News Corporation (NWS): Business Model Canvas [Dec-2025 Updated]

You're trying to map out exactly how a legacy media titan like News Corporation is thriving now, and honestly, their fiscal 2025 performance reveals a sharp, modern strategy that goes way beyond just selling newspapers. It's a story of premium digital dominance-think over 6 million Dow Jones consumer subscriptions-and high-margin real estate services, where REA Group alone generated $1.25 billion in revenue. To top it off, they are future-proofing their premium intellectual property with major AI licensing deals, like the reported $250 million pact with OpenAI, showing real financial discipline with a $1.42 billion Total Segment EBITDA. To see the full architecture of how these diverse, high-value streams connect across their nine core business components, dive into the detailed Business Model Canvas we've laid out for you below.

News Corporation (NWS) - Canvas Business Model: Key Partnerships

You're looking at the core external relationships that keep News Corporation's value creation engine running, especially as they navigate the AI landscape and the persistent shifts in real estate advertising. Here's the breakdown of the key partnerships as of late 2025, grounded in the latest reported figures.

The AI content licensing deals are definitely front and center. The multi-year agreement with OpenAI is reported to be worth more than $250 million over five years, with some reports citing the total value as high as $378 million. This arrangement allows OpenAI access to both fresh and archived material from mastheads like The Wall Street Journal and The Australian.

News Corporation's relationship with Google is multifaceted. Beyond the ongoing global news and advertising revenue sharing agreement tied to products like News Showcase, there's a specific AI component. For developing new AI-related content and products, Google agreed to pay News Corporation between US$5 million and US$6 million annually, according to reports from April 2024.

The commercial content partnership with Apple for distribution and revenue across Apple News and News+ remains an important source of subscriptions and of advertising revenue for News Corporation's news sites globally. While the exact 2025 financial contribution isn't itemized separately from other digital revenue streams, the CEO noted these Big Tech agreements continued to benefit the bottom line through Fiscal 2025.

For the Real Estate Brokers/Agents segment, the performance of Move Inc., which operates Realtor.com, is key. Move Inc.'s total revenues for the full Fiscal 2025 year reached $552 million. The fourth quarter of Fiscal 2025 saw Move's revenues hit $148 million, a 3% increase year-over-year, driven by growth in seller, new homes, and rentals, though this was partially offset by macroeconomic impacts on the housing market. To be fair, the Q1 FY2026 results showed Move's revenue climbing further to $152 million.

The joint venture with DMG Media for combining print operations in the UK, which went live in mid-2024, is focused on efficiency. The combined plants are expected to print more than three million newspapers a night and almost 22 million a week, aiming for a sustainable model for national newspaper printing.

Here's a quick look at the hard numbers we have for the relevant segments and deals:

News Corporation's overall Fiscal 2025 performance showed total revenues rising 2% to nearly $8.45 billion, with Net Income from continuing operations increasing 71% to $648 million. Also, digital revenues comprised 62% of the total business in Fiscal 2025.

You should track the Q2 2026 earnings release to see if News Corporation breaks out the specific revenue contribution from the Apple partnership, as that detail hasn't been publically itemized recently.

News Corporation (NWS) - Canvas Business Model: Key Activities

You're looking at the core engine of News Corporation, the things they absolutely must do well to keep the whole machine running. Honestly, it's a mix of old-school publishing muscle and modern digital subscription drives.

The first major activity is creating and distributing authoritative news content globally. This spans their major news brands, where the focus is clearly shifting to digital revenue streams to offset print declines. For instance, in the News Media segment, digital contributed 39% of the combined revenue of the newspaper mastheads in the March 2025 quarter, up from 37% the prior year.

Next up is operating high-traffic digital real estate platforms. This is a significant growth driver. For the full fiscal year 2025, REA Group posted record revenues of $1.25 billion, a 12% increase compared to the prior year. Specifically, REA Group's Australian revenue climbed 14% in FY25, reaching $1.544 billion. Meanwhile, Realtor.com's owner, Move Inc., saw revenues of $140 million in the first quarter of FY2025, which was down 2% year-over-year.

