What changed in this filing

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Item 1. Business

2026-08-07 compared with 2025-08-06 · 134 added, 122 removed, 330 unchanged (44% of the section changed)

16 unchanged sentences

Fiscal 2026, fiscal 2025 and fiscal 2024 each included 52 weeks.

Unless otherwise noted, all references to the fiscal years ended June 30, 2025, June 30, 2024 and June 30, 2023 relate to the fiscal years ended June 29, 2025, June 30, 2024 and July 2, 2023, respectively.

Unless otherwise noted, all references to the fiscal years ended June 30, 2026, June 30, 2025 and June 30, 2024 relate to the fiscal years ended June 28, 2026, June 29, 2025 and June 30, 2024, respectively.

For convenience purposes, the Company continues to date its financial statements as of June 30.

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The words “expect,” “will,” “estimate,” “anticipate,” “predict,” “believe,” “should” and similar expressions and variations thereof are intended to identify forward-looking statements.

These statements appear in a number of places in this document and include statements regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things, trends affecting the Company’s business, financial condition or results of operations, the Company’s strategy and strategic initiatives, including the sale of the Foxtel Group (“Foxtel”) and other potential acquisitions, investments and dispositions, the Company’s cost savings initiatives and the outcome of contingencies such as litigation and investigations.

These statements appear in a number of places in this document and include statements regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things, trends affecting the Company’s business, financial condition or results of operations, the Company’s strategy and strategic initiatives, including potential acquisitions, investments and dispositions, the Company’s cost savings initiatives and the outcome of contingencies such as litigation and investigations.

Readers are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties.

5 unchanged sentences

BUSINESS OVERVIEW

On April 2, 2025, the Company completed the sale of Foxtel.

All assets and liabilities, results of operations and cash flows for Foxtel have been classified as discontinued operations for all periods presented.

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

The Company’s five reportable segments are described below.

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Other — (203)

The Company’s Dow Jones segment is a global provider of news and business information, which distributes its content and data through a variety of owned and off-platform media channels including websites, mobile apps, newspapers, newswires, newsletters, magazines, proprietary databases, live journalism, video and podcasts.

The Company’s Dow Jones segment is a global provider of news, data and business information distributed through a variety of owned and off-platform media channels, including websites, mobile apps, newspapers, newswires, newsletters, magazines, proprietary databases, live journalism, video and podcasts.

This segment consists of the Dow Jones business, whose products target individual consumers and enterprise customers and include The Wall Street Journal , Barron’s , MarketWatch, Investor’s Business Daily , Dow Jones Risk & Compliance, Dow Jones Energy, Factiva and Dow Jones Newswires.

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

Consumer Products

Through its premier brands and authoritative journalism, the Dow Jones segment’s products targeting individual consumers provide insights, research and understanding that enable consumers to stay informed and make educated financial decisions.

As consumer preferences for content consumption evolve, the Dow Jones segment continues to capitalize on a variety of digital distribution platforms, technologies and business models for these products, including licensing its content for distribution on

third-party platforms, which is referred to as off-platform distribution, and for use by generative artificial intelligence (“AI”) platforms.

News Products

Through its premier brands and authoritative journalism, the Dow Jones segment’s news products targeting individual consumers provide insights, research and understanding that enable consumers to stay informed and make educated financial decisions.

Dow Jones also provides news, business information and data to enterprise customers through these news products, as well as its enterprise-focused products described under “Professional Information Products” below.

The Dow Jones segment continues to capitalize on a variety of digital distribution platforms, technologies and business models for these products, including licensing its content for distribution on third-party platforms, which is referred to as off-platform distribution, and for artificial intelligence (“AI”) applications.

With a focus on the financial markets, investing and other professional services, many of these products offer advertisers an attractive consumer demographic.

Products targeting consumers include the following:

News products include the following:

• The Wall Street Journal (WSJ) .

WSJ, Dow Jones’s flagship consumer product, is available online, across multiple mobile devices and in print.

WSJ covers national and international news and provides analysis, commentary, reviews and opinions on a wide range of topics, including business developments and trends, economics, financial markets, investing, science and technology, lifestyle, culture, consumer products and sports.

WSJ’s digital products offer both free content and premium, subscription-only content and are comprised of WSJ.com, WSJ mobile products, including a responsive design website and mobile apps (WSJ Mobile), and live and on-demand video through WSJ.com and other platforms (WSJ Video), as well as podcasts.

WSJ, Dow Jones’s flagship news product, is available online, across multiple mobile devices and in print.

WSJ covers national and international news and provides analysis, commentary, reviews and opinions on a wide range of topics, including business developments and trends, economics, financial markets, investing, politics, science and technology, lifestyle, culture, consumer products and sports.

WSJ’s digital products offer both free content and premium, subscription-only content and are comprised of WSJ.com, WSJ mobile products (WSJ Mobile) and live and on-demand video through WSJ.com and other platforms (WSJ Video), as well as podcasts.

For the year ended June 30, 2026, WSJ Mobile (including WSJ.com accessed via mobile devices, as well as apps, and excluding off-platform distribution) accounted for approximately 72% of visits to WSJ’s digital news and information products according to Adobe Analytics.

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• Barron’s Group .

The Barron’s Group focuses on Dow Jones consumer brands outside of The Wall Street Journal franchise, including Barron’s and MarketWatch, among other properties.

The Barron’s Group includes Barron’s and MarketWatch, among other properties.

Barron’s , which is available to subscribers online, across multiple mobile devices and in print, delivers news, analysis, investigative reporting, company profiles and insightful statistics for investors and others interested in the investment world.

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Many of these programs also earn revenue from participation fees charged to attendees.

The following table provides information regarding average daily subscriptions during the three months ended June 30, 2025 for certain Dow Jones segment consumer products and for all consumer subscription products:

The following table provides selected information regarding average daily subscriptions during the three months ended June 30, 2026 for the Dow Jones segment’s subscription news products:

The Wall Street Journal (1)

Barron’s Group (1)(2)

Total Consumer (1)(3)

Total News Products (1)(3)

Digital-only subscriptions (4)(5)

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Business—Explanatory Note Regarding Certain Metrics” for more information.

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

Excludes off-platform distribution, except for certain custom workflow integrations in connection with enterprise customer subscriptions.

