Q4 2024 News Corp Earnings Call

Senior Vice President and Head of Investor Relations. Please go ahead.

Operator: Thank you very much, Operator.

Operator: Thank you very much, operator. Hello, everyone, and welcome to News Corp's fiscal fourth quarter 2024 earnings call. We issued our earnings press release about 30 minutes ago, and it's now posted on our website at newscorp.com. On the call tray are Robert Thomson, Chief Executive Officer, and Susan Panuccio, Chief Financial Officer.

Operator: Hello everyone, and welcome to News Corp. 4, 2024 earnings call. We issued our earnings press release about 30 minutes ago, and now posted on our website at newscorp.com.

Speaker Change: Thank you very much operator, everyone and welcome to NewsCourse fiscal 4th quarter 2024 earnings call. We issued our earnings press release about 30 minutes ago and now posted on our website at NewsCorp.com.

Thank you very much, operator.

Operator: Hello everyone, and welcome to News Corp. 4, 2024 earnings call. We issued our earnings press release about 30 minutes ago and now posted on our website at newscorp.com.

Operator: On the call today, Robert Thomson, Chief Executive, and Susan Panuccio, Chief Financial Officer. We will open with some repair remarks, and we'll be happy to take questions from the investment community. This call may include certain forward-looking information with respect to News Corp's business and strategy. Actual results could differ materially from what it said. News Corp's 410K and 410Q filings identify risks and uncertainties that could cause actual results to differ and contain cautionary statements regarding forward-looking information. Additionally, this call will include certain non-cap financial measurements, such as total segmented EBDA, adjusted segmented EBDA, and adjusted EPS.

Speaker Change: and Susan Panuccio Chief Financial Officer. We will open with some repair remarks and I will be happy to take questions from the investment community.

Operator: On the call today, Robert Thomson, Chief Executive, and Susan Panuccio, Chief Financial Officer. We will open with some repair remarks and we will be happy to take questions from the investment community. This call may include certain forward-looking information with respect to News Corp's business and strategy. Actual results could differ materially from what it said. News Corp's 410K and 410Q filings identify risks and uncertainties that could cause actual results to differ and contain cautionous statements regarding forward-looking information. Additionally, this call will include certain non-cap financial measurements, such as total segmented EBDA, adjusted segmented EBDA, and adjusted EPS.

Operator: We will open with some prepared remarks, and I'll be happy to take questions from the investment community. This column may include certain forward-looking information with respect to News Corp's business and strategy, but actual results could differ materially from what is said.

Speaker Change: This call may include certain forward-looking information with respect to newscards business and strategy.

Speaker Change: Actual results could differ materially from what is said. News Corp's Form 10-K and Form 10-Q filings identify risks and uncertainties that could cause actual results to differ and contain cautionary statements regarding forward-looking information.

Operator: News Corp's Form 10-K and Form 10-Q filings identify risks and uncertainties that could cause actual results to differ and contain cautionary statements regarding forward-looking information. Additionally, this call will include certain non-GAAP financial measurements such as Total Segment EBITDA, Adjusted Segment EBITDA, and Adjusted EPS. The definitions and GAAP to non-GAAP reconciliations of such measures can be found in the earnings release for the applicable periods posted on our website. With that, I'll pass it over to Robert Thomson for some opening comments.

Speaker Change: Additionally, this call will include certain non-cap financial measurements such as total segment EBITDA, adjusted segment EBITDA, and adjusted EPS.

The definitions and gap-to-non-cap reconciliations of such measures can be found in the earnings release for the applicable periods posted on our website.

Speaker Change: The definitions and gap-to-non-gap reconciliations of such measures can be found in the hearings release for the applicable periods posted on our website. With that, I will pass it over to Robert Thomson for some opening comments.

The definitions and gap-to-non-cap reconciliations of such measures can be found in the earnings release for the applicable periods posted on our website.

Robert Thomson: With that, I'll pass over to Robert Thomson for some opening comments.

Robert Thomson: With that, I will pass over to Robert Thomson for some opening comments. Thank you, Mike.

Robert Thomson: Thank you, Mike. Before we begin the examination of our excellent fourth quarter results, I would like to express our sincere gratitude to all who contributed to the emancipation of Evan Gerskowitz. His freedom was made possible by the concerted efforts of concerned, principled people who recognised that his incarceration was unjust and immoral. Many thanks are due to our leaders at Dow Jones, Emma Tucker, and Omar Latour, and to all at News Corp who campaigned vigorously for Evan's release. We also acknowledge the sterling work of the US government, which oversaw the handover, and the role of several other enlightened governments whose divine interventions were crucial.

Robert Thomson: Before we begin the examination of our excellent fourth quarter results, I would like to express our sincere gratitude to all who contributed to the emancipation of Evan Gershwin. His freedom was made possible by the concerted efforts of concerned, principled people who recognized that his incarceration was unjust and immoral.

Robert Thomson: Thank you, Mike. Before we begin the examination of our excellent fourth order results, I would like to express our sincere gratitude to all who contributed to the emancipation of Evan Gerskovich.

Robert Thomson: Before we begin the examination of our excellent fourth quarter results, I would like to express our sincere gratitude to all who contributed to the emancipation of Evan Gerskowitz. His freedom was made possible by the concerted efforts of concerned, principled people who recognised that his incarceration was unjust and immoral. And so many thanks are due to our leaders at Dow Jones, Emma Tucker and Omar Latour and to all at News Corp who campaigned vigorously for Evan's release.

Speaker Change: His freedom was made possible by the concerted efforts of concerned, principled people.

Speaker Change: who recognized that his incarceration was unjust and immoral. And so many things are due to our leaders at Dow Jones, Emma Tucker and our Marlotteur, and to all that news call, who campaigned vigorously for Evans release.

Robert Thomson: And so many thanks are due to our leaders at Dow Jones, Emma Tucker and Almar Latour, and to all at News Corp who campaigned vigorously for Evans' freedom. We also acknowledge the sterling work of the U.S. Government, which oversaw the handover, and the role of several other enlightened governments whose divine interventions were critical. As for the fourth quarter, revenues grew 6% from the prior year to almost $2.6 billion, while profitability improved by a healthy 11% to $380 million, a fourth quarter record for News Corp. Reported EPS and net income were also markedly higher.

Speaker Change: We also acknowledge the sterling work of the US government, which oversaw the handover, and the role of several other enlightened governments, whose divine interventions were crucial.

Robert Thomson: We also acknowledge the sterling work of the US government, which oversaw the handover and the role of several other enlightened governments whose divine interventions were crucial. As for the fourth quarter, revenues grew 6% from the prior year to almost $2.6 billion, while profitability improved by a healthy 11% to $380 million, a fourth quarter record for News Corp. Reported EPS and that income were also markedly higher. Moreover, despite the negative impact of high interest rates in some of our businesses, fiscal 2024 was the second best year on record, with profitability rising 8% to $1.54 billion. Our core pillars of growth, book publishing, digital real estate services and Dow Jones inspired that increasing profitability and revenue growth, and we believe their strength augers well for fiscal 25.

Robert Thomson: As for the fourth quarter, revenues grew 6% from the prior year to almost $2.6 billion, while profitability improved by a healthy 11% to $380 million, a fourth quarter record for News Corp. Reported EPS and that income were also markedly higher. Moreover, despite the negative impact of high interest rates in some of our businesses, fiscal 2024 was the second best year on record, with profitability rising 8% to $1.54 billion. Our core pillars of growth, book publishing, digital real estate services, and Dow Jones inspired that increasing profitability and revenue growth, and we believe their strength augurs well for fiscal 25.

Speaker Change: As for the fourth quarter, revenues grew 6% from the prior year to almost $2.6 billion, while profitability improved by a healthy 11% to $380 million, a fourth quarter record for News Corp.

Speaker Change: Reporting DPS and that income were also markedly higher.

Robert Thomson: Moreover, despite the negative impact of high interest rates in some of our businesses, fiscal 2024 was the second best year on record, with profitability rising 8% to $1.54 billion. Our core pillars of growth, book publishing, digital real estate services, and Dow Jones, inspired that increasing profitability and revenue growth, and we believe their strength augurs well for fiscal 25. Prior to delving into the details, I would like to highlight several important matters for our company.

Speaker Change: Moreover, despite the negative impact of high interest rates in some of our businesses, fiscal 2024 was the second best year on record, with profitability rising 8% to $1.54 billion.

Speaker Change: Our core pillars of growth, book publishing, digital real estate services, and Dow Jones, inspired that increasing profitability and revenue growth, and we believe their strength augurs well for Fiscal 25.

Robert Thomson: Prior to delving into the details, I would like to highlight several consequential matters for our company. We took a significant step to prepare for an epoch, which we believe will be defined by the confluence of artificial intelligence and emotional intelligence. Our landmark agreement with OpenAI is not only expected to be lucrative, but will enable us to work closely with a trusted, pre-eminent partner to fashion a future for professional journalism and for provenance. That partnership is already fructifying. We have also begun to take legal steps against the Gen AI aggressors, the egregious aggregators, who are less principled and more predatory in their confiscation of our company.

Speaker Change: Prior to delving into the details, I would like to highlight several consequential matters for our company.

Robert Thomson: Prior to delving into the details, I would like to highlight several consequential matters for our company. We took a significant step to prepare for an epoch, which we believe will be defined by the confluence of artificial intelligence and emotional intelligence. Our landmark agreement with OpenAI is not only expected to be lucrative, but will enable us to work closely with a trusted, pre-eminent partner to fashion a future for professional journalism and for provenance.

Robert Thomson: We took a significant step to prepare for an era which we believe will be defined by the confluence of artificial intelligence and emotional intelligence. Our landmark agreement with OpenAI is not only expected to be lucrative but will enable us to work closely with a trusted, preeminent partner to fashion a future for professional journalism and for the province. That partnership is already fructified. We have also begun to take legal steps against the Gen AI aggressors, the egregious aggregators, who are less principled and more predatory in their confiscation of our content. So-called open source can never be a justification for open slather.

Speaker Change: We took a significant step to prepare for an epoch which we believe will be defined by the confluence of artificial intelligence and emotional intelligence.

Speaker Change: Our landmark agreement with OpenAI is not only expected to be lucrative, but will enable us to work closely with a trusted, preeminent partner to fashion a future for professional journalism and for provenance.

Speaker Change: That partnership is already fructifying.

Robert Thomson: That partnership is already fructifying. We have also begun to take legal steps against the Gen AI aggressors, the egregious aggregators, who are less principled and more predatory in their confiscation of our company. Ltd. So-called open source can never be a justification for open slather. We are also considering our legal options in confronting the blatant political bias of advertising industry bodies who have done serious damage and denied many advertisers access to a significant audience.

Speaker Change: We have also begun to take legal steps against the Gen AI aggressors, the egregious aggregators, who are less principled and more predatory in their confiscation of our content.

Robert Thomson: Ltd., so-called open source can never be a justification for open slather. We are also considering our legal options in confronting the blatant political bias of advertising industry bodies who have done serious damage and denied many advertisers access to a significant audience. We applaud the work of the US House Judiciary Committee in pursuing the misnomer that is the Global Alliance for Responsible Media, or GARM, and its coordinated boycott of media platforms perceived to be unfashionable by illiberal liberals. GARM-Harm has been real, and there need to be commercial consequences. We believe the company's prospects are patently propitious, and we are also continuing to review our portfolio with a view to maximising returns for shareholders.

Speaker Change: So called open source can never be a justification for open slather.

Robert Thomson: We are also considering our legal options in confronting the blatant political bias of advertising industry bodies who have done serious damage and denied many advertisers access to a significant audience. We applaud the work of the US House Judiciary Committee in pursuing the misnomer that is the Global Alliance for Responsible Media, or GARM, and its coordinated boycott of media platforms perceived to be unfashionable by illiberal liberals. Garm Harm has been real, and there needs to be commercial. We believe the company's prospects are patently promising, and we are also continuing to review our portfolio with a view to maximising returns for shareholders.

Speaker Change: We are also considering our legal options in confronting the blatant political bias of advertising industry bodies who have done serious damage and denied many advertisers access to a significant audience.

Speaker Change: We applaud the work of the U.S. House Judiciary Committee in pursuing the misnomer that is the global alliance for responsible media or garm.

Robert Thomson: We applaud the work of the US House Judiciary Committee in pursuing the misnomer that is the global alliance for responsible media, or GARM, and its coordinated boycott of media platforms perceived to be unfashionable by illiberal liberals. GARM-Harm has been real and there need to be commercial consequences. We believe the company's prospects are patently propitious, and we are also continuing to review our portfolio with a view to maximising returns for shareholders. That review has coincided recently with third party interest in a potential transaction involving the FOXTEL group, which has been positively transformed in recent years with record numbers of streaming subscribers, low broadcast churn, and rising and broadcast and streaming ARPU.

Speaker Change: and its coordinated boycott of media platforms perceived to be unfashionable by illiberal liberals.

Speaker Change: Garm harm has been real and there need to be commercial consequences.

Speaker Change: We believe the company's prospects are patently propitious and we are also continuing to review our portfolio with a view to maximizing returns for shareholders.

Robert Thomson: That review has coincided recently with third party interest in a potential transaction involving the FOXTEL Group, which has been positively transformed in recent years with record numbers of streaming subscribers, low broadcast churn, and rising broadcast and streaming ARPU. We had no imminent intent to sell FOXTEL, but are reviewing potential strategic and financial options for the business with our advisors and engaging with third parties in light of that external interest. That process should not be interpreted as a sign that we are not reviewing the status of other segments. As I mentioned, we were not actively looking for purchases, and we believe strongly in the potential of FOXTEL, given its well-class technology and unique aggregation of sports and entertainment content.

