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

You're trying to map out News Corporation's business model now that they've shed Foxtel, looking past the headlines to the actual engine driving value. Honestly, the story isn't just about the papers anymore; it's about high-margin, recurring digital streams. For instance, Dow Jones subscriptions topped 6 million in FY2025, the Professional Information Business (PIB) delivered $2.33 billion in revenue, and the digital real estate segment (REA Group) brought in $1.25 billion that same year. This Business Model Canvas distills exactly how News Corporation balances its legacy brands with these crucial, high-growth data and marketplace activities. Check out the nine building blocks below to see the precise structure behind their current strategy.

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

You're looking at the crucial external relationships News Corporation maintains to execute its strategy, especially as it sharpens focus on core growth pillars following major asset sales. These partnerships are where content meets technology, distribution, and real estate ecosystems.

The exit from the Australian pay TV business was formalized through a key strategic partnership with DAZN Group. News Corporation completed the sale of Foxtel Group to DAZN Group on April 2, 2025, for an enterprise value of A$3.4 billion (or $2.1 billion USD). As part of this transaction, News Corporation secured a minority equity stake in DAZN, amounting to 6%. Furthermore, News Corporation received repayment of shareholder loans totaling $592 million (or A$578 million) at closing and gained a seat on the DAZN Board of Directors.

In the Book Publishing segment, the partnership with Spotify has been a clear catalyst for digital growth. For the fiscal second quarter of 2025, digital sales growth of 13% was directly attributed to audiobook sales, which benefited from the ongoing contribution of the Spotify partnership. This follows HarperCollins reporting a 13% jump in audiobook sales in the fourth quarter of 2024, which News Corporation also linked to Spotify's market entry.

The News Media segment relies on operational partnerships, such as the joint venture established with DMG Media in the UK for printing operations. The transfer of third-party printing revenue contracts to this News UK's joint venture with DMG Media was cited as a driver for lower revenues in the News Media segment for the full fiscal year 2025. However, the combination of News UK's printing operations with DMG Media also contributed to cost savings initiatives, partially offsetting revenue decreases in a reported quarter.

Within Digital Real Estate Services, partnerships define market access. Move, which operates Realtor.com® in the U.S., maintains a perpetual operating agreement with the National Association of Realtors (NAR). On the Australian side, News Corp Australia leveraged its editorial strength by acting as the official content partner for the 2025 Australian Real Estate Conference (AREC). The Dow Jones segment also partners with market data platforms, including Bloomberg, London Stock Exchange Group, and FactSet, reaching hundreds of thousands of financial professionals.

News Corporation is also developing new products incorporating AI solutions, which implies technology platform engagement, though specific financial terms with entities like OpenAI aren't detailed in the public filings. The company is focused on enhancing insights for consumers and customers using these emerging technologies.

Here's a quick look at the concrete numbers tied to these key relationships as of the fiscal year end:

Partnership/Asset	Metric	Value/Amount	Context/Period
DAZN Group (Post-Foxtel Sale)	Equity Stake Held	6%	As of April 2025 closing
DAZN Group (Post-Foxtel Sale)	Shareholder Loan Repayment	$592 million	At closing of Foxtel sale
Spotify (HarperCollins/Book Publishing)	Digital Sales Growth (Audiobooks)	13%	Fiscal Q2 2025
Move/Realtor.com®	NAR Agreement Status	Perpetual	As of August 2025 10-K filing
News UK/DMG Media JV	Impact on FY2025 News Media Revenue	Lower revenues due to contract transfer	Fiscal Year 2025
Dow Jones Newswires	Content Input for Algorithms	Supports automated trading	As of August 2025

The focus on these partnerships is clear from the overall financial performance. News Corporation's full-year fiscal 2025 total revenues reached $8.45 billion, a 2% increase over fiscal 2024, with Net Income from continuing operations surging 71% to $648 million.

You should track the performance of the DAZN stake and the continued digital growth from the Spotify arrangement; these represent the strategic shift away from legacy print contracts, like those affected by the DMG Media JV, towards higher-growth digital avenues. Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine driving News Corporation's performance as of late 2025. The focus is clearly on monetizing information and digital real estate, moving away from legacy advertising models.