A critical, high-margin activity is developing professional information products like Risk & Compliance. This area is seeing strong subscription growth. In the fourth quarter of fiscal 2025, Risk & Compliance revenues grew 21% to $92 million. For the full fiscal year 2025, revenues for the Risk & Compliance business grew 15% to $337 million.

Then there's acquiring, publishing, and marketing diverse book titles through HarperCollins. For the full fiscal year 2025, the Book Publishing segment saw revenues increase 3% to $2.15 billion, with profits growing 10% to $296 million. In the third quarter ending March 31, 2025, HarperCollins sales were $514 million, and profits were $64 million.

Finally, News Corporation is heavily focused on managing a multi-platform digital subscription base of over 6 million at Dow Jones. This is the bedrock of their professional information strategy. During the fourth quarter of fiscal 2025, total average consumer digital subscriptions at Dow Jones approached 6.3 million, marking a 7% increase year-over-year. Digital-only subscriptions for Dow Jones consumer products grew 9% to over 5.7 million. The Wall Street Journal alone had over 4.5 million total average subscriptions in that quarter, with digital-only subscriptions growing 9% to over 4.1 million.

Here's a quick look at the scale of these key revenue-generating activities for the full fiscal year 2025:

You see the pattern: subscription growth in professional news and yield growth in real estate are the primary activities driving the top line, even as print and general advertising face headwinds.

• Creating and distributing authoritative news content globally.
• Operating high-traffic digital real estate platforms (REA Group, Realtor.com).
• Developing professional information products like Risk & Compliance.
• Acquiring, publishing, and marketing diverse book titles (HarperCollins).
• Managing a multi-platform digital subscription base of over 6 million at Dow Jones.

Finance: draft 13-week cash view by Friday.

News Corporation (NWS) - Canvas Business Model: Key Resources

You're looking at the core assets that drive News Corporation's value right now, as of late 2025. These aren't just titles on a masthead; they are the engines generating the revenue and underpinning the company's valuation. Honestly, the strength here is in the diversification across premium content and high-growth digital services.

Premium Intellectual Property (IP)

The value of News Corporation's intellectual property is immense, anchored by globally recognized brands and deep content libraries. The Wall Street Journal remains a critical asset, with its digital revenues at Dow Jones making up 82% of that segment's total revenue for Fiscal 2025, up from 80% the prior year. That shows you the power of their subscription model for professional information.

HarperCollins' strength is definitely in its backlist, which provides consistent, high-margin revenue. For instance, during the first quarter of Fiscal 2025, digital book sales grew 15% year-over-year, showing the ongoing monetization of that deep catalog. Even with headwinds in some areas, the IP portfolio is what keeps the content flywheel turning.

Key IP assets include:

• The Wall Street Journal masthead and digital platform.
• The Sun and other News UK titles.
• HarperCollins' extensive publishing catalog.

Digital Real Estate Platforms

The Digital Real Estate Services segment is a core growth pillar, primarily driven by REA Group and Move Inc., which owns Realtor.com. REA Group delivered record revenues in the first quarter of Fiscal 2025, increasing 22% year-over-year to $318 million, largely due to strong Australian residential performance. This platform technology is a significant tangible resource.

Move Inc.'s technology, powering Realtor.com, is also key, though facing market pressure. For Q1 FY2025, Move Inc. revenues were $140 million, a slight dip of 2% year-over-year. Still, the platform's reach is evident: average monthly unique users for Realtor.com's web and mobile sites grew 2% year-over-year to 77 million in that same quarter. That user base is the technology's true resource.

Global Journalistic Talent

News Corporation fields reporters, editors, and authors across continents, which is essential for maintaining the credibility and exclusivity of its premium content. This talent pool underpins the Dow Jones professional information business, where Risk & Compliance revenue grew 16% to $81 million and Dow Jones Energy revenue grew 11% to $68 million in Q1 FY2025. You can't automate that level of specialized, trusted reporting; it's a human capital asset that requires constant investment.

