News Corp (NWSA) 10-K risk factor changes: FY2026 vs FY2025

This competition continues to intensify as a result of changes in technologies, including developments in [removed: generative] AI, platforms and business models and corresponding changes in consumer and customer behavior.

- differentiate its brands and their associated [added: content and other] products and services based on quality, reliability and comprehensiveness and through its marketing and selling efforts;

- respond to new and evolving technologies, [added: business models,] distribution channels and platforms, including [removed: generative] AI tools, [added: products and services,] content distribution platforms, media channels, online retailers and digital marketplaces, some of which have significant scale and leverage;

- manage and adapt to changes made by [removed: large] digital [removed: platforms] [added: platform operators, including the launch of AI-based features, products and services and the shift from referral-based to closed ecosystems,] that affect the visibility [added: and accessibility] of its content and other products and services (and, in turn, [removed: visits] [added: subscriptions, traffic, engagement] and advertiser interest), which occur frequently and are outside the Company’s control; and

The Company expects to continue to pursue [removed: new] [added: various] strategic initiatives, incorporate new technologies and develop new and enhanced products and services to remain competitive.

These include [added: additional] licensing arrangements with [removed: certain] large [removed: platforms] [added: platform operators, AI companies and other partners] for the use of its [removed: content by or on such platforms,] [added: content,] the continued expansion into [removed: new] [added: different] business models and [removed: adjacencies at its digital real estate services businesses,] [added: adjacencies,] streaming audio partnerships for its books, multi-product digital bundles and other innovative digital news products and experiences.

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

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, information, technology (including AI) or other services or strategic [removed: relationships and/or] [added: relationships,] easier access to [removed: financing.][added: financing and/or use the Company’s intellectual property without authorization or compensation.]

These advantages may allow them to [added: develop products or services that compete with, or otherwise supplant, the Company’s products and services, more easily enter its markets or] 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 [removed: generative] AI, more quickly or successfully than the Company.

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

If the Company is unable to compete successfully, its business, results of operations and financial condition [removed: could] [added: will] be adversely affected.

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

Recent [removed: changes in] political policies and priorities in the U.S. and internationally, including [removed: expanded or retaliatory tariffs and other trade barriers, and] an increase in hostilities and conflicts [added: and tariffs and other trade barriers,] have [removed: created] [added: continued to create] business and economic [removed: uncertainty] [added: uncertainty, renewed inflationary pressures] and lowered consumer confidence.

These conditions, as well as [removed: inflationary pressures,] changes in monetary policy, elevated interest rates, recessionary or stagflation concerns, [removed: geopolitical tensions,] [added: labor market uncertainty,] supply chain [removed: disruptions] [added: disruptions, increased energy] and [added: commodity costs and] volatile foreign currency exchange rates, have affected, and may in the [removed: future,] [added: future] adversely [removed: affect] [added: affect,] the U.S. and global economies and markets and the Company’s business.

During fiscal [removed: 2025, persistent inflation in] [added: 2026, high] home prices and other housing-related costs, [added: low inventory,] elevated interest rates and lower levels of consumer confidence continued to adversely impact the U.S. real estate market and [removed: depress real estate lead and transaction volumes and adjacent businesses at] the Digital Real Estate Services segment.

[removed: Recent economic] [added: 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.

Such downturns [removed: have resulted, and could in the future result,] [added: typically 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, longer sales and payment cycles, [removed: 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.

[removed: While the] [added: The] impact of [removed: such changes is uncertain] [added: these] and [removed: difficult] [added: any other changes] to [removed: predict, if they significantly] [added: industry rules and practices that may result from any further litigation, settlements, regulatory scrutiny or market shifts could] affect how home buyers and sellers engage with agents [removed: or negatively impact] [added: and] agent commissions, [removed: that could] [added: impact the quality or quantity of Move’s listing data and its audience size or] reduce the number of leads and other services agents purchase from Move and adversely affect its business and results of operations or require changes to its business model.

*A Decline in Customer Advertising Expenditures [added: or Other Adverse Changes in the Advertising Ecosystem] Could Cause the Company’s Revenues and Operating Results to Decline Significantly.*

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

[removed: Shifting consumer] [added: Consumer] preferences [removed: toward] [added: for] digital content [removed: consumption and] [added: consumption,] the increasing number of content consumption choices [added: and different ways of purchasing advertising such as programmatic buying] have intensified competition for advertising, increased audience fragmentation and advertising [removed: inventory and] [added: inventory,] decreased demand for the Company’s traditional media offerings and their attractiveness to [removed: advertisers.][added: advertisers and reduced rates.]

Large digital platforms [added: with extensive user data and targeting capabilities] 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.

[removed: 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 [removed: of these] [added: large digital] platforms [removed: 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 [added: reduced support for online tracking technologies, as well as platform and browser requirements, news blocking or bias and new privacy regulations, may also negatively impact digital advertising revenues.]

There can be no assurance that the Company will be able to successfully navigate the evolving digital advertising market or that its digital advertising [removed: revenues will be able to offset declines in advertising revenue from traditional media offerings.]

During fiscal [removed: 2025,] [added: 2026,] factors such as [removed: trade issues,] geopolitical tensions and conflicts 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, [added: trade issues,] recessionary 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.

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 such as its recent divestiture of Foxtel.][added: reasons.]

[removed: For example, the] [added: The] Company relies on Amazon Web Services to supply cloud-based services used in many of the Company’s business activities and Google to provide workspace and other enterprise services.

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, [added: technologies,] data and information on which the Company’s businesses rely.

If 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 Company, experiences operating or financial difficulties, significantly increases the amount it charges the Company for necessary products, services, [added: technologies,] data or information or ceases production or [removed: provision] [added: provision, or limits the extent or manner] of [added: use, of] any [added: significant or] necessary product, service, [added: technology,] data or information, the Company’s business, results of operations and financial condition may be adversely affected.

*The Company’s Reputation, Credibility and Brands are Key Assets and Competitive [removed: Advantages] [added: Advantages,] and its Business and Results of Operations May be Affected by How the Company is Perceived.*

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, 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.

The Company’s brands, credibility and reputation could be damaged by incidents that erode consumer and customer trust or a perception that the Company’s products and services, such as its journalism, real estate information, benchmark and pricing services and other data and information, are low quality, unreliable, biased or fail to maintain independence and integrity, including as a result of [removed: generative] AI tools misattributing [removed: incorrect] [added: inaccurate or misleading] information to the Company.

The Company’s brands and reputation may also be impacted by its sustainability and corporate responsibility [removed: commitments] [added: efforts] and disclosures and positions the Company, its businesses or its publications take or do not take on social issues.

Various stakeholders, regulators and lawmakers [removed: 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.

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

Factors such as inflationary pressures, [removed: 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), [removed: labor unrest,] changes in laws and regulations, such as the E.U.’s Deforestation Regulation, [added: labor shortages or unrest,] natural disasters, extreme [removed: weather (which may occur with increasing frequency and intensity),] [added: weather,] pandemics and other widespread health crises, tariffs or other changes in trade policy or other circumstances affecting the Company’s paper and other third-party suppliers and print and distribution partners have increased, or could in the future increase, the Company’s printing and distribution costs and 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 development of [removed: AI technologies, including generative AI, is] [added: AI-based products and services can be] complex and [added: costly, the technology is] evolving [added: rapidly] and there are challenges associated with achieving desired levels of accuracy, efficiency and reliability.

If the Company’s use of AI in its products and services [added: is viewed negatively by customers or the public or it] produces content, [added: responses,] information, analyses or recommendations that are alleged to be deficient, inaccurate, biased, harmful, discriminatory or [removed: infringing or] otherwise [removed: problematic,] [added: problematic or to violate intellectual property rights,] it may negatively impact its brands and reputation and adversely affect its business, and the Company may be subject to legal and regulatory scrutiny and increased litigation.

Third-party platforms like search engines, social media and AI platforms and digital marketplaces, some of which offer competing products or services, have significant influence over how the Company’s content and other products and services are discovered and displayed.

Changes these platforms make to algorithms, ranking methodologies, presentation, placement, user interfaces, access terms or pricing affect the Company’s ability to attract, retain and monetize consumers and compete effectively.

As these platforms and other emerging competitors continue to incorporate AI features and launch AI-powered products and services such as chatbots, agents, assistants and enhanced search and recommendation tools, they are changing how users discover and consume content and services, including by retaining users within their own digital ecosystems instead of referring them to the Company’s properties.

Increased adoption of these AI-powered tools, products and services, especially those offered by platforms with large embedded audiences, have, and may continue to, reduce traffic to, subscriber demand for, and engagement with, the Company’s digital products and services and harm existing and potential revenue streams.

Technological advances, particularly in AI, have reduced barriers to entry by, among other things, increasing the availability of public sources of free or inexpensive information and decreasing the cost to collect, process and package this information.

Rapid advancements in AI coding tools may also allow new and existing competitors to create competing offerings quickly and at a lower cost.

These developments have, and may continue to, enable additional third parties to compete with the Company’s information products and services and potentially diminish their perceived value.

Recently enacted Australian housing reform legislation may impact listing volumes and the Company’s digital real estate services business in Australia.

In the U.S. residential real estate industry, lawsuits and regulatory investigations, as well as pressure from industry participants, have led to changes in established rules and practices.

Settlements of class action lawsuits against certain brokerages and franchisors, as well as NAR, resulted in changes to NAR’s rules and practices, including how buyer broker commissions are offered and negotiated.

Evolving industry dynamics are shifting some listing inventory away from traditional centralized public MLS databases to private listing networks and alternative digital platforms.

The Company’s products, services and internal tools integrating AI rely on third-party AI platforms, foundation models, cloud-hosted AI services or other vendor-provided technologies.

Changes made by platform operators, including decreasing referrals, the incorporation of AI engines with different algorithms and changes impacting visibility, occur frequently, are outside the Company’s control and have adversely affected, and could adversely affect, traffic and engagement for the Company’s digital properties and consequently, advertising sales and rates.

As the advertising industry evolves in response to AI-driven changes in content discovery and consumption, the Company will need to adapt to new advertising formats, delivery methods, strategies and offerings in order to compete successfully for advertising budgets.

revenues will be able to offset declines in advertising revenue from traditional media offerings.

The use of AI tools may also impact the Company’s relationship

The price of paper has historically been volatile, and the closure of several newsprint suppliers during fiscal 2026 resulted in an increase in the market price for newsprint.

Furthermore, as the Company continues to automate processes and integrate AI capabilities into its workflows, it must continuously equip and empower its workforce to adapt to these changing operational environments.

It is difficult to detect and defend against certain threats and vulnerabilities that can persist over extended periods, and failure by the Company’s third-party providers, customers and partners to notify it of security breaches or other issues relating to their systems or data in a timely manner and with sufficient detail could exacerbate these challenges.

In addition, it may take considerable time for the Company to investigate and evaluate the full impact of cybersecurity incidents, particularly for sophisticated attacks.

