News Corp (NWSA) 10-K risk factor changes: FY2025 vs FY2024

Any of the following risks, or other risks or uncertainties not presently known or currently deemed immaterial, could materially and adversely affect the Company’s business, results of operations or financial condition, and could, in turn, impact the trading price of the Company’s common [removed: stock.*][added: stock.]

The Company faces significant competition, including from other providers of [removed: news,] information, [removed: entertainment and] [added: news,] real estate-related [added: and entertainment] products and services.

For example, [removed: alternative] [added: the proliferation of] content distribution platforms and media [removed: channels] [added: channels, as well as AI-generated content,] have [added: (i)] increased the choices available to consumers for content consumption and [added: the risk of content commoditization and (ii)] adversely impacted, and may continue to adversely impact, demand and pricing for the Company’s [removed: newspapers, subscription video services and other] products and services.

[removed: While the Company has entered into agreements with certain large platforms to license its content for use by or on such platforms in exchange for significant payments,] [added: For example,] not all of [removed: these] [added: the Company’s content license] agreements have been [removed: renewed] [added: renewed,] and there is no guarantee that existing agreements will be renewed on terms favorable to the Company or at all.

[removed: For example, the use of generative AI technology powered by] [added: Generative AI-powered chatbots, search overviews and other tools using] models [removed: that have been] trained or grounded on the Company’s content or [removed: are able to] [added: that] produce [removed: output] [added: responses] that [removed: contains, is] [added: contain, are] similar to or [removed: is] [added: are] based on the Company’s content without permission, attribution or compensation, [added: have, and] may [added: continue to,] reduce [removed: audience size] [added: traffic to,] and subscriber demand [removed: for] [added: for,] the Company’s digital products and [removed: services,] [added: services and] harm existing and potential revenue [removed: streams and adversely affect its business and results of operations.][added: streams.]

[removed: Online traffic and product and service purchases are also driven by visibility on digital platforms,] [added: - manage] and [removed: the Company has limited control over] [added: adapt to] changes made by [removed: these] [added: large digital] platforms [removed: affecting] [added: that affect] the visibility of its content and other products and [removed: services,] [added: services (and, in turn, visits and advertiser interest),] which occur [removed: frequently.][added: frequently and are outside the Company’s control; and]

The Company [removed: may] [added: is] also [removed: develop] [added: developing] additional products and services that incorporate AI solutions to enhance insights and value for [removed: customers and] consumers and [added: customers and] respond to industry trends.

There can be no assurance any [removed: strategic initiatives, products and services] [added: of these efforts] will be [removed: successful] [added: successful, that they can be implemented] in the [removed: manner or] time period or at the cost the Company expects or that it will realize the anticipated [removed: benefits it expects.][added: benefits.]

Some of the Company’s current and potential competitors have greater resources, fewer regulatory burdens, better competitive positions in certain areas, greater operating capabilities, greater access to sources of content, data, [added: information,] technology (including AI) or other services or strategic relationships and/or easier access to [removed: financing, which may allow them to respond more effectively to changes in technology, consumer and customer needs and preferences and market conditions, including by developing new or enhanced products and services or leveraging new technologies, including generative AI, more quickly or successfully than the Company.][added: financing.]

Continued consolidation or strategic alliances in certain industries in which the Company operates or otherwise affecting the Company’s businesses may increase these advantages, including through greater [removed: scale, financial leverage and/or access to content, data, technology (including AI) and other offerings.]

The Company’s business is subject to risks and uncertainties from events [added: and circumstances] outside its control that impact macroeconomic and market conditions or disrupt its business, including economic weakness, uncertainty or volatility, geopolitical tensions, conflicts or wars, pandemics and other health crises, natural disasters, severe weather events (which may occur with increasing frequency and intensity), [removed: hostilities,] political or social unrest, terrorism or other similar events.

[removed: For example, the U.S. and global economies and markets have been, and may in the future be, adversely impacted by] [added: These conditions, as well as] inflationary pressures, changes in monetary policy, elevated interest rates, recessionary [added: or stagflation] concerns, geopolitical [removed: tensions and conflicts,] [added: tensions,] supply chain [removed: disruptions,] [added: disruptions and] volatile foreign currency exchange rates, [removed: public health conditions] [added: have affected,] and [removed: political] [added: may in the future, adversely affect the U.S.] and [removed: social unrest.][added: global economies and markets and the Company’s business.]

[removed: In] [added: During] fiscal [removed: 2024,] [added: 2025,] persistent inflation in home prices and [added: other housing-related costs,] elevated interest [removed: rates, in particular,] [added: rates and lower levels of consumer confidence] continued to adversely impact the U.S. real estate market and depress real estate lead and transaction volumes and adjacent businesses at the Digital Real Estate Services segment.

These and other events or conditions outside the Company’s control have in the past also resulted in, and could in the future lead to, [removed: among other things,] disruption of the Company’s business, a tightening of, [removed: and in some cases] [added: or] more limited access to, the credit and capital markets, lower levels of liquidity, increases in the rates of default and bankruptcy, lower consumer net worth and a decline in other markets such as energy and commodities, and could, in turn, lead to a broader, prolonged economic downturn.

Such downturns have resulted, and could in the future result, in lower advertising expenditures, lower demand for the Company’s products and services, unfavorable changes in the mix of products and services purchased, pricing pressures, [added: longer sales and payment cycles,] a credit ratings downgrade and/or higher borrowing costs and decreased ability of third parties to satisfy their obligations to the Company and have adversely affected, and could in the future adversely affect, the Company’s business, results of operations, financial condition and liquidity.

The Company may also be impacted by other events outside its control, such as [removed: recent] developments in the [removed: U.S. residential real estate industry.][added: industries in which it operates.]

While the impact of [removed: these changes, as well as any additional] [added: such] changes [removed: that may arise from any resumed investigation or from other lawsuits,] is uncertain and difficult to predict, if they significantly affect how home buyers and sellers engage with agents or negatively impact agent commissions, that could reduce the number of leads and other services agents purchase from [removed: the Company’s] Move [removed: subsidiary] and [removed: could] adversely affect [removed: Move’s] [added: its] business and results of operations or require changes to its business model.

[removed: Any] [added: Advertising sales are also dependent on the accurate measurement of demand for the Company’s products and services, and any] difficulty or failure in [removed: managing changes to these algorithms or accurately measuring demand generally,] [added: doing so,] particularly for digital offerings or across multiple platforms, may adversely impact advertising [removed: pricing] [added: volume] and [removed: spending] [added: rates] or, in the case of inaccuracies, the Company’s reputation and relationships with advertisers.

Shifting consumer preferences [removed: for content consumption] toward digital [removed: media] [added: content consumption] and the [removed: proliferation] [added: increasing number] of [removed: devices, technologies, formats and distribution platforms] [added: content consumption choices] have intensified competition for advertising, increased audience fragmentation and advertising inventory and decreased demand for the Company’s traditional media offerings and their attractiveness to advertisers.

[removed: The ability of digital advertising to deliver more targeted, measurable results promptly and newer] [added: Different] ways of purchasing advertising such as programmatic buying channels have further shifted advertising from traditional media to digital offerings, some of which generate lower rates or are not otherwise as beneficial to the Company.

[added: Visibility on these platforms depends on algorithms that are outside the Company’s control and change frequently, and recent changes have adversely affected traffic to some of the Company’s digital properties, particularly in the U.K.] Certain of these platforms also control significant technologies such as ad servers on which the Company’s digital advertising operations rely, and interruptions or changes affecting these technologies, including the economic terms, could adversely impact advertising revenues and/or operating costs.

Evolving standards for the delivery of digital advertising, the development and implementation of technology, standards, regulations, policies and practices and changing consumer expectations that adversely affect the Company’s ability to deliver, target or measure the effectiveness of its advertising, including [removed: the phase-out of support for third-party cookies and mobile identifiers, as well as platform and browser requirements, news blocking or bias and new privacy regulations, may also negatively impact digital advertising revenues.]

[removed: As the digital advertising market continues to evolve, there] [added: There] can be no assurance that the Company will be able to [removed: compete] successfully [removed: for] [added: navigate the evolving digital] advertising [removed: budgets] [added: market] or that its digital advertising revenues will be able to offset declines in advertising revenue from traditional media offerings.

During fiscal [removed: 2024,] [added: 2025,] factors such as [removed: elevated interest rates and] [added: trade issues,] geopolitical tensions and conflicts [added: and elevated interest rates] contributed to continued economic uncertainty, reduced spending by advertisers and lower advertising revenues at certain of the Company’s businesses.

Other events outside the Company’s control, including inflationary pressures, recessionary [added: or stagflation] concerns, supply chain disruptions, natural disasters, extreme weather, pandemics and other widespread health crises, political and social unrest or acts of terrorism, have had, and may in the future have, a similar impact.

Certain sectors of the economy account for a significant portion of the Company’s advertising revenues, including retail, [removed: as well as] technology and [removed: finance, where advertising spending again decreased in fiscal 2024.][added: finance.]

[removed: Future declines] [added: Declines] in the economic prospects of these and other advertisers or the economy in general could alter current or prospective advertisers’ spending priorities, which may further reduce the Company’s overall advertising revenue.

*The Company Has [removed: Made] [added: Completed,] and May Continue to [removed: Make] [added: Engage in,] Strategic [added: Transactions, Including] Acquisitions, Investments and [removed: Divestitures] [added: Divestitures,] That Introduce Significant Risks and Uncertainties.*

In order to position its business to take advantage of growth opportunities, the Company has [removed: made] [added: completed,] and may continue to [removed: make] [added: engage in,] strategic [added: transactions, including] acquisitions and [removed: investments] [added: investments,] that involve significant risks and uncertainties.

The Company’s ability to continue to make acquisitions or investments depends on the availability of suitable businesses at acceptable [removed: prices] [added: prices, receipt of any necessary government or other approvals] and whether restrictions are imposed by governmental bodies or regulations, and competition for certain types of acquisitions is significant.

The Company has also divested and may in the future divest certain assets or businesses that no longer fit with its strategic direction or growth targets or for other business [removed: reasons.][added: reasons such as its recent divestiture of Foxtel.]

Divestitures involve [added: other] significant risks and uncertainties that could adversely affect the Company’s business, results of operations and financial [removed: condition.][added: condition, including disruption to its business, loss of key employees, renegotiation or termination of key business relationships and difficulties in separating the operations of the divested business.]

*The Company’s Businesses Depend on a Single or Limited Number of Suppliers for Certain [removed: Key Products] [added: Products, Services, Data] and [removed: Services,*] [added: Information,*] *and [removed: Any Reduction] [added: Reductions, Interruptions] or [removed: Interruption in the] [added: Other Issues Affecting Their] Supply [removed: of These Products and Services] or a Significant Increase in Price Could Have an Adverse Effect on the Company’s Business, Results of Operations and Financial Condition.*

The Company’s businesses depend on a single or limited number of third-party suppliers for certain [removed: key products] [added: products, services, data] and [removed: services.][added: information.]

For example, the Company relies on Amazon Web Services to supply cloud-based services used in many of the Company’s business activities and [removed: Optus] [added: Google] to provide [removed: all of the satellite transponder capacity for its subscription video services business.][added: workspace and other enterprise services.]

If [added: any key supplier is unable to meet demand or otherwise fails to perform its obligations in a timely manner,] the Company’s relationship with key suppliers deteriorates or any of these suppliers breaches or terminates its agreement with the [removed: Company or otherwise fails to perform its obligations in a timely manner,] [added: Company,] experiences operating or financial difficulties, [removed: is unable to meet demand due to component shortages and other supply chain issues, labor shortages, insufficient capacity, cybersecurity incidents or otherwise,] significantly increases the amount it charges the Company for necessary [removed: products] [added: products, services, data] or [removed: services] [added: information] or ceases production or provision of any necessary [removed: product or] [added: product,] service, [added: data or information,] the Company’s business, results of operations and financial condition may be adversely affected.

While the Company will seek alternative sources [removed: for these products and services] where possible and/or permissible under applicable agreements, it may not be able to secure these [removed: alternative] sources quickly and cost-effectively or at all, which could impair its ability to timely deliver its products and services or operate its business.

Printing and distribution costs, including the cost of paper, are a significant expense for the Company’s book and newspaper publishing [removed: units.][added: units, and the price of paper has historically been volatile.]

Factors such as inflationary pressures, labor shortages, higher transportation costs and delays and other supply chain issues, financial pressures, industry trends or economics (including the closure or conversion of newsprint mills and consolidation among suppliers and partners), labor unrest, changes in laws and regulations, such as the E.U.’s Deforestation Regulation, natural disasters, extreme weather (which may occur with increasing frequency and intensity), pandemics and other widespread health [removed: crises] [added: crises, tariffs] or other [added: changes in trade policy or other] circumstances affecting the Company’s paper and other third-party suppliers and print and distribution partners have increased, [removed: and] [added: or] could [removed: continue to] [added: in the future] increase, the Company’s printing and distribution costs and [removed: could] lead to disruptions, reduced operations or consolidations within the Company’s printing and distribution supply chains and/or of third-party print sites and/or distribution routes.

The Company’s products and services are distributed under some of the world’s most recognizable and respected brands, including [removed: *The] [added: The] Wall Street [removed: Journal*] [added: Journal] and premier news brands in Australia and the U.K., Dow Jones, HarperCollins Publishers, [removed: Foxtel,] realestate.com.au, Realtor.com® and many others, and the Company believes its success depends on its continued ability to maintain and enhance these brands.

Some of the factors, events and contingencies discussed below may have occurred in the past, but the disclosures below are not representations as to whether or not they have in fact occurred in the past and instead reflect the Company’s beliefs and opinions as to the factors, events or contingencies that could materially and adversely affect it in the future.*

Technological advances, including in AI, have also increased the availability of public sources of free or inexpensive information and reduced the cost to process and package this information, which enables additional third parties to compete with the Company’s information products and services, often at a lower cost, and potentially diminishes their perceived value.

The Company’s ability to compete depends on many factors, including its ability to:

- differentiate its brands and their associated products and services based on quality, reliability and comprehensiveness and through its marketing and selling efforts;

- respond to new and evolving technologies, distribution channels and platforms, including generative AI tools, content distribution platforms, media channels, online retailers and digital marketplaces, some of which have significant scale and leverage;

- develop new products and services and consistently anticipate and respond to consumer and customer needs and preferences, which change frequently and are difficult to predict;

- effectively protect and monetize its intellectual property;

- continue improving and scaling its data and technology infrastructure.

The Company expects to continue to pursue new strategic initiatives, incorporate new technologies and develop new and enhanced products and services to remain competitive.

