News Corp
News Corporation, commonly referred to as News Corp, is an American multinational media and information services company headquartered at 1211 Avenue of the Americas in New York City, specializing in the creation and distribution of news publications, books, and digital real estate services.[1][2]
Tracing its origins to a small Australian newspaper established in the 1920s by Sir Keith Murdoch, the company expanded under his son Rupert Murdoch, who assumed control in 1952 and formed News Corporation as a global holding entity in 1979 to consolidate its growing international newspaper, magazine, and broadcasting operations.[3][4]
In 2013, News Corp underwent a major restructuring, spinning off its entertainment and cable network assets—including Fox Broadcasting and international operations—into 21st Century Fox, while retaining its publishing and information businesses as the core of the reorganized News Corp.[3]
Today, key holdings include Dow Jones & Company (publisher of The Wall Street Journal), News Corp Australia (encompassing national and regional newspapers), HarperCollins book publishing, and a majority stake in REA Group, operator of realtor.com and other property platforms; the company reported fiscal 2025 revenues of $8.45 billion, with digital sources comprising over half of total income.[5][6][3]
Controlled by the Murdoch family via a dual-class share structure granting disproportionate voting power—recently consolidated under Lachlan Murdoch following intra-family agreements—News Corp maintains a reputation for editorial independence that often contrasts with prevailing institutional biases in mainstream media and academia, prioritizing empirical reporting amid criticisms of conservative influence.[7][3]
History
Origins and Formation
Rupert Murdoch inherited control of News Limited upon the death of his father, Keith Murdoch, in 1952; the company then primarily published The News, an afternoon tabloid in Adelaide, South Australia.[3][8] In 1953, the 22-year-old Murdoch became editor and publisher of The News while joining News Limited's board of directors, initiating a period of aggressive expansion funded by the paper's profits.[3][8] Under Murdoch's leadership, News Limited grew rapidly within Australia through targeted acquisitions of regional and metropolitan newspapers. Key moves included purchasing the Perth Sunday Times in 1956, launching the television listings magazine TV Week in 1957, acquiring Cumberland Newspapers (a group of Sydney suburban titles) in 1960, and entering the Sydney market with the Daily Mirror and Sunday Mirror that same year.[8][3] Further expansion encompassed the Northern Territory with NT News in 1960 and the launch of the national daily The Australian in 1964, consolidating Murdoch's dominance in Australian print media by the mid-1960s.[3][4] As international ventures accelerated—beginning with UK acquisitions like News of the World in 1969 and U.S. entries in the 1970s—the need for a centralized structure became evident to oversee the diversifying assets.[8] In 1980, News Corporation was established as the parent holding company, reorganizing News Limited and its growing subsidiaries under a unified global entity headquartered initially in Australia.[3] This formation marked the transition from a regional publisher to a multinational media conglomerate, enabling further debt-financed growth.[8]Expansion and Key Acquisitions
Following dominance in the Australian newspaper market, News Corporation expanded internationally starting in the late 1960s, beginning with acquisitions in the United Kingdom. In 1969, the company purchased the News of the World and The Sun from the Thomson Corporation, relaunching The Sun as a tabloid that achieved significant circulation growth.[9] This marked the entry into the competitive British press landscape, where News International, the UK arm, rapidly built a portfolio controlling a substantial share of national newspaper readership. By 1981, News Corporation acquired The Times and The Sunday Times from the same Thomson group for approximately £12 million, despite initial union resistance and regulatory scrutiny, further consolidating its influence in quality journalism segments.[10][8] Expansion into the United States accelerated in the 1970s with targeted newspaper buys, followed by diversification into television and film. In 1976, News Corporation acquired the New York Post for $30 million, establishing a foothold in American tabloid publishing amid a period of aggressive, debt-fueled growth.[10] The 1980s saw pivotal media asset acquisitions, including the 1985 purchase of 20th Century Fox film studio from Marvin Davis for around $600 million (after initial stakes in 1984), which provided content for emerging broadcast ventures. In 1986, the $1.9 billion acquisition of Metromedia's independent TV stations enabled the launch of the Fox Broadcasting Company in 1986, challenging the established U.S. networks. Publishing expansions included the 1987 buy of Harper & Row and the 1989 merger with Collins to form HarperCollins, creating one of the world's largest book publishers.[11][9] The 1990s and 2000s featured investments in pay television and high-profile news properties, enhancing global reach. In the UK, the 1989 launch of Sky Television (merged with British Satellite Broadcasting in 1990 to form BSkyB) pioneered satellite broadcasting, with News Corporation holding a controlling stake that grew over time. In the U.S., the 1996 debut of Fox News Channel capitalized on cable deregulation, while the 2007 acquisition of Dow Jones & Company for $5.6 billion brought The Wall Street Journal under its umbrella, a deal approved by shareholders on December 13, 2007, despite concerns over editorial independence raised by the Bancroft family. These moves, often financed through leveraged buyouts and stock issuances, transformed News Corporation from a regional publisher into a multinational media conglomerate by the early 2010s.[9][12]Corporate Restructuring and 2013 Split