For the full fiscal year 2025, News Corporation reported total revenues of $8.45 billion, with Total Segment EBITDA reaching $1.42 billion. Net income from continuing operations saw a substantial jump of 71% to $648 million. This transformation is evident as digital revenues comprised 62% of the total business in the first quarter of fiscal 2026, while advertising dependency had shrunk to just 16% of revenues in fiscal 2025. The two strongest divisions, Dow Jones and Digital Real Estate Services, accounted for 49% of revenue and 84% of EBITDA in fiscal 2025.

Creating and curating premium, authoritative content (Journalism, Books)

This activity centers on high-value information delivery, especially through Dow Jones. Dow Jones achieved record full-year revenues in fiscal 2025 totaling $2.33 billion. Book Publishing also contributed, with its Segment EBITDA growing 19% in the second quarter of fiscal 2025, fueled by strong backlist sales and a 13% increase in audio revenue for that quarter.

• Dow Jones Q1 FY2026 revenues: $586 million.
• Book Publishing revenues (Q2 FY2025): Grew 8% to $595 million.

Developing and maintaining digital real estate platforms (Realtor.com, REA Group)

The Digital Real Estate Services segment is a major growth pillar. REA Group posted record full-year revenues for fiscal 2025 of $1.25 billion, marking a 12% increase year-over-year. For the first quarter of fiscal 2026, Move Inc., which operates Realtor.com®, reported revenues of $152 million, a 9% year-over-year increase. Still, the US market showed some softness, as Move Inc.'s revenues in Q1 FY2025 were down 2% to $140 million.

Operating the Professional Information Business (PIB) for B2B data/risk compliance

This is a key driver within the Dow Jones segment, focusing on specialized data services. For the full fiscal year 2025, the Professional Information Business saw revenues increase by 4%. This was powered by specific areas:

• Risk & Compliance revenue growth (FY 2025): 15%.
• Dow Jones Energy revenue growth (FY 2025): 11%.
• Risk & Compliance revenue growth (Q1 FY2026): Accelerated to 16%.

Protecting and monetizing Intellectual Property (IP) via licensing deals

News Corporation is actively pursuing AI content licensing, with CEO Robert Thomson noting agreements with OpenAI. The company also pointed to a significant legal precedent, mentioning a $1.5 billion award against Anthropic for copyrighted book usage, which supports their negotiation stance.

Driving digital subscriptions and recurring revenue growth

This is where the long-term recurring revenue base is built. The Wall Street Journal's digital-only subscriptions reached nearly 3.8 million on average in Q2 FY2025, making up 90% of its total subscriptions. You can see the scale of the digital shift in the table below:

Publication/Segment	Metric	Latest Figure (as of late 2025)
News Corp Australia	Closing Digital Subscribers (June 30, 2025)	1,166,000
News Corp Australia	Digital Subscribers (September 30, 2025)	1.162 million
The Times and Sunday Times	Closing Digital Subscribers (June 30, 2025)	640,000
The Wall Street Journal	Digital-Only Subscriptions (Q2 FY2025 Average)	Nearly 3.8 million
Dow Jones Consumer Products	Total Average Subscriptions (Q2 FY2025)	Over 5.9 million

The growth in digital-only subscriptions for Dow Jones consumer products was 13% in Q2 FY2025, reaching over 5.3 million.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets News Corporation (NWSA) relies on to generate revenue as of late 2025. These aren't just logos; they are the engines driving the financial results we just saw for Fiscal Year 2025. Honestly, the value here is in the proprietary nature and the audience lock-in of these assets.

The foundation is definitely the global portfolio of trusted brands. Think of The Wall Street Journal, which sits within the Dow Jones segment. That entire segment pulled in record revenues for the full year, hitting $2.33 billion. That revenue base supports the entire news and information ecosystem.

Next up are the proprietary data and professional information assets. This is where the high-margin, recurring revenue lives. For instance, the Risk & Compliance business within Dow Jones saw its revenues grow by 15% year-over-year, reaching $337 million for the full fiscal year. Dow Jones Energy revenue also grew by 11%. What this estimate hides is the current performance of Factiva, which saw lower revenues due to a customer dispute, but the overall data assets remain critical.