These include licensing arrangements with certain large platforms for the use of its content by or on such platforms, the continued expansion into new business models and adjacencies at its digital real estate services businesses, streaming audio partnerships for its books, multi-product digital bundles and other innovative digital news products and experiences.

These advantages may allow them to respond more effectively to changes in technology, consumer and customer needs and preferences and market conditions, including by developing new or enhanced products and services or leveraging new technologies, including generative AI, more quickly or successfully than the Company.

scale, financial leverage and/or access to content, data, information, technology (including AI) and other offerings.

Recent changes in political policies and priorities in the U.S. and internationally, including expanded or retaliatory tariffs and other trade barriers, and an increase in hostilities and conflicts have created business and economic uncertainty and lowered consumer confidence.

Recent economic uncertainty and lower consumer confidence have also contributed to softer consumer spending within the U.S. book publishing industry, which may continue in the near term.

The Company is particularly exposed to business risks in the U.S., Australia and the U.K., its three main operating geographies.

In the U.S. residential real estate industry, settlements of recent class action lawsuits against certain brokerages and franchisors, as well as NAR, have led to changes in NAR’s rules and practices, including elimination of the cooperative compensation rule, thereby prohibiting REALTOR® MLSs from publishing buyer broker compensation offers.

The settlements are also being appealed, and the Company cannot predict the final outcomes of these matters or any future lawsuits, which could result in additional changes that impact the industry.

The Company generates substantial revenues from the sale of advertising, and a decline in advertising revenues has had, and could continue to have, an adverse effect on its business, financial condition and results of operations.

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

the phase-out of support for third-party cookies and mobile identifiers, as well as platform and browser requirements, news blocking or bias and new privacy regulations, may also negatively impact digital advertising revenues.

Divestitures require the Company to expend costs and management and operational resources, and the Company may not be able to find buyers on favorable terms or complete any particular transaction.

The Company may have continued financial exposure to divested businesses through continuing equity ownership, retention of certain liabilities related to the divested business, indemnities, guarantees or other post-closing obligations, transition services and deferred payments.

The Company also obtains significant data and information through contractual arrangements with content suppliers, some of which may be competitors.

From time to time, suppliers seek to change the fees and other terms of supply arrangements and may terminate existing arrangements, in some cases with short notice, to gain a marketplace advantage.

Any consolidation among suppliers would further decrease the number of providers and increase their scale and leverage.

Issues affecting the Company’s suppliers, including cybersecurity incidents, data center or systems outages, labor shortages, insufficient capacity and supply chain issues, may reduce, interrupt, or delay the supply of, or cause defects or errors in, the products, services, data and information on which the Company’s businesses rely.

Changes in reporting methodologies, available data or the Company’s operations or reporting processes and disparate and evolving reporting standards, including regulatory requirements, may impact the Company’s disclosure and progress towards achieving its commitments.

Various stakeholders, regulators and lawmakers also have expressed or pursued different, and sometimes conflicting, views, expectations and/or legislation on ESG-related matters, and the Company may not be able to successfully navigate these divergent viewpoints and/or legislation.

*Developments in AI, Including the Company’s Use of AI, May Expose it to Certain Risks, Which Could Adversely Affect its Business, Reputation or Financial Results.*

The Company is incorporating AI into its business, including developing products and services that integrate AI solutions and for internal productivity purposes.

The development of AI technologies, including generative AI, is complex and evolving and there are challenges associated with achieving desired levels of accuracy, efficiency and reliability.

AI algorithms, models and data may have limitations, including biases, errors or the inability to handle certain data types or scenarios.

Additionally, if the Company’s products and services that integrate AI solutions fail to operate as anticipated or as well as competing products or services or otherwise do not meet customer needs or if the Company is unable to bring such products or services to market as effectively or with the same speed as its competitors, its competitive position may be harmed and its business and reputation may be adversely impacted.

The use of AI tools may implicate intellectual property and data protection laws and regulations and raise cybersecurity, confidentiality and technical risks.

Regulation of AI is evolving rapidly, including the recent adoption of AI-focused consumer protection and data privacy laws in certain jurisdictions, and the Company’s use of AI tools will continue to require resources to address regulatory requirements, implement appropriate governance practices and minimize associated risks.

The Company’s obligations to comply with the evolving legal and regulatory landscape could limit its ability to incorporate certain AI solutions into its products and services.

The use of AI tools may also impact the Company’s relationship with employees and/or result in labor disputes if the tools are viewed as displacing workers.

Given that the development, adoption and use of AI technologies, including generative AI, remains in the early stages, it is not possible to predict all of the risks related to the use of AI and the impact they may have on the Company.

A substantial portion of the Company’s revenues are derived outside the U.S., and the Company may continue to expand its international operations.

*An Inability to Attract and Retain the Right Talent and Cultivate Their Performance Could Adversely Affect the Company’s Business.*

These trends and developments have adversely affected, and may continue to adversely affect, the Company’s circulation and subscription, advertising and licensing revenue and may increase subscriber acquisition, retention and other costs.

Technological developments have also increased competition in other ways.

For example, direct-to-consumer digital video services are more prevalent and attractive for many consumers as internet streaming capabilities have enabled the disaggregation of content delivery from the ownership of network infrastructure.

Other digital platforms and technologies, such as user-generated content platforms and self-publishing tools, combined, in some cases, with the wide availability of sophisticated search engines and public sources of free or relatively inexpensive information and solutions, have also reduced the effort and expense of locating, gathering and disseminating data and producing and distributing certain types of content on a wide scale, allowing additional third parties to compete with the Company, often at a lower cost, and potentially diminishing the perceived value of the Company’s offerings.

Recent developments in AI, such as generative AI, may accelerate or exacerbate these effects.

Additional digital distribution channels, such as online retailers and digital marketplaces that have significant scale and leverage, have also challenged, and continue to challenge, the Company’s business models, particularly its traditional book publishing model, and any failure to adapt to or manage changes made by these channels could adversely affect sales volume, pricing and/or costs.

In order to compete effectively, the Company must differentiate its brands and their associated products and services, respond to new technologies, distribution channels and platforms, develop new products and services and consistently anticipate and respond

to changes in consumer and customer needs and preferences.

The Company relies on brand awareness, reputation and acceptance of its high-quality differentiated content and information, real estate and other products and services, as well as its wide array of digital offerings, in order to retain and grow its audiences, consumers and subscribers.

However, consumer preferences change frequently and are difficult to predict, and consumers may place greater value on the convenience and price of content and other products and services than they do on their source, quality or reliability.

Difficulty managing and adapting to such changes has impeded, and could in the future impede, the Company’s ability to compete effectively by decreasing visits to, and advertiser interest in, its digital offerings, increasing costs if free traffic is replaced with paid traffic and lowering product sales and subscriptions.

The Company expects to continue to pursue new strategic initiatives and develop new and enhanced products and services to remain competitive, such as additional streaming features and options, new content aggregation offerings, innovative digital news products and experiences and the continued expansion into new business models and adjacencies at its digital real estate services businesses.

The Company is particularly exposed to (1) certain Australian business risks because it holds a substantial amount of Australian assets and generated approximately 40% of its fiscal 2024 revenues from Australia and (2) to a lesser extent, business risks relating to the U.K., where it generated approximately 13% of its fiscal 2024 revenues.

Certain brokerages and franchisors, as well as NAR, face class action lawsuits alleging antitrust violations, and the Department of Justice (the “DOJ”) is also seeking to resume its previously settled antitrust investigation into NAR.

In March 2024, NAR entered into a settlement agreement to resolve a number of the lawsuits on a nation-wide basis pursuant to which it agreed to a significant monetary payment and certain changes to its rules and practices, including eliminating the cooperative compensation rule, thereby prohibiting REALTOR® MLSs from publishing buyer broker compensation offers, and requiring buyer brokers who belong to REALTOR® MLSs to execute written agreements with buyers specifying compensation before touring a home.

The Company derives substantial revenues from the sale of advertising, and its ability to generate advertising revenue depends on a number of factors, including: (1) demand for its products and services, (2) audience fragmentation, (3) digital advertising trends, (4) its ability to offer attractive advertising products and formats, (5) general economic and business conditions, (6) customer demographics, (7) advertising rates and effectiveness and (8) its brand strength and reputation.

Demand for the Company’s products and services is evaluated based on a variety of metrics, such as users, visits and engagement for digital offerings, circulation for newspapers and ratings for cable channels, which are used by advertisers to determine the amount of advertising to purchase from the Company and advertising rates.

Digital traffic is driven in significant part by visibility on digital platforms, which is impacted by algorithms that are outside the Company’s control and change frequently.

Large digital platforms command a substantial share of the digital advertising market due to their extensive audience reach, data and targeting capabilities and strengths in certain in-demand advertising formats.

While the Company has adopted a number of strategies and initiatives to address these challenges, there can be no guarantee that its efforts will be successful.

If the Company is unable to demonstrate the continuing value of its various platforms and high-quality content and brands or offer advertisers unique multi-platform advertising programs, its business, results of operations and financial condition could be adversely affected.

*The Inability to Obtain and Retain Sports, Entertainment and Other Programming Rights and Content Could Adversely Affect the Revenue of Certain of the Company’s Operating Businesses, and Costs Could Also Increase Upon Renewal.*

Competition for popular licensed programming is intense, and the success of certain of the Company’s operating businesses, including its subscription video services business, depends in large part on their ability to obtain and retain rights and access to desirable programming and certain related elements thereof, such as music rights.

The Company’s subscription video services business has experienced higher programming costs due to, among other things, (1) increases imposed by program suppliers when offering new programming or upon the expiration of existing contracts; (2) incremental investment requirements for new services; and (3) increased competition for rights from other digital media companies, including streaming services and large digital platforms.

Certain of the Company’s operating businesses, including its subscription video services business, are party to contracts for a substantial amount of sports, entertainment and other programming rights with various third parties, including professional sports leagues and teams and television and motion picture producers, that have varying durations and renewal terms.

The Company may be unable to renew existing, or enter into new, programming rights agreements on comparable or favorable terms, including financial and other terms, such as exclusivity and the scope of rights.

Third parties may also outbid the Company for those rights.

In addition, as content providers develop competing services, some providers have been, and may in the future be, unwilling to provide the Company with access to their content.

Consolidation among content providers may result in additional content becoming unavailable to the Company and/or increase the scale and leverage of those providers.

Content may also become unavailable due to factors impacting the ability of the Company’s content providers to produce and distribute programming, such as prolonged work stoppages or pandemics and other health crises.

The loss of rights, renewals on unfavorable terms or the unavailability of content for any other reason may adversely affect the Company’s ability to differentiate its services and the breadth or quality of the Company’s content offerings, including the extent of its sports coverage and entertainment programming, and lead to customer or audience dissatisfaction or loss, which could, in turn, adversely affect its revenues.

In addition, the Company’s business, results of operations and financial condition could be adversely affected if upon renewal, escalations in programming rights costs are unmatched by increases in subscriber and carriage fees and advertising rates.

The long-term nature of some of the Company’s content commitments may also limit its flexibility in planning for, or reacting to changes in, business and economic conditions and the market segments in which it operates.

These include, among others, the inability to find potential buyers on favorable terms, disruption to its business and/or diversion of management attention from other

business concerns, loss of key employees, renegotiation or termination of key business relationships, difficulties in separating the operations of the divested business, retention of certain liabilities related to the divested business and indemnification or other post-closing claims.

In addition, Telstra is currently the exclusive provider of wholesale fixed voice and broadband services for the Company’s pay-TV business and the largest reseller of its satellite services.

Any disruption in the supply of those services or a decline in Telstra’s business could result in disruptions to the supply of, and/or reduce the number of subscribers for, the Company’s products and services, which could, in turn, adversely affect its business, results of operations and financial condition.

The price of paper has historically been volatile, and prices remained elevated in fiscal 2024 relative to historical trends due to various factors, including increases in supplier operating expenses and inflationary pressures.

or fail to maintain independence and integrity.

Changes in methodologies for reporting ESG data, improvements in third-party data, changes in the Company’s operations or other circumstances, the evolution of the Company’s processes for reporting ESG data and disparate and evolving standards for identifying, measuring, and reporting ESG metrics, including reporting requirements of the SEC, European and other regulators, are expected to result in new disclosures and additional costs and could lead to revisions to the Company’s current disclosures, goals or reported progress in achieving such goals, or adversely impact its ability to achieve such goals in the future, any of which could harm the Company and its brands and reputation.

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

*The following discussion and analysis omits discussion of fiscal [removed: 2022.][added: 2023.]

Management’s Discussion and Analysis of Financial Condition and Results of Operations” [removed: in] [added: within Exhibit 99.1 of] the Company’s [removed: Annual Report] [added: 8-K filed] on [removed: Form 10-K for the fiscal year ended June 30, 2023] [added: May 13, 2025] for a discussion of fiscal [removed: 2022.*][added: 2023.*]

News Corporation (together with its subsidiaries, “News Corporation,” “News Corp,” the “Company,” “we” or “us”) is a global diversified media and information services company comprised of businesses across a range of media, including: [added: information services and news,] digital real estate [removed: services, subscription video] services [removed: in Australia, news] and [removed: information services and] book publishing.

- Overview of the Company’s Businesses—This section provides a general description of the Company’s businesses, as well as developments that occurred during the fiscal years ended June 30, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] and through the date of this filing that the Company believes are important in understanding its results of operations and financial condition or to disclose known trends.

- Results of Operations—This section provides an analysis of the Company’s results of operations for the fiscal years ended June 30, [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

Fiscal [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] each included 52 weeks.

- Liquidity and Capital Resources—This section provides an analysis of the Company’s cash flows for the fiscal years ended June 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] as well as a discussion of the Company’s financial arrangements and outstanding commitments, both firm and contingent, that existed as of June 30, [removed: 2024.][added: 2025.]

The Company manages and reports its businesses in the following [removed: six] [added: five] segments:

Move offers real estate advertising solutions to agents and brokers, including its [removed: ConnectionsSM Plus,] [added: RealPRO SelectSM (formerly] Market [removed: VIPSM, AdvantageSM Pro] [added: VIPSM), ConnectionsSM Plus] and Listing Toolkit products as well as its referral-based services, ReadyConnect ConciergeSM and RealChoiceTM [removed: Selling (formerly UpNest).][added: Selling.]

