News Corp (Class B) stock (US65249B2088): focus on Q3 results and restructuring push

News Corp (Class B) has reported higher quarterly profitability while continuing to reshape its portfolio through cost cuts and digital expansion. What stands behind the latest numbers and how does the media group generate its cash flows?

News Corp (Class B) shares remain in focus after the global media group reported its fiscal third-quarter 2024 results and highlighted ongoing restructuring measures aimed at boosting profitability in news and digital real estate. The company posted higher adjusted earnings per share and continued share repurchases, according to the earnings release published on 05/08/2024 on its investor relations site and coverage by Reuters as of 05/08/2024.

As of: 24.05.2026

By the editorial team – specialized in equity coverage.

At a glance

• Name: News Corp
• Sector/industry: Media, publishing, digital real estate
• Headquarters/country: New York, United States
• Core markets: United States, United Kingdom, Australia
• Key revenue drivers: Dow Jones, digital real estate, subscription and advertising
• Home exchange/listing venue: Nasdaq (Class B: NWS)
• Trading currency: US dollar (USD)

News Corp (Class B): core business model

News Corp (Class B) represents one of the two main share classes of News Corp, alongside the Class A line. The group operates a diversified portfolio of media and information assets, spanning financial information, general news, digital real estate, book publishing and subscription video services. The overall strategy focuses on combining traditional publishing brands with scalable digital platforms.

A central pillar is the Dow Jones segment, which houses The Wall Street Journal and related professional information products. This unit targets business decision makers and investors with subscription-based news, data and analytics, aiming for recurring revenue streams. Alongside print and digital subscriptions, the segment also generates income from licensing and corporate information products sold to institutions.

Another key leg of the business model is digital real estate services, where News Corp owns strategic stakes in property classifieds platforms, including REA Group in Australia and Move in the United States, which operates the Realtor.com brand. These platforms typically monetize traffic via listing fees, advertising and lead generation for real estate agents and brokers, positioning them as asset-light, digitally native businesses.

Beyond these growth segments, News Corp maintains a broad news media portfolio with mastheads such as The Times and The Sun in the United Kingdom and major news titles in Australia. The economics in this division increasingly hinge on digital subscriptions and digital advertising, while print circulation and print advertising continue to decline. Management therefore emphasizes cost discipline, newsroom digitization and bundled subscription offers.

The company also owns HarperCollins, a global book publisher active across fiction, non-fiction and religious publishing, which generates revenue from book sales across print, e-book and audio formats. Rounding out the structure is the subscription video services segment in Australia, which includes pay TV operations and streaming offerings. Together, these businesses are managed with a focus on cash generation, operational efficiency and capital returns via dividends and buybacks, according to News Corp’s fiscal 2024 communications published on 05/08/2024 on its website.

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

In its fiscal third quarter 2024, covering the period ended 03/31/2024 and published on 05/08/2024, News Corp reported total revenue of about 2.42 billion USD and net income attributable to the company of 64 million USD, according to the earnings release available on the investor site and summarised by News Corp investor relations as of 05/08/2024. Adjusted EBITDA improved year over year, supported by higher contributions from the Dow Jones and digital real estate services segments.

Dow Jones remained a core growth engine, benefiting from continued expansion in professional information products and solid digital subscription trends for The Wall Street Journal. Management highlighted that both consumer and professional information lines contributed to revenue growth in the period. The segment’s margin profile is influenced by content costs, technology investments and marketing spend, but recurring subscriptions helped underpin profitability.

Digital real estate services also played a major role in the quarter. REA Group reported revenue growth driven by higher listing volumes and improved yields in the Australian housing market. Move, operating Realtor.com in the United States, continued to navigate a housing environment shaped by elevated mortgage rates and constrained inventories, yet News Corp pointed to ongoing product enhancements and efficiency efforts. Earnings from the digital real estate segment are sensitive to housing activity and advertising demand, making it a cyclical but potentially high-margin driver.

In the news media division, underlying trends continued to show pressure on print-related revenue but more resilience in digital. News Corp’s update pointed to growth in digital-only subscriptions for key titles, partially offsetting print decline. Cost-cutting initiatives, including workforce reductions and production efficiencies announced over recent years, remained central to stabilizing profitability. Advertising revenue here is tied to broader economic conditions and marketing budgets, particularly in the United States, United Kingdom and Australia.

HarperCollins contributed through its publishing catalogue, although book demand can fluctuate with bestseller cycles and consumer confidence. The publisher benefited from a recovery compared with prior periods that had been affected by supply chain constraints and softer frontlist performance, as mentioned in the fiscal 2024 third-quarter commentary. Subscription video services in Australia continued to transition from traditional pay TV toward streaming packages, a shift that influences subscriber numbers, average revenue per user and content spending.

For shareholders in the Class B line, which carries different voting rights than Class A, the overall earnings power of the group and the board’s capital allocation policy are key. News Corp declared a semi-annual cash dividend of 0.10 USD per share for Class A and Class B, payable on 04/10/2024 to shareholders of record on 03/13/2024, according to the dividend announcement released on 02/07/2024 on the company website. The group also continued share repurchases, indicating an ongoing focus on returning cash to investors alongside investment in growth initiatives.

Conclusion

News Corp (Class B) is tied to a media portfolio that is steadily shifting toward digital subscriptions, real estate classifieds and professional information, while legacy print and pay TV assets are managed for efficiency. Recent fiscal third-quarter 2024 results showed improved profitability and ongoing cash returns via dividends and buybacks, backed by businesses like Dow Jones and REA Group. For US-focused investors, the stock offers exposure to global news brands, data products and digital real estate, but performance remains influenced by macroeconomic conditions, advertising cycles and housing market dynamics in its core regions.

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