Robert Thomson: That review has coincided recently with third-party interest in a potential transaction involving the Foxtel Group, which has been positively transformed in recent years, with record numbers of streaming subscribers, low broadcast churn, and rising in broadcast and streaming output. We had no imminent intent to sell Foxtel, but are reviewing potential strategic and financial options for the business with our advisors and engaging with third parties in light of that external interest. That process should not be interpreted as a sign that we are not reviewing the status of other segments.

Speaker Change: That review has coincided recently with third-party interest in a potential transaction involving the foxtail group, which has been positively transformed in recent years with record numbers of streaming subscribers, low broadcasts, churn and rising and broadcast and streaming

Speaker Change: We had no imminent intent to self-oxetel, but are reviewing potential strategic and financial options for the business with their advisors and engaging with third parties in the light of that external interest.

Robert Thomson: We had no imminent intent to sell FOXTEL, but are reviewing potential strategic and financial options for the business of their advisors, and engaging with third parties in light of that external interest. That process should not be interpreted as a sign that we are not reviewing the status of other segments. As I mentioned, we were not actively looking for purchases, and we believe strongly in the potential of FOXTEL, given its well-class technology, and unique aggregation of sports and entertainment content.

Speaker Change: That process should not be interpreted as a sign that we are not reviewing the status of other segments. As I mentioned, we were not actively looking for purchases, and we believe strongly in the potential of Foxtel, given its world class technology and unique aggregation of sports and entertainment content.

Robert Thomson: As I mentioned, we were not actively looking for purchases, and we believe strongly in the potential of Foxtel given its world-class technology and unique aggregation of sports and entertainment. With that, let us analyze the laudable performance in the fourth quarter. Digital real estate had a particularly strong quarter as revenues rose 21% and segment EBITDA surged 25%. That resounding performance was mainly driven by REA, where listings flourished and financial services returned to growth, while revenues expanded substantially at REA India.

Robert Thomson: With that context, let us analyse the laudable performance in the fourth quarter. Digital real estate had a particularly strong quarter as revenues rose 21% and segment EBITDA surged 25%. That resounding performance was mainly driven by REA, where listings flourished and financial services returned to growth, while revenues expanded substantially at REA India. Listing's growth continued into July, as REA broadened its suite of successful premium products to improve results for clients and lift yields. In the United States, we enhanced both the technology and the offerings to sell and buy side agents at Realtor.com, as we prepare for an upturn in a property market that has been pummeled by high mortgage rates, limited inventory, lofty prices, and historically low home sales.

Speaker Change: With that context, let us analyse the laudable performance in the fourth quarter.

Robert Thomson: With that context, let us analyse the laudable performance in the fourth quarter. Digital real estate had a particularly strong quarter as revenues rose 21% and segment EBITDA surged 25%. That resounding performance was mainly driven by REA, where listings flourished and financial services returned to growth, while revenues expanded substantially at REA India. Listing's growth continued into July, as REA broadened its suite of successful premium products to improve results for clients and lift yields.

Speaker Change: Digital Real Estate had a particularly strong quarter as revenues rose 21% and segment EBITDA surge 25%.

Speaker Change: That resounding performance was mainly driven by REA.

Speaker Change: where Listings flourished and financial services returned to growth while revenues expanded substantially at RIA India.

Robert Thomson: Listings growth continued into July, as REA broadened its suite of successful premium products to improve results for clients and lift yields. In the United States, we enhanced both the technology and the offerings to sell and buy side agents at realtor.com as we prepare for an upturn in our property market that has been pummeled by high mortgage rates, limited inventory, lofty prices, and historically low home sales. While prognostication is not our profession, we are hopeful that interest rate cuts by the Federal Reserve are imminent and will have a positive impact on affordability and liquidity in this stagnant market.

Speaker Change: Listings growth continued into July as RAA broadened its suite of successful premium products to improve results for clients and lift yields.

Speaker Change: In the United States, we enhanced both the technology and the offerings to sell and buy side agents at Realtor.com as we prepare for an upturn in our property market that has been pummeled by high mortgage rates, limited inventory, lofty prices and historically low home sales.

Robert Thomson: In the United States, we enhanced both the technology and the offerings to sell and buy side agents at Realtor.com, as we prepare for an upturn in a property market that has been pummeled by high mortgage rates, limited inventory, lofty prices, and historically low home sales. While prognostication is not our profession, we are hopeful that interest rate cuts by the Federal Reserve are imminent, and will have a positive impact on affordability and liquidity in this stagnant market.

Robert Thomson: While prognostication is not our profession, we are hopeful that interest rate cuts by the Federal Reserve are imminent and will have a positive impact on affordability and liquidity in the stagnant market. Certainly, the lesson of the Australian market is that when suppressed demand is emancipated, activity in the housing sector accelerates rapidly, and listings prosper. We have already seen sequential improvement in revenue at Realtor.com as the company has taken a suited vantage of the complementarity of our media platforms to drive traffic and improve the content experience. There was particular improvement on the sell side, which has become a priority for Realtor.com and which is the core source of revenue for our thriving Australian business.

Speaker Change: While prognostication is not our profession, we are hopeful that interest rate cuts by the Federal Reserve are imminent and will have a positive impact on affordability and liquidity in this stagnant market.

Robert Thomson: Certainly, the lesson of the Australian market is that when suppressed demand is emancipated, activity in the housing sector accelerates rapidly, and listings prosper. We have already seen sequential improvement in revenue at Realtor.com as the company has taken astute advantage of the complementarity of our media platforms to drive traffic and improve the content experience. There was particular improvement on the sell side, which has become a priority for Realtor.com and which is the core source of revenue for our thriving Australian business.

Speaker Change: Certainly, the lesson of the Australian market is that when suppressed demand is emancipated, activity in the housing sector accelerates rapidly and listings prosper.

Robert Thomson: Certainly, the lesson of the Australian market is that when suppressed demand is emancipated, activity in the housing sector accelerates rapidly and listings prosper. We have already seen sequential improvement in Revenue at Realtor.com, as the company has taken a stuited vantage of the complementarity of our media platforms to drive traffic and improve the content experience. There was particular improvement on the sell side, which has become a priority for Realtor.com, and which is the core source of Revenue for our thriving Australian business.

Speaker Change: We have already seen sequential improvement in revenue at Realtor.com as the company has taken astute advantage of the complementarity of our media platforms to drive traffic and improve the content experience.

Speaker Change: There was particular improvement on the sell side, which has become a priority for Realtor.com and which is the core source of revenue for our thriving Australian business.

Robert Thomson: The progress that Dow Jones continues to pace with revenue growth in the quarter of 4% despite a mixed advertising market. At the heart of that growth is the continued strength of B2B, where revenues climbed 14% at Dow Jones Energy and 12% at Risk and Compliance. In fact, fiscal 24 was a pivotal moment in the history of the company, as it was the first year in which more than 50% of Dow Jones profitability was driven by the surging B2B segment. Indeed, it is difficult to overstate the impact of B2B growth on Dow Jones and News Corp over the past 4 years, as B2B revenue has expanded at a compound annual rate of 17%.

Robert Thomson: The progress at Dow Jones continues apace, with revenue growth in the quarter of 4% despite mixed advertising. At the heart of that growth is the continued strength of B2B, where revenues climbed 14% at Dow Jones Energy and 12% at Risk and Compliance. In fact, Fiscal 24 was a pivotal moment in the history of the company, as it was the first year in which more than 50% of Dow Jones profitability was driven by the surging B2B sector.

Speaker Change: The progress that Dow Jones continues to pace with revenue growth in the quarter of 4% despite a mixed advertising market.

Robert Thomson: The progress that Dow Jones continues to pace with revenue growth in the quarter of 4% despite a mixed advertising market. At the heart of that growth is the continued strength of B2B, where revenues climbed 14% at Dow Jones Energy and 12% at risk in compliance. In fact, fiscal 24 was a pivotal moment in the history of the company, as it was the first year in which more than 50% of Dow Jones profitability was driven by the surging B2B segment.

Speaker Change: At the heart of that growth is the continuous strength of B2B, where revenues climbed 14% of Dow Jones energy and 12% of risking compliance. In fact, fiscal 24 was a pivotal moment in the history of the company.

Speaker Change: As it was the first year, in which more than 50% of Dow Jones' profitability was driven by the

Robert Thomson: Indeed, it is difficult to overstate the impact of B2B growth on Dow Jones and News Corp over the past four years, as B2B revenue has expanded at a compound annual rate of 17%, and the margin at Dow Jones has broadened from 15% to 24%, while segment EBITDA has more than doubled. Crucially, digital accounted for 80% of fiscal 2024 segment revenue, up from 67% in 2020. And the core B2B products have renewal rates north of 90%.

Speaker Change: Indeed, it is difficult to overstay the impact of B2B growth on Dow Jones and Newscore over the past four years.

Robert Thomson: Indeed, it is difficult to overstate the impact of B2B growth on Dow Jones and News Corp over the past 4 years, as B2B revenue has expanded at a compound annual rate of 17%. And the margin at Dow Jones has broadened from 15% to 24% while segment EBITDA has more than doubled. Crucially, digital account for 80% of fiscal 2024 segment revenue up from 67% in 2020, and the Corp B2B products have renewal rates north of 90%.

Speaker Change: As B2B revenue has expanded at a compound annual rate of 17%. And the margin of Dow Jones has broadened from 15% to 24% while segment EBITDA has more than doubled.

Robert Thomson: And the margin at Dow Jones has broadened from 15% to 24%, while segment EBITDA has more than doubled. Crucially, digital account for 80% of fiscal 2024 segment revenue, up from 67% in 2020, and the core B2B products have renewal rates north of 90%. In that same 4-year span, total subscriptions in the consumer business have burdened nearly 55% with digital subs almost doubling. For the fourth quarter, Dow Jones gained 158,000 digital subscribers sequentially, and digital advertising expanded 14 percent year over year, more than offsetting the expected declines in print advertising. The quality of Wall Street Journal content continues to be a differentiator, as our company signed a valuable multi-year content licensing agreement with the London Stock Exchange Group to provide Dow Jones, Jane news and analysis to its corporate clients, thus building our brand in the European marketplace.

Speaker Change: Crucially, digital accounted for 80% of fiscal 2024 segment revenue, up from 67% in 2020, and the core B2B products have renewal rates north of 90%.

Robert Thomson: In that same four-year span, total subscriptions in the consumer business have burgeoned nearly 55% with digital subs almost double. For the fourth quarter, Dow Jones gained 158,000 digital subscribers sequentially, and digital advertising expanded 14% year-over-year, more than offsetting the expected declines in print advertising. The quality of Wall Street Journal content continues to be a differentiator, as our company signed a valuable multi-year content licensing agreement with the London Stock Exchange Group to provide WSJ news and analysis to its corporate clients, thus building our brand in the European market.

Speaker Change: In that same four-year span, total subscriptions in the consumer business have burgeoned nearly 55%, with digital subs almost doubling.

Robert Thomson: In that same 4 years span, total subscriptions in the consumer business have burdened nearly 55% with digital subs almost doubling. For the fourth quarter, Dow Jones gained 158,000 digital subscribers sequentially and digital advertising expanded 14% year over year, more than offsetting the expected clients in print advertising. The quality of Wall Street Journal content continues to be a differentiator, as our company signed a valuable multi-year content licensing agreement with the London Stock Exchange Group.

Speaker Change: For the fourth quarter, Dow Jones gained 158,000 digital subscribers sequentially and digital advertising expanded 14% year-over-year, more than offsetting the expected declines in print advertising.

Speaker Change: The quality of Wall Street Journal content continues to be a differentiator as our company signed a valuable multi-year content licensing agreement with the London Stock Exchange Group to provide WSJ news and analysis to its corporate clients thus building our brand in the European marketplace.

Robert Thomson: To provide Dow Jones, Jane News and analysis to its corporate clients, thus building our brand in the European marketplace. Upper Collins reported a notably strong quarter with a more than 250% increase in segment EBITDA to 57 million dollars, as revenue rose 15% to 512 million dollars, reflecting strength in Bible sales, in Amazon demand, and in audiobooks, thanks in part to a successful partnership with Spotify. The Harbour Collins back catalogue continued to perform vibrantly, with the Bridgerton Collection benefiting from the latest streaming series, while new works like Lucy Follies, The Midnight Feast, and Sarah A Parkers, when the moon hatched, reached fresh audiences.

Robert Thomson: Upper Collins reported a notably strong quarter, with more than 250% increase in segment EBITDA to $57 million. As revenue rose 15% to $512 million, reflecting strength in Bible sales, in Amazon demand, and in audiobooks, thanks in part to our successful partnership with Spotify. The Harbour Collins back catalog continued to perform vibrantly, with the Bridgerton Collection benefiting from the latest streaming series, while new works like Lucy Follies, The Midnight Feast, and Sarah A. Parkers, When the Moon Hatched, reached fresh audiences. Overall, digital sales grew 12 percent, and for the first time, audio books were a largest share of that segment than e-books, soaring by 28% in the quarter.

Robert Thomson: HarperCollins reported a notably strong quarter, with a more than 250% increase in segment EBITDA to $57 million, as revenue rose 15% to $512 million, reflecting strength in Bible sales, Amazon demand, and in audiobooks, thanks in part to our successful partnership with Spotify. The HarperCollins back catalogue continued to perform vibrantly, with the Bridgerton Collection benefiting from the latest streaming series, while new works like Lucy Foley's The Midnight Feast and Sarah A. Parker's When the Moon Hatched reached fresh audiences.

Speaker Change: Upper Collins reported a notably strong quarter, with a more than 250% increase in segment EBITDA to $57 million.

