Fiscal 2023 Fourth Quarter and Full Year Key Financial Highlights

• Fourth quarter revenues were $2.43 billion, compared to $2.67 billion in the prior year, reflecting the absence of the extra week in the prior year and the negative impact from foreign currency fluctuations
• Net loss in the quarter was $(32) million, inclusive of $166 million related to higher non-cash write- downs and restructuring charges, compared to net income of $127 million in the prior year, which included a $149 million tax benefit
• Fourth quarter Total Segment EBITDA was $341 million, compared to $315 million in the prior year
• Digital revenues accounted for over 50% of total revenues for the full year, marking a key inflection point in the transformation of the Company
• The success of the Professional Information Business has transformed Dow Jones. Segment EBITDA rose 25% for the fourth quarter and 14% for the full year, bolstered by the addition of CMA and OPIS and robust growth in Risk & Compliance revenues
• At the Subscription Video Services Segment, Foxtel Group saw streaming revenue growth more than offset broadcast declines for the fourth quarter and full year, as total paid streaming subscribers reached nearly 3.1 million
• Foxtel Group is nearing completion of its external debt refinancing which is expected to provide a pathway for repayment of News Corp’s shareholder loans

New York, NY – August 10, 2023 – News Corporation (“News Corp” or the “Company”) (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) today reported financial results for the three months and fiscal year ended June 30, 2023 (includes 13 and 52 weeks, respectively, compared to 14 and 53 weeks in the three months and fiscal year ended June 30, 2022, respectively).

Commenting on the results, Chief Executive Robert Thomson said:

“News Corp’s Fiscal 2023 results highlighted the durability and depth of our revenue streams and the impact of stringent cost controls as we navigated challenging macro conditions, supply chain pressures and currency headwinds. We achieved full year Fiscal 2023 revenues of $9.9 billion and profits of over $1.4 billion – the second highest profitability ever recorded by the Company. Our results showed marked improvement in the second half, so with inflation abating, interest rates plateauing and incipient signs of stability in the housing market, we have sound reasons for optimism about the coming quarters.

For the first time, digital accounted for over 50% of News Corp’s revenues for the full year, marking a profound transformation during the past decade. That momentum is surely gathering pace in the age of generative AI, which we believe presents a remarkable opportunity to create a new stream of revenues, while allowing us to reduce costs across the business. We are already in active negotiations to establish a value for our unique content sets and IP that will play a crucial role in the future of AI.

Dow Jones posted its highest profitability for both the quarter and the full year since we acquired the company – helped, in particular, by impressive results in the burgeoning professional information business. Not only has Dow Jones doubled its profitability over the past four years but it is also nearing a landmark moment with our lucrative B2B offerings expected to be the largest contributor to profitability in Fiscal 2024 and a key driver of future growth.

At Subscription Video Services, while revenues and profit were impacted by foreign currency headwinds, we achieved growth for the fourth quarter and full year on an adjusted basis – a remarkable turnaround from the recent past and a tribute to the team in Australia. And that turnaround is underscored by Foxtel’s imminent completion of a refinancing, which is expected to facilitate repayments of our outstanding shareholder loans beginning in fiscal 2024.”

Fourth Quarter Results

The Company reported fiscal 2023 fourth quarter total revenues of $2.43 billion, a 9% decrease compared to $2.67 billion in the prior year period, including the absence of the $110 million, or 4%, benefit from the additional week in the prior year quarter and the $72 million, or 3%, negative impact from foreign currency fluctuations. The decline was largely driven by lower revenues at the Book Publishing segment primarily due to lower book sales and lower revenues at the Digital Real Estate Services segment driven by continued challenging housing market conditions in the U.S. and Australia. The decline was partially offset by higher revenues at the Subscription Video Services segment on a constant currency basis. Adjusted Revenues (which excludes the foreign currency impact, acquisitions and divestitures as defined in Note 2) were down 7% compared to the prior year. Adjusted Revenues does not exclude the impact from the additional week in the prior year.

Net loss for the quarter was $(32) million compared to net income of $127 million in the prior year, primarily due to higher income tax expense driven by the absence of a $149 million tax benefit from an adjustment to valuation allowances in the prior year, higher losses from equity affiliates as a result of a non-cash write-down of REA Group’s investment in PropertyGuru of approximately $81 million and higher impairment and restructuring charges, partially offset by higher Other, net and higher Total Segment EBITDA, as discussed below.