(2) Barron’s Group consists of Barron’s , MarketWatch, Financial News and Private Equity News.

(3) Total Consumer consists of The Wall Street Journal , Barron’s Group and Investor’s Business Daily .

(4) 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.

(3) Total News Products consists of The Wall Street Journal , Barron’s Group and Investor’s Business Daily .

(4) Subscriptions include individual consumer subscriptions and enterprise customer subscriptions.

Enterprise customer subscriptions include subscriptions purchased by companies, schools, businesses and associations for use by their respective employees, students, customers or members.

Subscriptions exclude single-copy sales and copies purchased by hotels, airlines and other businesses for limited distribution or access to customers.

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For bundled products that provide access to the print product only on specified days and full digital access, one print subscription is reported for each day that a print copy is served and one digital subscription is reported for each remaining day of the week.

The following table provides information regarding the digital platforms (excluding off-platform distribution) for certain Dow Jones segment consumer products:

The following table provides information regarding the digital platforms (excluding off-platform distribution) for certain Dow Jones segment news products:

FY2026 Average

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Monthly Unique Users (2)

WSJ 129 million

MarketWatch 56 million

WSJ 130 million 35 million

MarketWatch 43 million 12 million

195 million 58 million

________________________

(1) Includes visits via websites and mobile apps based on Adobe Analytics for the 12 months ended June 30, 2025.

(2) Includes aggregate unique users accessing websites and mobile apps based on Adobe Analytics for the 12 months ended June 30, 2025.

(1) Includes visits via websites and mobile apps from individual consumers and enterprise customers based on Adobe Analytics for the 12 months ended June 30, 2026.

(2) Includes aggregate unique individual consumer and enterprise customer users accessing websites and mobile apps based on Adobe Analytics for the 12 months ended June 30, 2026.

Business—Explanatory Note Regarding Certain Metrics” for more information regarding the calculation of unique users.

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Feed services include PEPs (politically exposed persons), Sanctions, Adverse Media and other Specialist Lists.

Dow Jones produces customized Due Diligence Reports to assist its customers with regulatory compliance, including IntegrityCheck, a generative AI-enabled automated report, and also publishes Risk Journal , an intelligence solution delivering expert reporting, analysis and real time alerts on global risk and compliance issues.

Dow Jones produces customized Due Diligence Reports to assist its customers with regulatory compliance, including IntegrityCheck, an AI-enabled automated report, and also publishes Risk Journal , an intelligence solution delivering expert reporting, analysis and real time alerts on global risk and compliance issues.

• Dow Jones Energy .

Dow Jones Energy provides pricing data, news, analysis, consulting, software and events relating to energy commodities, including crude oil, refined products, petrochemicals, natural gas liquids, coal, metals, renewables, Renewable Identification Numbers and carbon credits, as well as pricing data, insights, analysis and forecasting for key base chemicals.

Dow Jones Energy provides pricing data, news, analysis, consulting, software and events relating to energy commodities, including crude oil, refined products, petrochemicals, natural gas liquids, coal, metals, renewables, Renewable Identification Numbers and carbon credits, as well as electric vehicle charging station data and pricing data, insights, analysis and forecasting for key base chemicals.

Factiva is a leading provider of global business content, built on an archive of important original and licensed publishing sources.

Factiva offers content from approximately 33,000 global news and information sources from over 200 countries and territories and in 32 languages.

This combination of business news and information, plus sophisticated tools and generative AI solutions, helps professionals find, monitor, interpret and share essential information.

As of June 30, 2025, there were approximately 1.1 million activated Factiva users, including both institutional and individual accounts.

Factiva offers content from over 33,000 global news and information sources from over 200 countries and territories and in 33 languages.

This combination of business news and information, plus sophisticated tools and AI-powered solutions, helps professionals find, monitor, interpret and share essential information.

As of June 30, 2026, there were approximately 852,000 activated Factiva users, including both individual and registered institutional accounts.

• Dow Jones Newswires .

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The Dow Jones segment’s businesses compete with a wide range of media and information businesses, including digital media, print publications and information services.

The Dow Jones segment’s consumer products, including its digital publications, newspapers, magazines, podcasts and video, compete for consumers, audience and advertising with other local and national newspapers, web and app-based media, news aggregators, customized news feeds, search engines, blogs, magazines, investment tools, social media sources, podcasts and event producers, as well as other media such as television, radio stations and outdoor displays.

Competition for subscriptions and

circulation is based on news and editorial content, data and analytics content in research tools, subscription pricing, the usefulness and popularity of its digital products, cover price and, from time to time, various promotions.

The Dow Jones segment’s news products, including its digital publications, newspapers, magazines, podcasts and video, compete for consumers and customers, audience and advertising with other local and national news and editorial content providers, web and app-based media, news aggregators, customized news feeds, search engines, AI platforms, products and services, blogs, magazines, investment tools, integrated workflow tools, social media sources, podcasts and event producers, as well as other media such as television, radio stations and outdoor displays.

Competition for subscriptions and circulation is based on news and editorial content, data and analytics content in research tools, subscription pricing, the usefulness and popularity of its digital products, cover price and, from time to time, various promotions.

Competition for advertising is based upon advertisers’ judgments as to the most effective media for their advertising budgets, which is in turn based upon various factors, including circulation volume, readership levels, audience demographics, advertising rates, advertising effectiveness and brand strength and reputation.

As a result of rapidly changing and evolving technologies (including developments in AI, particularly generative AI), distribution platforms and business models, and corresponding changes in consumer behavior, the consumer-focused businesses within the Dow Jones segment continue to face increasing competition for both circulation and advertising revenue, including from a variety of alternative news and information sources, programmatic advertising buying channels and AI aggregators and other emerging technology platforms.

Shifts in consumer behavior require the Company to continually innovate and improve upon its own products, services and platforms in order to remain competitive.

The Company believes that these changes will continue to pose opportunities and challenges, and that it is well positioned to leverage its global reach, brand recognition and proprietary technology to take advantage of the opportunities presented by these changes.

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

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

As a result of rapidly changing and evolving technologies (including continued developments in AI and AI-enabled tools), distribution platforms and business models, and corresponding changes in consumer and customer behavior, the news products within the Dow Jones segment continue to face increasing competition for both circulation and advertising revenue, including from a variety of alternative news and information sources, programmatic advertising buying channels, AI platforms, products and services and other emerging technology platforms.