Speaker Change: has revenue rose 15% to 512 million dollars reflecting strength in Bible sales, in Amazon demand and in audiobooks. Thanks in part to our successful partnership with Spotify.

Speaker Change: The HarperCollins back catalogue continued to perform vibrantly, with the Bridgerton collection benefiting from the latest streaming series, while new works like Lucy Foley's The Midnight Feast and Sarah A. Parker's When the Moon Hatched reached fresh audiences.

Robert Thomson: Overall, digital sales grew 12% and for the first time, audiobooks were a larger share of that segment than e-books, soaring by 28% in the That's right, twenty-eight. There is much to cherish, including the latest works from best-selling authors Daniel Silva, Tessa Bailey, Lisa Turkist, and Jeffrey Archer, among others. One interesting sales phenomenon is the resurgence of interest in J.D. Vance's Hillbilly Alley, which sold 150,000 copies in various formats within 24 hours after his selection as Donald Trump's running mate was announced.

Speaker Change: Overall digital sales grew 12% and for the first time audio books were a largest share of that segment than ebooks, soaring by 28% in the quarter, that's right, 28%.

Robert Thomson: Overall, digital sales grew 12% and, for the first time, audiobooks were a largest share of that segment than e-books, soaring by 28% in the quarter. That's right, 28%. There is much to cherish this quarter, including the latest works from bestselling authors Daniel Silver, Tessa Bailey, Lisa Turkest, and Jeffrey Archer, among others. One interesting sales phenomenon is the resurgence of interest in JD Vance's Hillbilly allergy, which sold 150,000 copies in various formats within 24 hours after his selection as Donald Trump's running mate was announced.

Robert Thomson: That's right, 28%. There is much to cherish this quarter, including the latest works from best selling authors, Daniel Silver, Tessa Bailey, Lisa Turkest, and Jeffrey Archer, among others. One interesting sales phenomenon is the resurgence of interest in JD Vance's Hillbilly Allergy, which sold 150,000 copies in various formats within 24 hours after his selection as Donald Trump's running mate was announced. In July alone, Hillbilly Allergy sold 877,000 units, which will have a positive impact on our Q1 results for fiscal 2025.

Speaker Change: There is much to cherish this quarter including the latest works from best-selling authors Daniel Silva, Tessa Bailey, Lisa Turkist and Geoffrey Archer among others.

Speaker Change: One interesting sales phenomenon is the resurgence of interest in J.D. Vance's Hillbilly Elegy, which sold 150,000 copies in various formats within 24 hours after his selection as Donald Trump's running mate was announced.

Robert Thomson: In July alone, Hillbilly Elegy sold 877,000 units, which will have a positive impact on our Q1 results for Fiscal 2020. At subscription video services, revenue in the quarter grew on both a reported and constant currency basis, as streaming strength more than offset broadcaster costs. Audiences are continuing to transition from traditional broadcast to over-the-top consumption. We believe Foxtel is particularly well-positioned for both subscriber and advertising growth as Kayo and Binge gain traction given their unique strengths in sports and entertainment programs.

Speaker Change: In July alone, Hillbilly LG sold 877,000 units, which will have a positive impact on our Q1 results for fiscal 2025.

Robert Thomson: In July alone, Hillbilly allergy sold 877,000 units, which will have a positive impact on our Q1 results for fiscal 2025. At subscription video services, revenue in the quarter grew on both a reported and constant currency basis, as streaming strength more than offset broadcaster class. Lions. Audiences are continuing to transition from traditional broadcast to over-the-top consumption. We believe Foxtel is particularly well positioned for both Subscriber and Advertising Growth, as KO and Binge have gained traction given their unique strengths in sports and entertainment programming.

Robert Thomson: At subscription video services, revenue in the quarter grew on both a reported and constant currency basis, as streaming strength more than lions. Audiences are continuing to transition from traditional broadcast to over-the-top consumption. We believe FOXTEL is particularly well positioned for both subscriber and advertising growth, as KO and Binge have gained traction given their unique strengths in sports and entertainment programming. Those two services added almost 200,000 paying subscribers in the quarter, and digital advertising now represents more than 40% of FOXTEL's total advertising, with KO growing 42% compared to the prior year, and the recently rolled out ad offering at Binge growing fourfold.

Speaker Change: had subscription video services, revenue in the quarter, grew on both a reported end constant currency basis, as streaming strength more than offset broadcast declines.

Speaker Change: Audiences are continuing to transition from traditional broadcast to over-the-top consumption.

Speaker Change: We believe Foxtel is particularly well positioned for both subscriber and advertising growth as Kayo and Binge have gained traction given their unique strengths in sports and entertainment programming.

Robert Thomson: Those two services added almost 200,000 paying Subscribers in the quarter, and Digital Advertising now represents more than 40% of Foxtel's total advertising, with KO growing 42% compared to the prior year, and the recently rolled out Ad offering at Binge growing 4 fold. We will keep you updated on the advertising renaissance as the quarter is unfold. Our launch of the Hubble service is still in its early days, but, encouragingly, more than 30% of Hubble customers are new to Foxtel, which is significant given our existing presence and profile in the Australian marketplace.

Robert Thomson: Those two services added almost 200,000 paying subscribers in the quarter, and digital advertising now represents more than 40 percent of Foxtel's total advertising revenue, with Kayo growing 42% compared to the prior year and the recently rolled out ad offering at Binge growing fourfold. We will keep you updated on the advertising renaissance as the quarters unfold. Our launch of the Hubble service is still in its early days, but, encouragingly, more than 30% of Hubble customers are new to Foxtel, which is significant given our existing presence and profile in the Australian market. About 75% of customers of the Hubble Aggregation Service purchase an additional Foxtel product, along with their device and subscription. On the broadcast side, APRU grew 6%, and CHIRN was a pleasingly low 11.7%.

Speaker Change: Those two services added almost 200,000 paying subscribers in the quarter and digital advertising now represents more than 40 percent of Foxtel's total advertising.

Speaker Change: with KO growing 42% compared to the prior year, and they recently rolled out ad offering a binge growing fourfold. We will keep you updated on the advertising or a naissance as the quarters unfold.

Robert Thomson: We will keep you updated on the advertising renaissance as the quarters unfold. Our launch of the Hubble service is still in its early days, but, encouragingly, more than 30% of Hubble customers are new to FOXTEL, which is significant, given our existing presence and profile in the Australian marketplace. About 75% of customers of the Hubble aggregation service purchase an additional FOXTEL product, along with their device and subscription. On the broadcast side, ARPRU grew 6%, and SHERN was a pleasingly low 11.7% for the quarter. FOXTEL continued to generate strong cash flow, as we were able to monetize our long-term sports rights across multiple platforms. In News Media, our profile and impact have only grown over the past year when many news organisations lost the plot, editorially and commercially.

Speaker Change: Our launch of the Hubble service is still in its early days, but, encouragingly, more than 30% of Hubble customers are new to Foxtel, which is significant given our existing presence and profile in the Australian marketplace.

Speaker Change: About 75% of customers of the Hubble Aggregation Service purchase an additional Foxtel product, along with their device and subscription.

Robert Thomson: About 75% of customers of the Hubble aggregation service purchase an additional Foxtel product, along with their device and subscription. On the broadcast side, Arprue grew 6%, and Churn was a pleasingly low 11.7% for the quarter. Foxtel continued to generate strong cash flow, as we were able to monetize our long-term sports rights across multiple platforms. In news media, our profile and impact have only grown over the past year when many news organisations lost the plot, editorially and commercially.

Speaker Change: On the broadcast side, uproot grew 6% and shown was a pleasingly low 11.7% for the quarter.

Robert Thomson: Foxtel continued to generate strong cash flow as we were able to monetize our long-term sports rights across multiple platforms. In news media, our profile and impact have only grown over the past year when many news organizations lost the plot, editorially and commercially. The collapse of old and new media titles is in stark contrast to our mastheads and our journalism. The quality of our journalism was a prime motivator for Sam Altman and his talented team at OpenAI, with whom we are genuinely proud to partner.

Speaker Change: Foxdale continued to generate strong cash flow as we were able to monetize our long-term sports rights across multiple platforms.

Speaker Change: In use media, our profile and impact have only grown over the past year when many new organizations lost the plot, editorial and commercially.

Robert Thomson: The collapse of old and new media titles is in stark contrast to our master's and our journalists. The quality of our journalism was a prime motivator for Sam Altman and his talented team at OpenAI, with whom we are genuinely proud to partner. Leaders from both companies have already begun working together to improve the flow of trustworthy information and develop contemporary distribution channels. Those learnings will be deployed in newsrooms around the world to strengthen our journalist understanding of how the digital reading experience is evolving and how we need to adapt to that changed content consciousness. Meanwhile, we are far from complacent and continue to develop and reform our news media operations.

Speaker Change: The collapse of old and new media titles is in stark contrast to our mastheads and our journalists.

Robert Thomson: The collapse of old and new media titles is in stark contrast to our masters and our journalists. The quality of our journalism was a prime motivator for Sam Altman and his talented team at OpenAI, with whom we are genuinely proud to partner. Leaders from both companies have already begun working together to improve the flow of trustworthy information and develop contemporary distribution channels. Those learnings will be deployed in newsrooms around the world to strengthen our journalist understanding of how the digital reading experience is evolving and how we need to adapt to that changed content consciousness.

Speaker Change: The quality of our journalism was a prime motivator for Sam Altman and his talented team at OpenAI.

Robert Thomson: Leaders from both companies have already begun working together to improve the flow of trustworthy information and develop contemporary distribution channels. Those learnings will be deployed in newsrooms around the world to strengthen our journalists' understanding of how the digital reading experience is evolving and how we need to adapt to that changed content context. Meanwhile, we are far from complacent and continue to develop and reform our news media operations. We are in the midst of a restructuring in Australia designed to enhance our digital prowess.

Speaker Change: with whom we are genuinely proud to partner.

Speaker Change: Leaders from both companies have already begun working together to improve the flow of cross-worthy information and develop contemporary distribution channels.

Speaker Change: Those learnings will be deployed in newsrooms around the world to strengthen our journalists' understanding of how the digital reading experience is evolving and how we need to adapt to that changed content consciousness.

Speaker Change: Meanwhile, we are far from complacent and continue to develop and reform our news media operations.

Robert Thomson: Meanwhile, we are far from complacent and continue to develop and reform our news media operations. We are in the midst of a restructuring in Australia, designed to enhance our digital prowess. While the New York Post was once again profitable this year, after decades of chronic losses, and we will look to expand its audience and influence and profitability in the coming year. It is worth highlighting that the Post reached a monthly digital audience of 117 million unique visitors in June, and that news core owns two of the top three best-selling printmaster's in the US with the Wall Street Journal and the New York Post.

Robert Thomson: We are in the midst of a restructuring Australia, designed to enhance our digital prowess.

Speaker Change: We are in the midst of a restructuring in Australia designed to enhance our digital prowess, while the New York Post was once again profitable this year after decades of chronic losses.

Robert Thomson: While the New York Post was once again profitable this year, after decades of chronic losses, we will look to expand its audience, influence, and profitability in the coming year. It is worth highlighting that the Post reached a monthly digital audience of 117 million unique visitors in June and that News Corp owns two of the top three best-selling print mastheads in the U.S., with the Wall Street Journal and the New York Times.

Robert Thomson: While in New York, Post was once again profitable this year, after decades of chronic losses. And we will look to expand its audience and influence and profitability in the coming year. It is worth highlighting that the post reached a monthly digital audience of 117 million unique visitors in June, and that News Corp owns two of the top three best selling print masters in the US with the Wall Street Journal and the New York Post. News UK under Rebecca Brooks' leadership saw an improved profit contribution for the quarter and the full year as we benefited from lower newsprint costs, increased digital subscriptions, cover price rises, and lower television expenses.

Speaker Change: and we will look to expand its audience and influence and profitability in the coming year.

Speaker Change: It is worth highlighting that the post reached a monthly digital audience of 117 million unique visitors in June .

Speaker Change: and that news call owns two of the top three best-selling print masters in U.S. with free Wall Street Journal and the New York Post.

Robert Thomson: News UK, under Rebecca Brooks' leadership, saw an improved profit contribution for the quarter and the full year as we benefited from lower newsprint costs, increased digital subscriptions, cover price rises, and lower television expenses. Our strong results for the year and record returns for the quarter would not have been possible without the leadership of Lachlan and Rupert Murdoch, the support of our board, and the admirable efforts of our employees around the world.

Speaker Change: News UK, under Rebecca Brooks' leadership, saw an improved profit contribution for the quarter and the full year, as we benefited from lower newsprint costs, increased digital subscriptions, cover price rises and lower television expenses.

Robert Thomson: News UK under Rebecca Brooks leadership saw an improved profit contribution for the quarter and the full year as we benefited from lower newsprint costs, increased digital subscriptions, cover price rises, and lower television expenses. Our strong results for the year and record returns for the quarter would not have been possible without the leadership of Lachlan and Rupert Murdoch, the support of our board and the admirable efforts of our employees around the world.

Robert Thomson: Our strong results for the year and record returns for the quarter would not have been possible without the leadership of Lachlan and Rupert Murdoch, the support of our board, and the admirable efforts of our employees around the world. The company's enduring success is built on an honorable tradition of creativity, curiosity, and integrity. Our success would also be impossible without the support of our shareholders, and we are acutely conscious of our responsibility to generate value and provide robust returns to those who have invested both money and faith in news. and we are certainly not beholden to pass structures as we confront the future.

Speaker Change: Our strong results for the year and record returns to the quarter would not have been possible without the leadership of Lachlan and Rupert Murdoch, the support of our board and the admirable efforts of our employees around the world.

