NWSA

• News Corp had 12th straight quarter of profitability growth. Total revenue rose 9% to $2.2 billion, total segment EBITDA up 18% to $343 million, margin expanded. • Focus on Dow Jones, Digital Real Estate Services and Book Publishing with double-digit profit increases. • Partnerships with Meta and OpenAI, negotiating further deals with AI companies. • Tracking digital firms scraping content and intending to pursue them. • Dow Jones has 13 consecutive quarters of EBITDA growth, focus on reaching $1 billion in annual segment EBITDA in 5 years. • Realtor.com retooling business, partnered with OpenAI, saw strong visit share. • HarperCollins had strong quarter with EBITDA up 14%, revenue up 8%, upcoming releases. • News Media saw revenue increase but profit decline due to new project investments.

• Closely monitoring Middle East events. • Expect strong results in fourth quarter. • Dow Jones expected to have strong revenue and improved margins. • Digital Real Estate Services: Australian residential new buy listings for April rose 19%. • Realtor hopes for continued revenue improvement, though housing recovery may be impacted by mortgage rates. • Book Publishing expects to benefit from stronger frontlist program. • News Media expects incremental costs from California Post rollout but also new content licensing revenue benefits. • Expect strong free cash flow growth for fiscal year despite moderately higher capital expenditures.

For Dow Jones: Revenues rose 8% to $619 million, segment EBITDA expanded by 11% to $147 million, margin expanded to 23.7%. Risk and Compliance revenues surged 19%, energy business revenues rose 12%. Digital direct subscription ARPU improved, digital-only subscriptions grew 9%, digital advertising revenue rose 13%. For Digital Real Estate Services: Revenues rose, EBITDA surged 25%, margin widened. Realtor.com in US revenues rose 10%, REA revenue grew 20%. For Book Publishing: Revenues grew 8% to $555 million, segment EBITDA up 14%, margin expanded. For News Media: Revenue increased 5% to $538 million, but profits declined due to investments like California Post launch. News U.K. had subscriber growth, digital advertising rebounded.

• Interest rates remain high. • Conflict in Middle East exacerbates uncertainty. • Digital firms scraping illicitly the company's content and selling it, companies buying stolen content are culpable.

Q: On Dow Jones Energy and investment balance, A: Discussed balance between investment and returns, Professional Information business's role.

Q: On realtor growth and potential uplift, A: Realtor's growth despite high mortgage rates, team's work and adjacency expansion.

Q: On risk and compliance and energy offerings, A: Constantly reevaluating portfolio, opportunities for growth organically and inorganically.

Q: On AI opportunities, A: Partnerships with Meta and OpenAI, negotiations with other companies, importance of IP.

Q: On benefits from AI internally, A: Benefits in product improvement, revenue streams, efficiencies in coding and work processes.

Q: On losses in other division, A: Reduced expenses related to stock compensation calculations, other segment expected to be similar to prior year or slightly lower.

Q: On News Media segment earnings profile, A: Revenue up 5%, EBITDA decline due to launch costs and tougher trading conditions, context of broader company performance