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Screener
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SEC EDGAR
/CIK 0001564708
/10-K filed Aug 7, 2026, compared with Aug 6, 2025
/Numbers from the XBRL of the 10-Ks
Nasdaq, OTC
Communication · Publishing
Also trades as NWS
News Corp (Class A) NWSA
The 10-K against last year's
194 changes: 10 added, 12 removed, 168 reworded, 4 quiet changes
10-K Aug 7, 2026 vs Aug 6, 2025
Risk Factors
16.5%
of the text changed · 11,274 words now · 2 new paragraphs, 6 gone
MD&A
18.2%
of the text changed · 12,436 words now · 8 new paragraphs, 6 gone
Legal Proceedings
25.1%
of the text changed · 1,197 words now
Accounting Policies
4.5%
of the text changed · 5,953 words now
10-K 0001564708-26-000175 (Aug 7, 2026) vs 10-K 0001564708-25-000419 (Aug 6, 2025)
Every paragraph, and how much of it changed
One bar per paragraph, in the order of the 10-K. Height and colour show the share of its words not in the closest paragraph a year earlier; the tallest bars are new paragraphs.
Risk Factors
79 paragraphs · 2 new · 40 reworded · 6 gone · 10-K Aug 7, 2026 against Aug 6, 2025
New paragraph
Reworded (5% of its words or more)
Same or nearly
Paragraph 13 · 32% changed
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The Company may also be impacted by other events outside its control, such as developments in the industries in which it operates. In the U.S. residential real estate industry, settlements lawsuits and regulatory investigations, as well as pressure from industry participants, have led to changes in established rules and practices. Settlements of recent class action lawsuits against certain brokerages and franchisors, as well as NAR, have led resulted in changes to changes in NAR’s rules and practices, including elimination of the cooperative compensation rule, thereby prohibiting REALTOR® MLSs from publishing how buyer broker compensation offers. While the 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 impact of such these and any other changes is uncertain to industry rules and difficult to predict, if they significantly practices that may result from any further litigation, settlements, regulatory scrutiny or market shifts could affect how home buyers and sellers engage with agents or negatively impact and agent commissions, that could 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. 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.
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The Company generates substantial revenues from the sale of advertising, and a decline declines in advertising revenues has have had, and could continue to have, an adverse effect on its business, financial condition and results of operations. Shifting consumer operations and financial condition. Consumer preferences toward for digital content consumption and consumption, the increasing number of content consumption choices and different ways of purchasing advertising such as programmatic buying have intensified competition for advertising, increased audience fragmentation and advertising inventory and inventory, decreased demand for the Company’s traditional media offerings and their attractiveness to advertisers. 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. advertisers and reduced rates. Large digital platforms 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. Visibility on these platforms depends on Changes made by platform operators, including decreasing referrals, the incorporation of AI engines with different algorithms that and changes impacting visibility, occur frequently, are outside the Company’s control and change frequently, and recent changes have adversely affected affected, and could adversely affect, traffic to some of and engagement for the Company’s digital properties, particularly properties and consequently, advertising sales and rates. As the advertising industry evolves in response to AI-driven changes in content discovery and consumption, the U.K. Company will need to adapt to new advertising formats, delivery methods, strategies and offerings in order to compete successfully for advertising budgets. Certain of these large digital platforms also control significant technologies such as ad servers on which the Company’s digital advertising operations rely, and interruptions or changes affecting these technologies, including the economic terms, could adversely impact advertising revenues and/or operating costs. Evolving standards for the delivery of digital advertising, the development and implementation of technology, standards, regulations, policies and practices and changing consumer expectations that adversely affect the Company’s ability to deliver, target or measure the effectiveness of its advertising, including 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
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The Company faces significant competition, including from other providers of information, news, real estate-related and entertainment products and services. See “Business Overview” for more information regarding competition within each of the Company’s segments. This competition continues to intensify as a result of changes in technologies, including developments in generative AI, platforms and business models and corresponding changes in consumer and customer behavior. For example, the proliferation of content distribution platforms and media channels, as well as AI-generated content, have (i) increased the choices available to consumers for content consumption and the risk of content commoditization and (ii) adversely impacted, and may continue to adversely impact, demand and pricing for the Company’s products and services. Consumption 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 on third-party and other products and services are discovered and displayed. Changes these platforms reduces its control over how its content is discovered, displayed and monetized and may make to algorithms, ranking methodologies, presentation, placement, user interfaces, access terms or pricing affect its the Company’s ability to attract, retain and monetize consumers directly and compete effectively. Generative AI-powered chatbots, search overviews As these platforms and other tools using models trained or grounded on 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 content or that produce responses that contain, are similar to or are based on the Company’s content without permission, attribution or compensation, 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, and subscriber demand for, and engagement with, the Company’s digital products and services and harm existing and potential revenue streams. Technological advances, including particularly in AI, have also increased reduced barriers to entry by, among other things, increasing the availability of public sources of free or inexpensive information and reduced decreasing the cost to collect, process and package this information, which enables 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, often at a lower cost, services and potentially diminishes diminish their perceived value.
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In the course of its business, the Company collects, stores, uses uses, processes and transmits personal data from consumers, customers, employees and other sources. Certain of the Company’s information services businesses also use content that includes personal data from public and government records, other publicly available information and media. As a result, the Company and its activities are subject to various and increasing U.S. federal, state and local and international laws and regulations in the U.S. and internationally governing the collection, use, sharing and transfer, storage and retention of personal data, as well as multiple emerging laws and regulations pertaining to data security, which have implications for a number of its business practices. Examples include the E.U.’s GDPR and the UK GDPR, each of which expands the regulation of regulates personal data processing throughout the E.U. and the U.K., respectively, and significantly increases maximum provides significant penalties for non-compliance, as well as U.S. federal data privacy laws, and a significant and growing number of U.S. federal state and state data privacy local laws. Recently enacted state State data privacy laws, in particular, establish certain transparency rules, put greater restrictions on the collection, use and disclosure of personal information of their respective state residents and provide such residents with certain rights regarding their personal information. See “Governmental Regulation—Data Privacy and Security Regulation” for more information. These laws and regulations are increasingly complex and continue to evolve, and substantial uncertainty surrounds their scope and application. Moreover, data privacy and security laws may often conflict from jurisdiction to jurisdiction. Complying with these laws and regulations is costly and resource-intensive and, from time to time, requires the Company to change its business practices or limit or restrict aspects of its business in a manner adverse to its operations, including by restricting the collection, use and/or disclosure of information for targeted advertising, use in certain products and services or for pricing and other purposes. The Company’s failure to comply, even if inadvertent or in good faith, or as a result of a compromise, breach or interruption of the Company’s systems by a third party, could result in exposure to enforcement by U.S. federal, state or local or foreign governments or private parties and the payment of significant penalties, notification and remediation costs, loss of customers, as well as significant negative publicity and reputational damage, especially as regulators are increasingly focused on consumer privacy and enforcement efforts, particularly in connection with services directed to children, targeted advertising and consent practices. The Company may also be subject to liability under relevant contractual obligations and has expended, and may in the future expend, resources to defend, remedy or address any claims.
