AddedRisk Factors
revenues will be able to offset declines in advertising revenue from traditional media offerings.
NWSANews Corp (Class A)
- Employees
- 21,700
- Headquarters
- New York, NY
- CEO
- Robert J. Thomson
- Next results
- around Feb 4, 2027
10-K 0001564708-26-000175 (2026-08-07) vs 10-K 0001564708-25-000419 (2025-08-06)
| Section | Compared text | Words now | Changed |
|---|---|---|---|
| Risk Factors | Item 1A | 11,274 | 16.5% |
| MD&A | Item 7 | 12,436 | 18.2% |
| Legal Proceedings | Item 3, via Note 16 – COMMITMENTS AND CONTINGENCIES | 1,197 | 25.1% |
| Accounting Policies | Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 5,953 | 4.5% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 292 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&A 161 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 Proceedings 112 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 Policies 26 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
Every change, by type
Sentences and paragraphs of NWSA's Risk Factors and MD&A, 10-K 2026-08-07 against 10-K 2025-08-06. 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
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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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.
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.
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.
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.
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.
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.
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.
Quiet changesRisk Factors
Moreover, data privacy and security laws may often conflict from jurisdiction to jurisdiction.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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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)%
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.
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.
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.
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.
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.
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
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.
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%
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.
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.
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.
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