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

Dow Jones’s consumer products include premier brands such as *The Wall Street Journal*, *Barron’s*, MarketWatch and *Investor’s Business Daily.* Dow Jones’s professional information products, which target enterprise customers, include Dow Jones Risk & Compliance, a leading provider of data [added: and other] solutions to help customers identify and manage regulatory, [removed: corporate] [added: corporate, geopolitical, security] and reputational risk with tools focused on financial crime, sanctions, trade and other [added: risks and] compliance requirements, Dow Jones Energy, a leading provider of pricing data, news, insights, analysis and other information for energy commodities and key base chemicals, Factiva, a leading provider of global business content, and Dow Jones Newswires, which distributes real-time business news, information and analysis to financial professionals and investors.

HarperCollins owns more than 120 branded publishing imprints, including Harper, William Morrow, Mariner, HarperCollins Children’s Books, Avon, Harlequin and Christian publishers Zondervan and Thomas Nelson, and publishes works by well-known authors such as Harper Lee, George Orwell, Agatha Christie and Zora Neale Hurston, as well as global author brands including J.R.R. Tolkien, C.S. Lewis, Daniel Silva, Karin Slaughter and Dr. Martin Luther King, Jr. It is [removed: also] home to many beloved children’s books and series and a significant Christian publishing business.

- [removed: News] [added: News] Media—The News Media segment consists primarily of News Corp Australia, News UK and the *New York Post* and includes *The [removed: Australian, The] [added: Australian*, *The] Daily [removed: Telegraph, Herald Sun, The] [added: Telegraph*, *Herald Sun*, *The] Courier Mail*, *The Advertiser* and the news.com.au website in Australia, *The [removed: Times, The] [added: Times*, *The] Sunday [removed: Times, The Sun,*] [added: Times*,] *The [added: Sun*, *The] Sun on Sunday* and thesun.co.uk in the U.K. and the-sun.com in the U.S. This segment also includes Wireless Group, operator of talkSPORT, the leading sports radio network in the U.K., Talk in the [removed: U.K.] [added: U.K., Australian News Channel, which operates the Sky News Australia network, Australia’s 24-hour multi-channel, multi-platform news service,] and Storyful, a social media content agency.

- [removed: Other—The] [added: Other—The] Other segment consists primarily of general corporate overhead expenses, strategy costs and costs related to the U.K. Newspaper Matters (as defined in Note 16—Commitments and Contingencies to the Consolidated Financial Statements).

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

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

As a result of rapidly changing and evolving technologies (including [removed: recent] developments in [removed: artificial intelligence (“AI”),] [added: AI,] particularly generative AI), distribution platforms and business models, and corresponding changes in consumer behavior, the consumer business continues to face increasing competition for both circulation and advertising revenue, including from a variety of alternative news and information sources, [removed: as well as] programmatic advertising buying channels and [removed: off-platform distribution of its products.][added: AI aggregators and other emerging technology platforms.]

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

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

Revenue at the News Media segment is derived primarily from circulation and subscriptions, the sale of [removed: advertising, as well as licensing.][added: advertising and licensing fees.]

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

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

[added: Visibility on these platforms depends on algorithms that are outside the Company’s control and change frequently, and recent changes have adversely affected traffic to some of the digital properties in the News Media segment, particularly in the U.K.] As a result of rapidly changing and evolving technologies (including [removed: recent] developments in AI, particularly generative AI), distribution platforms and business models, and corresponding changes in consumer behavior, the News Media segment continues to face increasing competition for both circulation and advertising [removed: revenue, particularly in its print business.][added: revenue.]

[removed: See] [added: (c)See] Note [removed: 5—Restructuring Programs] [added: 9—Borrowings] in the accompanying Consolidated Financial Statements.

During the fiscal year ended June 30, 2024, the Company recognized non-cash impairment charges of [removed: $22 million] [added: $44 million, primarily] related to the write-down of fixed assets [added: at the News Media segment] associated with the [removed: combination.][added: combination of News UK’s printing operations with those of DMG Media.]

Results of Operations—Fiscal [removed: 2024] [added: 2025] versus Fiscal [removed: 2023][added: 2024]

The following table sets forth the Company’s operating results for fiscal [removed: 2024] [added: 2025] as compared to fiscal [removed: 2023.][added: 2024.]

| | | | [added: | | |] For the fiscal years ended June 30, | | | | | | | | | [removed: | | | | | | | | | | | |]

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | Change | | | | | | % Change | | |

| Circulation and subscription | | | $ | [removed: 4,509] [added: 7] | | | | | $ | [removed: 4,447] [added: 10] | | | | | $ | [removed: 62] [added: (3)] | | | | | [removed: 1] [added: (30)] | | % |

| Consumer | | | [removed: 2,000] [added: 2,047] | | | | | | [removed: 1,899] [added: 2,000] | | | | | | [removed: 101] [added: 47] | | | | | | [removed: 5] [added: 2] | | % |

| Real estate | | | [removed: 1,284] [added: 1,410] | | | | | | [removed: 1,189] [added: 1,284] | | | | | | [removed: 95] [added: 126] | | | | | | [removed: 8] [added: 10] | | % |

| Selling, general and administrative | | | [removed: (3,493)] [added: (785)] | | | | | | [removed: (3,335)] [added: (770)] | | | | | | [removed: (158)] [added: (15)] | | | | | | [removed: (5)] [added: (2)] | | % |

| Depreciation and amortization | | | [removed: (734)] [added: (459)] | | | | | | [removed: (714)] [added: (440)] | | | | | | [removed: (20)] [added: (19)] | | | | | | [removed: (3)] [added: (4)] | | % |

| Impairment and restructuring charges | | | [removed: (138)] [added: (132)] | | | | | | [removed: (150)] [added: (133)] | | | | | | [removed: 12] [added: 1] | | | | | | [removed: 8] [added: 1] | | % |

| Equity losses of affiliates | | | [removed: (6) | | | | | | (127) | | | | | | 121] [added: 15] | | | | | | [removed: 95] [added: 6] | | [removed: %] |

| Interest [removed: expense,] [added: income (expense),] net | | | [removed: (85)] [added: 3] | | | | | | [removed: (100)] [added: (18)] | | | | | | [removed: 15] [added: 21] | | | | | | [removed: 15] | | [removed: %] |

| Other, net | | | [removed: (30) | | | | | | 1 | | | | | | (31)] [added: (111)] | | | | | | [added: 59] | | |

| Net income attributable to noncontrolling interests [added: from continuing operations] | | | [removed: (88)] [added: (168)] | | | | | | [removed: (38)] [added: (110)] | | | | | | [removed: (50)] [added: (58)] | | | | | | [removed: (132)] [added: (53)] | | % |

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

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

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

Recent economic uncertainty and lower consumer confidence have contributed to softer consumer spending within the U.S. book publishing industry, which may continue in the near term.

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

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

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

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

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

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

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

Recent Developments Affecting the Macroeconomic Environment

Recent changes in trade policy, including new or potential tariffs and other trade restrictions announced by the U.S. and other countries, have led to significant economic and market volatility and uncertainty and may exacerbate inflationary pressures.

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

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

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

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

| Circulation and subscription | | | $ | 3,009 | | | | | $ | 2,909 | | | | | $ | 100 | | | | | 3 | | % |

| Advertising | | | 1,367 | | | | | | 1,400 | | | | | | (33) | | | | | | (2) | | % |

| Other | | | 619 | | | | | | 659 | | | | | | (40) | | | | | | (6) | | % |

| Total Revenues | | | 8,452 | | | | | | 8,252 | | | | | | 200 | | | | | | 2 | | % |

| Operating expenses | | | (3,736) | | | | | | (3,814) | | | | | | 78 | | | | | | 2 | | % |

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

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

| Net income from continuing operations | | | 648 | | | | | | 379 | | | | | | 269 | | | | | | 71 | | % |

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

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

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

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

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

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

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

On July 4, 2025, H.R. 1 - One Big Beautiful Bill Act (“OBBBA”) was enacted into law.

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

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

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

Consequently, the Company will evaluate all U.S. deferred tax balances and any other impacts to its financial statements as a result of the OBBBA in the first quarter of fiscal 2026.

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

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

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

- Subscription Video Services—The Company’s Subscription Video Services segment provides sports, entertainment and news services to pay-TV and streaming subscribers and other commercial licensees via satellite and internet distribution and consists of (i) the Company’s 65% interest in the Foxtel Group (with the remaining 35% interest held by Telstra, an ASX-listed telecommunications company) and (ii) Australian News Channel (“ANC”).

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

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

Foxtel and the Group’s Kayo Sports streaming service offer the leading sports programming content in Australia, with broadcast rights to live sporting events including: National Rugby League, Australian Football League, Cricket Australia and various motorsports programming.

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

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

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

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

Subscription Video Services

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

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

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

The Foxtel Group competes for audiences primarily with a variety of other video content providers, such as traditional Free-To-Air (“FTA”) TV operators in Australia and content providers that deliver video programming over the internet.

These providers include, Internet Protocol television, or IPTV, subscription video-on-demand and broadcast video-on-demand providers; streaming services offered through digital media providers; as well as programmers and distributors that provide content directly to consumers over the internet.

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

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

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

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

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

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

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

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

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

Announced Headcount Reduction

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

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

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

Combination of U.K. Printing Operations

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

The Company believes this arrangement will help improve the efficiency of News UK and DMG Media’s print operations and establish a sustainable business model for national newspaper printing in the U.K. The arrangement received regulatory approval in March 2024 and the joint venture arrangement was effectuated in June 2024.

Russian and Ukrainian conflict

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

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

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

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

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

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

| Revenues: | | | | | | | | | | | | | | | | | | | | | | | |

| Advertising | | | 1,607 | | | | | | 1,687 | | | | | | (80) | | | | | | (5) | | % |

| Other | | | 685 | | | | | | 657 | | | | | | 28 | | | | | | 4 | | % |

When deemed appropriate, the Company uses derivative financial instruments such as [removed: cross-currency] interest rate [removed: swaps, interest rate] swaps [removed: and foreign exchange contracts] to hedge certain risk exposures.

The primary market [removed: risks] [added: risk] managed by the Company through the use of derivative instruments [removed: include:][added: relates to interest rate risk arising from floating rate News Corporation borrowings.]

Cash is managed centrally within each of the three regions with [removed: net earnings generally reinvested locally and] working capital requirements [added: generally] met from existing liquid funds.

Exchange rates with the most significant impact to translation include the [removed: Australian] [added: U.S. dollar/Australian] dollar and [removed: British] [added: U.S. dollar/British] pound sterling.

The table below details the percentage of revenues and expenses by the three principal currencies for the fiscal years ended June 30, [removed: 2024] [added: 2025] and [removed: 2023:][added: 2024:]

| Revenues | | | [removed: 41] [added: 50] | | % | | | | [removed: 41] [added: 27] | | % | | | | [removed: 14] [added: 17] | | % |

| Operating and Selling, general and administrative expenses | | | [removed: 42] [added: 52] | | % | | | | [removed: 37] [added: 23] | | % | | | | [removed: 16] [added: 18] | | % |

| Fiscal year ended June 30, [removed: 2023] [added: 2025] | | | | | | | | | | | | | | | | | |

| Revenues | | | [removed: 41] [added: 51] | | % | | | | [removed: 41] [added: 27] | | % | | | | [removed: 14] [added: 18] | | % |

| Operating and Selling, general and administrative expenses | | | [removed: 42] [added: 52] | | % | | | | [removed: 37] [added: 23] | | % | | | | [removed: 16] [added: 20] | | % |

Based on the fiscal year ended June 30, [removed: 2024,] [added: 2025,] a one cent change in each of the U.S. dollar/Australian dollar and the U.S. dollar/British pound sterling exchange rates would have impacted revenues by approximately [removed: $63] [added: $35] million and [removed: $12] [added: $11] million, respectively, for each currency on an annual basis, and would have impacted Total Segment EBITDA by approximately [removed: $14] [added: $10] million and $1 million, respectively, on an annual basis.

[removed: Some of the] [added: The] derivative instruments in place may create volatility during the fiscal year as they are marked-to-market according to accounting rules which may result in revaluation gains or losses in different periods from when the [removed: currency] impacts on the underlying transactions are realized.

The table below provides further details of the sensitivity of the Company’s derivative financial instruments which are subject to [removed: foreign exchange rate risk and] interest rate risk as of June 30, [removed: 2024] [added: 2025] (in millions):

| | | | Notional Value | | | | | | Fair Value | | | | | | [removed: Sensitivity from Adverse 10% Change in Foreign Exchange Rates] | | | | | | Sensitivity from Adverse [removed: 10% Change] [added: 10% Change] in Interest Rates | | |

| Interest rate derivatives | | | [removed: A$] [added: US$] | [removed: 610] [added: 475] | | | | | US$ | [removed: 1] [added: 12] | | | | | [removed: n/a] | | | | | | US$ | (1) | |

The Company’s current financing arrangements and facilities include $1,500 million of outstanding fixed-rate debt and [removed: $1,402] [added: $475] million of outstanding variable-rate bank facilities, before adjustments for unamortized discount and debt issuance costs (See Note 9—Borrowings in the accompanying Consolidated Financial Statements).

A change in the market interest rate or yield [removed: of fixed-rate debt] will only impact the fair market value of [removed: such] [added: fixed-rate] debt, while a change in the market interest rate [removed: of variable-rate debt] [added: or yield] will impact interest expense, as well as the amount of cash required to service [removed: such] [added: variable-rate] debt.

News Corporation has entered into an interest rate swap cash flow hedge to fix the floating rate interest component of its Term A [removed: Loans and the Foxtel Group has utilized certain derivative instruments to swap U.S. dollar denominated fixed rate interest payments for Australian dollar denominated variable rate payments.][added: Loans.]

As of June 30, [removed: 2024,] [added: 2025,] the notional amount of interest rate swap contracts outstanding was approximately [removed: A$610 million and $484] [added: $475] million for [removed: Foxtel Group and] News Corporation [removed: borrowings, respectively.][added: borrowings.]

Refer to the table [removed: above] [added: below] for further details of the sensitivity of the Company’s financial instruments which are subject to interest rate risk.

The Company’s receivables did not represent significant concentrations of credit risk as of June 30, [removed: 2024] [added: 2025] or June 30, [removed: 2023] [added: 2024] due to the wide variety of customers, markets and geographic areas to which the Company’s products and services are sold.

As of June 30, [removed: 2024,] [added: 2025,] the Company did not anticipate nonperformance by any of the counterparties.

As noted above, News Corporation has entered into an interest rate swap cash flow hedge to fix the floating rate interest component of its Term A Loans.

