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News Corporation (NWSA) is a global, diversified media and information services company committed to delivering authoritative and engaging content to consumers worldwide. Headquartered in New York, News Corp operates primarily in the United States, Australia, and the United Kingdom. The company encompasses a wide range of businesses across various media sectors, including news and information services, digital real estate services, book publishing, digital education, sports programming, and pay-TV distribution.
News Corp’s media properties include prominent names like The Wall Street Journal, Barron's, New York Post, The Times, The Sun, The Australian, Herald Sun, and The Daily Telegraph. In the Australian subscription video market, News Corp holds a significant stake through its 65%-owned Foxtel, alongside streaming platforms such as Kayo, which focuses on sports, and Binge, which offers general entertainment content.
The company also boasts a strong presence in the digital real estate market, primarily through its 61%-owned REA Group, which dominates property listings in Australia. Additionally, News Corp owns HarperCollins, one of the world’s largest book publishers, and Move, Inc., a leading digital property advertising business in the United States.
News Corp is continually advancing its technological and content delivery capabilities, exemplified by recent achievements like the AI-powered Dow Jones Integrity Check platform. This innovative tool streamlines compliance workflows and enhances due diligence through advanced AI and automation, reflecting the company’s commitment to leveraging technology for improved service delivery.
Recent news highlights include a new analysis from Realtor.com® indicating that April 14-20, 2024, is the optimal week to sell a home in the U.S., key insights into the top housing markets for electric vehicle owners, and significant developments in Dow Jones's AI-powered compliance tools. These initiatives underscore News Corp’s dedication to providing valuable, timely information and services to its diverse audience.
According to the Realtor.com® Monthly Rental Report released on February 24, 2023, Oklahoma City, Louisville, and Birmingham recorded the lowest monthly rents among the largest U.S. metros. Oklahoma City leads with a median rent of $982, with nine other cities reporting median rents under $1,300. While these markets offer affordability, competition is rising, leading to fast rent increases and less availability. In January 2023, the median asking rent in the 50 largest metros decreased 2.9% year-over-year to $1,726, marking a continual cooling trend with a drop from the August 2022 peak. The rental vacancy rate across affordable metros was notably higher than the national average.
News Corp has confirmed that it is no longer pursuing discussions with CoStar Group regarding the potential sale of Move, Inc., the operator of Realtor.com®.
The company remains committed to exploring opportunities that align with its strategy to enhance the value of its Digital Real Estate Services segment and maximize shareholder value moving forward.
News Corp will refrain from making additional comments on this topic until it deems appropriate or mandatory.
News Corporation reported its fiscal 2023 second quarter financial results, revealing revenues of $2.52 billion, a 7% decline from the previous year, largely due to $171 million in foreign currency impacts. Net income fell to $94 million, down 64% from $262 million. Total Segment EBITDA dropped 30% to $409 million, reflecting higher costs and losses from equity affiliates. Growth was noted in the Dow Jones segment, with a 45% revenue increase attributed to recent acquisitions. In response to economic challenges, a 5% workforce reduction is anticipated. A semi-annual dividend of $0.10 per share was declared, payable April 12, 2023.
The U.S. housing market displayed increased buyer activity in January 2023, with mortgage rates dropping and inventory rising. The typical median listing price reached $400,000, reflecting an 8.1% year-over-year increase. However, new listings declined by 5.4%, indicating a slowdown in sales. Notably, 56% of listing views were directed at out-of-metro homes, particularly in affordable areas of the Midwest and Northeast. Active listings surged by 65.5%, yet still remain lower than pre-pandemic levels. The share of listings with price reductions also rose to 15.3%, enhancing buyer negotiation power despite ongoing challenges due to high prices and financing costs.
News Corp will announce its second quarter Fiscal 2023 results on February 9, 2023, with a live audio webcast at 5:00 p.m. EST. CEO Robert Thomson and CFO Susan Panuccio will present the findings. The earnings release will be accessible before the call at investors.newscorp.com. News Corp operates in diverse media sectors including digital real estate, subscription video services in Australia, and news publishing. The company is headquartered in New York and its services are distributed globally.
The Fifth, a social-creative agency based in Los Angeles, has appointed Brett Brown as its new Head of Creative. This strategic move is aimed at enhancing the agency's creative vision and expanding its U.S. market presence. Since its inception in 2019, The Fifth has rapidly grown, executing impactful creator-driven marketing campaigns for clients like Disney and YouTube. Brown's diverse experience in the industry positions him to lead the agency's ambitious growth plans, which include adding eight new team members to meet demand. The Fifth operates out of FOX Studios, backed by News Corp.
The latest Realtor.com® Monthly Rental Report reveals that renting is significantly cheaper than buying a starter home in many U.S. metros as of December 2022. Renters saved an average of 41.4% ($792) compared to first-time homebuyers, with Austin, Texas (121.3% savings) leading the way. Nationwide, the median rent was $1,712, while typical monthly starter home payments rose 37.4% year-over-year to $2,504. Despite lower rent growth (+3.2%), rental affordability remains a pressing issue. The report indicates that, among 50 major markets, renting was more affordable in 45, a considerable increase from 30 last year, driven by high mortgage rates.
Realtor.com has identified the 10 best markets for first-time homebuyers in 2023, aiming to assist buyers amidst rising affordability challenges. The top locations ranked include Portsmouth, VA, DeForest, WI, and Windsor Locks, CT, highlighting regions with strong job opportunities, shorter commute times, and an abundance of amenities. These markets offer an average of 47.8 listings per 1,000 households, exceeding the national average of 45.2, and a forecasted home sales growth of 1.2%, significantly better than the national decline of 14.1%. This report emphasizes the importance of community and economic viability for buyers.
The U.S. housing market showed signs of normalizing in December 2022, with a 54.7% increase in active listings year-over-year, but still 38.2% lower than pre-pandemic levels. The median listing price rose 8.4% to $400,000, marking the first time in a year that annual growth fell below double digits. Homes spent an average of 67 days on the market, 11 days longer than last year. The share of listings with price reductions increased to 13.6%. Market demand has softened, yet prices remain significantly higher than in 2019.
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