In June 2012, News Corporation announced plans to separate its publishing assets from its media and entertainment operations into two independent publicly traded companies, aiming to enhance strategic focus and shareholder value by isolating the mature newspaper and book publishing businesses from the higher-growth but riskier film, television, and cable assets.[13][14] This restructuring followed shareholder activism and governance concerns intensified by the 2011 UK phone-hacking scandal at News International, which led to regulatory scrutiny, executive resignations, and a perceived drag on the company's overall valuation, though executives emphasized the split as a proactive step to allow each entity to pursue tailored capital allocation and management.[15][16] Detailed plans were released on December 3, 2012, designating Robert Thomson, then editor-in-chief of Dow Jones, as CEO of the publishing-focused entity, while retaining Rupert Murdoch as chairman of both resulting companies; the entertainment arm would encompass assets like 20th Century Fox, Fox Broadcasting, and international cable networks, whereas the publishing company would hold newspapers such as The Wall Street Journal, The Times of London, The New York Post, and HarperCollins, along with education and digital ventures.[14][17] The publishing entity was projected to emerge debt-free with approximately $2.6 billion in cash, reflecting a deliberate transfer of financial resources to support its operations amid declining print advertising revenues.[18] Shareholders approved the separation plan on June 11, 2013, following board endorsement on May 24, 2013, with the transaction structured as a spin-off where holders of the original News Corporation Class B shares received one share in the new News Corporation for every four shares held, effective June 28, 2013.[19][20][21] Upon completion, the original News Corporation was renamed Twenty-First Century Fox Inc., focusing on entertainment and retaining the company's high-margin assets, while the new News Corporation concentrated on print and digital publishing, marking a strategic divestiture of non-core volatility to prioritize long-term stability in information services despite industry headwinds like digital disruption.[22][23] This bifurcation allowed independent capital market access for each, with Twenty-First Century Fox commanding a premium valuation tied to content production growth, unencumbered by publishing's cyclical profitability.[16]Developments Post-2013
In the immediate aftermath of the June 28, 2013, corporate split, News Corp divested non-core assets to streamline operations, including the sale of its Dow Jones Local Media Group—comprising 33 local newspapers in California, North Carolina, Missouri, and Utah—to Fortress Investment Group for $87 million on September 3, 2013. This transaction allowed the company to concentrate resources on higher-margin national and international properties such as The Wall Street Journal, The Times of London, and Dow Jones professional services.[24] The company pursued growth through strategic acquisitions in digital real estate and information services. On November 14, 2014, News Corp completed its purchase of Move, Inc.—operator of Realtor.com and other online real estate platforms—for $950 million, bolstering its position in the U.S. digital classifieds market alongside its majority stake in Australia's REA Group. Subsequent deals included Dow Jones's acquisitions of the Oil Price Information Service (OPIS) and Base Chemicals (rebranded as Chemical Markets Analytics), which expanded its business-to-business offerings in energy and commodities data, contributing significantly to segment profitability by fiscal 2025. These moves reflected a pivot toward subscription-based digital revenue streams amid declining print advertising.[25][3][26] Financial performance stabilized and improved over the decade, with fiscal 2021 delivering the strongest results since the split, driven by digital subscriptions and real estate services. By fiscal 2025, total revenues reached levels supporting a 2% year-over-year increase, with fourth-quarter revenues at $2.11 billion, up 1% from the prior year, underscoring resilience in core segments despite broader media industry challenges. In June 2025, News Corp extended the contract of CEO Robert J. Thomson through 2028, signaling continuity in leadership focused on digital transformation and operational efficiency.[27][28][26]Leadership and Ownership
Rupert Murdoch's Role and Control
