and compete on similar bases, as the consumer products within the Dow Jones segment, particularly in their respective operating geographies.
+Added: The News Media segment’s newspapers, magazines, digital publications, radio stations, broadcast and streaming channels and podcasts generally face competition from similar sources, and compete on similar bases, as the consumer products within the Dow Jones segment, particularly in their respective operating geographies.
Business – Business Overview – Dow Jones” above for further information.
3 unchanged sentences
Various aspects of the Company’s activities are subject to regulation in numerous jurisdictions around the world.
−Removed: The introduction of new laws and regulations in countries where the Company’s products and services are produced or distributed, and changes in existing laws and regulations in those countries or the enforcement thereof, could have a negative impact on the Company’s interests.
−Removed: Australian Media Regulation
−Removed: The Company’s subscription video services business is subject to Australia’s regulatory framework for the broadcasting industry, including the Broadcasting Services Act 1992 (Cth), which was amended in July 2024 (the “Broadcasting Services Act”), and
−Removed: associated Codes.
−Removed: The key regulatory body for the Australian broadcasting industry is the Australian Communications and Media Authority.
−Removed: Key regulatory issues for its subscription video services business include:
−Removed: (a) anti-siphoning restrictions—under the amended ‘anti-siphoning’ provisions of the Broadcasting Services Act, media content services, including subscription broadcast television providers and streaming services, are restricted from acquiring rights to televise, or otherwise provide coverage of, an expanded list of designated events (including the Olympic Games, certain Australian Football League and cricket matches and certain women’s sports) unless a national or commercial television broadcaster whose television broadcasting services cover more than 50% of the Australian population has acquired the right to televise the event or such rights have not been acquired 26 weeks before the start of the relevant event and an FTA broadcaster has had a reasonable opportunity to acquire the rights to that event;
−Removed: (b) new provisions of the Broadcasting Services Act requiring manufacturers of smart televisions and plug-in devices, including Hubbl devices, to provide access to FTA streaming apps on new devices being supplied to the Australian market;
−Removed: and (c) content requirements—the Company must comply with certain content requirements, including restrictions on the inclusion of gambling advertising during live sporting events.
−Removed: Foxtel is also subject to various consumer protection regimes under the Telecommunications Act 1997 (Cth), the Telecommunications Act 1999 (Cth) and associated Codes, which apply to Foxtel’s provision of broadband and voice services to retail customers.
−Removed: The Company’s Australian operating businesses are subject to other parts of the Broadcasting Services Act that may impact the Company’s ownership structure and operations and restrict its ability to take advantage of acquisition or investment opportunities.
+Added: The introduction of new laws and regulations in countries where the Company’s products and services are produced or distributed, and changes in existing laws and regulations in those countries or the interpretation or enforcement thereof, could have a negative impact on the Company’s interests.
Benchmark Regulation
4 unchanged sentences
The Administrator currently oversees two OPIS price assessments, which are not presently used as a reference for trading on a European Union (“E.U.”) exchange and consequently are not benchmarks within the meaning of the EU BMR and not subject to supervision by the AFM.
−Removed: The OPIS business plans to have one or more benchmarks that will be used as a reference for trading on an E.U.
−Removed: exchange in the future, and such benchmarks would become subject to supervision by the AFM.
The OPIS business has also aligned its oil and commodities price reporting, including the two price assessments currently administered by the Administrator, with the International Organisation of Securities Commission’s (“IOSCO’s”) Principles for Oil Reporting Agencies, which are intended to enhance the reliability of oil and commodity price assessments that are referenced in derivative contracts subject to regulation by IOSCO members.
Data Privacy and Security Regulation
−Removed: The Company’s business activities are subject to laws and regulations governing the collection, use, sharing, protection and retention of personal data, which continue to evolve and have implications for how such data is managed.
−Removed: For example, in the U.S., the Federal Trade Commission continues to expand its application of general consumer protection laws to commercial data practices, including to the use of personal and profiling data from online users to deliver targeted internet advertisements.
−Removed: More state and local governments are also expanding, enacting or proposing data privacy laws that govern the collection and use of personal data of their residents and establish or increase penalties and in some cases, afford private rights of action to individuals for failure to comply, and all states have enacted legislation requiring businesses to provide notice to state agencies and to individuals whose personal information has been accessed or disclosed as a result of certain data breaches.
