NWSANews Corp (Class A)

2 paragraphs in Risk Factors of the 10-K filed Aug 7, 2026 with nothing like them in the 10-K filed Aug 6, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.

Compared with the Risk Factors in the latest 10-K of the other 18 Communication companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.

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

Similar paragraph at 1 of 18 other Communication companies: SKYD

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with employees and/or result in labor disputes if the tools are viewed as displacing workers. Given that the development, adoption and use of AI technologies continues to evolve rapidly, it is not possible to predict all of the risks related to the use of AI and the impact they may have on the Company.

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New in the latest 10-Q

12 paragraphs in the 10-Q filed Nov 5, 2026 with nothing like them in the 10-Q filed May 8, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.

Financial statements and notes

September 30, Notes 2026 2025 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Revenues: Circulation and subscription $ 823 $ 782 Advertising 323 317 Consumer 556 510 Real estate 418 370 Other 161 165 Total Revenues 2 2,281 2,144 Operating expenses (988) (941) Selling, general and administrative (890) (863) Depreciation and amortization (126) (117) Impairment and restructuring charges 3 (20) (19) Equity losses of affiliates 4 (3) (2) Interest income, net 4 6 Other, net 12 38 4 Income before income tax expense 296 212 Income tax expense 10 (81) (62) Net income 215 150 Net income attributable to noncontrolling interests (56) (38) Net income attributable to News Corporation stockholders $ 159 $ 112 Net income attributable to News Corporation stockholders per share, basic and diluted 8 $ 0.29 $ 0.20

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September 30, 2026 2025 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Net income $ 215 $ 150 Other comprehensive income (loss): Foreign currency translation adjustments 49 (27) Net change in the fair value of cash flow hedges(a) (1) (2) Benefit plan adjustments, net(b) 3 6 Other comprehensive income (loss) 51 (23) Comprehensive income 266 127 Net income attributable to noncontrolling interests (56) (38) Other comprehensive income attributable to noncontrolling interests(c) (15) (1) Comprehensive income attributable to News Corporation stockholders $ 195 $ 88

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In September 2026, REA Group entered into an agreement to acquire a 35 % interest in Distilled Ltd (“Distilled”) for approximately A$ 409 million in cash, subject to customary purchase price adjustments, which it expects to fund with borrowings and cash on hand. The investment is subject to customary closing conditions, including regulatory approval, and is expected to close during fiscal 2027. Distilled operates multi-vertical digital marketplaces across Ireland and Northern Ireland.

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(b) Relates to the HarperCollins Equipment Lease described below. Amounts pertain to equipment received as of September 30, 2026.

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Borrowings under the 2026 REA Credit Facility accrue interest at a floating rate equal to the Australian BBSY plus a margin of between 1.05 % and 1.95 %, depending on REA Group’s net leverage ratio. The 2026 REA Credit Facility carries a commitment fee equal to 40 % of the applicable margin on any undrawn balance.

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In addition to assets and liabilities that are remeasured at fair value on a recurring basis, the Company has certain assets, primarily goodwill, intangible assets, property, plant and equipment, investments in equity securities without readily determinable fair values and equity method investments, that are not required to be remeasured to fair value at the end of each reporting period. On an ongoing basis, the Company monitors whether events occur or circumstances change that would more likely than not reduce the fair values of these assets below their carrying amounts. If the Company determines that these assets are impaired, the Company would write down these assets to fair value. These nonrecurring fair value measurements are considered to be Level 3 in the fair value hierarchy. There have been no material current period or cumulative remeasurements of Level 3 equity and other securities.

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September 30, 2026 2025 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Net income $ 215 $ 150 Net income attributable to noncontrolling interests (56) (38) Net income attributable to News Corporation stockholders $ 159 $ 112 Weighted-average number of shares of common stock outstanding - basic 541.0 564.9 Dilutive effect of equity awards 1.7 2.0 Weighted-average number of shares of common stock outstanding - diluted 542.7 566.9 Net income attributable to News Corporation stockholders per share - basic and diluted $ 0.29 $ 0.20

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(a) Primarily relates to the gain on REA Group’s sale of REA India’s remaining business during the three months ended September 30, 2026.

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In September 2026, REA Group entered into an agreement to acquire a 35% interest in Distilled Ltd (“Distilled”) for approximately A$409 million in cash, subject to customary purchase price adjustments, which it expects to fund with borrowings and cash on hand. The investment is subject to customary closing conditions, including regulatory approval, and is expected to close in fiscal 2027. Distilled operates multi-vertical digital marketplaces across Ireland and Northern Ireland. The investment is expected to allow REA Group to collaborate with Distilled to extend REA Group’s core property strategy into new markets. See Note 4 - Investments in the accompanying Consolidated Financial Statements.

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In September 2026, REA Group terminated its undrawn 2024 REA Credit Facility and entered into a new unsecured syndicated credit facility (the “2026 REA Credit Facility”). The 2026 REA Credit Facility provides a three-year A$500 million revolving loan facility. See Note 5 - Borrowings in the accompanying Consolidated Financial Statements.

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In September 2026, REA Group terminated its undrawn 2024 REA Credit Facility and entered into the 2026 REA Credit Facility. The 2026 REA Credit Facility provides a three-year A$500 million revolving loan facility maturing on September 30, 2029.

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Borrowings under the 2026 REA Credit Facility accrue interest at a floating rate equal to the Australian BBSY plus a margin of between 1.05% and 1.95%, depending on REA Group’s net leverage ratio. The 2026 REA Credit Facility carries a commitment fee equal to 40% of the applicable margin on any undrawn balance.

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The 10-Q's risk factors against the 10-K

Item 1A of the 10-Q filed Nov 5, 2026 against Item 1A of the 10-K filed Aug 7, 2026. A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed. Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed, Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal (cut words struck through, new words highlighted and underlined). Text on the page, not a score; each links to the filing at sec.gov.

What the 10-Q itself says about its risk factors:
There have been no material changes to the risk factors described in the 2026 Form 10-K.

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1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.