Cash Flow

The financial health derived from these resources is clear in the Fiscal 2025 results. Net income from continuing operations for the full fiscal year 2025 was $648 million, a substantial 71% increase compared to the prior year's $379 million. This strong profitability enhanced the balance sheet considerably. Furthermore, net cash provided by operating activities from continuing operations reached $978 million for the fiscal year ended June 30, 2025. This robust cash generation is defintely what allows for strategic flexibility, like the announced new $1 billion stock repurchase program.

Proprietary Data

The professional services arm of Dow Jones leverages proprietary data, particularly in financial and risk management sectors. This data asset is critical for securing high-value, recurring subscriptions. The growth in the professional information business, which saw revenues increase 4% for the full year, is directly tied to the quality and depth of this proprietary data sets, such as those feeding the Risk & Compliance and Energy services.

Here's a quick look at the overall financial scale supporting these resources for the full Fiscal Year 2025:

Finance: draft 13-week cash view by Friday.

News Corporation (NWS) - Canvas Business Model: Value Propositions

You're looking at the core value News Corporation delivers across its diverse portfolio as of late 2025. It's about providing essential information and access, which is reflected in the financial performance of its key pillars.

Authoritative and trusted global news and financial analysis.

This value proposition is anchored by Dow Jones, which achieved record revenues for the full fiscal year 2025, hitting $2.33 billion. The shift to digital subscriptions is nearly complete; digital revenues at Dow Jones represented 82% of its total revenues for the full year. This focus on professional and consumer subscribers is clearly working, as professional information business revenues grew 4% year-over-year for fiscal 2025. You see this strength in specialized areas, too; Risk & Compliance revenue grew 15%, and Dow Jones Energy grew 11% in fiscal 2025. So, the trust translates directly into recurring revenue.

Critical professional data and intelligence for B2B customers.

The professional information business within Dow Jones is where this value proposition shines brightest. It's not just about the Wall Street Journal; it's about proprietary data feeds and compliance tools. For the third quarter of fiscal 2025, revenues from the professional information business showed growth of 11% at Risk & Compliance and 10% at Dow Jones Energy. Furthermore, across the News Media segment, digital subscribers at News Corp Australia reached 1,148,000 as of March 31, 2025, showing the depth of digital penetration for news products. Honestly, this digital focus is key to insulating them from print declines.

Comprehensive, high-quality residential property listings and tools.

The Digital Real Estate Services segment, driven by REA Group in Australia and Move, operator of Realtor.com®, in the U.S., delivered a record full year revenue of $1.25 billion for fiscal 2025, a 12% increase compared to the prior year. REA Group was a major driver, posting record revenues of $1.25 billion for the full year, up 12%. Even with a tough U.S. housing market, Realtor.com® saw June 2025 visits hit 256 million according to Comscore. Here's the quick math on segment contribution:

What this estimate hides is the complexity of Move's U.S. performance versus REA Group's strength.

Diverse, best-selling book content across multiple genres and formats.

The Book Publishing segment, which includes HarperCollins, showed solid performance, with revenues increasing for fiscal 2025. This growth was fueled by higher digital book sales and improved returns in the U.S. The segment's performance was also boosted by the impact of $14 million from the acquisition of a German book publisher. For the second quarter of fiscal 2025, Book Publishing revenues grew 8%, driven by strong physical and digital book sales. You can see the segment's importance in the overall picture:

• Fiscal 2025 Total Revenues: $8.45 billion
• Fiscal 2025 Total Segment EBITDA: $1.42 billion
• Fiscal 2025 Net Income from Continuing Operations: $648 million

Monetization of IP through AI licensing, setting a new industry standard.

