News Corp (NWS) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

Portfolio strategy and financial performance

• Ongoing portfolio refinement with a focus on digital growth engines such as Dow Jones, digital real estate, and HarperCollins has led to 11 consecutive quarters of EBITDA growth and record profits, with earnings up 14% to $1.4 billion last fiscal year.

• The company remains agile, adapting to changing macro environments and leveraging its international footprint to identify emerging opportunities across markets.

• Record profits are expected to continue this fiscal year, rewarding long-term investors and signaling that the transformation journey is ongoing.

Artificial intelligence: risks, opportunities, and partnerships

• AI presents more opportunities than risks, with the company positioned as a critical input provider for LLMs and vertical AI applications, evidenced by deals with OpenAI and Bloomberg.

• Advanced negotiations are underway with additional AI partners, and the company is actively defending its content through both partnership and legal strategies.

• The value of "active content" is rising as AI platforms seek reliable, real-time data, driving new revenue streams in sectors like finance, energy, and agriculture.

• The company’s "woo and sue" approach targets both collaboration and enforcement against unauthorized content use.

• Early AI deals have evolved into deeper partnerships, including ad opportunities and product feedback, with expectations for further monetization and innovation.

Digital real estate and REA Group

• REA Group and Realtor are positioned as holistic real estate platforms, driving higher user engagement and creating new value through content and analytics.

• Realtor’s user engagement metrics surpass competitors, and both platforms are leveraging AI to enhance services for buyers, sellers, and agents.

• The company is confident in navigating competitive threats, such as CoStar, and anticipates significant upside as real estate markets recover with lower interest rates.