Robert Thomson: The company's enduring success is built on an honorable tradition of creativity, curiosity, and integrity. Our success would also be impossible without the support of our shareholders, and we are acutely conscious of our responsibility to generate value and provide robust returns to those who have invested both money and faith in News Corp, and we are certainly not beholden to past structures as we confront the future. I now hand you to our CFO, Susan Panuccio.

Speaker Change: The company's enduring success is built on an honourable tradition.

Robert Thomson: The company's enduring success is built on an honourable tradition of creativity and curiosity and integrity. Our success would also be impossible without the support of our shareholders and we are acutely conscious of our responsibility to generate value and provide robust returns to those who have invested both money and faith in news. Corporation. And we are certainly not beholden to past structures as we can front the future.

Speaker Change: of Creativity and Curiosity and Integrity.

Speaker Change: Our success would also be impossible without the support of our shareholders and we are acutely conscious of our responsibility to generate value and provide robust returns to those who have invested both money and faith in use corporation.

Susan Panuccio: and we are certainly not beholden to past structures as we confront the future. I now hand you to our CFO, the Sage Susan Panuccio.

Susan Panuccio: I now hand you to our CFO, the SAGE, Susan Panuccio.

Susan Panuccio: I now hand you to our CFO, the SAGE, Susan Panuccio. Thank you, Robert, and good afternoon to everyone. As Robert highlighted, our transformation of News Corp continues a pace. We have materially grown recurring digital revenues, added incremental high-margin licensing revenues, and focused our reinvestment plans primarily around the core pillars of book publishing, digital real estate services, and Dow Jones, where we expect the highest rate of returns and shareholder value creation. We continue to deliver cost efficiencies to mitigate inflation repressions, but more importantly, to allow for investment in growth initiatives across our businesses.

Susan Panuccio: Thank you, Robert, and good afternoon to everyone. As Robert highlighted, our transformation of News Corp continues apace. We have materially grown recurring in digital revenues, added incremental, high-margin licensing revenues, and focused our reinvestment plans primarily around the core pillars of book publishing, digital real estate services, and Dow Jones, where we expect the highest raise of returns and shareholder value creation. We continue to deliver cost efficiencies to mitigate inflation repressions, but more importantly, to allow for investment in growth initiatives across our businesses. This discipline approach has allowed us to deliver our second best year on record and our strongest ever fiscal fourth quarter profitability.

Susan Panuccio: Thank you, Robert, and good afternoon to everyone. As Robert highlighted, our transformation of News Corp continues apace. We have materially grown recurring and digital revenues, added incremental high-margin licensing revenues, and focused our reinvestment plans primarily around the core pillars of book publishing, digital real estate services, and Dow Jones, where we expect the highest rate of returns and shareholder value creation. We continue to deliver cost efficiencies to mitigate inflationary pressures, but more importantly, to allow for investment in growth initiatives across our businesses. This disciplined approach has allowed us to deliver our second best year on record and our strongest ever fiscal fourth quarter profitability. For today's discussion, I will focus on our fourth quarter performance.

Susan Panuccio: Thank you, Robert and good afternoon to everyone.

Susan Panuccio: As Robert highlighted, our transformation of News Corp continues apace. We have materially grown recurring and digital revenues, added incremental high-margin licensing revenues and focused our reinvestment plans primarily around the core pillars of book publishing, digital real estate services and Dow Jones, where we expect the highest rate of returns and shareholder value creation.

Susan Panuccio: We continue to deliver cost efficiencies to mitigate inflation repression but more importantly to allow for investment in growth initiatives across our businesses.

Susan Panuccio: This disciplined approach has allowed us to deliver our second best year on record and our strongest ever fiscal fourth quarter profitability.

Susan Panuccio: This discipline approach has allowed us to deliver our second best year on record and our strongest ever fiscal fourth quarter profitability. For today's discussion, I will focus on the fourth quarter performance. Fourth quarter total revenues were almost $2.6 billion, up 6% year-over-year, and total segment EBITDA, was $380 million up 11% year-over-year. Margin's improved by 70 basis points to 14.7%. Our core pillars accounted for 87% of News Corp's profits, and grew at a robust 28%.

Susan Panuccio: For today's discussion, I will focus on the fourth quarter performance. Fourth quarter total revenues were almost $2.6 billion, up 6% year over year, and total segment EBITDA was $380 million, up 11% year over year. Margins improved by 70 basis points to 14.7%. Our core pillars accounted for 87% of News Corp profits and grew at a robust 28%. Fourth quarter adjusted revenues rose 6% compared to the prior year, while adjusted total segment EBITDA rose 13% versus the prior year. For the quarter, we reported earnings per share of $0.9 compared to a 1 cent loss in the prior year.

Susan Panuccio: Fourth quarter total revenues were almost $2.6 billion, up 6% year-over-year, and total segment EBITDA was $380 million, up 11% year-over-year. Margins improved by 70 basis points to 14.7%. Our core pillars accounted for 87% of News Corp's profits and grew at a robust 28%. Fourth quarter adjusted revenues rose 6% compared to the prior year, while adjusted total segment EBITDA rose 13% versus the prior year. For the quarter, we reported earnings per share of 9 cents compared to a 1 cent loss in the prior year. Adjusted earnings per share were 17 cents in the quarter compared to 14 cents in the prior year.

Speaker Change: For today's discussion I will focus on the fourth quarter performance.

Susan Panuccio: Fourth quarter total revenue is for almost $2.6 billion, up to 60% year over year and total segment EBITDA was $380 million up 11% year over year.

Speaker Change: Martin's improved by 70 basis points to 14.7%. Our corpillers accounted for 87% of new corps, profits, and grew at a roadbath 28%.

Susan Panuccio: 4th quarter, adjusted revenues rose 6% compared to the prior year, while adjusted total segment the dollar rose 13% versus the prior year.

Susan Panuccio: Fourth quarter adjusted revenues rose 6% compared to the prior year, while adjusted total segment EBITDA rose 13% versus the prior year. For the quarter, we reported earnings per share of nine cents compared to a one-cent loss in the prior year. Adjusted earnings per share were 17 cents in the quarter compared to 14 cents in the prior year. Moving on to the results for the individual segments, starting the digital real estate services, segment revenues were $448 million, up 21% versus the prior year, on both a reported and adjusted basis.

Susan Panuccio: For the quarter, we reported earnings per share of 9 cents compared to a 1 cent loss in the prior year. Adjusted earnings per share were 17 cents in the quarter compared to 14 cents in the prior year.

Susan Panuccio: Adjusted earnings per share was $0.17 in the quarter compared to $0.14 in the prior year.

Susan Panuccio: Moving on to the results for the individual segments, starting the digital real estate services. Segment revenues were $448 million, up 21% versus the prior year on both a reported and adjusted basis. Segment EBITDA was $135 million, up 25%, as higher profit contribution from the REA group was partly offset by approximately $11 million of higher cost that moved, a similar increase to the third quarter. Adjusted segment EBITDA grew 28%. REA had another outstanding quarter with revenues rising 37% year on year. Growth was driven by a combination of residential yield increases and improved growth in national listings, favorable geographic mix, and customer contract upgrades.

Susan Panuccio: Moving on to the results for the individual segments, starting with Digital Real Estate Services, segment revenues were $448 million, up 21% versus the prior year, on both a reported and adjusted basis. Segment EBITDA was $135 million, up 25%, as higher profit contribution from the REA group was partly offset by approximately $11 million of higher costs at the move, a similar increase to the third quarter. Adjusted segment EBITDA grew 28%. REA had another outstanding quarter, with revenues rising 37% year-on-year. Growth was driven by a combination of residential yield increases and improved growth in national listings, a favorable geographic mix, and customer contract upgrades. New property listings rose approximately 16%, with Sydney up 26% and Melbourne up 32%.

Susan Panuccio: Moving on to the results for the individual segments, starting the digital railway state services. Segment revenues for $448 million up to 21% versus the prior year on both the reported and adjusted basis.

Susan Panuccio: In addition, REA saw strong growth in financial services, which benefited from the absence of a negative valuation adjustment in the prior year and some improvement in settlements, together with higher revenue at REA. Please refer to REA's earnings release and their conference call for more details. Moo's revenues for the quarter of $143 million were down just 2% compared to the prior year, as declines continue to moderate from last year. For the quarter, real estate revenues fell 2%, driven by lower referral and lead generation revenues, reflective of the broader macro trends and lower transaction volume.

Susan Panuccio: Segment EBITDA was $135 million, up 25%, as higher profit contribution from the REA group was partly offset by approximately $11 million of higher costs at move, a similar increase to the third quarter.

Susan Panuccio: Segment EBITDA was $135 million, up 25%, as higher profit contribution from the REA group was partly offset by approximately $11 million of higher costs that move, a similar increase to the third quarter. Adjusted segment EBITDA grew 28%. REA had another outstanding quarter with revenues rising 37% year-on-year. Growth was driven by a combination of residential yield increases and improved growth in national listings, favorable geographic mix and customer contract upgrades. New buy listings rose approximately 16% with Sydney up 26% and Melbourne up 32%. In addition, REA saw strong growth at financial services which benefited from the absence of the negative valuation adjustment in the prior year and some improvement in settlements together with higher revenue at REA India.

Susan Panuccio: Adjusted segment EBITDA grew 28%.

Susan Panuccio: RAA had another outstanding quarter with revenues rising 37% year on year. Growth was driven by a combination of residential yield increases and improved growth in national listings, favorable geographic mix and customer contract upgrades.

Susan Panuccio: New buy listings rose approximately 16% with Sydney up 26% and Melbourne up 32%. In addition, REA saw strong growth at financial services, which benefited from the absence of the negative valuation adjustment in the prior year and some improvement in settlements, together with higher revenue at REA in India.

Susan Panuccio: New by-listings rose approximately 16% with Sydney up 26% and Melbourne up 32%.

Ariace: In addition, Ariace will strong growth at financial services which benefited from the absence of the negative valuation adjustment in the prior year and some improvement in settlements together with higher revenue for Ariace India.

Susan Panuccio: Please refer to REA's earnings release and their conference call for more details. Moves revenues for the quarter of $143 million were down just 2% compared to the prior year, as the clients continued to moderate from last year. For the quarter, real estate revenues fell 2%, driven by lower referral and lead generation revenues, reflective of the broader macro trends and lower transaction volumes. Lead volume was flat, still constrained by higher mortgage rates, while average monthly unique users for the quarter were also flat versus the prior year at 74 million, but up sequentially 3%. It is worth noting that we have been able to maintain market share according to the May Comm Score data.

Speaker Change: Please refer to Aria's earnings release and their conference call for more details.

Susan Panuccio: Please refer to REA's earnings release and their conference call for more details. Moved revenues for the quarter of $143 million were down just 2% compared to the prior year, as declines continued to moderate from last year. For the quarter, real estate revenues fell 2% driven by lower referral and lead generation revenues reflective of the broader macro trends and lower transaction volumes. Lead volume was flat still constrained by higher mortgage rates, while average monthly unique users for the quarter were also flat this was the prior year at 74 million but up sequentially 3%.

Speaker Change: Moove's revenues for the quarter of $143 million were down just 2% compared to the prior year, as declines continued to moderate from last year. For the quarter, real estate revenues fell 2%, driven by lower referral and lead generation revenues, reflective of the broader macro trends and lower transaction volumes.

Susan Panuccio: Lead volume was flat, still constrained by higher mortgage rates, while average monthly unique users for the quarter were also flat versus the prior year at 74 million, but up sequentially by 3%. It is worth noting that we have been able to maintain market share according to the May ComScore data. Encouragingly, we are continuing to have notable success diversifying our revenue base with accelerating performance from our sell-side offerings, rentals, which includes our newly formed partnership with Zillow, and new homes. Collectively, those businesses accounted for 19% of revenues in the quarter and grew substantially versus the prior year. As we communicated last quarter, we are focused on the best positioning Realtor.com for a housing recovery.

Speaker Change: Lead volume was flat, still constrained by higher mortgage rates, while average monthly unique users for the quarter were also flat versus the prior year at 74 million, but up sequentially 3%.

Speaker Change: Well, it's worth noting that we have been able to maintain market share according to the May CommScore data.

Susan Panuccio: It is worth noting that we have been able to maintain market share according to the May comm score data. Encouragingly, we are continuing to have notable success diversifying our revenue base with accelerating performance from our self-fight offerings. Rental which includes our newly formed partnership with Zillow and Newhomes. Collectively, those businesses accounted for 19% of revenues in the quarter and grew substantially this was the prior year, as we communicated last quarter, we are focused on best positioning realtor.com for our housing recovery.

Susan Panuccio: Encouragingly, we are continuing to have notable success diversifying our revenue base with accelerating performance from our self-flight offerings, rentals, which includes our newly formed partnership with Zillow and new homes. Collectively, those businesses accounted for 19% of revenues in the quarter and grew substantially versus the prior year.

Speaker Change: Encouragingly, we are continuing to have notable success diversifying our revenue base, with accelerating performance from our sell-side offerings.

Speaker Change: Rentals, which includes our newly formed partnership with Zillow, and New Homes. Collectively, those businesses accounted for 19% of revenues in the quarter and grew substantially versus the prior year.

Susan Panuccio: As we communicated last quarter, we are focused on best positioning Realtor.com for our housing recovery. Our key strategic focus areas remain the same as we head into the new financial year and include modernising our technology stack, investing in content for our product offerings, which most recently included the release of a new dynamic mapping feature, and leveraging News Corp's network to drive audience share.

Speaker Change: As we communicated last quarter, we are focused on best positioning realtor.com for a housing recovery. Our key strategic focus areas remain the same as we head into the new financial year, and include modernising our technology stack, investing in content for our product offerings, which most recently included the release of a new dynamic mapping feature, and leveraging use corps network to drive audio and share.

