News Corp (Class B) stock (US65249B2088): earnings and restructuring keep focus on core media assets

News Corp (Class B) has stayed on the radar of US investors following the company’s latest quarterly earnings update and continued efforts to streamline its portfolio around digital media, real estate information and publishing assets. The diversified media group, whose Class B shares trade on Nasdaq, reported higher profitability despite a mixed advertising environment and ongoing structural change in traditional print operations, according to News Corp as of 05/08/2025 and coverage from Reuters as of 05/08/2025.

As of: 18.05.2026

By the editorial team – specialized in equity coverage.

News Corp (Class B): core business model

News Corp operates a diversified media and information portfolio that spans news publishing, digital real estate platforms, book publishing and subscription video services. The group is the parent of major news brands in the United States, the United Kingdom and Australia, combining print, digital and video content under one corporate structure, according to company disclosures in its fiscal 2024 Form 10-K filed with the SEC on 08/09/2024 and summarized by SEC as of 08/09/2024.

The business model is organized into several reporting segments, including Digital Real Estate Services, Dow Jones, News Media, Book Publishing and Subscription Video Services. Each unit contributes differently to revenue and profit, with digital real estate and information services carrying higher margin profiles than traditional print publishing. This mix has shaped management’s strategy of prioritizing data-driven and subscription-based revenue streams, as outlined in the fiscal 2024 annual report and highlighted by News Corp as of 08/08/2024.

Within this framework, the Class B stock represents non-voting shares that provide economic exposure to the same underlying businesses as the voting Class A shares. The dual-class structure separates voting control from economic interests, a common feature among US-listed media companies with family or founder influence. For News Corp, this structure preserves long-term control for entities associated with the Murdoch family while still offering a liquid equity instrument for institutional and retail investors via both classes, as described in the company’s governance section of its 2024 proxy statement filed with the SEC and noted by SEC as of 04/10/2024.

The operating model emphasizes synergies across content creation, distribution and data. Newsbrands and Dow Jones share editorial and technology resources, while digital platforms leverage cross-promotion among titles. Management has indicated that cost discipline, portfolio optimization and operational efficiencies remain key themes, especially in print-heavy operations where structural declines require ongoing restructuring. This has included consolidation of printing sites, investment in digital infrastructure and selective asset sales over recent years, according to statements in management commentary accompanying quarterly earnings and reported by Reuters as of 08/08/2024.

Main revenue and product drivers for News Corp (Class B)

One of the largest contributors to News Corp’s performance is its Digital Real Estate Services segment, which includes majority stakes in property listing platforms such as REA Group in Australia and Move, operator of Realtor.com in the United States. These platforms generate revenue primarily from advertising and lead-generation services for real estate agents and developers, benefitting from housing market activity and digital marketing budgets, according to the company’s segment reporting for fiscal 2024 released on 08/08/2024 and reported by News Corp as of 08/08/2024.

Another important driver is the Dow Jones segment, which houses The Wall Street Journal, Barron’s, MarketWatch and various professional information products. This unit relies heavily on subscriptions, professional data services and institutional products, with digital subscriptions forming a growing share of revenue. Management highlighted that digital-only subscribers at Dow Jones continued to climb during fiscal 2024, with average revenue per user supported by premium pricing and bundled offerings, as mentioned in the fiscal 2024 earnings release dated 08/08/2024 and summarized by Wall Street Journal as of 08/08/2024.

The News Media segment, which includes newspapers and related digital properties, remains significant but faces ongoing challenges from print circulation decline and changing advertising patterns. Revenue here comes from a mix of print sales, digital subscriptions, and print and digital advertising. In response, the company has focused on paid digital models and cost cutting to stabilize profitability. Management reported improved segment EBITDA for fiscal 2024 compared with the prior year, citing cost savings and better digital performance, according to the full-year results announcement on 08/08/2024 and coverage by Reuters as of 08/08/2024.

Book Publishing, primarily through HarperCollins, adds another layer of diversification. Revenue in this segment is driven by frontlist and backlist titles, e-books, audiobooks and rights licensing. Performance can be volatile from quarter to quarter depending on release schedules and bestseller lists, but management has pointed to a more stable long-term trend supported by digital formats and recurring series. Fiscal 2024 results showed higher profitability in Book Publishing versus the prior year, supported by cost initiatives and a favorable title mix, according to the segment commentary in the fiscal 2024 report published 08/08/2024 and referenced by Publishers Weekly as of 08/20/2024.

The Subscription Video Services segment, which includes Australian pay-TV operations such as Foxtel, generates revenue mainly from subscription fees and advertising. While this business faces competition from global streaming platforms, it remains an important contributor to cash flow. News Corp has emphasized digital streaming products and sports rights as key levers, and has continued to pursue cost discipline in the segment. In fiscal 2024, management reported that streaming subscribers at Kayo and Binge increased year-on-year, partially offsetting declines in traditional cable subscribers, according to the company’s earnings commentary on 08/08/2024 and summarized by Australian Financial Review as of 08/08/2024.

Across all these segments, foreign exchange movements and macroeconomic conditions influence reported numbers. US investors following the Class B stock therefore monitor not only domestic indicators, such as US housing activity for Realtor.com, but also Australian and UK economic trends that impact advertising and property markets. The combination of US-dollar reporting and multi-currency revenue streams means earnings can fluctuate with exchange rates, a factor regularly noted in the risk disclosures of the annual report filed on 08/09/2024 and highlighted by SEC as of 08/09/2024.

Conclusion

News Corp (Class B) offers US investors exposure to a diversified mix of media and information assets across several regions, with a growing emphasis on digital subscriptions and real estate platforms. Recent earnings have underscored the importance of cost control and portfolio focus in offsetting structural pressures in print-heavy businesses. At the same time, the dual-class share structure and international footprint add layers of complexity, from governance considerations to currency effects. For investors tracking global media, advertising and property-related trends through a US-listed vehicle, the Class B shares of News Corp remain closely tied to how effectively management balances legacy operations with higher-growth digital segments.

Disclaimer: This article does not constitute investment advice. Stocks are volatile financial instruments.