Track market-moving stories before they get noisy

News Corp's CEO Robert Thomson attends the annual Allen and Co. Sun Valley Media and Technology Conference at the Sun Valley Resort in Sun Valley, Idaho, U.S., July 10, 2026. REUTERS/Brendan... Purchase Licensing Rights, opens new tab Read more

SummaryCompaniesNews Corp says Brave's "theft" hurts publishers, journalismBrave earlier sued News Corp, accusing it of threatening AI advancesPublishers, tech companies battle over use of copyrighted content for AIBrave not immediately available for commentJuly 21 (Reuters) - News Corp (NWSA.O), opens new tab, facing a lawsuit by search engine Brave Software, has filed a countersuit accusing it ‌of "flagrant theft" in distributing and selling versions of articles from the Wall Street Journal and New York Post to AI companies.

Brave had last year preemptively sued the media giant, seeking a court declaration that its practices were legal. It sued after ​receiving a cease-and-desist letter from News Corp, which is led by the family of Rupert Murdoch.

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In ​a Tuesday filing in the Oakland, California, federal court, News Corp said Brave's unauthorized "covert ⁠scraping" and resale of its copyrighted articles fall "nowhere near the bounds" of legally acceptable conduct known as ​fair use.

"The more content Brave copies and sells, the more revenue it generates, and the less incentive AI companies ​have to negotiate licenses with the publishers who produced the content," the lawsuit said. "Brave profits while publishers are cut out."

News Corp is seeking an injunction and unspecified monetary damages, plus damages of up to $150,000 per infringement.

Brave and its lawyers did not ​immediately respond to requests for comment outside business hours.

The competing lawsuits are part of a wave of litigation ​pitting publishers against technology companies that want to use copyrighted content to support AI.

BRAVE ACCUSED NEWS CORP OF DISRUPTING AIBrave sued ‌News Corp ⁠in March 2025, seeking a court declaration that bundling copyrighted articles that can be licensed and sold is not copyright infringement.

It filed a revised complaint in May 2026, following what News Corp called failed negotiations for a "fair, market-based agreement."

Brave has argued that its indexing of News Corp content to make it searchable, and providing ​users with snippets and "high-level summaries" ​of that content, amounted ⁠to fair use.

The San Francisco-based company also accused News Corp of threatening to disrupt advances in generative AI, which it said many consider "the most important innovation so ​far this century."

BRAVE ACCUSED OF 'TACKY TECH TRAFFICKING'News Corp Chief Executive Robert Thomson said ​in a statement ⁠that Brave's looting of his company's content reflected "blatant disregard" for the damage to how information is disseminated.

"This era of tacky tech trafficking must come to an end if journalism is to have a sustainable future," Thomson said.

Brave ⁠has said ​it is the smallest of the three U.S.-based companies to operate ​independent search engines "at scale."

Google (GOOGL.O), opens new tab dominates that market, followed by Microsoft (MSFT.O), opens new tab, which operates Bing.

The New York Post, Dow Jones and News Corp's British ​and Australian operations are also defendants in Brave's lawsuit.

Reporting by Jonathan Stempel in New York; Editing by Edwina Gibbs

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Staten Island, New York, July 20, 2026 (GLOBE NEWSWIRE) -- The Tunnel to Towers Foundation announced today that its Chairman and CEO, Frank Siller, will publish his memoir, Let Us Do Good , on September 1, 2026, from Broadside Books, an imprint of HarperCollins. The book takes its title from the words the Siller family has lived by for generations.

Transactions Grew for the Third Straight Year But Remain a Small Slice of the Market, According to a New Realtor.com® Report

, /PRNewswire/ -- A new report from Realtor.com® finds that short sales, an alternative to foreclosure for underwater homeowners, are growing. Short sales remain a small slice of the market: fewer than 30,000 took place in the U.S. in 2025, accounting for roughly 0.6% of all typical home sales and 28% of distressed sales. Short-sale transactions rose 4% from 2023 to 2024, nearly 10% from 2024 to 2025, and about 16% year over year in the first quarter of 2026, accelerating across these three years. Even so, short sales are not the most common distressed sale, trailing foreclosures by more than two to one.

This report also found that starting in January 2026, for the first time since Realtor.com® began tracking these valuations in 2018, short sales started selling at a smaller discount than foreclosures. Distressed homes now fetch roughly 9% more of their estimated value as a short sale than as a foreclosure, a reversal of a pattern that held for nearly a decade.

Short sales let a homeowner who owes more than their home is worth sell the property for less than the remaining mortgage balance, with the lender's approval. Nearly 30,000 short sales took place in the U.S. in 2025, accounting for roughly 0.6% of all arms-length home sales and 28% of distressed sales. Despite offering real advantages for both lenders and homeowners, short sales remain far less common than foreclosures, trailing them by more than two to one.

"Even in a strong economy with home prices close to record highs, a small segment of households find themselves facing tough circumstances," said Danielle Hale, chief economist, Realtor.com®. "The good news for struggling homeowners is that they have more options now than in previous decades. A short-sale can be complicated and requires borrowers to act before the bank forces their hand; however, it benefits them by shortening the waiting period before they can qualify for a future mortgage. Foreclosures are the more common outcome, but borrowers facing difficulty should consider all of their options. Engaging with a Realtor agent who specializes in these transactions can be a smart move."

A Decade-Long Bargain, Reversed

For most of the past decade, short sales sold at a steeper discount to their estimated value than foreclosures did. Foreclosed homes sold in a fairly steady range, 25% to 30% below estimated value, year after year. The short-sale discount swung far more widely, starting around 30% in 2018, ballooning to 50% in 2022, and narrowing to roughly 20% by early 2026 as the market cooled.

The swing traces back to timing. A foreclosed home is priced by the lender the moment it sells, so its discount tracks the market in real time. A short sale is priced earlier, while the homeowner still owns it, and often sits in pending status for months while the lender decides whether to accept less than it's owed. During the rapid price run-up of 2021 and 2022, homes appreciated faster than these drawn-out deals could close, pushing short-sale discounts to their widest point. As price growth flattened in 2025 and 2026, that lag faded and the discount snapped back.

Research from the Federal Reserve Bank of Philadelphia examining the 2007-2012 housing crash found short sales sold for roughly 9% to 10% more than comparable foreclosures during that period, suggesting the current premium is less a new development than a return to the historical norm.

Why Short Sales Stay Rare

The reversal is unlikely to change how few homeowners choose a short sale. "A short sale recovers more value for the lender and does less damage to the surrounding neighborhood, but the decision isn't the lender's to make," said Glen Morgenstern, economist intern at Realtor.com®. "The homeowner controls the outcome, and a foreclosure lets them stay in the home without paying for 592 days on average. That free housing is worth more than any credit or timeline advantage a short sale offers, and the new pricing math doesn't touch that calculation."

A short sale ends earlier and requires the homeowner to actively cooperate in their own move. Short sales can release a homeowner from leftover mortgage debt and let them qualify for a new mortgage in about four years rather than seven, and while a short sale is widely believed to be gentler on a seller's credit than foreclosure, credit bureaus score the two similarly.

The ratio of short sales to foreclosures has never reached parity since Realtor.com's records began in 2006. It climbed as the 2010 Home Affordable Foreclosure Alternatives program pushed short sales as an alternative, then slid after that program ended in 2016. It has since settled at roughly four short sales for every ten foreclosures.

A Different Map Than Foreclosures

Short sales also cluster differently than foreclosures. Foreclosures concentrate in the country's most affordable markets, while short sales are scattered across moderately priced metros in the West and Florida. As of May 2026, Miami, New York, Tampa, Phoenix and Houston had the most short-sale listings. By share of listings, Lakeland, Florida led the country at 6.7%, followed by Pueblo and Colorado Springs, Colorado. Measured by completed sales, short sales are most common in Salt Lake City and Texas metros such as Austin and Dallas.

Buyers remain wary of the format. Short-sale listings draw roughly 20% fewer page views on Realtor.com than comparable homes and take about two months longer to sell, weighed down by lender approval timelines that can drag on for months and sometimes collapse before closing.

Methodology

Short sales are identified as those carrying the short-sale flag in Realtor.com deed records, and foreclosures as those carrying the REO (real estate-owned) flag, covering single-family homes, condos, townhomes, row homes and co-ops sold since 2001. Short-sale prevalence is measured both as a share of all home sales and as a share of distressed sales (short sales plus foreclosures). Short-sale listings are identified by the short-sale flag in Realtor.com listing data, consistently populated beginning in 2019.

To measure the price discount, each distressed sale price is compared against the property's estimated value from an automated valuation model, taken as the median of that property's valuations in the month three months before the sale. The discount is the percentage by which the sale price falls below that value, measured the same way for short sales and foreclosures. The short-sale premium over foreclosures is the difference between the two groups' discounts. Listing performance metrics compare each listing's statistics against the medians for its property type and ZIP code, or metro area where a ZIP has fewer than 50 listings. Sales figures reflect data through March 2026.

About Realtor.com®

For over 30 years, Realtor.com® has connected buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 real estate site REALTOR® agents recommend, Realtor.com® delivers consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media Contact: Mallory Micetich, [email protected] 

SOURCE Realtor.com

/PRNewswire/ -- Home price growth is now expected to slow to just 1.2% in 2026, a slower pace than originally forecast and one that fails to keep pace with

A new Realtor.com® report traces how Congress has intervened — again and again — to make the American dream financially possible, and what it would take to do it once more

, /PRNewswire/ -- As the United States marks 250 years of independence, just over 65% of American households own their homes, a rate that did not arrive by accident. A new Realtor.com® analysis of federal housing legislation finds that significant surges in U.S. homeownership have each been preceded by an act of Congress, from the Homestead Act of 1862 to the Housing and Economic Recovery Act of 2008, and that the tools to move the needle again exist today.

"Homeownership has never been purely a product of markets, from 44% in 1940 to 62% by 1960, federal legislation has been a driving force in American homeownership history and a 4-million-home supply gap is waiting for its moment," said Joel Berner, senior economist at Realtor.com®. "At several major inflection points in this country's history, from the Great Depression, World War II, the Civil Rights era to the financial crisis, Congress stepped in and changed who could own a home and how they could afford one. The history is remarkably consistent: legislation works."

