What changed in this filing

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Item 7. Management’s Discussion and Analysis

2025-08-06 compared with 2024-08-13 · 223 added, 330 removed, 403 unchanged (58% of the section changed)

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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.

These statements appear in a number of places in this discussion and analysis 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.

These statements appear in a number of places in this discussion and analysis 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 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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Please see “Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2023 for a discussion of fiscal 2022.

Management’s Discussion and Analysis of Financial Condition and Results of Operations” within Exhibit 99.1 of the Company’s 8-K filed on May 13, 2025 for a discussion of fiscal 2023.

News Corporation (together with its subsidiaries, “News Corporation,” “News Corp,” the “Company,” “we” or “us”) is a global diversified media and information services company comprised of businesses across a range of media, including:

digital real estate services, subscription video services in Australia, news and information services and book publishing.

information services and news, digital real estate services and book publishing.

The consolidated financial statements are referred to herein as the “Consolidated Financial Statements.” The consolidated statements of operations are referred to herein as the “Statements of Operations.” The consolidated balance sheets are referred to herein as the “Balance Sheets.” The consolidated statements of cash flows are referred to herein as the “Statements of Cash Flows.” The Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”).

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OVERVIEW OF THE COMPANY’S BUSINESSES

The Company manages and reports its businesses in the following six segments:

The Company manages and reports its businesses in the following five segments:

• Dow Jones —The Dow Jones segment consists of Dow Jones, a global provider of news and business information whose products target individual consumers and enterprise customers and are distributed through a variety of media channels including websites, mobile apps, newspapers, newswires, newsletters, magazines, proprietary databases, live journalism, video and podcasts.

Dow Jones’s consumer products include premier brands such as The Wall Street Journal , Barron’s , MarketWatch and Investor’s Business Daily.

Dow Jones’s professional information products, which target enterprise customers, include Dow Jones Risk & Compliance, a leading provider of data and other solutions to help customers identify and manage regulatory, corporate, geopolitical, security and reputational risk with tools focused on financial crime, sanctions, trade and other risks and compliance requirements, Dow Jones Energy, a leading provider of pricing data, news, insights, analysis and other information for energy commodities and key base chemicals, Factiva, a leading provider of global business content, and Dow Jones Newswires, which distributes real-time business news, information and analysis to financial professionals and investors.

• Digital Real Estate Services —The Digital Real Estate Services segment consists of the Company’s 61.4% interest in REA Group and 80% interest in Move.

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and primarily operates Realtor.com ® , a premier real estate information, advertising and services platform.

Move offers real estate advertising solutions to agents and brokers, including its Connections SM Plus, Market VIP SM , Advantage SM Pro and Listing Toolkit products as well as its referral-based services, ReadyConnect Concierge SM and RealChoice TM Selling (formerly UpNest).

Move offers real estate advertising solutions to agents and brokers, 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.

Move also offers online tools and services to do-it-yourself landlords and tenants.

• Subscription Video Services —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 and consists of (i) the Company’s 65% interest in the Foxtel Group (with the remaining 35% interest held by Telstra, an ASX-listed telecommunications company) and (ii) Australian News Channel (“ANC”).

The Foxtel Group is the largest Australian-based subscription television provider.

Its Foxtel pay-TV service provides approximately 200 channels and video on demand covering sports, general entertainment, movies, documentaries, music, children’s programming and news.

Foxtel and the Group’s Kayo Sports streaming service offer the leading sports programming content in Australia, with broadcast rights to live sporting events including:

National Rugby League, Australian Football League, Cricket Australia and various motorsports programming.

The Foxtel Group’s other products and services include BINGE , its entertainment streaming service, Foxtel Now, a streaming service that provides access across Foxtel’s live and on-demand content, and Hubbl, its recently-launched content aggregation platform.

ANC operates the Sky News Australia network, Australia’s 24-hour multi-channel, multi-platform news service.

ANC channels are distributed throughout Australia on Foxtel and Sky News is distributed in New Zealand by Sky Network Television Limited.

ANC also owns and operates the IPTV Australia Channel, which is available in territories outside Australia and New Zealand, and offers content across a variety of digital media platforms, including web, mobile and third-party providers.

• Dow Jones —The Dow Jones segment consists of Dow Jones, a global provider of news and business information whose products target individual consumers and enterprise customers and are distributed through a variety of media channels including newspapers, newswires, websites, mobile apps, newsletters, magazines, proprietary databases, live journalism, video and podcasts.

Dow Jones’s consumer products include premier brands such as The Wall Street Journal , Barron’s , MarketWatch and Investor’s Business Daily.

Dow Jones’s professional information products, which target enterprise customers, include Dow Jones Risk & Compliance, a leading provider of data solutions to help customers identify and manage regulatory, corporate and reputational risk with tools focused on financial crime, sanctions, trade and other compliance requirements, Dow Jones Energy, a leading provider of pricing data, news, insights, analysis and other information for energy commodities and key base chemicals, Factiva, a leading provider of global business content, and Dow Jones Newswires, which distributes real-time business news, information and analysis to financial professionals and investors.

• Book Publishing —The Book Publishing segment consists of HarperCollins, the second largest consumer book publisher in the world, with operations in 15 countries and particular strengths in general fiction, nonfiction, children’s and religious publishing.

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Martin Luther King, Jr.

It is also home to many beloved children’s books and series and a significant Christian publishing business.

It is home to many beloved children’s books and series and a significant Christian publishing business.

• News Media —The News Media segment consists primarily of News Corp Australia, News UK and the New York Post and includes The Australian , The Daily Telegraph , Herald Sun , The Courier Mail , The Advertiser and the news.com.au website in Australia, The Times , The Sunday Times , The Sun , The Sun on Sunday and thesun.co.uk in the U.K.

and the-sun.com in the U.S.

This segment also includes Wireless Group, operator of talkSPORT, the leading sports radio network in the U.K., Talk in the U.K.

and Storyful, a social media content agency.

This segment also includes Wireless Group, operator of talkSPORT, the leading sports radio network in the U.K., Talk in the U.K., Australian News Channel, which operates the Sky News Australia network, Australia’s 24-hour multi-channel, multi-platform news service, and Storyful, a social media content agency.

• Other —The Other segment consists primarily of general corporate overhead expenses, strategy costs and costs related to the U.K.

Newspaper Matters (as defined in Note 16—Commitments and Contingencies to the Consolidated Financial Statements).

Digital Real Estate Services

The Digital Real Estate Services segment generates revenue through property and property-related advertising and services, including:

the sale of real estate listing and lead generation products and referral-based services to agents, brokers, developers, homebuilders and landlords;

real estate-related and property rental-related services;

display advertising on residential real estate and commercial property sites;

and residential property data services to the financial sector.

The Digital Real Estate Services segment also generates revenue through commissions from referrals generated through its digital property search and financing offering and mortgage broking services.

Significant expenses associated with these sites and services include development costs, advertising and promotional expenses, hosting and support services, salaries, broker commissions, employee benefits and other routine overhead expenses.

The Digital Real Estate Services segment’s results are highly sensitive to conditions in the real estate market, as well as macroeconomic factors such as interest rates and inflation, which are expected to continue to adversely impact real estate lead and transaction volumes and adjacent businesses in the near term, particularly in the U.S.

Consumers overwhelmingly turn to the internet and mobile devices for real estate information and services.

The Digital Real Estate Services segment’s success depends on its continued innovation to provide products and services that are useful for consumers and real estate, mortgage and financial services professionals, homebuilders and landlords and attractive to its advertisers.

The Digital Real Estate Services segment operates in a highly competitive digital environment with other operators of real estate and property websites and mobile apps.

Subscription Video Services

The Company’s Subscription Video Services segment consists of (i) its 65% interest in the Foxtel Group and (ii) ANC.

The Foxtel Group is the largest Australian-based subscription television provider, with a suite of offerings including its Foxtel pay-TV and Kayo Sports, BINGE and Foxtel Now streaming services and Hubbl, its recently-launched content aggregation platform.

The Foxtel Group generates revenue primarily through subscription revenue as well as advertising revenue.

The Foxtel Group competes for audiences 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.

These providers include, Internet Protocol television, or IPTV, subscription video-on-demand and broadcast video-on-demand providers;

streaming services offered through digital media providers;

as well as programmers and distributors that provide content directly to consumers over the internet.

ANC operates the Sky News Australia network, Australia’s 24-hour multi-channel, multi-platform news service, and also owns and operates the IPTV Australia Channel.

Revenue is primarily derived from monthly fees received from pay-TV providers and advertising.

The most significant operating expenses of the Subscription Video Services segment are the acquisition and production expenses related to programming, the expenses related to operating the technical facilities of the broadcast operations, expenses related to satellite and data-related transmission costs and studio and engineering expense.

The expenses associated with licensing certain sports programming rights are recognized during the applicable season or event, which can cause results at the Subscription Video Services segment to fluctuate based on the timing and mix of the Foxtel Group’s local and international sports programming.

Sports programming rights costs associated with a dedicated channel are amortized over 12 months.

Other expenses include subscriber acquisition costs such as sales costs and marketing and promotional expenses related to improving the market visibility and awareness of the channels and their programming.

Additional expenses include salaries, employee benefits, technology, rent and other routine overhead expenses.

The Dow Jones segment’s products target individual consumers and enterprise customers.

Revenue from the Dow Jones segment’s consumer business is derived primarily from circulation, which includes subscription and single-copy sales of its digital and print consumer products, the sale of digital and print advertising, licensing fees for its print and digital consumer content and participation fees for its live journalism events.

Circulation revenues are dependent on the content of the Dow Jones segment’s consumer products, prices of its and/or competitors’ products, as well as promotional activities and news cycles.

Circulation revenues are dependent on the content of the Dow Jones segment’s consumer products, prices of its and/or competitors’ products, the usefulness and popularity of its digital products, as well as promotional activities and news cycles.

Advertising revenue is dependent on a number of factors, including demand for the Dow Jones segment’s consumer products, general economic and business conditions, demographics of the customer base, advertising rates and effectiveness and brand strength and reputation.

Certain sectors of the economy account for a significant portion of Dow Jones’s advertising revenues, including technology and finance, which continued to be affected by economic uncertainty in fiscal 2024.

Advertising revenues are also subject to seasonality, with revenues typically highest in the Company’s second fiscal quarter due to the end-of-year holiday season.