Shifts in consumer and customer behavior require the Company to continually innovate and improve upon its own products, services and platforms in order to remain competitive.

The Company believes that these changes will continue to pose opportunities and challenges, and that it is well positioned to leverage its global reach, brand recognition, premium products and proprietary technology to take advantage of the opportunities presented by these changes.

The Dow Jones segment’s professional information products that target enterprise customers compete with various information service providers, compliance data providers, global financial newswires and energy and commodities pricing and data providers, including Reuters News, RELX (including LexisNexis and ICIS), LSEG Risk Intelligence, 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, products and services.

Digital Real Estate Services

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Realcommercial.com.au had 2.9 million people visit each month on average for the year ended June 30, 2026, 2.7 times more than the nearest competitor, based on Ipsos iris data.

REA Group’s other Australian property and property-related advertising and services include media display advertising and data services for markets adjacent to property.

REA Group’s new AI-powered conversational search and visualization capabilities provide a more personalized and immersive consumer experience designed to further enhance engagement with this large audience.

REA Group’s other Australian property and property-related advertising and services include media display advertising for markets adjacent to property.

Realestate.com.au and realcommercial.com.au derive the majority of their revenue from their core property advertising listing products and monthly advertising subscriptions from real estate agents and property developers.

Realestate.com.au and realcommercial.com.au offer a product hierarchy which enables real estate agents and property developers to upgrade listing advertisements to increase their prominence on the site, as well as a variety of targeted products, including media display advertising products.

Realestate.com.au and realcommercial.com.au offer a product hierarchy which enables real estate agents and property developers to upgrade to premium advertising products to increase listing prominence, supported by data and AI-driven insights and recommendations.

They also offer a variety of targeted solutions, including media display advertising products.

Flatmates.com.au derives the majority of its revenue from advertising listing products and membership fees.

The media business offers unique advertising opportunities on REA Group’s websites to property developers and other relevant markets, including utilities and telecommunications, insurance, finance, automotive and retail.

REA Group also provides residential property data services to the financial sector through its PropTrack data services business, primarily on a monthly subscription basis.

REA Group’s international operations consist primarily of its 78.0% interest in REA India, a leading digital real estate services provider in India (News Corp holds a 22.0% interest in REA India).

REA Group’s international operations consist primarily of its 78.0% interest in REA India, which operates Housing.com in India (News Corp holds a 22.0% interest in REA India), and its 61.5% interest in Planitar, which operates iGUIDE, a provider of AI-powered 3D virtual tour and interactive floor plan technology based in Canada.

In July 2026, REA Group announced an agreement to sell REA India.

REA Group’s other assets include a 20% interest in Move, as referenced above.

REA Group’s businesses outside Australia derive the majority of their revenue from their property advertising listing products and monthly advertising subscriptions from real estate agents and property developers.

REA Group’s businesses outside Australia derive the majority of their revenue from their property advertising listing products, monthly advertising subscriptions from real estate agents and property developers and technology-driven property services.

Financial Services

REA Group’s financial services business encompasses a digital property search and financing experience and mortgage broking services under its Mortgage Choice brand.

REA Group has continued to execute on its financial services strategy by improving broker productivity and increasing penetration of Mortgage Choice white label products, supported by REA Group’s partnership with digital lender Athena Home Loans.

The financial services business generates revenue primarily through commissions from lenders.

REA Group’s financial services business encompasses a digital property search and financing experience, mortgage broking services under its Mortgage Choice brand and residential property data services to the financial sector through its PropTrack data services business.

REA Group continued to execute on its financial services strategy, with its broker network benefiting from continued investment in core platforms and AI training and tools to support broker productivity.

The financial services business generates revenue primarily through commissions from lenders and monthly subscriptions for its data services.

Move is a leading provider of digital real estate services in the U.S.

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Approximately 94% of its for-sale listings are updated at least every 10 minutes, on average, with the remaining listings updated at least daily.

Realtor.com ® ’s content attracts a large and highly engaged consumer audience.

Realtor.com ® ’s property listing content, comprehensive market news and data and advanced tools and technology, such as AI-powered natural language search and immersive, interactive visuals, attract a large and highly engaged consumer audience.

Realtor.com ® and its mobile sites had approximately 68 million average monthly unique users during the quarter ended June 30, 2026 based on internal data and methodologies, which may differ from those used by third parties or competitors.

Monthly average visits for the quarter ended June 30, 2026 for Realtor.com ® , according to Comscore data, were 297 million.

Business—Explanatory Note Regarding Certain Metrics.”

Realtor.com ® generates the majority of its revenues through the sale of listing advertisement and lead generation products, including its RealPRO Select SM (formerly Market VIP SM ), Connections SM Plus and Listing Toolkit products, as well as its referral-based services, ReadyConnect Concierge SM and RealChoice TM Selling.

Listing advertisement and lead generation products allow real estate agents, brokers and homebuilders to enhance, prioritize and connect with consumers on for-sale property listings within the Realtor.com ® website and mobile apps.

Listing advertisement and lead generation products are typically sold on a subscription basis.

Realtor.com ® generates the majority of its revenues through the sale of lead generation and listing advertisement products, including its RealPRO Select SM , Connections SM Plus and Listing Toolkit products, as well as its referral-based services, including RealChoice TM Selling.

Lead generation and listing advertisement products allow real estate agents, brokers and homebuilders to enhance, prioritize and connect with consumers on for-sale property listings within the Realtor.com ® website and mobile apps, elevate brand visibility and access sophisticated tools and analytics.

Lead generation and listing advertisement products are typically sold on a subscription basis.

The real estate referral-based business model, as well as the RealPRO Select SM lead generation product, leverage Move’s proprietary technology and platform to connect real estate professionals and other service providers, such as lenders and insurance companies, to pre-vetted consumers who have submitted inquiries via the Realtor.com ® website and mobile apps, as well as other online sources.

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Non-listing advertisement pricing models include cost per thousand, cost per click, cost per unique user and subscription-based sponsorships of specific content areas or targeted geographies.

In addition to Realtor.com ® , Move also offers online tools and services to do-it-yourself landlords and tenants through Avail, a platform that improves the renting experience with online tools, educational content and world-class support.