The report, released in conjunction with the nation's 250th anniversary, traces five landmark bills and their measurable effects on the homeownership rate, which the Census Bureau has tracked since 1890.

From Free Land to FHA: A Legislative History of Homeownership

The Homestead Act of 1862, passed while the Civil War raged, granted 160-acre plots to any adult who could pay a small filing fee and commit five years of labor to the land. More than 270 million acres across 30 states were claimed between 1862 and 1976. The act functioned as the country's first homeownership subsidy, access through effort rather than existing wealth, and set a baseline for American property ownership that every subsequent Congress would build on.

The Great Depression all but collapsed that foundation. Mortgage defaults swept the country in the early 1930s, lenders stopped issuing new loans and the housing market ground to a halt. Congress responded with the National Housing Act of 1934, which created the Federal Housing Administration and restructured the conventional mortgage, shrinking required down payments, extending repayment periods and insuring loans to give lenders confidence. The mortgage market as Americans know it today was born in that legislation, though the FHA's underwriting policies also institutionalized redlining, a legacy of discrimination that would take another generation of legislation to begin to undo.

That correction came in part from the GI Bill. The Servicemen's Readjustment Act of 1944 guaranteed veterans low-interest, no-money-down home loans backed by the federal government. The Veterans Administration guaranteed more than 2 million home loans by 1950. The numbers tell the story directly: in 1940, 43.6% of U.S. households owned their homes. By 1960, that figure was 61.9%.

"The postwar homeownership surge is the most dramatic in American history, and it was not organic," Berner said. "It was the direct result of Congress making homeownership financially accessible to a generation of Americans who would not otherwise have been able to achieve it. That's the playbook."

The Civil Rights Act of 1968, better known as the Fair Housing Act, took aim at the redlining that the FHA had helped entrench. By prohibiting discrimination in the sale, rental and financing of housing based on race, color, national origin, religion, sex, familial status and disability, it expanded access to credit for home purchases across minority communities. Homeownership continued to climb from the bill's passage through approximately 1980, now with broader inclusion.

The most recent legislation examined, the Housing and Economic Recovery Act of 2008, was not designed to grow homeownership but to prevent its collapse. With Fannie Mae and Freddie Mac on the brink, HERA placed both institutions under federal conservatorship, expanded FHA loan limits, established a 3.5% minimum down payment and created a tax credit for first-time buyers. The homeownership rate had peaked at 69.0% in 2004 and bottomed at 63.4% in 2016 a decline that, without HERA's stabilizing interventions, could have been more severe.

The Challenge Today — and What Can Be Done

The housing market is not facing a financial system in freefall or the aftermath of a world war. Instead, it is straining against an inadequate supply of homes. According to our analysis, the U.S. housing supply gap widened to an estimated 4.03 million homes in 2025, up from 3.8 million in 2024. New construction once again fell short of household formation and pent-up demand from younger households persists.

The stakes are substantial. Households that purchase their first home by age 30 accumulate an average of $119,000 more in net worth — 22.5% higher — by age 50 compared to those who wait until their 40s. The median age of a first-time homebuyer was 30 in 1990; by 2025, it had climbed to 40. Home prices have risen nearly twice as fast as incomes over that span, and the typical time needed to save for a down payment has grown from approximately three years to nearly 10.

Children raised in homeowner households are 18.4 percentage points more likely to become homeowners themselves by age 35. Homeowners are 1.3 times more likely than renters to expect to leave assets to the next generation.

The biggest obstacle to closing the supply gap is regulation. Local zoning and permitting rules have made homebuilding slow and expensive — the National Association of Home Builders estimates that regulation adds more than $130,000 to the cost of a newly built home. The U.S. Conference of Mayors has passed a bipartisan policy statement affirming the urgent need for national action on housing supply.

The federal government does not control local zoning. But it can influence it — conditioning federal grant funding on the adoption of standardized, permissive zoning laws and streamlined permitting processes is a mechanism that mirrors the indirect policy levers that have worked before in American cities. The 21st Century ROAD to Housing Act has a provision to do this along with many other policies aimed at boosting housing supply in the U.S. With broad support in both houses of Congress, this bill could become the next example of legislation that enables Americans to achieve their dreams of owning a home.

The pattern established across 250 years of American history is clear: when access to homeownership narrows, federal legislation has the capacity to reopen it.

About Realtor.com®
For over 30 years, Realtor.com® has connected buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 real estate site REALTOR® agents recommend, Realtor.com® delivers consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media Contact: Mallory Micetich, [email protected]

SOURCE Realtor.com

LANSING, Mich.--(BUSINESS WIRE)--Neogen Corporation (NASDAQ: NEOG), an innovative leader in food and animal safety solutions, today announced the expanded availability of FIFRA* Section 2(ee) recommendations for the use of Prozap® Insectrin X Concentrate and Prozap® Screw Worm and Ear Tick Aerosol as part of New World Screwworm (NWS) response efforts. These recommendations provide ranchers, livestock producers, and horse owners with an additional option to support fly management efforts.

In Texas, the Texas Department of Agriculture has approved Section 2(ee) recommendations for these products. Neogen is also making Section 2(ee) recommendations available in Florida, providing producers in both states with additional tools to incorporate into broader fly management programs.

While NWS was largely eradicated from the United States decades ago, recent developments have increased industry attention on prevention, vigilance, and effective fly control programs.

Whether addressing emerging concerns such as NWS or routine pest pressures, prevention and prompt wound management remain important components of herd health programs. Neogen offers a broad range of insect control solutions to help producers manage insect challenges across a variety of livestock environments. Among them, Prozap® Screw Worm and Ear Tick Aerosol can help protect wounds from flies and maggots while controlling a variety of labeled pests, including ticks, gnats, and lice. Prozap® Insectrin X Concentrate can be incorporated into broader fly management programs to help manage fly populations in and around livestock facilities.

USDA officials have emphasized the importance of continued vigilance, monitoring, and information sharing as the situation evolves. Although NWS has received increased attention in recent weeks, livestock producers continue to manage a range of insect-related challenges, including horn flies, stable flies, face flies, ticks, and lice, that can affect animal health, welfare, and productivity.

“Producers face insect pressure every season, making prevention and routine monitoring essential parts of herd management,” said Kirk Ramsey, DVM, MS, Professional Services Veterinarian with Neogen. “Integrated fly control programs, prompt wound management, and regular observation of animals can help producers address ongoing insect challenges while remaining prepared for emerging concerns.”

Neogen encourages livestock producers to work closely with their veterinarians and animal health advisors to develop insect management programs tailored to their operations and regional needs. For more information about Neogen's livestock insect control solutions, visit: https://info.neogen.com/Prozap or contact your Neogen representative.

*FIFRA refers to the Federal Insecticide, Fungicide, and Rodenticide Act. These recommendations are made as permitted under FIFRA Section 2(ee). Users must be in possession of the applicable recommendation at the time of pesticide application and comply with all product label directions and applicable state requirements.

**Important Use Information

The FIFRA Section 2(ee) recommendations for Prozap® Insectrin X Concentrate and Prozap® Screw Worm and Ear Tick Aerosol permit certain uses that do not appear on the EPA-approved product label. This recommendation has not been submitted to or approved by the U.S. Environmental Protection Agency (EPA). Users must have the 2(ee) recommendation in their possession at the time of application and must follow all applicable directions, restrictions, and precautions on the EPA-registered product label.

About Neogen

Neogen Corporation is committed to fueling a brighter future for global food security through the advancement of human and animal well-being. Harnessing the power of science and technology, Neogen has developed comprehensive solutions spanning the Food Safety, Livestock, and Pet Health & Wellness markets. A world leader in these fields, Neogen has a presence in over 140 countries with a dedicated network of scientists and technical experts focused on delivering optimized products and technology for its customers.

Safe Harbor Statement

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to the ability of Prozap® Screw Worm and Ear Tick Aerosol and Prozap® Insectrin X Concentrate to help ranchers, livestock producers, and horse owners fight against New World Screwworm; the ability of Prozap® Screw Worm and Ear Tick Aerosol to help protect wounds from flies and maggots while controlling a variety of labeled pests, including ticks, gnats and lice; and the ability of Prozap® Insectrin X Concentrate to be incorporated into broader control programs to help manage fly populations in and around livestock facilities.

These “forward-looking statements” are management’s present expectations of future events as of the date hereof and are subject to a number of known and unknown risks and uncertainties that could cause actual results, conditions, and events to differ materially and adversely from those anticipated.

These risks include, but are not limited to risks relating to the integration of the 3M Food Safety business, risks related to potential tax benefits realized through the 3M transaction, risks related to tariffs and other trade measures, risks related to our international operations and expansion into new geographic markets, risks related to identified material weaknesses in our internal control over financial reporting, risks related to promoting internal growth and identifying and integrating acquisitions, risks related to failure of our systems infrastructure and security breaches of our information systems, risks related to disruption in our manufacturing and service operations, risks related to disruption of third-party package delivery services or pricing increases, risks related to dependence on key suppliers, risks related to the use of distributors for product sales, risks related to the development of new products and technologies, risks related to our ability to maintain a positive reputation, risks related to customer loss, risks related to increased raw material costs, risks related to anti-bribery, trade control, trade sanctions, and anti-corruption laws, risks related to changes in domestic and foreign laws and regulations, risks related to tax audits and changes in tax laws in different jurisdictions, risks related to deterioration in profitability, cash flow, and asset impairments, risks related to competition, risks related to agricultural marketplace, risks related to our substantial indebtedness, risks related to the outcomes of litigation and other legal proceedings, risks related to our ability to obtain and protect intellectual property, risks related to patent infringement challenges, risks related to governmental regulation, risks related to our ability to attract and retain key personnel, risks related to product or service liability claims, risks related to changing political conditions, risks related to climate change, risks related to our inability to meet stakeholder expectations around environmental, social, and governance objectives, risks related to tax legislation, and other factors discussed under the heading “Risk Factors” contained in Item 1A of the company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) on July 30, 2025, as well as any updates to those risk factors filed from time to time in the company’s Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. Neogen is not under any obligation, and it expressly disclaims any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.

