NEWS CORPNWSA
NEWS CORP Segments Disclosure
NOTE 20. SEGMENT INFORMATION
The Company manages and reports its businesses in the following five segments:
•Dow Jones—The Dow Jones segment consists of Dow Jones, a global provider of news and business information whose products target individual consumers and enterprise customers and are distributed through a variety of media channels including websites, mobile apps, newspapers, newswires, newsletters, magazines, proprietary databases, live journalism, video and podcasts. Dow Jones’s consumer products include premier brands such as The Wall Street Journal, Barron’s, MarketWatch and Investor’s Business Daily. Dow Jones’s professional information products, which target enterprise customers, include Dow Jones Risk & Compliance, a leading provider of data 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 61.4% interest in REA Group and 80% interest in Move. The remaining 20% interest in Move is held by REA Group. REA Group is a market-leading digital media business specializing in property and is listed on the Australian Securities Exchange (“ASX”) (ASX: REA). 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, property.com.au and property portals in India. In addition, REA Group provides property-related data to the financial sector and financial services through a digital property search and financing experience and a mortgage broking offering.
Move is a leading provider of digital real estate services in the U.S. and primarily operates Realtor.com®, a premier real estate information, advertising and services platform. Move offers real estate advertising solutions to agents and brokers, including its RealPRO SelectSM (formerly Market VIPSM), ConnectionsSM Plus and Listing Toolkit products as well as its referral-based services, ReadyConnect ConciergeSM and RealChoiceTM Selling. Move also offers online tools and services to do-it-yourself landlords and tenants.
•Book Publishing—The Book Publishing segment consists of HarperCollins, the second largest consumer book publisher in the world, with operations in 15 countries and particular strengths in general fiction, nonfiction, children’s and religious publishing. HarperCollins owns more than 120 branded publishing imprints, including Harper, William Morrow, Mariner, HarperCollins Children’s Books, Avon, Harlequin and Christian publishers Zondervan and Thomas Nelson, and publishes works by well-known authors such as Harper Lee, George Orwell, Agatha Christie and Zora Neale Hurston, as well as global author brands including J.R.R. Tolkien, C.S. Lewis, Daniel Silva, Karin Slaughter and Dr. Martin Luther King, Jr. It is home to many beloved children’s books and series and a significant Christian publishing business.
•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 Wireless Group, operator of talkSPORT, the leading sports radio network in the U.K., Talk in the U.K., Australian News Channel, which operates the Sky News Australia network, Australia’s 24-hour multi-channel, multi-platform news service, and Storyful, a social media content agency.
•Other—The Other segment consists primarily of general corporate overhead expenses, strategy costs and costs related to the U.K. Newspaper Matters.
The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer. Segment EBITDA is the primary measure used by the Company’s CODM to evaluate the performance of, and allocate resources within, the Company’s businesses. The CODM uses Segment EBITDA to compare actual results to budget and uses this information to, among other things, allocate resources such as incentive compensation to segment managers. Segment EBITDA is defined as revenues less operating expenses and selling, general and administrative expenses. Segment EBITDA does not include: depreciation and amortization, impairment and restructuring charges, equity losses of affiliates, interest (expense) income, net, other, net, income tax (expense) benefit and net income (loss) from discontinued operations, net of tax. Segment EBITDA may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what items should be included in the calculation of Segment EBITDA. Segment EBITDA provides management, investors and equity analysts with a measure to analyze the operating performance of each of the Company’s business segments and its enterprise value against historical data and competitors’ data, although historical results may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).