As of June 30, 2025, the notional amount of interest rate swap contracts outstanding was

approximately $475 million for News Corporation borrowings.

| | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

- foreign currency exchange rate risk: arising primarily through Foxtel Debt Group borrowings denominated in U.S. dollars, payments for customer premise equipment, certain programming rights, product development costs and inventory purchases; and

- interest rate risk: arising from fixed and floating rate Foxtel Debt Group and News Corporation borrowings.

As of June 30, 2024, the Foxtel Group operating subsidiaries, whose functional currency is Australian dollars, had approximately $49 million aggregate principal amount of outstanding indebtedness denominated in U.S. dollars.

The remaining borrowings are denominated in Australian dollars.

The Foxtel Group utilizes cross-currency interest rate swaps to hedge a portion of the exchange rate risk related to interest and principal payments on its U.S. dollar denominated debt.

The Foxtel Group also has a portfolio of foreign exchange contracts to hedge a portion of the exchange rate risk related to U.S. dollar payments for customer premise equipment and certain programming rights, product development costs and inventory purchases.

The notional value of these foreign exchange contracts was $79 million as of June 30, 2024.

| Foreign currency derivatives | | | US$ | 79 | | | | | US$ | — | | | | | US$ | (7) | | | | | n/a | | |

| Cross-currency interest rate swaps | | | US$ | 49 | | | | | US$ | (2) | | | | | US$ | (4) | | | | | US$ | — | |

| Interest rate derivatives | | | US$ | 484 | | | | | US$ | 28 | | | | | n/a | | | | | | US$ | (1) | |

Any resulting changes in the fair value of the derivative financial instruments may be partially offset by changes in the fair value of certain balance sheet positions (primarily U.S. dollar denominated liabilities) impacted by the change in the foreign exchange rates.

The ability to reduce the impact of currency fluctuations on earnings depends on the magnitude of the derivatives compared to the balance sheet positions during each reporting cycle.

As discussed above, the Foxtel Group utilizes cross-currency interest rate swaps to hedge a portion of the interest rate risk related to interest and principal payments on its U.S. dollar denominated debt.

The Foxtel Group has also utilized an interest rate swap cash flow hedge to swap Australian dollar denominated variable interest rate payments for Australian dollar denominated fixed rate payments.

News Corporation (the “Company,” “News Corp,” “we,” “us,” or “our”) is a [removed: global] [added: global,] diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services to consumers and businesses throughout the world.

The Company comprises businesses across a range of media, including [added: information services and news,] digital real estate [removed: services, subscription video] services [removed: in Australia, news] and [removed: information services and] book publishing, that are distributed under some of the world’s most recognizable and respected brands, including *The Wall Street Journal*, *Barron’s*, Dow Jones, *The Australian*, *Herald Sun*, *The Sun*, *The Times,* HarperCollins Publishers, [removed: Foxtel, FOX SPORTS Australia,] realestate.com.au, Realtor.com®, talkSPORT and many others.

The Company’s commitment to premium content makes its properties a premier destination for [removed: news,] information, [removed: sports, entertainment and] [added: news,] real [removed: estate.][added: estate and entertainment.]

The Company distributes its content and other products and services to consumers and customers across an array of digital platforms including websites, mobile apps, [removed: smart TVs,] social media, e-book devices and streaming audio platforms, as well as traditional platforms such as [removed: print, television] [added: print] and radio.

The Company’s focus on quality and product innovation has enabled it to capitalize on the shift to digital consumption to deliver its [removed: content and other] products and services in a more engaging, timely and personalized manner and create opportunities for more effective monetization, including new licensing and partnership arrangements [added: with large technology companies] and [added: AI-focused platforms and] digital offerings that leverage the Company’s existing [removed: content rights.][added: content.]

The Company’s operations are organized into [removed: six] [added: five] reportable segments: (i) [added: Dow Jones; (ii)] Digital Real Estate Services; [removed: (ii) Subscription Video Services;] (iii) [removed: Dow Jones; (iv)] Book Publishing; [removed: (v)] [added: (iv)] News Media; and [removed: (vi)] [added: (v)] Other, which includes the Company’s general corporate overhead expenses, strategy costs and costs related to the U.K. Newspaper Matters (as defined in Note 16—Commitments and Contingencies in the accompanying Consolidated Financial Statements).

Fiscal [removed: 2024,] [added: 2025,] fiscal [removed: 2023] [added: 2024] and fiscal [removed: 2022] [added: 2023 each] included [removed: 52,] 52 [removed: and 53 weeks, respectively.][added: weeks.]

Unless otherwise noted, all references to the fiscal [removed: periods] [added: years] ended June 30, [removed: 2024,] [added: 2025,] June 30, [removed: 2023] [added: 2024] and June 30, [removed: 2022] [added: 2023] relate to the fiscal [removed: periods] [added: years] ended June [added: 29, 2025, June] 30, [removed: 2024, July 2, 2023] [added: 2024] and July [removed: 3, 2022,] [added: 2, 2023,] respectively.

Unless otherwise indicated, references in this Annual Report on Form 10-K for the fiscal year ended June 30, [removed: 2024] [added: 2025] (the “Annual Report”) to the “Company,” “News Corp,” “we,” “us,” or “our” means News Corporation and its subsidiaries.

More information regarding the Company is available on its website at [removed: *www.newscorp.com*,] [added: www.newscorp.com,] including the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are available, free of charge, as soon as reasonably practicable after the material is electronically filed with or furnished to the Securities and Exchange Commission (“SEC”).

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

The Company’s [removed: six] [added: five] reportable segments are described below.

| | | | For the fiscal year ended June 30, [removed: 2024] [added: 2025] | | | | | | | | |

| Digital Real Estate Services | | | [removed: $] [added: 1,802] | [removed: 1,658] | | | | | [removed: $] [added: 601] | [removed: 508] | |

For the year ended June 30, [removed: 2024,] [added: 2025,] average monthly visits to realestate.com.au were [removed: 127.7] [added: 132.2] million, with [removed: 10.8] [added: 12.1] million people visiting each month on average, according to Ipsos iris [removed: data.1 Australians visited realestate.com.au 4.1 times more on average than the nearest competitor during the six months ended June 30, 2024.2 Realcommercial.com][added: data.]

[removed: .au] [added: Realcommercial.com.au] had [removed: 1.5] [added: 1.9] million people visit each month on average for the year ended June 30, [removed: 2024, 2.4] [added: 2025, 3.0] times more than the nearest competitor, based on Ipsos iris data.

REA Group’s international operations consist [added: primarily] of [removed: digital property assets in Asia, including a] [added: its] 78.0% interest in REA India, a leading digital real estate services provider in India [removed: that owns and operates PropTiger.com and Housing.com] (News Corp holds a 22.0% interest in REA [removed: India), and a 17.2% interest in PropertyGuru Group Ltd., a leading digital property technology company operating marketplaces in Southeast Asia and listed on the New York Stock Exchange.][added: India).]

REA Group has continued to execute on its financial services strategy by [removed: growing its nationwide] [added: improving] broker [removed: network and developing innovative products] [added: productivity] and [removed: partnerships, including launching “Mortgage Choice Freedom,” a suite] [added: increasing penetration] of [added: Mortgage Choice] white label [removed: mortgages,] [added: products, supported by REA Group’s partnership] with digital lender Athena Home Loans.

Through Realtor.com®, consumers have access to approximately [removed: 148] [added: 151] million properties across the U.S., including an extensive collection of homes, properties and apartments listed and displayed for sale or for rent and a large database of “off-market” properties.

Approximately 94% of its for-sale listings are updated at least every [removed: 15] [added: 10] minutes, on average, with the remaining listings updated [added: at least] daily.

Realtor.com® and its mobile sites had approximately [removed: 74] [added: 72] million average monthly unique users during the quarter ended June 30, [removed: 2024] [added: 2025] based on internal data and [removed: methodologies] [added: methodologies,] which may differ from those used by third parties or competitors.

Realtor.com® generates the majority of its revenues through the sale of listing advertisement and lead generation products, including [removed: ConnectionsSM Plus,] [added: its RealPRO SelectSM (formerly] Market [removed: VIPSM, AdvantageSM Pro, Sales BuilderSM] [added: VIPSM), ConnectionsSM Plus] and Listing [removed: Toolkit,] [added: Toolkit products,] as well as its [removed: real estate] referral-based [removed: services] [added: services,] ReadyConnect ConciergeSM and RealChoiceTM [removed: Selling (formerly UpNest).][added: Selling.]

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

The real estate referral-based services that connect real estate agents and brokers with these consumers typically generate fees upon completion of the associated real estate transaction, while the referral-based services that give other service providers, including lenders and insurance companies, access to the same highly qualified [added: consumers are generally provided on a subscription basis.]

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

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

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

As consumer preferences for content consumption evolve, the Dow Jones segment continues to capitalize on a variety of digital distribution platforms, technologies and business models for these products, including licensing its content for distribution on [removed: third party subscription and non-subscription platforms, which is referred to as off-platform distribution, and for use by generative artificial intelligence (“AI”) platforms.]

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

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

WSJ’s digital products offer both free content and premium, subscription-only content and are comprised of WSJ.com, WSJ mobile products, including a responsive design website and mobile apps (WSJ Mobile), and live and on-demand video through WSJ.com and other platforms [removed: such as YouTube, internet-connected television and set-top boxes] (WSJ Video), as well as podcasts.

For the year ended June 30, [removed: 2024,] [added: 2025,] WSJ Mobile (including WSJ.com accessed via mobile devices, as well as apps, and excluding off-platform distribution) accounted for approximately [removed: 67%] [added: 70%] of visits to WSJ’s digital news and information products according to Adobe Analytics.

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

IBD provides investing content, analytical products and educational resources to subscribers [removed: in print] [added: online] and [removed: online,] [added: in print,] as well as through mobile apps and video.

The following table provides information regarding average daily subscriptions [removed: (excluding off-platform distribution)] during the three months ended June 30, [removed: 2024] [added: 2025] for certain Dow Jones segment consumer products and for all consumer subscription products:

| | | | [removed: FY2024] [added: FY2025] Average Monthly Visits(1) | | | | | | [removed: FY2024] [added: FY2025] Average Monthly Unique Users(2) | | |

| WSJ | | | [removed: 115] [added: 129] million | | | | | | [removed: 37] [added: 34] million | | |

| MarketWatch | | | [removed: 55] [added: 56] million | | | | | | [removed: 20] [added: 17] million | | |

| WSJDN | | | [removed: 195] [added: 211] million | | | | | | [removed: 71] [added: 67] million | | |

(1)Includes visits via websites and mobile apps based on Adobe Analytics for the 12 months ended June 30, [removed: 2024.][added: 2025.]

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

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

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

| Dow Jones | | | $ | 2,331 | | | | | $ | 588 | |

| Book Publishing | | | 2,149 | | | | | | 296 | | |

| News Media | | | 2,170 | | | | | | 153 | | |

| Other | | | — | | | | | | (223) | | |

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

| Digital-only subscriptions(4)(5) | | | 4,126 | | | | | | 1,319 | | | | | | 5,719 | | |

| Print subscriptions(4)(5) | | | 412 | | | | | | 113 | | | | | | 542 | | |

| Total subscriptions(4) | | | 4,538 | | | | | | 1,432 | | | | | | 6,261 | | |

(1)Based on internal data for the period from March 31, 2025 to June 29, 2025.

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

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

Competition for subscriptions and

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

Australians visited realestate.com.au 4.0 times more on average than the nearest competitor during the year ended June 30, 2025.

mobile and home devices.

During fiscal 2025, HarperCollins U.S. had 164 titles on the *New York Times* print and digital bestseller lists, with 19 titles hitting number one, including *Cher: The Memoir Part One* by Cher, *Hillbilly Elegy* by J.D. Vance, *Wicked* by Gregory Maguire, *Watch Me* by Tahereh Mafi, *A Death in Cornwall* by Daniel Silva, *Little Blue Truck and Racer Red* by Alice Schertle, *A Study in Drowning* by Ava Reid, *The Strawberry Patch Pancake House* by Laurie Gilmore, *Fight* by Jonathan Allen and Amie Parnes, *Mostly What God Does is Love You* by Savannah Guthrie, *Imminent* by Luis Elizondo, *Under His Wings* by Emily Compagno, *Fahrenheit-182* by Mark Hoppus with Dan Ozzi, *Seven Things You Can’t Say About China* by Tom Cotton, *Shameless* by Brian Tyler Cohen, *A Long Walk to Water* by Linda Sue Park, *The Best Christmas Pageant Ever* by Barbara Robinson and *You Can Be a Good Friend (No Matter What!)* by Taraji P.

Henson.

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

| *The Australian* | | | | | | 335,903 | | | | | | 4.8 million | | |

| *Herald Sun* | | | | | | 153,983 | | | | | | 4.8 million | | |

| *The Advertiser* | | | | | | 106,696 | | | | | | 2.2 million | | |

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

See “Part I.

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

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

See “Part I.

See “Part I.

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

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

California’s privacy regulators have been active in enforcing the CCPA’s requirements, particularly with regard to ensuring individual rights relating to targeted advertising are offered and honored by entities effectively.

National security imperatives have also significantly expanded restrictions on the access by and transfer of broadly defined categories of sensitive personal data and U.S. government data to “countries of concern” pursuant to U.S. Department of Justice data regulations effective in April 2025, which may impact certain of the Company’s current or potential partner, vendor, service provider and customer relationships.

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

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

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

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

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

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

| Subscription Video Services | | | 1,917 | | | | | | 310 | | |

| Dow Jones | | | 2,231 | | | | | | 542 | | |

| Book Publishing | | | 2,093 | | | | | | 269 | | |

| News Media | | | 2,186 | | | | | | 120 | | |

| Other | | | — | | | | | | (210) | | |

1 In fiscal 2024, REA Group transitioned its audience metrics to Ipsos iris, the new digital audience measurement source that has been endorsed by the Interactive Advertising Bureau, Australia’s board and management council for digital advertising.

2 Based on Ipsos iris data.

Competitor data available beginning December 2023.

Additionally, during fiscal 2024, REA Group acquired all remaining shares of CampaignAgent, a leading provider of marketing and home preparation financing solutions for homeowners and agents, and Realtair, an end-to-end property sales platform that streamlines the way agents connect with property owners.

consumers are generally provided on a subscription basis.

Subscription Video Services

The Company’s Subscription Video Services segment provides sports, entertainment and news services to pay-TV and streaming subscribers and other commercial licensees via satellite and internet distribution.

This segment consists of (i) the Company’s 65% interest in NXE Australia Pty Limited, which, together with its subsidiaries, is referred to herein as the “Foxtel Group” (the remaining 35% interest in the Foxtel Group is held by Telstra Corporation Limited), and (ii) Australian News Channel (“ANC”).