This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. Each of the company logos represented herein are trademarks of Microsoft Corporation; Dow Jones & Company; Nasdaq, Inc.; Forbes Media, LLC; Investor's Business Daily, Inc.; and Morningstar, Inc.

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Realtor.com® Introduces the Realtor.com® Market Clock, a New Tool That Distills Local Housing Conditions Into a Measure of Whether It's a Buyer, Seller or Balanced Market and Where It's Headed

, /PRNewswire/ -- Just over 60% of the nation's largest housing markets have tilted into balanced or buyer-friendly territory, while only 26% remain seller's markets, according to a new analysis from Realtor.com®. The findings come alongside the debut of the Realtor.com® Market Clock, a new tool designed to cut through the noise of housing data and give buyers, sellers and market watchers a clearer picture of where local markets stand and where they may be headed.

The Realtor.com® Market Clock places the national housing market at 3 o'clock — a "Balanced-Loosening" phase, heading toward buyer-friendly conditions The Realtor.com® Market Clock places the national housing market at 3 o'clock — a "Balanced-Loosening" phase, heading toward buyer-friendly conditions, though not necessarily approaching them quickly. But that national reading masks striking variation across the country's 50 largest metros, which currently span nearly the full face of the clock.

Of the top 50 metros, 13 (26%) remain seller's markets, 23 (46%) are in balanced-loosening phases, 8 (16%) are buyer's markets, and 6 (12%) are in balanced-tightening territory — meaning a small but notable group of markets are actually trending back toward seller advantage.

"A national picture is useful, but when making a real estate decision, the local details are what really matter," said Danielle Hale, Chief Economist at Realtor.com®. "Right now, a homebuyer in Houston or San Antonio is navigating a very different market than someone in Hartford or Milwaukee. The Realtor.com® Market Clock was built to make those differences visible at a glance."

A Buyer-Friendly South and West, With Pockets of Seller Strength in the Midwest and Northeast

The regional picture is varied, with all 8 buyer's markets located in the South (7) or West (1). and most of the 13 seller's markets coming from the Midwest (7) and Northeast (3). Of the metros currently classified as buyer's markets, 5 of 8 are in either Florida or Texas – including Austin, Texas; Tampa, Fla.; Jacksonville, Fla; Orlando, Fla.; and Miami. All 8 buyer's market metros currently sit in what the framework calls 'Early Buyer' conditions – meaning inventory is growing, price cuts are common, buyers are starting to hold the upper hand, and their negotiating leverage is likely to get even stronger in the coming months.

By contrast, most seller's markets are concentrated in the Midwest and Northeast. Four markets among the top 50, including Hartford, Connecticut, hold the "Peak Seller" position, while six, including Milwaukee, San Francisco, and Providence, RI, are exhibiting "Early Seller" conditions, meaning the conditions are already hot and getting hotter. Three metros, including Boston and San Jose, remain in late seller phases — still competitive, though seller advantage is beginning to soften in those markets.

A further 8 of the top 50 markets sit at 4 o'clock, or in the Late Balanced phase of the Market Clock. While these metros – which include Charlotte, NC; Washington, DC; Phoenix, and Las Vegas–are still balanced, homes are sitting longer, prices are softening, and buyers are likely to hold the upper hand outright in the coming months. 

The New Realtor.com® Market Clock

The Realtor.com® Market Clock is a new tool based on key market signals like market balance, market pressure and market pace with the goal of helping people understand their local markets. The market clock is organized as a 12-hour clockface. Seller-leaning conditions occupy the top of the clock (the 11, 12, and 1 o'clock positions), buyer-leaning conditions fall toward the bottom (5, 6, and 7 o'clock), and balanced phases occupy the space in between — with one set loosening toward buyers (2, 3, 4 o'clock) and the other tightening back toward sellers (8, 9, 10 o'clock). At 12 o'clock, conditions favor sellers most: homes sell quickly, competition is fierce, and buyers have limited leverage. At 6 o'clock, the market favors buyers: there's more inventory, less urgency, and more room to negotiate.

The framework is built on metro-level housing data tracking supply and inventory balance, market pace and competition, and pricing pressure and adjustment. Grounded in data, the Realtor.com® Market Clock is built using consistent, metro-level housing market information that tracks conditions over time, allowing markets to be compared both across geographies and across different points in the cycle. Critically, the clock captures not just where a market stands, but how fast and in which direction it is moving — a distinction that matters significantly in markets currently in transition.

"Consumers and professionals are exposed to more information than ever before, but more data hasn't always meant more clarity for people trying to make one of the biggest financial decisions of their lives," said Hale. "The Market Clock is our attempt to change that — to take the full range of signals we track and translate them into something that reflects what the market actually feels like on the ground."

The Realtor.com® Market Clock is designed to describe current conditions and track shifts in leverage over time — not to forecast home prices, sales volumes, or mortgage rates. A market moving into buyer-friendly territory does not guarantee price declines, just as a seller's market does not ensure continued price appreciation.

A Framework Validated by the Last Cycle

The Market Clock's track record from 2019 through 2025 reflects the housing cycle that consumers and industry professionals have lived through. In December 2019, conditions were already tight: 72% of the top 50 metros were in seller-leaning phases and 26% were in balanced-tightening territory — underscoring just how primed the market was for the pandemic-era boom that followed.

By December 2021, the compression was dramatic. Ninety-eight percent of the top 50 metros had reached seller-market territory — one of the most compressed and competitive environments in modern housing history, with only one metro outside seller territory.

The rate shock of 2022 began to shift conditions, and by December 2023, 62% of large metros remained in seller phases, even as the lock-in effect kept inventory constrained and markets from fully cooling. By December 2025, the landscape had opened considerably: seller markets had shrunk to 26% of large metros, buyer's markets had grown to 16%, and balanced-loosening conditions had become the dominant category at 46% — reflecting a housing market defined less by uniformity than by geographic dispersion.

How Buyers and Sellers Can Use the Market Clock

For anyone interested in buying and selling now or in the future, the Market Clock is designed to help set expectations. Buyers can use their metro's position to gauge how competitive local conditions are, how quickly they may need to act, and how much negotiating room it is realistic to expect. Sellers can use it to help calibrate pricing strategy and understand whether patience or flexibility is likely to be rewarded in their market.

"Whether you're a first-time buyer trying to figure out how aggressive your offer needs to be, or a seller wondering whether to hold firm on price, the Realtor.com market clock is a much needed solution for today's buyers and sellers," said Jake Krimmel, senior economist, Realtor.com. "It's a professional grade tool that's meant to be simple enough to give non-experts a clear takeaway. And it's best when paired with the advice and guidance of a skilled Realtor® agent when you're ready to move."

The Realtor.com® Market Clock is available as part of Realtor.com® Economics housing market research portal and the report will be updated on a quarterly basis.

Quadrant

Region

Metro

Clock Hour

Hour
Description

Seller's Markets

13 metros

(3 Northeast, 7
Midwest, 1
South, 1 West)

Midwest

Grand Rapids-Wyoming, Mich

11

Early Seller

Midwest

Kansas City, Mo.-Kan.

11

Early Seller

Midwest

Milwaukee-Waukesha-West Allis,
Wis.

11

Early Seller

Midwest

St. Louis, Mo.-Ill.

11

Early Seller

Northeast

Providence-Warwick, R.I.-Mass.

11

Early Seller

West

San Francisco-Oakland-Hayward,
Calif.

11

Early Seller

Midwest

Chicago-Naperville-Elgin, Ill.-Ind.-
Wis.

12

Peak Seller

Midwest

Indianapolis-Carmel-Anderson,
Ind.

12

Peak Seller

Northeast

Hartford-West Hartford-East
Hartford, Conn.

12

Peak Seller

South

Virginia Beach-Norfolk-Newport
News, Va.-N.C.

12

Peak Seller

Midwest

Columbus, OH

1

Late Seller

Northeast

Boston

1

Late Seller

West

San Jose

1

Late Seller

Balanced -
Loosening

23 metros +
USA Avg
(1 Northeast, 3
Midwest, 12
South, 7 West)

South

Dallas-Fort Worth-Arlington,
Texas

2

Early
Balanced

South

Louisville/Jefferson County, Ky.-
Ind.

2

Early
Balanced

West

Denver-Aurora-Lakewood, Colo.

2

Early
Balanced

West

Los Angeles-Long Beach-
Anaheim, Calif.

2

Early
Balanced

West

Sacramento--Roseville--Arden-
Arcade, Calif.

2

Early
Balanced

West

San Diego-Carlsbad, Calif.

2

Early
Balanced

West

Tucson, Ariz.

2

Early
Balanced

USA

USA

3

Balanced -
Cooling

Midwest

Cincinnati, Ohio-Ky.-Ind.

3

Balanced -
Cooling

Midwest

Cleveland-Elyria, Ohio

3

Balanced -
Cooling

Northeast

Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.

3

Balanced -
Cooling

South

Birmingham-Hoover, Ala.

3

Balanced -

Cooling

South

Houston-The Woodlands-Sugar
Land, Texas

3

Balanced -
Cooling

South

Memphis, Tenn.-Miss.-Ark.

3

Balanced -
Cooling

South

Richmond, Va.

3

Balanced -
Cooling

South

San Antonio-New Braunfels,
Texas

3

Balanced -
Cooling

Midwest

Detroit-Warren-Dearborn, Mich

4

Late
Balanced

South

Baltimore-Columbia-Towson, Md.

4

Late
Balanced

South

Charlotte-Concord-Gastonia,
N.C.-S.C.

4

Late
Balanced

South

Oklahoma City, Okla.

4

Late
Balanced

South

Raleigh, N.C.

4

Late
Balanced

South

Washington-Arlington-Alexandria,
DC-Va.-Md.-W. Va.

4

Late
Balanced

West

Las Vegas-Henderson-Paradise,
Nev.

4

Late
Balanced

West

Phoenix-Mesa-Scottsdale, Ariz.

4

Late
Balanced

Buyer's Markets

8 metros

(0 Northeast, 0
Midwest, 7
South, 1 West)

South

Atlanta-Sandy Springs-Roswell,
Ga.

5

Early Buyer

South

Austin-Round Rock, Texas

5

Early Buyer

South

Jacksonville, Fla.