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Mobile devices and apps and other technologies provide continued opportunities for the Dow Jones segment to make its content available to a new audience of readers, introduce new or different pricing schemes and develop its products to continue to attract advertisers and/or affect the relationship between content providers and consumers.

Unauthorized use, including in the digital environment and as a result of recent advances in artificial intelligence (“AI”), particularly generative AI, presents a threat to revenues from products and services based on intellectual property.

Additionally, 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.

The Dow Jones segment’s consumer products 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.

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 business continues 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.

Operating expenses for the consumer business include costs related to paper, production, distribution, third-party printing, editorial and commissions.

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The costs associated with printing and distributing newspapers, including paper prices and delivery costs, are key operating expenses whose fluctuations can have a material effect on the results of the Dow Jones segment’s consumer business.

The consumer business is affected by the cyclical changes in the price of paper and other factors that may affect paper prices, including, among other things, inflation, supply chain disruptions, industry trends or economics and tariffs or other restrictions on non-U.S.

paper suppliers.

In addition, the Dow Jones segment relies on third parties for much of the printing and distribution of its print products.

The shift from print to digital and changing labor markets present challenges to the financial and operational stability of these third parties which could, in turn, impact the availability, or increase the cost, of third-party printing and distribution services for the Company’s newspapers.

As a result of rapidly changing and evolving technologies (including recent developments in artificial intelligence (“AI”), particularly generative AI), distribution platforms and business models, and corresponding changes in consumer behavior, the consumer business continues 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.

The Dow Jones segment’s professional information business, which targets enterprise customers, derives revenue primarily from subscriptions to its professional information products.

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The Dow Jones segment’s professional information products compete with various information service providers, compliance data providers, global financial newswires and energy and commodities pricing and data providers, including Reuters News, RELX (including LexisNexis and ICIS), Refinitiv, S&P Global, DTN and Argus Media, as well as many other providers of news, information and compliance data.

The professional information business also faces increasing competition from a variety of AI-powered platforms and services.

Digital Real Estate Services

The Digital Real Estate Services segment generates revenue through property and property-related advertising and services, including:

the sale of real estate listing and lead generation products and referral-based services to agents, brokers, developers, homebuilders and landlords;

real estate-related and property rental-related services;

display advertising on residential real estate and commercial property sites;

and residential property data services to the financial sector.

The Digital Real Estate Services segment also generates revenue through commissions from referrals generated through its digital property search and financing offering and mortgage broking services.

Consumers overwhelmingly turn to the internet and mobile devices for real estate information and services.

The Digital Real Estate Services segment operates in a highly competitive digital environment with other operators of real estate and property websites and mobile apps.

Book Publishing

The Book Publishing segment derives revenues from the sale of general fiction, nonfiction, children’s and religious books in the U.S.

The Book Publishing segment derives revenues from the sale and licensing of general fiction, nonfiction, children’s and religious books in the U.S.

and internationally.

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The book publishing marketplace is subject to increased periods of demand during the end-of-year holiday season in its main operating geographies.

This marketplace is highly competitive and continues to change due to technological developments, including additional digital platforms and distribution channels, and other factors.

This marketplace is highly competitive and continues to change due to technological developments, including additional digital platforms and distribution channels such as streaming audiobooks, and other factors.

Each book is a separate and distinct product and its financial success depends upon many factors, including public acceptance.

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In the domestic and international markets, the Book Publishing segment is subject to global trends and local economic conditions.

Recent economic uncertainty and lower consumer confidence have contributed to softer consumer spending within the U.S.

book publishing industry, which may continue in the near term.

Operating expenses for the Book Publishing segment include costs related to paper, printing, freight, authors’ royalties, editorial, promotional, art and design expenses.

Selling, general and administrative expenses include salaries, employee benefits, rent and other routine overhead costs.

Revenue at the News Media segment is derived primarily from circulation and subscriptions, the sale of advertising, as well as licensing.

Revenue at the News Media segment is derived primarily from circulation and subscriptions, the sale of advertising and licensing fees.

Circulation and subscription revenues can be greatly affected by changes in the prices of the Company’s and/or competitors’ products, as well as by promotional activities and news cycles.

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Advertising revenues at the News Media segment are also subject to seasonality, with revenues typically being highest in the Company’s second fiscal quarter due to the end-of-year holiday season in its main operating geographies.

Operating expenses include costs related to paper, production, distribution, third-party printing, editorial, commissions, technology and radio sports rights.

Operating expenses include costs related to paper, production, distribution, editorial, commissions, technology and radio sports rights.

Selling, general and administrative expenses include promotional expenses, salaries, employee benefits, rent and other routine overhead.

The cost of paper is a key operating expense whose fluctuations can have a material effect on the results of the segment.

The News Media segment’s expenses are affected by the cyclical changes in the price of paper and other factors that may affect paper prices, including, among other things, inflation, supply chain disruptions, industry trends or economics (including the closure or conversion of newsprint mills and consolidation among suppliers) and tariffs.

Paper prices remained elevated in fiscal 2024 relative to historical trends due to these factors.

The News Media segment’s products compete for readership, audience and advertising with local and national competitors and also compete with other media alternatives in their respective markets.

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Competition for advertising is based upon product reach and engagement, advertising rates, advertiser results, availability of alternative media and quality of consumer demographics.

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 News Media segment continues to face increasing competition for both circulation and advertising revenue, particularly in its print business.

Large digital platforms command a substantial share of the digital advertising market and are also responsible for a significant amount of traffic to the News Media segment’s digital properties, which drives advertiser spending.

Visibility on these platforms depends on algorithms that are outside the Company’s control and change frequently, and recent changes have adversely affected traffic to some of the digital properties in the News Media segment, particularly in the U.K.

Advertising, in particular, has been impacted by the shift in spending from print to digital, which has increased advertising choices and formats, resulting in audience fragmentation and increased competition.

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Mobile devices and apps and other technologies provide continued opportunities for the businesses within the News Media segment to make their content available to a new audience of readers, introduce new or different pricing schemes and develop their products to continue to attract advertisers and/or affect the relationship between content providers and consumers.

Unauthorized use, including in the digital environment and as a result of recent advances in AI, particularly generative AI, presents a threat to revenues from products and services based on intellectual property.

The Other segment primarily consists of general corporate overhead expenses, strategy costs and costs related to the U.K.

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Other Business Developments

Announced Headcount Reduction

In response to the macroeconomic challenges facing many of the Company’s businesses, the Company implemented cost savings initiatives, including the 5% headcount reduction announced in February 2023.

The headcount reduction was substantially completed as of December 31, 2023 and the Company recognized associated cash restructuring charges of approximately $106 million.

Based on the actions taken, the Company generated annualized gross cost savings in excess of $160 million, the majority of which was reflected in fiscal 2024.

See Note 5—Restructuring Programs in the accompanying Consolidated Financial Statements.

Combination of U.K.

Printing Operations

In October 2023, News UK and DMG Media announced a proposed arrangement to combine certain printing operations of both companies within a separate joint venture.

The Company believes this arrangement will help improve the efficiency of News UK and DMG Media’s print operations and establish a sustainable business model for national newspaper printing in the U.K.

The arrangement received regulatory approval in March 2024 and the joint venture arrangement was effectuated in June 2024.

During the fiscal year ended June 30, 2024, the Company recognized non-cash impairment charges of $22 million related to the write-down of fixed assets associated with the combination.

Russian and Ukrainian conflict

The Company takes extensive steps to ensure the safety of its journalists and other personnel in Ukraine and Russia.

Despite these measures, a reporter for The Wall Street Journal was detained by Russian authorities in March 2023 while on assignment in the country.

The Company engaged legal counsel for the reporter and provided continuing support to help facilitate his release in August 2024.

The Company prioritizes the health, safety, security and well-being of its employees and will continue to support affected employees in the region.

Sale of Foxtel Group

During the second quarter of fiscal 2025, the Company entered into a definitive agreement to sell the Foxtel Group (“Foxtel”) to DAZN Group Limited (“DAZN”), a global sports streaming platform, and the transaction closed in April 2025.

The assets and liabilities, results of operations and cash flows for Foxtel have been classified as discontinued operations for all periods presented as the disposition reflects a strategic shift that has, and will have, a major effect on the Company’s operations and financial results.

Furthermore, upon reclassification of Foxtel’s results, the Subscription Video Services segment ceased to be a reportable segment and the residual results of the segment were aggregated into the News Media segment.

News Media segment results have been recast to reflect this change for all periods presented.

See Note 3—Discontinued Operations in the accompanying Consolidated Financial Statements.

Recent Developments Affecting the Macroeconomic Environment

Recent changes in trade policy, including new or potential tariffs and other trade restrictions announced by the U.S.

and other countries, have led to significant economic and market volatility and uncertainty and may exacerbate inflationary pressures.

While the Company does not currently expect the announced tariffs to have a material impact on its supply chain or costs, it cannot predict the effect of any further changes in trade policy.

The resulting volatility and uncertainty and potential increase in inflation may continue to have a negative impact on customer and consumer sentiment and spending.

If this leads to reduced demand for the Company’s products and services, it could adversely impact the Company’s business, results of operations and financial condition.

The Company will continue to closely monitor these trends and uncertainties and will seek to mitigate any impacts where possible.

Results of Operations—Fiscal 2025 versus Fiscal 2024

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Equity losses of affiliates (15) (6) (9) (150) %

Interest expense, net (85) (100) 15 15 %

Interest income (expense), net 3 (18) 21 **

Other, net 111 (59) 170 **

Income before income tax expense 546 330 216 65 %

Income tax expense (192) (143) (49) (34) %

Income before income tax expense from continuing operations 923 585 338 58 %

Income tax expense from continuing operations (275) (206) (69) (33) %

Net income from continuing operations 648 379 269 71 %

Net income (loss) from discontinued operations, net of tax 692 (25) 717 **

Net income 1,340 354 986 279 %

Net income attributable to noncontrolling interests (88) (38) (50) (132) %

Net income attributable to noncontrolling interests from continuing operations (168) (110) (58) (53) %

Net loss attributable to noncontrolling interests from discontinued operations 8 22 (14) (64) %

Net income attributable to News Corporation stockholders $ 1,180 $ 266 $ 914 344 %

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Revenues —Revenues increased $200 million, or 2%, for the fiscal year ended June 30, 2025 as compared to fiscal 2024.