The digital real estate platforms are another massive draw. REA Group, which includes the Australian residential business, posted record revenues for the full year of $1.25 billion, marking a 12% increase over the prior year. Realtor.com is part of the broader Digital Real Estate Services segment, which was a core growth pillar for the company.

Don't forget the deep catalog of intellectual property. The extensive library of book backlist titles provides a steady revenue stream, representing approximately 64% of Consumer revenues for the full fiscal year ended June 30, 2025. That's a huge percentage of the book business coming from established, already-paid-for content.

Finally, the financial health these resources underpin is clear in the cash generation. News Corporation generated $571 million in Free Cash Flow for Fiscal Year 2025. That cash is the ultimate resource, showing the operational strength of the whole portfolio.

Here's a quick look at the scale of the key revenue-driving resources:

Key Resource Category	Specific Asset/Metric	FY2025 Financial Figure
Global Brands (News/Professional Info)	Dow Jones Full Year Revenue	$2.33 billion
Digital Real Estate Platforms	REA Group Full Year Revenue	$1.25 billion
Proprietary Data (Risk & Compliance)	Risk & Compliance Revenue Growth	15%
Book Backlist Strength	Backlist Sales as % of Consumer Revenues	64%
Financial Output	Free Cash Flow	$571 million

You can see the diversification of the asset base in the segment performance. The company's total Fiscal 2025 revenues hit $8.45 billion, with the Digital Real Estate Services, Dow Jones, and Book Publishing segments driving that growth.

The strength of the professional information business is notable:

• Circulation and subscription revenues increased by $113 million, or 6%, year-over-year.
• Risk & Compliance revenues grew by 15% to $337 million.
• Dow Jones Energy revenues grew by 11% to $278 million.

The Book Publishing segment also showed resilience:

• Digital sales increased by 5% for the full year.
• Digital sales represented 24% of Consumer revenues for the year.

Finance: draft 13-week cash view by Friday.

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

Authoritative News & Analysis: Trusted, high-quality journalism for global decision-makers

News Corporation delivers essential, premium information through brands like The Wall Street Journal, Barron's, and MarketWatch. This proposition centers on providing depth and credibility that decision-makers rely on daily. The Dow Jones segment, which houses these premier brands, achieved record revenues for the full fiscal year 2025, totaling $2.33 billion. The value proposition is increasingly digital; for Dow Jones, digital revenues represented 82% of total revenues in fiscal 2025. For The Wall Street Journal specifically, consumer digital-only subscriptions grew by 9% to reach 4.13 million subscribers in FY2025. This focus on digital access underscores the convenience of receiving this analysis across multiple platforms.

Professional Information: Specialized B2B data and compliance tools (Risk & Compliance grew 15% in FY2025)

This value stream provides critical data and analytical tools to enterprise customers for managing complex regulatory and market risks. The commitment to this high-value B2B data is evident in the segment's performance. Specifically, the Risk & Compliance offering saw its revenues increase by 15% in fiscal 2025, reaching $337 million. Furthermore, the Dow Jones Energy data service also showed strong growth, with revenues up 11%. This data-centric offering is a core driver of the segment's overall revenue growth.

Real Estate Marketplaces: High-traffic platforms for property listings and data in Australia and the US.

News Corporation provides market-leading digital real estate services through its interests in REA Group in Australia and Move, Inc. (Realtor.com) in the US. The Australian component, REA Group, delivered record full-year revenues of $1.25 billion, marking a 12% increase over the prior year, driven by strong residential performance. In the US, Realtor.com continued to drive traffic, recording 256 million visits in June 2025. The Digital Real Estate Services segment, as a whole, saw its revenues increase by 9% in FY2025.

Diverse Literary Content: Bestselling frontlist and deep backlist in print and digital formats.

Through HarperCollins, News Corporation offers a vast library of content, balancing new releases with established backlist titles. The Book Publishing segment posted total revenues of $2.15 billion for the full year, a 3% increase. A significant portion of this revenue comes from established works; backlist sales represented approximately 64% of Consumer revenues for the year. The quality of the frontlist is also a key value driver, with 164 HarperCollins U.S. titles appearing on New York Times bestseller lists in FY2025.