The Company reported fourth quarter Total Segment EBITDA of $341 million, an 8% increase compared to $315 million in the prior year primarily due to cost savings across the businesses related to the previously announced headcount and other cost reductions and lower costs at the Other segment due in part to the absence of one-time legal settlement costs of $20 million recognized in the prior year. The increase was partially offset by lower revenues, as discussed above, and higher sports programming rights costs at Foxtel. Adjusted Total Segment EBITDA (as defined in Note 2) increased 2%. Adjusted Total Segment EBITDA does not exclude the impact from the additional week in the prior year.

Net (loss) income per share attributable to News Corporation stockholders was $(0.01) as compared to $0.19 in the prior year.

Adjusted EPS (as defined in Note 3) were $0.14 compared to $0.37 in the prior year.

Full Year Results

The Company reported fiscal 2023 full year total revenues of $9.88 billion, a 5% decrease compared to $10.39 billion in the prior year, including a $494 million, or 5%, negative impact from foreign currency fluctuations and the absence of the $110 million, or 1%, benefit from the additional week in the prior year. The decrease was driven by lower revenues at the Book Publishing segment primarily due to lower book sales and lower revenues at the Digital Real Estate Services segment primarily due to continued challenging housing market conditions in the U.S. and Australia. The decline was partially offset by growth at the Dow Jones segment, which includes the acquisitions of OPIS and Chemical Market Analytics (“CMA”), and at the Subscription Video Services and News Media segments on a constant currency basis. Adjusted Revenues decreased 2%.

Net income for the full year was $187 million, a 75% decrease compared to $760 million in the prior year. The decrease reflects lower Total Segment EBITDA, as discussed below, higher equity losses of affiliates mainly as a result of a non-cash write-down of REA Group’s investment in PropertyGuru of approximately $81 million, higher income tax expense driven by the absence of a $149 million tax benefit from an adjustment to valuation allowances in the prior year, lower Other, net and higher impairment and restructuring charges.

Total Segment EBITDA for the full year was $1.42 billion, a 15% decrease compared to $1.67 billion in the prior year primarily driven by lower revenues, as discussed above, an $80 million or 5% negative impact from foreign currency fluctuations, higher costs at the Dow Jones segment, higher sports programming costs and higher newsprint pricing. The results also include one-time costs related to the professional fees incurred by the Special Committee and the Company in connection with evaluating the proposal from the Murdoch Family Trust, as well as the fees related to the potential sale of Move. The decline was partially offset by cost savings across the businesses due to headcount and other cost reductions and lower costs at the Digital Real Estate Services segment due to lower broker commissions at REA Group and lower discretionary and employee costs at Move, as well as the absence of legal settlement costs at the Other segment. Adjusted Total Segment EBITDA decreased 15%.

Diluted net income per share attributable to News Corporation stockholders was $0.26 as compared to $1.05 in the prior year.

Adjusted diluted EPS were $0.49 compared to $1.20 in the prior year.

Click here for the full Earnings Release information

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About News Corp
News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. The company comprises businesses across a range of media, including: digital real estate services, subscription video services in Australia, news and information services and book publishing. Headquartered in New York, News Corp operates primarily in the United States, Australia, and the United Kingdom, and its content and other products and services are distributed and consumed worldwide. More information is available at: http://www.newscorp.com.

Contacts
News Corp Investor Relations
Michael Florin
212-416-3363
mflorin@newscorp.com

Anthony Rudolf
212-416-3363
arudolf@newscorp.com

News Corp Corporate Communications
Jim Kennedy
212-416-4064
jkennedy@newscorp.com

The post News Corp Reports Fourth Quarter and Full Year Results for Fiscal 2023 appeared first on News Corp.

To listen to the webcast, please register using the following link: https://newscorp-q4fy2023-earnings-call.open-exchange.net/

A live audio webcast of the call and the archived webcast will also be available via http://investors.newscorp.com. A replay will be available shortly after the call’s conclusion.

The earnings release will be distributed and available on http://investors.newscorp.com prior to the call.

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About News Corp

News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. The company comprises businesses across a range of media, including: digital real estate services, subscription video services in Australia, news and information services and book publishing. Headquartered in New York, News Corp operates primarily in the United States, Australia, and the United Kingdom, and its content and other products and services are distributed and consumed worldwide. More information is available at: http://www.newscorp.com.