The increase was driven by higher revenues at the Digital Real Estate Services segment primarily due to higher Australian residential revenues at REA Group, partially offset by lower revenues at Move driven by the continued impact of the macroeconomic environment on the U.S.

housing market, at the Book Publishing segment primarily due to improved returns in the U.S.

and higher digital book sales and at the Dow Jones segment driven by higher professional information business revenues.

These increases were partially offset by lower revenues at the News Media segment driven by lower advertising revenues and at the Subscription Video Services segment due to the negative impact of foreign currency fluctuations.

The increase was due to higher revenues at the Digital Real Estate Services segment driven by higher Australian residential revenues at REA Group, at the Dow Jones segment driven by higher circulation and subscription revenues and at the Book Publishing segment driven by higher digital book sales and improved returns in the U.S., partially offset by lower revenues at the News Media segment driven by the transfer of third-party printing revenue contracts to News UK’s joint venture with DMG Media in fiscal 2024, lower advertising revenues and lower circulation and subscription revenues.

The impact of foreign currency fluctuations of the U.S.

dollar against local currencies resulted in a revenue decrease of $37 million for the fiscal year ended June 30, 2024 as compared to fiscal 2023.

dollar against local currencies resulted in a revenue increase of $8 million for the fiscal year ended June 30, 2025 as compared to fiscal 2024.

The Company calculates the impact of foreign currency fluctuations for businesses reporting in currencies other than the U.S.

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Operating expenses —Operating expenses decreased $78 million, or 2%, for the fiscal year ended June 30, 2025 as compared to fiscal 2024.

The decrease in operating expenses for the fiscal year ended June 30, 2024 was driven by lower expenses at the Book Publishing segment primarily due to lower manufacturing, freight and distribution costs driven by product mix and the absence of prior year supply chain challenges and inventory and inflationary pressures, at the Dow Jones segment due to lower newsprint, production and distribution costs, at the News Media segment driven by lower production costs at News UK due to lower print volume and newsprint prices and at the Digital Real Estate Services segment primarily due to lower employee costs at Move.

These decreases were partially offset by higher expenses at the Subscription Video Services segment driven by higher sports programming rights costs due to contractual increases and costs related to the launch of Hubbl.

The Company also benefited from gross cost savings related to the announced 5% headcount reduction initiative.

The decrease in operating expenses for the fiscal year ended June 30, 2025 was primarily due to lower expenses at the News Media segment driven by cost savings from the combination of News UK’s printing operations with those of DMG Media and other cost savings initiatives.

The decrease was partially offset by increased expenses at the Dow Jones segment driven by higher employee costs.

The impact of foreign currency fluctuations of the U.S.

dollar against local currencies resulted in an Operating expense decrease of $10 million for the fiscal year ended June 30, 2024 as compared to fiscal 2023.

dollar against local currencies resulted in an Operating expense increase of $9 million for the fiscal year ended June 30, 2025 as compared to fiscal 2024.

Selling, general and administrative —Selling, general and administrative increased $104 million, or 3%, for the fiscal year ended June 30, 2025 as compared to fiscal 2024.

The increase in Selling, general and administrative for the fiscal year ended June 30, 2024 was primarily driven by higher expenses at the Digital Real Estate Services segment largely due to higher employee costs and broker commissions at REA Group and increased marketing spend at Move, at the Dow Jones segment driven by increased technology and marketing spend and at the Book Publishing segment driven by higher employee costs.

These increases were partially offset by lower expenses at the Subscription Video Services segment primarily due to lower technology costs.

The Company also benefited from gross cost savings related to the announced 5% headcount reduction initiative.

The impact of foreign currency fluctuations of the U.S.

dollar against local currencies resulted in a Selling, general and administrative decrease of $10 million for the fiscal year ended June 30, 2024 as compared to fiscal 2023.

Depreciation and amortization —Depreciation and amortization expense increased $20 million, or 3%, for the fiscal year ended June 30, 2024 as compared to fiscal 2023, primarily due to higher depreciation at the Digital Real Estate Services segment.

The impact of foreign currency fluctuations of the U.S.

dollar against local currencies resulted in a depreciation and amortization expense decrease of $8 million, or 1%, for the fiscal year ended June 30, 2024 as compared to fiscal 2023 .

The increase in Selling, general and administrative for the fiscal year ended June 30, 2025 was primarily due to higher expenses at the Digital Real Estate Services segment driven by higher employee costs at REA Group, $12 million of costs related to REA Group’s withdrawn offer to acquire Rightmove and higher costs from REA India, at the Book Publishing segment due to higher employee costs and costs from recent acquisitions and at the Dow Jones segment driven by higher marketing and technology costs.

Depreciation and amortization —Depreciation and amortization expense increased $19 million, or 4%, for the fiscal year ended June 30, 2025 as compared to fiscal 2024.

The increase was driven by higher depreciation of capitalized software costs, primarily at the Digital Real Estate Services and News Media segments.

Impairment and restructuring charges —During the fiscal years ended June 30, 2025 and 2024, the Company recorded restructuring charges of $120 million and $89 million, respectively.

See Note 5—Restructuring Programs in the accompanying Consolidated Financial Statements.

During the fiscal year ended June 30, 2024, the Company recognized non-cash impairment charges of $44 million, primarily related to the write-down of fixed assets associated with the combination of certain U.K.

printing operations with those of a third party at the News Media segment.

During the fiscal year ended June 30, 2023, the Company recognized non-cash impairment charges of $25 million related to the impairment of certain indefinite-lived intangible assets during the Company’s annual impairment assessment.

See Note 7—Property, Plant and Equipment and Note 8—Goodwill and Other Intangible Assets in the accompanying Consolidated Financial Statements.

Equity losses of affiliates —Equity losses of affiliates improved by $121 million for the fiscal year ended June 30, 2024 as compared to fiscal 2023, primarily due to the absence of a non-cash write-down of REA Group’s investment in PropertyGuru of approximately $81 million and losses from an investment in an Australian sports wagering venture recognized in the prior year.

During the fiscal year ended June 30, 2024, the Company recognized non-cash impairment charges of $44 million, primarily related to the write-down of fixed assets at the News Media segment associated with the combination of News UK’s printing operations with those of DMG Media.

See Note 7—Property, Plant and Equipment in the accompanying Consolidated Financial Statements.

Equity losses of affiliates —Equity losses of affiliates worsened by $9 million, or 150%, for the fiscal year ended June 30, 2025 as compared to fiscal 2024.

See Note 6—Investments in the accompanying Consolidated Financial Statements.

Interest expense, net —Interest expense, net for the fiscal year ended June 30, 2024 decreased $15 million, or 15%, as compared to fiscal 2023, driven by higher interest income as a result of higher interest rates on cash balances.

Interest income (expense), net —Interest income (expense), net for the fiscal year ended June 30, 2025 improved by $21 million as compared to fiscal 2024, primarily driven by lower borrowings at REA Group and higher interest income on cash balances.

See Note 9—Borrowings and Note 11—Financial Instruments and Fair Value Measurements in the accompanying Consolidated Financial Statements.

Other, net —Other, net decreased $31 million for the fiscal year ended June 30, 2024 as compared to fiscal 2023.

Other, net —For the fiscal year ended June 30, 2025, the Company recorded Other, net of $111 million, which was mainly comprised of REA Group’s gain recognized on the sale of its interest in PropertyGuru.

For the fiscal year ended June 30, 2024, the Company recorded Other, net of $(59) million.

See Note 21—Additional Financial Information in the accompanying Consolidated Financial Statements.

Income tax expense —For the fiscal year ended June 30, 2024, the Company recorded income tax expense of $192 million on pre-tax income of $546 million, resulting in an effective tax rate of 35%, which was higher than the U.S.

Income tax expense from continuing operations —For the fiscal year ended June 30, 2025, the Company recorded income tax expense of $275 million on pre-tax income from continuing operations of $923 million, resulting in an effective tax rate of 30%, which was higher than the U.S.

statutory tax rate.

The tax rate was impacted by foreign operations which are subject to higher tax rates, asset impairments and investment write-downs with lower tax benefits and valuation allowances recorded against tax benefits in certain businesses.

For the fiscal year ended June 30, 2023, the Company recorded income tax expense of $143 million on pre-tax income of $330 million, resulting in an effective tax rate of 43%, which was higher than the U.S.

The tax rate was impacted by foreign operations which are subject to higher tax rates and valuation allowances recorded against tax benefits in certain businesses offset by lower taxes on the disposition of REA Group’s interest in PropertyGuru.

For the fiscal year ended June 30, 2024, the Company recorded income tax expense of $206 million on pre-tax income from continuing operations of $585 million, resulting in an effective tax rate of 35%, which was higher than the U.S.

statutory tax rate.

The tax rate was impacted by foreign operations which are subject to higher tax rates, impairments and valuation allowances recorded against tax benefits in certain businesses.

See Note 19—Income Taxes in the accompanying Consolidated Financial Statements.

On July 4, 2025, H.R.

1 - One Big Beautiful Bill Act (“OBBBA”) was enacted into law.

The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act (“Tax Act”), including 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation.

Certain provisions of OBBBA will become effective for the Company’s 2026 fiscal year, while others will take effect beginning in fiscal 2027.

ASC 740, Income Taxes , requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted.

Consequently, the Company will evaluate all U.S.

deferred tax balances and any other impacts to its financial statements as a result of the OBBBA in the first quarter of fiscal 2026.

The Organization for Economic Cooperation and Development (“OECD”) has proposed a global minimum tax of 15% of reported profits (“Pillar 2”) that has been agreed upon in principle by over 140 countries.

Since the proposal, many countries, including the UK and Australia, incorporated Pillar 2 model rule concepts into their domestic laws.

Although the model rules provide a framework for applying the minimum tax, countries may enact Pillar 2 slightly differently than the model rules and on different timelines and may adjust domestic tax incentives in response to Pillar 2.

Following an executive order issued by the United States in January 2025 announcing opposition to aspects of these rules, the G7 issued a statement on June 28, 2025 acknowledging that U.S.

parented groups would be exempt from certain aspects of Pillar 2 in recognition of existing U.S.

minimum tax rules to which they are subject.

The statement acknowledges that these issues have relevance to the wider group of countries in the OECD Inclusive Framework with a view to reaching an acceptable solution for all.

While these rules are not currently expected to have a material impact on the Company’s results of operations, their application continues to evolve, and the outcome may alter aspects of how the Company’s tax obligations are determined in countries in which it does business.

In addition, while several jurisdictions have rolled back their digital services taxes, certain jurisdictions continue to maintain, or have enacted new digital services taxes.