Susan Panuccio: Our key strategic focus areas remain the same as we head into the new financial year and include modernizing our technology stack, investing in content for our product offerings, which most recently included the release of a new dynamic mapping feature and leveraging News Corp's network to drive audience share. Turning to the subscription video services segment, revenues for the quarter were $506 million, up 1% compared to the prior year. On an adjusted basis, revenues rose 2% versus the prior year.

Our key strategic focus areas remain the same as we head into the new financial year and include modernising our technology stack, investing in content for our product offerings, which most recently included the release of a new dynamic mapping feature and leveraging News Corp's network to drive audience share. Turning to the subscription video services segment, revenues for the quarter were $506 million up 1% compared to the prior year. On an adjusted basis, revenues rose 2% versus the prior year.

Susan Panuccio: Turning to the subscription video services segment, revenues for the quarter were $506 million, up 1% compared to the prior year. On an adjusted basis, revenues rose 2% versus the prior year. Streaming revenues accounted for 32% of circulation and subscription revenues versus 29% in the prior year. Total closing paid subscribers across the Fox Tell Group were nearly 4.7 million at quarter end, up 1% from the prior year. Total paid streaming subscribers reached a record 3.2 million, increasing 5% versus the prior year and accounting for nearly 70% of the total paying subscriber base, with KO adding 108,000 subscribers and Binge adding 76,000 compared to the prior quarter.

Speaker Change: Turning to the subscription video services segment, revenues for the quarter were $506 million up 1% compared to the prior year. On an adjusted basis, revenues rose 2% versus the prior year.

Susan Panuccio: Streaming revenues accounted for 32% of circulation and subscription revenues versus 29% in the prior year. Total closing paid subscribers across the Foxtel Group were nearly 4.7 million at quarter end, up 1% from the prior year. Total paid streaming subscribers reached a record 3.2 million, increasing 5% versus the prior year and accounting for nearly 70% of the total paying subscriber base, with Kayo adding 108,000 subscribers and Binge adding 76,000 compared to the prior quarter. This speaks to the success of our winter sports codes and strong entertainment.

Speaker Change: Streaming revenues accounted for 32% of circulation and subscription revenues versus 29% in the prior year. Total closing paid subscribers across the Foxtel Group were nearly 4.7 million at quarter end, up 1% from the prior year.

Streaming revenues accounted for 32% of circulation and subscription revenues versus 29% in the prior year. Total closing paid subscribers across the Fox tell group were nearly 4.7 million at quarter end, up 1% from the prior year. Total paid streaming subscribers reached a record 3.2 million increasing 5% versus the prior year and accounting for nearly 70% of the total paying subscriber base, with KO adding 108,000 subscribers and binge adding 76,000 compared to the prior quarter.

Speaker Change: Total paid streaming subscribers reached a record 3.2 million, increasing 5% versus the prior year and accounting for nearly 70% of the total paying subscriber base, with Kayo adding 108,000 subscribers and Binge adding 76,000 compared to the prior quarter.

Susan Panuccio: This speaks to the success of our winter sports codes and strong entertainment content. Fox Tell ended the quarter with over 1.2 million residential broadcast subscribers, down 10% year over year. Broadcast turned was 11.7% versus 11.1% in the prior year, but down from over 13% last quarter, while broadcast R2 rose 6% to 90 Australian dollars, benefiting from new pricing and packaging plans implemented in March. As a result, broadcast revenues declined at the lowest rate in constant currency in over 5 years. Segment EBITDA in the quarter of $74 million was down only $4 million or 5% versus the prior year, despite including approximately $28 million of costs related to Hubble for devices and marketing.

Speaker Change: This speaks to the success of our winter sports codes and strong entertainment content.

This speaks to the success of our winter sports codes and strong entertainment content. Fox tell ended the quarter with over 1.2 million residential broadcast subscribers, down 10% year over year. Broadcast turned was 11.7 versus 11.1% in the prior year, but down from over 13% last quarter, while broadcast ARPU rose 6% to 90 Australian dollars, benefiting from new pricing and packaging plans implemented in March. As a result, broadcast revenues declined at the lowest rate in constant currency in over 5 years.

Susan Panuccio: Foxtel ended the quarter with over 1.2 million residential broadcast subscribers, down 10% year-over-year. Broadcast churn was 11.7 versus 11.1% in the prior year, but down from over 13% last quarter, while broadcast ARPU rose 6% to AU$90, benefiting from new pricing and packaging plans implemented in March. As a result, broadcast revenues declined at the lowest rate in constant currency for over five years. Segment EBITDA in the quarter of $74 million was down only $4 million, or 5% versus the prior year, despite including approximately $28 million of costs related to Hubble for devices and marketing. Excluding the Hubble investment, Foxtel's profitability would have been higher for the quarter. For the quarter, adjusted segment EBITDA fell 4%.

Speaker Change: Foxtel ended the quarter with over 1.2 million residential broadcast subscribers, down 10% year-over-year.

Speaker Change: Broadcast churn was 11.7 versus 11.1% in the prior year, but down from over 13% last quarter, while broadcast ARPU rose 6% to AU$90, benefiting from new pricing and packaging plans implemented in March.

Speaker Change: As a result, Paul Cross River used to climb at the lowest rate in constant currency in over 5 years.

Segment EBITDA in the quarter of 74 million dollars was down only 4 million dollars or 5% versus the prior year, despite including approximately 28 million dollars of costs related to Hubble for devices and marketing. Excluding the Hubble investment, Fox tell profitability would have been higher for the quarter, for the quarter adjusted segment EBITDA fell 4%. Moving on to Dow Jones, fourth quarter results were again strong at Dow Jones, with revenues of $566 million, up 4% year over year, with digital revenue accounting for 81% of total revenues this quarter, up 2% each point from last year.

Speaker Change: Segment EBITDA in the quarter of $74 million was down only $4 million, or 5% versus the prior year, despite including approximately $28 million of costs related to Hubble for devices and marketing.

Susan Panuccio: Excluding the Hubble investment, Fox Tell profitability would have been higher for the quarter. For the quarter, adjusted Segment EBITDA fell 4%.

Speaker Change: Excluding the Hubble investment, Foxtel's profitability would have been higher for the quarter.

Susan Panuccio: Moving on to Dow Jones, fourth quarter results were again strong at Dow Jones, with revenues of $566 million, up 4% year over year, with digital revenue accounting for 81% of total revenues this quarter, up 2% each point from last year. Circulation and subscription base revenues represented 79% of total revenues, again reinforcing the stability and recurring nature of the revenue base. We continue to see strong growth at PIB, with revenues rising 8% year over year, including 12% growth at Risk and Compliance to $76 million and 14% growth at Dow Jones Energy to $65 million. At risk and compliance, demand remains strong from new and existing customers, with notable success in new products, including advanced media screening and financial instruments.

Susan Panuccio: Moving on to Dow Jones. Fourth quarter results were again strong at Dow Jones, with revenues of $566 million, up 4% year-over-year, with digital revenue accounting for 81% of total revenues this quarter, up two percentage points from last year. Circulation and subscription-based revenues represented 79% of total revenues, again reinforcing the stability and recurring nature of the revenue base. We continue to see strong growth at PIB, with revenues rising 8% year over year, including 12% growth at Risk and Compliance to $76 million and 14% growth at Dow Jones Energy to $65 million. In risk and compliance, demand remains strong from new and existing customers, with notable success in new products, including advanced media screening and financial instruments.

Speaker Change: For the quarter, adjusted segment EBITDA fell 4%.

Speaker Change: Moving on to Dow Jones, fourth quarter results were again strong at Dow Jones with revenues of five hundred and sixty six million dollars up four percent year over year with digital revenue accounting for eighty one percent of total revenues this quarter up two percentage points from last year

Speaker Change: Circulation of subscription-based revenues represented 79% of total revenues. Again, reinforcing the stability and recurring nature of the revenue base.

Circulation and subscription base revenues represented 79% of total revenues, again reinforcing the stability and recurring nature of the revenue base. We continue to see strong growth at PIB, with revenues rising 8% year over year, including 12% growth at risk and compliance to $76 million and 14% growth at Dow Jones Energy to $65 million. At risk and compliance, demand remains strong from new and existing customers, with notable success in new products, including advanced media screening and financial instruments.

Speaker Change: We continue to see strong growth at PIB, with revenues rising 8% year over year, including 12% growth at Risk and Compliance to $76 million, and 14% growth at Dow Jones Energy to $65 million.

Speaker Change: At risk and compliance demand remains strong from new and existing customers with notable success in new products including advanced media screening and financial instruments.

Susan Panuccio: From a customer mixed perspective, corporate customers remain the fastest growth segment, growing over 20% and accounting for 45% of our customer base. At Dow Jones Energy, revenue in the quarter continued to benefit from the pricing review, together with the launch of a number of new products and benchmarks. Overall retention remains strong at approximately 90%. Within the Dow Jones consumer business, circulation revenues rose 1% versus the prior year, with digital-only subscriptions improving by 16% year over year and higher by 158,000 sequentially. Bumbling accounted for approximately 40% of the sequential digital-only volume growth in Q4. RP was stable sequentially as the introductory pricing is starting to rise, and the subscribers acquired over the past year have started to migrate to higher prices.

Susan Panuccio: From a customer mix perspective, corporate customers remain the fastest growing segment, growing over 20% and accounting for 45% of our customer base. At Dow Jones Energy, revenue in the quarter continued to benefit from the pricing review, together with the launch of a number of new products and benchmarks. Overall, retention remained strong at approximately 90%.

Speaker Change: From a customer mix perspective, corporate customers remain the fastest growth segment, growing over 20% and accounting for 45% of our customer base.

From a customer mixed perspective, corporate customers remain the fastest growth segment, growing over 20% and accounting for 45% of our customer base. At Dow Jones Energy, revenue in the quarter continued to benefit from the pricing review, together with the launch of a number of new products and benchmarks. Overall, retention remains strong at approximately 90%. Within the Dow Jones consumer business, circulation revenues rose 1% versus the prior year, with digital only subscriptions improving by 16% year over year and higher by 158,000 sequentially.

Speaker Change: At Dow Jones Energy, revenue in the quarter continued to benefit from the pricing review, together with the launch of a number of new products and benchmarks.

Susan Panuccio: Within the Dow Jones consumer business, circulation revenues rose 1% versus the prior year, with digital-only subscriptions improving by 16% year-over-year and higher by 158,000 sequentially. Bundling accounted for approximately 40% of the sequential digital-only volume growth in Q4. APU was stable sequentially as introductory pricing is starting to rise, and the subscribers acquired over the past year have started to migrate to higher prices.

Speaker Change: Overall retention remains strong at approximately 90%. Within the Dow Jones Consumer Business, circulation revenues rose 1% versus the prior year, with digital only subscriptions improving by 16% year over year and higher by 158,000 sequentially.

Speaker Change: Bumbling accounted for approximately 40% of the sequential digital-only volume growth in Q4. RPU was stable sequentially as the introductory pricing is starting to rise and the subscribers acquired over the past year have started to migrate to higher pricing.

Bundling accounted for approximately 40% of the sequential digital only volume growth in Q4. RP was stable sequentially, as the introductory pricing is starting to rise and the subscribers acquired over the past year have started to migrate to higher prices. Advertising revenue increased 2% to $102 million, marking the first quarter of year-over-year growth since the first quarter of fiscal 2023. Digital advertising improved 12% and that marked the strongest growth since the fourth quarter of fiscal 2022, principally due to a rebound in the technology category.

Susan Panuccio: Housing. Advertising revenue increased 2% to $102 million, marking the first quarter of year-over-year growth since the first quarter of fiscal 2023. Digital advertising improved 12%, and that marked the strongest growth since the fourth quarter of fiscal 2022, principally due to a rebound in the technology category. Print remained challenged, up 13%, and broadly consistent with recent quarters. Digital represented 66% of advertising revenues, up from 60% last year. Dow Jones segment EBITDA for the quarter grew 3% to $137 million and was again the largest segment EBITDA contributor across the company. As expected, expenses were higher this quarter, reflective of the phasing of marketing and higher employee costs, which includes a retro payment related to the ratification of a new union agreement.

Susan Panuccio: Advertising revenues increased 2% to $102 million, marking the first quarter of year-over-year growth since the first quarter of fiscal 2023. Digital advertising improved 12% and that marked the strongest growth since the fourth quarter of fiscal 2022, principally due to a rebound in the technology category. Print remained challenged, down 13% and broadly consistent with recent quarters.

Speaker Change: Advertising revenues increased 2% to $102 million, marking the first quarter of year-over-year growth since the first quarter of fiscal 2023. Digital advertising improved 12% and that marked the strongest growth since the fourth quarter of fiscal 2022, principally due to a rebound in the technology category.

Speaker Change: Brent Remain challenged up 30% and broadly consistently drew some quarters. Digital represented 66% of advertising revenues up from 60% last year.

Susan Panuccio: Digital represented 66% of advertising revenues, up from 60% last year. Dow Jones segment EBITDA for the quarter grew 3% to $137 million and was again the largest segment EBITDA contributor across the company. As expected, expenses were higher this quarter, reflective of the phasing of marketing and higher employee costs, which included a retro payment related to the ratification of a new union agreement. The Dow Jones segment finished as the highest contributor to full-year company revenue in financial year 24 for the first time and the highest contributor to total segment EBITDA for the second consecutive year.