Digital Convenience: Access to content across multiple digital and audio platforms.

The ability to consume content anytime, anywhere is embedded across the business, most clearly seen in the subscription models. The overall company reported total fiscal 2025 revenues of $8.45 billion, up 2% year-over-year. Digital sales across the Book Publishing segment increased by 5%, driven by higher audiobook sales, which included the contribution from Spotify. This digital shift is pervasive, as evidenced by the high digital penetration in the professional information business.

Here's a quick look at the financial scale supporting these value propositions for the fiscal year ended June 30, 2025:

Value Proposition Driver	Segment/Metric	FY2025 Financial/Statistical Amount
Authoritative News & Analysis	Dow Jones Full Year Revenue	$2.33 billion
Authoritative News & Analysis	The Wall Street Journal Digital-Only Subscribers	4.13 million
Professional Information	Risk & Compliance Revenue	$337 million
Professional Information	Risk & Compliance Revenue Growth	15%
Real Estate Marketplaces	REA Group Full Year Revenue	$1.25 billion
Real Estate Marketplaces	Realtor.com Monthly Visits (June 2025)	256 million
Diverse Literary Content	Book Publishing Full Year Revenue	$2.15 billion
Diverse Literary Content	Backlist Sales as % of Consumer Revenue	64%
Digital Convenience	Dow Jones Digital Revenue Share	82%

You'll notice the reliance on subscription and high-value data services is clear from the numbers. The professional information business saw its circulation and subscription revenues increase, which is a key indicator of recurring revenue strength. Still, the News Media segment saw revenues decline by 4% to $2.17 billion, though cost reductions improved its Segment EBITDA by 15%.

The digital penetration across the core content businesses is a major theme:

• Digital revenues at Dow Jones were 82% of the segment total.
• Digital now accounts for 38% of the News Media segment's revenue.
• Book Publishing digital sales increased by 5%.

Finance: draft 13-week cash view by Friday.

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

Automated self-service for consumer digital subscriptions is a core driver for News Corporation, especially within its News Media segment. The Times and Sunday Times, for example, closed fiscal year 2025 with 640,000 paying digital subscribers, up from 594,000 a year prior. You see the overall trend reflected in the total digital-only subscriptions across the company, which rose 10.4% year-over-year in the latest reported period. Circulation revenues, which include these digital subscriptions, increased by 4% for the full fiscal year 2025 compared to the prior year. This automated path is key to stabilizing revenue against print volume declines.

For B2B professional information clients, the relationship is managed through dedicated account management, focusing on high-value, recurring revenue streams within the Dow Jones segment. Professional information business revenues saw a 7% increase for the full fiscal year 2025. Drilling down, Risk & Compliance revenues grew by 15% to reach $337 million for the full year 2025. Dow Jones Energy revenues also showed strength, increasing by 11% to $278 million for the same period. Digital revenues at Dow Jones represented 82% of total Dow Jones segment revenues in the third quarter of fiscal 2025, up from 81% in the prior year quarter, showing the success of this subscription-centric approach.

Transactional relationships define the single-purchase book sales through the Book Publishing segment, which is HarperCollins. Full year fiscal 2025 Book Publishing revenues increased by 3% to $2.15 billion. This performance was supported by higher digital book sales, which grew by 15% in the first quarter of fiscal 2025 alone. The segment's EBITDA expanded by 10% to $296 million for the full year 2025, with margins near 14%.

Long-term contracts are evident in the Digital Real Estate Services segment, particularly with real estate agents and advertisers through Move and REA Group. Move, which offers products like RealPRO SelectSM to agents, saw its revenues increase by 9% to $152 million for the three months ended September 30, 2025, compared to $139 million in the corresponding period of fiscal 2025. This growth was driven by a shift to more premium offerings. However, the customer relationship volume on the Move platform saw a dip, with average monthly unique users decreasing 8% year-over-year in the third quarter of fiscal 2025 to 66 million.

Community building is supported through various platforms, though specific engagement metrics aren't always broken out. Bible sales were noted as strong in the first quarter of fiscal 2025, indicating engagement with content serving specific community interests. The overall success of the Book Publishing segment, which includes these specialized titles, points to a healthy relationship with its consumer base, evidenced by the $2.15 billion in revenue for the full year 2025.

