What changed in this filing

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Item 1. Financial Statements

2025-11-07 compared with 2025-05-09 · 254 added, 357 removed, 507 unchanged (55% of the section changed)

4 unchanged sentences

For the three months ended

March 31, For the nine months ended

September 30,

Notes 2025 2024

10 unchanged sentences

Equity losses of affiliates 5 ( 2 ) ( 3 )

Interest income (expense), net 1 ( 3 ) ( 2 ) ( 18 )

Interest income, net 6 —

Other, net 13 4 22

2 unchanged sentences

Net income from continuing operations 150 149

Net income (loss) from discontinued operations, net of tax 2 30 ( 22 ) 2 ( 29 )

Net loss from discontinued operations, net of tax 2 — ( 5 )

Net income 150 144

Net income attributable to noncontrolling interests from continuing operations ( 38 ) ( 31 )

Net (income) loss attributable to noncontrolling interests from discontinued operations ( 8 ) 10 8 19

Net loss attributable to noncontrolling interests from discontinued operations — 6

Net income attributable to News Corporation stockholders $ 112 $ 119

Net income (loss) attributable to News Corporation stockholders per share:

Net income attributable to News Corporation stockholders per share:

Continuing operations

2 unchanged sentences

$ 0.20 $ 0.21

$ 0.18 $ 0.05 $ 0.77 $ 0.38

Continuing operations

2 unchanged sentences

$ 0.20 $ 0.21

$ 0.18 $ 0.05 $ 0.77 $ 0.38

The accompanying notes are an integral part of these unaudited consolidated financial statements.

2 unchanged sentences

For the three months ended

March 31, For the nine months ended

2025 2024 2025 2024

September 30,

Net income $ 150 $ 144

Other comprehensive income (loss):

Other comprehensive (loss) income:

Foreign currency translation adjustments ( 27 ) 170

Net change in the fair value of cash flow hedges (a)

( 5 ) 6 ( 11 ) ( 12 )

Benefit plan adjustments, net (b)

Other comprehensive income (loss) 42 ( 131 ) ( 205 ) ( 66 )

Comprehensive income (loss) 179 ( 89 ) 359 217

Other comprehensive (loss) income ( 23 ) 151

Comprehensive income 127 295

Net income attributable to noncontrolling interests ( 38 ) ( 25 )

Other comprehensive (income) loss attributable to noncontrolling interests (c)

( 10 ) 39 64 21

Comprehensive income (loss) attributable to News Corporation stockholders $ 135 $ ( 62 ) $ 296 $ 171

(a) Net of income tax expense (benefit) of $( 2 ) million and $ 2 million for the three months ended March 31, 2025 and 2024, respectively, and $( 4 ) million and $( 5 ) million for the nine months ended March 31, 2025 and 2024, respectively.

(b) Net of income tax expense (benefit) of nil and $ 2 million for the three months ended March 31, 2025 and 2024, respectively, and $ 2 million and $ 6 million for the nine months ended March 31, 2025 and 2024, respectively.

Other comprehensive income attributable to noncontrolling interests (c)

Comprehensive income attributable to News Corporation stockholders $ 88 $ 239

(a) Net of income tax expense (benefit) of $( 1 ) million and $( 6 ) million for the three months ended September 30, 2025 and 2024, respectively.

(b) Net of income tax expense (benefit) of $ 2 million and $( 1 ) million for the three months ended September 30, 2025 and 2024, respectively.

3 unchanged sentences

(Millions, except share and per share amounts)

March 31, 2025 As of

September 30, 2025 As of

June 30, 2025

(unaudited) (audited)

Current assets:

3 unchanged sentences

Other current assets 313 519

Current assets held for sale

Total current assets 4,473 4,811

7 unchanged sentences

Other non-current assets 13 1,192 1,000

Non-current assets held for sale

Total assets $ 15,343 $ 15,504

6 unchanged sentences

Other current liabilities 13 691 714

Current liabilities held for sale

Total current liabilities 2,537 2,608

5 unchanged sentences

Other non-current liabilities 494 492

Non-current liabilities held for sale

Commitments and contingencies 10

8 unchanged sentences

Total liabilities and equity $ 15,343 $ 15,504

(a) Class A common stock , $ 0.01 par value per share (“Class A Common Stock”), 1,500,000,000 shares authorized, 377,542,384 and 378,670,671 shares issued and outstanding, net of 27,368,413 treasury shares at par, at March 31, 2025 and June 30, 2024, respectively.

(b) Class B common stock , $ 0.01 par value per share (“Class B Common Stock”), 750,000,000 shares authorized, 189,079,514 and 190,423,250 shares issued and outstanding, net of 78,430,424 treasury shares at par, at March 31, 2025 and June 30, 2024, respectively.

(a) Class A common stock , $ 0.01 par value per share (“Class A Common Stock”), 1,500,000,000 shares authorized, 376,118,969 and 376,718,696 shares issued and outstanding, net of 27,368,413 treasury shares at par, at September 30, 2025 and June 30, 2025, respectively.

(b) Class B common stock , $ 0.01 par value per share (“Class B Common Stock”), 750,000,000 shares authorized, 187,745,066 and 188,666,990 shares issued and outstanding, net of 78,430,424 treasury shares at par, at September 30, 2025 and June 30, 2025, respectively.

The accompanying notes are an integral part of these unaudited consolidated financial statements.

1 unchanged sentence

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the nine months ended

For the three months ended

September 30,

Notes 2025 2024

1 unchanged sentence

Net income $ 150 $ 144

Net (income) loss from discontinued operations, net of tax ( 2 ) 29

Net loss from discontinued operations, net of tax — 5

Net income from continuing operations $ 150 $ 149

13 unchanged sentences

Capital expenditures ( 81 ) ( 75 )

Proceeds from sales of property, plant and equipment 1 —

Acquisitions, net of cash acquired ( 41 ) ( 12 )

11 unchanged sentences

Cash flows from discontinued operations:

Net cash provided by operating activities from discontinued operations 157 122

Net cash (used in) provided by operating activities from discontinued operations ( 5 ) 39

Net cash used in investing activities from discontinued operations — ( 20 )

Net cash (used in) provided by financing activities from discontinued operations ( 39 ) 3

Net cash provided by discontinued operations 53 18

Net change in cash, cash equivalents and restricted cash 223 121

Cash, cash equivalents and restricted cash, beginning of year 1,960 1,833

Effect of exchange rate changes on cash, cash equivalents and restricted cash ( 12 ) ( 11 )

Cash, cash equivalents and restricted cash, end of period 2,171 1,943

Net cash used in financing activities from discontinued operations — ( 38 )

Net cash used in discontinued operations ( 5 ) ( 19 )

Net change in cash and cash equivalents, including discontinued operations ( 200 ) ( 218 )

Effect of exchange rate changes on cash and cash equivalents, including discontinued operations ( 5 ) 36

Cash and cash equivalents, including discontinued operations, beginning of year 2,403 1,960

Cash and cash equivalents, including discontinued operations, end of period 2,198 1,778

Cash and cash equivalents at end of period of discontinued operations — ( 15 )

6 unchanged sentences

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

The assets and liabilities of the Foxtel Group (“Foxtel”) have been classified as held for sale and the results of operations and cash flows have been classified as discontinued operations for all periods presented.