As a result, the Company may not be able to promptly provide full and reliable information about the incident to its regulators, vendors, customers and the public.

The Company’s activities are subject to laws and regulations in numerous jurisdictions around the world, including with respect to antitrust, tax, data privacy and security, intellectual property, employment, defamation or libel, consumer protection and other matters.

In addition to the broad legal and regulatory requirements that apply to its business generally, specific areas of the Company’s operations are subject to specialized regulatory regimes.

Expanding regulation of digital services and related business practices and scrutiny and enforcement by consumer protection authorities may impose restrictions on the Company’s digital consumer platforms and data-driven initiatives, including with respect to pricing and subscription practices.

In addition, all of the shares of Class A Common Stock and the majority of the shares of Class B Common Stock formerly held by the Murdoch Family Trust were transferred to LGC Holdco, a Delaware limited liability company owned by certain Murdoch family trusts (collectively, the “LGC Family Trusts”).

The voting and disposition of the shares of Class A Common Stock and Class B Common Stock held by LGC Holdco is, subject to certain limited exceptions, decided solely by a managing director of LGC Holdco’s sole manager who is appointed, and may be replaced, by Lachlan K.

Murdoch.

As a result, Lachlan K.

Lachlan K.

LGC Holdco’s interests may be different from, or conflict with, the interests of the Company’s other stockholders and, as a result, this concentration of ownership may have the effect of delaying, preventing or deterring a change in control of the Company and may negatively affect the market price of its common stock.

Murdoch, Grace Murdoch and Chloe Murdoch (the “Murdoch Individuals”), more than 44% of the outstanding voting power of the shares of Class B Common Stock (the “Ownership Threshold”).

Consumption of the Company’s content on third-party platforms reduces its control over how its content is discovered, displayed and monetized and may affect its ability to attract, retain and monetize consumers directly and compete effectively.

Generative AI-powered chatbots, search overviews and other tools using models trained or grounded on the Company’s content or that produce responses that contain, are similar to or are based on the Company’s content without permission, attribution or compensation, have, and may continue to, reduce traffic to, and subscriber demand for, the Company’s digital products and services and harm existing and potential revenue streams.

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.

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

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.

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.

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.

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.

applicable laws in the U.S. and abroad and the applicability of any legal defenses and/or exceptions to those laws.

technologies or compromise information security.

Additionally, it is difficult to detect and defend against certain threats and vulnerabilities that can persist over extended periods.

Complying with these laws

Various aspects of the Company’s activities are subject to regulation in numerous jurisdictions around the world, and the introduction of new laws and regulations in countries where the Company’s products and services are produced or distributed, and

Benchmarks provided by the Company’s Dow Jones Energy business may be subject to regulatory frameworks in the E.U. and other jurisdictions.

The Company and its newspaper publishing businesses in the U.K. are subject to regulation and oversight as a result of the implementation of recommendations of the Leveson inquiry into the U.K. press and new legislation restricting foreign investment in U.K. newspapers.

Additionally, the Company’s radio stations in the U.K. and Ireland and Talk are subject to governmental regulation by Ofcom.

See “Governmental Regulation—U.K. Press-Related Regulation” and “—U.K. Radio Broadcasting and On-Demand Services Regulation,” respectively, for more information.

For example, there has been an increase in proposed or enacted “anti-ESG” or “anti-DEI” legislation, regulation, policies, enforcement priorities and directives in some jurisdictions that conflict with ESG-related requirements in other jurisdictions.

K.

Also, K.

Rupert Murdoch beneficially owns or may be deemed to beneficially own an additional less than one percent of the Company’s Class B Common Stock as of June 30, 2025.

Thus, K.

Rupert Murdoch may be deemed to beneficially own in the aggregate less than one percent of the Company’s Class A Common Stock and approximately 41.2% of the Company’s Class B Common Stock as of June 30, 2025.

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 [removed: 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: 2023.][added: 2024.]

Management’s Discussion and Analysis of Financial Condition and Results of Operations” [removed: within Exhibit 99.1 of] [added: in] the Company’s [removed: 8-K filed] [added: Annual Report] on [removed: May 13,] [added: Form 10-K for the fiscal year ended June 30,] 2025 for a discussion of fiscal [removed: 2023.*][added: 2024.*]

News Corporation (together with its subsidiaries, “News Corporation,” “News Corp,” the “Company,” [removed: “we”] [added: “we,”] or “us”) is a global diversified media and information services company comprised of businesses across a range of media, including: information services and news, digital real estate 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: 2025] [added: 2026] and [removed: 2024] [added: 2025] 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: 2025] [added: 2026] and [removed: 2024.][added: 2025.]

Fiscal [removed: 2025] [added: 2026] and [removed: 2024] [added: 2025] 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: 2025] [added: 2026] and [removed: 2024,] [added: 2025,] 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: 2025.][added: 2026.]

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

Dow Jones’s [removed: consumer] [added: news] 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 and other solutions to help customers identify and manage regulatory, corporate, geopolitical, security and reputational risk with tools focused on financial crime, sanctions, trade and other risks and compliance requirements, Dow Jones Energy, a leading provider of pricing data, news, insights, analysis and other information for energy commodities and key base chemicals, Factiva, a leading provider of global business content, and Dow Jones Newswires, which distributes real-time business news, information and analysis to financial professionals and investors.

- Digital Real Estate Services—The Digital Real Estate Services segment consists of the Company’s [removed: 61.4%] [added: 62.0%] interest in REA Group and 80% interest in Move.

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

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

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

Move also offers [added: Realtor.com®+TM, its collaborative home search platform that helps real estate professionals and consumers connect, as well as] online tools and services to do-it-yourself landlords and tenants.

- News Media—The News Media segment consists primarily of News Corp Australia, News UK and the *New York Post* and includes *The Australian*, *The Daily Telegraph*, *Herald Sun*, *The Courier Mail*, *The Advertiser* and the news.com.au website in Australia, *The Times*, *The Sunday Times*, *The Sun*, *The Sun on Sunday* and thesun.co.uk in the U.K. and the-sun.com in the U.S. This segment also includes [added: News Broadcasting (formerly] Wireless [removed: Group,] [added: Group),] operator of talkSPORT, the leading sports radio network in the U.K., [removed: Talk in the U.K.,] [added: and] Australian News Channel, which operates the [added: News24 network (formerly] Sky News [removed: Australia network,] [added: Australia),] Australia’s 24-hour multi-channel, multi-platform news [removed: service, and Storyful, a social media content agency.][added: service.]

Revenue from the Dow Jones segment’s [removed: consumer business] [added: news products] is derived primarily from circulation, which includes [removed: subscription] [added: individual consumer] and [added: enterprise customer subscriptions and] single-copy sales of its digital and print [removed: consumer] [added: news] products, the sale of digital and print advertising, licensing fees for its print and digital [removed: consumer] content and participation fees for its live journalism events.

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

Advertising revenue is dependent on a number of factors, including demand for the Dow Jones segment’s [removed: consumer] [added: news] products, general economic and business conditions, demographics of the customer base, advertising rates and effectiveness and brand strength and reputation.

In addition, [removed: the consumer] print [removed: business faces] [added: product sales face] challenges from alternative media formats and shifting consumer preferences, which have adversely affected, and are expected to continue to adversely affect, both print circulation and advertising revenues.

As a multi-platform news provider, the Dow Jones segment seeks to maximize revenues from a variety of media formats and platforms, including leveraging its content through licensing arrangements with third-party platforms, developing new advertising models and growing its live journalism events business, and continues to invest in its digital and other products, which represent [removed: an increasingly larger share] [added: a substantial majority] of [added: the] revenues [removed: at] [added: for] its [removed: consumer business.][added: news products.]

[removed: Mobile devices and apps and other technologies] [added: Technological developments] provide continued opportunities for the Dow Jones segment to make its content available to a new audience of readers, [added: cultivate new revenue streams,] introduce new or different pricing schemes and develop its products to continue to attract advertisers and/or affect the relationship between content providers and [removed: consumers.][added: their consumers and customers.]

Unauthorized use, including in the digital environment and as a result of [removed: recent advances] [added: developments] in artificial intelligence (“AI”), [removed: 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 [added: and evolving] technologies, including [removed: generative] AI, continues to be unsettled and is changing rapidly, and laws and regulations [removed: may] [added: often] differ from jurisdiction to jurisdiction.

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

As a result of rapidly changing and evolving technologies (including [added: continued] developments in [removed: AI, particularly generative AI),] [added: AI and AI-enabled tools),] distribution platforms and business models, and corresponding changes in consumer behavior, the [removed: consumer business continues] [added: news products continue] to face increasing competition for both circulation and advertising revenue, including from a variety of alternative news and information sources, programmatic advertising buying channels and AI [removed: aggregators] [added: platforms, products] and [added: services and] other emerging technology platforms.

Operating expenses for the [removed: consumer] [added: news products] business include costs related to [added: editorial,] paper, production, distribution, third-party [removed: printing, editorial] [added: printing] and commissions.

The costs associated with printing and distributing newspapers, including paper prices and delivery costs, are key operating expenses whose fluctuations can have a material effect on the results of the Dow Jones segment’s [removed: consumer] [added: news products] business.

[removed: The consumer] [added: This] 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 trade restrictions.

The Dow Jones segment’s professional information products compete with various information service providers, compliance data providers, global financial newswires and energy and commodities pricing and data providers, including Reuters News, RELX (including LexisNexis and ICIS), [removed: Refinitiv,] [added: LSEG Risk Intelligence,] S&P Global, DTN and Argus Media, as well as many other providers of news, information and compliance data.

The professional information business also faces increasing competition from a variety of AI-powered [removed: platforms] [added: platforms, products] and services.

The Digital Real Estate Services segment generates revenue through property and property-related advertising and services, including: the sale of real estate listing and lead generation products and referral-based services to agents, brokers, developers, homebuilders and landlords; real estate-related and property rental-related services; [added: and] display advertising on residential real estate and commercial property [removed: sites; and residential property data services to the financial sector.][added: sites.]

The Digital Real Estate Services segment also generates revenue through commissions from referrals generated through its digital property search and financing offering and mortgage broking [removed: services.][added: services, as well as the sale of residential property data services to the financial sector.]

The Digital Real Estate Services segment’s results are highly sensitive to conditions in the real estate market, as well as macroeconomic factors such as interest rates and inflation, which [removed: are expected to] [added: could] continue to adversely impact [removed: real estate lead and transaction volumes and adjacent businesses] [added: the market] in the near term, particularly in the U.S.

The Digital Real Estate Services segment’s success depends on its continued [removed: innovation] [added: innovation, including the effective incorporation of AI,] to provide products and services that are useful for consumers and real estate, mortgage and financial services professionals, homebuilders and landlords and attractive to its advertisers.

