Company Reports

News Corp operates in an industry undergoing significant changes, with the traditional print-based publishing business model being dismantled by proliferating news and information outlets in the digital space. This is compounded by ever-expanding means for consumers to access them, driven by mobility and continuing device innovation. Consequently, News faces material structural headwinds, with consumers migrating from traditional newspapers to the digital arena and advertisers following suit.

News Corp delivered adjusted EBITDA of USD 421 million for the fourth quarter of fiscal 2026. The result was up 31% from a year ago, driven primarily by digital real estate and Dow Jones. Full-year EBITDA grew 16% to USD 1,637 million, and a final unfranked DPS of USD 0.10 was declared.

News Corp delivered a 17% lift in fiscal 2026 third-quarter normalized EBITDA to USD 343 million, with EBITDA margins improving 110 basis points to 15.7%. All divisions posted strong growth except News Media, where EBITDA more than halved year on year to just USD 15 million.

News Corp operates in an industry undergoing substantial changes, with the traditional print-based publishing business model being dismantled by proliferating news and information outlets in the digital space. This is compounded by ever-expanding means for consumers to access them, driven by mobility and continuing device innovation. Consequently, News faces material structural headwinds, with consumers migrating from traditional newspapers to the digital arena and advertisers following suit.

News Corp operates in a sector undergoing substantial changes, with the traditional print-based publishing business model being dismantled by proliferating news and information outlets in the digital space. This is compounded by ever-expanding means for consumers to access them, driven by mobility and continuing device innovation. Consequently, News faces material structural headwinds, with consumers migrating from traditional newspapers to the digital arena and advertisers following suit.

News Corp's fiscal 2026 second-quarter EBITDA grew 8% to USD 521 million, while adjusted net income increased 20% to USD 227 million. An unchanged interim unfranked dividend of USD 0.10 per share was declared, and an additional USD 172 million of shares were repurchased during the quarter.

News Corp's fiscal 2026 first-quarter EBITDA lifted 5% to USD 340 million, mainly driven by digital-centric units in Dow Jones and digital real estate. The result was achieved on just 2% revenue growth, aided by cost-efficiency improvements lifting EBITDA margins to 15.9%, from 15.5% a year ago.

News Corp operates in a sector undergoing material changes, with the traditional print-based publishing business model being dismantled by proliferating news and information outlets in the digital space. This is compounded by ever-expanding means for consumers to access them, driven by mobility and continuing device innovation. Consequently, News faces material structural headwinds, with consumers migrating from traditional newspapers to the digital arena and advertisers following suit.

News Corp operates in a sector undergoing significant changes, with the traditional print-based publishing business model being dismantled by proliferating news and information outlets in the digital space. This is compounded by ever-expanding means for consumers to access them, driven by mobility and continuing device innovation. Consequently, News faces material structural headwinds, with consumers migrating from traditional newspapers to the digital arena and advertisers following suit.

News Corp's fiscal 2025 fourth-quarter underlying EBITDA grew by 4% to USD 321 million, excluding divested Foxtel. Full-year fiscal 2025 underlying net profit came in at USD 514 million or EPS of USD 0.90. A final unfranked DPS of USD 0.10 was declared, bringing the total to USD 0.20 for the year.

News Corp operates in a sector undergoing significant changes, with the traditional print-based publishing business model being dismantled by proliferating news and information outlets in the digital space. This is compounded by ever-improving means for consumers to access them, driven by mobility and continuing device innovation. Consequently, News faces material structural headwinds, with consumers migrating from traditional newspapers to the digital arena and advertisers following suit.

Shares in News Corp are riding high, having shrugged off the initial US tariff-induced sentiment hit in early April 2025. While resilient performances from core operations are partly underpinning the buoyant stock price, there may be contributing factors beyond earnings.

News Corp's fiscal 2025 second-quarter normalized EBITDA surges 20% year on year to USD 482 million. The stellar performance excludes Foxtel, pending its sale, and brings critical changes to News Corp's operating composition and strategic structure.

News Corp operates in a sector undergoing significant changes, with the traditional print-based publishing business model being dismantled by proliferating news and information outlets in the digital space. This is compounded by ever-improving means for consumers to access them, driven by mobility and continuing device innovation. Consequently, News faces material structural headwinds, with consumers migrating from newspapers to the digital arena and advertisers following suit.

An agreement has been reached to sell Foxtel, the Australian pay-TV and streaming provider in which News Corp has a 65% shareholding. The sale to global sports streaming platform, DAZN, is struck at more than 7 times Foxtel's fiscal 2024 EBITDA, equating to enterprise value of AUD 3.4 billion.

We increase our fair value estimate for News Corp by 7% to USD 24.50 per share or AUD 36.50 at current exchange rates. While the 14% lift in the group’s fiscal 2025 first-quarter adjusted EBITDA to USD 417 million is only marginally higher than we expected, its composition is high-quality.

News Corp operates in a sector undergoing significant changes, with the traditional print-based publishing business model being dismantled by proliferating news and information outlets in the digital space. This is compounded by ever-improving means for consumers to access them, driven by mobility and continuing device innovation. Consequently, News faces material structural headwinds, with consumers migrating from newspapers to the digital arena and advertisers following suit.

News Corp operates in a sector undergoing significant changes, with the traditional print-based publishing business model being dismantled by proliferating news and information outlets in the digital space. This is compounded by ever-improving means for consumers to access them, driven by mobility and continuing device innovation. Consequently, News faces material structural headwinds, with consumers migrating from newspapers to the digital arena and advertisers following suit.

We lift our fair value estimate on News Corp by 5% to US 23 per share, or AUD 35 at the current exchange rates. While the 11% growth in fiscal 2024 fourth-quarter adjusted EBITDA to USD 381 million was in line with our expectations, the eye-catching composition drives our upgrade.

News Corp operates in a sector undergoing significant changes, with the traditional print-based publishing business model being dismantled by proliferating news and information outlets in the digital space. This is compounded by ever-improving means for consumers to access them, driven by mobility and continuing device innovation. Consequently, News faces material structural headwinds, with consumers migrating from newspapers to the digital arena and advertisers following suit.