Move’s offerings also include the recently-launched Realtor.com ® + TM , its collaborative home search platform that helps real estate professionals and consumers connect.

Built together with MLSs, the platform was designed to elevate the search experience and strengthen MLS and professional value while offering buyers and sellers, in collaboration with their agents, a guided path from search to close.

Realtor.com ® + TM is expected to generate revenue from the sale of enhanced features and services to real estate professionals.

Additionally, Move provides online tools and services to do-it-yourself landlords and tenants through Avail, a platform that improves the renting experience with online tools, educational content and world-class support.

Avail employs a variety of pricing models, including subscription fees, as well as fixed- or variable-pricing models.

The Company’s digital real estate services businesses operate in highly competitive markets that are evolving rapidly in response to new technologies, business models and practices, product and service offerings and changing consumer and customer preferences.

The success of these businesses depends on their ability to provide products and services that are useful for consumers, real estate, mortgage and other related services professionals, homebuilders and landlords and attractive to their advertisers, the breadth, depth and accuracy of information they provide and brand awareness and reputation.

These businesses compete primarily with companies that provide real-estate focused technology, products and services in their respective geographic markets, including other real estate and property websites and apps in Australia, the U.S.

The success of these businesses depends on their ability to provide products and services that are useful for consumers, real estate, mortgage and other related services professionals, homebuilders and landlords and attractive to their advertisers, their effective incorporation of new technologies, including AI, the breadth, depth and accuracy of information they provide and brand awareness and reputation.

Book Publishing

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HarperCollins publishes and distributes consumer books globally through print and digital formats.

Its digital formats include e-books and downloadable and streaming audiobooks for a variety of

mobile and home devices.

Its digital formats include e-books and downloadable and streaming audiobooks for a variety of mobile and home devices.

HarperCollins owns more than 120 branded imprints, including Harper, William Morrow, Mariner, HarperCollins Children’s Books, Avon, Harlequin and Christian publishers Zondervan and Thomas Nelson.

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During fiscal 2026, HarperCollins U.S.

had 164 titles on the New York Times print and digital bestseller lists, with 19 titles hitting number one, including Cher:

The Memoir Part One by Cher, Hillbilly Elegy by J.D.

Vance, Wicked by Gregory Maguire, Watch Me by Tahereh Mafi, A Death in Cornwall by Daniel Silva, Little Blue Truck and Racer Red by Alice Schertle, A Study in Drowning by Ava Reid, The Strawberry Patch Pancake House by Laurie Gilmore, Fight by Jonathan Allen and Amie Parnes, Mostly What God Does is Love You by Savannah Guthrie, Imminent by Luis Elizondo, Under His Wings by Emily Compagno, Fahrenheit-182 by Mark Hoppus with Dan Ozzi, Seven Things You Can’t Say About China by Tom Cotton, Shameless by Brian Tyler Cohen, A Long Walk to Water by Linda Sue Park, The Best Christmas Pageant Ever by Barbara Robinson and You Can Be a Good Friend (No Matter What!) by Taraji P.

HarperCollins derives its revenue from the sale and licensing of print and digital books to a customer base that includes global technology companies, traditional brick and mortar booksellers, wholesale clubs and discount stores, including Amazon, Apple, Barnes & Noble and Tesco.

had 230 titles on the New York Times print and digital bestseller lists, with 37 titles hitting number one, including The Ballad of Falling Dragons by Sarah A.

Parker, The Case for America by Bret Baier, The Gingerbread Bakery by Laurie Gilmore, The Humble Pie and The Smart Cookie by Jory John, How to Test Negative for Stupid by U.S.

Senator John Kennedy, Hansel and Gretel by Stephen King, An Inside Job by Daniel Silva, Katabasis by R.F.

Kuang, Little Blue Truck’s Valentine by Alice Schertle, A Long Walk to Water by Linda Sue Park, The Pioneer Woman Cooks:

The Essential Recipes by Ree Drummond, Nothing is Impossible with God by Shannon Bream, Watch Me and Release Me by Tahereh Mafi, Starside by Alex Aster, Stripped Down by Bunnie Xo, A Theory of Dreaming by Ava Reid, The Thorn Queen by Sasha Peyton Smith, Warriors:

Changing Skies #2:

Hidden Moon and Warriors:

The Prophecies Begin #3 by Erin Hunter, We Are All Guilty Here by Karin Slaughter, Whistler by Ann Patchett and Wombat Waiting by Katherine Applegate.

Revenues at the Book Publishing segment are significantly affected by the timing of releases and the number of HarperCollins’ books in the marketplace and are typically highest during the Company’s second fiscal quarter due to increased demand during the end-of-year holiday season in its main operating geographies.

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The Company’s News Media segment consists primarily of News Corp Australia, News UK and the New York Post .

This segment also includes Wireless Group, operator of talkSPORT, the leading sports radio network in the U.K., and Virgin Radio, Talk in the U.K., which is available on multiple digital streaming platforms, Australian News Channel, which operates the Sky

News Australia network, Australia’s 24-hour multi-channel, multi-platform news service, and Storyful, a social media content agency that enables the Company to source real-time video content through social media platforms.

This segment also includes News Broadcasting (formerly Wireless Group), operator of talkSPORT, the leading sports radio network in the U.K., Virgin Radio and Talk in the U.K., which are available on multiple digital streaming platforms, and Australian News Channel, which operates the News24 network (formerly Sky News Australia), Australia’s 24-hour multi-channel, multi-platform news service.

The News Media segment generates revenue primarily through circulation and subscription sales of its print and digital products, sales of print and digital advertising and licensing fees.

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News Corp Australia’s broad portfolio of digital properties also includes news.com.au, one of the leading general interest sites in Australia that provides breaking news, finance, entertainment, lifestyle, technology and sports news and delivers an average monthly unique audience of approximately 12.0 million based on Ipsos iris monthly total audience ratings for the year ended June 30, 2026.

In addition, News Corp Australia owns other premier digital properties such as taste.com.au, a leading food and recipe site, and kidspot.com.au, a leading parenting site, as well as various other digital media assets.

As of June 30, 2025, News Corp Australia’s other assets included a 13.0% interest in ARN Media Limited, which operates a portfolio of Australian radio media assets, and a 27.9% interest in Hipages Group Holdings Ltd, which operates a leading on-demand home improvement services marketplace.