−Removed: For example, the California Consumer Privacy Act, as amended by the California Privacy Rights Act (“CPRA”), establishes certain transparency rules, puts greater restrictions on how the Company can collect, use and disclose personal information of California residents and provides California residents with certain rights regarding their personal information, including rights to access, correct and delete their personal information and opt out of the sale or sharing of their personal information for cross-context behavioral advertising.
−Removed: The CPRA provides for civil penalties for violations, as well as a private right of action for data breaches of certain types of nonencrypted and nonredacted personal information.
−Removed: Similar laws in many states impose transparency and other obligations with
−Removed: respect to personal data of their respective residents and provide residents with similar rights.
−Removed: Additionally, certain of the Company’s websites, mobile apps and other online business activities are also subject to laws and regulations governing the online privacy of children, including the Children’s Online Privacy Protection Act of 1998, which prohibits the collection of personal information online from children under age 13 without prior parental consent, the California Age Appropriate Design Code (which went into effect on July 1, 2024, but enforcement of which is currently stayed), which prescribes rules relating to the design of online services likely to be accessed by children under age 18 (“CAADC”), and the Maryland Kids Code (which goes into effect on October 1, 2024), which is largely modeled after the CAADC.
+Added: In the course of its business, the Company collects, stores, uses and transmits personal data from consumers, customers, employees and other sources.
+Added: Certain of the Company’s information services businesses also use content that includes personal data from public and government records, other publicly available information and media.
+Added: As a result, the Company and its activities are subject to laws and regulations governing the collection, use, sharing and transfer, storage and retention of personal data, as well as multiple emerging laws and regulations pertaining to data security, which continue to evolve and have implications for a number of its business practices.
+Added: In the U.S., a number of state and local governments have expanded, enacted or proposed data privacy laws that govern the collection and use of personal data of their residents and establish or increase penalties and in some cases, afford private rights of action to individuals for failure to comply, and all states have enacted legislation requiring businesses to provide notice to state agencies and to individuals whose personal information has been accessed or disclosed as a result of certain data breaches.
+Added: For example, the California Consumer Privacy Act of 2018, as amended by the California Privacy Rights Act of 2020 (“CCPA”), establishes certain transparency rules, puts greater restrictions on how the Company can collect, use and disclose personal information of California residents and provides California residents with certain rights regarding their personal information, including rights to access, correct and delete their personal information and opt out of the sale or sharing of their personal information for cross-context behavioral advertising.
+Added: The CCPA provides for civil penalties for violations, brought through enforcement actions by the California Attorney General and California Privacy Protection Agency, as well as a private right of action for data breaches of certain types of nonencrypted and nonredacted personal information.
+Added: California’s privacy regulators have been active in enforcing the CCPA’s requirements, particularly with regard to ensuring individual rights relating to targeted advertising are offered and honored by entities effectively.
+Added: Similar laws in many states impose transparency and other obligations with respect to personal data of their respective residents and provide residents with similar rights.
+Added: Certain of the Company’s websites, mobile apps and other online business activities are subject to laws and regulations governing the online privacy of children, including the Children’s Online Privacy Protection Act of 1998, which prohibits the collection of personal information online from children under age 13 without prior parental consent;
+Added: the California Age Appropriate Design Code (which went into effect in July 2024, but enforcement of which is currently stayed pending appeal), which prescribes rules relating to the design of online services likely to be accessed by children under age 18 (“CAADC”);
+Added: and the New York Child Data Protection Act (which went into effect in June 2025), which imposes strict limitations on processing, sharing and selling the personal data of users under 18.
+Added: National security imperatives have also significantly expanded restrictions on the access by and transfer of broadly defined categories of sensitive personal data and U.S.
+Added: government data to “countries of concern” pursuant to U.S.
+Added: Department of Justice data regulations effective in April 2025, which may impact certain of the Company’s current or potential partner, vendor, service provider and customer relationships.
Similar laws and regulations apply in many of the other jurisdictions in which the Company operates, including the E.U., the U.K.
and Australia.
−Removed: For example, several of the Company’s business units are subject to the E.U.’s General Data Protection Regulation (“GDPR”), which provides a uniform set of rules for personal data processing throughout the E.U., and the U.K.’s Data Protection Act of 2018 (the “UK DPA”) as well as the UK General Data Protection Regulation (“UK GDPR”).
