News Corp Stock Price, News & Analysis

The American Australian Association has officially opened its new headquarters, named the Murdoch Center, in New York City, commemorating 75 years of U.S.-Australia relations. Established by Sir Keith Murdoch in 1948, the Center aims to strengthen ties through cultural and economic initiatives. The launch event featured notable attendees, including U.S. Ambassador Caroline Kennedy and Australian Ambassador Arthur Sinodinos, supported by significant grants from News Corp and Fox Corporation. The Center will also enhance scholarship programs, having awarded over US$15 million to scholars and artists, fostering collaboration across the two countries.

The U.S. housing market shows signs of recovery with active inventory increasing by 67.8% year-over-year in February, the sixth consecutive month of record growth. Major cities like Austin, Las Vegas, and San Antonio have surpassed pre-pandemic inventory levels. However, despite this increase, home prices continue to rise, albeit at a slower rate of 7.8%. With fewer homeowners listing their properties, sellers may need to adjust their expectations as homes are now taking over 67 days to sell, three weeks longer than last year.

Overall, the supply surge is primarily driven by reduced buyer interest due to high costs, leading to more price reductions.

News Corp has announced that its Chief Executive, Robert Thomson, will participate in the Morgan Stanley Technology, Media & Telecom Conference on Tuesday, March 7, 2023, at 2:40 PM PST. Investors and interested parties can listen to the live webcast through the News Corp website, with a replay expected to be available afterward. News Corp operates as a global, diversified media company focused on creating and distributing engaging content, with operations primarily in the United States, Australia, and the United Kingdom. More information can be found at News Corp's official website.

According to the Realtor.com® Monthly Rental Report released on February 24, 2023, Oklahoma City, Louisville, and Birmingham recorded the lowest monthly rents among the largest U.S. metros. Oklahoma City leads with a median rent of $982, with nine other cities reporting median rents under $1,300. While these markets offer affordability, competition is rising, leading to fast rent increases and less availability. In January 2023, the median asking rent in the 50 largest metros decreased 2.9% year-over-year to $1,726, marking a continual cooling trend with a drop from the August 2022 peak. The rental vacancy rate across affordable metros was notably higher than the national average.

News Corp has confirmed that it is no longer pursuing discussions with CoStar Group regarding the potential sale of Move, Inc., the operator of Realtor.com®.

The company remains committed to exploring opportunities that align with its strategy to enhance the value of its Digital Real Estate Services segment and maximize shareholder value moving forward.

News Corp will refrain from making additional comments on this topic until it deems appropriate or mandatory.

News Corporation reported its fiscal 2023 second quarter financial results, revealing revenues of $2.52 billion, a 7% decline from the previous year, largely due to $171 million in foreign currency impacts. Net income fell to $94 million, down 64% from $262 million. Total Segment EBITDA dropped 30% to $409 million, reflecting higher costs and losses from equity affiliates. Growth was noted in the Dow Jones segment, with a 45% revenue increase attributed to recent acquisitions. In response to economic challenges, a 5% workforce reduction is anticipated. A semi-annual dividend of $0.10 per share was declared, payable April 12, 2023.

The U.S. housing market displayed increased buyer activity in January 2023, with mortgage rates dropping and inventory rising. The typical median listing price reached $400,000, reflecting an 8.1% year-over-year increase. However, new listings declined by 5.4%, indicating a slowdown in sales. Notably, 56% of listing views were directed at out-of-metro homes, particularly in affordable areas of the Midwest and Northeast. Active listings surged by 65.5%, yet still remain lower than pre-pandemic levels. The share of listings with price reductions also rose to 15.3%, enhancing buyer negotiation power despite ongoing challenges due to high prices and financing costs.