stockrowWhat it does
News Corporation is a media and information services company that sells news, business data, property advertising and books to consumers and businesses. Founded in 2013, it is headquartered in New York. Robert James Thomson is its chief executive.
Its Dow Jones business includes The Wall Street Journal, Barron’s and MarketWatch, as well as services that help businesses research companies, monitor risks and follow energy markets. Customers can read news on websites and apps or in print; professional customers also use databases, newswires and software tools.
In digital real estate, REA Group operates Australian property websites including realestate.com.au, while Move operates Realtor.com in the United States. These sites help people search for homes and give agents, developers and other businesses ways to advertise or reach prospective customers. REA also offers mortgage broking and property data services.
HarperCollins publishes fiction, nonfiction, children’s and religious books in print, e-book and audiobook formats. The News Media business includes newspapers and digital publications in Australia, the United Kingdom and the United States, alongside radio and broadcasting operations. Its brands include The Australian, The Times, The Sun and the New York Post.
News Corp distributes its products through its own digital services, third-party platforms, print and radio. It also licenses content, including for artificial intelligence applications.
How it makes money
News Corp earns money from subscriptions, circulation, advertising, property listings, licensing and sales of books and other products. Some revenue recurs through subscriptions, while other revenue depends on advertising demand, book releases or completed property transactions.
Dow Jones sells individual and enterprise subscriptions to its news products and professional information services. It also earns advertising, content licensing and event participation fees. The Wall Street Journal offers free digital content alongside subscription-only material; its professional products provide business information, risk screening and energy pricing data.
REA Group earns most of its Australian property-site revenue from listing products and monthly advertising subscriptions sold to agents and developers. Customers can pay for upgrades that make listings more prominent. Its mortgage broking business earns commissions from lenders, and its property data business sells monthly subscriptions.
Move’s Realtor.com earns most of its revenue from lead-generation and listing advertisements, typically sold by subscription, and from referral services. Some agent and broker referral fees are earned when a property transaction closes. Realtor.com also sells display advertising and sponsorships, while its landlord and tenant platform uses subscription and other pricing models.
HarperCollins sells and licenses print and digital books, including e-books and audiobooks. Its revenue is affected by the timing and number of releases and is typically highest in the second fiscal quarter. News Media earns circulation, subscription, advertising and content licensing revenue.
Customers and how it sells
News Corp operates primarily in the United States, Australia and the United Kingdom, while distributing its content and services worldwide. Its customers range from individual readers, listeners and home seekers to businesses buying information, advertising or property-related services.
Dow Jones sells news subscriptions to individuals and to companies, schools, businesses and associations for their employees, students, customers or members. Its professional information customers use services for purposes including sanctions screening, business research and energy-market analysis. Content reaches them through websites, apps, databases, newswires, print and other channels.
Real estate agents, brokers, developers, homebuilders and landlords use News Corp’s property services to advertise listings or connect with consumers. Lenders and insurers can also reach prospective customers through Realtor.com. REA’s Australian sites serve residential, commercial and shared-property markets, while Realtor.com focuses on the United States.
HarperCollins sells and licenses books to customers including Amazon, Apple, Barnes & Noble and Tesco, as well as through other retailers and distribution services. News Corp Australia and News UK serve readers in their respective markets, and the New York Post operates in the United States.
Suppliers and costs
Dow Jones news products incur editorial, paper, production, distribution, third-party printing and commission costs. Selling and administrative expenses include promotion, salaries, employee benefits, rent and other overhead. The company relies on third parties for much of the printing and distribution of its print products; The Wall Street Journal is printed at both owned and third-party plants in the United States.
Paper prices and delivery costs can materially affect Dow Jones news-product results. Paper prices are subject to cyclical changes and can be affected by inflation, supply-chain disruption, tariffs and other trade restrictions. Changes in print consumption and labor markets can also affect the availability or cost of outside printing and distribution.
In Digital Real Estate Services, higher employee, broker commission and marketing costs partly offset revenue growth in fiscal 2026. HarperCollins’ costs rise with book sales volume; in Q1 fiscal 2027, costs increased, driven by higher royalties, manufacturing and marketing expenses associated with new releases.
News Corp had 21,700 employees in FY2026. It uses AI in areas including engineering, customer service and data analytics, and is pursuing cost efficiencies without quantifying the savings.
- Revenue$9.0B
- Cost of revenue−$3.9B
- Selling, general and administrative−$3.5B
- Other operating costs−$485.0M
- Operating income$1.1B
Competitive position
Dow Jones competes for readers, subscribers and advertising against other news providers, search engines, social media, AI platforms and other sources of information. Its professional information products compete with providers including Reuters News, RELX, S&P Global and Argus Media. Competition covers news, compliance data, financial newswires and energy pricing information.