Contacts
News Corp Investor Relations
Michael Florin
212-416-3363
mflorin@newscorp.com

News Corp Corporate Communications
Jim Kennedy
212-416-4064
jkennedy@newscorp.com

The post News Corp to Report Fiscal 2023 Fourth Quarter and Full Year Earnings appeared first on News Corp.

New York, NY (June 1, 2023) – After leading Move, Inc., operator of Realtor.com® and a portfolio of other real estate brands, for more than three years, gaining market share and breaking several revenue and audience records, David Doctorow announced today his decision to depart as Chief Executive Officer of the business.

News Corp has named Damian Eales to succeed him in the position, effective June 12, with Mr. Doctorow continuing to assist him in the transition in the coming weeks.

Under Mr. Doctorow’s leadership, Move achieved record revenues; had record audiences and consumer satisfaction at Realtor.com®; increased market share; strengthened industry relationships and employee engagement; and further diversified revenue streams into the rentals, new homes and seller markets.  Between fiscal years 2020 and 2022, Move’s revenues grew by 50 percent, and average monthly unique users reached a high of more than 100 million in 2022.  Mr. Doctorow helped complete the integration of OpCity into the Realtor.com® business and oversaw the acquisitions of Avail and UpNest. 

Over the past several years, Realtor.com® has continued to innovate and expand its product offerings for consumers, real estate agents and brokers, new construction builders, lenders and property managers.  Among many other changes, Mr. Doctorow also oversaw the launch of a new home search algorithm, incorporating AI throughout many products; a new mobile app; leveraging the Opcity platform to create new agent/broker products; and the Seller’s Marketplace and listing agent businesses, with Realtor.com® dramatically expanding content coverage in the new construction and rentals verticals.

“I am proud of the many successes we achieved at Realtor.com® since February 2020, and greatly value having had the chance to work with the best team in the digital real estate industry.  I believe this is the right time for me to embark on a new chapter in my career, and I look forward to working with Damian as he begins his new role,” said Mr. Doctorow.  “Today the real estate market is experiencing new challenges, but I am confident the people of Realtor.com® have what it takes to continue growing and empowering the agents, brokers and other customers to grow, while empowering consumers with confidence as they turn to us to make their dreams of a new home come true.”

“We are all very grateful to David for the many ways he helped grow Realtor.com®, including through the acquisition and integration of key assets, the launch of innovative products, the expansion of offerings in rentals and new construction, and the development of sell-side products,” said Robert Thomson, Chief Executive of News Corp.  “It was not long after David started that the world was thrust into the pandemic, but he and everyone at Realtor.com® responded professionally, and the business managed to expand revenues and audience, gaining share despite the obstacles of that era.” 

Mr. Eales has been serving as Executive Vice President and Global Head of Transformation for News Corp since July 2020.  Prior to that, he held senior positions at News Corp Australia over seven years, including Chief Marketing Officer and Chief Operating Officer of the Australian publishing business, where he led commercial, consumer, digital product and publishing divisions.  Mr. Eales previously served in senior leadership posts in several major Australian businesses.

During his time at News Corp Australia, Mr. Eales helped lead digital transformation initiatives, which profoundly improved the operations of its portfolio of mastheads across Australia and led to the expansion of its subscription business from approximately 100,000 subscribers in 2013 to what is now more than 1 million.  His oversight of news.com.au helped secure its position as the leading news website in Australia, according to Ipsos, and his partnership with REA Group helped realestate.com.au maintain and grow its standing as the #1 digital real estate site in Australia. 

In his current post, Mr. Eales was part of a broader effort at News Corp that yielded significant savings, while increasing collaboration among business units.

REA, which owns 20 percent of Move, Inc., will be working closely with Mr. Eales in his new role, and ramping up resource sharing with Realtor.com®, including talent.  More details about this collaboration will be announced in the coming weeks.

“Damian is a strong leader with a long track record of accomplishment, and I am confident that his acumen and acuity will serve him well in leading Realtor.com® into a new era of growth,” said Mr. Thomson.  “Damian’s years of work with REA, coupled with his understanding of digital transformation, provide a platform to pursue the long-term opportunities we know exist in the $200 billion U.S. real estate market.”