5

Early Buyer

South

Miami-Fort Lauderdale-West Palm
Beach, Fla.

5

Early Buyer

South

Nashville-Davidson--
Murfreesboro--Franklin, Tenn.

5

Early Buyer

South

Orlando-Kissimmee-Sanford, Fla.

5

Early Buyer

South

Tampa-St. Petersburg-Clearwater,
Fla.

5

Early Buyer

West

Riverside-San Bernardino-Ontario,
Calif.

5

Early Buyer

Balanced -
Tightening

6 metros

(3 Northeast, 1
Midwest, 0
South, 2 West)

Midwest

Minneapolis-St. Paul-Bloomington,
Minn.-Wis.

9

Balanced -
Warming

Northeast

New York-Newark-Jersey City,
N.Y.-N.J.-Pa.

9

Balanced -
Warming

Northeast

Buffalo-Cheektowaga-Niagara
Falls, N.Y.

10

Late
Balanced

Northeast

Pittsburgh, Pa.

10

Late
Balanced

West

Portland-Vancouver-Hillsboro,
Ore.-Wash.

10

Late

Balanced

West

Seattle-Tacoma-Bellevue, Wash.

10

Late
Balanced

Methodology
The Realtor.com® Market Clock is built on Realtor.com® housing market data and analysis of deed records to classify the top 50 U.S. metropolitan areas and a national aggregate into one of 12 phases of the buyer-seller leverage cycle. The framework synthesizes measures of market balance, pace and momentum, and pricing pressure into a single clock position for each metro. Data will be updated monthly and a report released quarterly. Data span January 2018 through December 2025. The 50 largest U.S. metropolitan areas are defined by the Office of Management and Budget (OMB-202301) and Claritas 2025 estimates of household counts.

About Realtor.com®
Realtor.com® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media contact: Mallory Micetich, [email protected]

SOURCE Realtor.com

NEW YORK--(BUSINESS WIRE)--News Corp will release its third quarter Fiscal 2026 results on Thursday, May 7, 2026. News Corp Chief Executive Robert Thomson and Chief Financial Officer Lavanya Chandrashekar will discuss the results via a live audio webcast at 5:00 p.m. EDT (Sydney: May 8, at 7:00 a.m. AEST). To listen to the webcast, please register using the following link: https://newscorp-q3fy2026-earnings-call.open-exchange.net/registration A live audio webcast of the call and the archived we.

In Realtor.com®'s inaugural Los Angeles County rental report, a cooling market and landmark rent reform are converging, raising questions about affordability and mobility

, /PRNewswire/ -- Los Angeles County renters are seeing rents fall to their lowest point in four years, but for many, the relief only goes so far. The median asking rent dropped to $2,520 in the first quarter of 2026, according to the Q1 2026 Los Angeles County Rental Report from Realtor.com®, Realtor.com®'s first quarterly rental analysis dedicated to the nation's second-largest metro.

The $97 drop, 3.7% below a year ago, marks a new low point since the region's summer 2022 peak, when pandemic-driven demand and constrained supply pushed rents to record highs. Today, a wave of new multifamily construction is putting sustained downward pressure on the market, pulling median asking rents $298, or 10.6%, below that prior ceiling.

"Los Angeles is a market in transition," said Danielle Hale, chief economist at Realtor.com®. "Supply has finally caught up, giving renters more options and more negotiating power than they've had in years. But falling rents don't automatically mean affordable rents. A typical rental in Los Angeles still requires an annual household income of over $107,000, and for many families in this city, that bar remains simply out of reach."

City of Los Angeles: Relief at the Margin, Still Out of Reach for Many
In the City of Los Angeles, the median asking rent was $2,682 in Q1 2026, down $96 or 3.5% year-over-year. While renters are saving $219 per month, or $2,628 annually, compared to the 2022 peak, the math remains daunting: affording a typical city rental still requires a minimum annual household income of $107,280, roughly 20% above the city's estimated median of $88,730.

The affordability gap between renting in the open market and staying put is already stark. The median contract rent paid by Los Angeles tenants, reflecting years of rent stabilization, was $1,804 in 2024, more than $1,000 below the current median asking rent. That gap underpins a striking statistic: 86.5% of Los Angeles renters remained in the same unit as one year ago in 2024, up from 79% in 2010 and well above the national rate of 78.4%.

In December 2025, the city enacted its most significant rent control reform in four decades, set to take effect in July 2026. The updated Rent Stabilization Ordinance caps annual increases at 4%, down from a prior ceiling of 8%, covering approximately 650,000 units, or roughly 74% of all rentals in the city.

"The new cap is meaningful protection for the renters it covers," said Realtor.com® Economist Jiayi Xu. "But rent control is a double-edged policy. The same financial incentives that keep tenants safely housed in below-market apartments also make it harder to move, for a new job, a bigger space, a different neighborhood. With the gap between staying and switching already exceeding $1,000 a month, that lock-in will only deepen."

Coastal Luxury Cools While Inland Cities Hold Firm
City-level data reveals a market of sharp contrasts. Luxury coastal enclaves, where rents are higher, absorbed the steepest declines, with Beverly Hills falling 9.3% to $4,574 and Santa Monica dropping 2.6% to $4,187. Meanwhile, walkable, transit-connected cities held firm, with Pasadena gaining 5.8% to $2,823 and Long Beach rising 2.4% to $2,624

City-Level Rents Across LA County, 2026Q1

City

Median Asking Rent

Rent YoY

Malibu

$14,871

-3.6 %

Beverly Hills

$4,574

-9.3 %

Santa Monica

$4,187

-2.6 %

City of Los Angeles

$2,682

-3.5 %

Pasadena

$2,823

+5.8 %

Culver City

$2,821

+0.2 %

Long Beach

$2,624

+2.4 %

LA Renters Stay Local
Demand for LA County rentals is overwhelmingly homegrown. In Q1 2026, nearly two-thirds (60.6%) of online traffic to LA County rental listings on Realtor.com® originated from within the county itself, with another 18.9% from elsewhere in California. Out-of-state interest accounted for 16.6% of traffic, and international interest represented 3.8%, suggesting the market's trajectory is closely tied to the economic fortunes of its existing residents.

Small Apartments Are Leading the Decline
The steepest rent declines are concentrated among smaller apartments. The median asking rent for 0-2 bedroom units dropped $135, or 5.7%, year-over-year to $2,241, while three-bedroom-plus units saw a more modest decline of $103, or 2.8%, to $3,585.

LA County Rents by Unit Size-2026Q1

Unit Size

Median Asking Rent

Rent YoY

vs. Peak

Overall

$2,520

-3.7 %

-10.6 %

0-2 beds

$2,241

-5.7 %

-9.2 %

3+ beds

$3,585

-2.8 %

-12.2 %

Methodology
LA rental data as of 2026Q1 for all units advertised for rent on Realtor.com®. Rental units include apartments as well as private rentals (condos, townhomes, single-family homes). We use rental sources that reliably report data each month within LA county. To calculate the median asking rent for each quarter, we first obtain the median asking rent for each month within that quarter and then take the average of the three months.

About Realtor.com®
Realtor.com® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media contact: Emily Do, [email protected]

SOURCE Realtor.com

/PRNewswire/ -- Zillow and Realtor.com today set a new standard for pre-market transparency in residential real estate - one in which more buyers can see

NEW YORK--(BUSINESS WIRE)--News Corporation (“News Corp” or the “Company”) (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) today reported financial results for the three months ended March 31, 2026.

Commenting on the results, Chief Executive Robert Thomson said:

“News Corp has again delivered resounding results this quarter, and we remain on track for another year of record profitability given the strength seen thus far in the fourth quarter. For the third quarter of fiscal 2026, our total revenue rose 9 percent to $2.2 billion, while net income from continuing operations rose 13 percent to $121 million and Total Segment EBITDA increased a robust 18 percent to $343 million. Both EPS and Adjusted EPS were also notably higher.

The third quarter was compelling evidence of the transformation of our business, and demonstrated the robustness of our core growth engines, which we expect will propel us towards a strong fiscal finish. Given our firm belief that the current share price does not reflect the intrinsic value of the company or its prospects, we have continued to execute our enhanced buyback program at an accelerated rate.

Our confidence comes as the world is grappling with the potential impact of AI. We are an AI inputs company and that fact was reflected in our recent deal with Meta, which complements our partnership with OpenAI. We are in discussions with other companies who recognize the preciousness of provenance, and these potential deals should have a positive impact on our revenue and profitability.

We are also tracking a number of dodgy digital firms scraping illicitly, illegally our precious content and shamelessly reselling this purloined property. We have these baleful bad-boy bots in our sights and intend to pursue them vigorously. And we believe companies that willingly buy this stolen content from these nefarious fences are also culpable.”

THIRD QUARTER RESULTS

The Company reported fiscal 2026 third quarter total revenues of $2.19 billion, a 9% increase compared to $2.01 billion in the prior year period, primarily driven by higher real estate revenues at the Digital Real Estate Services segment, higher circulation and subscription revenues at the Dow Jones segment and higher sales at the Book Publishing segment. Results included an $88 million, or 5%, positive impact from foreign currency fluctuations. Adjusted Revenues (which excludes the foreign currency impact, acquisitions and divestitures as defined in Note 2) increased 4% compared to the prior year.

Net income from continuing operations for the quarter was $121 million, a 13% increase compared to $107 million in the prior year, primarily driven by higher Total Segment EBITDA, partially offset by higher tax expense.

The Company reported third quarter Total Segment EBITDA of $343 million, an 18% increase compared to $290 million in the prior year primarily due to strong contributions from the Digital Real Estate Services and Dow Jones segments and lower employee costs in the Other segment. Adjusted Total Segment EBITDA (as defined in Note 2) increased 13%.

Net income from continuing operations per share attributable to News Corporation stockholders was $0.16 as compared to $0.14 in the prior year. Adjusted EPS (as defined in Note 3) were $0.21 compared to $0.17 in the prior year.