In property, Realtor.com competes with other websites and apps. News Corp says Realtor.com’s visits per unique user in Q1 fiscal 2027 were ahead of Redfin and Homes.com. In Australia, realestate.com.au competes with other property websites and apps.
HarperCollins competes with Penguin Random House, Simon & Schuster, Hachette Livre, Macmillan and smaller publishers for rights to authors’ works. It also competes for consumers’ attention with other media formats.
Our reading: News Corp’s established news brands and professional databases provide a meaningful source of differentiation, but alternative information and AI services compete for the same customers. [item1]
Our reading: Its property sites’ audiences and listing relationships can help attract advertisers, although competing portals and changes in technology limit the protection those relationships provide. [item1, call_prepared]
Our reading: HarperCollins’ catalog and author relationships support its publishing position, but competition for publishing rights and relatively low entry barriers limit that advantage. [item1]
| Competitor | Where they compete | Threat (our reading) |
|---|---|---|
| RELX | Professional information, compliance and energy data | High |
| S&P Global | Professional information and data services | High |
| Argus Media | Energy and commodities pricing and data | Medium |
| Redfin | U.S. online real estate audiences | Medium |
| Homes.com | U.S. online real estate audiences | Medium |
| Penguin Random House | Book publishing and author rights | High |
| Simon & Schuster | Book publishing and author rights | High |
| Hachette Livre | Book publishing and author rights | High |
Growth opportunities
News Corp is pursuing digital subscriptions, professional information products, property advertising and content licensing as areas for growth. At Dow Jones, it is expanding risk and compliance products and seeking higher subscription revenue through customer growth, product sales and pricing.
In Q1 fiscal 2027, Dow Jones digital-only subscriptions and risk and compliance revenue increased. The company is also licensing content for AI applications. It has partnerships with OpenAI and Meta and is discussing content deals with other platforms.
In property, REA is developing new offerings and product enhancements, while Realtor.com is selling its RealPRO Select marketing product to agents. REA completed the sale of REA India in September and agreed to acquire a stake in Irish marketplace operator Distilled. News Corp expects Realtor.com+ to earn revenue from enhanced features and services for real estate professionals.
HarperCollins can sell titles across print, e-book and audiobook formats and license publishing rights in other languages. In Q1 fiscal 2027, audiobook revenue grew 13.0% year-on-year, supported by its partnership with Spotify. News Corp is also using AI across its functions and business units, including product development and customer service.
- $10.4BFY2022
- $8.0BFY2023
- $8.3BFY2024
- $8.5BFY2025
- $9.0BFY2026
Structural risks
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News Corp must adapt to changing consumer behavior and digital platforms, including AI features and closed ecosystems that can affect its content’s visibility, traffic, subscriptions and advertiser interest. News products also face competition for circulation and advertising from alternative sources and platforms.
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Unauthorized use of content can reduce revenue from products and services based on intellectual property. News Corp has cases against Perplexity and Brave and continues to raise concerns about unlicensed use of copyrighted material.
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Listing volumes and housing conditions affect the real estate businesses. Australian national new-buy listings fell in Q1 fiscal 2027, while News Corp described U.S. property market conditions as difficult.
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Print circulation and advertising face pressure from alternative formats and changing preferences. Paper and delivery costs fluctuate, and the company relies on third parties for much of its print production and distribution.
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A technology or data incident involving News Corp or a provider could disrupt services, increase costs or cause revenue loss and reputational damage. Evolving privacy and security rules can also require changes to business practices or increase compliance costs.
Leadership
News Corp has a dual-class share structure in which Class A holders can vote only in limited circumstances. It was reported on 25 October 2026 that a Murdoch family trust held the family’s voting control of News Corp.
| Name | Role | Since | Total pay, FY2026 |
|---|---|---|---|
| Robert J. Thomson | — | $19.7 million | |
| Lavanya Chandrashekar(e) | — | $7.1 million | |
| David B. Pitofsky | — | $6.4 million | |
| Julian Delany(f) | — | $3.4 million | |
| Ruth Allen | — | $3.0 million |
Bottom line
Our reading
News Corp combines recurring news and information subscriptions with property advertising and book sales, giving it several distinct ways to earn revenue. [item1, item7] Our reading: its established brands, databases and property audiences support those businesses, but each also depends on competing effectively as distribution technology, customer behavior and market conditions change. [item1, item1a, call_prepared]