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.

Unless indicated otherwise, the information in the notes to the unaudited Consolidated Financial Statements relates to the Company’s continuing operations.

See Note 2—Discontinued Operations.

Basis of Presentation

4 unchanged sentences

Actual results could differ from those estimates.

Intercompany transactions and balances have been eliminated, with the exception of those pertaining to Foxtel that are expected to continue after the sale.

Intercompany transactions and balances have been eliminated.

Equity investments in which the Company exercises significant influence but does not exercise control and is not the primary beneficiary are accounted for using the equity method.

5 unchanged sentences

Fiscal 2026 and fiscal 2025 include 52 weeks.

All references to the three and nine months ended March 31, 2025 and 2024 relate to the three and nine months ended March 30, 2025 and March 31, 2024, respectively.

For convenience purposes, the Company continues to date its Consolidated Financial Statements as of March 31.

Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current fiscal year presentation.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

All references to the three months ended September 30, 2025 and 2024 relate to the three months ended September 28, 2025 and September 29, 2024, respectively.

For convenience purposes, the Company continues to date its Consolidated Financial Statements as of September 30.

Recently Issued Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures (“ASU 2023-07”).

The amendments in ASU 2023-07 expand public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of other segment items and expanded interim disclosures that align with those required annually, among other provisions.

ASU 2023-07 requires the amendments to be applied retrospectively and is effective for the Company’s annual reporting period beginning on July 1, 2024 and interim reporting periods beginning on July 1, 2025.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

2 unchanged sentences

Additionally, the amendments eliminate certain disclosures currently required under Topic 740.

ASU 2023-09 is effective for the Company’s annual reporting period beginning on July 1, 2025, with early adoption permitted.

The Company is currently evaluating the impact ASU 2023-09 will have on its consolidated financial statements.

ASU 2023-09 is effective for the Company’s annual reporting periods beginning on July 1, 2025, with early adoption permitted.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):

1 unchanged sentence

The amendments in ASU 2024-03 require public entities to disclose specified information about certain costs and expenses.

ASU 2024-03 is effective for the Company’s annual reporting period beginning on July 1, 2027 and interim reporting periods beginning on July 1, 2028, with early adoption permitted.

ASU 2024-03 is effective for the Company’s annual reporting periods beginning on July 1, 2027 and interim reporting periods beginning on July 1, 2028, with early adoption permitted.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

In July 2025, the FASB issued ASU 2025-05 , Financial Instruments—Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”).

The amendments in ASU 2025-05 provide entities with a practical expedient to simplify the estimation of expected credit losses on current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606, Revenue from Contracts with Customers (“ASC 606”) by allowing the assumption that current conditions as of the balance sheet date will not change during the remaining life of the asset.

ASU 2025-05 is effective for the Company for its annual reporting periods beginning July 1, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted.

The Company is currently evaluating the impact ASU 2025-05 will have on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) (“ASU 2025-06”).

The amendments in ASU 2025-06 eliminate all references to project stages throughout Subtopic 350-40 and require an entity to begin capitalizing software costs when both (1) management has authorized and committed to funding the project and (2) it is probable that the project will be completed and the software will be used to perform the function intended (the “probable-to-complete recognition threshold”).

ASU 2025-06 is effective for the Company for its annual reporting periods beginning July 1, 2028, and interim periods within those annual reporting periods, with early adoption permitted.

The Company is currently evaluating the impact ASU 2025-06 will have on its consolidated financial statements.

DISCONTINUED OPERATIONS

During the second quarter of fiscal 2025, the Company entered into a definitive agreement to sell Foxtel to DAZN Group Limited (“DAZN”), a global sports streaming platform, which closed on April 2, 2025.

Under the terms of the agreement, all amounts outstanding under Foxtel’s shareholder loans with News Corp (A$ 592 million) were repaid in full in cash at closing.

Foxtel’s third-party borrowings transferred with the business, and News Corp received a minority equity interest in DAZN of approximately 6 % and holds one seat on its Board of Directors.

Telstra Group Ltd also sold its minority interest in Foxtel.

The assets and liabilities of Foxtel have been classified as held for sale and the results of operations and cash flows have been classified as discontinued operations for all periods presented in accordance with ASC 205-20, Discontinued Operations (“ASC 205-20”), as the disposition reflects a strategic shift that has, and will have, a major effect on the Company’s operations and financial results.

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”), and the sale closed on April 2, 2025.

The results of operations and cash flows of Foxtel have been classified as discontinued operations for all periods presented in accordance with ASC 205-20, Discontinued Operations , as the disposition reflected a strategic shift that had a major effect on the Company’s operations and financial results.

Upon reclassification of Foxtel’s results, the Company determined that the Subscription Video Services segment was no longer a reportable segment and the residual results of the segment were aggregated into the News Media segment.

1 unchanged sentence

See Note 12—Segment Information.

In all periods presented, transactions between Foxtel and the continuing operations of the Company that are not expected to continue after the sale are eliminated, whereas those expected to continue are no longer eliminated.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The following table summarizes the assets and liabilities of Foxtel classified to held for sale:

March 31, 2025 As of

June 30, 2024

(in millions)

Assets held for sale:

Current assets:

Cash and cash equivalents $ 76 $ 88

Receivables, net 84 83

Inventory, net 46 30

Other current assets 157 139

Total current assets (a)

Non-current assets:

Investments 1 1

Property, plant and equipment, net 550 642

Operating lease right-of-use assets 137 153

Intangible assets, net 326 374

Goodwill 801 850

Other non-current assets 186 213

Total non-current assets (a)

Total assets held for sale $ 2,364 $ 2,573

Liabilities held for sale:

Current liabilities:

Accounts payable $ 32 $ 60

Accrued expenses 257 245

Deferred revenue 66 68

Current borrowings 28 45

Other current liabilities 150 133

Total current liabilities (a)

Non-current liabilities:

Borrowings 696 762

Deferred income tax liabilities, net 90 98

Operating lease liabilities 96 115

Other non-current liabilities

Total non-current liabilities (a)

Total liabilities held for sale $ 1,431 $ 1,546

(a) The assets and liabilities held for sale are classified as current on the March 31, 2025 balance sheet as the transaction closed on April 2, 2025.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The following table summarizes the results of operations from the discontinued operations of Foxtel for the three and nine months ended March 31, 2025 and 2024:

For the three months ended

March 31, For the nine months ended

2025 2024 2025 2024

In all periods presented, transactions between Foxtel and the continuing operations of the Company that did not continue after the sale are eliminated, whereas those that continued are no longer eliminated.