Print remained challenged up 13% and broadly consistently through recent quarters. Digital represented 66% of advertising revenues up from 60% last year. Dow Jones segment EBITDA for the quarter grew 3% to $137 million and was again the largest segment EBITDA contributor across the company. As expected, expenses were higher this quarter, reflective of the phasing of marketing and higher employee cost, which includes a retro payment related to the ratification of a new union agreement.

Speaker Change: Dow Jones segment EBIDAR for the quarter grew 3% to $137 million and was again the largest segment EBIDAR contributor across the company. As expected, expenses were higher this quarter, reflective of the phasing of marketing and hiring plea costs.

Speaker Change: which includes a retro payment related to the ratification of a new union agreement.

Susan Panuccio: The Dow Jones segment finished as the highest contributor to full-year company revenue in financial year 24 for the first time and the highest contributor to total segment EBITDA for the second consecutive year.

Speaker Change: The Dow Jones segment finished as the highest contributor to fully company revenue in financial year 24 for the first time and the highest contributor to total segment to be the Dow for the second consecutive year.

The Dow Jones segment finished as the highest contributor to full-year company revenue in financial year 24 for the first time and the highest contributor to total segment EBITDA for the second consecutive year. At book publishing, the fourth quarter delivered very strong results and captor robust turnaround for the full year at Harper Collins, which benefited from normalisation of customer demand, strong Amazon sales, moderating inflation repressure, and up swinging digital revenues and much lower return rates.

Susan Panuccio: At book publishing, the fourth quarter delivered very strong results and captive robust turn around for the full year at HarperCollins, which benefited from normalisation of customer demand, strong Amazon sales, moderating inflation repression, and up swinging digital revenues and much lower return rates. Revenue was $512 million, up 15%, while segment EBITDA improved over 250% to $57 million, driven by strong top-line growth coupled with easy comparisons in the prior year. That said, HarperCollins nearly matched its highest fourth-quarter revenue on record and achieved its highest fourth-quarter profitability since 2018, underscoring that the performance clearly wasn't just a function of easy comparisons.

Susan Panuccio: At Book Publishing, the fourth quarter delivered very strong results and capped a robust turnaround for the full year at HarperCollins, which benefited from normalization of customer demand, strong Amazon sales, moderating inflationary pressure, and upswing digital revenues and much lower return rates. Revenues were $512 million, up 15%, while segment EBITDA improved over 250% to $57 million, driven by strong top-line growth coupled with easy comparisons in the That said, HarperCollins nearly matched its highest fourth quarter revenue on record and achieved its highest fourth quarter profitability since 2018, underscoring that the performance clearly wasn't just a function of easy comparisons.

Speaker Change: At Book Publishing, the fourth quarter delivered very strong results and capped a robust turnaround for the full year at HarperCollins, which benefited from normalisation of customer demand, strong Amazon sales, moderating inflationary pressure, and upswinging digital revenues and much lower return rates.

Speaker Change: Revenue is with $512 million up to 15% while segment EBITDA are improved over 250% to $57 million, driven by strong top-line growth coupled with easy comparisons in the prior year.

Revenue was $512 million, up 15% while segment EBITDA improved over 250% to $57 million, driven by strong top-line growth coupled with easy comparisons in the prior year. That said, Harper Collins nearly matched its highest fourth quarter revenue on record and achieved its highest fourth quarter profitability since 2018, underscoring that the performance clearly wasn't just a function of easy comparisons. The backlist contributed 62% of consumer revenues up from 59% last year while digital sales rose 12% reaching 24% of consumer sales. Audio books rose 28% in part helped by the recent Spotify partnership at increased promotions from audible, which led to audio books exceeding e-books for the first time this quarter.

Speaker Change: That said, HarperCollins nearly matched its highest fourth quarter revenue on record and achieved its highest fourth quarter profitability since 2018, underscoring that the performance clearly wasn't just a function of easy comparisons.

Susan Panuccio: The backlist contributed 62% of consumer revenues, up from 59% last year, while digital sales rose 12%, reaching 24% of consumer sales. Audio books rose 28% in part helped by the recent Spotify partnership, and increased promotions from Audible, which led to audio books exceeding ebooks for the first time this quarter.

Susan Panuccio: The backlist contributed 62% of consumer revenues, up from 59% last year, while digital sales rose 12%, reaching 24% of consumer sales. Audiobooks rose 28%, in part helped by the recent Spotify partnership and increased promotions from Audible, which led to audiobooks exceeding ebooks for the first time this quarter.

Speaker Change: The backlist contributed 62% of consumer revenues, up from 59% last year, while digital sales rose 12%, reaching 24% of consumer sales.

Speaker Change: Audiobooks rose 28%, in part helped by the recent Spotify partnership, and increased promotions from Audible, which led to audiobooks exceeding ebooks for the first time this quarter.

Susan Panuccio: Turning to news media, performance was mixed, with NewsUK posting an improved performance for the quarter, which was more than offset by challenging conditions at NewsCorp Australia. Revenue for the quarter was $545 million, down 5% versus the prior year, while adjusted revenues fell 4%. Circulation and subscription revenue fell 3% on a reported and constant currency basis due to lower print volumes and the absence of meta-revenue in Australia, which more than offset cover price increases in digital subscriber growth. Advertising was down 5% on a reported basis and 4% in constant currency, with UK digital advertising more challenged due to the continued impact from platform algorithm changes.

Susan Panuccio: Turning to news media, performance was mixed, with News UK posting an improved performance for the quarter, which was more than offset by challenging conditions at News Corp Australia. Revenues for the quarter were $545 million, down 5% versus the prior year, while adjusted revenues fell 4%. Circulation and subscription revenue fell 3% on a reported and constant currency basis due to lower print volumes and the absence of meta-revenues in Australia, which more than offset cover price increases and digital subscriber growth. Advertising was down 5% on a reported basis and 4% in constant currency.

Speaker Change: Turning to News Media, performance was mixed with news UK posting and improved performance for the quarter, which was more than offset by challenging conditions at News Corp Australia.

Susan Panuccio: Turning to news media, performance was mixed with News UK posting an improved performance for the quarter, which was more than offset by challenging conditions at News Corp Australia. Revenue for the quarter was $545 million down 5% versus the prior year while adjusted revenues fell 4%. Circulation and subscription revenue fell 3% on a reported and constant currency basis due to lower print volumes and the absence of meta revenues in Australia, which more than offset cover price increases in digital subscriber growth.

Speaker Change: Revenues for the quarter were $545 million, down 5% versus the prior year, while adjusted revenues fell 4%.

Speaker Change: Circulation and subscription revenue fell 3% on a reported and constant currency basis due to lower print volumes and the absence of meta-revenues in Australia, which more than offset cover price increases and digital subscriber growth.

Speaker Change: Advertising was down 5% on a reported basis and 4% in constant currency with UK digital advertising more challenged due to the continued impact from platform algorithm changes.

Susan Panuccio: With UK digital advertising more challenged due to the continued impact from platform algorithm changes. As our news media businesses face ongoing print challenges, they continue to focus on their transition to digital revenues and ongoing cost efficiency. Segment EBITDA of $28 million declined $17 million, or 38%, which was attributed to challenges at News Australia, including higher newsprint prices. Adjusted segment EBITDA declined 38%.

Susan Panuccio: Advertising was down 5% on a reported basis and 4% in constant currency. With UK digital advertising more challenged due to the continued impact from platform algorithm changes. As our news media businesses face ongoing print challenges, they continue to focus on their transition to digital revenues and ongoing cost efficiencies. Segment EBITDA of $28 million declined $17 million or 38%, which was attributed to challenges at News Australia, including higher newsprint prices. Adjusted Segment EBITDA declined 38%.

Susan Panuccio: As our news media businesses face ongoing print challenges, they continue to focus on their transition to digital revenues and ongoing cost efficiencies. Segment EBITDA of $28 million declined $17 million, or 38%, which was attributed to challenges at News Australia, including higher newsprint prices. Adjusted Segment EBITDA declined 38%.

Speaker Change: As our news media businesses face ongoing print challenges, they continue to focus on their transition to digital revenues and ongoing cost efficiencies.

Speaker Change: Segment EBITDA of $28 million declined $17 million, or 38%, which was attributed to challenges at News Australia, including higher newsprint prices. Adjusted segment EBITDA declined 38%.

Susan Panuccio: Turning to the outlook, market trends remain mixed geographically. However, we exit the fiscal fourth quarter with total segment EBITDA growth, and we hope to see improvements gaining fiscal 2025.

Susan Panuccio: Turning to the outlook, market trends remain mixed geographically, however, we exited the fiscal fourth quarter with total segment EBITDA growth, and we hope to see improvements in fiscal 2025. Here are some themes across each of our segments. At digital real estate, Australian residential new buy listings for July are up 12%, although the listing volume increase benefited from two additional working days. REA should benefit from an average 10% price increase in Premier Plus that has been successfully implemented.

Susan Panuccio: Turning to the outlook, market trends remain mixed geographically. However, we exit the fiscal fourth quarter with total segment EBITDA growth and we hope to see improvements gained in fiscal 2025. Some themes across each of our segments. At digital real estate, Australian residential nearby listings for July are up 12%, although the listing volume increased benefited from two additional working days. RIA should benefit from an average 10% price increasing premier plus that has been successfully implemented.

Speaker Change: Turning to the outlook, market trends remain mixed geographically, however we exited the fiscal fourth quarter with total segment EBITDA growth and we hope to see improvements again in fiscal 2025.

Susan Panuccio: Some themes across each of our segments. At digital real estate, Australian residential nearby listings for July are up 12%, although the listing volume increased benefited from two additional working days. RIA should benefit from an average 10% price increase in Premier Plus that has been successfully implemented. Year-over-year growth rates of fiscal 2025 will reflect strong prior period listing volumes, particularly for Melbourne and Sydney.

Speaker Change: Some themes across each of our segments. At digital real estate, Australian residential nearby listings that you lie are up to 12% although the listing volume increase benefited from two additional working days. Aria should benefit from an average 10% price increasing from a year plus that has been successfully implemented.

Susan Panuccio: Year-over-year growth rates for fiscal 2025 will reflect strong prior period listing volumes, particularly for Melbourne and Sydney. MOVE plans to continue with its investment strategy, focused on technology improvements and enhanced content and product offerings. We hope to see some revenue improvements given expected interest rate cuts and continued growth from adjacency. We will be closely monitoring the impact of the implementation of the new Buyer-Agent Rules, but we believe we are well placed to benefit from the expected market recovery given the scale of our audience, the quality of our leads, and the expansion of our adjacency.

Speaker Change: Year-over-year growth rates for fiscal 2025 will reflect strong prior period listing volumes, particularly for Melbourne and Sydney.

Susan Panuccio: Year-over-year growth rates of fiscal 2025 will reflect strong prior period listing volumes, particularly for Melbourne and Sydney. Lee. Move plans to continue with their investment strategy focused on technology improvements and in hearts, content and product offerings. We hope to see some revenue improvements given expected interest rate cuts and continued growth from adjacencies. We will be closely monitoring the impact from the implementation of the new buyer agent rules, but we believe we are well placed to benefit from the expected market recovery given the scale of our audience, the quality of our leads and expansion of our adjacencies.

Susan Panuccio: Lee. Move plans to continue with their investment strategy focused on technology improvements and in hearts, content, and product offerings. We hope to see some revenue improvements given expected interest rate cuts and continued growth from adjacencies. We will be closely monitoring the impact from the implementation of the new buyer agent rules that we believe we are well placed to benefit from the expected market recovery given the scale of our audience, the quality of our leads, and expansion of our adjacencies. At subscription video services, we plan to continue to scale streaming products while retaining high-value broadcast customers through improved ARPU and SHERM measures.

Speaker Change: MOVE plans to continue with their investment strategy focused on technology improvements and enhanced content and product offerings. We hope to see some revenue improvements given expected interest rate cuts and continued growth from adjacencies.

Speaker Change: We will be closely monitoring the impact from the implementation of the new buyer-agent rules, but we believe we are well placed to benefit from an expected market recovery given the scale of our audience, the quality of our leads and expansion of our adjacencies.

Susan Panuccio: At Subscription Video Services, we plan to continue to scale streaming products while retaining high-value broadcast customers through improved ARPU and SHERN measures. While we anticipate the rate of investment at Hubble to be lower in fiscal 2025, we do expect modestly higher programming costs related to sports rights.

Speaker Change: At subscription video services, we plan to continue to scale streaming products while retaining high-value broadcast customers through improved RPU and shared measures. While we anticipate the rate of investment at Hubble to be lower in fiscal 2025, we do expect modestly higher programming costs related to sports rights escalators.

Susan Panuccio: At subscription video services, we plan to continue to scale streaming products while retaining high-value broadcast customers through improved ARPU and SHERM measures. While we anticipate the rate of investment at Hubble to be lowering fiscal 2025, we do expect modestly higher programming costs related to sports rights escalators. At Dow Jones, we will remain focused on B2B growth, including upselling and new products across risk and compliance from Dow Jones Energy. We expect to see improved circulation revenue growth through digital subscription step-up pricing, and we will be monitoring those trends very closely.

Susan Panuccio: While we anticipate the rate of investment at Hubble to be lowering fiscal 2025, we do expect modestly higher programming costs related to sports rights escalators. At Dow Jones, we will remain focused on B2B growth, including upselling and new products across risk and compliance from Dow Jones Energy. We expect to see improved circulation revenue growth through digital subscription step-up pricing and will be monitoring those trends very closely. While we expect the rate of expenses to be moderately higher year-over-year due to investment, notably in B2B, we will continue to focus on cost efficiencies to drive growth. At Book Publishing, we have seen strong momentum from the backlist in July, including a resurgence from JD's ounces, Hillbilly Allergy, and a very pleased with the partnership with Spotify, which is driving increased competition in audio books.