SEGMENT REVIEW

For the three months ended

March 31,

For the nine months ended

March 31,

2026

2025

%

Change

2026

2025

%

Change

(in millions)

Better/

(Worse)

(in millions)

Better/

(Worse)

Revenues:

Dow Jones

$

619

$

575

8

%

$

1,853

$

1,727

7

%

Digital Real Estate Services

473

406

17

%

1,463

1,336

10

%

Book Publishing

555

514

8

%

1,722

1,655

4

%

News Media

538

514

5

%

1,653

1,625

2

%

Other

—

—

—

%

—

—

—

%

Total Revenues

$

2,185

$

2,009

9

%

$

6,691

$

6,343

5

%

Segment EBITDA:

Dow Jones

$

147

$

132

11

%

$

482

$

437

10

%

Digital Real Estate Services

155

124

25

%

519

449

16

%

Book Publishing

73

64

14

%

230

246

(7

)%

News Media

15

33

(55

)%

115

125

(8

)%

Other

(47

)

(63

)

25

%

(142

)

(164

)

13

%

Total Segment EBITDA

$

343

$

290

18

%

$

1,204

$

1,093

10

%

Dow Jones

Revenues in the quarter increased $44 million, or 8%, compared to the prior year, driven by continued growth in the professional information business and higher digital advertising revenues. Results included a $7 million, or 2%, positive impact from foreign currency fluctuations. Digital revenues at Dow Jones in the quarter represented 84% of total revenues compared to 82% in the prior year. Adjusted Revenues increased 6%.

Circulation and subscription revenues increased $33 million, or 7%, reflecting an 11% increase in professional information business revenues, led by 19% growth in Risk & Compliance revenues to $100 million, which includes a modest contribution from recent acquisitions, and 12% growth in Dow Jones Energy revenues to $77 million. Circulation revenues increased 1% compared to the prior year driven by the conversion of customers from introductory promotions to higher pricing and the continued growth in digital-only subscriptions, partly offset by lower print volume and the absence of a licensing revenue timing benefit in the prior year. Digital circulation revenues accounted for 76% of circulation revenues for the quarter, compared to 75% in the prior year.

During the third quarter, total average subscriptions to Dow Jones’ consumer products were over 6.5 million, a 7% increase compared to the prior year. Digital-only subscriptions to Dow Jones’ consumer products grew 9% to nearly 6.1 million. Total subscriptions to The Wall Street Journal grew 8% compared to the prior year, to 4.7 million average subscriptions in the quarter. Digital-only subscriptions to The Wall Street Journal grew 11% to 4.3 million average subscriptions in the quarter, driven by growth in enterprise subscriptions, and represented 92% of total Wall Street Journal subscriptions.

For the three months ended March 31,

2026

2025

% Change

(in thousands, except %)

Better/(Worse)

The Wall Street Journal

Digital-only subscriptions

4,332

3,913

11

%

Total subscriptions

4,707

4,339

8

%

Barron’s Group

Digital-only subscriptions

1,438

1,368

5

%

Total subscriptions

1,530

1,485

3

%

Total Consumer

Digital-only subscriptions

6,064

5,543

9

%

Total subscriptions

6,546

6,103

7

%

Advertising revenues for the quarter increased $5 million, or 6%, driven by digital advertising revenues, which grew 13%, partially offset by a 6% decrease in print advertising revenues. Digital advertising accounted for 67% of total advertising revenues for the quarter, compared to 63% in the prior year.

Segment EBITDA for the quarter increased $15 million, or 11%, primarily as a result of the higher revenues discussed above, partially offset by higher employee costs. Adjusted Segment EBITDA increased 12%.

On March 16th, 2026, News Corp hosted a Dow Jones investor briefing in New York, announcing, among other things, a pathway to $1 billion in annual Segment EBITDA within five years(1), which should benefit from strong growth in Risk & Compliance and Dow Jones Energy.

Investor briefing materials can be located on the News Corp Investor Relations website: https://newscorp.com/news-corp-quarterly-earnings-reports/investor-presentation-dow-jones-investor-briefing-2026/.

Digital Real Estate Services

Revenues in the quarter increased $67 million, or 17%, compared to the prior year, driven by higher revenues at both REA Group and Move. Segment EBITDA in the quarter increased $31 million, or 25%, compared to the prior year, due to higher contribution from REA Group and improved results at Move. Adjusted Revenues and Adjusted Segment EBITDA increased 8% and 16%, respectively.

In the quarter, revenues at REA Group increased $54 million, or 20%, to $325 million, driven by a $31 million, or 12%, positive impact from foreign currency fluctuations, higher Australian residential revenues due to price increases, growth in add-on products and geographical mix and higher financial services revenues. Strong Australian revenues were partly offset by a decrease in REA India revenues due to the sale of PropTiger and the closure of Housing Edge. Australian national residential buy listing volumes in the quarter were up 1% compared to the prior year, with listings in Sydney up 4% and Melbourne up 7%.

Move’s revenues in the quarter increased $13 million, or 10%, to $148 million, primarily as a result of higher sales of RealPRO SelectSM, as Move shifts its focus to more premium offerings with higher revenues per lead, and revenue growth in seller, new homes and rentals. Based on Move’s internal data, average monthly unique users of Realtor.com®’s web and mobile sites for the fiscal third quarter were 66 million, or flat compared to the prior year. Lead volume rose 6% compared to the prior year period. Monthly average visits for the third quarter for Realtor.com®, according to Comscore, were 261 million.

Book Publishing

Revenues in the quarter increased $41 million, or 8%, compared to the prior year, driven by higher physical and digital book sales led by Rachel Reid’s Game Changers, and a $6 million impact from recent acquisitions. The increase included a $12 million, or 2%, positive impact from foreign currency fluctuations. Adjusted Revenues increased 4%.

Digital sales increased 11% compared to the prior year driven by an increase in e-book and audiobook sales. Digital sales represented 26% of consumer revenues for the quarter compared to 25% for the prior year period. Backlist sales represented approximately 64% of consumer revenues in the quarter compared to 65% in the prior year.

Segment EBITDA for the quarter increased $9 million, or 14%, compared to the prior year, primarily due to the higher revenues discussed above, partially offset by higher costs due to higher sales volume. Adjusted Segment EBITDA also increased 14%.

News Media

Revenues in the quarter increased $24 million, or 5%, compared to the prior year, primarily due to a $38 million, or 8%, positive impact from foreign currency fluctuations. Adjusted Revenues for the segment decreased 2% compared to the prior year.

Circulation and subscription revenues increased $20 million, or 7%, compared to the prior year, due to a $21 million, or 7%, positive impact from foreign currency fluctuations, increased cover and subscription pricing and digital subscriber growth, partially offset by print volume declines.

Advertising revenues increased $5 million, or 3%, compared to the prior year, primarily due to a $13 million, or 7%, positive impact from foreign currency fluctuations and higher digital advertising revenues, partially offset by lower print advertising revenues, notably at News UK.

In the quarter, Segment EBITDA decreased $18 million, or 55%, compared to the prior year, primarily driven by lower contribution from News UK and costs related to the recently launched California Post. Adjusted Segment EBITDA decreased 61%.

Digital revenues represented 40% of News Media segment revenues in the quarter, compared to 39% in the prior year, and represented 38% of the combined revenues of the newspaper mastheads. Digital subscribers and users across key properties within the News Media segment are summarized below:

Closing digital subscribers at News Corp Australia as of March 31, 2026 were 1,171,000 (992,000 for news mastheads), compared to 1,148,000 (981,000 for news mastheads) in the prior year (Source: Internal data) The Times and Sunday Times closing digital subscribers, including the Times Literary Supplement, as of March 31, 2026 were 676,000, compared to 629,000 in the prior year (Source: Internal data). The Sun’s digital offering reached 65 million global monthly unique users in March 2026, compared to 74 million in the prior year (Source: Meta Pixel) New York Post’s digital network reached 78 million unique users in March 2026, compared to 85 million in the prior year (Source: Google Analytics) CASH FLOW

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

For the nine months ended

March 31,

2026

2025

(in millions)

Net cash provided by operating activities from continuing operations

$

815

$

789

Less: Capital expenditures

(280

)

(250

)

Free cash flow

$

535

$

539

Net cash provided by operating activities from continuing operations of $815 million for the nine months ended March 31, 2026 was $26 million higher than net cash provided by operating activities from continuing operations of $789 million in the prior year, primarily due to higher Total Segment EBITDA, partially offset by higher working capital due to the timing of payments and higher tax payments.

Free cash flow in the nine months ended March 31, 2026 was $535 million compared to $539 million in the prior year. The decrease in free cash flow was primarily due to higher capital expenditures, partially offset by higher cash provided by operating activities from continuing operations. News Corp expects strong growth in free cash flow generation for the full fiscal year despite moderately higher capital expenditures.

Free cash flow is a non-GAAP financial measure. Free cash flow is defined as net cash provided by (used in) operating activities from continuing operations less capital expenditures. Free cash flow excludes cash flows from discontinued operations. Free cash flow may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what items should be included in the calculation of free cash flow.

Free cash flow does not represent the total increase or decrease in the cash balance for the period and should be considered in addition to, not as a substitute for, the net change in cash and cash equivalents as presented in the Company’s consolidated statements of cash flows prepared in accordance with GAAP, which incorporates all cash movements during the period.

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

COMPARISON OF NON-GAAP TO U.S. GAAP INFORMATION

Adjusted Revenues, Total Segment EBITDA, Adjusted Total Segment EBITDA, Adjusted Segment EBITDA, adjusted net income attributable to News Corporation stockholders, Adjusted EPS, constant currency revenues and free cash flow are non-GAAP financial measures contained in this earnings release. The Company believes these measures are important tools for investors and analysts to use in assessing the Company’s underlying business performance and to provide for more meaningful comparisons of the Company’s operating performance between periods. These measures also allow investors and analysts to view the Company’s business from the same perspective as Company management. These non-GAAP measures may be different than similar measures used by other companies and should be considered in addition to, not as a substitute for, measures of financial performance calculated in accordance with GAAP. Reconciliations for the differences between non-GAAP measures used in this earnings release and comparable financial measures calculated in accordance with U.S. GAAP are included in Notes 1, 2, 3 and 4 and the reconciliation of net cash provided by operating activities from continuing operations to free cash flow is included above.

Footnotes

(1) Forward-looking view of Dow Jones Segment EBITDA is not a profit forecast.