Rupert Murdoch established News Corporation in 1979 as a holding company to consolidate his global media assets, assuming the roles of Chairman and Chief Executive Officer upon its inception.[29][4] Under his leadership, the company expanded aggressively through acquisitions, including major newspapers, television networks, and publishing houses, transforming it into a dominant media conglomerate.[10] Murdoch retained these executive positions until the 2013 corporate split, which separated the publishing operations into the restructured News Corp while spinning off entertainment assets into 21st Century Fox.[30] Post-split, Murdoch transitioned to Executive Co-Chairman of News Corp alongside his son Lachlan, exerting strategic oversight until November 2023, when he stepped down from active chairmanship to assume the title of Chairman Emeritus.[31][32] In this emeritus capacity, Murdoch holds a ceremonial role focused on advisory and symbolic leadership rather than day-to-day decision-making, as affirmed in the company's official leadership disclosures following the 2025 family trust resolution.[33] Murdoch's enduring control over News Corp derives primarily from a dual-class share structure implemented to concentrate voting power within the family. Class B shares, predominantly owned by the Murdoch Family Trust, confer 10 votes each, enabling the family to command about 41% of total voting rights despite holding only approximately 14% of the company's equity.[34][35] This mechanism, rooted in a 1999 irrevocable trust distributing voting interests among Murdoch's children, was intended to sustain his conservative editorial vision beyond his tenure.[36] Efforts to reinforce this control intensified amid succession tensions, with Murdoch attempting in 2023 to amend the trust to consolidate authority under Lachlan, his preferred successor.[37] A Nevada court initially rebuffed the changes to the trust's terms, but a September 8, 2025, family agreement established a new holding entity, LGC Holdco, granting Lachlan exclusive operating control while preserving the dual-class framework and relegating Rupert to non-voting emeritus status.[38][33] Shareholder activism, including a Starboard Value-backed proposal in November 2024 to dismantle the super-voting shares, failed overwhelmingly, underscoring the resilience of Murdoch-orchestrated governance against dilution.[39][40]Family Dynamics and Succession Planning
The Murdoch family, controlling a significant portion of News Corp's voting shares through the Murdoch Family Trust established in 1999, has been marked by ideological divisions and strategic rivalries among Rupert Murdoch's children, influencing succession debates.[33] Rupert Murdoch, born in 1931, fathered six children across three marriages: Prudence (born 1958) from his first wife Patricia Booker; Elisabeth (born 1968), Lachlan (born 1971), and James (born 1972) from his second wife Anna Torv; and Grace (born 2001) and Chloe (born 2003) from his third wife Wendi Deng. These siblings hold equal voting rights in the trust, which owns approximately 39% of News Corp's Class B shares with supermajority voting power, creating a framework prone to deadlock without consensus.[7][37] Ideological fault lines have exacerbated family tensions, particularly between the more liberal-leaning James and Elisabeth and the conservative-leaning Lachlan, whom Rupert has long favored as successor due to alignment on editorial stances like skepticism toward climate alarmism and support for right-of-center politics. James, former CEO of 21st Century Fox until the 2019 Disney sale, resigned from News Corp's board in July 2020, citing irreconcilable differences over the company's direction, including its coverage of the 2020 U.S. election and perceived prioritization of power over truth.[7][41] Elisabeth, who founded Shine Productions (sold to News Corp in 2011), has maintained distance from operational roles, focusing on independent ventures, while Prudence has played a peripheral role in media operations. Rupert's younger daughters, Grace and Chloe, beneficiaries via separate trusts, have had minimal public involvement but stood to gain from trust stability. These dynamics led to repeated interventions by Rupert to consolidate control under Lachlan, viewing equal sibling voting as a risk to the empire's conservative orientation amid external pressures like advertiser boycotts and regulatory scrutiny.[37][7] Succession planning intensified after the 2013 News Corp split into publishing (News Corp) and entertainment (21st Century Fox, later Fox Corp post-Disney deal), with Rupert initially envisioning shared control among the four eldest children but shifting toward Lachlan by the late 2010s. In November 2023, Rupert retired as CEO of both entities, appointing Lachlan as sole executive chair of Fox Corp and chairman of News Corp, while assuming the role of chairman emeritus. However, to amend the irrevocable trust for permanent Lachlan control, Rupert filed a petition in December 2023 in Nevada probate court, arguing that without changes, sibling discord could force asset sales or shifts away from his vision—claims contested by James, Elisabeth, and Prudence, who alleged manipulation and breach of the trust's intent for balanced family governance. The dispute, involving over 3,000 pages of filings revealing betrayals and power plays, risked destabilizing the companies' direction until a September 8, 2025, settlement.