NWS

Research · Sep 3, 2026

[NWS] News Corp Thesis 2026: Foxtel Divestiture Tests Digital Information Services Refocus

News Corporation (NASDAQ: NWS Class B / NWSA Class A) FY2025 (fiscal year ending June 2026) revenue ~$10-10.5B (+0-3%) with adj. EPS ~$0.50-0.85 reflecting continued post-2013 spin transformation + selected 2024 announced Foxtel Group ~$2B sale to DAZN (post-close 2025; pure-play digital information services pivot) + selected Dow Jones ~$2.5B leadership + selected Murdoch family governance continuity through ~13-year strategic transformation under continued CEO Robert Thomson. Leading global media + information services firm spun off from 21st Century Fox June 28, 2013 as the new News Corp containing print + book publishing + digital real estate businesses (parent News Corp split into 21st Century Fox keeping film + TV + cable + 'new' News Corp keeping print + book publishing + digital real estate). Selected post-2013 spin standalone News Corp operations include selected ~70-year Murdoch family heritage spanning various media transformations. Headquartered in New York New York; ~25,000+ employees globally with ~$10-10.5B revenue. Four reporting segments: Dow Jones ~30% revenue ($2.5B — Wall Street Journal + Barron's + MarketWatch + Factiva + Dow Jones Risk & Compliance + Dow Jones Newswires; ~$1B+ professional information services subscriptions; selected post-2007 News Corp acquisition of Dow Jones $5.6B + post-2018 Investor's Business Daily acquisition + post-2024 OPIS commodity data + Chemical Market Analytics + Base Chemicals from S&P Global $1.15B acquisition), Book Publishing ~20% ($2.0B — HarperCollins ~4th-largest English-language publisher globally), Digital Real Estate ~25% ($2.5B — REA Group ~62% owned ASX-listed Australian #1 property listings ~75%+ market share + Move/realtor.com #2 US property listings vs Zillow #1 post-2014 acquisition $950M), News Media ~25% ($2.5B — Australian/UK/US newspapers including Australian + Sun + Times of London + New York Post; pre-2024 Foxtel pay-TV ~$2B revenue separately reported). Foxtel divestiture: 2024 announced sale of Foxtel Group (Australian pay-TV joint venture; News Corp ~65% owned + Telstra ~35%) to DAZN ~$2B selected close 2025; ~$1.3B News Corp share post-65% ownership; post-Foxtel pure-play digital information services + book publishing + digital real estate refocus + divestiture proceeds redeployment toward Dow Jones + HarperCollins + Digital Real Estate core. CEO Robert Thomson since January 2013 (~13-year tenure post-spin; ex-Wall Street Journal managing editor 2008-2012 + ex-Times of London editor 2002-2008 + ~30-year journalism career; appointed by Rupert Murdoch). Murdoch family governance: ~38% economic + ~80%+ voting via dual-class B-shares; Lachlan Murdoch as Executive Chairman + Rupert Murdoch as Chairman Emeritus post-September 2023 transition. Capital return: ~$0.20 annual dividend FY2025 (~10+ year continuous track post-spin); $1B buyback program FY2025; investment-grade Baa3/BBB- credit ratings; FCF $0.5-0.7B. FY2026 thesis: Foxtel divestiture closing + Dow Jones subscription growth + ~12-year dividend track + Digital Real Estate stabilization. Risks: Foxtel divestiture below $1.8B, major News Media decline, REA Group housing cycle, Murdoch family governance transitions.