In addition, News Corp Australia owns other premier digital properties such as Taste, a leading food and recipe site, CODE, a leading sports news site, and SuperCoach, a leading fantasy sports site, as well as various other digital media assets.

As of June 30, 2026, News Corp Australia’s other assets included an approximate 29.1% interest in Hipages Group Holdings Ltd, which operates a leading on-demand home improvement services marketplace.

News UK publishes The Sun , The Sun on Sunday , The Times and The Sunday Times, which are leading newspapers in the U.K.

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Paid Subscribers (2)

Monthly Global Unique

Monthly Global Unique Users (4)

The Sun (Mon – Sat)

1,247,000 N/A

The Sun on Sunday

1,368,000 N/A

The Times (Mon – Sat)

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For bundled products that provide access to both print and digital products every day of the week, only one subscriber is reported as of June 30, 2026 and is designated as a print subscriber.

For bundled products that provide access to the print product only on specified days and full digital access, a fraction

equal to the number of days that a print copy is served relative to the total days in the week is reported as a print subscriber as of June 30, 2025 and a fraction equal to the number of remaining days of the week, when only a digital copy is served, relative to the total days in the week is reported as a digital subscriber.

For bundled products that provide access to the print product only on specified days and full digital access, a fraction equal to the number of days that a print copy is served relative to the total days in the week is reported as a print subscriber as of June 30, 2026 and a fraction equal to the number of remaining days of the week, when only a digital copy is served, relative to the total days in the week is reported as a digital subscriber.

(4) Includes aggregate unique users accessing thesun.co.uk, the-sun.com and other associated websites and mobile apps based on Meta Pixel data for the month ended June 30, 2026.

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New York Post

NYP Holdings is the publisher of the New York Post (the “ Post ”), NYPost.com, PageSix.com, Decider.com and related mobile apps and social media channels.

The Post is the oldest continuously published daily newspaper in the U.S., with a focus on coverage of the New York metropolitan area.

The Post provides a variety of general interest content ranging from breaking news to business analysis, and is known in particular for its comprehensive sports coverage, famous headlines and its iconic Page Six section, an authority on celebrity news.

The print version of the Post is primarily distributed in New York, as well as throughout the Northeast, Florida and California.

For the three months ended June 30, 2025, average weekday circulation based on internal sources, including mobile app digital editions, was 498,984.

In addition, the Post Digital Network, which includes NYPost.com, PageSix.com and Decider.com, averaged approximately 89.2 million unique users per month during the quarter ended June 30, 2025 according to Google Analytics.

NYP Holdings is the publisher of the New York Post , the California Post , NYPost.com, CaliforniaPost.com, PageSix.com, Decider.com and related mobile apps and social media channels.

The New York Post is the oldest continuously published daily newspaper in the U.S., with a focus on coverage of the New York metropolitan area.

The New York Post provides a variety of general interest content ranging from breaking news to business analysis, and is known in particular for its comprehensive sports coverage, famous headlines and its iconic Page Six section, an authority on celebrity news.

The California Post , launched in January 2026, is a California-focused publication delivering news, entertainment, politics, culture, sports and business coverage with a distinctly California perspective.

The print version of the New York Post is primarily distributed in New York, as well as throughout the Northeast and Florida, while the print version of the California Post is primarily distributed in California.

For the three months ended June 30, 2026, average weekday circulation for the New York Post and California Post based on internal sources, including mobile app digital editions, was 494,896.

In addition, the Post Digital Network, which includes NYPost.com, CaliforniaPost.com, PageSix.com and Decider.com, averaged approximately 86.5 million unique users per month during the quarter ended June 30, 2026 according to Google Analytics.

Business—Explanatory Note Regarding Certain Metrics” for information regarding the calculation of unique users.

The News Media segment’s newspapers, magazines, digital publications, radio stations, broadcast and streaming channels and podcasts generally face competition from similar sources, and compete on similar bases, as the consumer products within the Dow Jones segment, particularly in their respective operating geographies.

The News Media segment’s newspapers, magazines, digital publications, radio stations, broadcast and streaming channels and podcasts generally face competition from similar sources, and compete on similar bases, as the news products within the Dow Jones segment, particularly in their respective operating geographies.

Business – Business Overview – Dow Jones” above for further information.

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Data Privacy and Security Regulation

In the course of its business, the Company collects, stores, uses and transmits personal data from consumers, customers, employees and other sources.

In the course of its business, the Company collects, stores, uses, processes and transmits personal data from consumers, customers, employees and other sources.

Certain of the Company’s information services businesses also use content that includes personal data from public and government records, other publicly available information and media.

As a result, the Company and its activities are subject to laws and regulations governing the collection, use, sharing and transfer, storage and retention of personal data, as well as multiple emerging laws and regulations pertaining to data security, which continue to evolve and have implications for a number of its business practices.

In the U.S., a number of state and local governments have expanded, enacted or proposed data privacy laws that govern the collection and use of personal data of their residents and establish or increase penalties and in some cases, afford private rights of action to individuals for failure to comply, and all states have enacted legislation requiring businesses to provide notice to state agencies and to individuals whose personal information has been accessed or disclosed as a result of certain data breaches.

For example, the California Consumer Privacy Act of 2018, as amended by the California Privacy Rights Act of 2020 (“CCPA”), establishes certain transparency rules, puts greater restrictions on how the Company can collect, use and disclose personal information of California residents and provides California residents with certain rights regarding their personal information, including rights to access, correct and delete their personal information and opt out of the sale or sharing of their personal information for cross-context behavioral advertising.

The CCPA provides for civil penalties for violations, brought through enforcement actions by the California Attorney General and California Privacy Protection Agency, as well as a private right of action for data breaches of certain types of nonencrypted and nonredacted personal information.

Similar laws in many states impose transparency and other obligations with respect to personal data of their respective residents and provide residents with similar rights.

As a result, the Company and its activities are subject to laws and regulations governing the collection, use, processing, sharing and transfer, storage and retention of personal data, as well as multiple emerging laws and regulations pertaining to data security, which continue to evolve and have implications for a number of its business practices.