“For many years, Damian worked closely with REA as our partnership with News Corp Australia flourished to our mutual benefit.  He has a keen appreciation for the value of the real estate market and how it intersects with consumers, publishers and digital technology,” said Owen Wilson, CEO of REA Group.  “We wish David well in the next phase of his career, and like David, Damian will be a strong ally for us and a very effective leader of Realtor.com®.  In particular, we look forward to collaborating even more closely with Realtor.com® through the sharing of resources, including key talent, in the months ahead.”

“It is an honor to be offered the opportunity to lead Move, Inc. and Realtor.com®. Helping customers find a home is uniquely purposeful, and I look forward to working with the talented Move team as we seek to expand reach and enhance value to agents, brokers and consumers in the vital digital real estate market,” said Mr. Eales. “Having worked closely with REA, and through my exposure to digital transformation and the creation of strategic partnerships, I am confident that we can leverage the assets of REA and News Corp and build a bright future for this pioneering real estate leader, Realtor.com®.”

Prior to joining News Corp in Australia in 2013, Mr. Eales was Chief Marketing Officer at Westpac Retail & Business Bank, and he spent more than a decade at David Jones, a leading premium retailer in Australia, as a group general manager in financial services, marketing & operations and supply chain logistics & procurement.

Since News Corp’s acquisition in 2014, Move more than tripled its revenues, reaching $712 million as of the most recently completed fiscal year, and more than tripled its average monthly unique users to a high of more than 100 million during 2022.

Mr. Eales has a Master’s in Business Administration from the University of Queensland, and an extensive record of volunteerism, including service on the boards of the Great Barrier Reef Foundation – USA, the American Australian Association and the Sony Foundation, and he serves as an Ambassador for the Australian Indigenous Education Foundation.  Mr. Eales also served as President of the International News Media Association (INMA).

Prior to joining Move, Mr. Doctorow was with eBay, where he served as Head of Global Growth at eBay Marketplaces, and previously was Chief Marketing and Strategy Officer at Expedia.  He has a Master’s in Business Administration from Stanford Graduate School of Business and a bachelor’s degree from the University of Pennsylvania.

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Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements are based on current expectations and beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements in this press release due to the risks, uncertainties and other factors described in the Company’s filings with the Securities and Exchange Commission. More detailed information about factors that could affect future results is contained in our filings with the Securities and Exchange Commission. The “forward-looking statements” included in this press release are made only as of the date of this release. We do not have and do not undertake any obligation to publicly update any “forward-looking statements” to reflect subsequent events or circumstances, and we expressly disclaim any such obligation, except as required by law or regulation.

About News Corporation
News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. The company comprises businesses across a range of media, including: digital real estate services, subscription video services in Australia, news and information services and book publishing. Headquartered in New York, News Corp operates primarily in the United States, Australia, and the United Kingdom, and its content and other products and services are distributed and consumed worldwide. More information is available at: www.newscorp.com.

About Move, Inc.
Move, Inc., a subsidiary of News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV], operates a family of websites and mobile experiences for consumers and professionals, including Realtor.com®. Move licenses the Realtor.com® URL from the National Association of REALTORS®. Move also offers software products and services to help real estate professionals serve their clients and grow their business, including ListHub, the nation’s leading listings syndicator and centralized intelligence platform for the real estate industry.

About Realtor.com®
Realtor.com®is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

About REA Group Ltd: (www.rea-group.com):
REA Group Ltd ACN 068 349 066 (ASX:REA) (“REA Group”) is a multinational digital advertising business specialising in property. REA Group operates Australia’s leading residential and commercial property websites – realestate.com.au and realcommercial.com.au – as well as the leading website dedicated to share property, Flatmates.com.au and property research website, property.com.au. REA Group owns, Mortgage Choice Pty Ltd, an Australian mortgage broking franchise group, and PropTrack Pty Ltd, a leading provider of property data services. In Australia, REA Group holds strategic investments in Simpology Pty Ltd, a leading provider of mortgage application and e-lodgement solutions for the broking and lending industries; Realtair Pty Ltd, a digital platform providing end-to-end technology solutions for the real estate transaction process, Campaign Agent Pty Ltd, Australia’s leading provider of Buy Now Pay Later solutions for the Australian real estate market and Managed Platforms Pty Ltd, an emerging Property Management software platform. Internationally, REA Group holds a controlling interest in REA India Pte. Ltd. operator of established brands Housing.com, Makaan.com and PropTiger.com. REA Group also holds a significant minority shareholding in Move, Inc., operator of realtor.com in the US, and the PropertyGuru Group, South East Asia’s leading PropTech company which operates in Singapore, Malaysia, Thailand, Indonesia and Vietnam.