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The Company’s success depends on its ability to maintain, enforce and monetize the rights in its content and other intellectual property, and unauthorized use of its brands, digital journalism and other content, books, proprietary data and other intellectual property affects their value. Developments in technology, including advancements in AI, the wide availability of higher internet bandwidth and increased computing power, facilitate unauthorized use of the Company’s intellectual property by making it easier to create, access, copy, distribute and exploit unlicensed material on a wide-scale, systematic basis. For example, developments in AI have led to unauthorized scraping, crawling and other exploitation of the Company’s content and other intellectual property, both in the training and grounding of models as well as output retrieved or displayed by AI tools. While the Company seeks to limit the threat of unauthorized use through various means, such activities are difficult to monitor and prevent and these efforts are costly, may in some cases result in the Company’s content being excluded from third-party platforms and are not always successful, particularly as threats emerge and evolve rapidly and infringement efforts become increasingly sophisticated. The proliferation of unauthorized use of the Company’s intellectual property undermines lawful distribution channels and reduces the revenue that the Company could receive from the legitimate sale, licensing and distribution of its content and other intellectual property. Protection of the Company’s intellectual property rights is dependent on the scope and duration of its rights under applicable laws in the U.S. and abroad and the applicability of any legal defenses and/or exceptions to those laws. If those laws are drafted or interpreted in ways that limit the extent or duration of the Company’s rights or make applicable any legal defenses and/or exceptions, including in relation to unauthorized use of the Company’s content by generative AI developers, or if existing laws are changed or not effectively enforced, the Company’s ability to generate revenue from its intellectual property may decrease, or the cost of obtaining and maintaining rights may increase. Some recent lower court decisions have found that unlicensed use of copyrighted materials for the training of AI models could, under the specific facts and circumstances presented, constitute “fair use” and therefore not a copyright violation. The application of existing laws and regulations to new technologies, including generative AI, continues to be unsettled and is changing rapidly, and laws and regulations may differ from jurisdiction to jurisdiction. Legal developments in these areas and the failure of legal and technological protections to evolve appropriately in response to technological advancements could make it more difficult for the Company to adequately protect and monetize its intellectual property, negatively impact its value and further increase the Company’s enforcement costs.
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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. See “—Benchmark Regulation,” “—U.K. Press-Related Regulation” and “—U.K. Radio Broadcasting and On-Demand Services Regulation” under “Governmental Regulation” for more information. The introduction of new laws and regulations in countries where the Company’s products and services are produced or distributed, and changes in existing laws and regulations in those countries or the interpretation or enforcement thereof, have increased its compliance risk and could have a negative impact on its interests. Benchmarks provided Expanding regulation of digital services and related business practices and scrutiny and enforcement by consumer protection authorities may impose restrictions on the Company’s Dow Jones Energy business may be subject digital consumer platforms and data-driven initiatives, including with respect to regulatory frameworks in the E.U. pricing and other jurisdictions. See “Governmental Regulation—Benchmark Regulation” for more information. 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. subscription practices. A number of new laws and regulations, reporting requirements and policies relating to ESG matters have been adopted in the U.S. and internationally. Laws and regulations governing new or evolving technologies, including generative AI, are also developing and remain unsettled, and legal and regulatory developments in this area could impact the Company’s business. See “The “Developments in AI, Including the Company’s Use of AI may AI, May Expose it to Certain Risks, Which Could Adversely Affect its Business, Reputation or Financial Results.” Laws and regulations regulations, including those related to ESG matters, may vary between local, state, federal and international jurisdictions and sometimes conflict, and the interpretation and enforcement of those laws and regulations may be inconsistent and unpredictable. 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. Many of these laws and regulations, particularly those relating to new or evolving technologies, such technologies (such as generative AI, AI), pricing algorithms or ESG matters, are complex, technical and changing rapidly. The Company may incur substantial costs or be required to modify its business practices, implement new reporting processes and devote substantial management attention in order to comply with applicable laws and regulations and could incur substantial penalties or other liabilities and reputational damage in the event of any failure to comply, including as a result of conflicting requirements.
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•manage and adapt to changes made by large digital platforms 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 and accessibility of its content and other products and services (and, in turn, visits subscriptions, traffic, engagement and advertiser interest), which occur frequently and are outside the Company’s control; and
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10-K Aug 6, 2025beneficial owner of the shares beneficially owned by the MFT. K. Rupert Murdoch, however, disclaims any beneficial ownership of these shares. 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. This concentration of voting power could discourage third parties from making proposals involving an acquisition of the Company. Additionally, the ownership concentration of Class B Common Stock by the MFT increases the likelihood that proposals submitted for stockholder approval that are supported by the MFT will be adopted and proposals that are not supported by the MFT will not be adopted, whether or not such proposals to stockholders are also supported by the other holders of Class B Common Stock.
10-K Aug 7, 2026
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”). LGC Holdco beneficially owns less than one percent of the Company’s outstanding Class A Common Stock and approximately 34.52% of the Company’s Class B Common Stock as of June 30, 2026. 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. Murdoch may be deemed to be the beneficial owner of the shares owned by LGC Holdco. Lachlan K. Murdoch, however, disclaims beneficial ownership of such shares. This ownership concentration of Class B Common Stock and associated concentration of voting power could discourage third parties from making proposals involving an acquisition of the Company. Additionally, such ownership concentration increases the likelihood that proposals submitted for stockholder approval that are supported by LGC Holdco will be adopted and proposals that are not supported by LGC Holdco will not be adopted, whether or not such proposals to stockholders are also supported by the other holders of Class B Common Stock. 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.
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10-K Aug 6, 2025
The Company may also be impacted by other events outside its control, such as developments in the industries in which it operates. 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. While the impact of such changes is uncertain and difficult to predict, if they significantly affect how home buyers and sellers engage with agents or negatively impact agent commissions, that could reduce the number of leads and other services agents purchase from Move and adversely affect its business and results of operations or require changes to its business model. 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.
10-K Aug 7, 2026
The Company may also be impacted by other events outside its control, such as developments in the industries in which it operates. 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 impact of these and any other changes to 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 and agent commissions, 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.
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10-K Aug 6, 2025
The Company generates substantial revenues from the sale of advertising, and a decline in advertising revenues has had, and could continue to have, an adverse effect on its business, financial condition and results of operations. Shifting consumer preferences toward digital content consumption and the increasing number of content consumption choices have intensified competition for advertising, increased audience fragmentation and advertising inventory and decreased demand for the Company’s traditional media offerings and their attractiveness to advertisers. 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. Large digital platforms command a substantial share of the digital advertising market and are also responsible for a significant amount of traffic to the Company’s digital properties, which drives advertiser spending. Visibility on these platforms depends on algorithms that are outside the Company’s control and change frequently, and recent changes have adversely affected traffic to some of the Company’s digital properties, particularly in the U.K. Certain of these platforms also control significant technologies such as ad servers on which the Company’s digital advertising operations rely, and interruptions or changes affecting these technologies, including the economic terms, could adversely impact advertising revenues and/or operating costs. Evolving standards for the delivery of digital advertising, the development and implementation of technology, standards, regulations, policies and practices and changing consumer expectations that adversely affect the Company’s ability to deliver, target or measure the effectiveness of its advertising, including
10-K Aug 7, 2026
The Company generates substantial revenues from the sale of advertising, and declines in advertising revenues have had, and could continue to have, an adverse effect on its business, results of operations and financial condition. Consumer preferences for digital content consumption, the increasing number of content consumption choices and different ways of purchasing advertising such as programmatic buying have intensified competition for advertising, increased audience fragmentation and advertising inventory, decreased demand for the Company’s traditional media offerings and their attractiveness to advertisers and reduced rates. Large digital platforms 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. 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. Certain large digital platforms 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 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
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10-K Aug 6, 2025
The Company faces significant competition, including from other providers of information, news, real estate-related and entertainment products and services. See “Business Overview” for more information regarding competition within each of the Company’s segments. This competition continues to intensify as a result of changes in technologies, including developments in generative AI, platforms and business models and corresponding changes in consumer and customer behavior. For example, the proliferation of content distribution platforms and media channels, as well as AI-generated content, have (i) increased the choices available to consumers for content consumption and the risk of content commoditization and (ii) adversely impacted, and may continue to adversely impact, demand and pricing for the Company’s products and services. 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.
