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

Strategic transformation and portfolio evolution

• Transitioned from a print-focused to a majority digital revenue model, shedding loss-making businesses and adapting to digital trends.

• Achieved record quarters recently, with more sustainable and predictable revenues.

• Sale of Foxtel to DAZN for AUD 3.4 billion, retaining a 6% stake, expected to close this fiscal year pending regulatory approval.

• Focus now on three core pillars: Dow Jones, digital real estate, and books.

• Ongoing pursuit of acquisitions in core areas and continued emphasis on capital returns to investors.

Asset performance and competitive positioning

• REA Group remains a core, high-performing asset, benefiting from a hyperliquid Australian property market and strong digital leadership.

• REA's competitive edge includes a suite of sites and innovative use of qualitative leads for adjacent services.

• CoStar's entry into Australia is noted, but market differences and media network effects provide a competitive advantage.

• Ability to drive traffic across media properties enhances stickiness and value of digital real estate assets.

Macroeconomic and industry outlook

• U.S. market experiencing purposeful turbulence post-election, with tariffs seen as potentially temporary.

• Anticipates a different business environment in 6–9 months as policy uncertainty resolves.