The Digital Real Estate Services segment operates in a highly competitive digital environment with other operators of real estate and property websites and mobile [removed: apps.][added: apps, and also faces competition from emerging AI-powered platforms, tools and services.]

The Book Publishing segment derives revenues from the sale and licensing of general fiction, nonfiction, children’s and religious books in the U.S. and [removed: internationally.][added: internationally, as well as from third-party distribution services.]

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

[removed: 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 [added: continued] developments in [removed: AI, particularly generative AI),] [added: AI and AI-enabled tools),] 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 revenue.

[removed: Mobile devices and apps and other technologies] [added: Technological developments] provide continued opportunities for the businesses within the News Media segment to make their content available to a new audience of readers, [added: cultivate new revenue streams,] introduce new or different pricing schemes and develop their products to continue to attract advertisers and/or affect the relationship between content providers and consumers.

Additionally, the legal and regulatory landscape continues to change rapidly and may impact the Dow Jones segment’s ability to protect its intellectual property, execute its data-driven initiatives and engage in certain pricing and other business practices.

Changes on these platforms occur frequently, are outside the Company’s control and can adversely affect traffic and engagement for the News Media segment’s digital properties.

2026 Credit Agreement

In March 2026, the Company entered into an amended and restated credit agreement which, among other things, extended the maturity of its credit facilities to five years, increased the capacity under its revolving credit facility from $750 million to $1 billion and increased the amounts outstanding under its term loan A facility from $456 million to $500 million.

Refer to Note 9—Borrowings in the accompanying Consolidated Financial Statements for further detail.

Recent Geopolitical Tensions and Conflicts

The Company is monitoring ongoing geopolitical tensions and conflicts, particularly the recent conflict in Iran and related regional instability.

The conflict has not had a material impact on the Company’s business or results of operations to date.

However, the conflict has disrupted energy supplies and led to increases in global fuel prices, which has heightened inflationary pressures, disrupted global supply chains and adversely impacted consumer spending.

| Net income | | | 743 | | | | | | 1,340 | | | | | | (597) | | | | | | (45) | | % |

The increase in operating expenses for the fiscal year ended June 30, 2026 was primarily due to higher costs at the Book Publishing segment driven by higher costs related to higher sales volume, a $16 million one-time write-off in the second quarter of fiscal 2026 primarily related to inventory at HarperCollins’ international operations and higher employee costs and at the News Media segment driven by the negative impact of foreign currency fluctuations partially offset by lower Talk costs.

The increase in expense was also due to higher costs at the News Media segment driven by the negative impact of foreign currency fluctuations, costs related to the recently launched *California Post* and higher costs at News Broadcasting, partly due to the FIFA World Cup.

| | | | 2026 | | | | | | 2025 | | |

| | | | 2026 | | | | | | | | | | | | 2025 | | | | | | | | |

| | | | 2026 | | | | | | 2025 | | | | | | Change | | | | | | % Change | | |

| | | | 2026 | | | | | | 2025 | | | | | | Change | | | | | | % Change | | |

| Dow Jones Risk & Compliance | | | 392 | | | | | | 337 | | | | | | 55 | | | | | | 16 | | % |

| | | | 2026 | | | | | | 2025 | | | | | | Change | | | | | | % Change | | |

| Total News Products(e) | | | | | | | | | | | | | | | | | | | | | | | |

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

Advertising revenues increased $22 million, or 6%, for the fiscal year ended June 30, 2026 as compared to fiscal 2025 due to $24 million of higher digital advertising revenues driven by the technology and financial services sectors.

| | | | 2026 | | | | | | 2025 | | | | | | Change | | | | | | % Change | | |

| Real estate | | | 1,571 | | | | | | 1,410 | | | | | | 161 | | | | | | 11 | | % |

Lead volumes increased 5% compared to the corresponding period of fiscal 2025.

| | | | 2026 | | | | | | 2025 | | | | | | Change | | | | | | % Change | | |

The increase was primarily due to higher physical book sales driven by Rachel Reid’s *Game Changers* series, which includes *Heated Rivalry*, and strength in Christian Publishing.

Digital sales increased by 4% as compared to fiscal 2025 driven by growth in e-book and audiobook sales.

| | | | 2026 | | | | | | 2025 | | | | | | Change | | | | | | % Change | | |

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

The decrease was driven by costs related to the recently launched *California Post* and higher costs at News Broadcasting, partly due to the FIFA World Cup, partially offset by lower Talk costs.

| | | | 2026 | | | | | | | | | | | | 2025 | | | | | | | | | | | |

Additionally, on February 6, 2026, REA Group announced a share repurchase program authorizing REA Group to purchase up to A$200 million of its outstanding fully paid ordinary shares listed on the ASX (ASX: REA) which was completed during the fiscal year ended June 30, 2026.

For the fiscal year ended June 30, 2026, REA Group repurchased A$200 million (approximately $141 million) of its shares.

| | | | 2026 | | | | | | 2025 | | |

| | | | | | | 2026 | | | | | | 2025 | | |

| | | | | | | 2026 | | | | | | 2025 | | |

| | | | | | | 2026 | | | | | | 2025 | | |

| | | | 2026 | | | | | | 2025 | | |

In March 2026, the Company entered into an Amended and Restated Credit Agreement (the “2026 Credit Agreement”) that provides $1.5 billion of unsecured credit facilities (the “2026 Facilities”) to the Company to refinance its 2022 Credit Agreement and for general corporate purposes.

The 2026 Facilities are comprised of a $1 billion five-year unsecured revolving credit facility (the “2026 Revolving Facility”) and a $500 million five-year unsecured term loan A credit facility (the “2026 Term A Facility,” and the loans under the 2026 Term A Facility are collectively referred to as “2026 Term A Loans”).

Supplemental revenue information is also included for reporting units within certain segments and is presented on a gross basis, before eliminations in consolidation.

Sale of Foxtel Group

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.

See Note 3—Discontinued Operations in the accompanying Consolidated Financial Statements.

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.

| Net income | | | 1,340 | | | | | | 354 | | | | | | 986 | | | | | | 279 | | % |

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.

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

See Note 7—Property, Plant and Equipment in the accompanying Consolidated Financial Statements.

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.

Following an executive order issued by the United States in January 2025 announcing opposition to aspects of these rules, the G7 issued a statement on June 28, 2025 acknowledging that U.S. parented groups would be exempt from certain aspects of Pillar 2 in recognition of existing U.S. minimum tax rules to which they are subject.

The statement acknowledges that these issues have relevance to the wider group of countries in the OECD Inclusive Framework with a view to reaching an acceptable solution for all.

While these rules are not currently expected to have a material impact on the Company’s results of operations, their application continues to evolve, and the outcome may alter aspects of how the Company’s tax obligations are determined in countries in which it does business.

In addition, while several jurisdictions have rolled back their digital services taxes, certain jurisdictions continue to maintain, or have enacted new digital services taxes.

Those taxes have had limited impact on the Company’s overall tax obligations, but the Company continues to monitor them.

| | | | 2025 | | | | | | 2024 | | |

| | | | 2025 | | | | | | | | | | | | 2024 | | | | | | | | |

| Risk and Compliance | | | 337 | | | | | | 294 | | | | | | 43 | | | | | | 15 | | % |

| Total Consumer(e) | | | | | | | | | | | | | | | | | | | | | | | |

The increases were largely offset by the continued negative impact of the macroeconomic environment on the U.S. housing market, including higher interest rates, which resulted in a 9% decline in lead volumes and lower transaction volumes.

Digital sales increased by 5% as compared to fiscal 2024 driven by continued market growth in audiobooks, including the contribution from the Spotify partnership, as well as growth in e-book sales.

Other revenues decreased $51 million, or 18%, primarily driven by the transfer of third-party printing revenue contracts to News UK’s joint venture with DMG Media in fiscal 2024.

Advertising revenues decreased $39 million, or 5%, as compared to fiscal 2024, primarily due to lower print advertising revenues at News Corp Australia and lower digital advertising revenues at News UK, driven by a decline in traffic, mainly at *The Sun*, due to algorithm changes at certain platforms, partially offset by higher advertising revenues at Wireless Group and the $5 million positive impact of foreign currency fluctuations.

The increase was driven by cost savings initiatives, including lower Talk costs and the combination of News UK’s printing operations with those of DMG Media, partially offset by the decrease in revenues discussed above.

*News Corp Australia*

Revenues were $895 million for the fiscal year ended June 30, 2025, a decrease of $34 million, or 4%, as compared to fiscal 2024 revenues of $929 million.

The table below details the percentage of revenues and expenses by the three principal currencies for the fiscal years ended June 30, [removed: 2025] [added: 2026] and [removed: 2024:][added: 2025:]

| Fiscal year ended June 30, [removed: 2024] [added: 2026] | | | | | | | | | | | | | | | | | |

| Revenues | | | [removed: 51] [added: 50] | | % | | | | [removed: 27] [added: 28] | | % | | | | [removed: 18] [added: 17] | | % |

| Operating and Selling, general and administrative expenses | | | 52 | | % | | | | 23 | | % | | | | [removed: 20] [added: 18] | | % |

Based on the fiscal year ended June 30, [removed: 2025,] [added: 2026,] 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: $35] [added: $37] million and $11 million, respectively, for each currency on an annual basis, and would have impacted Total Segment EBITDA by approximately [removed: $10] [added: $12] million and [removed: $1] [added: $2] million, respectively, on an annual basis.

The Company’s current financing arrangements and facilities include $1,500 million of outstanding fixed-rate debt and [removed: $475] [added: $500] 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).

News Corporation has entered into an interest rate swap cash flow hedge to fix the floating rate interest component of [added: a portion of] its [added: 2026] Term A Loans.

As of June 30, [removed: 2025,] [added: 2026,] the notional amount of interest rate swap contracts outstanding was approximately [removed: $475] [added: $450] million for News Corporation borrowings.

As noted above, News Corporation has entered into an interest rate swap cash flow hedge to fix the floating rate interest component of [added: a portion of] its [added: 2026] Term A Loans.

The table below provides further details of the sensitivity of the Company’s derivative financial instruments which are subject to interest rate risk as of June 30, [removed: 2025 (in millions):][added: 2026:]

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

| Interest rate derivatives | | | [removed: US$] [added: $] | [removed: 475] [added: 450] | | | | | [removed: US$] [added: $] | [removed: 12] [added: 6] | | | | | | | | | | | [removed: US$] [added: $] | [removed: (1)] [added: —] | |

The Company’s receivables did not represent significant concentrations of credit risk as of June 30, [removed: 2025] [added: 2026] or June 30, [removed: 2024] [added: 2025] 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: 2025,] [added: 2026,] the Company did not anticipate nonperformance by any of the counterparties.

| | | | (in millions) | | | | | | | | | | | | | | | | | | | | |

Refer to Note 11—Financial Instruments and Fair Value Measurements in the accompanying Consolidated Financial Statements for further detail.

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

approximately $475 million for News Corporation borrowings.