10-K Aug 7, 2026
The Company faces significant competition, including from other providers of information, news, real estate-related and entertainment products and services. See “Business Overview” for more information regarding competition within each of the Company’s segments. This competition continues to intensify as a result of changes in technologies, including developments in AI, platforms and business models and corresponding changes in consumer and customer behavior. For example, the proliferation of content distribution platforms and media channels, as well as AI-generated content, have (i) increased the choices available to consumers for content consumption and the risk of content commoditization and (ii) adversely impacted, and may continue to adversely impact, demand and pricing for the Company’s products and services. 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.
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10-K Aug 6, 2025
In the course of its business, the Company collects, stores, uses and transmits personal data from consumers, customers, employees and other sources. Certain of the Company’s information services businesses also use content that includes personal data from public and government records, other publicly available information and media. As a result, the Company and its activities are subject to various and increasing laws and regulations in the U.S. and internationally governing the collection, use, sharing and transfer, storage and retention of personal data, as well as multiple emerging laws and regulations pertaining to data security, which have implications for a number of its business practices. Examples include the E.U.’s GDPR and the UK GDPR, each of which expands the regulation of personal data processing throughout the E.U. and the U.K., respectively, and significantly increases maximum penalties for non-compliance, as well as a number of U.S. federal and state data privacy laws. Recently enacted state data privacy laws, in particular, establish certain transparency rules, put greater restrictions on the collection, use and disclosure of personal information of their respective state residents and provide such residents with certain rights regarding their personal information. See “Governmental Regulation—Data Privacy and Security Regulation” for more information. These laws and regulations are increasingly complex and continue to evolve, and substantial uncertainty surrounds their scope and application. Moreover, data privacy and security laws may conflict from jurisdiction to jurisdiction. Complying with these laws
10-K Aug 7, 2026
In the course of its business, the Company collects, stores, uses, processes and transmits personal data from consumers, customers, employees and other sources. Certain of the Company’s information services businesses also use content that includes personal data from public and government records, other publicly available information and media. As a result, the Company and its activities are subject to various and increasing U.S. federal, state and local and international laws and regulations governing the collection, use, sharing and transfer, storage and retention of personal data, as well as multiple emerging laws and regulations pertaining to data security, which have implications for a number of its business practices. Examples include the E.U.’s GDPR and the UK GDPR, each of which regulates personal data processing throughout the E.U. and the U.K., respectively, and provides significant penalties for non-compliance, as well as U.S. federal data privacy laws, and a significant and growing number of state and local laws. State data privacy laws, in particular, establish certain transparency rules, put greater restrictions on the collection, use and disclosure of personal information of their respective state residents and provide such residents with certain rights regarding their personal information. See “Governmental Regulation—Data Privacy and Security Regulation” for more information. These laws and regulations are increasingly complex and continue to evolve, and substantial uncertainty surrounds their scope and application. Moreover, data privacy and security laws often conflict from jurisdiction to jurisdiction. Complying with these laws and regulations is costly and resource-intensive and, from time to time, requires the Company to change its business practices or limit or restrict aspects of its business in a manner adverse to its operations, including by restricting the collection, use and/or disclosure of information for targeted advertising, use in certain products and services or for pricing and other purposes. The Company’s failure to comply, even if inadvertent or in good faith, or as a result of a compromise, breach or interruption of the Company’s systems by a third party, could result in exposure to enforcement by U.S. federal, state or local or foreign governments or private parties and the payment of significant penalties, notification and remediation costs, loss of customers, as well as significant negative publicity and reputational damage, especially as regulators are increasingly focused on consumer privacy and enforcement efforts, particularly in connection with services directed to children, targeted advertising and consent practices. The Company may also be subject to liability under relevant contractual obligations and has expended, and may in the future expend, resources to defend, remedy or address any claims.
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10-K Aug 6, 2025
applicable laws in the U.S. and abroad and the applicability of any legal defenses and/or exceptions to those laws. If those laws are drafted or interpreted in ways that limit the extent or duration of the Company’s rights or make applicable any legal defenses and/or exceptions, including in relation to unauthorized use of the Company’s content by generative AI developers, or if existing laws are changed or not effectively enforced, the Company’s ability to generate revenue from its intellectual property may decrease, or the cost of obtaining and maintaining rights may increase. Some recent lower court decisions have found that unlicensed use of copyrighted materials for the training of AI models could, under the specific facts and circumstances presented, constitute “fair use” and therefore not a copyright violation. The application of existing laws and regulations to new technologies, including generative AI, continues to be unsettled and is changing rapidly, and laws and regulations may differ from jurisdiction to jurisdiction. Legal developments in these areas and the failure of legal and technological protections to evolve appropriately in response to technological advancements could make it more difficult for the Company to adequately protect and monetize its intellectual property, negatively impact its value and further increase the Company’s enforcement costs.
10-K Aug 7, 2026
The Company’s success depends on its ability to maintain, enforce and monetize the rights in its content and other intellectual property, and unauthorized use of its brands, digital journalism and other content, books, proprietary data and other intellectual property affects their value. Developments in technology, including advancements in AI, the wide availability of higher internet bandwidth and increased computing power, facilitate unauthorized use of the Company’s intellectual property by making it easier to create, access, copy, distribute and exploit unlicensed material on a wide-scale, systematic basis. For example, developments in AI have led to unauthorized scraping, crawling and other exploitation of the Company’s content and other intellectual property, both in the training and grounding of models as well as output retrieved or displayed by AI tools. While the Company seeks to limit the threat of unauthorized use through various means, such activities are difficult to monitor and prevent and these efforts are costly, may in some cases result in the Company’s content being excluded from third-party platforms and are not always successful, particularly as threats emerge and evolve rapidly and infringement efforts become increasingly sophisticated. The proliferation of unauthorized use of the Company’s intellectual property undermines lawful distribution channels and reduces the revenue that the Company could receive from the legitimate sale, licensing and distribution of its content and other intellectual property. Protection of the Company’s intellectual property rights is dependent on the scope and duration of its rights under applicable laws in the U.S. and abroad and the applicability of any legal defenses and/or exceptions to those laws. If those laws are drafted or interpreted in ways that limit the extent or duration of the Company’s rights or make applicable any legal defenses and/or exceptions, including in relation to unauthorized use of the Company’s content by AI developers, or if existing laws are changed or not effectively enforced, the Company’s ability to generate revenue from its intellectual property may decrease, or the cost of obtaining and maintaining rights may increase. Some lower court decisions have found that unlicensed use of copyrighted materials for the training of AI models could, under the specific facts and circumstances presented, constitute “fair use” and therefore not a copyright violation. The application of existing laws and regulations to new technologies, including AI, continues to be unsettled and is changing rapidly, and laws and regulations may differ from jurisdiction to jurisdiction. Legal developments in these areas and the failure of legal and technological protections to evolve appropriately in response to technological advancements could make it more difficult for the Company to adequately protect and monetize its intellectual property, negatively impact its value and further increase the Company’s enforcement costs.