The following table summarizes the results of operations from the discontinued operations of Foxtel for the three months ended September 30, 2024:

For the three months ended September 30, 2024

(in millions)

2 unchanged sentences

Selling, general and administrative ( 85 )

Depreciation and amortization (a)

— ( 78 ) ( 156 ) ( 217 )

Depreciation and amortization

Impairment and restructuring charges ( 1 )

Interest expense, net ( 18 )

Other, net ( 1 ) ( 1 ) ( 1 ) 3

Income (loss) before income tax (expense) benefit 45 ( 32 ) 7 ( 39 )

Income tax (expense) benefit ( 15 ) 10 ( 5 ) 10

Net income (loss) 30 ( 22 ) 2 ( 29 )

Net (income) loss attributable to noncontrolling interests

( 8 ) 10 8 19

Net income (loss) attributable to News Corporation stockholders

22 ( 12 ) 10 ( 10 )

(a) Depreciation and amortization is not recognized for long lived assets subsequent to their classification as held for sale.

The following tables present the Company’s disaggregated revenues by type and segment for the three and nine months ended March 31, 2025 and 2024:

For the three months ended March 31, 2025

Dow Jones Digital Real

Services Book

Publishing News Media Other Total

(in millions)

Circulation and subscription $ 478 $ 1 $ — $ 276 $ — $ 755

Advertising 86 36 — 186 — 308

Consumer — — 492 — — 492

Real estate — 318 — — — 318

Other 11 51 22 52 — 136

Total Revenues $ 575 $ 406 $ 514 $ 514 $ — $ 2,009

Loss before income tax benefit ( 5 )

Income tax benefit —

Net loss ( 5 )

Net loss attributable to noncontrolling interests

Net income attributable to News Corporation stockholders

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended March 31, 2024

Dow Jones Digital Real

Services Book

Publishing News Media Other Total

(in millions)

Circulation and subscription $ 445 $ 3 $ — $ 286 $ — $ 734

Advertising 86 32 — 205 — 323

Consumer — — 484 — — 484

Real estate — 301 — — — 301

Other 13 52 22 65 — 152

Total Revenues $ 544 $ 388 $ 506 $ 556 $ — $ 1,994

For the nine months ended March 31, 2025

The following tables present the Company’s disaggregated revenues by type and segment for the three months ended September 30, 2025 and 2024:

For the three months ended September 30, 2025

Dow Jones Digital Real

8 unchanged sentences

Total Revenues $ 586 $ 479 $ 534 $ 545 $ — $ 2,144

For the nine months ended March 31, 2024

For the three months ended September 30, 2024

Dow Jones Digital Real

8 unchanged sentences

Total Revenues $ 552 $ 457 $ 546 $ 541 $ — $ 2,096

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Contract Liabilities and Assets

The Company’s deferred revenue balance primarily relates to amounts received from customers for subscriptions paid in advance of the services being provided.

The following table presents changes in the deferred revenue balance for the three and nine months ended March 31, 2025 and 2024:

The following table presents changes in the deferred revenue balance for the three months ended September 30, 2025 and 2024:

For the three months ended

March 31, For the nine months ended

2025 2024 2025 2024

September 30,

(in millions)

5 unchanged sentences

Balance, end of period $ 504 $ 488

(a) For the three and nine months ended March 31, 2025, the Company recognized $ 178 million and $ 428 million, respectively, of revenue which was included in the opening deferred revenue balance.

For the three and nine months ended March 31, 2024, the Company recognized $ 153 million and $ 498 million, respectively, of revenue which was included in the opening deferred revenue balance.

Contract assets were immaterial for disclosure as of March 31, 2025 and 2024.

(a) For the three months ended September 30, 2025 and 2024, the Company recognized $ 292 million and $ 277 million, respectively, of revenue which was included in the opening deferred revenue balance.

The Company had contract assets of $ 57 million and $ 20 million as of September 30, 2025 and 2024, respectively.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Other Revenue Disclosures

1 unchanged sentence

These costs are recorded within Selling, general and administrative in the Statements of Operations.

The Company also does not capitalize significant financing components when the transfer of the good or service is paid within twelve months or less, or consideration is received within twelve months or less of the transfer of the good or service.

For the three and nine months ended March 31, 2025, the Company recognized approximately $ 112 million and $ 334 million, respectively, in revenues related to performance obligations that were satisfied or partially satisfied in a prior reporting period.

The remaining transaction price related to unsatisfied performance obligations as of March 31, 2025 was approximately $ 1,184 million, of which approximately $ 126 million is expected to be recognized over the remainder of fiscal 2025, $ 405 million is expected to be recognized in fiscal 2026 and $ 272 million is expected to be recognized in fiscal 2027, with the remainder to be recognized thereafter.

The Company also does not capitalize significant financing components when the transfer of the good or service is paid within twelve months or less, or the consideration is received within twelve months or less of the transfer of the good or service.

For the three months ended September 30, 2025, the Company recognized approximately $ 107 million in revenues related to performance obligations that were satisfied or partially satisfied in a prior reporting period.

The remaining transaction price related to unsatisfied performance obligations as of September 30, 2025 was approximately $ 1,114 million, of which approximately $ 362 million is expected to be recognized over the remainder of fiscal 2026, $ 318 million is expected to be recognized in fiscal 2027 and $ 142 million is expected to be recognized in fiscal 2028, with the remainder to be recognized thereafter.

These amounts do not include (i) contracts with an expected duration of one year or less, (ii) contracts for which variable consideration is determined based on the customer’s subsequent sale or usage and (iii) variable consideration allocated to performance obligations accounted for under the series guidance that meets the allocation objective under ASC 606, Revenue from Contracts with Customers .

IMPAIRMENT AND RESTRUCTURING CHARGES

Restructuring

During the three and nine months ended March 31, 2025, the Company recorded restructuring charges of $ 11 million and $ 49 million, respectively.

During the three and nine months ended March 31, 2024, the Company recorded restructuring charges of $ 35 million and $ 60 million, respectively.

The restructuring charges recorded in fiscal 2025 and 2024 primarily related to employee termination benefits.