Those taxes have had limited impact on the Company’s overall tax obligations, but the Company continues to monitor them.

Net income from continuing operations —Net income from continuing operations for the fiscal year ended June 30, 2025 was $648 million as compared to $379 million for the fiscal year ended June 30, 2024, an increase of $269 million, or 71%, as compared to fiscal 2024, driven by the factors discussed above.

Net income (loss) from discontinued operations, net of tax —Net income (loss) from discontinued operations, net of tax for the fiscal year ended June 30, 2025 was $692 million compared to $(25) million for the fiscal year ended June 30, 2024.

The amounts recognized in both fiscal years relate to the reclassification of Foxtel to discontinued operations.

See Note 3—Discontinued Operations in the accompanying Consolidated Financial Statements.

Net income —Net income was $1,340 million for the fiscal year ended June 30, 2025, as compared to $354 million for the fiscal year ended June 30, 2024, an increase of $986 million, or 279%, primarily driven by the factors discussed above.

Net income attributable to noncontrolling interests —Net income attributable to noncontrolling interests was $88 million for the fiscal year ended June 30, 2024, as compared to $38 million for the fiscal year ended June 30, 2023, an increase of $50 million, or 132%, primarily due to the absence of the non-cash write-down of the investment in PropertyGuru in the prior year and higher earnings at REA Group.

Net income attributable to noncontrolling interests from continuing operations —Net income attributable to noncontrolling interests from continuing operations was $168 million for the fiscal year ended June 30, 2025, as compared to $110 million for the fiscal year ended June 30, 2024, an increase of $58 million, or 53%, primarily due to the gain recognized on the sale of the PropertyGuru investment and higher earnings at REA Group.

Segment Analysis

The Company’s chief operating decision maker is its Chief Executive Officer.

Segment EBITDA is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of, and allocate resources within, the Company’s businesses.

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Segment EBITDA does not include:

depreciation and amortization, impairment and restructuring charges, equity losses of affiliates, interest (expense) income, net, other, net and income tax (expense) benefit.

depreciation and amortization, impairment and restructuring charges, equity losses of affiliates, interest (expense) income, net, other, net, income tax (expense) benefit and net income (loss) from discontinued operations, net of tax.

Segment EBITDA may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what items should be included in the calculation of Segment EBITDA.

Segment EBITDA provides management, investors and equity analysts with a measure to analyze the operating performance of each of the Company’s business segments and its enterprise value against historical data and competitors’ data, although historical results may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).

Total Segment EBITDA is a non-GAAP measure and should be considered in addition to, not as a substitute for, net income (loss), cash flow and other measures of financial performance reported in accordance with GAAP.

Total Segment EBITDA is a non-GAAP measure and should be considered in addition to, not as a substitute for, net income (loss) from continuing operations, cash flow from continuing operations and other measures of financial performance reported in accordance with GAAP.

In addition, this measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and impairment and restructuring charges, which are significant components in assessing the Company’s financial performance.

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As a result, users of the Company’s consolidated financial statements are better able to evaluate changes in the core operating results of the Company across different periods.

The following table reconciles Net income to Total Segment EBITDA for the fiscal years ended June 30, 2024 and 2023:

For the fiscal years ended

The following table reconciles Net income from continuing operations to Total Segment EBITDA for the fiscal years ended June 30, 2025 and 2024:

For the fiscal years ended June 30,

(in millions)

Net income $ 354 $ 187

Income tax expense 192 143

Net income from continuing operations $ 648 $ 379

Reconciling items:

Income tax expense from continuing operations 275 206

Other, net (111) 59

Interest expense, net 85 100

Interest (income) expense, net

Equity losses of affiliates 15 6

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EBITDA Revenues Segment

Digital Real Estate Services $ 1,658 $ 508 $ 1,539 $ 457

Subscription Video Services 1,917 310 1,942 347

Dow Jones $ 2,331 $ 588 $ 2,231 $ 542

Digital Real Estate Services 1,802 601 1,658 508

Book Publishing 2,149 296 2,093 269

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Total $ 8,452 $ 1,415 $ 8,252 $ 1,241

Digital Real Estate Services (16% and 15% of the Company’s consolidated revenues in fiscal 2024 and 2023, respectively)

For the fiscal years ended June 30,

2024 2023 Change % Change

(in millions, except %) Better/(Worse)

Circulation and subscription $ 10 $ 12 $ (2) (17) %

Advertising 136 140 (4) (3) %

Real estate 1,284 1,189 95 8 %

Other 228 198 30 15 %

Total Revenues 1,658 1,539 119 8 %

Operating expenses (190) (201) 11 5 %

Selling, general and administrative (960) (881) (79) (9) %

Segment EBITDA $ 508 $ 457 $ 51 11 %

For the fiscal year ended June 30, 2024, revenues at the Digital Real Estate Services segment increased $119 million, or 8%, as compared to fiscal 2023.

Revenues at REA Group increased $177 million, or 19%, to $1,114 million for the fiscal year ended June 30, 2024 from $937 million in fiscal 2023 primarily due to higher Australian residential revenues driven by price increases, increased depth penetration, favorable geographic mix and growth in national listings, higher financial services revenues, which included the benefit from the absence of a negative valuation adjustment related to expected future trail commissions in the prior year, and higher revenues from REA India.

These increases were partially offset by the $28 million, or 3%, negative impact of foreign currency fluctuations.

Revenues at Move decreased $58 million, or 10%, to $544 million for the fiscal year ended June 30, 2024 from $602 million in fiscal 2023, primarily driven by the continued impact of the macroeconomic environment on the U.S.

housing market, including higher interest rates.

The market downturn resulted in lower lead volumes, which decreased 3%, and lower transaction volumes.

These factors adversely impacted revenues from both the referral model, which includes the ReadyConnect Concierge℠ product, and the core lead generation product.

The decline was partially offset by revenue growth in seller, new homes and rentals including the partnership with Zillow.

For the fiscal year ended June 30, 2024 , Segment EBITDA at the Digital Real Estate Services segmen t increased $51 million, or 11% , as compared to fiscal 2023, due to an increased contribution from REA Group, partially offset by the adverse impact from Move and the $13 million, or 3%, negative impact of foreign currency fluctuations.

The contribution from REA Group increased primarily due to the higher revenues discussed above, partially offset by higher employee costs, higher broker commissions due to higher financial services revenues and the absence of the valuation adjustment related to expected future trail commissions in the prior year and higher costs from REA India.

The adverse impact from Move was driven by the lower revenues discussed above and slightly higher costs, primarily due to marketing spend, partially offset by gross cost savings related to the announced 5% headcount reduction initiative.

Subscription Video Services (19% and 20% of the Company’s consolidated revenues in fiscal 2024 and 2023, respectively)

For the fiscal years ended June 30,

2024 2023 Change % Change

(in millions, except %) Better/(Worse)

Circulation and subscription $ 1,643 $ 1,671 $ (28) (2) %

Advertising 232 227 5 2 %

Other 42 44 (2) (5) %

Total Revenues 1,917 1,942 (25) (1) %

Operating expenses (1,290) (1,264) (26) (2) %

Selling, general and administrative (317) (331) 14 4 %

Segment EBITDA $ 310 $ 347 $ (37) (11) %

For the fiscal year ended June 30, 2024, revenues at the Subscription Video Services segment decreased $25 million, or 1%, as compared to fiscal 2023 due to the negative impact of foreign currency fluctuations.

Streaming revenues increased $60 million driven by increased volume and pricing at Kayo and BINGE , despite a more difficult summer sports season and inflationary pressures.

The increase in streaming revenues along with higher advertising revenues more than offset lower residential subscription revenues resulting from fewer residential broadcast subscribers.

Foxtel Group streaming subscription revenues represented approximately 30% of total circulation and subscription revenues for the fiscal year ended June 30, 2024, as compared to 27% in fiscal 2023.

The impact of foreign currency fluctuations of the U.S.

dollar against local currencies resulted in a revenue decrease of $52 million, or 2%, for the fiscal year ended June 30, 2024, as compared to fiscal 2023.

For the fiscal year ended June 30, 2024, Segment EBITDA decreased $37 million, or 11%, as compared to fiscal 2023 driven by $51 million of costs related to the launch of Hubbl, higher sports programming rights costs due to contractual increases and the $9 million, or 3%, negative impact of foreign currency fluctuations, partially offset by the revenue drivers discussed above and declines in other costs including technology, entertainment programming rights and marketing.

The following tables provide information regarding certain key performance indicators for the Foxtel Group, the primary reporting unit within the Subscription Video Services segment, as of and for the fiscal years ended June 30, 2024 and 2023.

Management believes these metrics provide useful information to allow investors to understand trends in consumer behavior and acceptance of the various services offered by the Foxtel Group.

Management utilizes these metrics to track and forecast subscription revenue trends across the business’s various linear and streaming products.

Business” for further detail regarding these performance indicators including definitions and methods of calculation.

As of June 30,

Broadcast Subscribers

Residential (a)

Commercial (b)

Streaming Subscribers - Total (Paid) (c)

Kayo 1,606 (1,550) 1,411 (1,401)

1,552 (1,529) 1,541 (1,487)

Foxtel Now 147 (142) 177 (170)

Total Subscribers - Total (Paid) (d)

4,776 (4,690) 4,723 (4,650)

For the fiscal years ended June 30,

Broadcast ARPU (e)

A$86 (US$57) A$84 (US$56)

Broadcast Subscriber Churn (f)

(a) Subscribing households throughout Australia as of June 30, 2024 and 2023.

(b) Commercial subscribers throughout Australia as of June 30, 2024 and 2023.

Paid subscribers excludes customers receiving service for no charge under certain new subscriber promotions.

(d) Total subscribers consists of Foxtel Group’s broadcast and streaming services listed above and its news aggregation streaming service.

(e) Average monthly broadcast residential subscription revenue per user (Broadcast ARPU) for the fiscal years ended June 30, 2024 and 2023.

(f) Broadcast residential subscriber churn rate (Broadcast Subscriber Churn) for the fiscal years ended June 30, 2024 and 2023.

Dow Jones (22% of the Company’s consolidated revenues in both fiscal 2024 and 2023)

Dow Jones (28% and 27% of the Company’s consolidated revenues in fiscal 2025 and 2024, respectively)

For the fiscal years ended June 30,

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Segment EBITDA $ 588 $ 542 $ 46 8 %

For the fiscal year ended June 30, 2024, revenues at the Dow Jones segment increased $78 million, or 4%, as compared to fiscal 2023, primarily due to higher professional information business revenues.