Conference call

News Corporation’s earnings conference call can be heard live at 5:00 p.m. EDT on May 7, 2026. To listen to the call, please visit http://investors.newscorp.com.

Cautionary Statement Concerning Forward-Looking Statements

This document contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding trends and uncertainties affecting the Company’s business, results of operations and financial condition, Dow Jones’ business, the Company’s strategy and strategic initiatives, including potential acquisitions, investments and dispositions, the Company’s cost savings initiatives and the outcome of contingencies such as litigation and investigations. These statements are based on management’s views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from these expectations 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 document are made only as of the date of this document and 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: information services and news, digital real estate 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.

NEWS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited; in millions, except per share amounts)

  For the three months ended
March 31,

For the nine months ended
March 31,

2026

2025

2026

2025

Revenues:

Circulation and subscription

$

809

$

755

$

2,383

$

2,243

Advertising

322

308

1,028

1,014

Consumer

530

492

1,647

1,585

Real estate

365

318

1,136

1,052

Other

159

136

497

449

Total Revenues

2,185

2,009

6,691

6,343

Operating expenses

(952

)

(904

)

(2,901

)

(2,819

)

Selling, general and administrative

(890

)

(815

)

(2,586

)

(2,431

)

Depreciation and amortization

(122

)

(114

)

(357

)

(339

)

Impairment and restructuring charges

(18

)

(13

)

(67

)

(51

)

Equity losses of affiliates

(1

)

—

(5

)

(11

)

Interest income (expense), net

5

1

20

(2

)

Other, net

(18

)

(13

)

(27

)

101

Income before income tax expense from continuing operations

189

151

768

791

Income tax expense from continuing operations

(68

)

(44

)

(255

)

(229

)

Net income from continuing operations

121

107

513

562

Net income from discontinued operations, net of tax

—

30

—

2

Net income

121

137

513

564

Net income attributable to noncontrolling interests from continuing operations

(32

)

(26

)

(119

)

(135

)

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

—

(8

)

—

8

Net income attributable to News Corporation stockholders

$

89

$

103

$

394

$

437

Weighted-average shares outstanding

Basic

554.0

567.2

559.8

568.3

Diluted

555.7

569.5

561.5

570.3

Net income attributable to News Corporation stockholders per share:

Basic

Continuing operations

$

0.16

$

0.14

$

0.70

$

0.75

Discontinued operations

$

—

$

0.04

$

—

$

0.02

$

0.16

$

0.18

$

0.70

$

0.77

Diluted

Continuing operations

$

0.16

$

0.14

$

0.70

$

0.75

Discontinued operations

$

—

$

0.04

$

—

$

0.02

$

0.16

$

0.18

$

0.70

$

0.77

NEWS CORPORATION

   CONSOLIDATED BALANCE SHEETS

(Unaudited; in millions)

  As of March 31, 2026

As of June 30, 2025

ASSETS

Current assets:

Cash and cash equivalents

$

2,171

$

2,403

Receivables, net

1,778

1,562

Inventory, net

303

327

Other current assets

327

519

Total current assets

4,579

4,811

Non-current assets:

Investments

1,000

1,016

Property, plant and equipment, net

1,350

1,331

Operating lease right-of-use assets

765

789

Intangible assets, net

1,877

1,930

Goodwill

4,485

4,373

Deferred income tax assets, net

186

254

Other non-current assets

1,274

1,000

Total assets

$

15,516

$

15,504

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

384

$

335

Accrued expenses

1,041

1,036

Deferred revenue

556

498

Current borrowings

—

25

Other current liabilities

709

714

Total current liabilities

2,690

2,608

Non-current liabilities:

Borrowings

1,988

1,937

Retirement benefit obligations

115

117

Deferred income tax liabilities, net

54

57

Operating lease liabilities

854

904

Other non-current liabilities

534

492

Commitments and contingencies

Equity:

Class A common stock

4

4

Class B common stock

2

2

Additional paid-in capital

10,567

11,058

Accumulated deficit

(452

)

(747

)

Accumulated other comprehensive loss

(1,537

)

(1,543

)

Total News Corporation stockholders' equity

8,584

8,774

Noncontrolling interests

697

615

Total equity

9,281

9,389

Total liabilities and equity

$

15,516

$

15,504

NEWS CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; in millions)

  For the nine months ended
March 31,

2026

2025

Operating activities:

Net income

$

513

$

564

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

—

(2

)

Net income from continuing operations

513

562

Adjustments to reconcile net income from continuing operations to net cash provided by operating activities from continuing operations:

Depreciation and amortization

357

339

Operating lease expense

51

55

Equity losses of affiliates

5

11

Impairment charges

17

2

Deferred income taxes

69

83

Other, net

31

(99

)

Change in operating assets and liabilities, net of acquisitions:

Receivables and other assets

(270

)

(95

)

Inventories, net

32

(49

)

Accounts payable and other liabilities

10

(20

)

Net cash provided by operating activities from continuing operations

815

789

Investing activities:

Capital expenditures

(280

)

(250

)

Proceeds from sales of property, plant and equipment

1

—

Acquisitions, net of cash acquired

(96

)

(53

)

Purchases of investments in equity affiliates and other

(53

)

(141

)

Proceeds from sales of investments in equity affiliates and other

65

263

Other, net

(16

)

(13

)

Net cash used in investing activities from continuing operations

(379

)

(194

)

Financing activities:

Borrowings

125

61

Repayment of borrowings

(100

)

(200

)

Repurchase of News Corp shares

(456

)

(114

)

Dividends paid

(149

)

(128

)

Other, net

(96

)

(44

)

Net cash used in financing activities from continuing operations

(676

)

(425

)

Cash flows from discontinued operations:

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

(6

)

157

Net cash used in investing activities from discontinued operations

—

(65

)

Net cash used in financing activities from discontinued operations

—

(39

)

Net cash (used in) provided by discontinued operations

(6

)

53

Net change in cash, cash equivalents and restricted cash, including discontinued operations

(246

)

223

Effect of exchange rate changes on cash, cash equivalents and restricted cash, including discontinued operations

14

(12

)

Cash, cash equivalents and restricted cash, including discontinued operations, beginning of year

2,403

1,960

Cash, cash equivalents and restricted cash, including discontinued operations, end of period

2,171

2,171

Less: Cash and cash equivalents at end of period of discontinued operations

—

(76

)

Cash and cash equivalents

$

2,171

$

2,095

NOTE 1 – TOTAL SEGMENT EBITDA

Segment EBITDA is defined as revenues less operating expenses and selling, general and administrative expenses. Segment EBITDA does not include: depreciation and amortization, impairment and restructuring charges, equity losses of affiliates, interest (expense) income, net, other, net, income tax (expense) benefit and net income (loss) from discontinued operations, net of tax. Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company’s business segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources within the Company’s businesses. Segment EBITDA provides management, investors and equity analysts with a measure to analyze the operating performance of each of the Company’s business segments and its enterprise value against historical data and competitors’ data, although historical results may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).

Total Segment EBITDA is a non-GAAP measure and should be considered in addition to, not as a substitute for, net income (loss) from continuing operations, cash flow from continuing operations and other measures of financial performance reported in accordance with GAAP. In addition, this measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and impairment and restructuring charges, which are significant components in assessing the Company’s financial performance. The Company believes that the presentation of Total Segment EBITDA provides useful information regarding the Company’s operations and other factors that affect the Company’s reported results. Specifically, the Company believes that by excluding certain one-time or non-cash items such as impairment and restructuring charges and depreciation and amortization, as well as potential distortions between periods caused by factors such as financing and capital structures and changes in tax positions or regimes, the Company provides users of its consolidated financial statements with insight into both its core operations as well as the factors that affect reported results between periods but which the Company believes are not representative of its core business. As a result, users of the Company’s consolidated financial statements are better able to evaluate changes in the core operating results of the Company across different periods. The following tables reconcile net income from continuing operations to Total Segment EBITDA for the three and nine months ended March 31, 2026 and 2025:

For the three months ended March 31,

2026

2025

Change

% Change

(in millions)

Net income from continuing operations

121

107

14

13

%

Reconciling items:

Income tax expense from continuing operations

68

44

24

55

%

Other, net

18

13

5

38

%

Interest income, net

(5

)

(1

)

(4

)

(400

)%

Equity losses of affiliates

1

—

1

**

Impairment and restructuring charges

18

13

5

38

%

Depreciation and amortization

122

114

8

7

%

Total Segment EBITDA

$

343

$

290

$

53

18

%

For the nine months ended March 31,

2026

2025

Change

% Change

(in millions)

Net income from continuing operations

513

562

(49

)

(9

)%

Reconciling items:

Income tax expense from continuing operations

255

229

26

11

%

Other, net

27

(101

)

128

**

Interest (income) expense, net

(20

)

2

(22

)

**

Equity losses of affiliates

5

11

(6

)

(55

)%

Impairment and restructuring charges

67

51

16

31

%

Depreciation and amortization

357

339

18

5

%

Total Segment EBITDA

$

1,204

$

1,093

$

111

10

%

  ** Not meaningful

NOTE 2 – ADJUSTED REVENUES, ADJUSTED TOTAL SEGMENT EBITDA AND ADJUSTED SEGMENT EBITDA

The Company uses revenues, Total Segment EBITDA and Segment EBITDA excluding the impact of acquisitions, divestitures, fees and costs, net of indemnification, related to the claims and investigations arising out of certain conduct at The News of the World (the “U.K. Newspaper Matters”), charges for other significant, non-ordinary course legal or regulatory matters (“litigation charges”) and foreign currency fluctuations (“Adjusted Revenues,” “Adjusted Total Segment EBITDA” and “Adjusted Segment EBITDA,” respectively) to evaluate the performance of the Company’s core business operations exclusive of certain items that impact the comparability of results from period to period such as the unpredictability and volatility of currency fluctuations. The Company calculates the impact of foreign currency fluctuations for businesses reporting in currencies other than the U.S. dollar by multiplying the results for each quarter in the current period by the difference between the average exchange rate for that quarter and the average exchange rate in effect during the corresponding quarter of the prior year and totaling the impact for all quarters in the current period.