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Every version of it
10-K Aug 6, 2025
changes in existing laws and regulations in those countries or the interpretation or enforcement thereof, have increased its compliance risk and could have a negative impact on its interests. Benchmarks provided by the Company’s Dow Jones Energy business may be subject to regulatory frameworks in the E.U. and other jurisdictions. See “Governmental Regulation—Benchmark Regulation” for more information. 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. A number of new laws and regulations, reporting requirements and policies relating to ESG matters have been adopted in the U.S. and internationally. Laws and regulations governing new or evolving technologies, including generative AI, are also developing and remain unsettled, and legal and regulatory developments in this area could impact the Company’s business. See “The Company’s Use of AI may Expose it to Certain Risks, Which Could Adversely Affect its Business, Reputation or Financial Results.” Laws and regulations may vary between local, state, federal and international jurisdictions and sometimes conflict, and the interpretation and enforcement of those laws and regulations may be inconsistent and unpredictable. 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. Many of these laws and regulations, particularly those relating to new or evolving technologies, such as generative AI, pricing algorithms or ESG matters, are complex, technical and changing rapidly. The Company may incur substantial costs or be required to modify its business practices, implement new reporting processes and devote substantial management attention in order to comply with applicable laws and regulations and could incur substantial penalties or other liabilities and reputational damage in the event of any failure to comply, including as a result of conflicting requirements.
10-K Aug 7, 2026
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. See “—Benchmark Regulation,” “—U.K. Press-Related Regulation” and “—U.K. Radio Broadcasting and On-Demand Services Regulation” under “Governmental Regulation” for more information. The introduction of new laws and regulations in countries where the Company’s products and services are produced or distributed, and changes in existing laws and regulations in those countries or the interpretation or enforcement thereof, have increased its compliance risk and could have a negative impact on its interests. 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. A number of laws and regulations, reporting requirements and policies relating to ESG matters have been adopted in the U.S. and internationally. Laws and regulations governing new or evolving technologies, including AI, are also developing and remain unsettled, and legal and regulatory developments in this area could impact the Company’s business. See “Developments in AI, Including the Company’s Use of AI, May Expose it to Certain Risks, Which Could Adversely Affect its Business, Reputation or Financial Results.” Laws and regulations, including those related to ESG matters, may vary between local, state, federal and international jurisdictions and sometimes conflict, and the interpretation and enforcement of those laws and regulations may be inconsistent and unpredictable. Many of these laws and regulations, particularly those relating to new or evolving technologies (such as AI), pricing algorithms or ESG matters, are complex, technical and changing rapidly. The Company may incur substantial costs or be required to modify its business practices, implement new reporting processes and devote substantial management attention in order to comply with applicable laws and regulations and could incur substantial penalties or other liabilities and reputational damage in the event of any failure to comply, including as a result of conflicting requirements.
Paragraph 8 · 23% changed
Every version of it
10-K Aug 6, 2025
•manage and adapt to changes made by large digital platforms that affect the visibility of its content and other products and services (and, in turn, visits and advertiser interest), which occur frequently and are outside the Company’s control; and
10-K Aug 7, 2026
•manage and adapt to changes made by digital 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 and accessibility of its content and other products and services (and, in turn, subscriptions, traffic, engagement and advertiser interest), which occur frequently and are outside the Company’s control; and
MD&A
144 paragraphs · 8 new · 74 reworded · 6 gone · 10-K Aug 7, 2026 against Aug 6, 2025
New paragraph
Reworded (5% of its words or more)
Same or nearly
Paragraph 113 · 38% changed
All of the Company’s borrowings contain customary representations, covenants and events of default. If any of the events of default occur and are not cured within applicable grace periods or waived, any unpaid amounts under the applicable debt agreement may be declared immediately due and payable. The Company was in compliance with all such applicable covenants at June 30, 2025. 2026.
Paragraph 78 · 36% changed
For the fiscal year ended June 30, 2025, 2026, Segment EBITDA at the News Media segment increased $20 decreased $14 million, or 15%, 9%, as compared to fiscal 2024. 2025. The increase decrease was driven by cost savings initiatives, including lower Talk costs related to the recently launched California Post and higher costs at News Broadcasting, partly due to the combination of News UK’s printing operations with those of DMG Media, FIFA World Cup, partially offset by the decrease in revenues discussed above. lower Talk costs.
Paragraph 39 · 33% changed
Selling, general and administrative—Selling, general and administrative increased $104 $208 million, or 3%, 6%, for the fiscal year ended June 30, 2025 2026 as compared to fiscal 2024. 2025. The increase in Selling, general and administrative for the fiscal year ended June 30, 2025 2026 was primarily due to higher expenses costs at the Dow Jones segment driven by higher employee and marketing costs, at the Digital Real Estate Services segment driven by higher employee costs at REA Group, costs, broker commissions and marketing costs, partially offset by the absence of $12 million of costs related to REA Group’s the withdrawn offer to acquire Rightmove in the prior year and higher costs from REA India, at the Book Publishing segment primarily due to higher employee costs and a $13 million write-off of a customer receivable related to the closure of a book distributor. The increase in expense was also due to higher costs from recent acquisitions and at the Dow Jones News Media segment driven by the negative impact of foreign currency fluctuations, costs related to the recently launched California Post and higher marketing costs at News Broadcasting, partly due to the FIFA World Cup. The increase was partially offset by lower costs at the Other segment driven by lower employee costs. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a Selling, general and technology costs. administrative increase of $87 million, or 2%, for the fiscal year ended June 30, 2026 as compared to fiscal 2025.
Paragraph 61 · 33% changed
The following table summarizes provides selected information regarding average daily consumer subscriptions during the three months ended June 30, 2026 and 2025 and 2024 for select publications and for all consumer the Dow Jones segment’s subscription products.(a) news products:
Paragraph 75 · 32% changed
For the fiscal year ended June 30, 2025, 2026, Segment EBITDA at the Book Publishing segment increased $27 decreased $9 million, or 10%, 3%, as compared to fiscal 2024, primarily 2025, driven by higher costs due to higher sales volume, higher employee costs, a $16 million one-time write-off in the second quarter of fiscal 2026 primarily related to inventory at HarperCollins’ international operations and a $13 million write-off of a customer receivable related to the closure of a book distributor, partially offset by the higher revenues discussed above, partially offset by higher employee costs and costs from recent acquisitions. above.