[33][42][43] Under the 2025 agreement, valued at approximately $3.3 billion, James, Elisabeth, and Prudence received cash buyouts via new trusts, relinquishing their voting influence, while Lachlan assumed control of a restructured family trust securing his operational authority over News Corp and Fox Corp post-Rupert's death. New beneficiary trusts were created for Grace and Chloe, preserving their economic interests without voting power, ensuring the empire's continuity under Lachlan's leadership, who has emphasized editorial independence and resisted progressive pressures on content. This resolution, averting a prolonged trial, underscores Rupert's success in prioritizing ideological alignment over equal inheritance, though it highlights the causal role of family rifts in necessitating costly legal maneuvers to maintain control.[44][33][7]2025 Succession Resolution
In September 2025, the Murdoch family resolved a protracted legal dispute over the control of the family trust that holds voting shares in News Corp and Fox Corporation, ensuring Lachlan Murdoch's unchallenged leadership of the media empire.[37][7] The settlement, announced on September 8, 2025, dissolved the existing irrevocable trust established in 1999 and created a new family trust structure that vests primary control with Lachlan Murdoch, alongside his younger half-sisters Grace and Chloe Murdoch, while excluding older siblings James, Elisabeth, and Prudence from voting authority.[45][46] This arrangement secures Lachlan's position as the sole decision-maker on key matters, including editorial direction and corporate strategy, extending his effective control until at least 2050 or his own succession planning.[44][38] The deal, valued at $3.3 billion, involved cash payments to the dissenting siblings, who had previously challenged Rupert Murdoch's attempts to amend the trust in 2023 to prioritize Lachlan's conservative alignment with the company's legacy over equal sibling voting rights post-Rupert's death.[37][47] Rupert Murdoch, aged 94 at the time, retained a ceremonial role as Chairman Emeritus of both News Corp and Fox Corporation, with no operational authority, allowing him to oversee the preservation of the outlets' editorial philosophy without daily involvement.[45][36] Family statements described the resolution as putting the "dispute behind them," emphasizing unity in maintaining the enterprises' conservative voice in English-speaking markets.[48][49] The succession battle had escalated in Nevada courts, where Rupert's amendments faced opposition from siblings who argued they undermined the original trust's intent for balanced family input; a preliminary ruling in late 2024 had temporarily upheld Rupert's changes, paving the way for the 2025 settlement.[50][51] Under the new structure, Lachlan, already serving as Executive Chairman and CEO of Fox Corporation and Chairman of News Corp, gained full stewardship of approximately 41% of the family's voting shares across both entities, reinforcing operational continuity and ideological consistency.[52][53] This outcome aligned with Rupert's stated goal of safeguarding the companies' right-leaning influence against perceived liberal shifts among other heirs.[54]Business Operations and Assets
News Media and Publishing
News Corp's news media segment operates through key subsidiaries including Dow Jones & Company, News UK, and News Corp Australia, producing newspapers, digital news sites, and magazines with a focus on business, national, and tabloid journalism. These assets generated revenues of approximately $3.2 billion in fiscal year 2025, though print circulation has declined amid digital shifts and advertising challenges.[55][56] Dow Jones & Company, acquired by News Corp on December 13, 2007, for $5 billion, publishes The Wall Street Journal, a daily business newspaper with over 3 million subscribers as of 2023, alongside Barron's weekly financial magazine, MarketWatch digital platform, and Dow Jones Newswires for real-time financial reporting. The subsidiary emphasizes data-driven journalism and serves professional audiences with tools like Factiva for intelligence aggregation.[57][58][59] In the United Kingdom, News UK publishes The Sun, a tabloid with the highest national circulation at around 1.2 million daily copies in 2023, The Times and The Sunday Times broadsheets known for in-depth analysis, and the Times Literary Supplement for literary reviews. These titles reach over 38 million monthly users across print and digital, though they face regulatory scrutiny over editorial influence.[60][61] News Corp Australia oversees metropolitan dailies such as The Australian (national), The Daily Telegraph (Sydney), Herald Sun (Melbourne), The Courier-Mail (Brisbane), The Advertiser (Adelaide), and NT News (Northern Territory), alongside digital site news.com.au. Controlling about 60% of Australia's print newspaper circulation as of 2023, the division integrates news with community-focused content but contends with audience fragmentation.[62][63] Additional U.S. assets include the New York Post, a tabloid emphasizing investigative reporting and opinion, with daily print and strong digital engagement. Across regions, News Corp's outlets prioritize proprietary journalism, though critics note conservative editorial slants in political coverage.[5]Book Publishing and Education
