News Corp Financial Model
Media Company Financials Example (Free Excel Download)
News Corp is a global, diversified media and information services company focused on creating and distributing authoritative content, digital real estate services, and professional business intelligence.
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About this model
To determine the sum-of-the-parts (SOTP) equity valuation of News Corp by forecasting segment-level cash flows, explicitly accounting for the transition from legacy print/broadcast to digital subscriptions, and accurately deducting the substantial non-controlling interests (NCI) in its REA Group and Foxtel subsidiaries.
- News Corp is a global, diversified media and information services company focused on creating and distributing authoritative content, digital real estate services, and professional business intelligence.
- Business segments: Dow Jones (~22%), News Media (~22%), Book Publishing (~20%), Subscription Video Services (~19%), and Digital Real Estate Services (~17%).
- Key geographies: United States, Australia, and the United Kingdom.
- Business model type: Transitioning from an asset-heavy print and broadcast model to an asset-light, recurring-revenue model driven by digital subscriptions, B2B professional data, and digital real estate lead generation.
- Competitive position: Dominant market leader in Australian digital real estate (REA Group) and Australian pay-TV (Foxtel); owns globally premier financial news assets (The Wall Street Journal, Barron's) and is one of the "Big Five" global English-language book publishers (HarperCollins).
- Recent major events: A landmark multi-year global partnership with OpenAI in FY2024; ongoing structural cost reductions (5% headcount reduction in FY24); and the crossover of digital audiobooks surpassing e-books in revenue for the first time.
The downloadable News Corp financial model includes SEC-sourced historical financials, forecast assumptions, core operating schedules, and valuation outputs in an Excel workbook built for review and scenario analysis.
A turnkey financial model
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Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
Historicals & AssumptionsNews Corp financial modelCompany, Historicals & Assumptions used
Source: SEC EDGAR · values in USD
| Line item | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Revenue | $8.44B | $8.01B | $8.25B | $8.45B | $9.03B |
| Operating expenses | -$5.12B | -$5.12B | -$5.05B | -$3.74B | -$3.89B |
| Depreciation and amortization | -$688.0M | -$714.0M | -$734.0M | -$459.0M | -$485.0M |
| Net income | $623.0M | $149.0M | $266.0M | $1.18B | $573.0M |
Forecast assumptions
Defaults used in the downloadable model. Forecast horizon: FY2026–FY2030.
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How to build a detailed financial model for News Corp
A complete walkthrough of every driver, margin, working-capital input, and capital-allocation assumption used in the downloadable model.
Revenue Deep Dive
Digital Real Estate Services
- Segment name: Digital Real Estate Services
- Revenue driver formula: (REA Australian Listings x Yield per Listing) + (Move.com Lead Volume x Price per Lead) + Financial Services Revenue
- Historical growth rate: 5-15% CAGR (highly volatile based on housing cycles; grew 37% in Q4 FY24 driven by REA).
- Key growth levers and headwinds: REA Group has immense pricing power (double-digit yield increases) and benefits from Australian listing volume recoveries. Move (Realtor.com) faces severe headwinds from the high-interest-rate US housing market and low transaction volumes.
- Pricing dynamics: Spot and contractual. REA implements annual price increases successfully due to its monopoly-like market position in Australia.
- Revenue recognition notes: Recognized over the life of the listing period or upon lead delivery.
- Seasonality: Strongest in the spring housing seasons (Q4 for US/Move, Q2 for Australia/REA).
Subscription Video Services
- Segment name: Subscription Video Services
- Revenue driver formula: (Broadcast Subscribers x Broadcast ARPU) + (Streaming Subscribers [Kayo/BINGE] x Streaming ARPU) + Advertising Revenue
- Historical growth rate: Flat to low single-digit growth (0-2%).
- Key growth levers and headwinds: Rapid growth in streaming subscribers (over 3.2 million paying subscribers in FY24) is offsetting the structural decline in high-ARPU residential broadcast subscribers.
- Pricing dynamics: Highly competitive streaming market; pricing power is tied to exclusive Australian sports broadcasting rights.
- Revenue recognition notes: Subscription revenue recognized ratably over the subscription period.
- Seasonality: Tied to the Australian rules football (AFL) and rugby league (NRL) seasons, driving Kayo sports subscriptions in the fiscal second half.
Dow Jones
- Segment name: Dow Jones
- Revenue driver formula: (Consumer Digital Subs x ARPU) + (B2B Professional Information Contracts x Retention Rate) + Advertising Revenue
- Historical growth rate: 4-6% CAGR.