Paragraph 71 · 29% changed
For the fiscal year ended June 30, 2025, 2026, revenues at the Digital Real Estate Services segment increased $144 $214 million, or 9%, 12%, as compared to fiscal 2024. 2025. Revenues at REA Group increased $136 $156 million, or 12%, to $1,250 $1,406 million for the fiscal year ended June 30, 2025 2026 from $1,114 $1,250 million in for fiscal 2024. 2025. The increase was primarily due to higher Australian residential revenues driven by price increases, increased depth penetration increases and growth in national listings add-on products, a $63 million, or 5%, positive impact from foreign currency fluctuations and higher financial services revenues from REA India, higher settlements, partially offset by lower revenues at REA India driven by recent divestitures and the $14 million, or 1%, negative impact discontinuation of foreign currency fluctuations. certain businesses. Revenues at Move increased $8 $58 million, or 1%, 11%, to $552 $610 million for the fiscal year ended June 30, 2025 2026 from $544 $552 million in for fiscal 2024, 2025, driven by revenue growth in seller, new homes and rentals, including the partnership with Zillow, higher sales of RealPRO SelectSM (formerly Market VIPSM), SelectSM, as Move shifts its focus to more premium offerings, and higher advertising revenues. The increases were largely offset by revenue growth in seller, new homes and rentals. Lead volumes increased 5% compared to the continued negative impact corresponding period 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. fiscal 2025.
Paragraph 68 · 28% changed
Advertising revenues decreased $9 increased $22 million, or 2%, during 6%, for the fiscal year ended June 30, 2025 2026 as compared to fiscal 2024, primarily 2025 due to lower print $24 million of higher digital advertising revenues of $7 million, or 5%. driven by the technology and financial services sectors. Digital advertising revenues represented 65% 67% of advertising revenue for the fiscal year ended June 30, 2025, 2026, as compared to 64% in 65% for fiscal 2024. 2025.
Paragraph 84 · 28% changed
Paragraph 113 · 38% changed
10-K Aug 6, 2025
All of the Company’s borrowings contain customary representations, covenants and events of default. The Company was in compliance with all such covenants at June 30, 2025.
10-K Aug 7, 2026
All of the Company’s borrowings contain customary representations, covenants and events of default. If any of the events of default occur and are not cured within applicable grace periods or waived, any unpaid amounts under the applicable debt agreement may be declared immediately due and payable. The Company was in compliance with all applicable covenants at June 30, 2026.
Paragraph 78 · 36% changed
10-K Aug 6, 2025
For the fiscal year ended June 30, 2025, Segment EBITDA at the News Media segment increased $20 million, or 15%, as compared to fiscal 2024. 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.
10-K Aug 7, 2026
For the fiscal year ended June 30, 2026, Segment EBITDA at the News Media segment decreased $14 million, or 9%, as compared to fiscal 2025. 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.
Paragraph 39 · 33% changed
10-K Aug 6, 2025
Selling, general and administrative—Selling, general and administrative increased $104 million, or 3%, for the fiscal year ended June 30, 2025 as compared to fiscal 2024. The increase in Selling, general and administrative for the fiscal year ended June 30, 2025 was primarily due to higher expenses at the Digital Real Estate Services segment driven by higher employee costs at REA Group, $12 million of costs related to REA Group’s withdrawn offer to acquire Rightmove and higher costs from REA India, at the Book Publishing segment due to higher employee costs and costs from recent acquisitions and at the Dow Jones segment driven by higher marketing and technology costs.
10-K Aug 7, 2026
Selling, general and administrative—Selling, general and administrative increased $208 million, or 6%, for the fiscal year ended June 30, 2026 as compared to fiscal 2025. The increase in Selling, general and administrative for the fiscal year ended June 30, 2026 was primarily due to higher costs at the Dow Jones segment driven by higher employee and marketing costs, at the Digital Real Estate Services segment driven by higher employee costs, broker commissions and marketing costs, partially offset by the absence of $12 million of costs related to the withdrawn offer to acquire Rightmove in the prior year and at the Book Publishing segment primarily due to higher employee costs and a $13 million write-off of a customer receivable related to the closure of a book distributor. 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. The increase was partially offset by lower costs at the Other segment driven by lower employee costs. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a Selling, general and administrative increase of $87 million, or 2%, for the fiscal year ended June 30, 2026 as compared to fiscal 2025.
Paragraph 61 · 33% changed
10-K Aug 6, 2025
The following table summarizes average daily consumer subscriptions during the three months ended June 30, 2025 and 2024 for select publications and for all consumer subscription products.(a)
10-K Aug 7, 2026
The following table provides selected information regarding average daily subscriptions during the three months ended June 30, 2026 and 2025 for the Dow Jones segment’s subscription news products:
Paragraph 75 · 32% changed
10-K Aug 6, 2025
For the fiscal year ended June 30, 2025, Segment EBITDA at the Book Publishing segment increased $27 million, or 10%, as compared to fiscal 2024, primarily due to the higher revenues discussed above, partially offset by higher employee costs and costs from recent acquisitions.
10-K Aug 7, 2026
For the fiscal year ended June 30, 2026, Segment EBITDA at the Book Publishing segment decreased $9 million, or 3%, as compared to fiscal 2025, driven by higher costs due to higher sales volume, higher employee costs, a $16 million one-time write-off in the second quarter of fiscal 2026 primarily related to inventory at HarperCollins’ international operations and a $13 million write-off of a customer receivable related to the closure of a book distributor, partially offset by the higher revenues discussed above.
Paragraph 71 · 29% changed
10-K Aug 6, 2025
For the fiscal year ended June 30, 2025, revenues at the Digital Real Estate Services segment increased $144 million, or 9%, as compared to fiscal 2024. Revenues at REA Group increased $136 million, or 12%, to $1,250 million for the fiscal year ended June 30, 2025 from $1,114 million in fiscal 2024. The increase was primarily due to higher Australian residential revenues driven by price increases, increased depth penetration and growth in national listings and higher revenues from REA India, partially offset by the $14 million, or 1%, negative impact of foreign currency fluctuations. Revenues at Move increased $8 million, or 1%, to $552 million for the fiscal year ended June 30, 2025 from $544 million in fiscal 2024, driven by revenue growth in seller, new homes and rentals, including the partnership with Zillow, higher sales of RealPRO SelectSM (formerly Market VIPSM), as Move shifts its focus to more premium offerings, and higher advertising revenues. 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.
10-K Aug 7, 2026
For the fiscal year ended June 30, 2026, revenues at the Digital Real Estate Services segment increased $214 million, or 12%, as compared to fiscal 2025. Revenues at REA Group increased $156 million, or 12%, to $1,406 million for the fiscal year ended June 30, 2026 from $1,250 million for fiscal 2025. The increase was due to higher Australian residential revenues driven by price increases and growth in add-on products, a $63 million, or 5%, positive impact from foreign currency fluctuations and higher financial services revenues from higher settlements, partially offset by lower revenues at REA India driven by recent divestitures and the discontinuation of certain businesses. Revenues at Move increased $58 million, or 11%, to $610 million for the fiscal year ended June 30, 2026 from $552 million for fiscal 2025, driven by higher sales of RealPRO SelectSM, as Move shifts its focus to more premium offerings, and revenue growth in seller, new homes and rentals. Lead volumes increased 5% compared to the corresponding period of fiscal 2025.
Paragraph 68 · 28% changed
10-K Aug 6, 2025
Advertising revenues decreased $9 million, or 2%, during the fiscal year ended June 30, 2025 as compared to fiscal 2024, primarily due to lower print advertising revenues of $7 million, or 5%. Digital advertising revenues represented 65% of advertising revenue for the fiscal year ended June 30, 2025, as compared to 64% in fiscal 2024.