Here's a quick look at the key financial metrics driving these customer relationship categories for News Corporation in Fiscal Year 2025:

Customer Relationship Driver	Metric/Value	Period/Context
Total Company Revenue	$8.45 billion	Fiscal Year 2025 Full Year
Book Publishing Revenue	$2.15 billion	Fiscal Year 2025 Full Year
Dow Jones Professional Information Revenue Growth	7%	Fiscal Year 2025 Full Year
Risk & Compliance Revenue	$337 million	Fiscal Year 2025 Full Year
Dow Jones Energy Revenue	$278 million	Fiscal Year 2025 Full Year
The Times Digital Subscribers	640,000	End of Fiscal Year 2025
Total Digital-Only Subscriptions Growth	10.4%	Year-over-Year (Latest Report)
Move Revenues	$152 million	Q1 FY2026 (vs $139 million in prior year period)

News Corporation (NWSA) - Canvas Business Model: Channels

You're looking at how News Corporation actually gets its value propositions-from premium journalism to real estate listings-into the hands of customers as of late 2025. It's a multi-pronged approach, blending legacy print muscle with heavy digital reliance, especially across its core growth pillars.

Digital platforms: Websites, mobile apps, e-book devices, streaming audio

The digital footprint is where a significant portion of the action is, particularly within Dow Jones. Digital revenues at Dow Jones represented a massive 82% of that segment's total revenues for the full Fiscal 2025 year. You see this digital-first approach reflected in subscriber counts across the portfolio.

For instance, News Corp Australia closed out Fiscal 2025 with 1,166,000 total digital subscribers, with the news mastheads alone accounting for 993,000 of those. Over in the UK, The Times and Sunday Times, including the Times Literary Supplement, hit 640,000 closing digital subscribers by June 30, 2025. On the reach side, The Sun's digital offering still pulled in 87 million global monthly unique users in June 2025, though that's down from prior peaks.

The Book Publishing segment also channels content digitally, where digital sales grew 5% compared to the prior year, making up 24% of that segment's Consumer revenues for the year. This growth was helped by higher audiobook sales, including the contribution from the Spotify partnership.

• Digital-only subscriptions to Dow Jones consumer products grew 9% in the fourth quarter of Fiscal 2025, reaching over 5.7 million.
• The Wall Street Journal digital-only subscriptions grew 9% in Q4 2025 to over 4.1 million average subscriptions for the quarter.
• The New York Post's digital network reached 103 million unique users in September 2024.

Print distribution networks for newspapers and books

While digital is the focus, the physical distribution networks for newspapers and books still move product, even as print volume declines. Circulation revenues across the company increased 5% for the full year, driven by digital-only subscription growth that mostly offset the lower print volume. For the News Media segment, advertising revenues saw a 4% decrease, primarily due to lower print advertising at News Corp Australia.

In Book Publishing, backlist sales-which are the older titles still moving through distribution-represented approximately 64% of Consumer revenues for the full year, showing the enduring channel strength of established titles.

Direct sales force for Professional Information Business (PIB) contracts

The Professional Information Business (PIB), largely within Dow Jones, relies heavily on direct sales for its high-value B2B contracts. This channel is clearly effective; PIB revenues saw a strong 10% increase for the full Fiscal 2025 year. This growth was powered by specific product lines:

Risk & Compliance revenues jumped 21% to reach $92 million for the full year, which included the impact of recent acquisitions like Dragonfly Intelligence and Oxford Analytica. Similarly, Dow Jones Energy revenues grew 12% to $73 million. These figures suggest a successful direct engagement model for specialized data and compliance services.

Real estate agent portals and direct consumer websites (Realtor.com)

The Digital Real Estate Services segment, anchored by Realtor.com, is a core growth pillar, posting record full-year revenues of $1.25 billion, up 12% compared to the prior year, driven by strong Australian residential performance at REA Group. For Realtor.com in the U.S., the channel performance is more nuanced.