The Foxtel Group

The Foxtel Group is the largest Australian-based subscription television provider, with a suite of offerings targeting a wide range of consumers.

These include (i) its Foxtel premium pay-TV aggregation and Foxtel Now streaming services, which deliver approximately 200 channels3, including a number of owned and operated channels, covering sports, general entertainment, movies, documentaries, music, children’s programming and news, (ii) its sports and entertainment streaming services, Kayo Sports and *BINGE*, and (iii) Hubbl, its recently launched content aggregation platform.

Through both its owned and operated and licensed channels on Foxtel, as well as Foxtel Now and Kayo Sports, the Foxtel Group broadcasts and streams approximately 32,000 hours of live sports programming each year, encompassing both live national and international licensed sports events such as National Rugby League, Australian Football League, Cricket Australia and various motorsports programming.

Live sports programming also includes other featured original and licensed premium sports content tailored to the Australian market such as events from ESPN.

Entertainment content provided by the Foxtel Group includes television programming from Warner Bros.

Discovery, FOX, NBCUniversal, Paramount Global and BBC Studios, as well as Foxtel-produced original dramas and lifestyle shows.

The Foxtel Group’s content is available through channels and on-demand and is currently distributed to broadcast subscribers using Optus’s satellite platform and internet delivery via Foxtel’s set-top boxes.

Broadcast subscribers can also access Foxtel’s content using Foxtel GO, a companion service app on mobile devices.

In addition, the Foxtel Group offers video content via the internet through its streaming services, including Kayo Sports and *BINGE*, which are available on a number of devices, including Hubbl Glass and Hubbl small device.

The Foxtel Group also offers a bundled broadband product, which consists of Foxtel’s broadcast pay-TV service, sold together with an unlimited broadband service (predominantly on the National Broadband Network), and an option for customers to add home phone services.

In addition to its subscription television services, the Foxtel Group operates FOX SPORTS Australia, the leading producer of live sports programming in Australia, foxsports.com.au, a leading general sports news website in Australia, and Watch NRL and Watch AFL, subscription services that provide live streaming and on-demand replays of National Rugby League and Australian Football League matches internationally.

The Foxtel Group generates revenue primarily through subscription revenue from its pay-TV and streaming services as well as advertising revenue, including through its advertising products within Kayo Sports and *BINGE*.

The Foxtel Group’s business generally is not highly seasonal, though subscribers and results can fluctuate due to the timing and mix of its local and

3 Channel count includes standard definition channels, high definition versions of those channels, audio channels and 4K Ultra HD channels.

international sports programming.

See Item 7.

“Management’s Discussion and Analysis of Financial Condition and Results of Operations” for information regarding certain key performance indicators for the Foxtel Group.

The Foxtel Group competes primarily with a variety of other video content providers, such as traditional Free-To-Air (“FTA”) TV operators in Australia and content providers that deliver video programming over the internet to televisions, computers, and mobile and other devices.

These providers include Internet Protocol television, or IPTV, subscription video-on-demand, or SVOD, and broadcast video-on-demand, or BVOD, services; streaming services offered through digital media providers; as well as programmers and distributors that provide content, including smaller, lower-cost or free programming packages, directly to consumers over the internet.

The Company believes that the Foxtel Group’s premium service and exclusive content, wide array of products and services, set-top box features that enable subscribers to record, rewind, discover and watch content, its integration of third-party apps, including via Hubbl, and its investment in On Demand capability and programming enable it to offer subscribers a compelling alternative to its competitors.

Its streaming services, including Kayo Sports, *BINGE* and Foxtel Now, provide a diversified portfolio of subscription television services that allow the Foxtel Group to provide services targeted at a wide range of Australian consumers.

Australian News Channel

ANC operates the Sky News Australia network, Australia’s 24-hour multi-channel, multi-platform news service, and produces the channels Sky News, Sky News Extra, Sky News Weather, Sky News Regional and Fox Sports News.

Sky International AG licenses Sky trademarks and domain names to ANC for use in connection with ANC’s operation and distribution of channels and services in Australia and New Zealand.

Sky News, Sky News Extra, Sky News Weather and Fox Sports News are distributed by Foxtel in Australia, Sky News Regional is distributed by regional FTA broadcasters in certain regional license areas in Australia and Sky News is distributed in New Zealand by Sky Network Television Limited.

In addition, ANC owns and operates the IPTV Australia Channel, which is available in territories outside Australia and New Zealand, and the IPTV channel Sky News Now, which is available in Australia.

1 News UK leases these publishing and printing facilities to its joint venture with DMG Media but retains its freehold interests.

For the fiscal year ended June 30, [removed: 2024][added: 2025]

[removed: ][added: ]

As of December [removed: 29, 2023,] [added: 27, 2024,] the last business day of the registrant’s most recently completed second fiscal quarter, the aggregate market value of the registrant’s Class A Common Stock, par value $0.01 per share, held by non-affiliates was approximately [removed: $9,333,783,420,] [added: $10,514,761,071,] based upon the closing price of [removed: $24.55] [added: $27.79] per share as quoted on The Nasdaq Stock Market on that date, and the aggregate market value of the registrant’s Class B Common Stock, par value $0.01 per share, held by non-affiliates was approximately [removed: $2,919,377,586,] [added: $3,442,215,677,] based upon the closing price of [removed: $25.72] [added: $30.78] per share as quoted on The Nasdaq Stock Market on that date.

Certain information required for Part III of this Annual Report on Form 10-K is incorporated by reference to the News Corporation definitive Proxy Statement for its [removed: 2024] [added: 2025] Annual Meeting of Stockholders, which shall be filed with the Securities and Exchange Commission pursuant to Regulation 14A of the Securities Exchange Act of 1934, as amended, within 120 days of News Corporation’s fiscal year end.

| | | | [ITEM 1A.](#i3a109f9f40af4f7597a3b4073d45ecde_16) | | | [Risk Factors](#i3a109f9f40af4f7597a3b4073d45ecde_16) | | | [removed: [17](#i3a109f9f40af4f7597a3b4073d45ecde_16)] [added: [14](#i3a109f9f40af4f7597a3b4073d45ecde_16)] | | |

| | | | [ITEM 1B.](#i3a109f9f40af4f7597a3b4073d45ecde_19) | | | [Unresolved Staff Comments](#i3a109f9f40af4f7597a3b4073d45ecde_19) | | | [removed: [31](#i3a109f9f40af4f7597a3b4073d45ecde_19)] [added: [27](#i3a109f9f40af4f7597a3b4073d45ecde_19)] | | |

| | | | [ITEM 1C.](#i3a109f9f40af4f7597a3b4073d45ecde_1963) | | | [Cybersecurity](#i3a109f9f40af4f7597a3b4073d45ecde_1963) | | | [removed: [31](#i3a109f9f40af4f7597a3b4073d45ecde_1963)] [added: [27](#i3a109f9f40af4f7597a3b4073d45ecde_1963)] | | |

| | | | [ITEM 2.](#i3a109f9f40af4f7597a3b4073d45ecde_22) | | | [Properties](#i3a109f9f40af4f7597a3b4073d45ecde_22) | | | [removed: [32](#i3a109f9f40af4f7597a3b4073d45ecde_22)] [added: [29](#i3a109f9f40af4f7597a3b4073d45ecde_22)] | | |

| | | | [ITEM 3.](#i3a109f9f40af4f7597a3b4073d45ecde_25) | | | [Legal Proceedings](#i3a109f9f40af4f7597a3b4073d45ecde_25) | | | [removed: [33](#i3a109f9f40af4f7597a3b4073d45ecde_25)] [added: [29](#i3a109f9f40af4f7597a3b4073d45ecde_25)] | | |

| | | | [ITEM 4.](#i3a109f9f40af4f7597a3b4073d45ecde_28) | | | [Mine Safety Disclosures](#i3a109f9f40af4f7597a3b4073d45ecde_28) | | | [removed: [33](#i3a109f9f40af4f7597a3b4073d45ecde_28)] [added: [30](#i3a109f9f40af4f7597a3b4073d45ecde_28)] | | |

| | | | [ITEM 5.](#i3a109f9f40af4f7597a3b4073d45ecde_34) | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#i3a109f9f40af4f7597a3b4073d45ecde_34) | | | [removed: [34](#i3a109f9f40af4f7597a3b4073d45ecde_34)] [added: [31](#i3a109f9f40af4f7597a3b4073d45ecde_34)] | | |

| | | | [ITEM 6.](#i3a109f9f40af4f7597a3b4073d45ecde_37) | | | [\[Reserved\]](#i3a109f9f40af4f7597a3b4073d45ecde_37) | | | [removed: [34](#i3a109f9f40af4f7597a3b4073d45ecde_37)] [added: [32](#i3a109f9f40af4f7597a3b4073d45ecde_37)] | | |

| | | | [ITEM 7.](#i3a109f9f40af4f7597a3b4073d45ecde_40) | | | [Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i3a109f9f40af4f7597a3b4073d45ecde_40) | | | [removed: [35](#i3a109f9f40af4f7597a3b4073d45ecde_40)] [added: [33](#i3a109f9f40af4f7597a3b4073d45ecde_40)] | | |

| | | | [ITEM 7A.](#i3a109f9f40af4f7597a3b4073d45ecde_58) | | | [Quantitative and Qualitative Disclosures About Market Risk](#i3a109f9f40af4f7597a3b4073d45ecde_58) | | | [removed: [57](#i3a109f9f40af4f7597a3b4073d45ecde_58)] [added: [52](#i3a109f9f40af4f7597a3b4073d45ecde_58)] | | |

| | | | [ITEM 8.](#i3a109f9f40af4f7597a3b4073d45ecde_61) | | | [Financial Statements and Supplementary Data](#i3a109f9f40af4f7597a3b4073d45ecde_61) | | | [removed: [60](#i3a109f9f40af4f7597a3b4073d45ecde_61)] [added: [55](#i3a109f9f40af4f7597a3b4073d45ecde_61)] | | |

| | | | [ITEM 9.](#i3a109f9f40af4f7597a3b4073d45ecde_172) | | | [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](#i3a109f9f40af4f7597a3b4073d45ecde_172) | | | [removed: [121](#i3a109f9f40af4f7597a3b4073d45ecde_172)] [added: [114](#i3a109f9f40af4f7597a3b4073d45ecde_172)] | | |

| | | | [ITEM 9A.](#i3a109f9f40af4f7597a3b4073d45ecde_175) | | | [Controls and Procedures](#i3a109f9f40af4f7597a3b4073d45ecde_175) | | | [removed: [121](#i3a109f9f40af4f7597a3b4073d45ecde_175)] [added: [114](#i3a109f9f40af4f7597a3b4073d45ecde_175)] | | |

| | | | [ITEM 9B.](#i3a109f9f40af4f7597a3b4073d45ecde_178) | | | [Other Information](#i3a109f9f40af4f7597a3b4073d45ecde_178) | | | [removed: [121](#i3a109f9f40af4f7597a3b4073d45ecde_178)] [added: [114](#i3a109f9f40af4f7597a3b4073d45ecde_178)] | | |

| | | | [ITEM 9C.](#i3a109f9f40af4f7597a3b4073d45ecde_181) | | | [Disclosure Regarding Foreign Jurisdictions That Prevent Inspections](#i3a109f9f40af4f7597a3b4073d45ecde_181) | | | [removed: [121](#i3a109f9f40af4f7597a3b4073d45ecde_181)] [added: [114](#i3a109f9f40af4f7597a3b4073d45ecde_181)] | | |

| | | | [ITEM 10.](#i3a109f9f40af4f7597a3b4073d45ecde_187) | | | [Directors, Executive Officers and Corporate Governance](#i3a109f9f40af4f7597a3b4073d45ecde_187) | | | [removed: [122](#i3a109f9f40af4f7597a3b4073d45ecde_187)] [added: [115](#i3a109f9f40af4f7597a3b4073d45ecde_187)] | | |

| | | | [ITEM 11.](#i3a109f9f40af4f7597a3b4073d45ecde_190) | | | [Executive Compensation](#i3a109f9f40af4f7597a3b4073d45ecde_190) | | | [removed: [122](#i3a109f9f40af4f7597a3b4073d45ecde_190)] [added: [115](#i3a109f9f40af4f7597a3b4073d45ecde_190)] | | |

| | | | [ITEM 12.](#i3a109f9f40af4f7597a3b4073d45ecde_193) | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#i3a109f9f40af4f7597a3b4073d45ecde_193) | | | [removed: [122](#i3a109f9f40af4f7597a3b4073d45ecde_193)] [added: [115](#i3a109f9f40af4f7597a3b4073d45ecde_193)] | | |

| | | | [ITEM 13.](#i3a109f9f40af4f7597a3b4073d45ecde_196) | | | [Certain Relationships and Related Transactions, and Director Independence](#i3a109f9f40af4f7597a3b4073d45ecde_196) | | | [removed: [123](#i3a109f9f40af4f7597a3b4073d45ecde_196)] [added: [116](#i3a109f9f40af4f7597a3b4073d45ecde_196)] | | |

| | | | [ITEM 14.](#i3a109f9f40af4f7597a3b4073d45ecde_199) | | | [Principal Accountant Fees and Services](#i3a109f9f40af4f7597a3b4073d45ecde_199) | | | [removed: [123](#i3a109f9f40af4f7597a3b4073d45ecde_199)] [added: [116](#i3a109f9f40af4f7597a3b4073d45ecde_199)] | | |

| | | | [ITEM 15.](#i3a109f9f40af4f7597a3b4073d45ecde_205) | | | [Exhibits and Financial Statement Schedules](#i3a109f9f40af4f7597a3b4073d45ecde_205) | | | [removed: [124](#i3a109f9f40af4f7597a3b4073d45ecde_205)] [added: [117](#i3a109f9f40af4f7597a3b4073d45ecde_205)] | | |

| | | | [ITEM 16.](#i3a109f9f40af4f7597a3b4073d45ecde_208) | | | [Form 10-K Summary](#i3a109f9f40af4f7597a3b4073d45ecde_208) | | | [removed: [127](#i3a109f9f40af4f7597a3b4073d45ecde_208)] [added: [119](#i3a109f9f40af4f7597a3b4073d45ecde_208)] | | |

| [SIGNATURES](#i3a109f9f40af4f7597a3b4073d45ecde_211) | | | | | | | | | [removed: [128](#i3a109f9f40af4f7597a3b4073d45ecde_211)] [added: [120](#i3a109f9f40af4f7597a3b4073d45ecde_211)] | | |

As of August 1, 2025, 376,442,848 shares of Class A Common Stock and 188,528,838 shares of Class B Common Stock were outstanding.