−Removed: The GDPR, UK DPA and UK GDPR expand the regulation of the collection, processing, use, sharing and security of personal data, contain stringent conditions for consent from data subjects, strengthen the rights of individuals, including the right to have personal data deleted upon request, continue to restrict the trans-border flow of such data, require companies to conduct privacy impact assessments to evaluate data processing operations that are likely to result in a high risk to the rights and freedoms of individuals, require mandatory data breach reporting and notification, significantly increase maximum penalties for non-compliance (up to 20 million euros or 17 million pounds, as applicable, or 4% of an entity’s worldwide annual turnover in the preceding financial year, whichever is higher) and increase the enforcement powers of the data protection authorities.
−Removed: also plans to replace its existing e-Privacy Directive with a new e-Privacy Regulation that will complement the GDPR and amend certain rules, including with respect to cookies and other similar technologies that the Company utilizes to obtain information from visitors to the Company’s various digital offerings.
−Removed: Reform of the U.K.
−Removed: data protection framework is currently under discussion as the Data Protection and Digital Information (No.
−Removed: 2) Bill progresses through the U.K.
−Removed: legislative process.
−Removed: The Bill in its current form would also make certain amendments to the U.K.’s regulations implementing the E.U.’s e-Privacy Directive.
−Removed: Such reforms, if enacted, will create divergence between the U.K.
+Added: Several of the Company’s business units are subject to the E.U.’s General Data Protection Regulation (“GDPR”), which provides a uniform set of rules for personal data processing throughout the E.U., and the UK General Data Protection Regulation (“UK GDPR”).
+Added: The GDPR and UK GDPR expand the regulation of the collection, processing, use, sharing and security of personal data, contain stringent conditions for consent from data subjects, strengthen the rights of individuals, including the right to have personal data deleted upon request, continue to restrict the trans-border flow of personal data, require companies to conduct privacy impact assessments to evaluate data processing operations that are likely to result in a high risk to the rights and freedoms of individuals, require mandatory data breach reporting and notification, significantly increase maximum penalties for non-compliance (up to 20 million euros or 17.5 million pounds, as applicable, or 4% of an entity’s worldwide annual turnover in the preceding financial year, whichever is higher) and increase the enforcement powers of the data protection authorities.
+Added: In June 2025, the Data (Use and Access) Act 2025 (“DUA Act”), which amends the UK GDPR and the UK’s Privacy and Electronic Communications Regulations 2003 (“PECR”), became law.
+Added: The DUA Act raises maximum fines under PECR to match the UK GDPR, increasing the potential financial exposure for breaches relating to direct marketing and online tracking, and amends the UK GDPR in certain respects.
+Added: The changes set out in the DUA Act have created differences between the U.K.
legal regimes, further increasing compliance costs.
3 unchanged sentences
data protection requirements for transfers of data that continue to evolve and are often subject to uncertainty and legal challenges.
−Removed: In June 2021, the European Commission adopted two new sets of European Union Standard Contractual Clauses, which regulate the relationship between controller and processor in accordance with the GDPR and international data transfers to a third country in the absence of an adequacy decision under the GDPR.
+Added: The European Commission has adopted two sets of European Union Standard Contractual Clauses, which regulate the relationship between controller and processor in accordance with the GDPR and international data transfers to a third country in the absence of an adequacy decision under the GDPR.
The European Data Protection Board also adopted recommendations on measures that supplement data transfer tools to ensure compliance with the level of personal data protection required in Europe, including requirements for data exporters to assess the risks related to the transfer of personal data outside the European Economic Area and to implement, if necessary, additional contractual, organizational and technical measures such as encryption and pseudonymization.
1 unchanged sentence
With respect to data transfers from the E.U.
−Removed: to the U.S., the European Commission adopted the adequacy decision for the EU-US Data Privacy Framework (the “Framework”) in July 2023, which permits personal data to flow from the E.U.
+Added: to the U.S., the European Commission adopted the adequacy decision for the EU-US Data Privacy Framework (the “Framework”), which permits personal data to flow from the E.U.
companies participating in the Framework.
Similarly, the U.K.
−Removed: government adopted an adequacy decision for the U.S., the UK-US Data Bridge, effective October 2023, which permits personal data to flow from the U.K.
+Added: government adopted an adequacy decision for the U.S., the UK-US Data Bridge, which permits personal data to flow from the U.K.
companies participating in the Framework and the U.K.