Fiscal 2024 Impairment

During the nine months ended March 31, 2024, the Company recognized non-cash impairment charges of $ 22 million at the News Media segment related to the write-down of fixed assets associated with the combination of News UK’s printing operations with those of DMG Media.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

During the three months ended September 30, 2025 and 2024 , the Company recorded impairment and restructuring charges of $ 19 million and $ 22 million, including restructuring charges of $ 14 million and $ 22 million, respectively, primarily related to employee termination benefits.

Changes in restructuring program liabilities were as follows:

For the three months ended March 31,

benefits Other costs Total One time

benefits Other costs Total

(in millions)

Balance, beginning of period $ 18 $ 31 $ 49 $ 22 $ 38 $ 60

Additions 11 — 11 34 1 35

Payments ( 12 ) ( 3 ) ( 15 ) ( 24 ) ( 1 ) ( 25 )

( 1 ) 1 — ( 1 ) — ( 1 )

Balance, end of period $ 16 $ 29 $ 45 $ 31 $ 38 $ 69

For the nine months ended March 31,

For the three months ended September 30,

benefits Other costs Total One time

6 unchanged sentences

Balance, end of period $ 37 $ 46 $ 83 $ 23 $ 34 $ 57

As of March 31, 2025, restructuring liabilities of approximately $ 21 million were included in the Balance Sheet in Other current liabilities and $ 24 million were included in Other non-current liabilities.

As of September 30, 2025, restructuring liabilities of $ 41 million were included in the Balance Sheet in Other current liabilities and $ 42 million were included in Other non-current liabilities.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The Company’s investments were comprised of the following:

Ownership Percentage as of March 31, 2025 As of

March 31, 2025 As of

Ownership Percentage as of September 30, 2025 As of

September 30, 2025 As of

June 30, 2025

6 unchanged sentences

(a) Equity method investments include News UK’s joint venture with DMG Media.

In December 2024, REA Group’s interest in PropertyGuru was acquired by a third party.

A gain of approximately $ 87 million was recognized on the sale and recorded in Other, net.

See Note 13—Additional Financial Information.

(b) Equity and other securities are primarily comprised of certain investments in China, Nexxen International, Ltd., REA Group’s investment in Athena Home Loans and RipJar Ltd., an artificial intelligence-focused data analytics company.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(b) Equity and other securities are primarily comprised of the Company’s interest in DAZN, certain investments in China, Nexxen International, Ltd., REA Group’s investment in Athena Home Loans and RipJar Ltd., an artificial intelligence-focused data analytics company.

The Company has equity securities with quoted prices in active markets as well as equity securities without readily determinable fair market values.

2 unchanged sentences

For the three months ended

March 31, For the nine months ended

2025 2024 2025 2024

(in millions) (in millions)

September 30,

(in millions)

Total gains (losses) recognized on equity securities $ ( 1 ) $ 10

Net gains (losses) recognized on equity securities sold

( 1 ) — ( 1 ) —

Unrealized gains (losses) recognized on equity securities held at end of period $ ( 1 ) $ 10

Equity Losses of Affiliates

The Company’s share of the losses of its equity affiliates was nil and $ 11 million for the three and nine months ended March 31, 2025, respectively, and $ 2 million and $ 5 million for the corresponding periods of fiscal 2024, respectively.

The Company’s share of the losses of its equity affiliates was $ 2 million and $ 3 million for the three months ended September 30, 2025 and 2024, respectively.

The Company’s total borrowings consist of the following:

Interest rate at March 31, 2025 Maturity at March 31, 2025 As of

March 31, 2025 As of

Interest rate at September 30, 2025 Maturity at September 30, 2025 As of

September 30, 2025 As of

June 30, 2025

8 unchanged sentences

5.08 % Sep 15, 2028 — —

2024 REA credit facility — tranche 2 (d)

2024 Subsidiary facility (e)

Total borrowings 1,956 1,962

current portion (f)

current portion (d)

( 25 ) ( 25 )

Long-term borrowings

1 unchanged sentence

(a) The Company entered into an interest rate swap derivative to fix the floating rate interest component of its Term A Loans at 2.083 %.

For the three months ended March 31, 2025, the Company was paying interest at an effective interest rate of 3.521 %.

For the three months ended September 30, 2025, the Company was paying interest at an effective interest rate of 3.458 %.

See Note 8—Financial Instruments and Fair Value Measurements.

(b) These borrowings were incurred by REA Group and certain of its subsidiaries (REA Group and certain of its subsidiaries, the “REA Debt Group”), consolidated but non wholly-owned subsidiaries of News Corp, and are only guaranteed by the REA Debt Group and are non-recourse to News Corp.

(d) This facility was terminated by REA Group during the nine months ended March 31, 2025, with the amount outstanding repaid using proceeds from the sale of REA Group’s interest in PropertyGuru.

See Note 5—Investments.

(e) This facility was terminated by REA Group during the nine months ended March 31, 2025, with the amount outstanding repaid using capacity available under the 2024 REA Credit Facility.

(f) The current portion of long term debt as of March 31, 2025 and June 30, 2024 relates to required principal repayments on the 2022 Term Loan A.

The Company’s borrowings and those of its consolidated subsidiaries contain customary representations, covenants and events of default, including those discussed in the Company’s 2024 Form 10-K.

If any of the events of default occur and are not cured

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

within applicable grace periods or waived, any unpaid amounts under the applicable debt agreements may be declared immediately due and payable.

The Company was in compliance with all such covenants at March 31, 2025.

The following tables summarize changes in equity for the three and nine months ended March 31, 2025 and 2024:

For the three months ended March 31, 2025

Class A Common

Stock Class B Common

Stock Additional

Capital Accumulated

Deficit Accumulated

Comprehensive

Equity Non-controlling

Interests Total

Shares Amount Shares Amount

(in millions)

Balance, December 31, 2024 378 $ 4 189 $ 2 $ 11,141 $ ( 1,574 ) $ ( 1,424 ) $ 8,149 $ 876 $ 9,025

Net income — — — — — 103 — 103 34 137

Other comprehensive income — — — — — — 32 32 10 42

Dividends — — — — ( 57 ) — — ( 57 ) ( 36 ) ( 93 )

Share repurchases ( 1 ) — — — ( 28 ) ( 9 ) — ( 37 ) — ( 37 )

Other — — — — 14 ( 1 ) — 13 ( 6 ) 7

Balance, March 31, 2025 377 $ 4 189 $ 2 $ 11,070 $ ( 1,481 ) $ ( 1,392 ) $ 8,203 $ 878 $ 9,081

For the three months ended March 31, 2024

Class A Common

Stock Class B Common

Stock Additional

Capital Accumulated

Deficit Accumulated

Comprehensive

Equity Non-controlling

Interests Total

Shares Amount Shares Amount

(in millions)