- Key growth levers and headwinds: The Professional Information Business (Risk & Compliance, Dow Jones Energy) is the primary growth engine, growing 11-14% YoY. Consumer print circulation and print advertising are in structural decline.
- Pricing dynamics: High pricing power in B2B Risk & Compliance data; moderate pricing power for WSJ consumer digital subscriptions.
- Revenue recognition notes: Deferred revenue is highly material due to upfront annual subscription payments.
- Seasonality: Advertising revenues are typically highest in the fiscal second quarter (holiday season).
Book Publishing
- Segment name: Book Publishing
- Revenue driver formula: Frontlist Title Volume x Sell-Through Rate x Average Net Price + Backlist Sales
- Historical growth rate: 2-5% CAGR (with pandemic-era spikes and subsequent normalization).
- Key growth levers and headwinds: Digital audiobooks are the fastest-growing format (now larger than e-books). Headwinds include physical retail return rates and Amazon inventory resets.
- Pricing dynamics: Wholesale pricing model for physical; agency model for digital.
- Revenue recognition notes: Revenue is recognized net of a significant allowance for physical book returns.
- Seasonality: Heavily skewed to the fiscal second quarter (holiday shopping).
News Media
- Segment name: News Media
- Revenue driver formula: (Print Circulation x Cover Price) + (Digital Subs x ARPU) + Print/Digital Advertising
- Historical growth rate: Negative 2% to negative 5% CAGR.
- Key growth levers and headwinds: Severe structural headwinds in print advertising and print volumes. Growth levers are digital subscriber growth at mastheads like The Times and The Australian, and cover price increases.
- Pricing dynamics: Cover price increases are used to offset volume declines, but this accelerates print churn.
- Revenue recognition notes: Standard subscription and advertising delivery recognition.
- Seasonality: Advertising peaks in the fiscal second quarter.
Cost Structure
Variable Costs / COGS
- Line-by-line breakdown: Operating costs include newsprint, production, and distribution (News Media, Book Publishing); sports programming and broadcast rights (Subscription Video); and royalties paid to authors (Book Publishing).
- Gross margin range: Not explicitly reported as "Gross Margin" (reports Operating Costs vs SG&A). Operating costs typically run 45-50% of revenue.
- Key input costs and commodity exposures: Newsprint prices (declining exposure), sports rights inflation (high exposure), and delivery/freight costs.
- How COGS scales with revenue: Digital revenues (Dow Jones B2B, REA, Streaming) have high operating leverage and near-zero marginal cost. Print and physical books are linear with volume.
Operating Expenses
- R&D: Not broken out separately; technology and software development costs sit within SG&A and are heavily capitalised.
- SG&A: Selling, general and administrative expenses run ~35-40% of revenue. Heavily driven by marketing/customer acquisition costs (especially for Kayo/BINGE and Move) and employee compensation.
- Depreciation & Amortisation: ~6-8% of revenue. Skewed heavily towards amortization of acquired intangibles (from Dow Jones, REA, and HarperCollins acquisitions) and depreciation of capitalized software.
- Stock-Based Compensation: ~1-2% of revenue.
- Restructuring / one-time charges: Frequent. The company executed a 5% global headcount reduction in FY24, resulting in material severance charges.
Margin Profile
- Gross margin: N/A (uses Operating Costs).
- EBITDA margin: Total Segment EBITDA margin ranges from 13% to 16% (FY24 was ~15.2%).
- Margin trend: Expanding slightly due to the mix shift towards high-margin Dow Jones B2B and REA Group, offsetting margin compression in News Media.
- Segment-level margins: Digital Real Estate (~45-50%), Dow Jones (~20-24%), Subscription Video (~14-16%), Book Publishing (~10-12%), News Media (~4-6%).
Balance Sheet Structure
- Total assets: ~$16 to $17 billion.
- Key asset categories: Goodwill and Intangible Assets make up over 50% of total assets, reflecting the acquisitive history of the company.
- Goodwill & intangibles as % of total assets: ~55-60%.
- Working capital profile:
- Days Sales Outstanding (DSO): 45-55 days.
- Days Inventory Outstanding (DIO): 30-40 days (primarily physical books and newsprint).
- Days Payable Outstanding (DPO): 50-60 days.
- Net working capital as % of revenue: Negative to slightly positive.
- Is working capital positive or negative? The company benefits from negative working capital in its subscription businesses (Dow Jones, Foxtel) due to high deferred revenue balances.
- PP&E: ~10-12% of assets. Consists of printing presses (declining), set-top boxes (declining), and capitalized software/technology (growing).
- Right-of-use assets / operating leases: Material (~$1 billion), primarily for global office space in NY, London, and Sydney.