News Corporation is actively framing the value of its intellectual property against the rise of generative AI. CEO Robert Thomson explicitly noted concerns that content, like the President's books, is being consumed by AI engines, which profits by cannibalizing concepts and undermining future sales. While a specific dollar amount for AI licensing revenue for fiscal 2025 wasn't broken out, the company cited increased content licensing revenues as a driver for the News Media segment's growth. This signals a clear action: defending and monetizing IP is a current, active value driver. Finance: draft the Q1 2026 IP licensing revenue projection by next Tuesday.

News Corporation (NWS) - Canvas Business Model: Customer Relationships

You're managing relationships across a massive, diversified media and information services company; the approach has to be segmented, which is exactly what News Corporation does. The core relationship strategy hinges on automation for scale and dedicated human touch for high-value B2B clients.

Automated digital subscription management for news and data

For the vast majority of News Corporation's news consumers, the relationship is managed through automated digital subscription systems. This is where the scale lives. Digital revenues now comprise a significant 62% of News Corporation's total business as of fiscal 2025, showing how critical this automated relationship is. Digital circulation revenues accounted for 74% of total circulation revenues for the full fiscal year 2025. You can see the direct result of this automation in the subscriber counts across key properties.

Here are the subscriber numbers as of the end of fiscal 2025 (June 30, 2025) and the most recent update from Q1 FY2026 (September 30, 2025):

The strategy also involves direct engagement to move customers off promotional pricing; circulation revenues increased in Q4 FY2025, reflecting the conversion of customers from introductory promotions to higher pricing. Also, initiatives like 'The Sun Club,' launched in February 2025, offer premium journalism and exclusive offers to boost customer loyalty through direct engagement.

Dedicated sales teams for B2B professional information services

When dealing with enterprise customers, especially through Dow Jones, the relationship shifts entirely to dedicated, high-touch sales teams. This is where the money is, as professional information services are a core growth pillar. Dow Jones achieved record revenues for the full fiscal year 2025 of $2.33 billion. This revenue is heavily reliant on direct B2B relationships, evidenced by the segment's growth.

The growth in the professional information business is what drives the high-value customer relationship success:

• Risk & Compliance revenues grew 15% to $337 million in fiscal 2025.
• Dow Jones Energy revenues grew 11% to $278 million in fiscal 2025.
• The professional information business saw an 8% revenue increase in Q1 Fiscal 2025.

These numbers show that for sophisticated data and compliance needs, News Corporation deploys direct sales to secure and grow these high-revenue, sticky relationships. It's about selling essential data, not just content.

Self-service advertising and listing tools for real estate agents

For the Digital Real Estate Services segment, which includes REA Group and Move, the relationship with real estate agents is largely facilitated through self-service digital platforms. Agents use these tools to list properties and manage their advertising spend. REA Group, the Australian market leader, posted record revenues for fiscal 2025 of $1.25 billion, a 12% increase year-over-year, showing agent adoption of their digital tools is strong. For instance, REA Group's Q2 Fiscal 2025 revenue hit $343 million, a 17% year-over-year increase, driven by strong residential performance, which implies agents are actively using the self-service listing and advertising tools.

The US business, Move, however, faced headwinds, experiencing a slight revenue dip in Q1 Fiscal 2025 due to market conditions, which suggests agent engagement or listing volume was softer there.

Direct-to-consumer sales and marketing for book publishing

The Book Publishing segment, anchored by HarperCollins, manages its D2C relationship through a mix of traditional retail channels and growing digital direct sales. Digital sales, covering e-books and audiobooks, represented 24% of Consumer revenues for fiscal 2025, up from 23% the prior year, and these digital sales increased 5%. This growth was specifically driven by higher audiobooks sales, including the contribution from Spotify, and e-book growth. Still, the backbone of the consumer relationship remains physical book sales, though backlist sales represented approximately 64% of Consumer revenues for the year, indicating a reliance on established, known titles rather than just new releases.