As of August 2, 2024, 378,325,803 shares of Class A Common Stock and 190,258,938 shares of Class B Common Stock were outstanding.

The program is overseen and monitored by a dedicated internal global cybersecurity organization, led by the Company’s Chief Information Security Officer (“CISO”), who reports directly to the Company’s Chief Technology Officer (“CTO”), and supported by designated [removed: cybersecurity risk leaders] [added: business information security officers] at the Company’s business units.

The Company reinforces a culture of secure behavior through annual cybersecurity and privacy awareness trainings, quarterly phishing exercises and regular delivery of other security awareness content via [added: an online training system, steering committees,] newsletters, departmental meetings and periodic campaigns, as well as specialized secure development training for product development teams.

In addition, the Company employs various technical measures and processes to address the cybersecurity threats it faces, which may include reporting, monitoring and alert tools, [added: identity and access management,] multi-factor authentication, encryption, endpoint detection and response, [removed: email] [added: email, application] and cloud security tools, vulnerability scanning tools, threat intelligence monitoring and application resilience measures, as well as threat modeling, architecture design reviews and code reviews performed by its product security team.

The Company engages consultants and other independent third parties to periodically perform internal and external penetration testing, security audits, incident response readiness exercises and assessments of the Company’s cybersecurity risk management practices, including [removed: a maturity assessment] [added: an evaluation] of the Company’s cybersecurity program based on the NIST Cybersecurity Framework approximately every two years.

However, the Company continues to face cybersecurity risks such [added: as those described in “Item 1A.]

The Audit Committee generally receives reports at least quarterly from the CTO and CISO on the Company’s cybersecurity program covering various topics, including incident reporting, a review of the global cyber risk-map, updates on [removed: NIST maturity assessments, employee training] [added: the cybersecurity program] and [added: initiatives, employee training,] technology solutions and other practices designed to minimize the risks associated with cybersecurity threats, and updates the Board of Directors as appropriate.

The Company’s reporting framework also includes its incident response policy and plan and other policies and processes which set forth specific procedures for internal and external reporting in the event of a cybersecurity incident, including notification to the Audit [removed: Committee,] [added: Committee] or the Board of Directors, as appropriate.

The Company’s CTO assumed his position in June 2025 after serving in various leadership and technology roles at the Company’s subsidiary News Corp Australia since 2012, including as CTO from 2020.

He has extensive experience in information technology infrastructure and risk management, digital media and the management of digital networks.

The Company’s CISO has been in his position since December 2024 after serving in various leadership and information security roles at the Company since 2021.

He has over two decades of industry experience in cybersecurity, information governance and risk management at large media and technology companies.

as those described in “Item 1A.

The Company’s CTO has been in his senior leadership role since 2020.

He has held similar positions prior to joining News Corp, has over 30 years of experience in various cybersecurity and information technology infrastructure and risk management roles and holds an advanced degree in information systems.

The Company’s CISO has been in his senior leadership role since 2021 and has over two decades of industry experience in cybersecurity and other technology-related roles, including as the Director of Cyber and Telecom Policy in the White House, where he advised senior administration officials on cybersecurity, technology and telecommunications policy issues.

2.The freehold interests in each of a publishing and printing facility in Broxbourne, England and printing facilities in Knowsley, England and North Lanarkshire, [removed: Scotland5;] [added: Scotland1;] and

[removed: (c)The] [added: (b)The] leased corporate offices [removed: and call center] of [removed: Foxtel] [added: REA Group] in Melbourne, Australia; [added: and]

[removed: (f)The] [added: (c)The] leased office space of Dow Jones in Hong Kong.

(b)The leased headquarters of Foxtel in Sydney, Australia;

(d)The leased offices and studios of FOX SPORTS Australia in Sydney, Australia;

(e)The leased corporate offices of REA Group in Melbourne, Australia; and

5 During fiscal 2024, News UK and DMG Media combined certain printing operations of both companies within a separate joint venture.

In connection with the transaction, News UK leased these publishing and printing facilities to the new joint venture but retains its freehold interests.

As of August [removed: 2, 2024,] [added: 1, 2025,] there were approximately [removed: 13,600] [added: 12,700] holders of record of shares of Class A Common Stock and 300 holders of record of shares of Class B Common Stock.

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

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

The [added: Stock] Repurchase [removed: Program has] [added: Programs have] no time limit and may be modified, suspended or discontinued at any time.

The remaining authorized amount under the [added: 2021] Repurchase Program as of June 30, [removed: 2024] [added: 2025] was approximately [removed: $460] [added: $310] million.

Stock repurchases under the [added: 2021] Repurchase Program commenced on November 9, 2021.

The following table summarizes the shares repurchased and subsequently retired and the related consideration paid during the fiscal years ended June 30, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022:][added: 2023:]

| | | | [removed: 2024] [added: 2025] | | | | | | | | | | | | [removed: 2023] [added: 2024] | | | | | | | | | | | | [removed: 2022] [added: 2023] | | | | | | | | |

| Class A Common Stock | | | [removed: 3.4] [added: 3.5] | | | | | | $ | [removed: 79] [added: 97] | | | | | [removed: 9.5] [added: 3.4] | | | | | | $ | [removed: 159] [added: 79] | | | | | [removed: 5.8] [added: 9.5] | | | | | | $ | [removed: 122] [added: 159] | |

| Class B Common Stock | | | [removed: 1.6] [added: 1.8] | | | | | | [removed: 38] [added: 53] | | | | | | [removed: 4.7] [added: 1.6] | | | | | | [removed: 81] [added: 38] | | | | | | [removed: 2.9] [added: 4.7] | | | | | | [removed: 61] [added: 81] | | |

| Total | | | [removed: 5.0] [added: 5.3] | | | | | | $ | [removed: 117] [added: 150] | | | | | [removed: 14.2] [added: 5.0] | | | | | | $ | [removed: 240] [added: 117] | | | | | [removed: 8.7] [added: 14.2] | | | | | | $ | [removed: 183] [added: 240] | |

The following table details the Company’s monthly share repurchases during the three months ended June 30, [removed: 2024:][added: 2025:]

(a)The Company has not made any repurchases of Common Stock other than in connection with the publicly announced [removed: stock repurchase program] [added: 2021 Repurchase Program] described above.

| March 31, 2025 - April 27, 2025 | | | 0.3 | | | | | | 0.2 | | | | | | $ | 25.93 | | | | | $ | 29.75 | | | | | 0.5 | | | | | | $ | 334 | |

| April 28, 2025 - June 1, 2025 | | | 0.3 | | | | | | 0.2 | | | | | | $ | 27.90 | | | | | $ | 32.34 | | | | | 0.5 | | | | | | $ | 320 | |

| June 2, 2025 - June 29, 2025 | | | 0.2 | | | | | | 0.1 | | | | | | $ | 28.22 | | | | | $ | 32.43 | | | | | 0.3 | | | | | | $ | 310 | |

| Total | | | 0.8 | | | | | | 0.5 | | | | | | $ | 27.35 | | | | | $ | 31.52 | | | | | 1.3 | | | | | | | | |

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

| April 1, 2024 - April 28, 2024 | | | 0.3 | | | | | | 0.2 | | | | | | $ | 24.85 | | | | | $ | 25.62 | | | | | 0.5 | | | | | | $ | 484 | |

| April 29, 2024 - June 2, 2024 | | | 0.3 | | | | | | 0.2 | | | | | | $ | 25.37 | | | | | $ | 26.16 | | | | | 0.5 | | | | | | $ | 471 | |

| June 3, 2024 - June 30, 2024 | | | 0.3 | | | | | | 0.1 | | | | | | $ | 27.33 | | | | | $ | 28.01 | | | | | 0.4 | | | | | | $ | 460 | |

| Total | | | 0.9 | | | | | | 0.5 | | | | | | $ | 25.76 | | | | | $ | 26.51 | | | | | 1.4 | | | | | | | | |

| [Management’s Report on Internal Control Over Financial Reporting](#i3a109f9f40af4f7597a3b4073d45ecde_64) | | | [removed: [61](#i3a109f9f40af4f7597a3b4073d45ecde_64)] [added: [56](#i3a109f9f40af4f7597a3b4073d45ecde_64)] | | |

| [Reports of Independent Registered Public Accounting Firm](#i3a109f9f40af4f7597a3b4073d45ecde_67) (PCAOB ID:42) | | | [removed: [62](#i3a109f9f40af4f7597a3b4073d45ecde_67)] [added: [57](#i3a109f9f40af4f7597a3b4073d45ecde_67)] | | |

| [Consolidated Statements of Operations for the](#i3a109f9f40af4f7597a3b4073d45ecde_73) [F](#i3a109f9f40af4f7597a3b4073d45ecde_73)[iscal](#i3a109f9f40af4f7597a3b4073d45ecde_73) [Y](#i3a109f9f40af4f7597a3b4073d45ecde_73)[ears](#i3a109f9f40af4f7597a3b4073d45ecde_73) [E](#i3a109f9f40af4f7597a3b4073d45ecde_73)[nded June 30, [removed: 202](#i3a109f9f40af4f7597a3b4073d45ecde_73)[4](#i3a109f9f40af4f7597a3b4073d45ecde_73)[, 202](#i3a109f9f40af4f7597a3b4073d45ecde_73)[3](#i3a109f9f40af4f7597a3b4073d45ecde_73) [and 202](#i3a109f9f40af4f7597a3b4073d45ecde_73)[2](#i3a109f9f40af4f7597a3b4073d45ecde_73)] [added: 202](#i3a109f9f40af4f7597a3b4073d45ecde_73)[5](#i3a109f9f40af4f7597a3b4073d45ecde_73)[, 202](#i3a109f9f40af4f7597a3b4073d45ecde_73)[4](#i3a109f9f40af4f7597a3b4073d45ecde_73) [a](#i3a109f9f40af4f7597a3b4073d45ecde_73)[nd 2](#i3a109f9f40af4f7597a3b4073d45ecde_73)[023](#i3a109f9f40af4f7597a3b4073d45ecde_73)] | | | [removed: [65](#i3a109f9f40af4f7597a3b4073d45ecde_73)] [added: [60](#i3a109f9f40af4f7597a3b4073d45ecde_73)] | | |

| [Consolidated Statements of Comprehensive Income (Loss) for the](#i3a109f9f40af4f7597a3b4073d45ecde_76) [F](#i3a109f9f40af4f7597a3b4073d45ecde_76)[iscal](#i3a109f9f40af4f7597a3b4073d45ecde_76) [Y](#i3a109f9f40af4f7597a3b4073d45ecde_76)[ears](#i3a109f9f40af4f7597a3b4073d45ecde_76) [E](#i3a109f9f40af4f7597a3b4073d45ecde_76)[nded June 30, [removed: 202](#i3a109f9f40af4f7597a3b4073d45ecde_76)[4](#i3a109f9f40af4f7597a3b4073d45ecde_76)[, 202](#i3a109f9f40af4f7597a3b4073d45ecde_76)[3](#i3a109f9f40af4f7597a3b4073d45ecde_76)] [added: 202](#i3a109f9f40af4f7597a3b4073d45ecde_76)[5](#i3a109f9f40af4f7597a3b4073d45ecde_76)[, 202](#i3a109f9f40af4f7597a3b4073d45ecde_76)[4](#i3a109f9f40af4f7597a3b4073d45ecde_76)] [and [removed: 202](#i3a109f9f40af4f7597a3b4073d45ecde_76)[2](#i3a109f9f40af4f7597a3b4073d45ecde_76)] [added: 20](#i3a109f9f40af4f7597a3b4073d45ecde_76)[23](#i3a109f9f40af4f7597a3b4073d45ecde_76)] | | | [removed: [66](#i3a109f9f40af4f7597a3b4073d45ecde_76)] [added: [61](#i3a109f9f40af4f7597a3b4073d45ecde_76)] | | |

| [Consolidated Balance Sheets as of June 30, [removed: 202](#i3a109f9f40af4f7597a3b4073d45ecde_79)[4](#i3a109f9f40af4f7597a3b4073d45ecde_79)] [added: 202](#i3a109f9f40af4f7597a3b4073d45ecde_79)[5](#i3a109f9f40af4f7597a3b4073d45ecde_79)] [and [removed: 202](#i3a109f9f40af4f7597a3b4073d45ecde_79)[3](#i3a109f9f40af4f7597a3b4073d45ecde_79)] [added: 20](#i3a109f9f40af4f7597a3b4073d45ecde_79)[24](#i3a109f9f40af4f7597a3b4073d45ecde_79)] | | | [removed: [67](#i3a109f9f40af4f7597a3b4073d45ecde_79)] [added: [62](#i3a109f9f40af4f7597a3b4073d45ecde_79)] | | |

| [Consolidated Statements of Cash Flows for the](#i3a109f9f40af4f7597a3b4073d45ecde_82) [F](#i3a109f9f40af4f7597a3b4073d45ecde_82)[iscal](#i3a109f9f40af4f7597a3b4073d45ecde_82) [Y](#i3a109f9f40af4f7597a3b4073d45ecde_82)[ears](#i3a109f9f40af4f7597a3b4073d45ecde_82) [E](#i3a109f9f40af4f7597a3b4073d45ecde_82)[nded June 30, [removed: 202](#i3a109f9f40af4f7597a3b4073d45ecde_82)[4](#i3a109f9f40af4f7597a3b4073d45ecde_82)[, 202](#i3a109f9f40af4f7597a3b4073d45ecde_82)[3](#i3a109f9f40af4f7597a3b4073d45ecde_82)] [added: 202](#i3a109f9f40af4f7597a3b4073d45ecde_82)[5](#i3a109f9f40af4f7597a3b4073d45ecde_82)[, 202](#i3a109f9f40af4f7597a3b4073d45ecde_82)[4](#i3a109f9f40af4f7597a3b4073d45ecde_82)] [and [removed: 202](#i3a109f9f40af4f7597a3b4073d45ecde_82)[2](#i3a109f9f40af4f7597a3b4073d45ecde_82)] [added: 202](#i3a109f9f40af4f7597a3b4073d45ecde_82)[3](#i3a109f9f40af4f7597a3b4073d45ecde_82)] | | | [removed: [68](#i3a109f9f40af4f7597a3b4073d45ecde_82)] [added: [63](#i3a109f9f40af4f7597a3b4073d45ecde_82)] | | |

| [Consolidated Statements of Equity for the](#i3a109f9f40af4f7597a3b4073d45ecde_85) [](#i3a109f9f40af4f7597a3b4073d45ecde_85)[F](#i3a109f9f40af4f7597a3b4073d45ecde_85)[iscal](#i3a109f9f40af4f7597a3b4073d45ecde_85) [Y](#i3a109f9f40af4f7597a3b4073d45ecde_85)[ears](#i3a109f9f40af4f7597a3b4073d45ecde_85) [E](#i3a109f9f40af4f7597a3b4073d45ecde_85)[nded June 30, [removed: 202](#i3a109f9f40af4f7597a3b4073d45ecde_85)[4](#i3a109f9f40af4f7597a3b4073d45ecde_85)[, 202](#i3a109f9f40af4f7597a3b4073d45ecde_85)[3](#i3a109f9f40af4f7597a3b4073d45ecde_85)] [added: 202](#i3a109f9f40af4f7597a3b4073d45ecde_85)[5](#i3a109f9f40af4f7597a3b4073d45ecde_85)[, 202](#i3a109f9f40af4f7597a3b4073d45ecde_85)[4](#i3a109f9f40af4f7597a3b4073d45ecde_85)] [and [removed: 202](#i3a109f9f40af4f7597a3b4073d45ecde_85)[2](#i3a109f9f40af4f7597a3b4073d45ecde_85)] [added: 202](#i3a109f9f40af4f7597a3b4073d45ecde_85)[3](#i3a109f9f40af4f7597a3b4073d45ecde_85)] | | | [removed: [69](#i3a109f9f40af4f7597a3b4073d45ecde_85)] [added: [64](#i3a109f9f40af4f7597a3b4073d45ecde_85)] | | |

| [Notes to the Consolidated Financial Statements](#i3a109f9f40af4f7597a3b4073d45ecde_88) | | | [removed: [70](#i3a109f9f40af4f7597a3b4073d45ecde_88)] [added: [65](#i3a109f9f40af4f7597a3b4073d45ecde_88)] | | |

Management’s Report on Internal Control Over Financial Reporting for June 30, [removed: 2024][added: 2025]

Management of News Corporation is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as [removed: amended, and for the assessment of the effectiveness of internal control over financial reporting.][added: amended.]