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

The Company comprises businesses across a range of media, including information services and news, digital real estate 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 [removed: Times,*] [added: Times*,] HarperCollins Publishers, realestate.com.au, Realtor.com®, talkSPORT and many others.

Fiscal [removed: 2025,] [added: 2026,] fiscal [removed: 2024] [added: 2025] and fiscal [removed: 2023] [added: 2024] each included 52 weeks.

Unless otherwise noted, all references to the fiscal years ended June 30, [removed: 2025,] [added: 2026,] June 30, [removed: 2024] [added: 2025] and June 30, [removed: 2023] [added: 2024] relate to the fiscal years ended June [added: 28, 2026, June] 29, [removed: 2025,] [added: 2025 and] June 30, [removed: 2024 and July 2, 2023,] [added: 2024,] respectively.

Unless otherwise indicated, references in this Annual Report on Form 10-K for the fiscal year ended June 30, [removed: 2025] [added: 2026] (the “Annual Report”) to the “Company,” “News Corp,” “we,” “us,” or “our” means News Corporation and its subsidiaries.

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 [removed: 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.

| | | | For the fiscal year ended June 30, [removed: 2025] [added: 2026] | | | | | | | | |

| Digital Real Estate Services | | | [removed: 1,802] [added: 2,016] | | | | | | [removed: 601] [added: 741] | | |

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

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

[removed: As consumer preferences for content consumption evolve, the] [added: 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 [added: third-party platforms, which is referred to as off-platform distribution, and for artificial intelligence (“AI”) applications.]

[removed: Products targeting consumers] [added: News products] include the following:

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

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

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

For the year ended June 30, [removed: 2025,] [added: 2026,] WSJ Mobile (including WSJ.com accessed via mobile devices, as well as apps, and excluding off-platform distribution) accounted for approximately [removed: 70%] [added: 72%] of visits to WSJ’s digital news and information products according to Adobe Analytics.

The Barron’s Group [removed: focuses on Dow Jones consumer brands outside of The Wall Street Journal franchise, including] [added: includes] *Barron’s* and MarketWatch, among other properties.

[removed: *•Investor’s] [added: - *Investor’s] Business Daily (IBD)*.

WSJDN offers advertisers the opportunity to reach Dow Jones’s audience across a number of brands, including WSJ, [removed: Barron’s,] [added: *Barron’s*,] MarketWatch and IBD.

The following table provides [added: selected] information regarding average daily subscriptions during the three months ended June 30, [removed: 2025] [added: 2026] for [removed: certain] [added: the] Dow Jones [removed: segment consumer products and for all consumer] [added: segment’s] subscription [added: news] products:

| (in 000’s) | | | The Wall Street Journal(1) | | | | | | Barron’s Group(1)(2) | | | | | | Total [removed: Consumer(1)(3)] [added: News Products(1)(3)] | | |

(1)Based on internal data for the period from March [removed: 31, 2025] [added: 30, 2026] to June [removed: 29, 2025.][added: 28, 2026.]

Excludes off-platform distribution, except for certain custom workflow [removed: integration products.][added: integrations in connection with enterprise customer subscriptions.]

(3)Total [removed: Consumer] [added: News Products] consists of *The Wall Street Journal*, Barron’s Group and *Investor’s Business Daily*.

[removed: (4)Subscriptions] [added: Enterprise customer subscriptions] include [removed: individual consumer subscriptions, as well as] subscriptions purchased by companies, schools, businesses and associations for use by their respective employees, students, customers or members.

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

| | | | [removed: FY2025] [added: FY2026] Average Monthly Visits(1) | | | | | | [removed: FY2025] [added: FY2026] Average Monthly Unique Users(2) | | |

| WSJ | | | [removed: 129] [added: 130] million | | | | | | [removed: 34] [added: 35] million | | |

| MarketWatch | | | [removed: 56] [added: 43] million | | | | | | [removed: 17] [added: 12] million | | |

| WSJDN | | | [removed: 211] [added: 195] million | | | | | | [removed: 67] [added: 58] million | | |

(1)Includes visits via websites and mobile apps [added: from individual consumers and enterprise customers] based on Adobe Analytics for the 12 months ended June 30, [removed: 2025.][added: 2026.]

(2)Includes aggregate unique [added: individual consumer and enterprise customer] users accessing websites and mobile apps based on Adobe Analytics for the 12 months ended June 30, [removed: 2025.][added: 2026.]

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

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

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

This combination of business news and information, plus sophisticated tools and [removed: generative AI] [added: AI-powered] solutions, helps professionals find, monitor, interpret and share essential information.

As of June 30, [removed: 2025,] [added: 2026,] there were approximately [removed: 1.1 million] [added: 852,000] activated Factiva users, including both [removed: institutional and] individual [added: and registered institutional] accounts.

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

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

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

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

| Dow Jones | | | $ | 2,497 | | | | | $ | 663 | |

| Book Publishing | | | 2,288 | | | | | | 287 | | |

| News Media | | | 2,227 | | | | | | 139 | | |

| Other | | | — | | | | | | (203) | | |

News Products

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

| Digital-only subscriptions(4)(5) | | | 4,465 | | | | | | 1,512 | | | | | | 6,258 | | |

| Print subscriptions(4)(5) | | | 362 | | | | | | 90 | | | | | | 467 | | |

| Total subscriptions(4) | | | 4,827 | | | | | | 1,602 | | | | | | 6,725 | | |

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

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

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

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

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

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

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

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

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

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

During fiscal 2026, HarperCollins U.S. had 230 titles on the *New York Times* print and digital bestseller lists, with 37 titles hitting number one, including *The Ballad of Falling Dragons* by Sarah A.

Parker, *The Case for America* by Bret Baier, *The Gingerbread Bakery* by Laurie Gilmore, *The Humble Pie* and *The Smart Cookie* by Jory John, *How to Test Negative for Stupid* by U.S. Senator John Kennedy, *Hansel and Gretel* by Stephen King, *An Inside Job* by Daniel Silva, *Katabasis* by R.F. Kuang, *Little Blue Truck’s Valentine* by Alice Schertle, *A Long Walk to Water* by Linda Sue Park, *The Pioneer Woman Cooks: The Essential Recipes* by Ree Drummond, *Nothing is Impossible with God* by Shannon Bream, *Watch Me* and *Release Me* by Tahereh Mafi, *Starside* by Alex Aster, *Stripped Down* by Bunnie Xo, *A Theory of Dreaming* by Ava Reid, *The Thorn Queen* by Sasha Peyton Smith, *Warriors: Changing Skies #2: Hidden Moon* and *Warriors: The Prophecies Begin #3* by Erin Hunter, *We Are All Guilty Here* by Karin Slaughter, *Whistler* by Ann Patchett and *Wombat Waiting* by Katherine Applegate.

| *The Australian* | | | | | | 341,975 | | | | | | 4.9 million | | |

| *Herald Sun* | | | | | | 148,753 | | | | | | 4.3 million | | |

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

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

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

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

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

Regulations adopted in 2025 introduced exceptions to this regime, including by permitting certain state-owned investors to hold, as passive investments, up to 15% of the shares or voting rights in a U.K. newspaper enterprise, subject to notification and other conditions, and extended the regime to online newspapers and periodical news magazines.

For example, under current U.S. copyright law, the selection, coordination and arrangement of data may be protectable, but the underlying factual data may not be.

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

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

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) | | |

Consumer Products

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 | | |

Competition for subscriptions and

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

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

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

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 | | |

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

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.

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

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

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

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

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

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

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: 2025][added: 2026]

[removed: ][added: ]

As of December [removed: 27, 2024,] [added: 26, 2025,] 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: $10,514,761,071,] [added: $9,747,594,816,] based upon the closing price of [removed: $27.79] [added: $26.22] 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: $3,442,215,677,] [added: $3,660,757,368,] based upon the closing price of [removed: $30.78] [added: $29.87] 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: 2025] [added: 2026] 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: [14](#i3a109f9f40af4f7597a3b4073d45ecde_16)] [added: [16](#i3a109f9f40af4f7597a3b4073d45ecde_16)] | | |

| | | | [ITEM 1B.](#i3a109f9f40af4f7597a3b4073d45ecde_19) | | | [Unresolved Staff Comments](#i3a109f9f40af4f7597a3b4073d45ecde_19) | | | [removed: [27](#i3a109f9f40af4f7597a3b4073d45ecde_19)] [added: [29](#i3a109f9f40af4f7597a3b4073d45ecde_19)] | | |

| | | | [ITEM 1C.](#i3a109f9f40af4f7597a3b4073d45ecde_1963) | | | [Cybersecurity](#i3a109f9f40af4f7597a3b4073d45ecde_1963) | | | [removed: [27](#i3a109f9f40af4f7597a3b4073d45ecde_1963)] [added: [30](#i3a109f9f40af4f7597a3b4073d45ecde_1963)] | | |

| | | | [ITEM 2.](#i3a109f9f40af4f7597a3b4073d45ecde_22) | | | [Properties](#i3a109f9f40af4f7597a3b4073d45ecde_22) | | | [removed: [29](#i3a109f9f40af4f7597a3b4073d45ecde_22)] [added: [31](#i3a109f9f40af4f7597a3b4073d45ecde_22)] | | |

| | | | [ITEM 3.](#i3a109f9f40af4f7597a3b4073d45ecde_25) | | | [Legal Proceedings](#i3a109f9f40af4f7597a3b4073d45ecde_25) | | | [removed: [29](#i3a109f9f40af4f7597a3b4073d45ecde_25)] [added: [32](#i3a109f9f40af4f7597a3b4073d45ecde_25)] | | |

| | | | [ITEM 4.](#i3a109f9f40af4f7597a3b4073d45ecde_28) | | | [Mine Safety Disclosures](#i3a109f9f40af4f7597a3b4073d45ecde_28) | | | [removed: [30](#i3a109f9f40af4f7597a3b4073d45ecde_28)] [added: [32](#i3a109f9f40af4f7597a3b4073d45ecde_28)] | | |

| | | | [ITEM 5.](#i3a109f9f40af4f7597a3b4073d45ecde_34) | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#i3a109f9f40af4f7597a3b4073d45ecde_34) | | | [removed: [31](#i3a109f9f40af4f7597a3b4073d45ecde_34)] [added: [33](#i3a109f9f40af4f7597a3b4073d45ecde_34)] | | |

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

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

| | | | [ITEM 7A.](#i3a109f9f40af4f7597a3b4073d45ecde_58) | | | [Quantitative and Qualitative Disclosures About Market Risk](#i3a109f9f40af4f7597a3b4073d45ecde_58) | | | [removed: [52](#i3a109f9f40af4f7597a3b4073d45ecde_58)] [added: [54](#i3a109f9f40af4f7597a3b4073d45ecde_58)] | | |

| | | | [ITEM 8.](#i3a109f9f40af4f7597a3b4073d45ecde_61) | | | [Financial Statements and Supplementary Data](#i3a109f9f40af4f7597a3b4073d45ecde_61) | | | [removed: [55](#i3a109f9f40af4f7597a3b4073d45ecde_61)] [added: [57](#i3a109f9f40af4f7597a3b4073d45ecde_61)] | | |

As of July 31, 2026, 360,503,747 shares of Class A Common Stock and 180,548,891 shares of Class B Common Stock were outstanding.