Segment information is summarized as follows:
| For the fiscal year ended June 30, 2025 | |||||||||||||||||||||||||||||||||||
| Dow Jones | Digital Real Estate Services | Book Publishing | News Media | Other | Total | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
| Segment information: | |||||||||||||||||||||||||||||||||||
| Revenues | $ | 2,331 | $ | 1,802 | $ | 2,149 | $ | 2,170 | $ | — | $ | 8,452 | |||||||||||||||||||||||
Significant segment expenses: | |||||||||||||||||||||||||||||||||||
| Operating expenses | (958) | (186) | (1,450) | (1,142) | — | (3,736) | |||||||||||||||||||||||||||||
| Selling, general and administrative | (785) | (1,015) | (403) | (875) | (223) | (3,301) | |||||||||||||||||||||||||||||
| Segment EBITDA | $ | 588 | $ | 601 | $ | 296 | $ | 153 | $ | (223) | $ | 1,415 | |||||||||||||||||||||||
| Depreciation and amortization | (459) | ||||||||||||||||||||||||||||||||||
| Impairment and restructuring charges | (132) | ||||||||||||||||||||||||||||||||||
| Equity losses of affiliates | (15) | ||||||||||||||||||||||||||||||||||
| Interest income, net | 3 | ||||||||||||||||||||||||||||||||||
| Other, net | 111 | ||||||||||||||||||||||||||||||||||
| Income before income tax expense from continuing operations | 923 | ||||||||||||||||||||||||||||||||||
| Income tax expense from continuing operations | (275) | ||||||||||||||||||||||||||||||||||
| Net income from continuing operations | 648 | ||||||||||||||||||||||||||||||||||
| Net income from discontinued operations, net of tax | 692 | ||||||||||||||||||||||||||||||||||
| Net income | $ | 1,340 | |||||||||||||||||||||||||||||||||
| For the fiscal year ended June 30, 2024 | |||||||||||||||||||||||||||||||||||
| Dow Jones | Digital Real Estate Services | Book Publishing | News Media | Other | Total | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
| Segment information: | |||||||||||||||||||||||||||||||||||
| Revenues | $ | 2,231 | $ | 1,658 | $ | 2,093 | $ | 2,270 | $ | — | $ | 8,252 | |||||||||||||||||||||||
| Significant segment expenses: | |||||||||||||||||||||||||||||||||||
| Operating expenses | (919) | (190) | (1,441) | (1,264) | — | (3,814) | |||||||||||||||||||||||||||||
| Selling, general and administrative | (770) | (960) | (383) | (873) | (211) | (3,197) | |||||||||||||||||||||||||||||
| Segment EBITDA | $ | 542 | $ | 508 | $ | 269 | $ | 133 | $ | (211) | $ | 1,241 | |||||||||||||||||||||||
| Depreciation and amortization | (440) | ||||||||||||||||||||||||||||||||||
| Impairment and restructuring charges | (133) | ||||||||||||||||||||||||||||||||||
| Equity losses of affiliates | (6) | ||||||||||||||||||||||||||||||||||
| Interest expense, net | (18) | ||||||||||||||||||||||||||||||||||
| Other, net | (59) | ||||||||||||||||||||||||||||||||||
| Income before income tax expense from continuing operations | 585 | ||||||||||||||||||||||||||||||||||
| Income tax expense from continuing operations | (206) | ||||||||||||||||||||||||||||||||||
| Net income from continuing operations | 379 | ||||||||||||||||||||||||||||||||||
| Net loss from discontinued operations, net of tax | (25) | ||||||||||||||||||||||||||||||||||
| Net income | $ | 354 | |||||||||||||||||||||||||||||||||
| For the fiscal year ended June 30, 2023 | |||||||||||||||||||||||||||||||||||
| Dow Jones | Digital Real Estate Services | Book Publishing | News Media | Other | Total | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
| Segment information: | |||||||||||||||||||||||||||||||||||
| Revenues | $ | 2,153 | $ | 1,539 | $ | 1,979 | $ | 2,341 | $ | — | $ | 8,012 | |||||||||||||||||||||||
| Significant segment expenses: | |||||||||||||||||||||||||||||||||||
| Operating expenses | (934) | (201) | (1,469) | (1,307) | — | (3,911) | |||||||||||||||||||||||||||||
| Selling, general and administrative | (725) | (881) | (343) | (861) | (202) | (3,012) | |||||||||||||||||||||||||||||
| Segment EBITDA | $ | 494 | $ | 457 | $ | 167 | $ | 173 | $ | (202) | $ | 1,089 | |||||||||||||||||||||||
| Depreciation and amortization | (415) | ||||||||||||||||||||||||||||||||||
| Impairment and restructuring charges | (121) | ||||||||||||||||||||||||||||||||||
| Equity losses of affiliates | (127) | ||||||||||||||||||||||||||||||||||
| Interest expense, net | (49) | ||||||||||||||||||||||||||||||||||
| Other, net | 3 | ||||||||||||||||||||||||||||||||||
