News Corp Stock Price, News & Analysis

According to Realtor.com's Monthly Rental Report for May 2021, the U.S. median rental price reached $1,527, marking a 5.5% year-over-year increase and surpassing pre-pandemic growth rates. This increase reflects a broader trend where 38 of the 50 largest U.S. markets saw rents at their highest since March 2019, with smaller tech cities and suburbs leading the rebound. Notably, Riverside, CA, experienced a 19.2% increase in rent, reaching $2,020. However, major metros like Los Angeles and Boston saw rents decline, highlighting uneven recovery across the nation.

News Corp announced that Brian Murray, President and CEO of HarperCollins Publishers, will participate in the Credit Suisse 23rd Annual Communications Conference on June 15. The virtual session is scheduled for 9:30am EDT. Interested parties can listen to a live webcast on the News Corp website, with a replay available afterward. News Corp, listed on Nasdaq as NWS and NWSA, is a global media and information services company, while HarperCollins is the second largest consumer book publisher worldwide, publishing approximately 10,000 new books annually.

The U.S. median home price reached an all-time high of $380,000 in May 2021, marking a 15.2% year-over-year increase, although the growth rate is slowing. New listings rose 5.4% year-over-year, yet total inventory is down 20.8% from last year, leading to homes selling 32 days faster on average. Major metros like Austin and Riverside saw significant price increases, while the overall market is expected to stabilize with potential for single-digit growth in the fall.

The realtor.com® Monthly Rental Report indicates a recovery in the U.S. rental market, with the median rent reaching $1,483 in April 2021, a 2.7% increase year-over-year. Notable improvements are seen in tech hubs where median rents were down only 5.4%, an improvement from 6.6% in February. The report highlights double-digit rent growth in smaller metros like Riverside and Sacramento. The two-bedroom unit median rent has surpassed pre-COVID growth rates, indicating strong demand, although studios are still declining. A continued trend could see rents return to pre-pandemic levels by fall.

News Corp has successfully acquired the Books & Media segment of Houghton Mifflin Harcourt for $349 million in cash. This acquisition will be managed by HarperCollins Publishers, enhancing their offerings with over 7,000 titles in the backlist and significant frontlist assets, particularly in lifestyle and children’s segments. Notable titles include 1984 and The Hobbit. The deal positions HarperCollins to better serve a global audience and adds to its growing audiobook business, following a 19% revenue growth in the last quarter.