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.

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

The Company reinforces a culture of secure behavior through annual cybersecurity and privacy awareness [removed: trainings,] [added: training,] quarterly phishing exercises and regular delivery of other security awareness content via 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, identity and access management, multi-factor authentication, [added: data and network] encryption, endpoint detection and response, 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 maintains a cybersecurity incident response [removed: policy] [added: policy, plan] and [removed: plan,] [added: standard,] which in conjunction with the above measures, are designed to facilitate detection, analysis, containment, remediation and recovery from cybersecurity incidents and set forth processes to manage, escalate and, as appropriate, report such incidents based on their potential impact to the Company.

The Company also undertakes disaster recovery and business continuity planning and maintains certain system redundancies to limit the impact of cybersecurity [removed: incidents] and other [removed: disruptions,] [added: events,] but there can be no assurance that these efforts will be successful.

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 an evaluation of the Company’s cybersecurity program [added: maturity] based on the NIST Cybersecurity Framework approximately every [removed: two] [added: three] years.

To date, the Company [removed: is] [added: has] not [removed: aware of] [added: determined that] any cybersecurity [removed: incidents that have] [added: incident has] materially affected or [removed: are] [added: is] reasonably likely to materially affect the Company, including its business strategy, results of operations or financial condition.

Risk Factors” in this Annual Report on Form 10-K, and there can be no assurance that cybersecurity threats or incidents will not have a material adverse effect on the [removed: Company in the future.][added: Company.]

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

The Company’s [removed: global cybersecurity organization,] [added: Cybersecurity Office,] led by the CISO, is responsible for developing and implementing cybersecurity policies and procedures and identifying potential risks across the Company and [removed: works closely with] [added: includes] dedicated cybersecurity personnel at the Company’s business units.

The Company’s reporting framework also includes its incident response [removed: policy and] [added: policy,] plan and [added: standard 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 Committee or the Board of Directors, as appropriate.

The Cybersecurity Office also includes designated Business Information Security Officers at the Company’s business units.

[removed: (a)The leased] [added: The Company leases office space at The News Building, 1 London Bridge Street, London, England for the] headquarters and editorial offices of the London operations of News UK, Dow Jones and HarperCollins and the broadcast studios for the Company’s U.K. radio [removed: stations at The News Building, 1 London Bridge Street, London, England;][added: stations.]

The Company leases office space at 1211 Avenue of the Americas, New York, New York for its corporate headquarters and the executive and editorial offices of Dow Jones and the *New York Post.* The Company also leases space in various other locations in the U.S., including for office space, warehousing and information technology infrastructure, which primarily supports the Company’s corporate operations and those of Dow Jones, HarperCollins and Move.

The Company also leases space in various other locations throughout Europe, including for office space and warehousing, which primarily supports the operations of its U.K. newspapers, HarperCollins and Dow Jones.

The Company owns interests in publishing and printing facilities in England and Scotland, which are leased to its joint venture with DMG Media.

The Company owns office space at 2 Holt Street, Sydney, Australia, which houses the headquarters of News Corp Australia, printing and publishing operations for *The Australian*, *The Daily Telegraph* and *The Sunday Telegraph* and broadcast studios for News24.

The Company also leases space in various other locations in Australia and Asia, including for office space and printing, and owns a print center and office building in Adelaide, Australia.

These properties primarily support the operations of News Corp Australia, REA Group and Dow Jones.

The Company’s principal real properties in the U.S. are the following:

(a)The leased U.S. headquarters of the Company, located at 1211 Avenue of the Americas, New York, New York.

The space includes the executive and corporate offices of the Company and the executive and editorial offices of Dow Jones and the *Post*;

(b)The leased offices of HarperCollins U.S. in New York, New York;

(c)The office space campus owned by the Company in South Brunswick, New Jersey; and

(d)The leased offices of Move in Austin, Texas.

The Company’s principal real properties in Europe are the following:

(b)The newspaper production and printing facilities for its U.K. newspapers, which consist of:

1.The leased office space at each of Fleet House, Peterborough, England; Dublin, Ireland; and Glasgow City Centre, Scotland; and

2.The freehold interests in each of a publishing and printing facility in Broxbourne, England and printing facilities in Knowsley, England and North Lanarkshire, Scotland1; and

(c)The leased warehouse and office facilities of HarperCollins Publishers Limited in Glasgow, Scotland.

The Company’s principal real properties in Australia and Asia are the following:

(a)The Australian newspaper production and printing facilities which consist of:

1.A Company-owned print center and an office building in Sydney, Australia at which *The Australian*, *The Daily Telegraph* and *The Sunday Telegraph* are printed and published, respectively;

2.The leased print center and office facility in Melbourne, Australia at which *Herald Sun* and *Sunday Herald Sun* are printed and published, respectively; and

3.A Company-owned print center and an office building in Adelaide, Australia at which *The Advertiser* and *Sunday Mail* are printed and published, respectively;

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

(c)The leased office space of Dow Jones in Hong Kong.

As of [removed: August 1, 2025,] [added: July 31, 2026,] there were approximately [removed: 12,700] [added: 11,600] 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 “2021 Repurchase [removed: Program”).][added: Program”), which was completed during the fiscal year ended June 30, 2026.]

[removed: The remaining] [added: As of June 30, 2026, there was no] authorized amount [added: remaining] under the 2021 Repurchase [removed: Program as of June 30,] [added: Program, and the remaining authorized amount under the] 2025 [added: Repurchase Program] was approximately [removed: $310] [added: $667] million.

The following table summarizes the shares repurchased and subsequently retired [added: under the Stock Repurchase Programs] and the related consideration [removed: paid] [added: paid, excluding associated taxes, fees, commissions or other costs,] during the fiscal years ended June 30, [removed: 2025, 2024] [added: 2026, 2025] and [removed: 2023:][added: 2024:]

| | | | [removed: 2025] [added: 2026] | | | | | | | | | | | | [removed: 2024] [added: 2025] | | | | | | | | | | | | [removed: 2023] [added: 2024] | | | | | | | | |

| Class A Common Stock | | | [removed: 3.5] [added: 16.2] | | | | | | $ | [removed: 97] [added: 423] | | | | | [removed: 3.4] [added: 3.5] | | | | | | $ | [removed: 79] [added: 97] | | | | | [removed: 9.5] [added: 3.4] | | | | | | $ | [removed: 159] [added: 79] | |

| Class B Common Stock | | | [removed: 1.8] [added: 7.5] | | | | | | [removed: 53] [added: 220] | | | | | | [removed: 1.6] [added: 1.8] | | | | | | [removed: 38] [added: 53] | | | | | | [removed: 4.7] [added: 1.6] | | | | | | [removed: 81] [added: 38] | | |

| Total | | | [removed: 5.3] [added: 23.7] | | | | | | $ | [removed: 150] [added: 643] | | | | | [removed: 5.0] [added: 5.3] | | | | | | $ | [removed: 117] [added: 150] | | | | | [removed: 14.2] [added: 5.0] | | | | | | $ | [removed: 240] [added: 117] | |

The following table details the Company’s monthly share repurchases during the three months ended June 30, [removed: 2025:][added: 2026:]

| | | | Total Number of Shares [removed: Purchased - Class A(a)] [added: Purchased(a)] | | | | | | [removed: Total Number of Shares Purchased - Class B(a)] | | | | | | Average Price Paid Per [removed: Share - Class A(b)] [added: Share(b)] | | | | | | [removed: Average Price Paid Per Share - Class B(b)] | | | | | | Total Number of Shares Purchased as Part of Publicly Announced Program | | | | | | Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Program(b) | | |

(a)The Company has not made any repurchases of Common Stock other than in connection with the publicly announced [removed: 2021] [added: 2025] Repurchase Program described above.

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 [removed: is] [added: was] in addition to the remaining authorized amount under the 2021 Repurchase [removed: Program.][added: Program at that time.]

The manner, timing, number and share price of any repurchases [removed: 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 [removed: Stock] [added: 2025] Repurchase [removed: Programs have] [added: Program has] no time limit and may be modified, suspended or discontinued at any time.

| | | | Class A | | | | | | Class B | | | | | | Class A | | | | | | Class B | | | | | | | | | | | | | | |

| March 30, 2026 - April 26, 2026 | | | 1.5 | | | | | | 0.7 | | | | | | $ | 25.24 | | | | | $ | 29.00 | | | | | 2.2 | | | | | | $ | 792 | |

| April 27, 2026 - May 31, 2026 | | | 1.7 | | | | | | 0.8 | | | | | | $ | 26.28 | | | | | $ | 30.21 | | | | | 2.5 | | | | | | $ | 724 | |

| June 1, 2026 - June 28, 2026 | | | 1.4 | | | | | | 0.8 | | | | | | $ | 26.05 | | | | | $ | 29.61 | | | | | 2.2 | | | | | | $ | 667 | |

| Total | | | 4.6 | | | | | | 2.3 | | | | | | $ | 25.87 | | | | | $ | 29.61 | | | | | 6.9 | | | | | | | | |