Management, including the Company’s principal executive officer and principal financial officer, conducted an assessment of the effectiveness of News Corporation’s internal control over financial reporting as of June 30, [removed: 2024,] [added: 2025,] based on criteria for effective internal control over financial reporting described in the 2013 “Internal Control—Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on this [removed: assessment, management did not identify any material weakness in the Company’s internal control over financial reporting,] [added: assessment] and [added: those criteria,] management determined that, as of June 30, [removed: 2024,] [added: 2025,] News Corporation maintained effective internal control over financial reporting.

Ernst & Young LLP, the independent registered public accounting firm who audited and reported on the Consolidated Financial Statements of News Corporation included in the Annual Report on Form 10-K for the fiscal year ended June 30, [removed: 2024,] [added: 2025,] has audited the Company’s internal control over financial reporting.

We have audited News Corporation’s internal control over financial reporting as of June 30, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).

In our opinion, News Corporation (the Company) maintained, in all material respects, effective internal control over financial reporting as of June 30, [removed: 2024,] [added: 2025,] based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of June 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of operations, comprehensive income (loss), equity and cash flows for each of the three years in the period ended June 30, [removed: 2024,] [added: 2025,] and the related notes and our report dated August [removed: 13, 2024] [added: 6, 2025] expressed an unqualified opinion thereon.

We have audited the accompanying consolidated balance sheets of News Corporation (the Company) as of June 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of operations, comprehensive income (loss), equity and cash flows for each of the three years in the period ended June 30, [removed: 2024,] [added: 2025,] and the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at June 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended June 30, [removed: 2024,] [added: 2025,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of June 30, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated August [removed: 13, 2024] [added: 6, 2025] expressed an unqualified opinion thereon.

| *Description of the Matter* | | | | | | As [removed: reflected in the Company’s consolidated financial statements, at] [added: of] June 30, [removed: 2024,] [added: 2025,] the Company’s goodwill was [removed: $5,186] [added: $4,373] million. As disclosed in Note 8 to the consolidated financial statements, goodwill is tested for impairment [removed: at least] annually [added: in the fourth quarter] or [removed: more frequently] [added: earlier] if [removed: indicators of impairment require] [added: events occur or circumstances change that would more likely than not reduce] the [removed: performance of an interim impairment assessment.] [added: fair values below their carrying amounts.] Auditing [removed: management’s] [added: the Company’s annual goodwill] impairment test [removed: of goodwill] was complex [removed: and highly judgmental] due to the significant [removed: measurement uncertainty] [added: judgment] in [removed: determining] [added: estimating] the fair [removed: values] [added: value] of [removed: the] [added: a] reporting [removed: units.] [added: unit when a quantitative assessment of fair value is performed.] In particular, the fair value estimates [removed: of the reporting units] were sensitive to changes in significant assumptions such as [added: the] discount [removed: rates,] [added: rate,] projected revenue growth [removed: rates] [added: rate, and] earnings before interest, taxes, depreciation, and amortization (“EBITDA”) [removed: margins, and comparable company earnings multiples.] [added: margin.] All of these assumptions are affected by expected future market or economic conditions. | | |

| *How We Addressed the Matter in Our Audit* | | | | | | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s goodwill [added: quantitative] impairment assessment process. For example, we tested controls over management’s review of the significant assumptions and methodologies used in estimating the fair values of the reporting units. We also tested management’s controls to validate that the data used in the valuation models was complete and accurate. To test the [added: estimated] fair [removed: values] [added: value] of [removed: the] [added: a] reporting [removed: units,] [added: unit when a quantitative impairment assessment was performed,] our audit procedures included, among others, assessing methodologies and testing the completeness and accuracy of the underlying data used by the Company. We performed sensitivity analyses over the significant assumptions [added: identified] to evaluate the change in the fair value of [removed: the] [added: a] reporting [removed: units] [added: unit] resulting from changes in the assumptions. Our testing procedures over the significant assumptions included, among others, comparing projected revenue growth rates and EBITDA margins to historical trends, [added: current industry and economic trends,] while also considering changes in the Company’s business model. We also involved [removed: an] [added: our] internal valuation [removed: professional] [added: specialists] to assist in evaluating the Company’s models, valuation methodology, and significant assumptions used in the fair value estimates. In addition, we tested management’s reconciliation of the fair value of the reporting units to the market capitalization of the Company. | | |

| | | | Notes | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Consumer | | | | | | | | | [removed: 2,000] [added: 2,047] | | | | | | [removed: 1,899] [added: 2,000] | | | | | | [removed: 2,106] [added: 1,899] | | |

| Real estate | | | | | | | | | [removed: 1,284] [added: 1,410] | | | | | | [removed: 1,189] [added: 1,284] | | | | | | [removed: 1,347] [added: 1,189] | | |

| Selling, general and administrative | | | | | | | | | [removed: (3,493)] [added: (3,301)] | | | | | | [removed: (3,335)] [added: (3,197)] | | | | | | [removed: (3,592)] [added: (3,012)] | | |

| Depreciation and amortization | | | | | | | | | [removed: (734)] | | | | | | [removed: (714)] | | | | | | [removed: (688)] | | | [added: | | | | | | | | | (459) | | |]

| Impairment and restructuring charges | | | [removed: 5, 7, 8] | | | [removed: | | | (138)] [added: (2)] | | | | | | [removed: (150)] [added: (5)] | | | | | | [removed: (109)] [added: (29)] | | |

| Equity losses of affiliates | | | 6 | | | | | | [removed: (6)] [added: (15)] | | | | | | [removed: (127)] [added: (6)] | | | | | | [removed: (13)] [added: (127)] | | |

| Interest expense, net | | | | | | [removed: | | | (85)] [added: (51)] | | | | | | [removed: (100)] [added: (67)] | | | | | | [removed: (99)] [added: (51)] | | |

| Other, net | | | [removed: 21] | | | | | | [removed: (30)] [added: (23)] | | | | | | [removed: 1] [added: —] | | | | | | [removed: 52] [added: (22)] | | |

| Income [added: (loss)] before income tax [removed: expense | | |] [added: (expense) benefit] | | | | | | [removed: 546] [added: 729] | | | | | | [removed: 330] [added: (39)] | | | | | | [removed: 812] [added: (50)] | | |

| Income tax [removed: expense | | | 19] [added: (expense) benefit] | | | | | | [removed: (192)] [added: (37)] | | | | | | [removed: (143)] [added: 14] | | | | | | [removed: (52)] [added: 9] | | |

| Net income | | | | | | | | | [removed: 354] [added: 1,340] | | | | | | [removed: 187] [added: 354] | | | | | | [removed: 760] [added: 187] | | |

| Net income attributable to noncontrolling interests | | | [added: (160)] | | | | | | (88) | | | | | | (38) | | | [removed: | | | (137) | | |]

| Net income attributable to News Corporation stockholders | | | | | | | | | $ | [removed: 266] [added: 1,180] | | | | | $ | [removed: 149] [added: 266] | | | | | $ | [removed: 623] [added: 149] | |

| Net income [added: (loss)] attributable to News Corporation stockholders per share: | | | 14 | | | | | | | | | | | | | | | | | | | | |

| [removed: Basic] | | | | | | | | | $ | [removed: 0.47] [added: 2.08] | | | | | $ | [removed: 0.26] [added: 0.47] | | | | | $ | [removed: 1.06] [added: 0.26] | |

| [removed: Diluted] | | | | | | | | | $ | [removed: 0.46] [added: 2.07] | | | | | $ | [removed: 0.26] [added: 0.46] | | | | | $ | [removed: 1.05] [added: 0.26] | |

| | | | [added: | | |] For the fiscal years ended June 30, | | | | | | | | | | | | | | |

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

August 6, 2025

August 6, 2025

| Circulation and subscription | | | | | | | | | $ | 3,009 | | | | | $ | 2,909 | | | | | $ | 2,818 | |

| Advertising | | | | | | | | | 1,367 | | | | | | 1,400 | | | | | | 1,473 | | |

| Other | | | | | | | | | 619 | | | | | | 659 | | | | | | 633 | | |

| Total Revenues | | | 4 | | | | | | 8,452 | | | | | | 8,252 | | | | | | 8,012 | | |

| Operating expenses | | | | | | | | | (3,736) | | | | | | (3,814) | | | | | | (3,911) | | |

| Depreciation and amortization | | | | | | | | | (459) | | | | | | (440) | | | | | | (415) | | |

| Impairment and restructuring charges | | | 5, 7, 8 | | | | | | (132) | | | | | | (133) | | | | | | (121) | | |

| Income before income tax expense from continuing operations | | | | | | | | | 923 | | | | | | 585 | | | | | | 380 | | |

| Income tax expense from continuing operations | | | 19 | | | | | | (275) | | | | | | (206) | | | | | | (152) | | |

| Net income from continuing operations | | | | | | | | | 648 | | | | | | 379 | | | | | | 228 | | |

| Net income (loss) from discontinued operations, net of tax | | | | | | | | | 692 | | | | | | (25) | | | | | | (41) | | |

| Net income attributable to noncontrolling interests from continuing operations | | | | | | | | | (168) | | | | | | (110) | | | | | | (65) | | |

| Net loss attributable to noncontrolling interests from discontinued operations | | | | | | | | | 8 | | | | | | 22 | | | | | | 27 | | |

| Basic: | | | | | | | | | | | | | | | | | | | | | | | |

| Continuing operations | | | | | | | | | $ | 0.85 | | | | | $ | 0.47 | | | | | $ | 0.28 | |

| Discontinued operations | | | | | | | | | 1.23 | | | | | | — | | | | | | (0.02) | | |

| Diluted: | | | | | | | | | | | | | | | | | | | | | | | |

| Continuing operations | | | | | | | | | $ | 0.84 | | | | | $ | 0.47 | | | | | $ | 0.28 | |

| Discontinued operations | | | | | | | | | 1.23 | | | | | | (0.01) | | | | | | (0.02) | | |

(a)Primarily relates to the disposition of Foxtel for the fiscal year ended June 30, 2025.

| Cash and cash equivalents | | | | | | | | | $ | 2,403 | | | | | $ | 1,872 | |

| Receivables, net | | | 2 | | | | | | 1,562 | | | | | | 1,420 | | |

| Inventory, net | | | | | | | | | 327 | | | | | | 266 | | |

| Other current assets | | | | | | | | | 519 | | | | | | 474 | | |

| Current assets of discontinued operations | | | | | | | | | — | | | | | | 340 | | |

| Investments | | | 6 | | | | | | 1,016 | | | | | | 429 | | |

| Property, plant and equipment, net | | | 7 | | | | | | 1,331 | | | | | | 1,272 | | |

| Operating lease right-of-use assets | | | | | | | | | 789 | | | | | | 805 | | |

| Intangible assets, net | | | 8 | | | | | | 1,930 | | | | | | 1,948 | | |

| Goodwill | | | 8 | | | | | | 4,373 | | | | | | 4,336 | | |

| Other non-current assets | | | 21 | | | | | | 1,000 | | | | | | 957 | | |

| Non-current assets of discontinued operations | | | | | | | | | — | | | | | | 2,233 | | |

| Accounts payable | | | | | | | | | $ | 335 | | | | | $ | 254 | |

| Accrued expenses | | | | | | | | | 1,036 | | | | | | 986 | | |

| Deferred revenue | | | 4 | | | | | | 498 | | | | | | 483 | | |

| Other current liabilities | | | 21 | | | | | | 714 | | | | | | 772 | | |

| Current liabilities of discontinued operations | | | | | | | | | — | | | | | | 551 | | |

| Borrowings | | | 9 | | | | | | 1,937 | | | | | | 2,093 | | |

NEWS CORPORATION

Internal control over financial reporting includes the controls themselves, monitoring and internal auditing practices and actions taken to correct deficiencies as identified.

Accordingly, even effective internal control over financial reporting can provide only reasonable assurance with respect to financial statement preparation.

Management’s assessment included an evaluation of the design of News Corporation’s internal control over financial reporting and testing of the operational effectiveness of its internal control over financial reporting.