10-K Aug 7, 2026
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. Digital advertising revenues represented 67% of advertising revenue for the fiscal year ended June 30, 2026, as compared to 65% for fiscal 2025.
Paragraph 84 · 28% changed
10-K Aug 6, 2025Stock repurchases under the 2021 Repurchase Program commenced on November 9, 2021. The following table summarizes the shares repurchased and subsequently retired and the related consideration paid during the fiscal years ended June 30, 2025 and 2024:
10-K Aug 7, 2026
The following table summarizes the shares repurchased and subsequently retired under the Stock Repurchase Programs and the related consideration paid, excluding associated taxes, fees, commissions or other costs, during the fiscal years ended June 30, 2026 and 2025:
A paragraph is matched with the one last year that shares the most of its words; under half in common makes it new. The paragraphs shown are the 8 reworded the most in each section.
The paragraph that changed most in each section
The redline
Marked against last year's 10-K: cut words struck through, new words highlighted.
Risk Factors292 words changed in this paragraph; it is 60% similar to last year's version.
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. See “—Benchmark Regulation,” “—U.K. Press-Related Regulation” and “—U.K. Radio Broadcasting and On-Demand Services Regulation” under “Governmental Regulation” for more information. The introduction of new laws and regulations in countries where the Company’s products and services are produced or distributed, and changes in existing laws and regulations in those countries or the interpretation or enforcement thereof, have increased its compliance risk and could have a negative impact on its interests. Benchmarks provided Expanding regulation of digital services and related business practices and scrutiny and enforcement by consumer protection authorities may impose restrictions on the Company’s Dow Jones Energy business may be subject digital consumer platforms and data-driven initiatives, including with respect to regulatory frameworks in the E.U. pricing and other jurisdictions. See “Governmental Regulation—Benchmark Regulation” for more information. 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. subscription practices. A number of new laws and regulations, reporting requirements and policies relating to ESG matters have been adopted in the U.S. and internationally. Laws and regulations governing new or evolving technologies, including generative AI, are also developing and remain unsettled, and legal and regulatory developments in this area could impact the Company’s business. See “The “Developments in AI, Including the Company’s Use of AI may AI, May Expose it to Certain Risks, Which Could Adversely Affect its Business, Reputation or Financial Results.” Laws and regulations regulations, including those related to ESG matters, may vary between local, state, federal and international jurisdictions and sometimes conflict, and the interpretation and enforcement of those laws and regulations may be inconsistent and unpredictable. 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. Many of these laws and regulations, particularly those relating to new or evolving technologies, such technologies (such as generative AI, AI), pricing algorithms or ESG matters, are complex, technical and changing rapidly. The Company may incur substantial costs or be required to modify its business practices, implement new reporting processes and devote substantial management attention in order to comply with applicable laws and regulations and could incur substantial penalties or other liabilities and reputational damage in the event of any failure to comply, including as a result of conflicting requirements.
Source: Item 1A, 10-K 0001564708-26-000175 vs Item 1A, 10-K 0001564708-25-000419
MD&A161 words changed in this paragraph; it is 52% similar to last year's version.
Selling, general and administrative—Selling, general and administrative increased $104 $208 million, or 3%, 6%, for the fiscal year ended June 30, 2025 2026 as compared to fiscal 2024. 2025. The increase in Selling, general and administrative for the fiscal year ended June 30, 2025 2026 was primarily due to higher expenses costs at the Dow Jones segment driven by higher employee and marketing costs, at the Digital Real Estate Services segment driven by higher employee costs at REA Group, costs, broker commissions and marketing costs, partially offset by the absence of $12 million of costs related to REA Group’s the withdrawn offer to acquire Rightmove in the prior year and higher costs from REA India, at the Book Publishing segment primarily due to higher employee costs and a $13 million write-off of a customer receivable related to the closure of a book distributor. The increase in expense was also due to higher costs from recent acquisitions and at the Dow Jones News Media segment driven by the negative impact of foreign currency fluctuations, costs related to the recently launched California Post and higher marketing costs at News Broadcasting, partly due to the FIFA World Cup. The increase was partially offset by lower costs at the Other segment driven by lower employee costs. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a Selling, general and technology costs. administrative increase of $87 million, or 2%, for the fiscal year ended June 30, 2026 as compared to fiscal 2025.
Source: Item 7, 10-K 0001564708-26-000175 vs Item 7, 10-K 0001564708-25-000419
Legal Proceedings112 words changed in this paragraph; it is 53% similar to last year's version.
Civil claims have been brought against the Company with respect to, among other things, voicemail interception and inappropriate payments to public officials at the Company’s former publication, The News of the World, and at The Sun, and related matters (the “U.K. Newspaper Matters”). The Company has admitted liability in many civil cases and has settled a number of cases. The cases and claims. In connection with the Separation, the Company also settled a number and 21st Century Fox agreed in the Separation and Distribution Agreement (the “SDA”) that 21st Century Fox would indemnify the Company on an after-tax basis for payments made after June 28, 2013 arising out of civil claims through a private compensation scheme which was closed and investigations relating to new claims after April 8, 2013. the U.K. Newspaper Matters as well as related legal and professional fees and expenses, other than in the limited circumstances set forth in the SDA. These indemnification obligations were subsequently assigned, conveyed and transferred to FOX Corporation (“FOX”) as part of its separation from 21st Century Fox.
Source: Item 3, via Note 16 – COMMITMENTS AND CONTINGENCIES, 10-K 0001564708-26-000175 vs Item 3, via Note 16 – COMMITMENTS AND CONTINGENCIES, 10-K 0001564708-25-000419
Accounting Policies26 words changed in this paragraph; it is 86% similar to last year's version.
In December 2023, the FASB Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendments in ASU 2023-09 require disaggregated disclosure of material categories in effective tax rate reconciliations as well as disclosure of income taxes paid by specific domestic and foreign jurisdictions. Additionally, the amendments eliminate certain disclosures currently required under Topic 740. ASU 2023-09 is effective for the Company’s annual reporting periods beginning on July 1, 2025, with early adoption permitted. The Company is currently evaluating the impact adopted ASU 2023-09 will have on its consolidated financial statements. a prospective basis as of June 30, 2026.
Source: Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001564708-26-000175 vs Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001564708-25-000419
Sentences and paragraphs added, removed or reworded
Every change, by type
Sentences and paragraphs of NWSA's Risk Factors and MD&A, 10-K Aug 7, 2026 against 10-K Aug 6, 2025. Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
revenues will be able to offset declines in advertising revenue from traditional media offerings.
Read it in 10-K Aug 7, 2026 at sec.gov
AddedRisk Factors
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.
Read it in 10-K Aug 7, 2026 at sec.gov
RemovedRisk Factors
RemovedRisk Factors
RemovedRisk Factors
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Show the other 42
RewordedRisk Factors
RewordedRisk Factors
RewordedRisk Factors
RewordedRisk Factors
Technological advances, including particularly in AI, have also increased reduced barriers to entry by, among other things, increasing the availability of public sources of free or inexpensive information and reduced decreasing the cost to collect, 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. information.