Such evolving requirements could cause the Company to incur additional costs, require it to change business practices or affect the manner in which it provides its services.
−Removed: In Australia, the Privacy Act 1988 (Cth) and associated Australian Privacy Principles (“APPs”) impose additional requirements on organizations that handle personal data by, among other things, requiring organizations to take reasonable steps to ensure that overseas recipients do not breach the APPs in relation to personal data, placing restrictions on direct marketing practices and imposing mandatory data breach reporting.
−Removed: The Australian government has indicated that it is seeking to introduce reforms that will expand the scope of Australia’s current data privacy regime to more closely align with other international regimes such as the GDPR.
+Added: In Australia, the Privacy Act 1988 (Cth) (“AU Privacy Act”) and associated Australian Privacy Principles (“APPs”) impose additional requirements on organizations that handle personal data by, among other things, requiring organizations to take reasonable steps to ensure that overseas recipients do not breach the APPs in relation to personal data, placing restrictions on direct marketing practices and imposing mandatory data breach reporting.
+Added: The Australian government passed the Privacy and Other Legislation Amendment Bill 2024 in November 2024 implementing the first tranche of legislative amendments to the AU Privacy Act following the completion of a review of the country’s privacy regime initiated in 2020.
+Added: These amendments include a mandate for the Australian privacy regulator to develop and register a privacy code for children by December 2026 and new transparency requirements for automated decision making that will apply from December 2026.
+Added: However, the amendments did not address many of the recommendations made as part of the review, and the government has indicated it intends to implement subsequent amendments to introduce further reforms that will expand the scope of Australia’s current data privacy regime to more closely align with other international regimes such as the GDPR.
Industry participants in the U.S., Europe and Australia have taken steps to increase compliance with relevant industry-level standards and practices, including the implementation of self-regulatory regimes for online behavioral advertising that impose obligations on participating companies, such as the Company, to give consumers a better understanding of advertisements that are customized based on their online behavior.
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and internationally.
−Removed: Moreover, data privacy and security laws vary between local, state, federal and international jurisdictions and may
−Removed: conflict from jurisdiction to jurisdiction.
+Added: Moreover, data privacy and security laws vary between local, state, federal and international jurisdictions and may conflict from jurisdiction to jurisdiction.
The Company continues to monitor pending legislation and regulatory initiatives to ascertain relevance, analyze impact and develop strategic direction surrounding regulatory trends and developments, including any changes required in the Company’s data privacy and security compliance programs.
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IPSO oversees the Editors’ Code of Practice, requires members to implement appropriate internal governance processes and requires self-reporting of any failures, provides a complaints handling service, has the ability to require publications to print corrections and has the power to investigate serious or systemic breaches of the Editors’ Code of Practice and levy fines of up to £1 million.
−Removed: The burdens IPSO imposes on its print media members, including the Company’s newspaper publishing businesses in the U.K., may result in competitive disadvantages versus other forms of media and may increase the costs of regulatory compliance.
+Added: The burdens IPSO imposes on its print media members, including the Company’s newspaper publishing businesses in
+Added: the U.K., may result in competitive disadvantages versus other forms of media and may increase the costs of regulatory compliance.
In addition to the regulations discussed above, the U.K.’s recently enacted Digital Markets, Competition and Consumers Act 2024 empowers the Secretary of State for the U.K.
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newspaper enterprises through the direct or indirect ownership of shares or voting control.
−Removed: The scope of these regulations is unclear and may result in, among other things, reduced investment in the U.K.
+Added: The impact of these regulations remains unclear and may result in, among other things, reduced investment in the U.K.
newspaper industry.
−Removed: Guidance on how the new digital markets competition rules will operate and be enforced, including potential exceptions to the foreign ownership rules, has been published for consultation.
Radio Broadcasting and On-Demand Services Regulation
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The Company’s intellectual property assets include:
−Removed: copyrights in newspapers, books, video programming and other content and technologies;
+Added: copyrights in its digital and print newspapers, books and other content and technologies;
trademarks in names and logos;
domain names;
−Removed: and licenses of intellectual property rights.