Capital Expenditure & Investment
- Capex as % of revenue: 4.0% - 5.5%.
- Maintenance capex vs. growth capex: ~30% maintenance (printing, facilities) / ~70% growth (capitalized software, digital platform development).
- Major capex programmes underway or planned: Hubbl streaming platform rollout in Australia; ongoing digital transformation at Dow Jones.
- Capitalised software / development costs: Highly material. Forms the bulk of modern capex as the company shifts to digital delivery.
- M&A pattern: Bolt-on acquirer. Frequently acquires B2B data assets to integrate into Dow Jones (e.g., OPIS, CMA, Base Chemicals) and digital real estate adjacencies via REA Group.
- Typical acquisition multiple paid: 12x - 18x EBITDA for high-quality B2B data assets.
Debt & Capital Structure
- Total debt: ~$3.0 billion (consolidated).
- Debt/EBITDA ratio: ~1.5x - 2.0x gross leverage.
- Credit rating: Investment grade profile, though subsidiary debt is rated separately.
- Key debt instruments: Corporate bonds, plus entirely separate, non-recourse credit facilities and term loans held at the REA Group and Foxtel subsidiary levels.
- Maturity profile: Well-staggered, with major corporate bond maturities typically 5+ years out.
- Interest rate profile: Mix of fixed-rate bonds and floating-rate subsidiary term loans.
- Covenants: Standard incurrence covenants on bonds; maintenance covenants on subsidiary bank facilities.
- Share repurchase programme: Active. The company regularly repurchases Class A and Class B shares (often $100M+ annually).
- Dividend policy: Pays a semi-annual dividend. Yield is typically around 1.0% - 1.5%.
Cash Flow Characteristics
- Operating cash flow conversion: Strong. OCF / Net Income is consistently >1.5x due to high D&A and deferred revenue generation.
- Free cash flow margin: 5% - 8% (FY24 FCF was ~$602 million on $10.09 billion revenue).
- Major non-cash items that bridge net income to OCF: Depreciation, amortization of intangibles, stock-based compensation, and equity earnings/losses from affiliates.
- Working capital cash flow impact: Deferred revenue from growing digital subscriptions acts as a structural source of cash.
- Capex intensity: Moderate (~4-5% of revenue), but shifting from physical assets to capitalized software.
- Cash tax rate vs. GAAP effective tax rate: Cash taxes are often lower than GAAP taxes due to the amortization of acquired intangibles for tax purposes and utilization of historical net operating losses.
Sheet Structure
- Assumptions: Macro drivers, FX rates (AUD/USD, GBP/USD), segment growth rates, and margin assumptions.
- Revenue_Build: Detailed build for all 5 segments. Must include sub-lines: REA vs Move, Foxtel Broadcast vs Streaming, Dow Jones B2B vs Consumer, Book Publishing formats, News Media Print vs Digital.
- Operating_Costs: Segment-level Operating Costs and SG&A, calculating Segment EBITDA. Includes corporate overhead allocation.
- Income_Statement: Consolidated P&L. Must explicitly show the "Net income attributable to noncontrolling interests" line item before arriving at Net Income attributable to News Corp stockholders.
- Balance_Sheet: Assets, Liabilities, and Equity. Must include separate line items for Deferred Revenue and Noncontrolling Interests.
- Cash_Flow: Standard 3-statement bridge. Must break out capitalized software from traditional PP&E capex.
- Debt_Schedule: Tranche-by-tranche build. Must separate News Corp Corporate Debt, REA Group Debt, and Foxtel Debt, as they are serviced by different cash flow streams.
- SOTP_Valuation: The critical output sheet. Values REA Group (using its public market value x 61%), Foxtel (DCF x 65%), Dow Jones (EV/EBITDA multiple), Book Publishing, and News Media, summing to an implied NWSA share price.