Read it in 10-K Aug 7, 2026 at sec.gov
RewordedRisk Factors
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, particularly in the U.S., Australia and the U.K., including economic weakness, uncertainty or volatility, geopolitical tensions, conflicts or wars, government or regulatory policies, natural disasters, severe weather events, political or social unrest, terrorism, pandemics and other health crises, natural disasters, severe weather events (which may occur with increasing frequency and intensity), political or social unrest, terrorism crises or other similar events.
Read it in 10-K Aug 7, 2026 at sec.gov
RewordedRisk Factors
RewordedRisk Factors
In the U.S. residential real estate industry, settlements of recent class action lawsuits against certain brokerages and franchisors, regulatory investigations, as well as NAR, pressure from industry participants, have led to changes in NAR’s established rules and practices, including elimination of the cooperative compensation rule, thereby prohibiting REALTOR® MLSs from publishing buyer broker compensation offers. practices.
Read it in 10-K Aug 7, 2026 at sec.gov
RewordedRisk Factors
RewordedRisk Factors
These include additional licensing arrangements with certain large platforms platform operators, AI companies and other partners for the use of its content by or on such platforms, content, the continued expansion into new different business models and adjacencies at its digital real estate services businesses, adjacencies, streaming audio partnerships for its books, multi-product digital bundles and other innovative digital news products and experiences.
Read it in 10-K Aug 7, 2026 at sec.gov
RewordedRisk Factors
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 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.
Read it in 10-K Aug 7, 2026 at sec.gov
RewordedRisk Factors
Recent changes in political policies and priorities in the U.S. and internationally, including expanded or retaliatory tariffs and other trade barriers, and an increase in hostilities and conflicts and tariffs and other trade barriers, have created continued to create business and economic uncertainty uncertainty, renewed inflationary pressures and lowered consumer confidence.
Read it in 10-K Aug 7, 2026 at sec.gov
RewordedRisk Factors
Quiet changesRisk Factors
Failure by the Company to Protect Certain its Intellectual Property and Brands, or Infringement Claims by Third Parties, Could Adversely Impact the Company’s Business, Results of Operation Operations and Financial Condition.
Read it in 10-K Aug 7, 2026 at sec.gov
Quiet changesRisk Factors
Moreover, data privacy and security laws may often conflict from jurisdiction to jurisdiction.
Read it in 10-K Aug 7, 2026 at sec.gov
Quiet changesRisk Factors
This ownership or service to both companies may create, or may create give the appearance of, conflicts of interest when faced with decisions that could have different implications for the Company and FOX.
Read it in 10-K Aug 7, 2026 at sec.gov
Quiet changesRisk Factors
AddedMD&A
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.
Read it in 10-K Aug 7, 2026 at sec.gov
AddedMD&A
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. The Company will continue to evaluate the evolving macroeconomic environment and will seek to mitigate any impacts where possible.
Read it in 10-K Aug 7, 2026 at sec.gov
AddedMD&A
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.
Read it in 10-K Aug 7, 2026 at sec.gov
AddedMD&A
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”). The 2026 Revolving Facility has a sublimit of $100 million available for issuances of letters of credit. Under the 2026 Credit Agreement, the Company may request increases with respect to either of the 2026 Facilities in an aggregate principal amount not to exceed $250 million.
Read it in 10-K Aug 7, 2026 at sec.gov
AddedMD&A
The loans under the 2026 Revolving Facility will not amortize. The 2026 Term A Loans will amortize in equal quarterly installments in an aggregate annual amount equal to 0.0%, 2.5%, 2.5%, 5.0% and 5.0%, respectively, of the original principal amount of the 2026 Term A Facility for each 12-month period commencing on June 30, 2026. All outstanding amounts under the 2026 Credit Agreement with respect to the 2026 Facilities are due on March 27, 2031, unless earlier terminated in the circumstances set forth in the 2026 Credit Agreement. The Company may request that the maturity date of the revolving credit commitments under the 2026 Revolving Facility be extended under certain circumstances as set forth in the 2026 Credit Agreement for up to two additional one-year periods. The Company may also request that the maturity date of the 2026 Term A Facility be extended under certain circumstances as set forth in the 2026 Credit Agreement by at least one year.
Read it in 10-K Aug 7, 2026 at sec.gov
AddedMD&A
Interest on borrowings is based on either (a) an Alternative Currency Term Rate formula, (b) a Term SOFR formula, (c) an Alternative Currency Daily Rate formula ((a) through (c) each, a “Relevant Rate”) or (d) the Base Rate formula, each as set forth in the 2026 Credit Agreement. The applicable margin for borrowings under the 2026 Facilities and the commitment fee for undrawn balances under the 2026 Revolving Facility are based on the pricing grid in the 2026 Credit Agreement, which varies based on the Company’s debt rating as defined in the 2026 Credit Agreement. As of June 30, 2026, the Company was paying commitment fees of 0.15% on any undrawn balance under the 2026 Revolving Facility and, with respect to any outstanding borrowings under the 2026 Facilities, an applicable margin of 0.25% for a Base Rate borrowing and 1.25% for a Relevant Rate borrowing.
Read it in 10-K Aug 7, 2026 at sec.gov
AddedMD&A
The 2026 Credit Agreement contains certain customary affirmative and negative covenants and events of default with customary exceptions, including limitations on the ability of the Company and the Company’s subsidiaries to incur liens, merge into or consolidate with any other entity, incur subsidiary debt or dispose of all or substantially all of its assets or all or substantially all of the stock of all subsidiaries taken as a whole. In addition, the 2026 Credit Agreement requires the Company to maintain an adjusted operating income net leverage ratio of not more than 3.5 to 1.0, subject to certain adjustments following a material acquisition.
Read it in 10-K Aug 7, 2026 at sec.gov
AddedMD&A
In October 2025, HarperCollins entered into a finance leasing arrangement for up to $120 million of equipment for a new warehouse (the “Equipment Lease”). Interest accrues on amounts drawn under the Equipment Lease based on the Term SOFR plus a margin of 1.475%. The Equipment Lease may be drawn on until June 30, 2028, after which lease payments commence for a term of 7 years. The lease obligations are secured by the acquired equipment, and ownership of the equipment acquired under the Equipment Lease will transfer to HarperCollins at the end of the lease term. The Equipment Lease will be classified as a finance lease on the Company’s balance sheet upon commencement.