Contacts
News Corp Investor Relations
Michael Florin
212-416-3363
mflorin@newscorp.com

News Corp Corporate Communications
Jim Kennedy
212-416-4064
jkennedy@newscorp.com

The post David Doctorow To Depart Move, Inc. Damian Eales Named Successor appeared first on News Corp.

Fiscal 2023 Third Quarter Key Financial Highlights

• Revenues in the quarter were $2.45 billion, a 2% decrease compared to $2.49 billion in the prior year, reflecting a $98 million, or 4%, negative impact from foreign currency fluctuations. Adjusted Revenues were flat
• Net income in the quarter was $59 million compared to $104 million in the prior year
• Total Segment EBITDA in the quarter was $320 million compared to $358 million in the prior year
• In the quarter, reported EPS were $0.09 compared to $0.14 in the prior year – Adjusted EPS were $0.09 compared to $0.16 in the prior year
• At the Dow Jones segment, revenues from its professional information business grew 38% from the prior year, reflecting the OPIS and CMA acquisitions and continued double-digit revenue growth at Risk and Compliance. Total subscriptions to its consumer products crossed 5.1 million
• Foxtel Group exceeded 3 million total streaming subscribers and achieved the lowest broadcast churn since Fiscal 2016
• Advertising trends at the News Media segment improved sequentially, as advertising revenues for the quarter declined 5% but increased 2% on a constant currency basis from the prior year
• HarperCollins saw improved trends from the first half with revenues flat in the quarter compared to the prior year period. Adjusted revenues were up 2%
• The Company now expects to achieve at least $160 million in annualized savings from the previously announced headcount reductions, up from the prior estimate

New York, NY – May 11, 2023 – News Corporation (“News Corp” or the “Company”) (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) today reported financial results for the three months ended March 31, 2023.

Commenting on the results, Chief Executive Robert Thomson said:

“These results demonstrate the fundamental differences in the character of News Corp compared with other media companies. In a period in which advertising was clearly insipid in certain parts of the world, our core non-advertising revenue has been particularly robust, highlighted by a 38 percent increase in revenues at the Dow Jones professional information business.

Overall, our fiscal third quarter results demonstrated meaningful progress compared to the first half, with various macro and sectoral trends decidedly more positive. Revenues were over $2.4 billion, down only 2 percent from the prior year, but higher in constant currency, while our company-wide cost cutting program began to gain traction.

That cost reduction drive includes taking the difficult but necessary step of reducing headcount by an expected five percent, and we now anticipate that program will yield at least $160 million in annualized savings by the end of this calendar year.

We also want to highlight that today marks the 44th day in captivity for Wall Street Journal reporter Evan Gershkovich, who has been wrongfully, wilfully detained in Russia. We trust that justice and common sense will prevail, and that Evan will soon be released.”

Third Quarter Results

The Company reported fiscal 2023 third quarter total revenues of $2.45 billion, a 2% decrease compared to $2.49 billion in the prior year period. The decline was primarily due to a $98 million, or 4%, negative impact from foreign currency fluctuations and lower revenues at the Digital Real Estate Services segment due to continued challenging housing market conditions in the U.S. and Australia. The decline was partially offset by higher Dow Jones segment revenues, which includes the acquisitions of OPIS and Chemical Market Analytics (“CMA”), and higher revenues at the News Media and Subscription Video Services segments on a constant currency basis. Adjusted Revenues (which excludes the foreign currency impact, acquisitions and divestitures as defined in Note 2) were flat compared to the prior year.

Net income for the quarter was $59 million, a 43% decline compared to $104 million in the prior year, primarily due to lower Total Segment EBITDA, as discussed below, higher depreciation and amortization expense and higher losses from equity affiliates, partially offset by lower impairment charges.