Balance, December 31, 2023 380 $ 4 191 $ 2 $ 11,334 $ ( 1,958 ) $ ( 1,200 ) $ 8,182 $ 920 $ 9,102

Net income — — — — — 30 — 30 12 42

Other comprehensive loss — — — — — — ( 92 ) ( 92 ) ( 39 ) ( 131 )

Dividends — — — — ( 57 ) — — ( 57 ) ( 29 ) ( 86 )

Share repurchases ( 1 ) — ( 1 ) — ( 22 ) ( 5 ) — ( 27 ) — ( 27 )

1 — 1 — 15 — — 15 ( 7 ) 8

Balance, March 31, 2024 380 $ 4 191 $ 2 $ 11,270 $ ( 1,933 ) $ ( 1,292 ) $ 8,051 $ 857 $ 8,908

For the nine months ended March 31, 2025

(b) Borrowings under this facility are incurred by REA Group and certain of its subsidiaries (REA Group and certain of its subsidiaries, the “REA Debt Group”), consolidated but non wholly-owned subsidiaries of News Corp, and are only guaranteed by the REA Debt Group and are non-recourse to News Corp.

(c) This facility was amended during the three months ended September 30, 2025 to reduce the total amount available under the facility to A$ 200 million.

As of September 30, 2025, REA Group had total undrawn commitments of A$ 200 million available under this facility.

(d) The current portion of long term debt as of September 30, 2025 and June 30, 2025 relates to required principal repayments on the 2022 Term Loan A.

HarperCollins Equipment Lease

In October 2025, HarperCollins entered into a finance leasing arrangement for up to $ 120 million of equipment for a new warehouse (the “Equipment Lease”).

Interest accrues on amounts drawn under the Equipment Lease based on the Term SOFR plus a margin of 1.475 %.

The Equipment Lease may be drawn on until June 30, 2028, after which lease payments commence for a term of 7 years.

The lease obligations are secured by the acquired equipment, and ownership of the equipment acquired under the Equipment Lease will transfer to HarperCollins at the end of the lease term.

The Equipment Lease will be classified as a finance lease on the Company’s balance sheet.

The Company’s borrowings and those of its consolidated subsidiaries contain customary representations, covenants and events of default, including those discussed in the Company’s 2025 Form 10-K.

If any of the events of default occur and are not cured within applicable grace periods or waived, any unpaid amounts under the applicable debt agreements may be declared immediately due and payable.

The Company was in compliance with all applicable covenants at September 30, 2025.

The following tables summarize changes in equity for the three months ended September 30, 2025 and 2024:

For the three months ended September 30, 2025

Class A Common

10 unchanged sentences

Net income — — — — — 112 — 112 38 150

Other comprehensive loss — — — — — — ( 141 ) ( 141 ) ( 64 ) ( 205 )

Other comprehensive (loss) income — — — — — — ( 24 ) ( 24 ) 1 ( 23 )

Dividends — — — — ( 57 ) — — ( 57 ) ( 47 ) ( 104 )

1 unchanged sentence

Other 1 — — — ( 7 ) — — ( 7 ) ( 1 ) ( 8 )

Balance, March 31, 2025 377 $ 4 189 $ 2 $ 11,070 $ ( 1,481 ) $ ( 1,392 ) $ 8,203 $ 878 $ 9,081

Balance, September 30, 2025 376 $ 4 188 $ 2 $ 10,929 $ ( 664 ) $ ( 1,567 ) $ 8,704 $ 606 $ 9,310

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the nine months ended March 31, 2024

For the three months ended September 30, 2024

Common Stock Class B

9 unchanged sentences

Net income — — — — — 119 — 119 25 144

Other comprehensive loss — — — — — — ( 45 ) ( 45 ) ( 21 ) ( 66 )

Other comprehensive income — — — — — — 120 120 31 151

Dividends — — — — ( 57 ) — — ( 57 ) ( 35 ) ( 92 )

1 unchanged sentence

Other 1 — — — ( 11 ) — — ( 11 ) 1 ( 10 )

Balance, March 31, 2024 380 $ 4 191 $ 2 $ 11,270 $ ( 1,933 ) $ ( 1,292 ) $ 8,051 $ 857 $ 8,908

Balance, September 30, 2024 379 $ 4 190 $ 2 $ 11,157 $ ( 1,779 ) $ ( 1,131 ) $ 8,253 $ 913 $ 9,166

Stock Repurchases

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 “Repurchase Program”).

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”).

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 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.

As of March 31, 2025, the remaining authorized amount under the Repurchase Program was approximately $ 345 million.

Stock repurchases under the Repurchase Program commenced on November 9, 2021.

The following tables summarize the shares repurchased and subsequently retired and the related consideration paid during the three and nine months ended March 31, 2025 and 2024:

For the three months ended March 31,

(in millions)

Class A Common Stock

0.8 $ 24 0.7 $ 18

Class B Common Stock

1.2 $ 37 1.0 $ 27

For the nine months ended March 31,

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

As of September 30, 2025, the remaining authorized amount under the Stock Repurchase Programs was approximately $ 1,216 million.

The following table summarizes the shares repurchased under the Stock Repurchase Programs and subsequently retired and the related consideration paid during the three months ended September 30, 2025 and 2024:

For the three months ended September 30,

Shares Amount Shares Amount

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3.0 $ 94 1.3 $ 38

In February 2025, the Board of Directors declared a semi-annual cash dividend of $ 0.10 per share for Class A Common Stock and Class B Common Stock.

The dividend was paid on April 9, 2025 to stockholders of record as of March 12, 2025.

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

Stockholders Agreement

On September 8, 2025, the Company entered into a new stockholders agreement (the “New Stockholders Agreement”) with LGC Holdco, LLC (“LGC Holdco”) and certain Murdoch family trusts (collectively, the “LGC Family Trusts”).

In connection with this decision, the stockholders agreement between the Company and the Murdoch Family Trust (See Note 12—Stockholders’ Equity in the 2025 Form 10-K) was terminated.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The New Stockholders Agreement limits the LGC Family Trusts and LGC Holdco from owning, collectively with certain Murdoch family members (the “Murdoch Individuals”), more than 44 % of the outstanding voting power of the shares of the Company’s Class B Common Stock (“Class B Shares”) and requires the LGC Family Trusts and LGC Holdco to forfeit votes to the extent necessary to ensure that the Murdoch Individuals, the LGC Family Trusts and LGC Holdco collectively do not exceed 44 % of the outstanding voting power of the Class B Shares, except where a Murdoch Individual votes their own shares differently from the others on any matter.