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

| 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 | | | | | | | | |

| [Management’s Report on Internal Control Over Financial Reporting](#i3a109f9f40af4f7597a3b4073d45ecde_64) | | | [removed: [56](#i3a109f9f40af4f7597a3b4073d45ecde_64)] [added: [58](#i3a109f9f40af4f7597a3b4073d45ecde_64)] | | |

| [Reports of Independent Registered Public Accounting Firm](#i3a109f9f40af4f7597a3b4073d45ecde_67) (PCAOB ID:42) | | | [removed: [57](#i3a109f9f40af4f7597a3b4073d45ecde_67)] [added: [59](#i3a109f9f40af4f7597a3b4073d45ecde_67)] | | |

| [Consolidated Statements of Comprehensive Income (Loss) for [removed: the](#i3a109f9f40af4f7597a3b4073d45ecde_76) [F](#i3a109f9f40af4f7597a3b4073d45ecde_76)[iscal](#i3a109f9f40af4f7597a3b4073d45ecde_76) [Y](#i3a109f9f40af4f7597a3b4073d45ecde_76)[ears](#i3a109f9f40af4f7597a3b4073d45ecde_76) [E](#i3a109f9f40af4f7597a3b4073d45ecde_76)[nded] [added: the Fiscal Years Ended] June 30, [removed: 202](#i3a109f9f40af4f7597a3b4073d45ecde_76)[5](#i3a109f9f40af4f7597a3b4073d45ecde_76)[, 202](#i3a109f9f40af4f7597a3b4073d45ecde_76)[4](#i3a109f9f40af4f7597a3b4073d45ecde_76) [and 20](#i3a109f9f40af4f7597a3b4073d45ecde_76)[23](#i3a109f9f40af4f7597a3b4073d45ecde_76)] [added: 2026, 2025 and 2024](#i3a109f9f40af4f7597a3b4073d45ecde_76)] | | | [removed: [61](#i3a109f9f40af4f7597a3b4073d45ecde_76)] [added: [63](#i3a109f9f40af4f7597a3b4073d45ecde_76)] | | |

| [Consolidated Balance Sheets as of June 30, [removed: 202](#i3a109f9f40af4f7597a3b4073d45ecde_79)[5](#i3a109f9f40af4f7597a3b4073d45ecde_79) [and 20](#i3a109f9f40af4f7597a3b4073d45ecde_79)[24](#i3a109f9f40af4f7597a3b4073d45ecde_79)] [added: 2026 and 2025](#i3a109f9f40af4f7597a3b4073d45ecde_79)] | | | [removed: [62](#i3a109f9f40af4f7597a3b4073d45ecde_79)] [added: [64](#i3a109f9f40af4f7597a3b4073d45ecde_79)] | | |

| [Consolidated Statements of Cash Flows for [removed: the](#i3a109f9f40af4f7597a3b4073d45ecde_82) [F](#i3a109f9f40af4f7597a3b4073d45ecde_82)[iscal](#i3a109f9f40af4f7597a3b4073d45ecde_82) [Y](#i3a109f9f40af4f7597a3b4073d45ecde_82)[ears](#i3a109f9f40af4f7597a3b4073d45ecde_82) [E](#i3a109f9f40af4f7597a3b4073d45ecde_82)[nded] [added: the Fiscal Years Ended] June 30, [removed: 202](#i3a109f9f40af4f7597a3b4073d45ecde_82)[5](#i3a109f9f40af4f7597a3b4073d45ecde_82)[, 202](#i3a109f9f40af4f7597a3b4073d45ecde_82)[4](#i3a109f9f40af4f7597a3b4073d45ecde_82) [and 202](#i3a109f9f40af4f7597a3b4073d45ecde_82)[3](#i3a109f9f40af4f7597a3b4073d45ecde_82)] [added: 2026, 2025 and 2024](#i3a109f9f40af4f7597a3b4073d45ecde_82)] | | | [removed: [63](#i3a109f9f40af4f7597a3b4073d45ecde_82)] [added: [65](#i3a109f9f40af4f7597a3b4073d45ecde_82)] | | |

| [Consolidated Statements of Equity for [removed: the](#i3a109f9f40af4f7597a3b4073d45ecde_85) [](#i3a109f9f40af4f7597a3b4073d45ecde_85)[F](#i3a109f9f40af4f7597a3b4073d45ecde_85)[iscal](#i3a109f9f40af4f7597a3b4073d45ecde_85) [Y](#i3a109f9f40af4f7597a3b4073d45ecde_85)[ears](#i3a109f9f40af4f7597a3b4073d45ecde_85) [E](#i3a109f9f40af4f7597a3b4073d45ecde_85)[nded] [added: the Fiscal Years Ended] June 30, [removed: 202](#i3a109f9f40af4f7597a3b4073d45ecde_85)[5](#i3a109f9f40af4f7597a3b4073d45ecde_85)[, 202](#i3a109f9f40af4f7597a3b4073d45ecde_85)[4](#i3a109f9f40af4f7597a3b4073d45ecde_85) [and 202](#i3a109f9f40af4f7597a3b4073d45ecde_85)[3](#i3a109f9f40af4f7597a3b4073d45ecde_85)] [added: 2026, 2025 and 2024](#i3a109f9f40af4f7597a3b4073d45ecde_85)] | | | [removed: [64](#i3a109f9f40af4f7597a3b4073d45ecde_85)] [added: [66](#i3a109f9f40af4f7597a3b4073d45ecde_85)] | | |

| [Notes to the Consolidated Financial Statements](#i3a109f9f40af4f7597a3b4073d45ecde_88) | | | [removed: [65](#i3a109f9f40af4f7597a3b4073d45ecde_88)] [added: [67](#i3a109f9f40af4f7597a3b4073d45ecde_88)] | | |

Management’s Report on Internal Control Over Financial Reporting for June 30, [removed: 2025][added: 2026]

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: 2025,] [added: 2026,] 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 assessment and those criteria, management determined that, as of June 30, [removed: 2025,] [added: 2026,] 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: 2025,] [added: 2026,] 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: 2025,] [added: 2026,] 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: 2025,] [added: 2026,] 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: 2025] [added: 2026] and [removed: 2024,] [added: 2025,] 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: 2025,] [added: 2026,] and the related notes and our report dated August [removed: 6, 2025] [added: 7, 2026] expressed an unqualified opinion thereon.

We have audited the accompanying consolidated balance sheets of News Corporation (the Company) as of June 30, [removed: 2025] [added: 2026] and [removed: 2024,] [added: 2025,] 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: 2025,] [added: 2026,] 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: 2025] [added: 2026] and [removed: 2024,] [added: 2025,] and the results of its operations and its cash flows for each of the three years in the period ended June 30, [removed: 2025,] [added: 2026,] 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: 2025,] [added: 2026,] 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: 6, 2025] [added: 7, 2026] expressed an unqualified opinion thereon.

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, [removed: subjective] [added: subjective,] or complex judgments.

| *Description of the Matter* | | | | | | As of June 30, [removed: 2025,] [added: 2026,] the Company’s goodwill was [removed: $4,373] [added: $4,542] million. As disclosed in Note 8 to the consolidated financial statements, goodwill is tested for impairment annually in the fourth quarter or earlier if events occur or circumstances change that would more likely than not reduce the fair values below their carrying amounts. Auditing the Company’s annual goodwill impairment test [added: for certain reporting units] was complex due to the significant judgment in estimating the fair value of a reporting unit when a quantitative assessment [removed: of fair value] is performed. In particular, the fair value estimates were sensitive to changes in significant assumptions such as the [removed: discount rate,] projected revenue growth [removed: rate,] [added: rate] and earnings before interest, taxes, depreciation, and amortization (“EBITDA”) margin. [removed: All of these] [added: 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 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 estimated fair value of [removed: a] [added: certain] reporting [removed: unit] [added: units] 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 identified to evaluate the change in the fair value of a reporting 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, current industry and economic trends, while also considering changes in the Company’s business model. We also involved our internal valuation 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: 2025] [added: 2026] | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | |

| Circulation and subscription | | | | | | | | | $ | [removed: 3,009] [added: 3,203] | | | | | $ | [removed: 2,909] [added: 3,009] | | | | | $ | [removed: 2,818] [added: 2,909] | |

| Advertising | | | | | | | | | [removed: 1,367] [added: 1,391] | | | | | | [removed: 1,400] [added: 1,367] | | | | | | [removed: 1,473] [added: 1,400] | | |

| Consumer | | | | | | | | | [removed: 2,047] [added: 2,185] | | | | | | [removed: 2,000] [added: 2,047] | | | | | | [removed: 1,899] [added: 2,000] | | |

| Real estate | | | | | | | | | [removed: 1,410] [added: 1,571] | | | | | | [removed: 1,284] [added: 1,410] | | | | | | [removed: 1,189] [added: 1,284] | | |

| Other | | | | | | | | | [removed: 619] [added: 678] | | | | | | [removed: 659] [added: 619] | | | | | | [removed: 633] [added: 659] | | |

| Total Revenues | | | 4 | | | | | | [removed: 8,452] [added: 9,028] | | | | | | [removed: 8,252] [added: 8,452] | | | | | | [removed: 8,012] [added: 8,252] | | |

| Operating expenses | | | | | | | | | [removed: (3,736)] [added: (3,892)] | | | | | | [removed: (3,814)] [added: (3,736)] | | | | | | [removed: (3,911)] [added: (3,814)] | | |

| Selling, general and administrative | | | | | | | | | [removed: (3,301)] [added: (3,509)] | | | | | | [removed: (3,197)] [added: (3,301)] | | | | | | [removed: (3,012)] [added: (3,197)] | | |

| Depreciation and amortization | | | | | | | | | [removed: (459)] [added: (485)] | | | | | | [removed: (440)] [added: (459)] | | | | | | [removed: (415)] [added: (440)] | | |

| Impairment and restructuring charges | | | 5, 7, 8 | | | | | | [removed: (132)] [added: (113)] | | | | | | [removed: (133)] [added: (132)] | | | | | | [removed: (121)] [added: (133)] | | |

| Equity losses of affiliates | | | 6 | | | | | | [removed: (15)] [added: (8)] | | | | | | [removed: (6)] [added: (15)] | | | | | | [removed: (127)] [added: (6)] | | |

| Interest income (expense), net | | | | | | | | | [removed: 3] [added: 29] | | | | | | [removed: (18)] [added: 3] | | | | | | [removed: (49)] [added: (18)] | | |

| Other, net | | | 21 | | | | | | [removed: 111] [added: (4)] | | | | | | [removed: (59)] [added: 111] | | | | | | [removed: 3] [added: (59)] | | |

| Income before income tax expense from continuing operations | | | | | | | | | [removed: 923] [added: 1,046] | | | | | | [removed: 585] [added: 923] | | | | | | [removed: 380] [added: 585] | | |

| Income tax expense from continuing operations | | | 19 | | | | | | [removed: (275)] [added: (303)] | | | | | | [removed: (206)] [added: (275)] | | | | | | [removed: (152)] [added: (206)] | | |

| Net income from continuing operations | | | | | | | | | [removed: 648] [added: 743] | | | | | | [removed: 379] [added: 648] | | | | | | [removed: 228] [added: 379] | | |

| Net income (loss) from discontinued operations, net of tax | | | | | | | | | [removed: 692] [added: —] | | | | | | [removed: (25)] [added: 692] | | | | | | [removed: (41)] [added: (25)] | | |

| Net income | | | | | | | | | [removed: 1,340] [added: 743] | | | | | | [removed: 354] [added: 1,340] | | | | | | [removed: 187] [added: 354] | | |

| Net income attributable to noncontrolling interests from continuing operations | | | | | | | | | [removed: (168)] [added: (170)] | | | | | | [removed: (110)] [added: (168)] | | | | | | [removed: (65)] [added: (110)] | | |

August 7, 2026

August 7, 2026

| | | | Notes | | | | | | 2026 | | | | | | 2025 | | |

| Net income | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 573 | | | | | | — | | | | | | 573 | | | | | | 170 | | | | | | 743 | | |

| Dividends | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (112) | | | | | | — | | | | | | — | | | | | | (112) | | | | | | (92) | | | | | | (204) | | |

| News Corp share repurchases | | | (16) | | | | | | — | | | | | | (8) | | | | | | — | | | | | | (512) | | | | | | (138) | | | | | | — | | | | | | (650) | | | | | | — | | | | | | (650) | | |

| Balance, June 30, 2026 | | | 362 | | | | | | $ | 4 | | | | | 181 | | | | | | $ | 2 | | | | | $ | 10,380 | | | | | $ | (312) | | | | | $ | (1,548) | | | | | $ | 8,526 | | | | | $ | 710 | | | | | $ | 9,236 | |

| | | | 2026 | | | | | | 2025 | | |

The Company has no finance leases as of June 30, 2026.