The calculation of Adjusted Revenues, Adjusted Total Segment EBITDA and Adjusted Segment EBITDA may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what type of events warrant adjustment. Adjusted Revenues, Adjusted Total Segment EBITDA and Adjusted Segment EBITDA are not measures of performance under generally accepted accounting principles and should not be construed as substitutes for amounts determined under GAAP as measures of performance. However, management uses these measures in comparing the Company’s historical performance and believes that they provide meaningful and comparable information to investors to assist in their analysis of our performance relative to prior periods and our competitors.

The following tables reconcile reported revenues and reported Total Segment EBITDA to Adjusted Revenues and Adjusted Total Segment EBITDA for the three and nine months ended March 31, 2026 and 2025:

Revenues

Total Segment EBITDA

For the three months ended March 31,

For the three months ended March 31,

2026

2025

Difference

2026

2025

Difference

(in millions)

(in millions)

As reported

$

2,185

$

2,009

$

176

$

343

$

290

$

53

Impact of acquisitions

(16

)

—

(16

)

4

—

4

Impact of divestitures

—

(4

)

4

—

—

—

Impact of foreign currency fluctuations

(88

)

—

(88

)

(16

)

—

(16

)

Net impact of U.K. Newspaper Matters

—

—

—

—

4

(4

)

As adjusted

$

2,081

$

2,005

$

76

$

331

$

294

$

37

Revenues

Total Segment EBITDA

For the nine months ended March 31,

For the nine months ended March 31,

2026

2025

Difference

2026

2025

Difference

(in millions)

(in millions)

As reported

$

6,691

$

6,343

$

348

$

1,204

$

1,093

$

111

Impact of acquisitions

(52

)

—

(52

)

9

—

9

Impact of divestitures

(3

)

(15

)

12

1

3

(2

)

Impact of foreign currency fluctuations

(118

)

—

(118

)

(20

)

—

(20

)

Net impact of U.K. Newspaper Matters

—

—

—

1

10

(9

)

As adjusted

$

6,518

$

6,328

$

190

$

1,195

$

1,106

$

89

Foreign Exchange Rates

Average foreign exchange rates used in the calculation of the impact of foreign currency fluctuations for the three and nine months ended March 31, 2026 and 2025 are as follows:

Fiscal Year 2026

Q1

Q2

Q3

U.S. Dollar per Australian Dollar

$0.65

$0.66

$0.69

U.S. Dollar per British Pound Sterling

$1.35

$1.33

$1.35

Fiscal Year 2025

Q1

Q2

Q3

U.S. Dollar per Australian Dollar

$0.67

$0.65

$0.63

U.S. Dollar per British Pound Sterling

$1.30

$1.28

$1.26

Adjusted Revenues and Adjusted Segment EBITDA by segment for the three and nine months ended March 31, 2026 and 2025 are as follows:

For the three months ended March 31,

2026

2025

% Change

(in millions)

Better/(Worse)

Adjusted Revenues:

Dow Jones

$

607

$

575

6

%

Digital Real Estate Services

437

404

8

%

Book Publishing

537

514

4

%

News Media

500

512

(2

)%

Other

—

—

—

%

Adjusted Total Revenues

$

2,081

$

2,005

4

%

Adjusted Segment EBITDA:

Dow Jones

$

148

$

132

12

%

Digital Real Estate Services

144

124

16

%

Book Publishing

73

64

14

%

News Media

13

33

(61

)%

Other

(47

)

(59

)

20

%

Adjusted Total Segment EBITDA

$

331

$

294

13

%

For the nine months ended March 31,

2026

2025

% Change

(in millions)

Better/(Worse)

Adjusted Revenues:

Dow Jones

$

1,823

$

1,727

6

%

Digital Real Estate Services

1,428

1,330

7

%

Book Publishing

1,669

1,655

1

%

News Media

1,598

1,616

(1

)%

Other

—

—

—

%

Adjusted Total Revenues

$

6,518

$

6,328

3

%

Adjusted Segment EBITDA:

Dow Jones

$

483

$

437

11

%

Digital Real Estate Services

515

450

14

%

Book Publishing

228

246

(7

)%

News Media

110

127

(13

)%

Other

(141

)

(154

)

8

%

Adjusted Total Segment EBITDA

$

1,195

$

1,106

8

%

The following tables reconcile reported revenues and Segment EBITDA by segment to Adjusted Revenues and Adjusted Segment EBITDA by segment for the three and nine months ended March 31, 2026 and 2025:

For the three months ended March 31, 2026

As

Reported

Impact of Acquisitions

Impact of

Divestitures

Impact of

Foreign

Currency

Fluctuations

Net Impact

of U.K.

Newspaper

Matters

As Adjusted

(in millions)

Revenues:

Dow Jones

$

619

$

(5

)

$

—

$

(7

)

$

—

$

607

Digital Real Estate Services

473

(5

)

—

(31

)

—

437

Book Publishing

555

(6

)

—

(12

)

—

537

News Media

538

—

—

(38

)

—

500

Other

—

—

—

—

—

—

Total Revenues

$

2,185

$

(16

)

$

—

$

(88

)

$

—

$

2,081

Segment EBITDA:

Dow Jones

$

147

$

1

$

—

$

—

$

—

$

148

Digital Real Estate Services

155

3

—

(14

)

—

144

Book Publishing

73

—

—

—

—

73

News Media

15

—

—

(2

)

—

13

Other

(47

)

—

—

—

—

(47

)

Total Segment EBITDA

$

343

$

4

$

—

$

(16

)

$

—

$

331

For the three months ended March 31, 2025

As

Reported

Impact of Acquisitions

Impact of Divestitures

Impact of

Foreign

Currency Fluctuations

Net Impact

of U.K.

Newspaper

Matters

As Adjusted

(in millions)

Revenues:

Dow Jones

$

575

$

—

$

—

$

—

$

—

$

575

Digital Real Estate Services

406

—

(2

)

—

—

404

Book Publishing

514

—

—

—

—

514

News Media

514

—

(2

)

—

—

512

Other

—

—

—

—

—

—

Total Revenues

$

2,009

$

—

$

(4

)

$

—

$

—

$

2,005

Segment EBITDA:

Dow Jones

$

132

$

—

$

—

$

—

$

—

$

132

Digital Real Estate Services

124

—

—

—

—

124

Book Publishing

64

—

—

—

—

64

News Media

33

—

—

—

—

33

Other

(63

)

—

—

—

4

(59

)

Total Segment EBITDA

$

290

$

—

$

—

$

—

$

4

$

294

For the nine months ended March 31, 2026

As

Reported

Impact of Acquisitions

Impact of Divestitures

Impact of

Foreign

Currency

Fluctuations

Net Impact

of U.K.

Newspaper

Matters

As Adjusted

(in millions)

Revenues:

Dow Jones

$

1,853

$

(15

)

$

—

$

(15

)

$

—

$

1,823

Digital Real Estate Services

1,463

(9

)

(1

)

(25

)

—

1,428

Book Publishing

1,722

(28

)

—

(25

)

—

1,669

News Media

1,653

—

(2

)

(53

)

—

1,598

Other

—

—

—

—

—

—

Total Revenues

$

6,691

$

(52

)

$

(3

)

$

(118

)

$

—

$

6,518

Segment EBITDA:

Dow Jones

$

482

$

2

$

—

$

(1

)

$

—

$

483

Digital Real Estate Services

519

6

1

(11

)

—

515

Book Publishing

230

1

—

(3

)

—

228

News Media

115

—

—

(5

)

—

110

Other

(142

)

—

—

—

1

(141

)

Total Segment EBITDA

$

1,204

$

9

$

1

$

(20

)

$

1

$

1,195

For the nine months ended March 31, 2025

As

Reported

Impact of Acquisitions

Impact of Divestitures

Impact of

Foreign

Currency

Fluctuations

Net Impact

of U.K.

Newspaper

Matters

As Adjusted

(in millions)

Revenues:

Dow Jones

$

1,727

$

—

$

—

$

—

$

—

$

1,727

Digital Real Estate Services

1,336

—

(6

)

—

—

1,330

Book Publishing

1,655

—

—

—

—

1,655

News Media

1,625

—

(9

)

—

—

1,616

Other

—

—

—

—

—

—

Total Revenues

$

6,343

$

—

$

(15

)

$

—

$

—

$

6,328

Segment EBITDA:

Dow Jones

$

437

$

—

$

—

$

—

$

—

$

437

Digital Real Estate Services

449

—

1

—

—

450

Book Publishing

246

—

—

—

—

246

News Media

125

—

2

—

—

127

Other

(164

)

—

—

—

10

(154

)

Total Segment EBITDA

$

1,093

$

—

$

3

$

—

$

10

$

1,106

NOTE 3 – ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO NEWS CORPORATION STOCKHOLDERS AND ADJUSTED EPS

The Company uses net income (loss) attributable to News Corporation stockholders from continuing operations and diluted earnings per share from continuing operations (“EPS”) excluding expenses related to U.K. Newspaper Matters, litigation charges, impairment and restructuring charges and “Other, net”, net of tax, recognized by the Company or its equity method investees, as well as the settlement of certain pre-Separation tax matters (“adjusted net income (loss) attributable to News Corporation stockholders” and “adjusted EPS,” respectively), to evaluate the performance of the Company’s operations exclusive of certain items that impact the comparability of results from period to period, as well as certain non-operational items. The calculation of adjusted net income (loss) attributable to News Corporation stockholders and adjusted EPS may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what type of events warrant adjustment. Adjusted net income (loss) attributable to News Corporation stockholders and adjusted EPS are not measures of performance under generally accepted accounting principles and should not be construed as substitutes for consolidated net income (loss) attributable to News Corporation stockholders from continuing operations and net income (loss) per share from continuing operations as determined under GAAP as a measure of performance. However, management uses these measures in comparing the Company’s historical performance and believes that they provide meaningful and comparable information to investors to assist in their analysis of our performance relative to prior periods and our competitors.