Digital revenues at the Dow Jones segment represented 80% of total revenues for the fiscal year ended June 30, 2024, as compared to 78% in fiscal 2023.

For the fiscal year ended June 30, 2025, revenues at the Dow Jones segment increased $100 million, or 4%, as compared to fiscal 2024, due to higher circulation and subscription revenues.

Digital revenues represented 82% of total revenues at the Dow Jones segment for the fiscal year ended June 30, 2025, as compared to 80% in fiscal 2024.

The impact of foreign currency fluctuations of the U.S.

dollar against local currencies resulted in a revenue increase of $7 million, or 1%, for the fiscal year ended June 30, 2024 as compared to fiscal 2023.

dollar against local currencies resulted in a revenue increase of $4 million for the fiscal year ended June 30, 2025 as compared to fiscal 2024.

Circulation and Subscription Revenues

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Circulation and subscription revenues increased $113 million, or 6%, during the fiscal year ended June 30, 2025 as compared to fiscal 2024.

Professional information business revenues increased $84 million, or 11%, primarily driven by the $41 million increase in Risk & Compliance revenues and the $34 million increase in Dow Jones Energy revenues driven by new products and customers and price increases and the $9 million increase in Other information services revenues due to higher revenues at Factiva.

Circulation and other revenues decreased $2 million, driven by print circulation declines and lower content licensing revenues, partially offset by growth in digital-only subscriptions, primarily at The Wall Street Journal , which included a benefit from an increase in bundle offers.

Professional information business revenues increased $59 million, or 7%, primarily due to the $43 million and $27 million increases in Risk & Compliance and Dow Jones Energy revenues, respectively, driven by new customers, new products and price increases, partially offset by the $11 million decrease in Other information services revenues driven by the impact of a customer dispute at Factiva.

Circulation and other revenues increased $54 million, or 6%, driven by increased circulation revenues due to growth in digital-only subscriptions, which benefited from bundled offers, the conversion of customers from introductory promotions to higher pricing and higher content licensing revenues, partially offset by print circulation declines.

Digital revenues represented 74% of circulation revenue for the fiscal year ended June 30, 2025, as compared to 71% in fiscal 2024.

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Total subscriptions 6,261 5,842 419 7 %

(a) Based on internal data for the periods from April 1, 2024 to June 30, 2024 and April 3, 2023 to July 2, 2023, respectively, with independent verification procedures performed by PricewaterhouseCoopers LLP UK.

(a) Based on internal data for the periods from March 31, 2025 to June 29, 2025 and April 1, 2024 to June 30, 2024, respectively.

Excludes off-platform distribution, except for certain custom workflow integration products.

(b) Subscriptions include individual consumer subscriptions, as well as subscriptions purchased by companies, schools, businesses and associations for use by their respective employees, students, customers or members.

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Advertising Revenues

Advertising revenues decreased $8 million, or 2%, during the fiscal year ended June 30, 2024 as compared to fiscal 2023, primarily due to the $17 million decrease in print advertising revenues, partially offset by the $9 million increase in digital advertising.

Advertising revenues decreased $9 million, or 2%, during the fiscal year ended June 30, 2025 as compared to fiscal 2024, primarily due to lower print advertising revenues of $7 million, or 5%.

Digital advertising revenues represented 65% of advertising revenue for the fiscal year ended June 30, 2025, as compared to 64% in fiscal 2024.

Segment EBITDA

For the fiscal year ended June 30, 2024, Segment EBITDA at the Dow Jones segment increased $48 million, or 10%, as compared to fiscal 2023 primarily due to the increase in revenues discussed above and lower newsprint, production and distribution costs, partially offset by higher technology and marketing costs and higher employee costs, which were mitigated by ongoing cost savings initiatives.

Book Publishing (21% and 20% of the Company’s consolidated revenues in fiscal 2024 and 2023, respectively)

For the fiscal year ended June 30, 2025, Segment EBITDA at the Dow Jones segment increased $46 million, or 8%, as compared to fiscal 2024, primarily due to the increase in revenues discussed above and lower newsprint, production and distribution costs, partially offset by higher employee, technology and marketing costs.

Digital Real Estate Services (21% and 20% of the Company’s consolidated revenues in fiscal 2025 and 2024, respectively)

For the fiscal years ended June 30,

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(in millions, except %) Better/(Worse)

Circulation and subscription $ 7 $ 10 $ (3) (30) %

Advertising 151 136 15 11 %

Real estate 1,410 1,284 126 10 %

Other 234 228 6 3 %

Total Revenues 1,802 1,658 144 9 %

Operating expenses (186) (190) 4 2 %

Selling, general and administrative (1,015) (960) (55) (6) %

Segment EBITDA $ 601 $ 508 $ 93 18 %

For the fiscal year ended June 30, 2025, revenues at the Digital Real Estate Services segment increased $144 million, or 9%, as compared to fiscal 2024.

Revenues at REA Group increased $136 million, or 12%, to $1,250 million for the fiscal year ended June 30, 2025 from $1,114 million in fiscal 2024.

The increase was primarily due to higher Australian residential revenues driven by price increases, increased depth penetration and growth in national listings and higher revenues from REA India, partially offset by the $14 million, or 1%, negative impact of foreign currency fluctuations.

Revenues at Move increased $8 million, or 1%, to $552 million for the fiscal year ended June 30, 2025 from $544 million in fiscal 2024, driven by revenue growth in seller, new homes and rentals, including the partnership with Zillow, higher sales of RealPRO Select SM (formerly Market VIP SM ), as Move shifts its focus to more premium offerings, and higher advertising revenues.

The increases were largely offset by the continued negative impact of the macroeconomic environment on the U.S.

housing market, including higher interest rates, which resulted in a 9% decline in lead volumes and lower transaction volumes.

For the fiscal year ended June 30, 2025 , Segment EBITDA at the Digital Real Estate Services segmen t increased $93 million, or 18% , as compared to fiscal 2024, primarily due to the higher revenues discussed above, partially offset by higher employee costs at REA Group, $12 million of costs related to the withdrawn offer to acquire Rightmove in the first quarter of fiscal 2025, higher costs from REA India and the $6 million, or 1%, negative impact of foreign currency fluctuations.

Book Publishing (25% of the Company’s consolidated revenues in both fiscal 2025 and 2024)

For the fiscal years ended June 30,

2025 2024 Change % Change

(in millions, except %) Better/(Worse)

Consumer $ 2,047 $ 2,000 $ 47 2 %

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Segment EBITDA $ 296 $ 269 $ 27 10 %

For the fiscal year ended June 30, 2024, revenues at the Book Publishing segment increased $114 million, or 6%, as compared to fiscal 2023, primarily due to improved returns in the U.S.

driven by recovering consumer demand industry-wide and the absence of the impact of Amazon’s reset of its inventory levels and rightsizing of its warehouse footprint in the prior year, as well as higher digital book sales.

These improvements were partially offset by lower physical book sales.

Digital sales increased by 9% as compared to fiscal 2023 driven by strong market growth for audiobooks, including the contribution from the Spotify partnership.

Digital sales represented approximately 23% of consumer revenues in fiscal 2024 as compared to 22% in fiscal 2023, and backlist sales represented approximately 61% of consumer revenues during the fiscal year ended June 30, 2024, as compared to 60% in fiscal 2023.

For the fiscal year ended June 30, 2025, revenues at the Book Publishing segment increased $56 million, or 3%, as compared to fiscal 2024, primarily due to higher digital book sales, improved returns in the U.S.

and the $14 million impact from the acquisition of a German book publisher.

Digital sales increased by 5% as compared to fiscal 2024 driven by continued market growth in audiobooks, including the contribution from the Spotify partnership, as well as growth in e-book sales.

Digital sales represented approximately 24% of consumer revenues in fiscal 2025 as compared to 23% in fiscal 2024.

Backlist sales represented approximately 64% of consumer revenues during the fiscal year ended June 30, 2025, as compared to 61% in fiscal 2024.

The impact of foreign currency fluctuations of the U.S.

dollar against local currencies resu lted in a revenue increase of $4 million, or 1%, for the fiscal year ended June 30, 2025 as compared to fiscal 2024.

For the fiscal year ended June 30, 2024, Segment EBITDA at the Book Publishing segment increased $102 million, or 61%, as compared to fiscal 2023, primarily due to the higher revenues discussed above and lower manufacturing, freight and distribution costs driven by product mix and the absence of prior year supply chain challenges and inventory and inflationary pressures, partially offset by higher employee costs.

For the fiscal year ended June 30, 2025, Segment EBITDA at the Book Publishing segment increased $27 million, or 10%, as compared to fiscal 2024, primarily due to the higher revenues discussed above, partially offset by higher employee costs and costs from recent acquisitions.

News Media (26% and 28% of the Company’s consolidated revenues in fiscal 2025 and 2024, respectively)

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For the fiscal year ended June 30, 2025, revenues at the News Media segment decreased $100 million, or 4%, as compared to fiscal 2024.

Advertising revenues decreased $73 million, or 8%, as compared to fiscal 2023, primarily due to lower print advertising revenues at News Corp Australia and News UK and lower digital advertising revenues, mainly due to a decline in traffic at some mastheads due to platform-related changes, partially offset by the $5 million, or 1%, positive impact of foreign currency fluctuations.

Circulation and subscription revenues increased $10 million, or 1%, as compared to fiscal 2023, due to the $15 million, or 1%, positive impact of foreign currency fluctuations, as cover price increases and digital subscriber growth were more than offset by print volume declines.

Other revenues decreased $51 million, or 18%, primarily driven by the transfer of third-party printing revenue contracts to News UK’s joint venture with DMG Media in fiscal 2024.

Advertising revenues decreased $39 million, or 5%, as compared to fiscal 2024, primarily due to lower print advertising revenues at News Corp Australia and lower digital advertising revenues at News UK, driven by a decline in traffic, mainly at The Sun , due to algorithm changes at certain platforms, partially offset by higher advertising revenues at Wireless Group and the $5 million positive impact of foreign currency fluctuations.

Circulation and subscription revenues decreased $10 million, or 1%, as compared to fiscal 2024, primarily driven by print volume declines, partially offset by cover price increases, higher content licensing revenues at News UK, digital subscriber growth and the $9 million, or 1%, positive impact of foreign currency fluctuations.