Community engagement via social media and news commentary

Community engagement is managed through social media presence and commentary platforms, though the metrics here show volatility, which is typical for ad-supported social reach. For 'The Sun,' its digital offering reached 87 million global monthly unique users in June 2025, a notable drop from 112 million the prior year, partly due to algorithm changes. In contrast, the New York Post's digital network reached 94 million unique users in September 2025. These figures represent the top-of-funnel engagement, which News Corporation attempts to convert into paying subscribers through the automated systems mentioned earlier. Finance: draft 13-week cash view by Friday.

News Corporation (NWS) - Canvas Business Model: Channels

You're looking at how News Corporation gets its premium content and services into the hands of customers and clients as of late 2025. This is all about the delivery mechanisms, from the digital paywalls to the physical paper routes.

Digital Subscription Platforms

The core of the digital channel strategy relies on direct-to-consumer subscriptions, particularly through the Dow Jones portfolio, which includes The Wall Street Journal. The focus here is on converting promotional users to standard pricing.

For the fiscal year 2025, the Dow Jones segment generated record revenues of $2.33 billion. This performance was heavily underpinned by growth in the professional information business.

Here's a look at the subscriber base metrics:

• The Wall Street Journal ended the quarter ending March 31, 2025, with 4.34 million subscribers.
• Total average subscriptions across Dow Jones consumer products reached 6.10 million in Q3 Fiscal 2025, a 7% annual increase.
• Digital-only consumer subscriptions at Dow Jones grew 9% to over 5.5 million in Q3 Fiscal 2025.
• Digital subscriptions for The Times and Sunday Times reached 616,000 as of December 31, 2024.
• Dow Jones Risk & Compliance revenue specifically grew by 15% for the full fiscal year 2025.

Digital Real Estate Portals

News Corporation channels its digital real estate offerings through major market-leading portals. The Digital Real Estate Services segment was a core growth pillar for the company in fiscal 2025.

The REA Group, which operates realestate.com.au, posted record full-year revenues of $1.25 billion for fiscal 2025, a 12% increase year-over-year.

The US portal, Realtor.com, showed strong momentum, reaching 256 million visits in June 2025.

Print Distribution

Traditional print distribution networks remain a channel, though they face headwinds. The News Media segment saw its revenues decline by 4% in fiscal 2025, impacted by lower circulation volumes.

Still, digital penetration within this segment is significant, with digital accounting for 38% of the News Media segment's revenue for the full year.

The decline in print circulation revenue was partially offset by cover price increases.

Retailers

The Book Publishing segment, which includes HarperCollins Publishers, uses physical and online retailers as a primary channel. This segment delivered $2.15 billion in revenue for the full fiscal year 2025, representing a 3% increase.

This growth was supported by higher digital book sales and improved returns in the U.S. market, which suggests strong performance through major online retailers like Amazon and established physical bookstores like Barnes & Noble.

Third-Party Tech Platforms

News Corporation actively uses large technology platforms for content distribution and monetization through licensing arrangements. This is a growing channel, especially with AI-focused platforms.

News Corporation has established partnerships with Google and Apple, in addition to a significant deal with OpenAI.

The reported licensing deal with OpenAI, struck in May 2024, is valued at approximately $250 million spread over five years.

You should note that News Corporation CEO Robert Thomson confirmed these partnerships exist as of October 2025.

News Corporation (NWS) - Canvas Business Model: Customer Segments

You're looking at the core audience groups News Corporation serves as of late 2025, based on the Fiscal Year 2025 results. Honestly, the customer base is quite segmented, moving from high-value professional data users to mass-market readers and book buyers.

The overall company revenue for the full fiscal year 2025 hit $8.45 billion, with Total Segment EBITDA reaching $1.42 billion. This revenue is spread across these distinct customer groups.

Financial and Legal Professionals: Users of Dow Jones Risk & Compliance and Factiva

This group forms the bedrock of the high-margin professional information business within Dow Jones. These customers pay for critical, timely data and compliance tools.