In addition, the New Stockholders Agreement provides (a) the Company with a right of first refusal with respect to any underwritten public offering of the Class B Shares held by the LGC Family Trusts or LGC Holdco to anyone other than the Murdoch Individuals and their affiliates, subject to certain exceptions, and (b) the LGC Family Trusts and LGC Holdco with certain customary registration rights.

The New Stockholders Agreement will terminate upon the distribution of all or substantially all of the Class B Shares held by the LGC Family Trusts or LGC Holdco.

In August 2025, the Board of Directors declared a semi-annual cash dividend of $ 0.10 per share for Class A Common Stock and Class B Common Stock.

The dividend was paid on October 8, 2025 to stockholders of record as of September 10, 2025.

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

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

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For the Company, this primarily includes the use of forecasted financial information and other valuation related assumptions such as discount rates and long term growth rates in the income approach as well as the market approach which utilizes certain market and transaction multiples.

Under ASC 820, certain assets and liabilities are required to be remeasured to fair value at the end of each reporting period.

The following table summarizes those assets and liabilities, as applicable, measured at fair value on a recurring basis:

As of March 31, 2025 As of June 30, 2024

The following table summarizes assets and liabilities, as applicable, measured at fair value:

As of September 30, 2025 As of June 30, 2025

Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total

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Total assets $ 74 $ 64 $ 814 $ 952 $ 67 $ 62 $ 814 $ 943

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Equity and Other Securities

The fair values of equity and other securities with quoted prices in active markets are determined based on the closing price at the end of each reporting period.

These securities are classified as Level 1 in the fair value hierarchy outlined above.

The fair values of equity and other securities with quoted prices in active markets, which are classified as Level 1 in the fair value hierarchy outlined above, and those that rely on significant observable inputs other than quoted prices in active markets, which are classified as Level 2 in the fair value hierarchy outlined above, are determined based on the closing price at the end of each reporting period.

The fair values of equity and other securities without readily determinable fair market values are determined based on cost, less any impairment, plus or minus changes in fair value resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer.

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A rollforward of the Company’s equity and other securities classified as Level 3 is as follows:

For the nine months ended

For the three months ended

September 30,

(in millions)

Balance - beginning of period

Additions (a)

Returns of capital ( 5 ) ( 4 )

Measurement adjustments

Foreign exchange and other ( 3 ) 2

Balance - end of period $ 814 $ 124

(a) The additions for the nine months ended March 31, 2025 primarily relate to REA Group’s investment in Athena Home Loans.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Derivative Instruments

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Balance Sheet Classification

March 31, 2025 As of

September 30, 2025 As of

June 30, 2025

4 unchanged sentences

The Company utilizes interest rate derivatives to mitigate interest rate risk in relation to future interest payments.

The total notional value of interest rate swap derivatives designated for hedging was approximately $ 478 million as of March 31, 2025 for News Corporation borrowings.

The total notional value of interest rate swap derivatives designated for hedging was approximately $ 469 million as of September 30, 2025 for News Corporation borrowings.

The maximum hedged term over which the Company is hedging exposure to variability in interest payments is to March 2027.

As of March 31, 2025, the Company estimates that approximately $ 9 million of net derivative gains related to its interest rate swap derivative cash flow hedges included in Accumulated other comprehensive loss will be reclassified into the Statements of Operations within the next twelve months.

The following tables present the impact that changes in the fair values had on Accumulated other comprehensive loss and the Statements of Operations during the three and nine months ended March 31, 2025 and 2024 for derivatives designated as cash flow hedges:

Gains (losses) recognized in Accumulated other comprehensive loss for the three and nine months ended March 31, 2025 and 2024, by derivative instrument:

As of September 30, 2025, the Company estimates that approximately $ 7 million of net derivative gains related to its interest rate swap derivative cash flow hedges included in Accumulated other comprehensive loss will be reclassified into the Statements of Operations within the next twelve months.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The following tables present the impact that changes in the fair values had on Accumulated other comprehensive loss and the Statements of Operations during the three months ended September 30, 2025 and 2024 for derivatives designated as cash flow hedges:

Gains (losses) recognized in Accumulated other comprehensive loss for the three months ended September 30, 2025 and 2024, by derivative instrument:

For the three months ended

March 31, For the nine months ended

2025 2024 2025 2024

September 30,

(in millions)

Interest rate derivatives—cash flow hedges $ 1 $ ( 10 )

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(Gains) losses reclassified from Accumulated other comprehensive loss into the Statements of Operations for the three and nine months ended March 31, 2025 and 2024, by derivative instrument:

(Gains) losses reclassified from Accumulated other comprehensive loss into the Statements of Operations for the three months ended September 30, 2025 and 2024, by derivative instrument:

Income Statement

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For the three months ended

March 31, For the nine months ended

2025 2024 2025 2024

September 30,

(in millions)

Interest rate derivatives - cash flow hedges Interest income (expense), net $ ( 3 ) $ ( 5 ) $ ( 10 ) $ ( 13 )

Interest rate derivatives—cash flow hedges Interest income, net $ ( 3 ) $ ( 4 )

Other Fair Value Measurements

As of March 31, 2025, the carrying value of the Company’s outstanding borrowings approximates the fair value.

As of September 30, 2025, the carrying value of the Company’s outstanding borrowings approximates the fair value.

The 2022 Senior Notes and the 2021 Senior Notes are classified as Level 2 and the remaining borrowings are classified as Level 3 in the fair value hierarchy.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

EARNINGS (LOSS) PER SHARE

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For the three months ended

March 31, For the nine months ended

2025 2024 2025 2024

September 30,

(in millions, except per share amounts)

Net income from continuing operations $ 150 $ 149

Net income (loss) from discontinued operations, net of tax 30 ( 22 ) 2 ( 29 )

Net loss from discontinued operations, net of tax — ( 5 )

Net income 150 144

Net income attributable to noncontrolling interests from continuing operations ( 38 ) ( 31 )

Net (income) loss attributable to noncontrolling interests from discontinued operations ( 8 ) 10 8 19

Net income attributable to noncontrolling interests from discontinued operations — 6

Net income attributable to News Corporation stockholders $ 112 $ 119

2 unchanged sentences

Weighted-average number of shares of common stock outstanding - diluted 566.9 571.2

Net income (loss) attributable to News Corporation stockholders per share:

Net income attributable to News Corporation stockholders per share:

Continuing operations $ 0.20 $ 0.21

4 unchanged sentences

$ 0.20 $ 0.21

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

COMMITMENTS AND CONTINGENCIES

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These firm commitments secure the current and future rights to various assets and services to be used in the normal course of operations.

Upon closing of the Company’s sale of Foxtel on April 2, 2025, certain commitments are no longer the obligation of the Company.

These primarily relate to sports and other programming rights, Foxtel borrowings and certain lease obligations.