In March 2025, Realtor.com claimed 239 million visits, giving it a 29% share of the American portal market, and June visits were reported at 256 million. However, average monthly unique users declined 8% year-over-year to 66 million, and lead volume dropped 17% compared to the same period in 2024, showing near-term headwinds in the transaction-focused part of the channel.

Third-party retailers and distributors for book publishing

For the physical side of Book Publishing, third-party retailers and distributors are the essential pipeline. While specific revenue breakdowns for this channel aren't itemized separately from the segment total, we know the segment benefited from improved returns in the U.S. and the impact of acquiring a German book publisher. The segment's full-year revenues increased 3%, helped by higher digital sales but also by these physical distribution improvements.

Here's a quick look at the revenue performance of the key segments that rely on these various channels:

Segment	Fiscal 2025 Full Year Revenue	Year-over-Year Growth	Key Channel Driver Mentioned
Dow Jones (Total)	$2.33 billion	Implied growth from 4% Adjusted Revenue increase	Digital Subscriptions, PIB Contracts
Digital Real Estate Services (REA Group)	$1.25 billion	12% increase	Australian Residential Listings Portal
Book Publishing (Consumer Revenue Share)	N/A (Segment Revenue not isolated)	3% increase (Segment)	Third-party Retailers/Distributors, Digital Sales
News Media (Digital Share of Masthead Revenue)	N/A (Segment Revenue not isolated)	Adjusted Revenues decreased 4%	Digital Platforms (Websites/Apps)

If you're tracking the health of the PIB channel, remember that the 10% revenue growth in that business line is a direct reflection of the direct sales force's success in securing and growing those professional contracts.

Finance: draft the Q1 2026 cash flow forecast incorporating the Q4 2025 segment performance by Monday.

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

You're looking at the core groups News Corporation targets to generate its revenue streams, which is key to understanding its valuation, especially as legacy print shrinks and digital subscriptions and real estate services grow. Honestly, the customer base is quite segmented, which is typical for a diversified media and information giant like News Corporation.

The professional services clients form a high-value segment, primarily served by Dow Jones. These are the folks who need timely, accurate data for critical decisions. Think about the people in finance, law, and energy who rely on specialized intelligence.

• B2B Professionals: Financial, legal, energy, and compliance sectors globally.

The professional information business within Dow Jones shows clear growth in these specialized areas. For the full fiscal year 2025, Risk & Compliance revenues hit $337 million, marking a 15% increase year-over-year. Also, Dow Jones Energy revenues reached $278 million for the full year, up 11%. That's defintely where the high-value B2B customer is paying a premium.

Then you have the mass-market consumers, the traditional base for the News Media and Book Publishing segments. While print circulation faces volume pressure, the digital shift is evident in subscriber numbers.

• Mass-Market Consumers: News readers, book buyers, and general audience.

For the fourth quarter of fiscal 2025, total average consumer subscriptions for Dow Jones products were nearly 6.3 million, a 7% jump from the prior year. Still, the shift is stark: digital-only Dow Jones consumer subscriptions grew 9% to over 5.7 million.

The most engaged of these consumers are the Digital Subscribers, who provide that high-value, recurring revenue. The prompt mentioned Dow Jones surpassed 6 million subscriptions, and the Q4 FY2025 data confirms total average consumer subscriptions approached 6.3 million. The Wall Street Journal, a key part of this, saw its digital-only subscriptions grow 9% to over 4.1 million, making up 91% of all WSJ subscriptions in that quarter.

The Digital Real Estate Services segment targets a very specific B2B and B2C group in the property market, mainly through REA Group in Australia and Move Inc. (Realtor.com) in the US. These customers include agents, developers, and homebuyers/sellers.

• Real Estate Agents and Developers (Australia and US).

REA Group posted record full-year revenues of $1.25 billion for fiscal 2025, a 12% increase. For Move Inc. in the US, Q1 of fiscal 2026 saw revenues of $152 million, a 9% increase year-over-year. Realtor.com's average monthly unique users hit 77 million in Q1 FY2025.

Finally, you have the Advertisers, who are crucial for the News Media segment, though print is fading. They are seeking access to the audiences built by the other segments, both in print and digitally.

• Advertisers (Print and Digital) seeking targeted audiences.