• Dow Jones segment full-year revenue for fiscal 2025 was $2.33 billion.
• Professional information business revenues grew 4% year-over-year for fiscal 2025.
• Risk & Compliance revenue specifically saw a 15% growth for the full year.
• Dow Jones Energy revenue grew 11% for the full year.
• Digital revenues within Dow Jones represented 82% of that segment's total revenues in fiscal 2025.

What this estimate hides is the impact of the ongoing customer dispute affecting Factiva revenues, which partially offset some of the professional segment's growth.

Mass Market News Consumers: Readers of The Sun, New York Post, and regional papers

This segment, housed in the News Media division, still commands significant reach, though it faces headwinds from platform shifts and algorithm changes. You see the pressure in the top-line numbers for this group.

The News Media segment recorded revenues of $2.17 billion for fiscal 2025, representing a 4% decline year-on-year.

Here's a look at the audience scale for key mastheads as of late 2024/early 2025:

Digital now makes up 38% of the News Media segment's total revenue.

Real Estate Agents and Brokers: Primary customers for listing and advertising services

These customers drive the Digital Real Estate Services segment, primarily through REA Group in Australia and Move in the US. Agents and brokers use these platforms to list properties and advertise services.

The REA Group posted record revenues of $1.25 billion for fiscal 2025, marking a 12% increase.

Global Book Readers: Consumers of general fiction, non-fiction, and religious titles

The Book Publishing segment, which includes HarperCollins, serves general readers globally. This group is showing resilience, particularly in digital formats.

Book Publishing revenues for fiscal 2025 were $2.15 billion, up 3% from the prior year.

• Digital sales accounted for 24% of the segment's Consumer revenues for the year.
• Backlist sales represented approximately 64% of Consumer revenues for the year.

Digital-Only Subscribers: Dow Jones Consumer Subscriptions

This group represents the individual consumers paying directly for premium content, primarily from The Wall Street Journal, Barron's Group, and Investor's Business Daily (IBD).

You definitely crossed the 6 million threshold here, based on the most recent reporting period ending June 29, 2025 (Q4 FY2025 data):

Total Consumer subscriptions for Dow Jones products reached 6,261,000 (in 000's) for the quarter ending June 29, 2025.

Breaking that down further for that period:

• Digital-only subscriptions totaled 5,719,000 (in 000's).
• Print subscriptions totaled 542,000 (in 000's).

The Wall Street Journal digital-only subscriptions specifically were 4,126,000 (in 000's) in that same period.

Finance: draft 13-week cash view by Friday.

News Corporation (NWS) - Canvas Business Model: Cost Structure

You're looking at the expense side of News Corporation's operations as of late 2025, which is heavily influenced by its digital transformation and a focus on cost discipline across its legacy and growth segments.

Content Creation Costs: Salaries for journalists, editors, and authors

Personnel costs are a major component, reflected in segment operating expense movements. For instance, the Dow Jones segment saw increased expenses driven by higher employee costs in fiscal year 2025 compared to fiscal year 2024. Conversely, the News Media segment achieved lower overall expenses, partly due to cost savings initiatives. You see the impact of these labor costs reflected in the overall profitability picture.

• Higher employee costs increased expenses at the Dow Jones segment in FY 2025.
• Cost savings initiatives drove lower expenses in the News Media segment.

Technology and Product Development: Significant investment in digital platforms and AI integration

Investment in technology is ongoing, especially as News Corporation integrates generative AI solutions, particularly within Dow Jones' Factiva service. While specific full-year technology spend isn't itemized against the required segments, we have some quarterly indicators. For the second quarter of fiscal 2025, Research and Development (R&D) expenses were projected to range between $8 million and $10 million. Also, technology costs were cited as a partial offset to EBITDA gains in the fourth quarter.

Print and Distribution Costs: Newsprint, production, and physical delivery logistics

The cost structure for physical media showed improvement in certain areas. For the full fiscal year 2025, one segment reported that its Segment EBITDA increase was partly due to lower newsprint, production and distribution costs. This suggests successful management or renegotiation of supply contracts, which helped offset other rising costs.