The impact of foreign currency fluctuations of the U.S.

dollar against local currencies resulted in a revenue increase of $20 million for the fiscal year ended June 30, 2024 as compared to fiscal 2023 .

For the fiscal year ended June 30, 2024, Segment EBITDA at the News Media segment decreased $36 million, or 23%, as compared to fiscal 2023, which includes $6 million of one-time costs at News UK pertaining to the combination of printing operations with DMG Media.

The decrease is primarily due to the adverse impact from News Corp Australia, partially offset by lower production costs at News UK driven by lower print volume and newsprint prices and gross cost savings related to the announced 5% headcount reduction initiative.

dollar against local currencies resulted in a revenue increase of $14 million, or 1%, for the fiscal year ended June 30, 2025 as compared to fiscal 2024.

For the fiscal year ended June 30, 2025, Segment EBITDA at the News Media segment increased $20 million, or 15%, as compared to fiscal 2024.

The increase was driven by cost savings initiatives, including lower Talk costs and the combination of News UK’s printing operations with those of DMG Media, partially offset by the decrease in revenues discussed above.

News Corp Australia

Revenues were $895 million for the fiscal year ended June 30, 2025, a decrease of $34 million, or 4%, as compared to fiscal 2024 revenues of $929 million.

Advertising revenues decreased $46 million, or 11%, due to lower print and digital advertising revenues and the $10 million, or 2%, negative impact of foreign currency fluctuations.

Circulation and subscription revenues decreased $21 million, or 5%, driven by print volume declines and the $11 million, or 3%, negative impact of foreign currency fluctuations, partially offset by cover price increases and digital subscriber growth.

Advertising revenues decreased $23 million, or 6%, due to lower print advertising revenues.

Circulation and subscription revenues decreased $14 million, or 3%, driven by print volume declines and lower content licensing revenues, partially offset by cover price increases and digital subscriber growth.

The impact of foreign currency fluctuations of the U.S.

dollar against local currencies resulted in a revenue decrease of $11 million, or 2%, for the fiscal year ended June 30, 2025 as compared to fiscal 2024.

Revenues were $929 million for the fiscal year ended June 30, 2024, a decrease of $4 million as compared to fiscal 2023 revenues of $933 million.

Circulation and subscription revenues increased $33 million, or 6%, driven by cover price increases, the $25 million, or 5%, positive impact of foreign currency fluctuations and digital subscriber growth, partially offset by print volume declines.

Advertising revenues decreased $26 million, or 9%, due to lower digital and print advertising revenues , partially offset by the $10 million, or 4%, positive impact of foreign currency fluctuations .

Revenues were $862 million for the fiscal year ended June 30, 2025, a decrease of $67 million, or 7%, as compared to fiscal 2024 revenues of $929 million.

Other revenues decreased $54 million, or 55%, driven by the transfer of third-party printing revenue contracts to News UK’s joint venture with DMG Media in fiscal 2024.

Advertising revenues decreased $22 million, or 8%, primarily due to lower digital advertising revenues, mainly at The Sun , driven by algorithm changes at certain platforms and lower print advertising revenues.

Circulation and subscription revenues increased $9 million, or 2%, due to the positive impact of foreign currency fluctuations as cover price increases, higher content licensing revenues and digital subscriber growth were more than offset by print volume declines.

The impact of foreign currency fluctuations of the U.S.

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The Company’s principal source of liquidity is internally generated funds and cash and cash equivalents on hand.

As of June 30, 2024, the Company’s cash and cash equivalents were $1,960 million.

As of June 30, 2025, the Company’s cash and cash equivalents were $2.4 billion.

The Company also has available borrowing capacity under its revolving credit facility (the “Revolving Facility”) and certain other facilities, as described below, and expects to have access to the worldwide credit and capital markets, subject to market conditions, in order to issue additional debt if needed or desired.

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REA Group must declare a dividend in order for the Company to have access to its share of REA Group’s cash balance.

Prior to the enactment of the Tax Cuts and Jobs Act (“Tax Act”), the Company’s undistributed foreign earnings were considered permanently reinvested and as such, United States federal and state income taxes were not previously recorded on these earnings.

Prior to the enactment of the Tax Act, the Company’s undistributed foreign earnings were considered permanently reinvested and as such, United States federal and state income taxes were not previously recorded on these earnings.

As a result of the Tax Act, substantially all of the Company’s earnings in foreign subsidiaries generated prior to the enactment of the Tax Act were deemed to have been repatriated and taxed accordingly.

As of June 30, 2024, the Company has approximately $1 billion of undistributed foreign earnings that it intends to reinvest permanently.

As of June 30, 2025, the Company has approximately $1 billion of undistributed foreign earnings generated after the Tax Act that it intends to reinvest permanently.

It is not practicable to estimate the amount of tax that might be payable if these earnings were repatriated.

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The principal uses of cash that affect the Company’s liquidity position include the following:

operational expenditures including employee costs, paper purchases and programming costs;

operational expenditures including employee costs and paper purchases;

capital expenditures;

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and the repayment of debt and related interest.

In addition to the acquisitions and dispositions disclosed elsewhere, the Company has evaluated, and expects to continue to evaluate, possible future acquisitions and dispositions of certain businesses.

In addition to the acquisitions and dispositions disclosed elsewhere, as applicable, the Company has evaluated, and expects to continue to evaluate, possible future acquisitions and dispositions of certain businesses.

Such transactions may be material and may involve cash, the issuance of the Company’s securities or the assumption of indebtedness.

Issuer Purchases of Equity Securities

The Company’s Board of Directors (the “Board of Directors”) has authorized a Repurchase Program to purchase up to $1 billion in the aggregate of the Company’s outstanding Class A Common Stock and Class B Common Stock.

The manner, timing, number and share price of any repurchases will be determined by the Company at its discretion and will depend upon such factors as the market price of the stock, general market conditions, applicable securities laws, alternative investment opportunities and other factors.

The Repurchase Program has no time limit and may be modified, suspended or discontinued at any time.

On September 22, 2021, the Company announced a stock repurchase program authorizing the Company to purchase up to $1 billion in the aggregate of the Company’s outstanding Class A Common Stock and Class B Common Stock (the “2021 Repurchase Program”).

As of June 30, 2025, the remaining authorized amount under the 2021 Repurchase Program was approximately $310 million.

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5.3 $ 150 5.0 $ 117

On July 15, 2025, the Company announced a new stock repurchase program authorizing the Company to purchase up to $1 billion in the aggregate of the Company’s outstanding Class A Common Stock and Class B Common Stock (the “2025 Repurchase Program” and, together with the 2021 Repurchase Program, the “Stock Repurchase Programs”), which is in addition to the remaining authorized amount under the 2021 Repurchase Program.

The manner, timing, number and share price of any repurchases under the Stock Repurchase Programs will be determined by the Company at its discretion and will depend upon such factors as the market price of the stock, general market conditions, applicable securities laws, alternative investment opportunities and other factors.

The Stock Repurchase Programs have no time limit and may be modified, suspended or discontinued at any time.

The following table summarizes the dividends declared and paid per share on both the Company’s Class A Common Stock and Class B Common Stock:

For the fiscal years ended

For the fiscal years ended June 30,

Cash dividends paid per share $ 0.20 $ 0.20

The timing, declaration, amount and payment of future dividends to stockholders, if any, is within the discretion of the Board of Directors.

The timing, declaration, amount and payment of future dividends to stockholders, if any, is within the discretion of the Company’s Board of Directors (the “Board of Directors”).

The Board of Directors’ decisions regarding the payment of future dividends will depend on many factors, including the Company’s financial condition, earnings, capital requirements and debt facility covenants, other contractual restrictions, as well as legal requirements, regulatory constraints, industry practice, market volatility and other factors that the Board of Directors deems relevant.

Sources and Uses of Cash—Fiscal 2025 versus Fiscal 2024

Net cash provided by operating activities for the fiscal years ended June 30, 2024 and 2023 was as follows (in millions):

Net cash provided by operating activities from continuing operations for the fiscal years ended June 30, 2025 and 2024 was as follows:

For the fiscal years ended June 30,

Net cash provided by operating activities $ 1,098 $ 1,092

Net cash provided by operating activities increased by $6 million for the fiscal year ended June 30, 2024 as compared to fiscal 2023.

The increase was primarily due to higher Total Segment EBITDA, largely offset by higher working capital and higher restructuring payments.

Net cash used in investing activities for the fiscal years ended June 30, 2024 and 2023 was as follows (in millions):

(in millions)

Net cash provided by operating activities from continuing operations $ 978 $ 897

Net cash provided by operating activities from continuing operations increased by $81 million for the fiscal year ended June 30, 2025 as compared to fiscal 2024.

The increase was primarily due to higher Total Segment EBITDA and lower restructuring and interest payments, largely offset by higher working capital and higher tax payments.

Net cash used in investing activities from continuing operations for the fiscal years ended June 30, 2025 and 2024 was as follows:

For the fiscal years ended June 30,

Net cash used in investing activities $ (524) $ (574)

Net cash used in investing activities was $524 million for the fiscal year ended June 30, 2024 as compared to net cash used in investing activities of $574 million for fiscal 2023.

During the fiscal year ended June 30, 2024, the Company used $496 million of cash for capital expenditures, of which $139 million related to the Foxtel Group, and $134 million of cash for investments and acquisitions.

During the fiscal year ended June 30, 2023, the Company used $499 million of cash for capital expenditures, of which $152 million related to the Foxtel Group, and $120 million of cash for investments and acquisitions.

Net cash used in financing activities for the fiscal years ended June 30, 2024 and 2023 was as follows (in millions):

(in millions)

Net cash used in investing activities from continuing operations $ (406) $ (410)

Net cash used in investing activities from continuing operations decreased $4 million for the fiscal year ended June 30, 2025 as compared to fiscal 2024 driven by the $193 million of higher proceeds from sales of investments, primarily REA Group’s interest in PropertyGuru, partially offset by the $58 million increase in cash used for purchases of investments, $58 million increase in net cash used for acquisitions and $50 million increase in capital expenditures.

Net cash used in financing activities from continuing operations for the fiscal years ended June 30, 2025 and 2024 was as follows:

For the fiscal years ended June 30,

Net cash used in financing activities $ (441) $ (501)

The Company had net cash used in financing activities of $441 million for the fiscal year ended June 30, 2024 as compared to net cash used in financing activities of $501 million for fiscal 2023.