−Removed: These licenses include:
−Removed: (1) the sports programming rights licenses for the National Rugby League, Australian Football League, Cricket Australia, V8 Supercars, Formula One and other broadcasting rights described in Note 16 to the Financial Statements;
−Removed: (2) licenses from various third parties of patents and other technology for the set-top boxes and related operating and conditional access systems used in the Company’s subscription television business;
−Removed: (3) the trademark license for the Realtor.com ® website address, as well as the REALTOR ® trademark (the “NAR License”);
−Removed: and (4) the trademark licenses for the use of FOX formative trademarks used in the Company’s pay-TV business in Australia (the “Fox Licenses”).
+Added: and licenses of intellectual property rights, including the trademark license for the Realtor.com ® website address, as well as the REALTOR ® trademark (the “NAR License”).
In addition, its intellectual property assets include patents or patent applications for inventions related to its products, business methods and/or services, none of which are material to its financial condition or results of operations.
−Removed: The Company derives value and revenue from its intellectual property assets through, among other things, print and digital newspaper and magazine subscriptions and sales, subscriptions to its pay-TV and streaming services and distribution and/or licensing of its television programming to other television services, the sale,
−Removed: distribution and/or licensing of print and digital books, the sale of subscriptions to its content and information services and the operation of websites and other digital properties.
−Removed: The Company devotes significant resources to protecting its intellectual property assets in the U.S., the U.K., Australia and other foreign territories.
−Removed: To protect these assets, the Company relies upon a combination of copyright, trademark, unfair competition, patent, trade secret and other laws and contract provisions.
+Added: The Company derives value and revenue from its intellectual property assets through, among other things, digital and print newspaper and magazine subscriptions and sales, the sale of subscriptions to its content and information services, the operation of websites and other digital properties and the sale, distribution and/or licensing of print and digital books.
+Added: The Company devotes significant resources to protecting its intellectual property assets in the U.S., the U.K., Australia and other jurisdictions.
+Added: To protect these assets, the Company relies upon a combination of copyright, trademark, unfair competition, patent, trade secret and other laws, contract provisions and technological protections.
However, there can be no assurance of the degree to which these measures will be successful in any given case.
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Policing unauthorized use of the Company’s products, services and content and related intellectual property is often difficult, and the steps taken may not in every case prevent the infringement by unauthorized third parties of the Company’s intellectual property.
−Removed: For example, the Company seeks to limit the threat of piracy by, among other means, preventing unauthorized access to its content through the use of programming content encryption, signal encryption and other security access devices and digital rights management software, as well as by obtaining site blocking orders against pirate streaming and torrent sites and a variety of other actions.
−Removed: The Company also seeks to limit unauthorized use of its intellectual property by pursuing legal remedies for infringement, promoting appropriate legislative initiatives and international treaties and enhancing public awareness of the meaning and value of intellectual property and intellectual property laws.
−Removed: However, the application of existing laws and regulations to new technologies, including generative AI, is often unsettled, and effective intellectual property protection may be either unavailable or limited in certain foreign territories.
−Removed: Therefore, the Company also engages in efforts to strengthen and update intellectual property protection around the world, including efforts to ensure the appropriate evolution, and effective enforcement, of intellectual property laws and remedies for infringement.
−Removed: Third parties may challenge the validity or scope of the Company’s intellectual property from time to time, and such challenges could result in the limitation or loss of intellectual property rights.
+Added: For example, the Company seeks to prevent unauthorized exploitation of its content and other intellectual property by generative AI tools through paywalls, bot management and AI crawler blocking tools, opt-out directives and other means, but these measures may not be effective, particularly if AI operators do not adhere to the restrictions.
+Added: The Company also seeks to limit unauthorized use of its intellectual property by pursuing legal remedies to enforce its intellectual property rights, advocating for appropriate technical standards and legal frameworks, on its own and through industry groups, and enhancing public awareness of the meaning and value of intellectual property and intellectual property laws.
+Added: However, the application of existing laws and regulations to new technologies, including generative AI, continues to be unsettled and is changing rapidly, and laws and regulations may differ from jurisdiction to jurisdiction.
+Added: Effective intellectual property protection may also be either unavailable or limited in certain foreign territories.
+Added: Therefore, the Company engages in efforts to strengthen and update intellectual property protection around the world, including efforts to support the appropriate evolution, and effective enforcement, of intellectual property laws and remedies for infringement.
+Added: Third parties may challenge the validity or scope of the Company’s intellectual property from time to time and claim the protection of legal defenses and/or exceptions to intellectual property laws, and such challenges could result in the limitation or loss of intellectual property rights.