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

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

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

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”).

The amendments in ASU 2025-11 amend ASC Topic 270, Interim Reporting to improve the navigability of required interim disclosures and clarify when the guidance is applicable.

ASU 2025-11 also adds a principle requiring entities to disclose material events that occurred since the end of the last annual reporting period.

ASU 2025-11 is effective for the Company’s interim reporting periods beginning July 1, 2028, with early adoption permitted.

The amendments in ASU 2025-12 represent changes that (1) clarify, (2) correct errors, or (3) make minor improvements to the Accounting Standards Codification that make it easier to understand and apply.

ASU 2025-12 is effective for the Company’s annual reporting periods beginning July 1, 2027, and interim periods within those annual reporting periods, with early adoption permitted.

ASU 2025-12 will not have a material impact on the Company’s consolidated financial statements.

| Circulation and subscription | | | $ | 2,020 | | | | | $ | 8 | | | | | $ | — | | | | | $ | 1,175 | | | | | | | | | | | $ | 3,203 | |

| Advertising | | | 418 | | | | | | 169 | | | | | | — | | | | | | 804 | | | | | | | | | | | | 1,391 | | |

| Consumer | | | — | | | | | | — | | | | | | 2,185 | | | | | | — | | | | | | | | | | | | 2,185 | | |

| Other | | | 59 | | | | | | 268 | | | | | | 103 | | | | | | 248 | | | | | | | | | | | | 678 | | |

| Total Revenues | | | $ | 2,497 | | | | | $ | 2,016 | | | | | $ | 2,288 | | | | | $ | 2,227 | | | | | | | | | | | $ | 9,028 | |

| | | | Dow Jones | | | | | | Digital Real Estate Services | | | | | | Book Publishing | | | | | | News Media | | | | | | | | | | | | Total Revenues | | |

| | | | Dow Jones | | | | | | Digital Real Estate Services | | | | | | Book Publishing | | | | | | News Media | | | | | | | | | | | | Total Revenues | | |

| | | | 2026 | | | | | | 2025 | | |

| Payments | | | (102) | | | | | | | | | | | | (6) | | | | | | (108) | | |

| | | | 2026 | | | | | | 2025 | | | | | | | | |

| | | | 2026 | | | | | | 2025 | | | | | | | | |

| | | | 2026 | | | | | | 2025 | | |

| | | | | | | 2026 | | | | | | | | | | | | | | | | | | 2025 | | | | | | | | | | | | | | | | | |

| Total | | | | | | | | | $ | 2,210 | | | | | $ | 1,274 | | | | | $ | 936 | | | | | $ | 2,175 | | | | | $ | 1,175 | | | | | $ | 1,000 | |

| | | | As of June 30, 2026 | | |

| Fiscal 2031 | | | 69 | | |

| Dispositions | | | — | | | | | | (2) | | | | | | — | | | | | | — | | | | | | (2) | | |

| Balance, June 30, 2026 | | | $ | 2,268 | | | | | $ | 1,712 | | | | | $ | 423 | | | | | $ | 139 | | | | | $ | 4,542 | |

The Company utilized the qualitative assessment for certain of its reporting units and indefinite-lived intangible assets.

The qualitative tests performed considered various factors since the performance of the last quantitative test, including, but not limited to, macroeconomic conditions, industry and company-specific trends and parent company share price performance.

| 2026 Term loan A(a) | | | 4.961 | | % | | | | Mar 27, 2031 | | | | | | 499 | | | | | | — | | |

NEWS CORPORATION

| | | | | | |

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

| [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, 202](#i3a109f9f40af4f7597a3b4073d45ecde_73)[5](#i3a109f9f40af4f7597a3b4073d45ecde_73)[, 202](#i3a109f9f40af4f7597a3b4073d45ecde_73)[4](#i3a109f9f40af4f7597a3b4073d45ecde_73) [a](#i3a109f9f40af4f7597a3b4073d45ecde_73)[nd 2](#i3a109f9f40af4f7597a3b4073d45ecde_73)[023](#i3a109f9f40af4f7597a3b4073d45ecde_73) | | | [60](#i3a109f9f40af4f7597a3b4073d45ecde_73) | | |

August 6, 2025

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

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

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

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

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

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

| Non-current liabilities of discontinued operations | | | | | | | | | — | | | | | | 995 | | |

| Balance, June 30, 2022 | | | 388 | | | | | | $ | 4 | | | | | 197 | | | | | | $ | 2 | | | | | $ | 11,779 | | | | | $ | (2,293) | | | | | $ | (1,270) | | | | | $ | 8,222 | | | | | $ | 921 | | | | | $ | 9,143 | |

| Net income | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 149 | | | | | | — | | | | | | 149 | | | | | | 38 | | | | | | 187 | | |

| Dividends | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (116) | | | | | | — | | | | | | — | | | | | | (116) | | | | | | (58) | | | | | | (174) | | |

| Share repurchases | | | (10) | | | | | | — | | | | | | (5) | | | | | | — | | | | | | (240) | | | | | | — | | | | | | — | | | | | | (240) | | | | | | — | | | | | | (240) | | |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As described below, on April 2, 2025, the Company completed the sale of the Foxtel Group (“Foxtel”).

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

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

See Note 3—Discontinued Operations.

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

See Note 6—Investments.

The Company does not have any finance leases.

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

Refer to Note 20—Segment Information for further discussion.

Under the terms of the agreement, all amounts outstanding under Foxtel’s shareholder loans with News Corp (approximately $380 million) were repaid in full in cash at closing.

Foxtel’s third-party borrowings transferred with the business, and News Corp received a minority equity interest in DAZN of approximately 6%, recorded at $648 million, and holds one seat on its Board of Directors.

Telstra Group Ltd also sold its minority interest in Foxtel.

The Company recorded a pre-tax gain of $716 million within Net income (loss) from discontinued operations, net of tax, in the fiscal year ended June 30, 2025 as a result of the sale.

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

The following table summarizes the major classes of assets and liabilities of Foxtel classified as discontinued operations as of June 30, 2024:

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

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

| | | | | | | | | | | | | As of June 30, 2024 | | |

| Assets: | | | | | | | | | | | | | | |

| Current assets: | | | | | | | | | | | | | | |

| Receivables, net | | | | | | | | | | | | 83 | | |

| Inventory, net | | | | | | | | | | | | 30 | | |

| Total current assets | | | | | | | | | | | | 340 | | |

Management’s report and the report of the independent registered public accounting firm thereon are set forth on pages [removed: [56](#i3a109f9f40af4f7597a3b4073d45ecde_64)] [added: [58](#i3a109f9f40af4f7597a3b4073d45ecde_64)] and [removed: [57](#i3a109f9f40af4f7597a3b4073d45ecde_67),] [added: [59](#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: 2025] [added: 2026] 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: 2025] [added: 2026] 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.

| 3.1 | | | | | | [Restated Certificate of Incorporation of News [removed: Corporation.] [added: Corporation, dated November 19, 2025.] (Incorporated by reference to Exhibit [removed: 3.1] [added: 3.2] to the [removed: Annual] [added: Current] Report of News Corporation on Form [removed: 10-K] [added: 8-K] (File No. 001-35769) filed with the Securities and Exchange Commission on [removed: August 15, 2018.)](https://www.sec.gov/Archives/edgar/data/1564708/000119312518249117/d603651dex31.htm)] [added: November 19, 2025.)](https://www.sec.gov/Archives/edgar/data/1564708/000156470825000586/ex32combinedrestatedcertif.htm)] | | |

| 3.2 | | | | | | [removed: [Certificate of Elimination of the Series A Junior Participating Preferred Stock] [added: [Amended and Restated By-laws] of News [removed: Corporation.] [added: Corporation, effective](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000258/exhibit31-amendedandrestat.htm) [June 23, 2023](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000258/exhibit31-amendedandrestat.htm)[.] (Incorporated by reference to Exhibit 3.1 to the Current Report of News Corporation on Form 8-K (File No. 001-35769) filed with the Securities and Exchange Commission [removed: on September 22, 2021.)](https://www.sec.gov/Archives/edgar/data/0001564708/000114036121032030/brhc10029075_ex3-1.htm)] [added: on](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000258/exhibit31-amendedandrestat.htm) [Jun](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000258/exhibit31-amendedandrestat.htm)[e 23, 2023](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000258/exhibit31-amendedandrestat.htm)[.)](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000258/exhibit31-amendedandrestat.htm)] | | |

| [removed: 3.3] [added: 10.7] | | | | | | [removed: [Amended] [added: [News Corporation 2013 Long-Term Incentive Plan, as amended] and [removed: Restated By-laws of News Corporation, effective](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000258/exhibit31-amendedandrestat.htm) [June 23, 2023](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000258/exhibit31-amendedandrestat.htm)[.] [added: restated effective November 20, 2019.] (Incorporated by reference to Exhibit [removed: 3.1] [added: 10.1] to the Current Report of News Corporation on Form 8-K (File No. 001-35769) filed with the Securities and Exchange Commission [removed: on](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000258/exhibit31-amendedandrestat.htm) [Jun](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000258/exhibit31-amendedandrestat.htm)[e 23, 2023](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000258/exhibit31-amendedandrestat.htm)[.)](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000258/exhibit31-amendedandrestat.htm)] [added: on November 20, 2019.)±](https://www.sec.gov/Archives/edgar/data/1564708/000119312519296590/d786169dex101.htm)] | | |

| 10.1 | | | | | | [Amended and Restated Employment Agreement, [removed: dated](https://www.sec.gov/Archives/edgar/data/1564708/000156470825000419/ex-101xthomsonagreement.htm) [June] [added: dated June] 20, [removed: 2025](https://www.sec.gov/Archives/edgar/data/1564708/000156470825000419/ex-101xthomsonagreement.htm)[,] [added: 2025,] between News Corporation and Robert [removed: Thomson.](https://www.sec.gov/Archives/edgar/data/1564708/000156470825000419/ex-101xthomsonagreement.htm)[±](https://www.sec.gov/Archives/edgar/data/1564708/000156470825000419/ex-101xthomsonagreement.htm)[*](https://www.sec.gov/Archives/edgar/data/1564708/000156470825000419/ex-101xthomsonagreement.htm)] [added: Thomson. (Incorporated by reference to Exhibit 10.1 to the Annual Report of News Corporation on Form 10-K (File No. 001-35769) filed with the Securities and Exchange Commission on August 6, 2025.)±](https://www.sec.gov/Archives/edgar/data/1564708/000156470825000419/ex-101xthomsonagreement.htm)] | | |

