News Corporation - NWSA STOCK NEWS

News Corp announced that Almar Latour, CEO of Dow Jones and Publisher of The Wall Street Journal, will speak at the Credit Suisse 24th Annual Communications Conference on June 15, 2022, at 9:30 am ET. The conference will be virtual, and interested parties can access the live webcast through the News Corp website. A replay will be available after the event. News Corp is a diversified media and information services company operating across various sectors, including digital real estate and news services.

On June 8, 2022, Move, Inc., a subsidiary of News Corp, announced the acquisition of UpNest, a platform connecting home sellers with local real estate agents. This strategic move aims to enhance Realtor.com®'s services by providing more choices for sellers and agents. UpNest has enabled approximately 1 million agent proposals since its launch, showcasing strong market demand. The integration is expected to strengthen Realtor.com's seller strategy and expand its customer base. Financial terms of the deal remain undisclosed.

News Corp announced significant growth targets for REA Group, aiming for double-digit revenue and EBITDA growth driven by enhanced products and services. The company showcased its leadership with Realestate.com.au, achieving 127 million average monthly visits and highlighted new initiatives like Premiere+ in residential marketing. REA targets leadership in property data and financial services sectors, particularly in India. The Digital Real Estate Services segment generated $1.3 billion, up 32% year-over-year, contributing 33% to News Corp's EBITDA.

In May 2022, the U.S. housing market showed signs of recovery, with active inventory increasing by 8.0% year-over-year for the first time since June 2019. However, the median national home price surged to a record $447,000, reflecting a 17.6% rise compared to last year. Despite the uptick in inventory, homes sold more quickly, with the average time on the market dropping by a week to 31 days. Key contributors to the changing landscape include rising new listings and moderating buyer demand, although the increase in larger homes continues to keep prices high.

News Corp has acquired the Base Chemicals business from S&P Global Market Intelligence for $295 million. This acquisition will enhance the Dow Jones energy, chemicals, and sustainability vertical. Base Chemicals generated $65 million in revenue last fiscal year, primarily from digital and recurring sources. The deal is expected to yield a tax benefit of approximately $46 million over 15 years. This strategic move aims to leverage cross-selling opportunities with existing Dow Jones audiences.

Realtor.com's Avail Quarterly Survey reveals that 66.1% of renters cite rising rents as their primary financial strain, while 76.1% report saving less than last year. In April, the U.S. median rental price reached $1,827, marking a 16.7% increase from 2021, driven by high demand and limited availability. Landlords plan further rent hikes, which may exacerbate affordability challenges. With typical rents expected to exceed $2,000 by August, renters are increasingly considering moves to more affordable options, though choices are limited. Major urban areas, especially in the Sun Belt, saw significant rent increases.

News Corp, represented by CEO Robert Thomson, is set to participate in the MoffettNathanson 9th Annual Media & Communications Summit on May 18, 2022, starting at 3:00 PM EDT. Interested parties can access the live webcast on the News Corp website, with a replay available afterward. News Corp is a diverse global media company engaged in various sectors, including digital real estate, subscription video services, news, and publishing, operating mainly in the U.S., Australia, and U.K..

Realtor.com®, on May 11, 2022, announced a significant expansion of its Seller's Marketplace, now featuring new offerings from Flyhomes, Orchard, Reali, and Swift Home Solutions. The platform has experienced a remarkable growth in user traffic, increasing by over 300% year-over-year. This marketplace allows homeowners to compare various selling options with no upfront cost, enhancing their ability to make informed decisions. With this addition, Realtor.com® solidifies its position as a comprehensive resource for home sellers amidst a competitive market.

In April 2022, the U.S. housing market showed signs of recovery with a minimal decline in active listings of -12.2% year-over-year, the smallest since December 2019. The share of mid-sized homes increased, potentially enhancing options for families looking to upgrade. Despite challenges with high prices and mortgage rates, experts predict possible inventory growth soon. The median home price reached an all-time high of $425,000, up 14.2% year-over-year. However, new listings fell slightly by 0.9%, signaling ongoing market adjustments.