Key Financial Relationships
- `Digital Real Estate Revenue = REA Group Revenue (AUD converted to USD) + Move Revenue`
- `Subscription Video Revenue = (Broadcast Subs x Broadcast ARPU) + (Streaming Subs x Streaming ARPU) + Advertising`
- `Dow Jones Revenue = Consumer Circulation/Subscription + Professional Information Business + Advertising`
- `Book Publishing Revenue = Physical Book Sales (net of returns) + Digital E-books + Digital Audiobooks`
- `News Media Revenue = Circulation/Subscription + Advertising + Other`
- `Total Segment EBITDA = Sum of (Segment Revenue x Segment EBITDA Margin) - Corporate Overhead`
- `Consolidated EBIT = Total Segment EBITDA - Depreciation & Amortisation`
- `Net Income Attributable to NCI = (REA Group Net Income x 39%) + (Foxtel Net Income x 35%)`
- `Net Income Attributable to News Corp = Consolidated Net Income - Net Income Attributable to NCI`
- `Free Cash Flow = Cash Provided by Operating Activities - Capital Expenditures (including capitalized software)`
- `SOTP Enterprise Value = (Dow Jones EBITDA x DJ Multiple) + (Book Publishing EBITDA x BP Multiple) + (News Media EBITDA x NM Multiple) + (Move Revenue x Move Multiple) + (REA Public Market Cap x 61%) + (Foxtel Implied EV x 65%)`
- `Equity Value = SOTP Enterprise Value - Corporate Net Debt`
Cross-Sheet Dependencies
- Assumptions feeds Revenue_Build and Operating_Costs.
- Revenue_Build feeds Operating_Costs to calculate Segment EBITDA.
- Operating_Costs feeds the Income_Statement (EBITDA, D&A, EBIT).
- Debt_Schedule feeds the Income_Statement (Interest Expense) and Cash_Flow (Debt issuance/repayment).
- The Income_Statement feeds Balance_Sheet (Retained Earnings, NCI balance) and Cash_Flow (Net Income starting point).
- Balance_Sheet feeds Cash_Flow (Changes in Working Capital).
- SOTP_Valuation pulls Segment EBITDA from Operating_Costs, NCI/Debt balances from Balance_Sheet, and REA public market data from Assumptions. Circularity risk exists if corporate interest expense is allocated to segment valuations; keep corporate debt strictly at the consolidated SOTP level.
Sign Convention
- Revenues, Assets, and Equity: Positive.
- Expenses, Capex, and Liabilities: Positive in their specific build schedules, but subtracted in aggregation formulas (e.g., `Gross Profit = Revenue - COGS`).
- Cash Flow: Inflows are positive, outflows are negative.
- NCI Deduction: Calculated as a positive number but subtracted from Consolidated Net Income to reach Net Income Attributable to Stockholders.
Things Most Likely to Go Wrong
- Ignoring Non-Controlling Interests: News Corp only owns 61% of REA Group and 65% of Foxtel. Valuing the consolidated EBITDA without deducting the NCI value will massively overstate News Corp's equity value.
- Foreign Exchange Volatility: Over 50% of revenue is generated in AUD and GBP. The model must allow for constant-currency adjustments, otherwise underlying segment growth will be distorted by FX swings.
- Total Segment EBITDA vs. GAAP Operating Income: The company reports "Total Segment EBITDA" which excludes D&A, restructuring charges, and equity affiliate earnings. Do not confuse this with GAAP Operating Income.
- Foxtel Sports Rights: The amortization of sports programming rights is a massive, lumpy expense. Ensure this is modeled as an operating cost, not below the line.
- Book Publishing Returns: Physical book sales are recorded net of a return allowance. If return rates improve (as they did in FY24), revenue and margins spike artificially.
- Capitalized Software: The company capitalizes significant technology costs. Excluding this from Free Cash Flow calculations will artificially inflate cash generation.
- Move vs. REA Dynamics: Lumping them together hides the fact that REA is a high-growth, high-margin monopoly in Australia, while Move is a struggling #2 player in the US. They must be modeled separately.
- Corporate Overhead: Segment EBITDA does not include corporate overhead. Failing to deduct corporate costs (~$150M-$200M annually) will overstate consolidated profitability.
Validation Checks
- "Total Segment EBITDA margin should consolidate to the 14.0% - 16.0% range; flag if outside this band."
- "NCI deduction in the Income Statement must roughly equal (39% of REA Net Income) + (35% of Foxtel Net Income)."
- "Dow Jones Professional Information Business revenue growth should outpace Consumer Circulation growth."
- "Subscription Video Services streaming subscribers must be >3.2 million and growing, while broadcast subscribers should be declining."
- "Capex as a % of revenue should remain between 4.0% and 5.5%."
- "Balance sheet must balance: Total Assets = Total Liabilities + Equity + Noncontrolling Interests in every period."
- "Free Cash Flow conversion (FCF / Net Income) should be >1.0x due to high D&A and deferred revenue."
- "SOTP Valuation must explicitly value REA Group using its ASX-listed market capitalization multiplied by 0.61."