HarperCollins Publishers, a wholly owned subsidiary of News Corp, serves as the company's primary book publishing operation, ranking as the world's second-largest consumer book publisher with operations across 17 countries and a catalog spanning over 200 years.[64] Acquired by News Corp in 1987 as Harper & Row and expanded globally following the 1990 purchase of the British publisher William Collins, Sons, HarperCollins publishes fiction, non-fiction, children's books, and reference materials under imprints such as Harper, Avon, and William Morrow.[65] In March 2021, HarperCollins acquired Houghton Mifflin Harcourt's Books & Media trade division for $349 million, adding approximately 700 trade titles annually and bolstering its U.S. market position amid industry consolidation concerns.[66] The Book Publishing segment generated $1.94 billion in revenue for the fiscal year ended June 30, 2024, a 6% increase from the prior year, driven by higher sales of physical and digital books, including bestsellers in adult fiction and children's categories.[67] Fourth-quarter fiscal 2024 revenues rose 15% year-over-year, with segment EBITDA improving by $41 million due to strong unit sales and reduced returns, reflecting resilience in print formats despite digital shifts.[68] HarperCollins maintains publishing offices in major markets including New York, London, and Sydney, distributing titles through retail, online, and library channels, with notable successes including works by authors like J.R.R. Tolkien and Barack Obama. News Corp previously ventured into education through the 2010 acquisition of Wireless Generation for $360 million, rebranded as Amplify in 2012 to develop digital curriculum and assessment tools for K-12 markets. However, persistent losses exceeding $500 million led to the sale of Amplify's Insight and Learning businesses in September 2015 to a management-led investor group, effectively exiting direct education technology operations.[69] As of 2024, News Corp's education-related activities are limited to advocacy initiatives, such as News Corp Australia's 2024 national campaign promoting literacy and school funding, rather than commercial subsidiaries.[70]Digital Services and Real Estate
News Corp's Digital Real Estate Services segment primarily encompasses its stakes in online property platforms that facilitate listings, searches, and transactions in residential and commercial real estate markets. This segment generated revenues of approximately $1.5 billion in fiscal year 2025, contributing significantly to the company's overall growth amid rising demand for digital property tools.[71] The operations leverage data analytics, advertising, and subscription models to connect buyers, sellers, and agents, with a focus on markets in Australia, the United States, and Asia.[72] A core asset is REA Group Limited, in which News Corp holds a 61.4% ownership interest as of fiscal 2025.[71] Founded in 1995 as a startup in Australia, REA Group has expanded into a global operator of digital real estate platforms, including realestate.com.au, which dominates the Australian market with over 90% share of property searches, and international ventures in India (housing.com) and Southeast Asia.[73] The subsidiary reported revenue growth driven by premium listings and ancillary services like mortgage tools, with segment EBITDA rising 13% in the third quarter of fiscal 2025.[74] In the U.S., News Corp controls an 80% stake in Move, Inc., acquired in November 2014 for $950 million following a tender offer at $21 per share.[25] Move operates Realtor.com, a leading portal for property listings that aggregates data from multiple listing services and emphasizes agent connections via tools like Opcity, acquired to enhance lead generation.[75] The remaining 20% of Move is owned by REA Group, creating synergies across News Corp's holdings.[76] Digital Real Estate Services revenues increased 5% year-over-year in the third quarter of fiscal 2025, supported by higher traffic and advertising from Move's platforms.[74] The segment's performance has been bolstered by strategic investments in technology, such as AI-driven search enhancements and mobile apps, amid a competitive landscape including Zillow and CoStar. News Corp explored but ultimately abandoned sale talks for Move to CoStar in February 2023, opting to retain control for long-term value.[77] Overall, Digital Real Estate Services accounted for a key portion of News Corp's $8.45 billion in fiscal 2025 revenues, underscoring its role as a high-margin diversifier from traditional media.[61]Other Ventures and Investments