The Company reported third quarter Total Segment EBITDA of $320 million, an 11% decline compared to $358 million in the prior year, primarily due to lower revenues, as discussed above, higher costs at the Dow Jones segment, and a $13 million, or 4%, negative impact from foreign currency fluctuations. The results this quarter also include $7 million of costs related to the professional fees incurred by the Special Committee and the Company in connection with evaluating the proposal from the Murdoch Family Trust, as well as the fees related to the potential sale of Move. Adjusted Total Segment EBITDA (as defined in Note 2) decreased 15%.

Net income per share attributable to News Corporation stockholders was $0.09 as compared to $0.14 in the prior year.

Adjusted EPS (as defined in Note 3) were $0.09 compared to $0.16 in the prior year.

Please click here for the full Earnings Release information.

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About News Corp
News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. The company comprises businesses across a range of media, including: digital real estate services, subscription video services in Australia, news and information services and book publishing. Headquartered in New York, News Corp operates primarily in the United States, Australia, and the United Kingdom, and its content and other products and services are distributed and consumed worldwide. More information is available at: http://www.newscorp.com.

Contacts
News Corp Investor Relations
Michael Florin
212-416-3363
mflorin@newscorp.com

News Corp Corporate Communications
Jim Kennedy
212-416-4064
jkennedy@newscorp.com

The post News Corp Reports Third Quarter Results for Fiscal 2023 appeared first on News Corp.

New York, NY (May 1, 2023) — News Corp will release its third quarter Fiscal 2023 results on Thursday, May 11, 2023. News Corp Chief Executive Robert Thomson and Chief Financial Officer Susan Panuccio will discuss the results via a live audio webcast at 5:00 p.m. EDT (Sydney: Friday, May 12, at 7:00 a.m. AEST).

To listen to the webcast, please register using the following link: https://newscorp-q3fy2023-earnings-call.open-exchange.net/

A live audio webcast of the call and the archived webcast will also be available via http://investors.newscorp.com. A replay will be available shortly after the call’s conclusion.

The earnings release will be distributed and available on http://investors.newscorp.com prior to the call.

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About News Corp
News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. The company comprises businesses across a range of media, including: digital real estate services, subscription video services in Australia, news and information services and book publishing. Headquartered in New York, News Corp operates primarily in the United States, Australia, and the United Kingdom, and its content and other products and services are distributed and consumed worldwide. More information is available at: http://www.newscorp.com.

Contacts
News Corp Investor Relations
Michael Florin
212-416-3363
mflorin@newscorp.com

News Corp Corporate Communications
Jim Kennedy
212-416-4064
jkennedy@newscorp.com

The post News Corp to Report Fiscal 2023 Third Quarter Earnings appeared first on News Corp.

New York, NY (March 1, 2023) – News Corp announced today that Chief Executive Robert Thomson will participate in the Morgan Stanley Technology, Media & Telecom Conference on Tuesday, March 7, 2023. The session will begin at 2:40pm PST.

To listen to the live webcast, please visit the News Corp website at https://investors.newscorp.com/calendar-events. A replay of the webcast is expected to be available at the same location for a period of time following the conference.

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About News Corp
News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. The company comprises businesses across a range of media, including: digital real estate services, subscription video services in Australia, news and information services and book publishing. Headquartered in New York, News Corp operates primarily in the United States, Australia, and the United Kingdom, and its content and other products and services are distributed and consumed worldwide. More information is available at: http://www.newscorp.com.

Contacts
News Corp Investor Relations
Michael Florin
212-416-3363
mflorin@newscorp.com

News Corp Corporate Communications
Jim Kennedy
212-416-4064
jkennedy@newscorp.com

The post News Corp to Participate in the Morgan Stanley Technology, Media & Telecom Conference appeared first on News Corp.

New York, NY (February 21, 2023) – News Corp today confirmed that it is no longer engaged in discussions with CoStar Group, Inc. (NASDAQ: CSGP) regarding a potential sale of Move, Inc, operator of Realtor.com®.

News Corp will continue to actively assess opportunities to support the Company’s strategy to optimize the value of its Digital Real Estate Services segment and otherwise maximize shareholder value.

News Corp does not intend to make any additional comments regarding this matter unless and until it is appropriate or required to do so.