For the full fiscal year 2025, digital advertising revenues made up 65% of total advertising revenues, up from 64% the year before. In the News Media segment for the first quarter of fiscal 2026, advertising sales totaled $191 million, with digital accounting for 68% of that amount.

Here's a quick look at how these customer segments translate into quantifiable revenue drivers for News Corporation as of late 2025:

Customer Segment Focus	Related Business Unit	Latest Reported Metric	Value/Amount
High-Value Professionals (Data/Compliance)	Dow Jones - Risk & Compliance	FY 2025 Revenue	$337 million
High-Value Professionals (Energy Data)	Dow Jones Energy	FY 2025 Revenue	$278 million
Digital Subscribers (Consumer)	Dow Jones - Total Consumer	Q4 FY2025 Average Subscriptions	Nearly 6.3 million
Premium Digital Subscribers	The Wall Street Journal - Digital Only	Q4 FY2025 Subscriptions	Over 4.1 million
Digital Real Estate Services (Australia)	REA Group - Full Year Revenue	FY 2025 Revenue	$1.25 billion
Digital Real Estate Services (US - Move Inc.)	Move Inc. - Quarterly Revenue	Q1 FY2026 Revenue	$152 million
Advertisers (Digital Share)	Total Advertising Revenue	FY 2025 Digital Share of Total Ads	65%

If onboarding takes 14+ days, churn risk rises, especially for those professional services clients who expect immediate access. Finance: draft 13-week cash view by Friday.

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

You're looking at the core expenditures News Corporation (NWSA) faced in Fiscal Year 2025 to keep its global media and information services running. Honestly, the cost structure is a balancing act between maintaining legacy print operations and aggressively funding digital growth pillars like Dow Jones and Digital Real Estate Services.

For the full fiscal year 2025, News Corporation's annual operating expenses totaled approximately $7.496 billion. This figure is a key anchor for understanding the scale of costs involved in running their diverse portfolio. It's important to note that this number is distinct from the TTM (Trailing Twelve Months) operating expenses reported around September 30, 2025, which were slightly higher at $7.534 billion.

Content creation and editorial staff salaries

Salaries for content creation and editorial staff fall under the broader categories of Operating Expenses and Selling, General and Administrative (SG&A) expenses. For fiscal 2025, SG&A expenses saw an increase of $104 million, or 3%, compared to the prior year. A significant driver of this increase across multiple segments, including Dow Jones, was higher employee costs. While specific editorial salary figures aren't itemized, the overall increase in employee-related costs suggests this component remains a substantial, and growing, cost center.

Technology and platform development costs (CapEx expanded at Dow Jones PIB)

Technology investment is clearly a major cost driver. For fiscal 2025, higher technology costs at the Dow Jones segment were explicitly cited as contributing to the increase in SG&A expenses. Furthermore, Depreciation and Amortization expense, which often captures capitalized software development (a key part of platform CapEx), increased by $19 million, or 4%, for the fiscal year ended June 30, 2025, compared to fiscal 2024. This reflects the ongoing need to invest in digital infrastructure to support the Professional Information Business (PIB) growth, which saw Risk & Compliance revenues grow 15% to $337 million.

Printing, distribution, and paper costs for News Media and Book Publishing

This area saw significant cost moderation in fiscal 2025. Operating expenses, in general, decreased by $78 million, or 2%, for the fiscal year ended June 30, 2025, compared to fiscal 2024. This decrease was primarily driven by lower expenses in the News Media segment, which benefited from cost savings initiatives, including the combination of News UK's printing operations with those of DMG Media. Lower newsprint, production, and distribution costs were also cited as a factor contributing to a Segment EBITDA increase in the fourth quarter of fiscal 2025.

Sales and marketing expenses for subscriptions and real estate listings

Marketing spend was an area of increased cost pressure. Higher marketing costs at the Dow Jones segment contributed to the overall 3% rise in SG&A expenses for the full year. Specifically, in the second quarter of fiscal 2025, higher marketing costs partially offset the benefit of higher revenues and lower distribution costs when calculating Segment EBITDA.