Susan Panuccio: At Dow Jones, we will remain focused on B2B growth, including upselling and new products across risk and compliance and Dow Jones Energy. We expect to see improved circulation revenue growth through digital subscription step-up pricing, and we'll be monitoring those trends very closely. While we expect the rate of expenses to be moderately higher year over year due to investment, notably in B2B, we will continue to focus on cost efficiencies to drive growth. In Book Publishing, we saw strong momentum from the backlist in July, including a resurgence from J.D. Vance's Hillbilly Allergy and are very pleased with the partnership with Spotify, which is driving increased competition in audiobooks.

Speaker Change: At Dow Jones, we will remain focused on B2B growth, including upselling and new products across risk and compliance and Dow Jones Energy.

Speaker Change: We expect to see improved circulation revenue growth through digital subscription step-up pricing and we'll be monitoring those trends very closely. While we expect the rate of expenses to be moderately higher year over year due to investment, notably in B2B, we will continue to focus on cost efficiencies to drive growth.

Susan Panuccio: While we expect the rate of expenses to be moderately higher year-over-year due to investment, notably in B2B, we will continue to focus on cost efficiencies to drive growth. At Book Publishing, we have seen strong momentum from the backlist in July, including a resurgence from JD's ounces, Hillbilly allergy, and a very pleased with the partnership with Spotify, which is driving increased competition in audio books. We hope to see further profit improvements in 2025, or be it likely at a much more modest rate given more normalized prior year comparisons.

Speaker Change: At Book Publishing, we have seen strong momentum from the backlist in July , including a resurgence from J.G. Vance's Hillbilly Allergy, and are very pleased with the partnership with Spotify, which is driving increased competition in audiobooks.

Susan Panuccio: We hope to see further profit improvements in 2025, albeit likely at a much more modest rate, given more normalized prior year comparisons.

Susan Panuccio: We hope to see further profit improvements in 2025, albeit likely at a much more modest rate given more normalized prior year comparisons. At News Media, the advertising market remains challenging, and the businesses will continue to focus on enhancing first-party data offerings, with an emphasis on video, to drive higher quality advertising. We expect the segment to benefit from lower talk TV costs, together with savings associated with the new commercial printing joint venture in the UK, and ongoing operational efficiencies will remain a focus.

Speaker Change: We hope to see further profit improvements in 2025, albeit likely at a much more modest rate given more normalised prior year comparisons.

Susan Panuccio: At news media, the advertising market remains challenging, and the businesses will continue to focus on enhancing first-party data offerings, with an emphasis on videos to drive higher quality advertising. We expect the segment to benefit from lower talk TV costs, together with savings associated with the new commercial printing joint venture in the UK, and ongoing operational efficiencies will remain a focus. We will see new revenue from our open AI partnerships in fiscal 2025 reflected in the Dow Jones and news media segments. We expect capex in fiscal 2025 to be moderately higher than in fiscal 2024, primarily due to digital re-investment in our growth pillars.

Speaker Change: At News Media, the advertising market remains challenging and the businesses will continue to focus on enhancing first party data offerings, with an emphasis on video to drive higher quality advertising.

Susan Panuccio: At news media, the advertising market remains challenging, and the businesses will continue to focus on enhancing first-party data offerings, with an emphasis on videos to drive higher quality advertising. We expect the segment to benefit from lower talk TV costs together with savings associated with the new commercial printing joint venture in the UK, and ongoing operational efficiencies will remain a focus. We will see you revenue from our OpenAI partnerships in fiscal 2025 reflected in the Dow Jones and news media segments.

Speaker Change: We expect the segment to benefit from lower talk TV costs, together with savings associated with the new commercial printing joint venture in the UK, and ongoing operational efficiencies will remain a focus.

Susan Panuccio: We will see new revenue from our OpenAI partnerships in Fiscal 2025, reflected in the Dow Jones and News Media segments. We expect CapEx in Fiscal 2025 to be moderately higher than in Fiscal 2024, primarily due to digital reinvestment in our growth pillars. With that, I will hand it over to the operator for Q&A.

Speaker Change: We will see new revenue from our Open AI partnerships in Fiscal 2025, reflected in the Dow Jones and News Media segments. We expect CapEx in Fiscal 2025 to be moderately higher than in Fiscal 2024, primarily due to digital reinvestment in our growth pillars.

We expect capex in fiscal 2025 to be moderately higher than in fiscal 2024, primarily due to digital re-investment in our growth pillars.

Operator: With that, let me hand it over to the operator for Q&A. Thank you.

Speaker Change: With that, let me hand it over to the operator for Q&A.

Operator: With that, let me hand it over to the operator for Q&A. Thank you.

Operator: Thank you. We will now start the Q&A session. Please submit your questions to one per participant. If you have joined via the Zoom application, please use the raise hand functionality to ask a question. If you have joined via the audio line, please press star 9. Questions will be answered in the order they are received. We will now pause for a moment to assemble the queue. Our first question comes from David Karnovsky from J.P. Morgan. Please unmute your line and ask your question. Hi.

Operator: We will now start the Q&A session. Please submit your questions to one per participant. If you have joined via the Zoom application, please use the raise hand functionality to ask a question. If you have joined via the audio line, please press Star nine. Questions will be answered in the order they are received.

Speaker Change: Thank you. We will now start the Q&A session. Please submit your questions to one per participant. If you have joined via the Zoom application, please use the raise hand functionality to ask a question. If you have joined via the audio line, please press star 9.

We will now start the Q&A session. Please submit your questions to one per participant. If you have joined via the Zoom application, please use the raise hand functionality to ask a question. If you have joined via the audio line, please press star nine. Questions will be answered in the order they are received. We will now pause a moment to assemble the Q.

Operator: We will now pause a moment to assemble the Q.

David Karnovsky: Our first question comes from David Karnowski from JP Morgan. Please unmute your line and ask your question.

David Karnovsky: Our first question comes from David Karnovsky from J.P. Morgan. Please unmute your line and ask your question. Hi, thank you. Robert, on the Foxtel third-party interest, can you say anything about the nature of the transaction that's being contemplated?

David Karnovsky: Our first question comes from David Karnowski from JP Morgan. Please unmute your line and ask your question. Hi, thank you. Robert, on the box fell, there's pretty interest. Can you say anything about the nature of the transaction that's being contemplated and already engaged with one or multiple parties? It's a little unclear for your remarks.

David Karnovsky: Hi, thank you.

David Karnovsky: Robert, on the box fell, there's pretty interest. Can you say anything about the nature of the transaction that's being contemplated and are engaged with one or multiple parties? It's a little unclear for your remarks. And then how does the potential interest here complicate the thinking or maybe even the timeline behind kind of the broader process of the strategic review?

David Karnovsky: engaged with one or multiple parties. It was a little unclear from your remarks. And then how does the potential interest here complicate the thinking or maybe even the timeline behind kind of the broader process of the strategic review?

Robert Thomson: And then how does the potential interest here complicate the thinking, or maybe even the timeline behind a broader process of the strategic review? Well, David, you can see from my earlier statement that there are various processes in motion. We have had an overture, a significant overture, which we're naturally assessing. But let me make absolutely clear that we have full faith in the potential of FOXTEL and our talented team at FOXTEL, who've fashioned a well-class viewing experience in Krati Keo, which really is the best broad streaming platform globally, hence the interest in emulating its success in the US.

Robert Thomson: David, you can see from my earlier statement that there are various processes in motion. We have had an overture, significant overture, which we're naturally assessing. But let me make absolutely clear that we have full faith in the potential of FOXTEL and our talented team at FOXTEL who've fashioned their well-class viewing experience and credit KO, which really is the best sports streaming platform globally; hence the interest in emulating its success in US.

Robert Thomson: Well David, you can see from my earlier statement that there are various processes in motion. We have had an overture, a significant overture, which we're naturally assessing, but let me make absolutely clear that we have full faith in the potential of Foxtel and our talented team at Foxtel, who've fashioned a world-class viewing experience and created Kayo, which really is the best-bought streaming platform globally, hence the interest in emulating its success in the U.S.

Robert Thomson: Well, David, you can see from my earlier statement that there are various processes in motion. We have had an overture, a significant overture, which we're naturally assessing.

David Karnovsky: But let me make absolutely clear that we have full faith in the potential of Foxtel and our talented team at Foxtel who have fashioned a world-class viewing experience and created Kayo, which really is the best sports streaming platform globally, hence the interest in emulating its success in the U.S.

Robert Thomson: But on behalf of shareholders, we obviously have to evaluate any interest, knowing that we are ourselves FOXTEL fans. I mean, the streaming business is surging and broadcast up, who in the most recent quarter was 6% higher than a year earlier.

Robert Thomson: But on behalf of shareholders, we obviously have to evaluate any interest knowing that we are ourselves fervent Foxtel fans. I mean, the streaming business is surging, and Broadcast Arpoo in the most recent quarter was 6% higher than a year earlier. But secondly, strategically, we have been undertaking a broad review of our portfolio and its potential in the quest to increase shareholder value. Now that review continues apace, but on that particular matter, you'll have to stay tuned, but not indefinitely, not perpetually, not ad infinitum.

David Karnovsky: On behalf of shareholders, we obviously have to evaluate.

Robert Thomson: But on behalf of shareholders, we obviously have to evaluate any interest knowing that we are ourselves FOXTEL fans. I mean, the streaming business is surging and broadcast up, who in the most recent quarter was 6% higher than a year earlier.

Speaker Change: Any interest knowing that we are a selves, fervent, foxtail fan.

David Karnovsky: and the streaming business is surging and broadcast up who, in the most recent quarter, was 6% higher than a year earlier.

Robert Thomson: But secondly, strategically, we have been undertaking a broad review of our portfolio and its potential in the quest to increase shareholder value. Now, that review continues to pace, but on that particular matter, you'll have to stay tuned, but not indefinitely, not perpetually, not add-in for now.

Speaker Change: But secondly, strategically,

But secondly, strategically, we have been undertaking a broad review of our portfolio and its potential in the quest to increase shareholder value. Now, that review continues to pace, but on that particular matter, you'll have to stay tuned, but not indefinitely, not perpetually, not add-in for nice. Thank you, David.

Speaker Change: We have been undertaking a broad review of our portfolio and its potential in the quest to increase shareholder value. Now that review continues a pace, but on that particular matter you'll have to stay tuned, but not indefinitely, not perpetually, not ad infinitum.

Operator: Thank you, David. Leila, we'll take our next question. Our next question comes from Kane Hannan from Goldman Sachs. Please submit your line and ask your question.

Kane Hannan: Thank you, David. Leila, we'll take our next question, please. Our next question comes from Kane Hannan from Goldman Sachs. Please unmute your line and ask your question.

Speaker Change: Thank you David, Leila, we'll take our next question please.

Operator: Our next question comes from Kane Hannan from Goldman Sachs. Please unmute your line and ask your question.

Operator: Leila, we'll take our next question, please.

Speaker Change: Our next question comes from Cain Henan from Goldman Sachs. Please admit your line and ask your question.

Kane Hannan: Our next question comes from Kane Hannan from Goldman Sachs. Please unmute your line and ask your question. Morning, guys. I'm just a deal with open AI. When your papers were talking about US 250 over five years, there's only more color or things you can talk about around that deal that would help us. I mean, particularly, I saw so much of that value on the deal with around the back catalog, which may not need to be renewed in five years time, versus for the ongoing content production. Cheers.

Kane Hannan: Morning, guys. I'm just a deal with Open AI. When your papers were talking about US 250 over 5 years, there's only more color or things you can talk about around that deal that would help us.

Cain Henan: Morning guys, um just the deal with open AI when your papers were talking about what US 250 over five years

Kane Hannan: I mean, particularly, I saw so much of that value on the deal with around the back catalog, which may not need to be renewed in five years' time, but for the ongoing content production. Cheers.

Cain Henan: Is there any more color or things you can talk about around that deal that would help us?

Speaker Change: And particularly, I suppose, how much of that value in the deal with around the back catalogue, which may not need to be renewed in five years' time, versus for the ongoing content production. Cheers.

Robert Thomson: Okay, we really can't go into the precise details, but you will be able to see the impact in our news businesses. It's tangible, and it's meaningful.

Robert Thomson: Okay, and we really can't go into the precise details, but you will be able to see the impact in our news businesses. It's tangible; it's meaningful.

Speaker Change: Okay, we really can't go into the precise details but you will be able to see the impact in our news businesses. It's tangible, it's meaningful.

Robert Thomson: Okay, we really can't go into the precise details, but you will be able to see the impact in our news businesses. It's tangible. It's meaningful. The way to regard the open AI agreement is that there'll be a guaranteed amount, and that the two companies will be working to create products that generate even more value for both of the companies. The open AI team and the Sam Altman has a sophisticated sense of how to productize profitably and with principle. Neither of those qualities are a given with all Gen AI players, some of whom merely content carpet baggers. Thank you.

Robert Thomson: The way to regard the OpenAI agreement is that there will be a guaranteed amount and that the two companies will be working to create products that generate even more value for both companies. The OpenAI team under Sam Altman has a sophisticated sense of how to productize profitably and with principles. Neither of those qualities are a given with all Gen AI players, some of whom are merely content carpetbags.

Robert Thomson: The way to regard the Open AI agreement is that there'll be a guaranteed amount and that the two companies will be working to create products that generate even more value for both of the companies. The OpenAI team and the Sam Altman has a sophisticated sense of how to productise profitably and with principle, and neither of those qualities are a given with all GNII players, some of whom merely content carpetbaggers. Thank you, Kane.

Speaker Change: The way to regard the OpenAI agreement is that there will be a guaranteed amount and that the two companies will be working to create products that generate even more value for both companies. The OpenAI team under Sam Altman has a sophisticated sense of how to productise profitably and with principle.