News Corporation maintains a minority equity stake of approximately 6% in DAZN Group, a global sports streaming service, acquired as part of the April 2025 sale of its former 65% ownership in Foxtel Group to DAZN for an enterprise value of A$3.4 billion (approximately US$2.1 billion).[78][79] This transaction marked the divestiture of Foxtel, Australia's legacy pay-TV and streaming platform, which News Corp had managed since its inception in 1995, allowing refocus on higher-margin digital assets while retaining exposure to sports media growth.[80] Through its subsidiary News UK, News Corp holds an equity method investment in Newsprinters Holdings Limited, a joint venture formed in 2024 with DMG Media (publisher of the Daily Mail) to consolidate newspaper printing operations across sites in London, Glasgow, and Knowsley.[81][82] The partnership, cleared by the UK Competition and Markets Authority in March 2024, aims to achieve operational efficiencies and sustainability amid declining print volumes, sharing infrastructure for titles including The Times, The Sun, and DMG's tabloids.[83] News Corp's other equity method investments as of fiscal year-end June 2025 primarily consist of these strategic holdings, with no significant additional ventures reported outside core segments; the company emphasizes disciplined capital allocation toward digital transformation over diversified expansion.[81][84]Financial Performance
Revenue Streams and Profitability
News Corporation generates revenue primarily through four core segments: Dow Jones, which includes professional information services and premium news products like The Wall Street Journal; News Media, encompassing newspapers and digital platforms in the United States, United Kingdom, and Australia; Book Publishing via HarperCollins; and Digital Real Estate Services, featuring platforms such as REA Group in Australia and Move, Inc. in the United States.[85] Within these, key streams include subscriptions and digital circulation (e.g., paid digital access to news content), advertising (print and digital), book sales (physical, e-books, and audio), and real estate listing fees/subscriptions. For fiscal year 2025, ended June 30, 2025, total revenues reached $8.45 billion, a 2% increase from $8.25 billion in fiscal 2024, driven by growth in digital subscriptions at Dow Jones and real estate services, offset by declines in News Media print advertising.[85] [55]| Segment | FY2025 Revenues ($M) | % Change from FY2024 | Key Drivers |
|---|---|---|---|
| Dow Jones | 2,331 | +4% | Digital circulation and professional services growth.[85] |
| Digital Real Estate Services | 1,802 | +9% | Strong performance at REA Group ($1.25 billion, +12%) from Australian residential listings.[85] [55] |
| Book Publishing | 2,149 | +3% | Higher digital sales, despite softer physical book demand.[85] |
| News Media | 2,170 | -4% | Declines in print circulation and advertising, partially mitigated by digital revenue.[85] |
Key Financial Milestones and Trends
News Corporation underwent a significant corporate restructuring on June 28, 2013, splitting into two entities: the current News Corp, focused on news, publishing, and information services, and 21st Century Fox, encompassing entertainment assets. This separation resulted in the new News Corp inheriting approximately $8.9 billion in annual revenue primarily from publishing operations, though it represented only about 10% of the pre-split entity's profits, highlighting the lower-margin nature of print and news media compared to film and television.[16][86] The move aimed to isolate underperforming segments amid scandals and enable targeted capital allocation, with News Corp emerging debt-free and holding $2.6 billion in cash.[87] The 2011-2012 phone hacking scandal imposed substantial financial strain, with closure of the News of the World tabloid and cumulative costs exceeding $1 billion for settlements, legal defenses, and impairments by mid-2013, contributing to quarterly losses and a $2.2 billion publishing impairment charge in late 2012.[88] Post-split, the first quarterly earnings in September 2013 showed a profit of $187 million, or $0.33 per share, reversing a prior-year loss after accounting for asset writedowns.[89] From fiscal 2014 to 2025, revenues stabilized in the $8-9.5 billion range, reflecting resilience amid print advertising declines offset by growth in digital subscriptions, real estate services via REA Group, and book sales through HarperCollins. Fiscal 2025 revenue reached $8.45 billion, a 2% increase from $8.25 billion in 2024, while net income surged 71% to $648 million, bolstered by a 58% quarterly jump to $306 million in Q4 driven by operational efficiencies and segment gains. Profit margins improved to 13.96% in 2025, with EBITDA at $1.13 billion, though challenges persist from legacy media cyclicality and competition in digital news.[90] In October 2025, the board authorized a $1 billion share repurchase program for Class A and B common stock, underscoring balance sheet strength with no net debt and intent to enhance shareholder value amid stable cash flows.[91] Overall trends indicate a shift toward diversified, higher-margin digital and subscription revenues, reducing reliance on eroding print circulations, though profitability remains sensitive to advertising volatility and acquisition integrations, such as the June 2025 purchase of Vapormedia.[92]| Fiscal Year | Revenue (USD billions) | Net Income (USD millions) | Key Driver |
|---|---|---|---|
| 2013 (post-split) | 8.89 | Loss (impairments) | Restructuring costs |
| 2014 | 8.57 | Varied | Publishing stabilization |
| 2024 | 8.25 | 379 | Digital offsets |
| 2025 | 8.45 | 648 | Segment growth, efficiencies |