In the U.S., a significant and growing number of state and local governments have expanded, enacted or proposed data privacy laws that govern the collection and use of personal data of their residents and establish or increase penalties and in some cases, afford private rights of action to individuals for failure to comply, with comprehensive privacy laws enacted in over 20 states, and all states have enacted legislation requiring businesses to provide notice to state agencies and to individuals whose personal information has been accessed or disclosed as a result of certain data breaches.

The CCPA provides for civil penalties for violations, brought through enforcement actions by the California Attorney General and California Privacy Protection Agency (“CPPA”), as well as a private right of action for data breaches of certain types of nonencrypted and nonredacted personal information.

New CCPA regulations that took effect in January 2026 expand or enhance certain aspects of the existing rules and impose new requirements relating to cybersecurity audits, automated decision-making technology and data processing activities, which may further increase the Company’s compliance obligations.

California’s privacy regulators have been active in enforcing the CCPA’s requirements, particularly with regard to ensuring individual rights relating to targeted advertising are offered and honored by entities effectively, and the CPPA has formed a Consortium of Privacy Regulators to coordinate enforcement activity with regulators in other states.

Similar laws in many other states impose transparency and other obligations with respect to personal data of their respective residents and provide residents with similar rights.

Certain of the Company’s websites, mobile apps and other online business activities are subject to laws and regulations governing the online privacy of children, including the Children’s Online Privacy Protection Act of 1998, which prohibits the collection of personal information online from children under age 13 without prior parental consent;

the California Age Appropriate Design Code (which went into effect in July 2024, but enforcement of which is currently stayed pending appeal), which prescribes rules relating to the design of online services likely to be accessed by children under age 18 (“CAADC”);

and the New York Child Data Protection Act (which went into effect in June 2025), which imposes strict limitations on processing, sharing and selling the personal data of users under 18.

National security imperatives have also significantly expanded restrictions on the access by and transfer of broadly defined categories of sensitive personal data and U.S.

government data to “countries of concern” pursuant to U.S.

Department of Justice data regulations effective in April 2025, which may impact certain of the Company’s current or potential partner, vendor, service provider and customer relationships.

the California Age Appropriate Design Code, which prescribes rules relating to the design of online services likely to be accessed by children under age 18 (“CAADC”);

and the New York Child Data Protection Act, which imposes strict limitations on processing, sharing and selling the personal data of users under 18.

Recent age verification legislation in some states requiring app stores to provide app developers with age information regarding their users may further expand age-related privacy obligations for the Company’s mobile apps and websites.

Department of Justice data regulations have also significantly expanded restrictions on the access by and transfer of broadly defined categories of sensitive personal data and U.S.

government data to “countries of concern,” which may impact certain of the Company’s current or potential partner, vendor, service provider and customer relationships.

Similar laws and regulations apply in many of the other jurisdictions in which the Company operates, including the E.U., the U.K.

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Several of the Company’s business units are subject to the E.U.’s General Data Protection Regulation 2016/679 (“GDPR”), which provides a uniform set of rules for personal data processing throughout the E.U., and the UK General Data Protection Regulation (“UK GDPR”).

The GDPR and UK GDPR expand the regulation of the collection, processing, use, sharing and security of personal data, contain stringent conditions for consent from data subjects, strengthen the rights of individuals, including the right to have personal data deleted upon request, continue to restrict the trans-border flow of personal data, require companies to conduct privacy impact assessments to evaluate data processing operations that are likely to result in a high risk to the rights and freedoms of individuals, require mandatory data breach reporting and notification, significantly increase maximum penalties for non-compliance (up to 20 million euros or 17.5 million pounds, as applicable, or 4% of an entity’s worldwide annual turnover in the preceding financial year, whichever is higher) and increase the enforcement powers of the data protection authorities.

In June 2025, the Data (Use and Access) Act 2025 (“DUA Act”), which amends the UK GDPR and the UK’s Privacy and Electronic Communications Regulations 2003 (“PECR”), became law.

The DUA Act raises maximum fines under PECR to match the UK GDPR, increasing the potential financial exposure for breaches relating to direct marketing and online tracking, and amends the UK GDPR in certain respects.

The GDPR and UK GDPR regulate the collection, processing, use, sharing and security of personal data, contain specific conditions for consent from data subjects, strengthen the rights of individuals, including the right to have personal data deleted upon request, continue to restrict the trans-border flow of personal data, require companies to conduct privacy impact assessments to evaluate data processing operations that are likely to result in a high risk to the rights and freedoms of individuals, require mandatory data breach reporting and notification, provide significant penalties for non-compliance (up to 20 million euros or 17.5 million pounds, as applicable, or 4% of an entity’s worldwide annual turnover in the preceding financial year, whichever is higher) and grant broad enforcement powers to the data protection authorities.

The Data (Use and Access) Act 2025 (“DUA Act”) amended the UK GDPR and the UK’s Privacy and Electronic Communications Regulations 2003 (“PECR”), including raising maximum fines under PECR to match the UK GDPR and increasing the potential financial exposure for breaches relating to direct marketing and online tracking.

The changes set out in the DUA Act have created differences between the U.K.

legal regimes, further increasing compliance costs.

legal regimes, further increasing compliance costs, and U.K.

regulators have increased enforcement activity, particularly relating to opt-in consent, cookie compliance and data security failures.

In addition, the U.K.

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data protection requirements for transfers of data that continue to evolve and are often subject to uncertainty and legal challenges.

The European Commission has adopted two sets of European Union Standard Contractual Clauses, which regulate the relationship between controller and processor in accordance with the GDPR and international data transfers to a third country in the absence of an adequacy decision under the GDPR.

The European Commission has adopted four sets of European Union Standard Contractual Clauses, which regulate the relationship between controllers, between processors and between controller and processor in accordance with the GDPR and international data transfers to a third country in the absence of an adequacy decision under the GDPR.

The European Data Protection Board also adopted recommendations on measures that supplement data transfer tools to ensure compliance with the level of personal data protection required in Europe, including requirements for data exporters to assess the risks related to the transfer of personal data outside the European Economic Area and to implement, if necessary, additional contractual, organizational and technical measures such as encryption and pseudonymization.

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companies participating in the Framework and the U.K.

Such evolving requirements could cause the Company to incur additional costs, require it to change business practices or affect the manner in which it provides its services.