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Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements are based on current expectations and beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements in this press release due to the risks, uncertainties and other factors described in the Company’s filings with the Securities and Exchange Commission. More detailed information about factors that could affect future results is contained in our filings with the Securities and Exchange Commission. The “forward-looking statements” included in this press release are made only as of the date of this release. We do not have and do not undertake any obligation to publicly update any “forward-looking statements” to reflect subsequent events or circumstances, and we expressly disclaim any such obligation, except as required by law or regulation.

About News Corp
News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. The company comprises businesses across a range of media, including: digital real estate services, subscription video services in Australia, news and information services and book publishing. Headquartered in New York, News Corp operates primarily in the United States, Australia, and the United Kingdom, and its content and other products and services are distributed and consumed worldwide. More information is available at: http://www.newscorp.com.

Contacts
News Corp Investor Relations
Michael Florin
212-416-3363
mflorin@newscorp.com

News Corp Corporate Communications
Jim Kennedy
212-416-4064
jkennedy@newscorp.com

The post News Corp Provides Update on Discussions Regarding Move, Inc. appeared first on News Corp.

Fiscal 2023 Second Quarter Key Financial Highlights

• Revenues in the quarter were $2.52 billion, a 7% decrease compared to $2.72 billion in the prior year, reflecting a $171 million, or 6%, negative impact from foreign currency fluctuations. Adjusted Revenues decreased 3% 
• Net income in the quarter was $94 million compared to $262 million in the prior year
• Total Segment EBITDA in the quarter was $409 million compared to $586 million in the prior year
• In the quarter, reported EPS were $0.12 compared to $0.40 in the prior year – Adjusted EPS were $0.14 compared to $0.44 in the prior year
• At the Dow Jones segment, revenues from its professional information business grew 45%, benefiting from the acquisitions of OPIS and CMA and the ongoing momentum in its Risk & Compliance products
• At the Subscription Video Services segment, higher streaming revenues from Foxtel’s Kayo and BINGE continued to offset broadcast revenue declines
• Revenues at News UK continued to benefit from strong digital advertising revenue growth at The Sun, highlighting the brand’s successful expansion into the U.S. and increase in yield
• Engaged in discussions with CoStar Group regarding a potential sale of Move

New York, NY – February 9, 2023 – News Corporation (“News Corp” or the “Company”) (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) today reported financial results for the three months ended December 31, 2022.

Commenting on the results, Chief Executive Robert Thomson said:

“The second quarter highlighted the progress made in certain of our business segments. Obviously, a surge in interest rates and acute inflation had a tangible impact on all of our businesses. But we believe these challenges are more ephemeral than eternal. Just as our company passed the stress-test of the pandemic with record profits, the initiatives now underway, including an expected 5 percent headcount reduction, or around 1,250 positions this calendar year, will create a robust platform for future growth.

Even in the midst of the obvious global challenges, the professional information business at Dow Jones displayed particular promise, with revenues surging 45 percent year-over-year. That encouraging result highlights the value of our opportunistic acquisitions of OPIS and CMA, and continuing growth at our burgeoning Risk and Compliance business.

In terms of portfolio optimization, as publicly reported, we have been actively engaged in discussions with CoStar Group about a potential sale of Move. Any transaction would be designed to create shareholder value and strengthen Realtor.com^®’s competitive position.”

Second Quarter Results

The Company reported fiscal 2023 second quarter total revenues of $2.52 billion, a 7% decrease compared to $2.72 billion in the prior year period. The decline was primarily due to a $171 million, or 6%, negative impact from foreign currency fluctuations, lower revenues at the Book Publishing segment primarily due to lower book sales and lower revenues at the Digital Real Estate Services segment due to challenging housing market conditions in Australia and the U.S. The decline was partially offset by higher Dow Jones segment revenues, which includes the acquisitions of OPIS and Chemical Market Analytics (“CMA”), and higher Subscription Video Services revenues on a constant currency basis. Adjusted Revenues (which excludes the foreign currency impact, acquisitions and divestitures as defined in Note 2) decreased 3%.

Net income for the quarter was $94 million, a 64% decline compared to $262 million in the prior year, primarily due to lower Total Segment EBITDA, as discussed below, and higher losses from equity affiliates due to losses from the Company’s investment in a newly launched sports wagering platform in Australia, partially offset by lower tax expense.