Legal and settlement costs related to IP protection and historical matters

Legal costs are a variable but significant potential drain. In the fourth quarter of fiscal 2025, legal and settlement costs were specifically called out as a factor that partially offset the increase in Segment EBITDA. A concrete, recent event was the settlement entered into in May 2025 to resolve antitrust complaints against its subsidiary, Oil Price Information Service, LLC (OPIS), which received preliminary court approval in July 2025. Separately, in the first quarter of fiscal 2025, the company incurred $12 million in costs related to REA Group's withdrawn offer to acquire Rightmove.

Here's a quick look at the major expense movements and cost components for the fiscal year ended June 30, 2025:

Cost Category/Metric	Fiscal 2025 Amount (or Change)	Context/Driver
Total Annual Operating Expenses	$7.496 billion	Aggregate cost base for the year.
Change in Operating Expenses (YoY)	Decreased by $78 million (2%)	Driven by News Media cost savings, including printing consolidation.
Change in SG&A Expenses (YoY)	Increased by $104 million (3%)	Driven by higher employee costs (REA Group, Dow Jones) and marketing/tech costs.
Total Segment EBITDA	$1.42 billion	14% increase, demonstrating cost discipline partially offsetting rising costs.
REA Group M&A Related Costs	$12 million	Costs related to the withdrawn Rightmove offer in Q1 FY2025.

You should track the Dow Jones segment's rising employee and technology costs against the savings realized in News Media from printing consolidation; that dynamic defines the year's expense story.

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

You're looking at the core financial engine for News Corporation as of late 2025, focusing on where the cash actually comes from. Honestly, the story here is the successful pivot away from relying solely on print dollars to high-margin digital streams.

Digital Subscriptions and Circulation (a core growth pillar)

This is a massive component, largely driven by the Dow Jones segment, but also present across the News Media mastheads. For the full fiscal year 2025, total Circulation and subscription revenues hit $3.009 billion. This growth reflects the continued success in locking in digital-only subscribers, which now form the majority of the base.

• Digital-only subscriptions to consumer products at Dow Jones grew 9% year-over-year in Q4 FY2025.
• Total average subscriptions to The Wall Street Journal surpassed 4.5 million, with digital-only making up over 91% of that total.
• Circulation revenues overall increased 4% compared to the prior year, benefiting from higher pricing after introductory promotions ended.

Professional Information Business (PIB) recurring revenue

The Dow Jones segment is the powerhouse here, providing high-value, recurring revenue that insulates the company somewhat from the volatility in general news advertising. Dow Jones achieved record full-year revenues of $2.33 billion for fiscal 2025. Digital revenues within Dow Jones accounted for 82% of its total revenues for the full year.

Here's a quick look at the growth drivers within the PIB:

• Risk & Compliance revenues grew 15% year-over-year, reaching $337 million for the full year.
• Dow Jones Energy revenues grew 11%, contributing $278 million.
• Professional Information Business revenues overall saw a 7% increase for the full year.

Advertising Revenue (print and digital)

While less central than subscriptions, advertising still contributes significantly, though print volume is declining. Total Advertising revenues for the full fiscal year 2025 were $1.367 billion. Digital advertising growth, particularly at properties like the New York Post, helped offset declines elsewhere in the News Media segment.

Digital Real Estate Services fees and advertising

The REA Group is a core growth pillar, delivering strong, transaction-based and recurring fees from property listings. REA Group posted record full-year revenues of $1.25 billion for fiscal 2025, a 12% increase over the prior year. This performance was primarily fueled by robust Australian residential market activity, driven by price increases and increased depth penetration of listings.

Book Publishing sales and content licensing

HarperCollins continues to be a meaningful revenue source, benefiting from strong backlist sales and digital adoption. Book Publishing segment revenues for fiscal 2025 grew 3% to reach $2.15 billion. Content licensing revenue also contributed to the overall growth picture for the year.

You can see how these major streams stack up against the total for the year:

Revenue Stream Category	FY2025 Revenue Amount (USD)
Total Reported Revenues	$8.45 billion
Circulation and Subscription (Total)	$3.009 billion
Dow Jones (Professional Information Focus)	$2.33 billion
Book Publishing Sales	$2.15 billion
Advertising (Print and Digital)	$1.367 billion
Digital Real Estate Services (REA Group)	$1.25 billion

Finance: draft 13-week cash view by Friday.