Data transfer mechanisms, however, continue to be challenged, and evolving requirements could cause the Company to incur additional costs, require it to change business practices or affect the manner in which it provides its services.

In Australia, the Privacy Act 1988 (Cth) (“AU Privacy Act”) and associated Australian Privacy Principles (“APPs”) impose additional requirements on organizations that handle personal data by, among other things, requiring organizations to take reasonable steps to ensure that overseas recipients do not breach the APPs in relation to personal data, placing restrictions on direct marketing practices and imposing mandatory data breach reporting.

The Australian government passed the Privacy and Other Legislation Amendment Bill 2024 in November 2024 implementing the first tranche of legislative amendments to the AU Privacy Act following the completion of a review of the country’s privacy regime initiated in 2020.

These amendments include a mandate for the Australian privacy regulator to develop and register a privacy code for children by December 2026 and new transparency requirements for automated decision making that will apply from December 2026.

The Privacy and Other Legislation Amendment Bill 2024 implemented the first tranche of legislative amendments to the AU Privacy Act following the completion of a review of the country’s privacy regime initiated in 2020.

These amendments include a mandate for the Australian privacy regulator to develop and register a privacy code for children by December 2026, a draft of which was released in March 2026, new transparency requirements for automated decision making that will apply from December 2026 and increased powers for the Office of the Australian Information Commissioner, including the ability to directly issue infringement notices to non-compliant entities.

However, the amendments did not address many of the recommendations made as part of the review, and the government has indicated it intends to implement subsequent amendments to introduce further reforms that will expand the scope of Australia’s current data privacy regime to more closely align with other international regimes such as the GDPR.

Similar to other jurisdictions, Australian privacy regulators have increased enforcement activity.

Industry participants in the U.S., Europe and Australia have taken steps to increase compliance with relevant industry-level standards and practices, including the implementation of self-regulatory regimes for online behavioral advertising that impose obligations on participating companies, such as the Company, to give consumers a better understanding of advertisements that are customized based on their online behavior.

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Moreover, data privacy and security laws vary between local, state, federal and international jurisdictions and may conflict from jurisdiction to jurisdiction.

Regulators in many jurisdictions have increased, and will likely continue to focus on, enforcement activity relating to data privacy and security.

The Company continues to monitor pending legislation and regulatory initiatives to ascertain relevance, analyze impact and develop strategic direction surrounding regulatory trends and developments, including any changes required in the Company’s data privacy and security compliance programs.

Press-Related Regulation

As a result of the implementation of recommendations of the Leveson inquiry into the U.K.

press, a Press Recognition Panel (the “PRP”) responsible for approving, overseeing and monitoring a new press regulatory body or bodies was established.

Once approved by the PRP, the new press regulatory body or bodies would be responsible for overseeing participating publishers.

In addition to the PRP, certain legislation provides that publishers who are not members of an approved regulator at the time of events giving rise to a claim may be liable for exemplary damages in certain cases where such damages were not previously awarded.

Press regulator IMPRESS was recognized as an approved regulator by the PRP in October 2016.

However, publications representing the majority of the industry in the U.K., including News UK, entered into binding contracts to form an alternative regulator, the Independent Press Standards Organisation, or IPSO, in September 2014.

In the U.K., the Press Recognition Panel (the “PRP”) is responsible for approving, overseeing and monitoring new press regulatory bodies.

Certain legislation provides that publishers who are not members of a regulator approved by the PRP at the time of events giving rise to a claim may be liable for exemplary damages in certain cases where such damages were not previously awarded.

In September 2014, publications representing the majority of the industry in the U.K., including News UK, entered into binding contracts to form a self-regulatory organization, the Independent Press Standards Organisation, or IPSO.

IPSO currently has no plans to apply for recognition from the PRP.

IPSO has an independent chairman and a 12-member board, the majority of which are independent.

IPSO oversees the Editors’ Code of Practice, requires members to implement appropriate internal governance processes and requires self-reporting of any failures, provides a complaints handling service, has the ability to require publications to print corrections and has the power to investigate serious or systemic breaches of the Editors’ Code of Practice and levy fines of up to £1 million.

The burdens IPSO imposes on its print media members, including the Company’s newspaper publishing businesses in

the U.K., may result in competitive disadvantages versus other forms of media and may increase the costs of regulatory compliance.

In addition to the regulations discussed above, the U.K.’s recently enacted Digital Markets, Competition and Consumers Act 2024 empowers the Secretary of State for the U.K.

The burdens IPSO imposes on its print media members, including the Company’s newspaper publishing businesses in the U.K., may result in competitive disadvantages versus other forms of media and may increase the costs of regulatory compliance.

In addition to the regulations discussed above, the U.K.’s Digital Markets, Competition and Consumers Act 2024 empowers the Secretary of State for the U.K.

to prevent foreign powers, including foreign states, state-owned investors and associated individuals, from gaining control, influence or greater influence over U.K.

newspaper enterprises through the direct or indirect ownership of shares or voting control.

The impact of these regulations remains unclear and may result in, among other things, reduced investment in the U.K.

Regulations adopted in 2025 introduced exceptions to this regime, including by permitting certain state-owned investors to hold, as passive investments, up to 15% of the shares or voting rights in a U.K.

newspaper enterprise, subject to notification and other conditions, and extended the regime to online newspapers and periodical news magazines.

These regulations may result in, among other things, reduced investment in the U.K.

newspaper industry.

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domain names;

proprietary databases and professionally curated information collections maintained and used in its information services and digital real estate services businesses;

and licenses of intellectual property rights, including the trademark license for the Realtor.com ® website address, as well as the REALTOR ® trademark (the “NAR License”).

In addition, its intellectual property assets include patents or patent applications for inventions related to its products, business methods and/or services, none of which are material to its financial condition or results of operations.

The Company derives value and revenue from its intellectual property assets through, among other things, digital and print newspaper and magazine subscriptions and sales, the sale of subscriptions to its content and information services, the operation of websites and other digital properties and the sale, distribution and/or licensing of print and digital books.

The Company devotes significant resources to protecting its intellectual property assets in the U.S., the U.K., Australia and other jurisdictions.

To protect these assets, the Company relies upon a combination of copyright, trademark, unfair competition, patent, trade secret and other laws, contract provisions and technological protections.

However, there can be no assurance of the degree to which these measures will be successful in any given case.