Sales and Marketing Expenses: Advertising for subscriptions and real estate services

Marketing spend supports subscription growth across Dow Jones and real estate services. Looking at the second quarter of fiscal 2025, Selling, General, and Administrative expenses were guided to be in the range of $23 million and $25 million. Furthermore, higher marketing costs were noted as a partial offset to Segment EBITDA growth in the fourth quarter of fiscal 2025.

Operating Expenses: Total Segment EBITDA reached $1.42 billion in FY 2025, showing strong cost discipline

The overall cost management story for News Corporation in fiscal 2025 is one of discipline leading to margin expansion. Total Segment EBITDA for the full year reached $1.42 billion, a 14 percent increase over the prior year's $1.24 billion. This improvement was driven by higher revenues and cost savings initiatives, particularly in the News Media segment. The impact of foreign currency fluctuations on operating expenses for the fiscal year ended June 30, 2025, was an increase of $9 million.

Here's a quick look at the key profitability and cost-related metrics for the full fiscal year 2025:

The cost structure is clearly benefiting from strategic realignment, even with rising employee and technology expenses in key growth areas. Finance: draft 13-week cash view by Friday.

News Corporation (NWS) - Canvas Business Model: Revenue Streams

You're looking at how News Corporation actually brings in the money as of late 2025. It's a mix of high-margin digital subscriptions, real estate transaction fees, and now, significant AI licensing income, which helps offset the pressures on traditional print.

The overall picture for Fiscal Year 2025 shows total revenues hitting $8.45 billion, a 2% increase year-over-year, driven by the core growth pillars.

Circulation and Subscription Revenue

This remains a bedrock, especially coming from the professional information side of Dow Jones. For the full fiscal year 2025, Dow Jones delivered record revenues of $2.33 billion.

You see the digital shift clearly here; for the full year, digital revenues at Dow Jones represented 82% of that segment's total revenue. Even in the third quarter, circulation and subscription revenues at Dow Jones were up 8%, or $37 million.

The professional information business saw growth of 15% for the full year, with Risk & Compliance revenues specifically growing by 15%.

Advertising Revenue

Advertising is a mixed bag, showing the ongoing transition away from print. The News Media segment saw its overall revenues decline by 4% in FY 2025. In the third quarter alone, advertising revenues for News Media were down 9%, or $19 million, due to lower print advertising across the group.

To give you context on the segment mix, digital now accounts for 38% of the News Media segment's revenue as of the end of FY 2025.

Digital Real Estate Services Fees

This segment, anchored by REA Group, posted record revenues for the full year 2025. REA Group's revenue reached $1.25 billion, which was a 12% increase compared to the prior year, largely fueled by strong performance in the Australian residential market, including higher listing prices.

Content Licensing

News Corporation is actively monetizing its intellectual property through technology partnerships. The company is expanding these deals, which contributed to revenue growth in FY 2025. The multi-year global partnership with OpenAI, announced in May 2024, was reportedly worth more than $250 million over five years.

CEO Robert Thomson characterized the strategy as 'wooing and suing,' indicating parallel legal actions against unauthorized users while negotiating compensation. News Corporation confirms it has 'significant' partnerships with OpenAI and Apple, alongside a broader collaboration with Google.

• Content licensing revenue increased in FY 2025.
• The OpenAI deal covers content from The Wall Street Journal and New York Post.
• The company is exploring a multi-LLM licensing strategy.
• A recent judicial award against Anthropic for copyrighted book use was $1.5 billion.

Book Sales

The Book Publishing segment delivered revenues of $2.15 billion for the full year 2025, marking a 3% increase. This growth was supported by higher digital book sales and improved returns in the U.S. market.

The segment also benefited from an audiobook deal with Spotify.

Here's a quick look at the key segment revenue contributions for the full fiscal year 2025:

Finance: confirm the Q2 FY26 revenue contribution breakdown by Friday.