During the fiscal year ended June 30, 2024, the Company had $1,375 million of borrowing repayments, primarily related to the refinancing of Foxtel and REA Group’s debt portfolios, $117 million of repurchases of outstanding Class A and Class B Common Stock under the Repurchase Program and dividend payments of $172 million to News Corporation stockholders and REA Group minority stockholders.

The net cash used in financing activities was partially offset by new borrowings of $1,268 million primarily related to the refinancing of Foxtel and REA Group’s debt portfolios and $53 million related to the net settlement of certain hedges which were terminated in connection with the refinancing at Foxtel.

During the fiscal year ended June 30, 2023, the Company had $589 million of borrowing repayments, primarily related to the Foxtel Group’s 2019 Credit Facility and U.S.

private placement senior unsecured notes that matured in July 2022, $243 million of repurchases of outstanding Class A and Class B Common Stock under the Repurchase Program and dividend payments of $174 million to News Corporation stockholders and REA Group minority stockholders.

The net cash used in financing activities was partially offset by new borrowings related to the Foxtel Group of $514 million.

(in millions)

Net cash used in financing activities from continuing operations $ (524) $ (483)

Net cash used in financing activities from continuing operations was $524 million for the fiscal year ended June 30, 2025 as compared to $483 million for fiscal 2024.

During the fiscal year ended June 30, 2025, the Company had $203 million of borrowing repayments, primarily related to REA Group, dividend payments of $185 million to News Corporation stockholders and REA Group minority stockholders and $150 million of repurchases of outstanding Class A and Class B Common Stock under the 2021 Repurchase Program.

The net cash used in financing activities from continuing operations was partially offset by new borrowings of $61 million at REA Group.

During the fiscal year ended June 30, 2024, the Company had $409 million of borrowing repayments, primarily related to the refinancing of REA Group’s debt portfolio, dividend payments of $172 million to News Corporation stockholders and REA Group minority stockholders and $117 million of repurchases of outstanding Class A and Class B Common Stock under the 2021 Repurchase Program.

The net cash used in financing activities from continuing operations was partially offset by new borrowings of $278 million primarily related to the refinancing of REA Group’s debt portfolio.

See Note 9—Borrowings in the accompanying Consolidated Financial Statements.

Net cash provided by discontinued operations for the fiscal years ended June 30, 2025 and 2024 was as follows:

For the fiscal years ended June 30,

(in millions)

Net cash provided by discontinued operations $ 370 $ 129

Net cash provided by discontinued operations for the fiscal year ended June 30, 2025 primarily relates to the sale of Foxtel.

Reconciliation of Free Cash Flow

Free cash flow is a non-GAAP financial measure.

Free cash flow is defined as net cash provided by (used in) operating activities, less capital expenditures.

Free cash flow is defined as net cash provided by (used in) operating activities from continuing operations, less capital expenditures.

Free cash flow excludes cash flow from discontinued operations.

Free cash flow may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what items should be included in the calculation of free cash flow.

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The Company believes free cash flow provides useful information to management and investors about the Company’s liquidity and cash flow trends.

The following table presents a reconciliation of net cash provided by operating activities to free cash flow:

For the fiscal years ended

The following table presents a reconciliation of net cash provided by operating activities from continuing operations to free cash flow:

For the fiscal years ended June 30,

(in millions)

Net cash provided by operating activities $ 1,098 $ 1,092

Net cash provided by operating activities from continuing operations

Capital expenditures (407) (357)

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Free cash flow in the fiscal year ended June 30, 2025 was $571 million compared to $540 million in fiscal 2024.

Free cash flow increased primarily due to higher cash provided by operating activities, as discussed above.

As of June 30, 2024, the Company, certain subsidiaries of NXE Australia Pty Limited (the “Foxtel Group” and together with such subsidiaries, the “Foxtel Debt Group”) and REA Group and certain of its subsidiaries (REA Group and certain of its subsidiaries, the “REA Debt Group”) had total borrowings of $2.9 billion, including the current portion.

Both the Foxtel Group and REA Group are consolidated but non wholly-owned subsidiaries of News Corp, and their indebtedness is only guaranteed by members of the Foxtel Debt Group and REA Debt Group, respectively, and is non-recourse to News Corp.

Free cash flow increased due to higher cash provided by operating activities from continuing operations, as discussed above, partially offset by the $50 million increase in capital expenditures.

News Corporation Borrowings

As of June 30, 2024, the Company had (i) borrowings of $1,968 million, consisting of its outstanding 2021 Senior Notes, 2022 Senior Notes and Term A Loans and (ii) $750 million of undrawn commitments available under the Revolving Facility.

Foxtel Group Borrowings

As of June 30, 2024, the Foxtel Debt Group had (i) borrowings of approximately $784 million, including the amounts outstanding under the 2024 Foxtel Credit Facility (described below), the A$40 million 2017 Working Capital Facility and the Telstra Facility (described below) and (ii) total undrawn commitments of A$200 million available under the 2024 Foxtel Credit Facility and 2017 Working Capital Facility.

During the fiscal year ended June 30, 2024, the Foxtel Group refinanced its A$610 million 2019 revolving credit facility, A$250 million term loan facility and tranche 3 of its 2012 U.S.

private placement senior unsecured notes with the proceeds of a new A$1.2 billion syndicated credit facility (the “2024 Foxtel Credit Facility”).

The 2024 Foxtel Credit Facility consists of three sub-facilities:

(i) an A$817.5 million three year revolving credit facility (the “2024 Foxtel Credit Facility — tranche 1”), (ii) a US$48.7 million four year term loan facility (the “ 2024 Foxtel Credit Facility — tranche 2”) and (iii) an A$311.0 million four year term loan facility (the “2024 Foxtel Credit Facility — tranche 3”).

In addition, the Foxtel Group amended its 2017 Working Capital Facility to extend the maturity to August 2026 and modify the pricing.

Depending on the Foxtel Group’s net leverage ratio, (i) borrowings under the 2024 Foxtel Credit Facility — tranche 1 and 2017 Working Capital Facility bear interest at a rate of the Australian BBSY plus a margin of between 2.35% and 3.60%;

(ii) borrowings under the 2024 Foxtel Credit Facility — tranche 2 bear interest at a rate based on a Term SOFR formula, as set forth in the 2024 Foxtel Credit Agreement, plus a margin of between 2.50% and 3.75%;

and (iii) borrowings under the 2024 Foxtel Credit Facility — tranche 3 bear interest at a rate of the Australian BBSY plus a margin of between 2.50% and 3.75%.

Tranche 1 carries a commitment fee of 45% of the applicable margin on any undrawn balance.

Tranches 2 and 3 of the 2024 Foxtel Credit Facility amortize on a proportionate basis in an aggregate annual amount equal to A$35 million in each of the first two years following closing and A$40 million in each of the two years thereafter.

The agreements governing the Foxtel Debt Group’s external borrowings contain customary affirmative and negative covenants and events of default, with customary exceptions, including specified non-financial covenants and financial covenants calculated in accordance with Australian International Financial Reporting Standards.

Subject to certain exceptions, these covenants restrict or prohibit members of the Foxtel Debt Group from, among other things, undertaking certain transactions, disposing of certain properties or assets (including subsidiary stock), merging or consolidating with any other person, making financial accommodation available, giving guarantees, entering into certain other financing arrangements, creating or permitting certain liens, engaging in transactions with affiliates, making repayments of certain other loans, undergoing fundamental business changes and making restricted payments.

In addition, the agreements require the Foxtel Debt Group to maintain a ratio of net debt to Earnings Before Interest, Tax, Depreciation and Amortization, as adjusted under the applicable agreements, of not more than 3.25 to 1.0.

The agreements also require the Foxtel Debt Group to maintain a net interest coverage ratio of not less than 3.5 to 1.0.

There are no assets pledged as collateral for any of the borrowings.

In addition to third-party indebtedness, the Foxtel Debt Group has related party indebtedness consisting of A$596 million of outstanding principal (excluding capitalized interest) of subordinated shareholder loans as of June 30, 2024.

The shareholder loans bear interest at a variable rate of the Australian BBSY plus an applicable margin ranging from 6.30% to 7.75% and mature in December 2027.

Amounts outstanding under the shareholder loans are permitted to be repaid if (i) no actual or potential event of default exists both before and immediately after repayment and (ii) the net debt to EBITDA ratio of the Foxtel Debt Group was on the most recent covenant calculation date, and would be immediately after the cash repayment, less than or equal to 2.25 to 1.0.

In the fiscal year ended June 30, 2024, the Foxtel Debt Group repaid A$104 million of outstanding principal of shareholder loans.

Additionally, the Foxtel Debt Group has an A$170 million subordinated shareholder loan facility with Telstra which can be used to finance cable transmission costs due to Telstra.

The Telstra Facility bears interest at a variable rate of the Australian BBSY plus an applicable margin of 7.75% and matures in December 2027.

The Company excludes the utilization of the Telstra Facility from the Statements of Cash Flows because it is non-cash.

As of June 30, 2025, News Corporation had (i) borrowings of $1,962 million, including the current portion, consisting of its outstanding 2021 Senior Notes, 2022 Senior Notes and Term A Loans, and (ii) $750 million of undrawn commitments available under the Revolving Facility.

REA Group Borrowings

As of June 30, 2024, REA Group had (i) borrowings of approximately $134 million, consisting of amounts outstanding under the 2024 REA Credit Facility (described below) and 2024 Subsidiary Facility (described below) and (ii) A$481 million of undrawn commitments available under the 2024 REA Credit Facility and the 2024 Subsidiary Facility.

During the fiscal year ended June 30, 2024, REA Group entered into a new unsecured syndicated credit facility (the “2024 REA Credit Facility”) which replaced the 2022 Credit Facility and consists of two sub-facilities:

(i) a five-year A$400 million revolving loan facility (the “2024 REA Credit Facility—tranche 1”) which was used to refinance tranche 1 of the 2022 Credit Facility and (ii) an A$200 million revolving loan facility representing the continuation of tranche 2 of the 2022 Credit Facility (the “2024 REA Credit Facility—tranche 2”).

REA Group may request increases in the amount of the 2024 REA Credit Facility up to a maximum amount of A$500 million, subject to the terms and limitations set forth in the syndicated facility agreement.

Borrowings under the 2024 REA Credit Facility — tranche 1 accrue interest at a rate of the Australian BBSY plus a margin of between 1.45% and 2.35%, depending on REA Group’s net leverage ratio.

