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    Kane Hannan • Goldman Sachs

    Kane Hannan's questions to News Corp (NWSA) leadership

    Kane Hannan's questions to News Corp (NWSA) leadership • Q3 2025

    Question

    Kane Hannan of Goldman Sachs inquired about the rate of investment in the Dow Jones segment for the upcoming fourth quarter and beyond, asking for clarity on where the capital was being deployed across its business lines.

    Answer

    CEO Robert Thomson clarified there was no startling increase in investment, noting recent acquisition costs for Dragonfly and Oxford Analytica. He emphasized a dual focus on the consumer business, where ARPU is increasing, and the professional information business, where he expects continued double-digit revenue growth in key segments like Risk & Compliance and Energy.

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    Kane Hannan's questions to News Corp (NWSA) leadership • Q2 2025

    Question

    Kane Hannan asked for the key drivers behind the expected acceleration in Dow Jones's earnings growth in the second half of the fiscal year, especially considering anticipated increases in operating expenses.

    Answer

    CEO Robert Thomson attributed the confidence to strong circulation trends, improving average revenue per user (ARPU) as promotional offers convert to standard pricing, and continued strength in the B2B Risk & Compliance and Energy businesses. CFO Lavanya Chandrashekar added that the second half is also a seasonally stronger period for subscriber additions.

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    Kane Hannan's questions to News Corp (NWSA) leadership • Q1 2025

    Question

    Kane Hannan questioned the sustainability of the Book Publishing segment's strong margin performance, asking to distinguish between the impact of specific titles versus more durable factors like digital growth and operational efficiencies.

    Answer

    CEO Robert Thomson stated that the strong momentum from the quarter has continued. He attributed the 25% EBITDA growth and margin expansion to durable trends, including a 15% increase in digital sales, with audio book sales surging 26% and a solid 7% recovery in e-book sales, suggesting these trends are not expected to wane.

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    Kane Hannan's questions to News Corp (NWSA) leadership • Q4 2024

    Question

    Kane Hannan asked for more details on the OpenAI agreement, referencing a rumored value, and questioned how the deal's value is split between the back catalog versus ongoing content production.

    Answer

    Robert Thomson, Chief Executive, declined to provide precise financial details but stated the deal's impact will be 'tangible' and 'meaningful' for the news businesses. He described the agreement as having a guaranteed amount with further potential to create more value through product collaboration with OpenAI.

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