August 13, 2024

August 13, 2024

August 13, 2024

NEWS CORPORATION

| | | | | | | | | | | | | | | | | | | | | | | | |

| Circulation and subscription | | | | | | | | | $ | 4,509 | | | | | $ | 4,447 | | | | | $ | 4,425 | |

| Advertising | | | | | | | | | 1,607 | | | | | | 1,687 | | | | | | 1,821 | | |

| Other | | | | | | | | | 685 | | | | | | 657 | | | | | | 686 | | |

| Total Revenues | | | 3 | | | | | | 10,085 | | | | | | 9,879 | | | | | | 10,385 | | |

| Operating expenses | | | | | | | | | (5,053) | | | | | | (5,124) | | | | | | (5,124) | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Investments | | | 6 | | | | | | 430 | | | | | | 427 | | |

| Goodwill | | | 8 | | | | | | 5,186 | | | | | | 5,140 | | |

| Borrowings | | | 9 | | | | | | 2,855 | | | | | | 2,940 | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| Net cash provided by operating activities | | | | | | | | | 1,098 | | | | | | 1,092 | | | | | | 1,354 | | |

| Capital expenditures | | | | | | | | | (496) | | | | | | (499) | | | | | | (499) | | |

| Net cash used in investing activities | | | | | | | | | (524) | | | | | | (574) | | | | | | (2,076) | | |

| Borrowings | | | 9 | | | | | | 1,268 | | | | | | 514 | | | | | | 1,690 | | |

| Repayment of borrowings | | | 9 | | | | | | (1,375) | | | | | | (589) | | | | | | (838) | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Balance, June 30, 2021 | | | 391 | | | | | | $ | 4 | | | | | 200 | | | | | | $ | 2 | | | | | $ | 12,057 | | | | | $ | (2,911) | | | | | $ | (941) | | | | | $ | 8,211 | | | | | $ | 935 | | | | | $ | 9,146 | |

| Net income | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 623 | | | | | | — | | | | | | 623 | | | | | | 137 | | | | | | 760 | | |

| Dividends | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (118) | | | | | | — | | | | | | — | | | | | | (118) | | | | | | (57) | | | | | | (175) | | |

| Share repurchases | | | (6) | | | | | | — | | | | | | (3) | | | | | | — | | | | | | (178) | | | | | | (5) | | | | | | — | | | | | | (183) | | | | | | — | | | | | | (183) | | |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

| Receivables | | | $ | 1,568 | | | | | $ | 1,482 | |

| Receivables, net | | | $ | 1,503 | | | | | $ | 1,425 | |

In accordance with ASC 920, programming rights and the related liabilities are recorded at the gross amount of the liabilities when the license period has begun, the cost of the program is determinable and the program is accepted and available for airing.

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

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

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

Management’s report and the report of the independent registered public accounting firm thereon are set forth on pages [removed: [61](#i3a109f9f40af4f7597a3b4073d45ecde_64)] [added: [56](#i3a109f9f40af4f7597a3b4073d45ecde_64)] and [removed: [62](#i3a109f9f40af4f7597a3b4073d45ecde_67),] [added: [57](#i3a109f9f40af4f7597a3b4073d45ecde_67),] respectively, and are incorporated herein by reference.

There has been no change in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the Company’s fourth quarter of the fiscal year ended June 30, [removed: 2024] [added: 2025] that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

The information required by this item with respect to the Company’s Directors is contained in the Proxy Statement for the Company’s [removed: 2024] [added: 2025] Annual Meeting of Stockholders (the “Proxy Statement”) to be filed with the SEC under the heading “Proposal 1: Election of Directors” and is incorporated by reference in this Annual Report.

The information required by this item with respect to the Company’s insider trading policy is contained in the Proxy Statement under the heading “Compensation Discussion and [removed: Analysis—Insider] [added: Analysis—Securities] Trading Policy and Prohibition on Hedging [removed: and Pledging] of News Corporation Stock” and is incorporated by reference in this Annual Report.

| [removed: 2.4] [added: 10.4] | | | | | | [Amended and Restated [removed: FOX SPORTS Trade Mark License] [added: Employment] Agreement, [removed: dated as of October 22, 2021,] [added: dated](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm) [May](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm) [](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm)[8](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm)[, 202](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm)[4](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm)[,] between [removed: Fox Media LLC] [added: News Corporation] and [removed: Fox Sports Australia Pty Limited.] [added: David Pitofsky.] (Incorporated by reference to Exhibit [removed: 2.1 to the Quarterly Report] [added: 10.](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm)[1](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm) [to the](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm) [Quarterly](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm) [Report] of News Corporation on Form [removed: 10-Q (File] [added: 10-](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm)[Q](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm) [(File] No. 001-35769) filed with the Securities and Exchange Commission [removed: on February 4, 2022.)](https://www.sec.gov/Archives/edgar/data/0001564708/000156470822000051/ex-21xfoxsportstrademarkli.htm)] [added: on](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm) [May 9](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm)[, 202](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm)[4](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm)[.)±](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm)] | | |

| [removed: 2.5] [added: 10.5] | | | | | | [Amended and Restated [removed: FOX Trade Mark License] [added: Employment] Agreement, dated [removed: as of October 22, 2021,] [added: February 14, 2024,] between [removed: Fox Media LLC] [added: News Corporation] and [removed: Fox Sports Australia Pty Limited.] [added: Ruth Allen.] (Incorporated by reference to Exhibit [removed: 2.2] [added: 10.2] to the Quarterly Report of News Corporation on Form 10-Q (File No. 001-35769) filed with the Securities and Exchange Commission on [removed: February 4, 2022.)](https://www.sec.gov/Archives/edgar/data/0001564708/000156470822000051/ex-22xfoxtrademarklicensea.htm)] [added: November 8, 2024.)±](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000599/ex102-allenagreement.htm)] | | |

| [removed: 2.6] [added: 10.2] | | | | | | [removed: [Amended and Restated Foxtel Trade Mark License] [added: [Employment] Agreement, dated [removed: as of October 22, 2021,] [added: November 7, 2024,] between [removed: Fox Media LLC] [added: News Corporation] and [removed: Foxtel Management Pty Ltd.] [added: Lavanya Chandrashekar.] (Incorporated by reference to Exhibit [removed: 2.3] [added: 10.1] to the Quarterly Report of News Corporation on Form 10-Q (File No. 001-35769) filed with the Securities and Exchange Commission on February [removed: 4, 2022.)](https://www.sec.gov/Archives/edgar/data/0001564708/000156470822000051/ex-23xfoxteltrademarklicen.htm)] [added: 6, 2025.)±](https://www.sec.gov/Archives/edgar/data/1564708/000156470825000072/ex101-employmentagreement.htm)] | | |

| [removed: 2.7] [added: 10.9] | | | | | | [removed: [Amended] [added: [News Corp Restoration Plan, amended] and [removed: Restated FOX Trade Mark License Agreement, dated] [added: restated] as of [removed: October 22, 2021, between Fox Media LLC and Foxtel Management Pty Limited.] [added: February 11, 2019.] (Incorporated by reference to Exhibit [removed: 2.4] [added: 10.1] to the Quarterly Report of News Corporation on Form 10-Q (File No. 001-35769) filed with the Securities and Exchange Commission on [removed: February 4, 2022.)†](https://www.sec.gov/Archives/edgar/data/0001564708/000156470822000051/ex-24xfoxtrademarklicensea.htm)] [added: May 10, 2019.)±](https://www.sec.gov/Archives/edgar/data/1564708/000119312519143603/d712848dex101.htm)] | | |

| [removed: 10.1] [added: 10.3] | | | | | | [removed: [Amended] [added: [Separation Agreement] and [removed: Restated Employment Agreement, dated](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000190/ex-102xrtemploymentagreeme.htm) [May 11, 2023](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000190/ex-102xrtemploymentagreeme.htm)[,] [added: General Release, dated November 7, 2024,] between News Corporation and [removed: Robert Thomson.] [added: Susan Panuccio.] (Incorporated by reference to Exhibit 10.2 to the Quarterly Report of News Corporation on Form 10-Q (File No. 001-35769) filed with the Securities and Exchange Commission on [removed: May](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000190/ex-102xrtemploymentagreeme.htm) [12, 2023](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000190/ex-102xrtemploymentagreeme.htm)[.)±](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000190/ex-102xrtemploymentagreeme.htm)] [added: February 6, 2025.)±](https://www.sec.gov/Archives/edgar/data/1564708/000156470825000072/ex102-separationagreementa.htm)] | | |

| [removed: 10.2] [added: 10.16] | | | | | | [removed: [Amended and Restated Employment] [added: [Stockholders] Agreement, [removed: dated](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000190/ex-103xspemploymentagreeme.htm) [May 11, 2023](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000190/ex-103xspemploymentagreeme.htm)[,] [added: dated as of September 21, 2021, by and] between News Corporation and [removed: Susan Panuccio.] [added: the Murdoch Family Trust.] (Incorporated by reference to Exhibit [removed: 10.](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000190/ex-103xspemploymentagreeme.htm)[3](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000190/ex-103xspemploymentagreeme.htm) [to the](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000190/ex-103xspemploymentagreeme.htm) [Quarterly](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000190/ex-103xspemploymentagreeme.htm) [Report] [added: 10.1 to the Current Report] of News Corporation on Form [removed: 10-](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000190/ex-103xspemploymentagreeme.htm)[Q](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000190/ex-103xspemploymentagreeme.htm) [(File] [added: 8-K (File] No. 001-35769) filed with the Securities and Exchange Commission [removed: on](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000190/ex-103xspemploymentagreeme.htm) [May 12, 2023](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000190/ex-103xspemploymentagreeme.htm)[.)±](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000190/ex-103xspemploymentagreeme.htm)] [added: on September 22, 2021.)](https://www.sec.gov/Archives/edgar/data/1564708/000114036121032030/brhc10029075_ex10-1.htm)] | | |

| [removed: 10.3] [added: 10.8] | | | | | | [removed: [Amended and Restated Employment Agreement, dated](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm) [May](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm) [](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm)[8](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm)[, 202](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm)[4](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm)[, between News] [added: [News] Corporation [added: 2013 Long-Term Incentive Plan, as amended] and [removed: David Pitofsky.] [added: restated effective November 20, 2019.] (Incorporated by reference to Exhibit [removed: 10.](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm)[1](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm) [to the](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm) [Quarterly](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm) [Report] [added: 10.1 to the Current Report] of News Corporation on Form [removed: 10-](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm)[Q](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm) [(File] [added: 8-K (File] No. 001-35769) filed with the Securities and Exchange Commission [removed: on](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm) [May 9](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm)[, 202](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm)[4](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm)[.)±](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000249/ex-101xpitofskyagreement.htm)] [added: on November 20, 2019.)±](https://www.sec.gov/Archives/edgar/data/1564708/000119312519296590/d786169dex101.htm)] | | |

| [removed: 10.4] [added: 10.12] | | | | | | [removed: [News] [added: [Form of Agreement for Cash-Settled Restricted Stock Units under the News] Corporation 2013 Long-Term Incentive [removed: Plan, as amended and restated effective November 20, 2019.] [added: Plan.] (Incorporated by reference to Exhibit [removed: 10.1] [added: 10.4] to the [removed: Current] [added: Quarterly] Report of News Corporation on Form [removed: 8-K] [added: 10-Q] (File No. 001-35769) filed with the Securities and Exchange Commission on [removed: November 20, 2019.)±](https://www.sec.gov/Archives/edgar/data/1564708/000119312519296590/d786169dex101.htm)] [added: May 7, 2021.)±](https://www.sec.gov/Archives/edgar/data/1564708/000156470821000023/ex-104xcashxsettledrsu.htm)] | | |

| [removed: 10.5] [added: 10.13] | | | | | | [removed: [News Corp Restoration Plan, amended and restated as] [added: [Form] of [removed: February 11, 2019.] [added: Agreement for Stock-Settled Restricted Stock Units under the News Corporation 2013 Long-Term Incentive Plan.] (Incorporated by reference to Exhibit [removed: 10.1] [added: 10.5] to the Quarterly Report of News Corporation on Form 10-Q (File No. 001-35769) filed with the Securities and Exchange Commission on May [removed: 10, 2019.)±](https://www.sec.gov/Archives/edgar/data/1564708/000119312519143603/d712848dex101.htm)] [added: 7, 2021.)±](https://www.sec.gov/Archives/edgar/data/1564708/000156470821000023/ex-105xstockxsettledrsu.htm)] | | |

| [removed: 10.6] [added: 10.10] | | | | | | [Form of Agreement for Cash-Settled Performance Stock Units under the News Corporation 2013 Long-Term Incentive Plan. (Incorporated by reference to Exhibit 10.9 to the Annual Report of News Corporation on Form 10-K (File No. 001-35769) filed with the Securities and Exchange Commission on August 12, 2016.)±](https://www.sec.gov/Archives/edgar/data/1564708/000119312516679975/d210462dex109.htm) | | |

| [removed: 10.7] [added: 10.11] | | | | | | [Form of Agreement for Stock-Settled Performance Stock Units under the News Corporation 2013 Long-Term Incentive Plan. (Incorporated by reference to Exhibit 10.10 to the Annual Report of News Corporation on Form 10-K (File No. 001-35769) filed with the Securities and Exchange Commission on August 12, 2016.)±](https://www.sec.gov/Archives/edgar/data/1564708/000119312516679975/d210462dex1010.htm) | | |

| [removed: 10.8] [added: 97.1] | | | | | | [removed: [Form of Agreement for Cash-Settled Restricted Stock Units under the News] [added: [News] Corporation [removed: 2013 Long-Term Incentive Plan. (Incorporated] [added: Incentive-Based Compensation Clawback Polic](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000408/ex-971xclawbackpolicy.htm)[y.](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000408/ex-971xclawbackpolicy.htm) [](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000408/ex-971xclawbackpolicy.htm)[(](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000408/ex-971xclawbackpolicy.htm)[Incorporated] by reference to Exhibit [removed: 10.4] [added: 97.1] to the [removed: Quarterly] [added: Annual] Report of News Corporation on Form [removed: 10-Q] [added: 10-K] (File No. 001-35769) filed with the Securities and Exchange Commission on [removed: May 7, 2021.)±](https://www.sec.gov/Archives/edgar/data/1564708/000156470821000023/ex-104xcashxsettledrsu.htm)] [added: August 13, 2024.](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000408/ex-971xclawbackpolicy.htm)[)](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000408/ex-971xclawbackpolicy.htm)] | | |

| [removed: 10.10] [added: 10.14] | | | | | | [Credit Agreement, dated as of March 29, 2022, among the Company, the lenders and other parties party thereto, and Bank of America, N.A., as Administrative Agent. (Incorporated by reference to Exhibit 10.1 to the Current Report of News Corporation on Form 8-K (File No. 00135769) filed with the Securities and Exchange Commission on March 30, 2022.)](https://www.sec.gov/Archives/edgar/data/1564708/000119312522089934/d335185dex101.htm) | | |