Borrowings under the 2024 REA Credit Facility — tranche 2 continue to accrue interest at a rate of the Australian BBSY plus a margin of between 1.15% and 2.25%, depending on REA Group’s net leverage ratio.

Both tranches carry a commitment fee of 40% of the applicable margin on any undrawn balance.

The syndicated facility agreement governing the 2024 REA Credit Facility requires REA Group to maintain (i) a net leverage ratio of not more than 3.5 to 1.0 and (ii) an interest coverage ratio of not less than 3.0 to 1.0.

The agreement also contains certain other customary affirmative and negative covenants and events of default.

Subject to certain exceptions, these covenants restrict or prohibit REA Group and its subsidiaries from, among other things, incurring or guaranteeing debt, disposing of certain properties or assets, merging or consolidating with any other person, making financial accommodation available, entering into certain other financing arrangements, creating or permitting certain liens, engaging in non-arms’ length transactions with affiliates, undergoing fundamental business changes and making restricted payments.

During the fiscal year ended June 30, 2024, REA Group also entered into an A$83 million unsecured bilateral revolving credit facility (the “2024 Subsidiary Facility”).

Proceeds of the 2024 Subsidiary Facility were used to refinance an existing facility at one of its subsidiaries and to fund its business of providing short-term financing to real estate agents and vendors.

Borrowings under the 2024 Subsidiary Facility accrue interest at a rate of the Australian BBSY plus a margin of 1.40% and undrawn balances carry a commitment fee of 40% of the applicable margin.

The facility agreement governing the 2024 Subsidiary Facility permits the lender to cancel its commitment and declare all outstanding amounts immediately due and payable after a consultation period in specified circumstances, including if certain key operating measures of its subsidiary fall below the budgeted amount for two consecutive quarters.

The agreement also contains certain other customary affirmative and negative covenants and events of default that are similar to those governing the 2024 REA Credit Facility.

As of June 30, 2025, REA Group had A$400 million of undrawn commitments available under the 2024 REA Credit Facility.

During the fiscal year ended June 30, 2025, REA Group terminated its (i) A$83 million 2024 Subsidiary Facility and repaid the amount outstanding using capacity available under the 2024 REA Credit Facility and (ii) terminated its A$200 million 2024 REA Credit Facility—tranche 2 and repaid the amount outstanding using proceeds from the sale of REA Group’s interest in PropertyGuru.

REA Group is a consolidated but non wholly-owned subsidiary of News Corp, and its indebtedness is only guaranteed by REA Group and certain of its subsidiaries and is non-recourse to News Corp.

All of the Company’s borrowings contain customary representations, covenants and events of default.

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Payments Due by Period

Total Less than 1

year 1-3 years 3-5 years More than

Less than 1 year

More than 5 years

(in millions)

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$ 415 $ 437 $ 88 $ 94 $ 1,034

Sports programming rights (b)

3,177 481 1,080 775 841

Programming costs (c)

908 324 407 169 8

Operating leases (d)

Transmission costs (e)

Operating leases (b)

117 208 146 860 1,331

Land and buildings 1,486 143 245 149 949

Plant and machinery 11 5 4 2 —

Finance leases

Transmission costs (e)

Borrowings (f)

Borrowings (c)

25 450 1,000 500 1,975

Interest payments on borrowings (g)

Interest payments on borrowings (d)

81 144 90 51 366

Total commitments and contractual obligations $ 638 $ 1,239 $ 1,324 $ 1,505 $ 4,706

(a) The Company has commitments under purchase obligations related to minimum subscriber guarantees for license fees, printing contracts, capital projects, marketing agreements, production services and other legally binding commitments.

(b) The Company has sports programming rights commitments with the National Rugby League, Australian Football League and Cricket Australia, as well as certain other broadcast rights, which are payable through fiscal 2032.

(d) The Company leases office facilities, warehouse facilities, printing plants, satellite services and equipment.

(a) The Company has commitments under purchase obligations related to technology infrastructure services, marketing agreements, content licensing costs and other legally binding commitments.

(b) The Company leases office facilities, warehouse facilities, printing plants and equipment.

These leases, which are classified as operating leases, are expected to be paid at certain dates through fiscal 2048.

Amounts reflected represent only the Company’s lease obligations for which it has firm commitments.

(e) The Company has contractual commitments for satellite transmission services.

The Company’s satellite transponder services arrangements extend through fiscal 2032 and are accounted for as operating or finance leases, based on the underlying terms of those arrangements.

(f) See Note 9—Borrowings in the accompanying Consolidated Financial Statements.

(g) Reflects the Company’s expected future interest payments based on borrowings outstanding and interest rates applicable at June 30, 2024.

(d) Reflects the Company’s expected future interest payments based on borrowings outstanding and interest rates applicable at June 30, 2025.

Such rates are subject to change in future periods.

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The outcome of these matters and claims is subject to significant uncertainty, and the Company often cannot predict what the eventual outcome of pending matters will be or the timing of the ultimate resolution of these matters.

Fees, expenses, fines, penalties, judgments or settlement costs which might be incurred by the Company in connection with the various proceedings could adversely affect its results of operations and financial condition.

Fees, expenses, fines, penalties,

judgments or settlement costs which might be incurred by the Company in connection with the various proceedings could adversely affect its results of operations and financial condition.

The Company establishes an accrued liability for legal claims when it determines that a loss is probable and the amount of the loss can be reasonably estimated.

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During the fourth quarter of fiscal 2025, as part of the Company’s long-range planning process, the Company completed its annual goodwill and indefinite-lived intangible asset impairment test.

The performance of the Company’s annual impairment analysis resulted in $18 million of impairments to an indefinite-lived intangible asset and goodwill in fiscal 2024.

Significant unobservable inputs utilized in the income approach valuation method were discount rates (ranging from 8.0% to 18.5%), long-term growth rates (ranging from 1.0% to 3.5%) and royalty rates (ranging from 0.25% to 7.0%).

Significant unobservable inputs utilized in the market approach valuation method were EBITDA and revenue multiples from guideline public companies operating in similar industries (ranging from 5.5x to 11.8x and 2.0x to 2.8x, respectively) and control premiums (ranging from 5.0% to 10.0%).

The performance of the Company’s annual impairment analysis resulted in no impairments to indefinite-lived intangible assets or goodwill in fiscal 2025.

The Company utilized the qualitative assessment for certain of its reporting units and indefinite-lived intangible assets.

The qualitative tests performed considered various factors since the performance of the last quantitative test, including, but not limited to, macroeconomic conditions, industry and company-specific trends and parent company share price performance.

Significant unobservable inputs utilized in the income approach valuation method for quantitative assessments were discount rates (generally ranging from 8.0% to 17.0%), long-term growth rates (ranging from 2.0% to 3.0%) and royalty rates (ranging from 0.25% to 5.0%).

Significant unobservable inputs utilized in the market approach valuation method for quantitative assessments were EBITDA and revenue multiples from guideline public companies operating in similar industries (ranging from 5.0x to 10.0x and 2.0x to 2.8x, respectively) and control premiums (ranging from 5.0% to 10.0%).

Significant increases (decreases) in royalty rates, growth rates, control premiums and multiples, assuming no change in discount rates, would result in a significantly higher (lower) fair value measurement.

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See Note 8—Goodwill and Other Intangible Assets in the accompanying Consolidated Financial Statements for further details regarding changes in these inputs and assumptions compared to prior fiscal years.

As of June 30, 2024, there were no reporting units with goodwill at-risk for future impairment.

The Company will continue to monitor its goodwill for possible future impairment.

Programming Costs

Costs incurred in acquiring programming rights are accounted for in accordance with ASC 920, Entertainment—Broadcasters (“ASC 920”).

Programming rights and the related liabilities are recorded at the gross amount of the liabilities when the license period has begun, the cost of the program is determinable and the program is accepted and available for airing.

Programming costs are amortized based on the expected pattern of consumption over the license period or expected useful life of each program, which requires significant judgment.

The pattern of consumption is based primarily on consumer viewership information as well as other factors.

If initial airings are expected to generate higher viewership, an accelerated method of amortization is used.

The Company monitors its programming amortization policy on an ongoing basis and any impact arising from changes to the policy would be recognized prospectively.

The Company regularly reviews its programming assets for events or changes in circumstances that would indicate that the fair value of the programming asset may be less than its unamortized cost.

Changes in circumstances may result in a write-down of the asset to fair value.

The Company has single and multi-year contracts for broadcast rights of sporting events.

The costs of sports contracts are primarily charged to expense over the respective season as events are aired.

For sports contracts with dedicated channels, the Company amortizes the sports programming rights costs over 12 months.

The Company is subject to income taxes in the U.S.

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The Company will use a weighted average long-term rate of return of 6.4% for fiscal 2026 based principally on a combination of current asset mix and an expectation of future long term investment returns.

The accumulated net pre-tax losses on the Company’s pension plans as of June 30, 2024 were approximately $438 million which decreased from approximately $467 million for the Company’s pension plans as of June 30, 2023.

This net decrease of $29 million was primarily due to unrecognized losses amortized during fiscal 2024 and the settlement of certain plans.

The accumulated net pre-tax losses on the Company’s pension plans as of June 30, 2025 were approximately $456 million which increased from approximately $438 million for the Company’s pension plans as of June 30, 2024.

This net increase of $18 million was primarily due to losses on plan assets and the negative impact of foreign currency fluctuations.

Lower discount rates increase present values of benefit obligations, the Company’s deferred losses and subsequent-year benefit costs.

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See Note 17—Retirement Benefit Obligations and Note 18—Other Postretirement Benefits in the accompanying Consolidated Financial Statements.

Changes in net periodic benefit costs may occur in the future due to changes in the Company’s expected rate of return on plan assets and discount rate resulting from economic events.

Changes in net periodic benefit costs (income) may occur in the future due to changes in the Company’s expected rate of return on plan assets and discount rate resulting from economic events.

The following table highlights the sensitivity of the Company’s pension obligations and expense to changes in these assumptions, assuming all other assumptions remain constant:

Changes in Assumption Impact on Annual

Pension Expense Impact on Projected

Benefit Obligation

Changes in Assumption Impact on Annual Pension Expense

Impact on Projected Benefit Obligation

0.25 percentage point decrease in discount rate — Increase $20 million

3 unchanged sentences

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.

What changed 10-K

Item 7. Management’s Discussion and Analysis