The Company’s commitments as of March 31, 2025 have not otherwise changed significantly from the disclosures included in the 2024 Form 10-K.

During the three months ended September 30, 2025, the Company entered into new leases, some of which will commence subsequent to fiscal 2026, and extended the terms of certain other leases.

As a result, the Company has presented its commitments associated with its operating leases in the table below.

The Company’s remaining commitments as of September 30, 2025 have not changed significantly from the disclosures included in the 2025 Form 10-K.

As of September 30, 2025

Payments Due by Period

year 1-3 years 3-5 years More than 5

(in millions)

Operating leases

$ 106 $ 216 $ 177 $ 1,066 $ 1,565

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Contingencies

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The complaints seek treble damages, injunctive relief and attorneys’ fees and costs.

In May 2025, the Company entered into a settlement which would resolve the complaints, subject to court approval.

In May 2025, the Company entered into a settlement which would resolve the complaints.

The settlement received preliminary court approval in July 2025 but remains subject to final approval.

In September 2025, a similar purported class action was filed in the Supreme Court of British Columbia alleging violations of certain provisions of Canadian law and claiming damages and costs among other relief.

The Company is currently evaluating this action, and it is not possible at this time to predict with any degree of certainty the ultimate outcome.

In addition, (i) in January 2025, OPIS received a grand jury subpoena issued by the U.S.

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Both the subpoena and the CID call for production of documents related to PVC pipe, including documents relating to the publication of the PVC and Pipe Weekly Report.

OPIS intends to comply with its obligations under the subpoena and CID.

OPIS is complying with its obligations under the subpoena and CID.

HarperCollins

10 unchanged sentences

While it is not possible at this time to predict with any degree of certainty the ultimate outcome of these actions, HarperCollins believes it has been compliant with applicable laws and intends to defend itself vigorously.

In September 2025, a class action lawsuit against Anthropic PBC, in which HarperCollins is a class member, received preliminary court approval for settlement.

As the timing and final amount of any potential proceeds receivable under the settlement remain uncertain, the Company has not recognized any gain related to this matter for the three months ended September 30, 2025.

NEWS CORPORATION

12 unchanged sentences

The net expense related to the U.K.

Newspaper Matters in Selling, general and administrative was $ 4 million and $ 2 million for the three months ended March 31, 2025 and 2024, respectively, and $ 10 million and $ 7 million for the nine months ended March 31, 2025 and 2024, respectively.

As of March 31, 2025, the Company has provided for its best estimate of the liability for the claims that have been filed and costs incurred, including liabilities associated with employment taxes, and has accrued approximately $ 27 million.

The amount to be indemnified by FOX of approximately $ 44 million was recorded as a receivable in Other current assets on the Balance Sheet as of March 31, 2025.

Newspaper Matters in Selling, general and administrative was $ 1 million and $ 2 million for the three months ended September 30, 2025 and 2024, respectively.

As of September 30, 2025, the Company has provided for its best estimate of the liability for the claims that have been filed and costs incurred and has accrued approximately $ 20 million.

The amount to be indemnified by FOX of approximately $ 28 million was recorded as a receivable in Other current assets on the Balance Sheet as of September 30, 2025.

It is not possible to estimate the liability or corresponding receivable for any additional claims that may be filed given the information that is currently available to the Company.

5 unchanged sentences

In addition, the effects of changes in enacted tax laws or rates or tax status are recognized in the interim period in which the change occurs.

For the three months ended March 31, 2025, the Company recorded income tax expense of $ 44 million on pre-tax income from continuing operations of $ 151 million, resulting in an effective tax rate that was higher than the U.S.

statutory tax rate.

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

For the nine months ended March 31, 2025, the Company recorded income tax expense of $ 229 million on pre-tax income from continuing operations of $ 791 million, resulting in an effective tax rate that was higher than the U.S.

statutory tax rate.

The tax rate was impacted by foreign operations which are subject to higher tax rates and by 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 three months ended March 31, 2024, the Company recorded income tax expense of $ 32 million on pre-tax income from continuing operations of $ 96 million, resulting in an effective tax rate that was higher than the U.S.

For the three months ended September 30, 2025, the Company recorded income tax expense of $ 62 million on pre-tax income from continuing operations of $ 212 million, resulting in an effective tax rate that was higher than the U.S.

statutory tax rate.

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

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the nine months ended March 31, 2024, the Company recorded income tax expense of $ 163 million on pre-tax income from continuing operations of $ 475 million, resulting in an effective tax rate that was higher than the U.S.

For the three months ended September 30, 2024, the Company recorded income tax expense of $ 61 million on pre-tax income from continuing operations of $ 210 million, resulting in an effective tax rate that was higher than the U.S.

statutory tax rate.

2 unchanged sentences

Based on management’s assessment of available evidence, it has been determined that it is more likely than not that certain deferred tax assets may not be realized and therefore, a valuation allowance has been established against those tax assets.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The Company’s tax returns are subject to on-going review and examination by various tax authorities.

4 unchanged sentences

However, the Company may need to accrue additional income tax expense and its liability may need to be adjusted as new information becomes known and as these tax examinations continue to progress, or as settlements or litigations occur.

The Organization for Economic Cooperation and Development (“OECD”) continues to develop detailed rules to assist member states in the implementation of landmark reforms to the international tax system, as agreed in October 2021 by 136 members of the OECD/G20 Inclusive Framework.

These rules are intended to address certain tax challenges arising from digitalization of the global economy and ensure that companies pay a global minimum level of taxation in countries where they operate.

The OECD’s recommendations call for a global minimum effective tax rate of 15% for multinational groups with annual global revenue exceeding 750 million Euros.

In December 2022, European Union (“EU”) member states agreed to adopt the OECD’s minimum tax rules which began going into effect in tax years beginning on or after January 1, 2024.

The majority of the EU countries and the U.K.

enacted minimum tax legislation in 2023.

Australia enacted minimum tax legislation in December 2024.

Several other countries have proposed changes to their tax law to implement the OECD’s minimum tax proposal.

Global minimum tax legislation will generally be effective for the Company’s financial year beginning on July 1, 2024.

The Company has assessed the potential impact of global minimum tax proposals in the jurisdictions where it operates, including available transitional safe harbor relief which provides more simplified measures, on its consolidated financial statements and related disclosures.

Based on its assessment, these rules are not expected to have a material impact on the Company’s results of operations.

However, the application of the rules continues to evolve, and its outcome may alter aspects of how the Company’s tax obligations are determined in countries in which it does business.

The Company continues to evaluate the potential impact of these rules.