Key Assumptions (Default Values)
| Assumption | Default Value | Unit | Rationale |
|---|---|---|---|
| Total Revenue Growth (FY25) | 2.0 | % | Blended rate based on FY24 actuals ($10.09B, +2% YoY). |
| Digital Real Estate Rev Growth | 15.0 | % | Driven by strong REA Australian residential performance. |
| Subscription Video Rev Growth | 1.0 | % | Streaming growth offsetting broadcast declines. |
| Dow Jones Rev Growth | 4.0 | % | Driven by 10%+ growth in Professional Information (Risk & Compliance). |
| Book Publishing Rev Growth | 2.0 | % | Normalization after a strong FY24 (+15% in Q4). |
| News Media Rev Growth | -4.0 | % | Continued structural decline in print advertising. |
| Digital Real Estate EBITDA Margin | 48.0 | % | High operating leverage in REA Group. |
| Subscription Video EBITDA Margin | 15.0 | % | Burdened by high fixed sports rights costs. |
| Dow Jones EBITDA Margin | 23.0 | % | High margin B2B data offsetting lower margin print. |
| Book Publishing EBITDA Margin | 11.0 | % | Standard publishing margin, sensitive to return rates. |
| News Media EBITDA Margin | 5.0 | % | Low margin due to legacy print cost base. |
| Corporate Overhead | 180.0 | $M | Historical run-rate for unallocated corporate expenses. |
| Capex as % of Revenue | 4.5 | % | Historical average, heavily weighted to capitalized software. |
| Effective Tax Rate | 26.0 | % | Blended rate across US, UK, and Australian jurisdictions. |
| REA Group Ownership Stake | 61.0 | % | Actual reported ownership percentage. |
| Foxtel Ownership Stake | 65.0 | % | Actual reported ownership percentage. |
| WACC (Consolidated) | 8.5 | % | Standard media/publishing discount rate. |
| Terminal Growth Rate | 1.5 | % | Reflects mature industry with digital growth offsetting print decline. |
Data Sources & Benchmarks
- Filings: SEC EDGAR (Form 10-K, 10-Q, 8-K) and News Corp Investor Relations page (investors.newscorp.com).
- Key Peers for Benchmarking:
- Dow Jones: Thomson Reuters (TRI), FactSet (FDS), The New York Times (NYT).
- Digital Real Estate: Zillow (Z), CoStar Group (CSGP), Domain Holdings (DHG.AX).
- Book Publishing: Pearson (PSO), Paramount (PARA - Simon & Schuster historicals).
- Industry Data Sources: CoreLogic (for Australian and US housing market data), Nielsen (for book publishing volumes), OzTAM (for Australian television ratings).
- Consensus Estimates: Bloomberg, FactSet for SOTP multiple benchmarks.
Sources
- News Corp FY2024 Form 10-K (Filed August 13, 2024)
- News Corp Q4 FY2024 Earnings Release (August 8, 2024)
- News Corp Investor Briefing Presentations (Dow Jones Pathway to $1B EBITDA)
- REA Group Ltd (ASX: REA) FY2024 Annual Report
- SEC EDGAR Database (https://www.sec.gov/edgar/searchedgar/companysearch.html)
Do more with the News Corp model
Frequently asked
What is News Corp and what are its main business segments?+
News Corp is a global, diversified media and information services company focused on creating and distributing authoritative content, digital real estate services, and professional business intelligence. Its key business segments include Dow Jones, News Media, Book Publishing, Subscription Video Services, and Digital Real Estate Services.
How is News Corp transitioning its business model for revenue growth?+
News Corp is actively transitioning from an asset-heavy print and broadcast model to an asset-light, recurring-revenue model. This shift is driven by digital subscriptions, B2B professional data, and digital real estate lead generation, aiming for sustained growth.
What is News Corp's capital expenditure strategy and its percentage of revenue?+
News Corp's capital expenditure typically ranges from 4.0% to 5.5% of its revenue. Approximately 70% of this capex is allocated to growth initiatives, primarily focused on capitalized software and digital platform development to support its digital transformation.
What is the working capital profile for News Corp?+
News Corp generally exhibits a negative to slightly positive net working capital as a percentage of revenue. This favorable profile is largely due to high deferred revenue balances in its subscription businesses, such as Dow Jones and Foxtel.
How does the financial model for News Corp account for non-controlling interests?+
The financial model for News Corp explicitly accounts for and accurately deducts the substantial non-controlling interests (NCI) in its REA Group and Foxtel subsidiaries. This precise deduction is crucial for determining the sum-of-the-parts equity valuation of the company.
Can I download an Excel financial model for News Corp?+
Yes, an Excel financial model for News Corp is available for download. This model provides a forecast horizon from FY2026 to FY2030 and uses a general corporate model family to analyze its financial performance.
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