News Corporation Class B - NWS STOCK NEWS

Realtor.com has launched a new initiative to promote the benefits of buyer's agents for underrepresented communities, including BIPOC, AANHPI, LGBTQ+, first-time, Veteran, and lower-income buyers. The campaign aims to educate these groups about the advantages of having a buyer's agent, especially amid rising transaction costs and reduced access to buyer representation which could further limit their ability to purchase homes. The initiative, launched in April, has already seen significant engagement with nearly 40 million impressions and 18,000 downloads of the agent toolkit. Prominent real estate organizations like Zillow and Compass have also shown support. Digital ads and a joint letter from various real estate organizations will further amplify the campaign.

The Realtor.com May Rental Report reveals a -0.7% decline in median asking rent to $1,732. This marks the tenth consecutive month of rental decreases, though the rate of decline has slowed, complicating the inflation outlook. The fall in rents spans all unit sizes, with studio rents at $1,449, one-bedrooms at $1,612, and two-bedrooms at $1,925. Regional differences are noted, with the South and West experiencing declines, while rents rose in the Midwest and Northeast, driven by labor market demands and supply constraints. The report suggests ongoing rent declines could continue to influence shelter inflation and the Consumer Price Index (CPI).

According to Realtor.com's May housing report, the median price per square foot has surged by 52.7% since 2019. New York, Boston, and Nashville saw the highest increases at 84.7%, 72.9%, and 68.6% respectively. Median list prices have risen by 37.5% since May 2019, while inventory is down 34.2% compared to pre-pandemic levels. This indicates a seller-friendly market. The increase in home value benefits sellers, especially investors and equity-rich homeowners, but high mortgage rates and rising home costs strain buyers. Active listings have grown by 35.2% year-over-year, with affordable homes entering the market, providing some relief for buyers. However, the typical monthly mortgage payment for a median-priced home has increased by $158 from last year, raising the required household income by $6,400 to $119,700.

News Corp and OpenAI have signed a multi-year global partnership, allowing OpenAI to access and display content from News Corp's various publications. This historic agreement aims to enrich OpenAI's generative AI products with reliable news and information, enhancing users' ability to make informed choices. Key publications involved include The Wall Street Journal, Barron’s, MarketWatch, Investor’s Business Daily, The Times, The Sunday Times, The Sun, The Australian, and more.

OpenAI will also benefit from News Corp’s journalistic expertise to maintain high standards. Robert Thomson, Chief Executive of News Corp, emphasized the significance of this partnership, highlighting its potential to set new standards for veracity and value in the digital age. Sam Altman, CEO of OpenAI, expressed excitement about enhancing access to high-quality reporting.

The April Realtor.com® Rental Report reveals a national median rent drop of -0.7% to $1,723, marking the ninth consecutive year-over-year decline. Renters in Austin, Las Vegas, and San Francisco see significant savings, with Austin experiencing the largest decrease at -11.5%. Conversely, Indianapolis, Milwaukee, and Minneapolis hit record-high rents due to low unemployment and slow housing construction. Median rents for studios and one-bedroom units fell by -1.7% and -1.4%, respectively. Despite these declines, rents remain higher than five years ago, indicating a varied rental market landscape.

Realtor.com® has unveiled its list of the Most Affordable Beach Towns in America for 2024, where the dream of owning a waterfront home can be realized for under $450,000. Topping the list is Pascagoula, Mississippi, with a median list price of $164,900, followed by Atlantic City, NJ at $239,000, and Deerfield Beach, FL at $239,950. These towns offer a mix of outdoor activities and work opportunities, making them attractive places to live. The list includes towns from various regions, ensuring geographic diversity and adequate inventory.

News reported third quarter fiscal 2024 results with revenues of $2.42 billion, a 1% decrease, net income of $42 million, a 29% decrease, and total segment EBITDA of $322 million, a 1% increase year-over-year. Despite challenges like lower advertising revenues and ongoing housing market conditions, the company achieved growth in professional information business revenues and digital subscriptions. CEO Robert Thomson highlighted the company's profitability growth and commitment to quality journalism amidst an evolving digital landscape. The extension of the partnership with Google and ongoing structural changes were also mentioned.

Austin, Texas has been ranked as the top rental market for college graduates in 2024. This ranking is based on factors such as high income-to-rent ratio, graduate-friendly job market, and appealing lifestyle. Other top markets include Bloomington, Minn. and Pittsburgh, Pa.

The analysis by Realtor.com® highlighted affordability, job opportunities, and lifestyle as key considerations for recent college graduates. Austin stands out with a low rent-to-income ratio, high rental vacancy rate, and a significant share of college-graduate friendly jobs.

The April Housing Report by Realtor.com reveals that the required household income to purchase a home exceeded $250,000 in four California metros, with San Jose leading at $361,000. The report also highlights the rise in active listings in the South, showing a 43% increase year over year.