Irrespective of their validity, such claims may result in substantial costs and diversion of resources that could have an adverse effect on the Company’s operations.
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In order to obtain the best available prices, substantially all of the Company’s paper purchasing is done on a regional, volume purchase basis, and draws upon major paper manufacturing countries around the world.
−Removed: The Company believes that under present market conditions, its sources of paper supply used in its publishing activities are adequate, although prices remained elevated in fiscal 2024 relative to historical trends.
+Added: The Company believes that under present market conditions, its sources of paper supply used in its publishing activities are adequate.
Human Capital
News Corp’s workforce is critical to the creation and delivery of its premium and trusted content and a key contributor to the success of the Company.
+Added: The Company believes that having a workforce with varied experiences, abilities, backgrounds and perspectives strengthens its ability to create brands, content and products that educate and resonate with its customers and audiences around the world.
The Company’s ability to attract, develop, retain and engage talented employees with the skills and capabilities needed by its businesses is an essential component of its long-term business strategy to become more global and more digital, and the capabilities of the Company’s workforce have continued to evolve along with its business and strategy.
Key focus areas of the Company’s human capital management strategy are described below, and additional information can be found in its Environmental, Social and Governance (“ESG”) Report, available on the Company’s website (which is not incorporated by reference herein).
−Removed: The Compensation Committee of the Board of Directors is responsible for assisting the Board in reviewing and assessing the Company’s risks, opportunities, strategies and policies related to human capital management, including with respect to matters such as diversity, equity and inclusion, health, safety and security, workforce engagement and culture and talent development and retention.
+Added: The Compensation Committee of the Board of Directors is responsible for assisting the Board in reviewing and assessing the Company’s risks, opportunities, strategies and policies related to human capital management.
As of June 30, 2025, the Company had approximately 22,300 employees, of whom approximately 7,900 were located in the U.S., 3,900 were located in the U.K.
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Of the Company’s employees, approximately 3,500 were represented by various employee unions.
−Removed: The contracts with such unions will expire during various times over the next several years.
+Added: The contracts with such unions will expire at various times over the next several years.
The Company believes its current relationships with employees are generally good.
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The Company is always mindful that one of its greatest assets is its reputation, and ethical conduct is part of the vision, strategy and fabric of the Company.
−Removed: The Company has established a Compliance Steering Committee that oversees the Company’s global compliance-related policies, protocols and guidance and reports directly to the
−Removed: Board of Directors through the Audit Committee.
−Removed: Performance on ethics and compliance and other ESG objectives is evaluated in determining whether any reduction to the payout of incentive compensation for executive officers is warranted.
+Added: The Company has established 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.
+Added: Performance on ethics and compliance is evaluated in determining whether any reduction to the payout of incentive compensation for executive officers is warranted.
In addition, all employees are required to regularly complete training on, and affirm compliance with, News Corp’s Standards of Business Conduct, which set forth the Company’s policy to act respectfully in the workplace, do business ethically and comply with all applicable laws and regulations, and are designed to promote a culture of compliance and legal and ethical awareness throughout the Company.
The Standards of Business Conduct are reviewed regularly and approved by the Board of Directors and are complemented by business-unit and topic-specific policies and trainings, including with respect to workplace conduct, conflicts of interest, anti-corruption and anti-bribery and insider trading.
−Removed: Diversity, Equity and Inclusion
−Removed: The Company believes that having a workforce with a diversity of experiences, abilities, backgrounds and perspectives strengthens its ability to create brands, content and products that educate and resonate with its customers and audiences around the world.
−Removed: The Company seeks to foster an environment where all employees feel valued, included and empowered to bring great ideas to the table.
−Removed: To achieve this and provide equal employment opportunities across its businesses, the Company is committed to cultivating diversity across its businesses.
−Removed: As of December 31, 2023, women represented 49% of News Corp’s global workforce, 39% of its senior executives 4 and 43% of its Board of Directors, and the Nominating and Corporate Governance Committee has a policy to include women and minorities in the candidate pool as part of the search process for each new Director.
−Removed: The Company’s business units have implemented diversity programs and practices tailored to their respective industries and geographies.
