News (NWSA) Stock News

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.

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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.

On May 10, 2021, Houghton Mifflin Harcourt (HMH) announced the completion of the divestiture of its consumer publishing segment, HMH Books & Media, to HarperCollins Publishers for $349 million. Net proceeds to HMH were about $337 million after fees. This move supports HMH's Digital First strategy, enhancing its focus on the K-12 education market and accelerating growth in digital sales, recurring revenue, and free cash flow. The transaction is expected to improve HMH's capital structure by paying down a significant portion of its debt, thereby positioning the company for future success.

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News Corporation (Nasdaq: NWS, NWSA) reported a strong fiscal Q3 2021, with total revenues of $2.34 billion, up 3% year-over-year. Notably, net income reached $96 million, a significant turnaround from a $1 billion loss in the prior year. The Company highlighted a 23% increase in profitability, driven by growth in Digital Real Estate Services, Dow Jones, and Book Publishing, which collectively saw Segment EBITDA growth of 55%. Furthermore, historic agreements with Google and Facebook are expected to reshape the media landscape positively.

News Corp has completed the acquisition of Investor's Business Daily (IBD) from O'Neil Capital Management. This profitable and rapidly growing financial news business will be operated under Dow Jones, a subsidiary of News Corp. With around 130 employees, IBD is expected to enhance Dow Jones's offerings, leveraging its digital platform that has seen substantial growth in subscriptions and traffic. The acquisition aligns with News Corp's strategy to strengthen its position in the business and finance media sector, providing additional value to readers and investors.

The Paley Center for Media has announced its upcoming event, Pop Culture and the Power of Reality TV with Andy Cohen, in collaboration with The New York Post. Scheduled for May 3 at 10:00 am ET, the discussion will feature influential figures from the reality TV landscape, including Cohen and stars from The Real Housewives of New York City. The event aims to explore the cultural impact of unscripted television. The Real Housewives franchise itself is set to return on May 4 at 9:00 pm on Bravo.

The April 2021 realtor.com® Monthly Housing Trends Report reveals a surge in new sellers, with listings increasing by 32.6% year-over-year. However, total listings are still nearly 26% lower than pre-pandemic levels, exacerbating competition and driving the median U.S. home price up by 17.2% to an all-time high of $375,000.

Homes are selling faster, averaging 43 days on the market, nearly three weeks quicker than typical rates from 2017 to 2019. Despite an expected increase in listings, a significant inventory shortage could keep prices rising, with a predicted peak around July or August 2021.