The Company paid gross income taxes of $ 150 million and $ 110 million during the nine months ended March 31, 2025 and 2024, respectively, and received tax refunds of $ 2 million and $ 9 million, respectively.

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, 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 fiscal 2026, 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.

The OBBBA maintains the U.S.

Federal income tax rate of 21%.

The Company does not expect OBBBA to materially impact its effective tax rate, however the Company continues to assess the impact of OBBBA including future expected guidance from the U.S.

Treasury Department and States.

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 U.K.

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.

The Company paid gross income taxes of $ 56 million and $ 48 million during the three months ended September 30, 2025 and 2024, respectively, and received tax refunds of $ 1 million in each of those periods.

SEGMENT INFORMATION

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 newspapers, newswires, websites, mobile apps, newsletters, magazines, proprietary databases, live journalism, video and podcasts.

• 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 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.

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.

NEWS CORPORATION

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REA Group is a market-leading digital media business specializing in property and is listed on the Australian Securities Exchange (“ASX”) (ASX:

REA Group advertises property and property-related services on its websites and mobile apps, including Australia’s leading residential, commercial and share property websites, realestate.com.au, realcommercial.com.au and Flatmates.com.au, property.com.au and property portals in India.

In addition, REA Group provides property-related data to the financial sector and financial services through a digital property search and financing experience and a mortgage broking offering.

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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.

Move offers real estate advertising solutions to agents and brokers, including its RealPRO Select 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.

4 unchanged sentences

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., 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.

This segment also includes News Broadcasting (formerly 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.

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.

The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer.

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

The CODM uses Segment EBITDA to compare actual results to budget and uses this information to, among other things, allocate resources such as incentive compensation to segment managers.

Segment EBITDA is defined as revenues less operating expenses and selling, general and administrative expenses.

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Segment information is summarized as follows:

For the three months ended

March 31, For the nine months ended March 31,

2025 2024 2025 2024

For the three months ended September 30, 2025

Dow Jones Digital Real Estate Services Book Publishing News Media Other Total

(in millions)

Dow Jones $ 575 $ 544 $ 1,727 $ 1,665

Digital Real Estate Services 406 388 1,336 1,210

Book Publishing 514 506 1,655 1,581

News Media 514 556 1,625 1,704

Other — — — —

Total Revenues $ 2,009 $ 1,994 $ 6,343 $ 6,160

Segment information:

Revenues $ 586 $ 479 $ 534 $ 545 $ — $ 2,144

Significant segment expenses:

Operating expenses ( 238 ) ( 53 ) ( 354 ) ( 296 ) — ( 941 )

Selling, general and administrative ( 204 ) ( 268 ) ( 122 ) ( 219 ) ( 50 ) ( 863 )

Segment EBITDA $ 144 $ 158 $ 58 $ 30 $ ( 50 ) $ 340

Dow Jones $ 132 $ 118 $ 437 $ 405

Digital Real Estate Services 124 104 449 373

Book Publishing 64 62 246 212

News Media 33 27 125 101

Other ( 63 ) ( 52 ) ( 164 ) ( 158 )

Depreciation and amortization ( 117 )

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Equity losses of affiliates ( 2 )

Interest income (expense), net 1 ( 3 ) ( 2 ) ( 18 )

Interest income, net 6

Income before income tax expense from continuing operations 212

Income tax expense from continuing operations ( 62 )

Net income from continuing operations 150

Net income from discontinued operations, net of tax —

Net income $ 150

For the three months ended September 30, 2024

Dow Jones Digital Real Estate Services Book Publishing News Media Other Total

(in millions)

Segment information:

Revenues $ 552 $ 457 $ 546 $ 541 $ — $ 2,096

Significant segment expenses:

Operating expenses ( 239 ) ( 47 ) ( 365 ) ( 301 ) — ( 952 )

Selling, general and administrative ( 182 ) ( 270 ) ( 100 ) ( 222 ) ( 45 ) ( 819 )

Segment EBITDA $ 131 $ 140 $ 81 $ 18 $ ( 45 ) $ 325

Depreciation and amortization ( 112 )

Impairment and restructuring charges ( 22 )

Equity losses of affiliates ( 3 )

Interest expense, net —

Other, net 22

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Net income from continuing operations 149

Net income (loss) from discontinued operations, net of tax 30 ( 22 ) 2 ( 29 )

Net loss from discontinued operations, net of tax ( 5 )

Net income $ 144

March 31, 2025 As of

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended September 30,

(in millions)

Depreciation and amortization:

Dow Jones $ 40 $ 39

Digital Real Estate Services 37 36

Book Publishing 15 13

News Media 24 23

Total Depreciation and amortization $ 117 $ 112

For the three months ended September 30,

(in millions)

Capital expenditures:

Dow Jones $ 15 $ 16

Digital Real Estate Services 38 39

Book Publishing 8 3

News Media 18 17

Total Capital expenditures

September 30, 2025 As of

June 30, 2025

6 unchanged sentences

Investments 1,028 1,016

Assets held for sale (b)

Total assets $ 15,343 $ 15,504

(a) The Other segment primarily includes Cash and cash equivalents.

(b) See Note 2—Discontinued Operations.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025 As of

September 30, 2025 As of

June 30, 2025

6 unchanged sentences

Total Goodwill and intangible assets, net $ 6,317 $ 6,303

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

ADDITIONAL FINANCIAL INFORMATION

2 unchanged sentences

Receivables, net consist of:

March 31, 2025 As of

September 30, 2025 As of

June 30, 2025

5 unchanged sentences

The following table sets forth the components of Other non-current assets:

March 31, 2025 As of

September 30, 2025 As of

June 30, 2025

3 unchanged sentences

Retirement benefit assets 166 165

News America Marketing deferred consideration (a)

Other 134 138

Total Other non-current assets $ 1,192 $ 1,000

(a) The balance of the News America Marketing deferred consideration was reclassified to Other non-current assets during the three months ended September 30, 2025 , as the Company has amended the agreement to extend the payment due date.

Other Current Liabilities

The following table sets forth the components of Other current liabilities:

March 31, 2025 As of

September 30, 2025 As of

June 30, 2025

8 unchanged sentences

The following table sets forth the components of Other, net:

For the three months ended March 31, For the nine months ended March 31,

2025 2024 2025 2024

For the three months ended September 30,

(in millions)

Remeasurement of equity securities $ ( 1 ) $ 10

Gain on sale of investment in PropertyGuru — — 87 —

Other ( 1 ) ( 8 ) ( 2 ) ( 15 )

Total Other, net $ 4 $ 22

1 unchanged sentence

The following table sets forth the Company’s cash paid for interest and taxes:

For the nine months ended March 31,

For the three months ended September 30,

(in millions)

2 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-Q

Item 1. Financial Statements