−Removed: The Company’s efforts to promote diversity include, among other things, its (1) talent attraction programs and practices to provide equal employment opportunities for all applicants and employees, such as implementing strategies to build more diverse candidate pools and pipelines, (2) employee development and training and (3) efforts to build and strengthen a culture of inclusion, such as through mentoring and inclusivity programs and employee resource groups that bring together staff with shared interests, perspectives or experiences.
−Removed: The Compensation Committee assesses the Company’s progress towards its diversity, equity and inclusion objectives annually and reports on its review to the Board of Directors.
Health, Safety, Security and Wellbeing
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The Company’s health and safety management systems are designed to comply with local and international environmental, health and safety standards and regulatory requirements.
−Removed: Its physical security infrastructure addresses risks related to the workplace, employee travel, business operations, corporate events and the unique requirements of the newsroom and news gathering operations, including through its Global Security Operations Center, which supports key international assignments and incident management.
−Removed: For example, the Company provides safety and security support and around-the-clock monitoring for its staff and partners in Ukraine, Israel and other high-risk areas, enabling the continuation of critical reporting from those regions.
−Removed: The Company was able to quickly mobilize resources, including engaging legal counsel, to support a Wall Street Journal reporter detained by Russian authorities last year while on assignment in the country and provided continuing support to help facilitate his release in August 2024.
+Added: Its physical security infrastructure is designed to address risks related to the workplace, employee travel, business operations, corporate events and the unique requirements of the newsroom and news gathering operations, including through its Global Security Operations Center, which supports key international assignments and incident management.
+Added: For example, the Company provides safety and security support, around-the-clock monitoring and the application of dynamic risk assessments and oversight for its staff and partners in high-risk areas, enabling the continuation of critical reporting from those regions.
Compensation and Benefits
−Removed: News Corp’s compensation and benefits programs, which vary based on business unit and geographic location, are focused on attracting, retaining and motivating the top talent necessary to achieve its mission in ways that reflect its diverse global workforce’s needs and priorities.
−Removed: In addition to competitive salaries, the Company and its businesses have established short- and long-term incentive programs designed to motivate and reward performance against key business objectives and facilitate retention.
−Removed: News Corp also provides a range of retirement benefits based on competitive regional benchmarks and other comprehensive benefit options to meet the needs of its employees, including healthcare benefits and other programs to address physical, mental and emotional well-being, tax-advantaged savings vehicles, financial education, life and disability insurance, paid time off, flexible work arrangements, generous parental leave policies and other caregiving support, family planning and fertility services and a company match for charitable donations and volunteer time.
−Removed: All of the Company’s business units continually monitor pay practices, work towards advancing pay equity and are committed in their efforts to maintain rigorous benchmarking standards to identify pay gaps and proactively address imbalances.
−Removed: 4 Comprising the Company’s Chief Executive, headquarters leadership team and chief executive officers of its primary operating companies, and executives directly reporting to each of the foregoing.
+Added: News Corp’s compensation and benefits programs, which vary based on business unit and geographic location, are focused on attracting, retaining and motivating its employees and reflecting the needs and priorities of its global workforce.
+Added: In addition to competitive salaries, the Company and its businesses have established short- and long-term incentive programs designed to
+Added: motivate and reward performance against key business objectives and facilitate retention.
+Added: News Corp also provides a range of retirement and other benefit options to meet the needs of its employees, including healthcare benefits and other programs to address physical, mental and emotional well-being, tax-advantaged savings vehicles, financial education, life and disability insurance, paid time off, flexible work arrangements, generous parental leave policies and other caregiving support, a company match for charitable donations and volunteer time.
Training, Development and Engagement
News Corp 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.
−Removed: News Corp employees have access to a range of training opportunities.
The Company provides compelling on-the-job learning experiences for its people, encouraging employees to test new ideas and expand their capabilities.
−Removed: It also offers workshops, webinars and classes on a variety of topics, job-specific training and other continuing education resources.
+Added: It offers workshops, webinars and classes on a variety of topics, job-specific training and other continuing education resources.
The Company further supports and develops its employees through career planning resources and programs and internal career mobility opportunities that build and strengthen employee versatility and leadership skills.
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These programs help the Company develop and invest in the next generation of leadership and represent an important component of its talent pipeline strategy.
−Removed: The Company and its businesses also periodically conduct employee engagement surveys or focus groups to better understand the experience, concerns and sentiments of employees and to assess progress on Company workforce initiatives.