The following tables reconcile reported net income attributable to News Corporation stockholders from continuing operations and reported diluted EPS to adjusted net income attributable to News Corporation stockholders and adjusted EPS for the three and nine months ended March 31, 2026 and 2025:

For the three months ended

March 31, 2026

For the three months ended

March 31, 2025

(in millions, except per share data)

Net income

attributable to

stockholders

EPS

Net income

attributable to

stockholders

EPS

Net income from continuing operations

$

121

$

107

Less: Net income attributable to noncontrolling interests from continuing operations

(32

)

(26

)

Net income attributable to News Corporation stockholders from continuing operations

$

89

$

0.16

$

81

$

0.14

U.K. Newspaper Matters

—

—

4

0.01

Impairment and restructuring charges

18

0.03

13

0.02

Other, net

18

0.03

13

0.02

Tax impact on items above

(6

)

(0.01

)

(15

)

(0.02

)

Impact of noncontrolling interest on items above

(1

)

—

2

—

As adjusted

$

118

$

0.21

$

98

$

0.17

For the nine months ended

March 31, 2026

For the nine months ended

March 31, 2025

(in millions, except per share data)

Net income

attributable to

stockholders

EPS

Net income

attributable to

stockholders

EPS

Net income from continuing operations

$

513

$

562

Less: Net income attributable to noncontrolling interests from continuing operations

(119

)

(135

)

Net income attributable to News Corporation stockholders from continuing operations

$

394

$

0.70

$

427

$

0.75

U.K. Newspaper Matters

1

—

10

0.02

Impairment and restructuring charges

67

0.12

51

0.09

Other, net

27

0.05

(101

)

(0.18

)

Tax impact on items above

(22

)

(0.04

)

(18

)

(0.03

)

Impact of noncontrolling interest on items above

—

—

35

0.06

As adjusted

$

467

$

0.83

$

404

$

0.71

NOTE 4 – CONSTANT CURRENCY REVENUES

The Company believes that the presentation of revenues excluding the impact of foreign currency fluctuations (“constant currency revenues”) provides useful information regarding the performance of the Company’s core business operations exclusive of distortions between periods caused by the unpredictability and volatility of currency fluctuations. The Company calculates the impact of foreign currency fluctuations for businesses reporting in currencies other than the U.S. dollar as described in Note 2.

Constant currency revenues are not measures of performance under generally accepted accounting principles and should not be construed as substitutes for revenues as determined under GAAP as measures of performance. However, management uses these measures in comparing the Company’s historical performance and believes that they provide meaningful and comparable information to investors to assist in their analysis of our performance relative to prior periods and our competitors.

The following tables reconcile reported revenues to constant currency revenues for the three and nine months ended March 31, 2026:

Q3 Fiscal

2025

Q3 Fiscal

2026

FX impact

Q3 Fiscal

2026

constant

currency

% Change -

reported

% Change -

constant

currency

($ in millions)

Better/(Worse)

Consolidated results:

Circulation and subscription

$

755

$

809

$

28

$

781

7

%

3

%

Advertising

308

322

14

308

5

%

—

%

Consumer

492

530

12

518

8

%

5

%

Real estate

318

365

24

341

15

%

7

%

Other

136

159

10

149

17

%

10

%

Total revenues

$

2,009

$

2,185

$

88

$

2,097

9

%

4

%

Dow Jones:

Circulation and subscription

$

478

$

511

$

7

$

504

7

%

5

%

Advertising

86

91

—

91

6

%

6

%

Other

11

17

—

17

55

%

55

%

Total Dow Jones segment revenues

$

575

$

619

$

7

$

612

8

%

6

%

Digital Real Estate Services:

Circulation and subscription

$

1

$

2

$

—

$

2

100

%

100

%

Advertising

36

40

1

39

11

%

8

%

Real estate

318

365

24

341

15

%

7

%

Other

51

66

6

60

29

%

18

%

Total Digital Real Estate Services segment revenues

$

406

$

473

$

31

$

442

17

%

9

%

REA Group revenues

$

271

$

325

$

31

$

294

20

%

8

%

Q3 Fiscal

2025

Q3 Fiscal

2026

FX impact

Q3 Fiscal

2026

constant

currency

% Change -

reported

% Change -

constant

currency

($ in millions)

Better/(Worse)

Book Publishing:

Consumer

$

492

$

530

$

12

$

518

8

%

5

%

Other

22

25

—

25

14

%

14

%

Total Book Publishing segment revenues

$

514

$

555

$

12

$

543

8

%

6

%

News Media:

Circulation and subscription

$

276

$

296

$

21

$

275

7

%

—

%

Advertising

186

191

13

178

3

%

(4

)%

Other

52

51

4

47

(2

)%

(10

)%

Total News Media segment revenues

$

514

$

538

$

38

$

500

5

%

(3

)%

Q3 YTD

Fiscal 2025

Q3 YTD

Fiscal 2026

FX impact

Q3 YTD

Fiscal 2026

constant

currency

% Change -

reported

% Change -

constant

currency

($ in millions)

Better/(Worse)

Consolidated results:

Circulation and subscription

$

2,243

$

2,383

$

45

$

2,338

6

%

4

%

Advertising

1,014

1,028

20

1,008

1

%

(1

)%

Consumer

1,585

1,647

25

1,622

4

%

2

%

Real estate

1,052

1,136

19

1,117

8

%

6

%

Other

449

497

9

488

11

%

9

%

Total revenues

$

6,343

$

6,691

$

118

$

6,573

5

%

4

%

Dow Jones:

Circulation and subscription

$

1,398

$

1,499

$

15

$

1,484

7

%

6

%

Advertising

292

309

—

$

309

6

%

6

%

Other

37

45

—

$

45

22

%

22

%

Total Dow Jones segment revenues

$

1,727

$

1,853

$

15

$

1,838

7

%

6

%

Digital Real Estate Services:

Circulation and subscription

$

5

$

6

$

—

$

6

20

%

20

%

Advertising

109

121

1

$

120

11

%

10

%

Real estate

1,052

1,136

19

$

1,117

8

%

6

%

Other

170

200

5

$

195

18

%

15

%

Total Digital Real Estate Services segment revenues

$

1,336

$

1,463

$

25

$

1,438

10

%

8

%

REA Group revenues

$

932

$

1,020

$

25

$

995

9

%

7

%

Book Publishing:

Consumer

1,585

1,647

25

$

1,622

4

%

2

%

Other

70

75

—

$

75

7

%

7

%

Total Book Publishing segment revenues

$

1,655

$

1,722

$

25

$

1,697

4

%

3

%

News Media:

Circulation and subscription

$

840

$

878

$

30

$

848

5

%

1

%

Advertising

613

598

19

$

579

(2

)%

(6

)%

Other

172

177

4

$

173

3

%

1

%

Total News Media segment revenues

$

1,625

$

1,653

$

53

$

1,600

2

%

(2

)%

The Post’s parent company News Corp reported better-than-expected quarterly earnings on Thursday, driven by growth in its Dow Jones, digital real estate and book publishing divisions.

The New York-based media giant reported $121 million from continuing operations, or 16 cents a share, compared with income of $107 million, or 14 cents, the prior year. Adjusted earnings per share totaled 21 cents.

Third-quarter revenue grew 9% to $2.19 billion, compared with $2.01 billion a year ago. That beat Wall Street expectations of 16 cents EPS on $2.11 billion revenue.

News Corp reported better-than-expected quarterly earnings, driven by growth in its digital real estate, Dow Jones and book publishing divisions. Getty Images “News Corp has again delivered resounding results this quarter, and we remain on track for another year of record profitability given the strength seen thus far in the fourth quarter,” News Corp CEO Robert Thomson said in a statement.

“The third quarter was compelling evidence of the transformation of our business, and demonstrated the robustness of our core growth engines, which we expect will propel us towards a strong fiscal finish,” he added.

During the quarter, News Corp’s financial results were driven by an 8% increase in revenue to $619 million at its Dow Jones unit, which publishes The Wall Street Journal and MarketWatch. News Corp saw a 17% increase at its real estate division to $473 million and an 8% jump in book publishing revenue to $555 million.

Thomson — who previously blasted AI companies for failing to pay enough for content — trumpeted News Corp’s artificial intelligence partnerships.

“Our confidence comes as the world is grappling with the potential impact of AI. We are an AI inputs company and that fact was reflected in our recent deal with Meta, which complements our partnership with OpenAI,” he said.

Earlier this year, News Corp. struck a multiyear AI content licensing deal with Meta that will pay News Corp up to $50 million a year. In 2024, News Corp agreed to a landmark content licensing deal with OpenAI.

“We are in discussions with other companies who recognize the preciousness of provenance, and these potential deals should have a positive impact on our revenue and profitability,” Thomson said.

News Corp CEO Robert Thomson said the company is “on track for another year of record profitability.” Jordan Strauss/Invision/AP He issued a warning to unscrupulous businesses in the digital space.

“We are also tracking a number of dodgy digital firms scraping illicitly, illegally our precious content and shamelessly reselling this purloined property,” the exec said.

“We have these baleful bad-boy bots in our sights and intend to pursue them vigorously. And we believe companies that willingly buy this stolen content from these nefarious fences are also culpable.”

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Dutch Bros (NYSE:BROS) Major Shareholder Sells $15,759,829.98 in StockMarketBeat

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Insider Selling: Dutch Bros (NYSE:BROS) Major Shareholder Sells 261,055 Shares of StockMarketBeat

Dutch Bros Inc. (NYSE:BROS - Get Free Report) major shareholder Dm Individual Aggregator, Llc sold 261,055 shares of the business's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $63.02, for a total value of $16,451,686.10. Following the completion of the transaction, the insider owned 2,410,800 shares in the company, valued at approximately $151,928,616. This trade represents a 9.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.

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Travis Boersma Sells 749,999 Shares of Dutch Bros (NYSE:BROS) StockMarketBeat

Dutch Bros Inc. (NYSE:BROS - Get Free Report) Chairman Travis Boersma sold 749,999 shares of Dutch Bros stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $60.39, for a total transaction of $45,292,439.61. Following the completion of the sale, the chairman owned 2,671,855 shares of the company's stock, valued at $161,353,323.45. This represents a 21.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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Dutch Bros Inc. (NYSE:BROS - Get Free Report) Chairman Travis Boersma sold 750,000 shares of the company's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $63.02, for a total value of $47,265,000.00. Following the sale, the chairman owned 2,410,800 shares in the company, valued at approximately $151,928,616. This trade represents a 23.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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