The Company reported second quarter Total Segment EBITDA of $409 million, a 30% decline compared to $586 million in the prior year, primarily due to higher costs at the Dow Jones segment, higher operating expenses at the News Media segment, partly due to inflationary pressures, lower revenues, as discussed above, and a $30 million, or 5%, negative impact from foreign currency fluctuations. The results this quarter also include $6 million of one-time costs related to the professional fees incurred by the Special Committee and the Company in connection with evaluating the proposal from the Murdoch Family Trust. Adjusted Total Segment EBITDA (as defined in Note 2) decreased 28%.

Net income per share attributable to News Corporation stockholders was $0.12 as compared to $0.40 in the prior year.

Adjusted EPS (as defined in Note 3) were $0.14 compared to $0.44 in the prior year.

Please click here for the full Earnings Release information.

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About News Corp
News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. The company comprises businesses across a range of media, including: digital real estate services, subscription video services in Australia, news and information services and book publishing. Headquartered in New York, News Corp operates primarily in the United States, Australia, and the United Kingdom, and its content and other products and services are distributed and consumed worldwide. More information is available at: http://www.newscorp.com.

Contacts
News Corp Investor Relations
Michael Florin
212-416-3363
mflorin@newscorp.com

News Corp Corporate Communications
Jim Kennedy
212-416-4064
jkennedy@newscorp.com

The post News Corp Reports Second Quarter Results for Fiscal 2023 appeared first on News Corp.

New York, NY (January 31, 2023)—News Corp will release its second quarter Fiscal 2023 results on Thursday, February 9, 2023. News Corp Chief Executive Robert Thomson and Chief Financial Officer Susan Panuccio will discuss the results via a live audio webcast at 5:00 p.m. EST (Sydney: Friday, February 10, at 9:00 a.m. AEDT).

To listen to the webcast, please register using the following link: https://newscorp-q2fy2023-earnings-call.open-exchange.net/.

A live audio webcast and the archived webcast will be available via http://investors.newscorp.com.

The earnings release will be distributed and available on http://investors.newscorp.com prior to the call.

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About News Corp
News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. The company comprises businesses across a range of media, including: digital real estate services, subscription video services in Australia, news and information services and book publishing. Headquartered in New York, News Corp operates primarily in the United States, Australia, and the United Kingdom, and its content and other products and services are distributed and consumed worldwide. More information is available at: http://www.newscorp.com.

Contacts
News Corp Investor Relations
Michael Florin
212-416-3363
mflorin@newscorp.com

News Corp Corporate Communications
Jim Kennedy
212-416-4064
jkennedy@newscorp.com

The post News Corp to Report Fiscal 2023 Second Quarter Earnings appeared first on News Corp.

New York, NY (January 24, 2023) – News Corporation (“News Corp” or the “Company”) (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) announced today that the Company’s Board of Directors received a letter from K. Rupert Murdoch withdrawing the proposal to explore a potential combination of News Corp and Fox Corporation (“FOX”) (Nasdaq: FOXA, FOX).

In withdrawing the proposal, Mr. Murdoch indicated that he and Lachlan K. Murdoch have determined that a combination is not optimal for shareholders of News Corp and FOX at this time.

As a result of this action, the Special Committee of the Board of Directors of News Corp has been dissolved. The Board would like to express its appreciation for the Special Committee’s efforts on this matter.

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Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements are based on current expectations and beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements in this press release due to the risks, uncertainties and other factors described in the Company’s filings with the Securities and Exchange Commission. More detailed information about factors that could affect future results is contained in our filings with the Securities and Exchange Commission. The “forward-looking statements” included in this press release are made only as of the date of this release. We do not have and do not undertake any obligation to publicly update any “forward-looking statements” to reflect subsequent events or circumstances, and we expressly disclaim any such obligation, except as required by law or regulation.

About News Corp
News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. The company comprises businesses across a range of media, including: digital real estate services, subscription video services in Australia, news and information services and book publishing. Headquartered in New York, News Corp operates primarily in the United States, Australia, and the United Kingdom, and its content and other products and services are distributed and consumed worldwide. More information is available at: http://www.newscorp.com.

Contacts
News Corp Investor Relations
Michael Florin
212-416-3363
mflorin@newscorp.com

News Corp Corporate Communications
Jim Kennedy
212-416-4064
jkennedy@newscorp.com

The post Announcement by News Corp’s Board of Directors on Potential Combination with Fox Corporation appeared first on News Corp.