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.

Policing unauthorized use of the Company’s products, services and content and related intellectual property is often difficult, and the steps taken may not in every case prevent the infringement by unauthorized third parties of the Company’s intellectual property.

For example, the Company seeks to prevent unauthorized exploitation of its content and other intellectual property by generative AI tools through paywalls, bot management and AI crawler blocking tools, opt-out directives and other means, but these measures may not be effective, particularly if AI operators do not adhere to the restrictions.

The Company derives value and revenue from its intellectual property assets through, among other things, digital and print newspaper and magazine subscriptions and sales, the sale of subscriptions to its content and information services, content licensing, the operation of websites and other digital properties and the sale, distribution and/or licensing of print and digital books.

The Company devotes significant resources to protecting its intellectual property assets in the U.S., the U.K., the E.U., Australia and other jurisdictions.

To protect these assets, the Company relies upon a combination of copyright, trademark, unfair competition, patent, trade secret, database protection and other laws, contract provisions such as restrictions on access and use, license agreements that prohibit unauthorized reproduction or transfer of proprietary data and methodologies and technical measures.

However, there can be no assurance of the degree to which these protections will be effective in any given case.

For example, under current U.S.

copyright law, the selection, coordination and arrangement of data may be protectable, but the underlying factual data may not be.

and Australian database protection laws may provide additional protections for the Company’s databases in those jurisdictions.

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

Policing unauthorized use of the Company’s products, services, content, proprietary databases and related intellectual property is often difficult, and the steps taken may not in every case prevent such use.

For example, third parties, including AI developers, may scrape, crawl or otherwise exploit the Company’s content, proprietary databases and other intellectual property without authorization.

The Company seeks to prevent such unauthorized exploitation through paywalls, bot management and AI crawler blocking tools, opt-out directives and other means, but these measures may not be effective, particularly if AI operators do not adhere to the restrictions.

The Company also seeks to limit unauthorized use of its intellectual property by pursuing legal remedies to enforce its intellectual property rights, advocating for appropriate technical standards and legal frameworks, on its own and through industry groups, and enhancing public awareness of the meaning and value of intellectual property and intellectual property laws.

However, the application of existing laws and regulations to new technologies, including generative AI, continues to be unsettled and is changing rapidly, and laws and regulations may differ from jurisdiction to jurisdiction.

However, the application of existing laws and regulations to new technologies, including AI, continues to be unsettled and is changing rapidly, and laws and regulations differ from jurisdiction to jurisdiction.

Effective intellectual property protection may also be either unavailable or limited in certain foreign territories.

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Human Capital

News Corp’s workforce is critical to the creation and delivery of its premium and trusted content and a key contributor to the success of the Company.

The Company believes that having a workforce with varied experiences, abilities, backgrounds and perspectives strengthens its ability to create brands, content and products that educate and resonate with its customers and audiences around the world.

The Company’s ability to attract, develop, retain and engage talented employees with the skills and capabilities needed by its businesses is an essential component of its long-term business strategy to become more global and more digital, and the capabilities of the Company’s workforce have continued to evolve along with its business and strategy.

News Corp’s workforce is critical to the creation and delivery of its premium, trusted content and other products and services and a key contributor to the success of the Company.

The Company’s human capital management strategy is designed to attract, develop, retain and engage top talent with the experience, perspectives, skills and capabilities needed to achieve the Company’s business objectives, and its workforce capabilities have continued to evolve alongside its strategic priorities.

Key focus areas of the Company’s human capital management strategy are described below, and additional information can be found in its Environmental, Social and Governance (“ESG”) Report, available on the Company’s website (which is not incorporated by reference herein).

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The Company believes people around the globe turn to News Corp because they trust its dedication to those values and to conducting business with integrity.

The Company is always mindful that one of its greatest assets is its reputation, and ethical conduct is part of the vision, strategy and fabric of the Company.

The Company is mindful that one of its greatest assets is its reputation, and ethical conduct is part of the vision, strategy and fabric of the Company.

The Company has established a Compliance Steering Committee that oversees the Company’s global compliance-related policies, protocols and guidance and reports directly to the Board of Directors through the Audit Committee.

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News Corp’s compensation and benefits programs, which vary based on business unit and geographic location, are focused on attracting, retaining and motivating its employees and reflecting the needs and priorities of its global workforce.

In addition to competitive salaries, the Company and its businesses have established short- and long-term incentive programs designed to

motivate and reward performance against key business objectives and facilitate retention.

News Corp also provides a range of retirement and other benefit options to meet the needs of its employees, including healthcare benefits and other programs to address physical, mental and emotional well-being, tax-advantaged savings vehicles, financial education, life and disability insurance, paid time off, flexible work arrangements, generous parental leave policies and other caregiving support, a company match for charitable donations and volunteer time.

In addition to competitive salaries, the Company and its businesses have established short- and long-term incentive programs designed to motivate and reward performance against key business objectives and facilitate retention.

News Corp also provides a range of retirement and other benefit options designed to meet the needs of its employees, including healthcare benefits and other programs to address physical, mental and emotional well-being, tax-advantaged savings vehicles, financial education, life and disability insurance, paid time off, flexible work arrangements, generous parental leave policies and other caregiving support and a company match for charitable donations and volunteer time.

Training, Development and Engagement

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The Company provides compelling on-the-job learning experiences for its people, encouraging employees to test new ideas and expand their capabilities.

It offers workshops, webinars and classes on a variety of topics, job-specific training and other continuing education resources.

The Company further supports and develops its employees through career planning resources and programs and internal career mobility opportunities that build and strengthen employee versatility and leadership skills.

In addition, the Company and its businesses have implemented programs to support regular performance reviews for employees to highlight their strengths and identify the skills and growth necessary to advance their careers.

It offers workshops, webinars and classes on a variety of topics, access to next generation learning platforms, job-specific training and other continuing education resources.

The Company further supports and develops its employees through career planning resources and programs and internal career mobility opportunities that help build and strengthen employee versatility and leadership skills.

In addition, the Company and its businesses have implemented programs to support regular performance and talent reviews for employees to highlight their strengths and identify the skills and growth necessary to advance their careers.

These programs help the Company develop and invest in the next generation of leadership and represent an important component of its talent pipeline strategy.

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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 1. Business