Read it in 10-K Aug 7, 2026 at sec.gov
RemovedMD&A
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RewordedMD&A
Circulation and subscription $ 3,203 $ 3,009 $ 2,909 $ 100 3% 194 6% Advertising 1,391 1,367 1,400 (33) (2)% 24 2% Consumer 2,185 2,047 2,000 47 2% 138 7% Real estate 1,571 1,410 1,284 126 161 11% Other 678 619 59 10% Other 619 659 (40) (6)% Total Revenues 9,028 8,452 8,252 200 2% 576 7% Operating expenses (3,892) (3,736) (3,814) 78 2% (156) (4)% Selling, general and administrative (3,509) (3,301) (3,197) (104) (3)% (208) (6)% Depreciation and amortization (485) (459) (440) (19) (4)% (26) (6)% Impairment and restructuring charges (113) (132) (133) 1 1% 19 14% Equity losses of affiliates (8) (15) (6) (9) (150)% 7 47% Interest income (expense), income, net 29 3 (18) 21 ** 26 867% Other, net (4) 111 (59) 170 (115) ** Income before income tax expense from continuing operations 1,046 923 585 338 58% 123 13% Income tax expense from continuing operations (303) (275) (206) (69) (33)% (28) (10)% Net income from continuing operations 743 648 379 269 71% 95 15% Net income (loss) from discontinued operations, net of tax — 692 (25) 717 ** (692) (100)% Net income 743 1,340 354 986 279% (597) (45)% Net income attributable to noncontrolling interests from continuing operations (170) (168) (110) (58) (53)% (2) (1)% Net loss attributable to noncontrolling interests from discontinued operations — 8 22 (14) (64)% (8) (100)% Net income attributable to News Corporation stockholders $ 573 $ 1,180 $ 266 $ 914 344% (607) (51)%
Read it in 10-K Aug 7, 2026 at sec.gov
RewordedMD&A
The increase in Selling, general and administrative for the fiscal year ended June 30, 2025 2026 was primarily due to higher expenses costs at the Dow Jones segment driven by higher employee and marketing costs, at the Digital Real Estate Services segment driven by higher employee costs at REA Group, costs, broker commissions and marketing costs, partially offset by the absence of $12 million of costs related to REA Group’s the withdrawn offer to acquire Rightmove in the prior year and higher costs from REA India, at the Book Publishing segment primarily due to higher employee costs and costs from recent acquisitions and at a $13 million write-off of a customer receivable related to the Dow Jones segment driven by higher marketing and technology costs. closure of a book distributor.
Read it in 10-K Aug 7, 2026 at sec.gov
RewordedMD&A
The increase was due to higher revenues at the Digital Real Estate Services segment driven by higher Australian residential revenues at REA Group, Group and Move, at the Dow Jones segment driven by higher circulation and subscription revenues and advertising revenues, at the Book Publishing segment driven by higher digital physical book sales and improved returns in the U.S., partially offset by lower revenues impact of recent acquisitions and at the News Media segment driven due to the positive impact of foreign currency fluctuations partially offset by the transfer of third-party printing revenue contracts to News UK’s joint venture with DMG Media in fiscal 2024, lower advertising revenues and lower circulation and subscription revenues.
Read it in 10-K Aug 7, 2026 at sec.gov
RewordedMD&A
For the fiscal year ended June 30, 2025, 2026, Segment EBITDA at the Digital Real Estate Services segment increased $93 $140 million, or 18%, 23%, as compared to fiscal 2024, 2025, primarily due to the higher revenues discussed above, partially offset by higher employee costs at REA Group, above and the absence of $12 million of costs related to the withdrawn offer to acquire Rightmove in the first quarter of fiscal 2025, prior year, partially offset by higher employee costs primarily at Move, higher broker commissions at REA Group from REA India higher settlements and the $6 million, or 1%, negative impact of foreign currency fluctuations. higher marketing costs.
Read it in 10-K Aug 7, 2026 at sec.gov
RewordedMD&A
The increase was primarily due to higher Australian residential revenues driven by price increases, increased depth penetration increases and growth in national listings add-on products, a $63 million, or 5%, positive impact from foreign currency fluctuations and higher financial services revenues from REA India, higher settlements, partially offset by lower revenues at REA India driven by recent divestitures and the $14 million, or 1%, negative impact discontinuation of foreign currency fluctuations. certain businesses.
Read it in 10-K Aug 7, 2026 at sec.gov
RewordedMD&A
Net cash used in investing activities from continuing operations decreased $4 increased $133 million for the fiscal year ended June 30, 2025 2026 as compared to fiscal 2024 2025 driven by the $193 $185 million of higher lower proceeds from sales of investments, primarily REA Group’s interest in PropertyGuru, partially offset by the $58 million increase PropertyGuru in cash used for purchases of investments, $58 fiscal 2025, $26 million increase in net cash used for acquisitions and $50 $19 million increase in capital expenditures. expenditures, partially offset by the $94 million decrease in cash used for purchases of investments.
Read it in 10-K Aug 7, 2026 at sec.gov
RewordedMD&A
As of June 30, 2025 2026 Payments Due by Period Less than 1 year 1-3 years 3-5 years More than 5 years Total (in millions) Purchase obligations(a) $ 415 358 $ 437 311 $ 88 70 $ 94 77 $ 1,034 816 Operating leases(b) 117 208 146 860 1,331 133 186 198 1,017 1,534 Borrowings(c) 25 450 1,000 — 1,031 469 500 1,975 2,000 Interest payments on borrowings(d) 81 144 82 184 90 51 366 26 382 Total commitments and contractual obligations $ 638 573 $ 1,239 1,712 $ 1,324 827 $ 1,505 1,620 $ 4,706 4,732
Read it in 10-K Aug 7, 2026 at sec.gov
RewordedMD&A
On July 15, 2025, September 22, 2021, 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 “2021 Repurchase Program” and, together with Program”), which was completed during the 2021 Repurchase Program, the “Stock Repurchase Programs”), which is in addition to the remaining authorized amount under the 2021 Repurchase Program. fiscal year ended June 30, 2026.
Read it in 10-K Aug 7, 2026 at sec.gov
RewordedMD&A
Circulation and other $ 1,032 $ 981 $ 927 $ 54 6% 51 5% Dow Jones Risk and & Compliance 392 337 294 43 15% 55 16% Dow Jones Energy 301 278 251 27 11% 23 8% Other information services 295 288 299 (11) (4)% 7 2% Professional information business 988 903 844 59 7% 85 9% Total circulation and subscription revenues $ 2,020 $ 1,884 $ 1,771 $ 113 6% 136 7%
Read it in 10-K Aug 7, 2026 at sec.gov
RewordedMD&A
Revenues at Move increased $8 $58 million, or 1%, 11%, to $552 $610 million for the fiscal year ended June 30, 2025 2026 from $544 $552 million in for fiscal 2024, 2025, driven by revenue growth in seller, new homes and rentals, including the partnership with Zillow, higher sales of RealPRO SelectSM (formerly Market VIPSM), SelectSM, as Move shifts its focus to more premium offerings, and higher advertising revenues. revenue growth in seller, new homes and rentals.
Read it in 10-K Aug 7, 2026 at sec.gov
RewordedMD&A
Professional information business revenues increased $59 $85 million, or 7%, 9%, primarily due to the $43 $55 million and $27 $23 million increases in Dow Jones Risk & Compliance and Dow Jones Energy revenues, respectively, driven by new customers, new products and price increases, partially offset by the $11 million decrease in Other information services revenues driven by the impact of a customer dispute at Factiva. new customers and product expansion.
Read it in 10-K Aug 7, 2026 at sec.gov
RewordedMD&A
Net income from continuing operations—Net income from continuing operations for the fiscal year ended June 30, 2025 was $648 million as compared to $379 $743 million for the fiscal year ended June 30, 2024, 2026 as compared to $648 million for the fiscal year ended June 30, 2025, an increase of $269 $95 million, or 71%, as compared to fiscal 2024, 15%, driven by the factors discussed above.
Read it in 10-K Aug 7, 2026 at sec.gov
Sources
The two latest 10-Ks on EDGAR, section by section. Each change links to the text at sec.gov.
Also
New risk factors: paragraphs with nothing like them last year, quoted in full.
Work with it
Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/NWSA/export.csv") into a cell.