+Added: The Company and its businesses periodically conduct employee engagement surveys or focus groups to better understand the experience, concerns and sentiments of employees and to assess progress on Company workforce initiatives.
Explanatory Note Regarding Certain Metrics
−Removed: Certain of the Company’s metrics are calculated using third party or internal company data that have not been independently verified.
+Added: Certain of the Company’s metrics such as subscriptions and unique users are calculated using third-party or internal company data that have not been independently verified.
While these numbers are based on what the Company believes to be reasonable calculations for the applicable period of measurement, there are inherent challenges in measuring such information.
−Removed: The Company’s calculation of certain metrics such as unique users may also differ from estimates published by third parties or from similarly-titled metrics of its competitors due to differences in methodology, and the Company’s methodologies may be updated from time to time.
+Added: The Company’s calculation of certain metrics may also differ from estimates published by third parties or from similarly-titled metrics of its competitors due to differences in methodology, and the Company’s methodologies may be updated from time to time.
+Added: Additional information regarding the calculation of certain metrics is provided below.
For purposes of this Annual Report, unique users and unique visitors, as applicable, are counted only the first time an individual accesses a product’s website using a browser during a calendar month and the first time an individual accesses a product’s mobile app using a mobile device during a calendar month.
If the user accesses more than one of a product’s desktop websites, mobile websites and/or mobile apps, the first access to each such website or app is counted as a separate unique user.
−Removed: In addition, users accessing a product’s websites through different browsers, users who clear their browser cache at any time and users who access a product’s websites and apps through different devices are also counted as separate unique users.
+Added: Users accessing a product’s websites through different browsers, users who clear their browser cache at any time and users who access a product’s websites and apps through different devices are also counted as separate unique users.
For a group of products such as WSJDN, a user accessing different products within the group is counted as a separate unique user for each product accessed.
Total Digital Revenues
−Removed: For purposes of this Annual Report, the Company defines total digital revenues as the sum of consolidated Digital Real Estate Services segment revenues, digital advertising revenues, digital circulation and subscription revenues (which do not include Foxtel linear broadcast cable revenues), revenues from digital book sales and other miscellaneous digital revenue streams.
−Removed: Broadcast Subscribers
−Removed: Broadcast subscribers consist of residential subscribers and commercial subscribers, which are calculated as described below.
−Removed: Residential Subscribers
−Removed: Total number of residential subscribers represents total residential subscribers to the Company’s broadcast pay-TV services, including subscribers obtained through third-party distribution relationships.
−Removed: Commercial Subscribers
−Removed: Commercial subscribers for the Company’s pay-TV business are calculated as residential equivalent business units, which are derived by dividing total recurring revenue from these subscribers by an estimated average Broadcast ARPU which is held constant through the year.
−Removed: Total number of commercial subscribers represents total commercial subscribers to the Company’s broadcast pay-TV services, including subscribers obtained through third-party distribution relationships.
−Removed: Broadcast ARPU
−Removed: The Company calculates Broadcast ARPU for its pay-TV business by dividing broadcast package revenues for the period, net of customer credits, promotions and other discounts, by average residential subscribers for the period and dividing by the number of
−Removed: months in the period.
−Removed: Average residential subscribers, or “Average Broadcast Subscribers,” for a given period is calculated by first adding the beginning and ending residential subscribers for each month in the period and dividing by two and then adding each of those monthly average subscriber numbers and dividing by the number of months in the period.
−Removed: Broadcast Subscriber Churn
−Removed: The Company calculates Broadcast Subscriber Churn for its pay-TV business by dividing the total number of disconnected residential subscribers for the period, net of reconnects and transfers, by the Average Broadcast Subscribers for the period, calculated as described above.
−Removed: This amount is then divided by the number of days in the period and multiplied by 365 days to present churn on an annual basis.
−Removed: Paid Subscribers
−Removed: A paid subscriber to the Company’s streaming services is one for which the Company recognized subscription revenue.
−Removed: A subscriber ceases to be a paid subscriber as of their effective cancellation date or as a result of a failed payment method.
−Removed: Paid subscribers excludes customers receiving service for no charge under certain new subscriber promotions.
+Added: For purposes of this Annual Report, the Company defines total digital revenues as the sum of consolidated Digital Real Estate Services segment revenues, digital advertising revenues, digital circulation and subscription revenues, revenues from digital book sales and other miscellaneous digital revenue streams.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.