| Income before income tax expense from continuing operations | 380 | ||||||||||||||||||||||||||||||||||
| Income tax expense from continuing operations | (152) | ||||||||||||||||||||||||||||||||||
| Net income from continuing operations | 228 | ||||||||||||||||||||||||||||||||||
| Net loss from discontinued operations, net of tax | (41) | ||||||||||||||||||||||||||||||||||
| Net income | $ | 187 | |||||||||||||||||||||||||||||||||
| For the fiscal years ended June 30, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in millions) | |||||||||||||||||
| Depreciation and amortization: | |||||||||||||||||
| Dow Jones | $ | 156 | $ | 153 | $ | 152 | |||||||||||
| Digital Real Estate Services | 146 | 137 | 123 | ||||||||||||||
| Book Publishing | 54 | 54 | 49 | ||||||||||||||
| News Media | 99 | 91 | 84 | ||||||||||||||
| Other | 4 | 5 | 7 | ||||||||||||||
| Total Depreciation and amortization | $ | 459 | $ | 440 | $ | 415 | |||||||||||
| For the fiscal years ended June 30, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in millions) | |||||||||||||||||
| Capital expenditures: | |||||||||||||||||
| Dow Jones | $ | 130 | $ | 100 | $ | 91 | |||||||||||
| Digital Real Estate Services | 154 | 131 | 130 | ||||||||||||||
| Book Publishing | 17 | 32 | 42 | ||||||||||||||
| News Media | 103 | 93 | 83 | ||||||||||||||
| Other | 3 | 1 | 1 | ||||||||||||||
| Total Capital expenditures | $ | 407 | $ | 357 | $ | 347 | |||||||||||
| As of June 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| (in millions) | |||||||||||
| Total assets: | |||||||||||
| Dow Jones | $ | 4,134 | $ | 4,139 | |||||||
| Digital Real Estate Services | 3,202 | 3,020 | |||||||||
| Book Publishing | 2,767 | 2,647 | |||||||||
| News Media | 2,102 | 2,018 | |||||||||
Other(a) | 2,283 | 1,858 | |||||||||
| Investments | 1,016 | 429 | |||||||||
Assets from discontinued operations(b) | — | 2,573 | |||||||||
| Total assets | $ | 15,504 | $ | 16,684 | |||||||
(a)The Other segment primarily includes Cash and cash equivalents.
(b)See Note 3—Discontinued Operations
| As of June 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| (in millions) | |||||||||||
| Goodwill and intangible assets, net: | |||||||||||
| Dow Jones | $ | 3,256 | $ | 3,248 | |||||||
| Digital Real Estate Services | 1,798 | 1,828 | |||||||||
| Book Publishing | 941 | 914 | |||||||||
| News Media | 308 | 294 | |||||||||
| Other | — | — | |||||||||
| Total Goodwill and intangible assets, net | $ | 6,303 | $ | 6,284 | |||||||
Geographic Segments
| For the fiscal years ended June 30, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
(in millions) | |||||||||||||||||
Revenues:(a) | |||||||||||||||||
U.S. and Canada(b) | $ | 4,121 | $ | 4,004 | $ | 3,965 | |||||||||||
Europe(c) | 1,710 | 1,734 | 1,666 | ||||||||||||||
Australasia and Other(d) | 2,621 | 2,514 | 2,381 | ||||||||||||||
Total Revenues | $ | 8,452 | $ | 8,252 | $ | 8,012 | |||||||||||
(a)Revenues are attributed to region based on location of customer.
(b)Revenues include approximately $4.0 billion for fiscal 2025, $3.9 billion for fiscal 2024 and $3.8 billion for fiscal 2023 from customers in the U.S.
(c)Revenues include approximately $1.2 billion for fiscal 2025, $1.3 billion for fiscal 2024 and $1.2 billion for fiscal 2023 from customers in the U.K.
(d)Australasia comprises Australia, Asia, Papua New Guinea and New Zealand. Revenues include approximately $2.2 billion for fiscal 2025, $2.1 billion for fiscal 2024 and $2.0 billion for fiscal 2023 from customers in Australia.
| As of June 30, | |||||||||||
| 2025 | 2024 | ||||||||||
(in millions) | |||||||||||
Long-lived assets:(a) | |||||||||||
| U.S. and Canada | $ | 1,415 | $ | 1,414 | |||||||
| Europe | 924 | 858 | |||||||||
| Australasia and Other | 781 | 762 | |||||||||
Total long-lived assets | $ | 3,120 | $ | 3,034 | |||||||
(a)Reflects total assets less current assets, goodwill, intangible assets, investments and deferred income tax assets.
There is no material reliance on any single customer. Revenues are attributed to countries based on location of customers.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Aug 6, 2025 | Showing above |
| 2024 | Aug 13, 2024 | |
| 2023 | Aug 15, 2023 | |
| 2022 | Aug 12, 2022 | |
| 2021 | Aug 10, 2021 | |
| 2020 | Aug 11, 2020 | |
| 2019 | Aug 13, 2019 | |
| 2018 | Aug 15, 2018 | |
| 2017 | Aug 14, 2017 | |
| 2016 | Aug 12, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.