| 10.5 | | | | | | [Amended and Restated Employment Agreement, dated [removed: February 14, 2024,] [added: November 18, 2025,] between News Corporation and Ruth Allen. (Incorporated by reference to Exhibit [removed: 10.2] [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: November 8, 2024.)±](https://www.sec.gov/Archives/edgar/data/1564708/000156470824000599/ex102-allenagreement.htm)] [added: February 6, 2026.)±](https://www.sec.gov/Archives/edgar/data/1564708/000156470826000029/ex-101xamendedandrestatede.htm)] | | |

| 10.6 | | | | | | [Employment Agreement, dated June 20, 2025, between News Corporation and Julian [removed: Delany.±*](https://www.sec.gov/Archives/edgar/data/1564708/000156470825000419/ex-106xdelanyagreement.htm)] [added: Delany. (Incorporated by reference to Exhibit 10.6 to the Annual Report of News Corporation on Form 10-K (File No. 001-35769) filed with the Securities and Exchange Commission on August 6, 2025.)±](https://www.sec.gov/Archives/edgar/data/1564708/000156470825000419/ex-106xdelanyagreement.htm)] | | |

| 10.8 | | | | | | [News [removed: Corporation 2013 Long-Term Incentive] [added: Corp Restoration] Plan, [removed: as] amended and restated [removed: effective November 20,] [added: as of February 11,] 2019. (Incorporated by reference to Exhibit 10.1 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 10, 2019.)±](https://www.sec.gov/Archives/edgar/data/1564708/000119312519143603/d712848dex101.htm)] | | |

| [removed: 10.9] [added: 10.12] | | | | | | [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: 10.10] [added: 10.9] | | | | | | [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: 10.11] [added: 10.10] | | | | | | [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: 10.12] [added: 10.11] | | | | | | [Form of Agreement for Cash-Settled Restricted Stock Units under the News Corporation 2013 Long-Term Incentive Plan. (Incorporated by reference to Exhibit 10.4 to the Quarterly Report of News Corporation on Form 10-Q (File No. 001-35769) filed with the Securities and Exchange Commission on May 7, 2021.)±](https://www.sec.gov/Archives/edgar/data/1564708/000156470821000023/ex-104xcashxsettledrsu.htm) | | |

| [removed: 10.13] [added: 10.14] | | | | | | [removed: [Form] [added: [Stockholders Agreement, dated as] of [removed: Agreement for Stock-Settled Restricted Stock Units under the] [added: September 8, 2025, by and between] News [removed: Corporation 2013 Long-Term Incentive Plan.] [added: Corporation, LGC Holdco, LLC and the LGC Family Trusts.] (Incorporated by reference to Exhibit [removed: 10.5] [added: 10.2] to the [removed: Quarterly] [added: Current] Report of News Corporation on Form [removed: 10-Q] [added: 8-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-105xstockxsettledrsu.htm)] [added: September 10, 2025.)](https://www.sec.gov/Archives/edgar/data/1564708/000110465925089069/tm2521115d3_ex10-2.htm)] | | |

| [removed: 10.14] [added: 10.13] | | | | | | [removed: [Credit] [added: [Amended and Restated Credit] Agreement, dated as of March [removed: 29, 2022,] [added: 27, 2026,] 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. [removed: 00135769)] [added: 001-35769)] filed with the Securities and Exchange Commission on March [removed: 30, 2022.)](https://www.sec.gov/Archives/edgar/data/1564708/000119312522089934/d335185dex101.htm)] [added: 27, 2026.)](https://www.sec.gov/Archives/edgar/data/1564708/000110465926036080/tm269703d1_ex10-1.htm)] | | |

| 19.1 | | | | | | [removed: [Securities](https://www.sec.gov/Archives/edgar/data/1564708/000156470825000419/ex-191xsecuritiestradingpo.htm) [](https://www.sec.gov/Archives/edgar/data/1564708/000156470825000419/ex-191xsecuritiestradingpo.htm)[Trading Polic](https://www.sec.gov/Archives/edgar/data/1564708/000156470825000419/ex-191xsecuritiestradingpo.htm)[y.*](https://www.sec.gov/Archives/edgar/data/1564708/000156470825000419/ex-191xsecuritiestradingpo.htm)] [added: [Securities](https://www.sec.gov/Archives/edgar/data/1564708/000156470826000175/ex-191xsecuritiestradingpo.htm) [](https://www.sec.gov/Archives/edgar/data/1564708/000156470826000175/ex-191xsecuritiestradingpo.htm)[Trading Polic](https://www.sec.gov/Archives/edgar/data/1564708/000156470826000175/ex-191xsecuritiestradingpo.htm)[y.*](https://www.sec.gov/Archives/edgar/data/1564708/000156470826000175/ex-191xsecuritiestradingpo.htm)] | | |

| 21.1 | | | | | | [List of [removed: Subsidiaries.*](https://www.sec.gov/Archives/edgar/data/1564708/000156470825000419/ex-211xfy25listofsubsidiar.htm)] [added: Subsidiaries.*](https://www.sec.gov/Archives/edgar/data/1564708/000156470826000175/ex-211xfy26listofsubsidiar.htm)] | | |

| 23.1 | | | | | | [Consent of Ernst & Young LLP with respect to News [removed: Corporation.*](https://www.sec.gov/Archives/edgar/data/1564708/000156470825000419/ex-231xfy25eyconsent.htm)] [added: Corporation.*](https://www.sec.gov/Archives/edgar/data/1564708/000156470826000175/ex-231xfy26eyconsent.htm)] | | |

| 31.1 | | | | | | [Chief Executive Officer Certification required by Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as [removed: amended.*](https://www.sec.gov/Archives/edgar/data/1564708/000156470825000419/ex-311xceocertq4fy2025.htm)] [added: amended.*](https://www.sec.gov/Archives/edgar/data/1564708/000156470826000175/ex-311xceocertq4fy2026.htm)] | | |

| 31.2 | | | | | | [Chief Financial Officer Certification required by Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as [removed: amended.*](https://www.sec.gov/Archives/edgar/data/1564708/000156470825000419/ex-312xcfocertq4fy2025.htm)] [added: amended.*](https://www.sec.gov/Archives/edgar/data/1564708/000156470826000175/ex-312xcfocertq4fy2026.htm)] | | |

| 32.1 | | | | | | [Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1564708/000156470825000419/ex-321xsoxcertq4fy2025.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1564708/000156470826000175/ex-321xsoxcertq4fy2026.htm)] | | |

| 101 | | | | | | The following financial information from the Registrant’s Annual Report on Form 10-K for the fiscal year ended June 30, [removed: 2025] [added: 2026] formatted in Inline XBRL: (i) Consolidated Statements of Operations for the fiscal years ended June 30, [removed: 2025, 2024] [added: 2026, 2025] and [removed: 2023;] [added: 2024;] (ii) Consolidated Statements of Comprehensive Income (Loss) for the fiscal years ended June 30, [removed: 2025, 2024] [added: 2026, 2025] and [removed: 2023;] [added: 2024;] (iii) Consolidated Balance Sheets as of June 30, [removed: 2025] [added: 2026] and [removed: 2024;] [added: 2025;] (iv) Consolidated Statements of Cash Flows for the fiscal years ended June 30, [removed: 2025, 2024] [added: 2026, 2025] and [removed: 2023;] [added: 2024;] (v) Consolidated Statements of Equity for the fiscal years ended June 30, [removed: 2025, 2024] [added: 2026, 2025] and [removed: 2023;] [added: 2024;] and (vi) Notes to the Consolidated Financial Statements.* | | |

| 104 | | | | | | The cover page from News Corporation's Annual Report on Form 10-K for the fiscal year ended June 30, [removed: 2025,] [added: 2026,] formatted in Inline XBRL (included as Exhibit 101).* | | |

| | | | | | | | | |

| 10.7 | | | | | | [Separation, Transition Services and General Release Agreement, dated June 30, 2025, between News Corporation and David Kline.±*](https://www.sec.gov/Archives/edgar/data/1564708/000156470825000419/ex-107xklineagreement.htm) | | |

| 10.15 | | | | | | [Amendment](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000190/ex-101xamendmentno1tocredi.htm) [No. 1](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000190/ex-101xamendmentno1tocredi.htm)[, dated as of March 9, 2023, to the](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000190/ex-101xamendmentno1tocredi.htm) [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](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000190/ex-101xamendmentno1tocredi.htm) [Quar](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000190/ex-101xamendmentno1tocredi.htm)[terly](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000190/ex-101xamendmentno1tocredi.htm) [Report of News Corporation on Form](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000190/ex-101xamendmentno1tocredi.htm) [10-Q](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000190/ex-101xamendmentno1tocredi.htm) [(File No. 001-35769) filed with the Securities and Exchange Commission on](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000190/ex-101xamendmentno1tocredi.htm) [May 12, 2023](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000190/ex-101xamendmentno1tocredi.htm)[.)](https://www.sec.gov/Archives/edgar/data/1564708/000156470823000190/ex-101xamendmentno1tocredi.htm) | | |

| 10.16 | | | | | | [Stockholders Agreement, dated as of September 21, 2021, by and between News Corporation and the Murdoch Family Trust. (Incorporated by reference to Exhibit 10.1 to the Current Report of News Corporation on Form 8-K (File No. 001-35769) filed with the Securities and Exchange Commission on September 22, 2021.)](https://www.sec.gov/Archives/edgar/data/1564708/000114036121032030/brhc10029075_ex10-1.htm) | | |

Date: August [removed: 6, 2025][added: 7, 2026]

| /s/ Robert J. Thomson | | | | | | Chief Executive Officer and Director (Principal Executive Officer) | | | | | | August [removed: 6, 2025] [added: 7, 2026] | | |

| /s/ Lavanya Chandrashekar | | | | | | Chief Financial Officer (Principal Financial Officer) | | | | | | August [removed: 6, 2025] [added: 7, 2026] | | |

| /s/ Marygrace DeGrazio | | | | | | Chief Accounting Officer (Principal Accounting Officer) | | | | | | August [removed: 6, 2025] [added: 7, 2026] | | |

| /s/ Lachlan K. Murdoch | | | | | | Chair | | | | | | August [removed: 6, 2025] [added: 7, 2026] | | |

| /s/ José María Aznar | | | | | | Director | | | | | | August [removed: 6, 2025] [added: 7, 2026] | | |

| /s/ Natalie Bancroft | | | | | | Director | | | | | | August [removed: 6, 2025] [added: 7, 2026] | | |

| /s/ Ana Paula Pessoa | | | | | | Director | | | | | | August [removed: 6, 2025] [added: 7, 2026] | | |

| /s/ Masroor Siddiqui | | | | | | Director | | | | | | August [removed: 6, 2025] [added: 7, 2026] | | |