Cain Henan: And neither of those qualities are a given with all Gen AI players, some of whom are merely content carpetbaggers.

Operator: Thank you, Kane. Layla, we'll take our next question.

Entcho Raykovski: Leila, we'll take our next question, please. Our next question comes from Ancia Rikovsky from Evanson Partners. Please go ahead.

Cain Henan: Thank you, Kane. Layla, we'll take our next question, please.

Operator: Our next question comes from Entcho Raykovski from Evanston Partners. Please go ahead.

Kane, Leila, we'll take our next question, please.

Layla: Our next question comes from Encher Rekowski from Evan Simpartner's PFO Head.

Entcho Raykovski: Our next question comes from Ancia Rikovsky from Evanson Partners. Please go ahead. Hi, Robert. Hi, Susan. I've got a Foxdale transaction question as well. I mean, assuming some sort of Foxdale transaction goes ahead, do you still expect to be able to recoup all of the Foxdale shareholder lines? And if you can remind us how much is still outstanding, I think that would be quite helpful in relation to those lines. And I appreciate there's only so much you can say, but is that the trade-off financial buyer that's most interested?

Entcho Raykovski: Hi, Robert. Hi, Susan. I've got a Foxdale transaction question as well. I mean, assuming some sort of Foxdale transaction goes ahead, do you still expect to be able to recoup all of the Foxdale shareholder lines? And if you can remind us how much is still outstanding? I think that would be quite helpful in relation to those lines. And I appreciate there's only so much you can say, but is that the trade-off financial buyer that's most interested?

Robert Thomson: Hi Robert, hi Susan. I've got a Foxtel transaction, all right. I mean, assuming some sort of Foxtel transaction goes ahead, do you still expect to be able to recoup all of the Foxtel shareholder loans? And if you can remind us how much is still outstanding, I think that would be quite helpful in relation to those loans. And I mean, I appreciate there's only so much you can say, but is that the trade or financial buyer that's most interested? What do you mean? What do you think is the most likely identity of the buyer that ends up coming through?

Speaker Change: Hi Robert, hi Susan.

Encher Rekowski: I've got a Foxtel transaction question.

Speaker Change: as well.

Encher Rekowski: I mean assuming some sort of boxel transaction goes ahead, do you still expect to be able to recouped?

Speaker Change: All of the Foxtel shareholder loans, and if you can remind us how much is still outstanding I think that would be quite helpful in relation to those loans. And I appreciate there's only so much you can say, but is it the trade or financial buyer that's most interested? What do you, I mean what do you think is the...

Entcho Raykovski: What do you think is the most likely identity of the buyer that ends up coming through?

Robert Thomson: What do you think is the most likely identity of the buyer that ends up coming through? Well, look, Ancia, as the Foxdale, we just want to be sure that the process is full and fair, and to reassure our cherished colleagues that the external interest should be seen as a clear vote of confidence in what they have achieved and how they have positively transformed the company. I mean, you recall the skepticism about Foxdale's fate four or five years ago.

Robert Thomson: Well, look, Entcho, as for Foxtel, we just want to be sure that the process is full and fair and to reassure our cherished colleagues that the external interest should be seen as a clear vote of confidence in what they have achieved and how they have positively transformed the company. I mean, you will recall the skepticism about Foxtel's fate four or five years ago. That scepticism has become optimism, and the company's performance has obviously caught the eye, the discerning eye, dare I say, of others who not only see a great company but, in these turbulent, troubled times, an expanding market like Australia, which offers regulatory certainty and ongoing economic opportunity, and Entcho.

Cain Henan: most likely identity of the buyer that ends up coming through.

Robert Thomson: As for Foxdale, we just want to be sure that the process is full and fair and to reassure our cherished colleagues that the external interest should be seen as a clear vote of confidence in what they have achieved and how they have positively transformed the company. I mean, you will recall the skepticism about Foxdale's fate four or five years ago.

Speaker Change: Well look, as for FOX though, we just want to be sure that the process is full and fair and the reassure our cherished colleagues at the external interest.

Speaker Change: should be seen as a clear vote of confidence in what they have achieved and how they are positively transformed the company. I mean, you recall the skepticism about FoxDels fight for a five years ago.

Robert Thomson: That skepticism has become optimism, and the company's performance has obviously caught the eye at the discerning idea, I say, of others who not only see a great company, but in these turbulent troubled times, an expanding market like Australia, which offers regulatory certainty and ongoing economic opportunity. And Ancia, just in relation to the shareholder loans, they just shy of 600 million outstanding at the moment, and clearly any transaction with contemplate, what we do with those lines. Thank you.

Robert Thomson: That skepticism has become optimism, and the company's performance has obviously caught the eye at the discerning idea, I say, of others who not only see a great company, but in these turbulent, troubled times, an expanding market like Australia, which offers regulatory certainty and ongoing economic opportunity.

Speaker Change: That skepticism has become optimism and the company's performance is obviously caught the discerning idea I say of others.

Speaker Change: who not only see a great company, but in these turbulent, troubled times, an expanding market like Australia, which offers regulatory certainty and ongoing economic opportunity.

Susan Panuccio: And Entcho, just in relation to the shareholder loans, they're just shy of $600 million outstanding at the moment, and clearly, any transaction would contemplate what we do with those loans.

Robert Thomson: And in short, just in relation to the shareholder loans, they are just shy of 600 million outstanding at the moment, and clearly, any transaction will contemplate what we do with those lines.

Entcho: And Entcho, just in relation to the shareholder loans, they're just shy of $600 million outstanding at the moment, and clearly any transaction would contemplate what we do with those loans.

Brian Han: Thank you, Encho, Leila. We will take our next question, please. Our next question comes from Brian Hahn from Morningstar.

Operator: Thank you, Entcho. Leila, we will take our next question. Our next question comes from Brian Han from Morningstar. Oh, good morning. Have you guys been investing in the move?

Entcho: Thank you, Entcho. Leila, we will take our next question, please.

Robert Thomson: Brian, our unique users in Q4 were 3% higher sequentially at 74 million, even though the market itself is sluggish and the competition is more intense. But the most important thing to bear in mind with Realtor is that Damien and his team have been doing a vast amount of work on improving the tech and the experience, and so they're poised with poise, dare I say, given that the market does seem on the cusp of a revival.

Operator: Our next question comes from Brian Han from Morningstar.

Ancia, Leila, we will take our next question, please.

Leila: Our next question comes from Brian Han from Morningstar.

Brian Han: Oh, good morning. You guys have been investing in move for some time now, yet the trust numbers for Realtor.com continue to be pretty stagnant. So will there be any changes in the kind of investment you'll be making in move? Brian, our unique usage in Q4 was 3% higher, sequentially, at 74 million, even though the market itself was sluggish and the competition more intense.

Brian Han: Our next question comes from Brian Hahn from Morningstar.

Leila: talkk

Robert Thomson: Oh, good morning. You guys have been investing in move for some time now, yet the trust numbers for realtor.com continue to be pretty stagnant. So will there be any changes in the kind of investment you'll be making in move? Brian, our unique usage in Q4 was 3% higher, sequentially, it's 74 million, even though the market itself is sluggish and the competition more intense. But the most important thing to bear in mind with Realtor is that Damien Entertainment has been doing a vast amount of work in improving the tech, the experience, and so they're poised with poised, or I say, given that the market does seem on the cusp of a revival.

Brian Han: Good morning. You guys think investing in this for some time now, yet the trust number for real to continue to be pretty stagnant.

Brian Han: So will there be any changes in the kind of investments you'll be making in mind?

Leila: Brian , our unique users in Q4 were 3% higher sequentially at 74 million, even though the market itself was sluggish and the competition more intense.

Robert Thomson: But the most important thing to bear in mind with Realtor is that Damien and the team have been doing a vast amount of work in improving the tech, the experience, and so they're poised, with poised, or I say, given that the market does seem on the cusp of a revival. And, as mentioned earlier, we've seen from our Australian experience that an extended period of suppressed demand can lead to almost an explosion in activity as families can finally afford to make the moves that they've been delaying. And once those movements start, there will be more liquidity, which of itself stimulates further demand.

Speaker Change: But the most important thing to bear in mind with realtors is that Damien and his team have been doing a vast amount of work in improving the tech, the experience, and so they're poised with poise, dare I say, given that the market does seem on the cusp of a revival.

Robert Thomson: And as mentioned earlier, we've seen from our Australian experience that an extended period of suppressed demand can lead to almost an explosion in activity, as families can finally afford to make the moves that they've been delaying. And once those movements start, there will be more liquidity, which stimulates further demand. I have to say that Damien has done an excellent job of taking full advantage of our media platforms to raise the profile of Realtor and drive traffic, and there's much anticipation and excitement at Realtor.

Speaker Change: And as mentioned earlier, we've seen from our Australian experience that an extended period of suppressed demand can lead to almost an explosion in activity as families can finally afford to make the moves that they've been delaying.

Robert Thomson: And as mentioned earlier, we've seen from our Australian experience that an extended period of suppressed demand can lead to almost an explosion in activity as families can finally afford to make the moves that they've been delaying. And once those movements start, there will be more liquidity, which of itself stimulates further demand. Perhaps as a Damien has done an excellent job in taking full advantage of our media platforms to raise the profile of Realtor and Drive traffic, and there's much anticipation excitement at Realtor.

Speaker Change: And once those movements start, there will be more liquidity, which of itself stimulates further demand. I have to say that Damien has done an excellent job in taking full advantage of our media platforms to raise the profile of realtor and drive traffic, and there's much anticipation and excitement.

Robert Thomson: Perhaps, as I said, Damien has done an excellent job in taking full advantage of our media platforms to raise the profile of Realtor and drive traffic, and there's much anticipation excitement at Realtor. And in particular because the revenue at the newer product lines, a seller, for example, was markedly higher than a year ago. Now, the US has traditionally been a boiled market, but the Australian market, where we've had stunning success with REA, is a seller market, so we're pleased to see that rose trend here. And we're also pleased to see today that 30-year mortgage rates dropped to a 15-month low at 6.47%.

Robert Thomson: And in particular because revenue at the newer product lines, Seller, for example, is markedly higher than a year ago. Now, the US has traditionally been a buyer-led market, but the Australian market, where we've had stunning success with REA, is a seller market. So we're pleased to see that growth trend here. And we're also pleased to see today that 30-year mortgage rates dropped to a 15-month low, to 6.47%. Now, it's fair to presume that rates will continue to fall over time, and historically, there's been a corresponding increase in housing activity.

Speaker Change: at Realtor, and in particular because revenue at the newer product lines, Seller for example, is markedly higher than a year ago. Now, the US has traditionally been a buy-led market, but the Australian market, where we've had stunning success with REA, is a seller market. So we're pleased to see that growth trend here.

Robert Thomson: And in particular, because of revenue at the newer product lines, Cellar, for example, is markedly higher than a year ago. Now, the US has traditionally been a bioled market, but the Australian market, where we've had stunning success with REA, is a cellar market. So we're pleased to see that rose trend here. And we're also pleased to see today that 30 mortgage rates dropped to a 15 month load at 6.47%. Now, it's fair to presume that rate will continue to fall over time.

Speaker Change: And we're also pleased to see today that 30-year mortgage rates dropped to a 15-month low to 6.47%. Now, it's fair to presume that rate will continue to fall over time, and historically there's been a corresponding increase in housing activity.

Robert Thomson: Now, it's fair to presume that rate will continue to fall over time. And historically, there's been a corresponding increase in housing activity.

Susan Panuccio: And Brian, to that end, and to what Robert was saying, we will keep investing in the business because we believe in the business. We expect the cost increases to be modest for the full year, with the increases more weighted to the second half. But you can expect that the dollar value of those increments is going to be less than the dollar value of the increments that you saw in Q3 and Q4 of this year.

Susan Panuccio: And Brian, to that end and to what Robert was saying, we will keep investing in the business because we believe in the business. We expect the cost increases to be modest for the full year, with the increase as more weighted to the second half. But you can expect that the dollar value of those increments are going to be less than the dollar value of the increments that you saw in Q3 and Q4 of this year.

Robert Thomson: And historically, there's been a corresponding increase in housing activity. And Brian, to that end, and to what Robert was saying, we will keep investing in the business because we believe in the business. We expect the cost increases to be modest for the full year, with the increases more weighted to the second half. But you can expect that the dollar value of those increments are going to be less than the dollar value of the increments that you saw in Q3 and Q4 of this year.

Brian Han: And Brian , to that end, and to what Robert was saying, we will keep investing in the business because we believe in the business. We expect the cost increases to be modest for the full year, with the increases more weighted to the second half. But you can expect that the dollar value of those increments are going to be less than the dollar value of the increments that you saw in Q3 and Q4 of this year.

Susan Panuccio: Thank you, Brian.

Darren Leung: Leila, we will take our next question, please. Our next question comes from Darren Lyung from Macquarie.

Operator: Thank you, Brian. Laila, we will take our next question, please.

Speaker Change: Thank you Brian, Leila, we will take our next question, please.

Thank you, Brian.

Operator: Our next question comes from Darren Leung from Macquarie. Please go ahead.

Operator: Leila, we will take our next question, please.

Operator: Good morning guys. Thanks for the opportunity and for the good results.

Darren Leung: Please go ahead.

Speaker Change: Our next question comes from Darren Leung from Macquarie. Please go ahead.

Darren Leung: Our next question comes from Darren Lyong from Macquarie. Please go ahead. Good morning, guys. Thanks for the opportunity and the rest of the good results. My question was this in relation to FoxTell, and maybe just on the operational side. Robert,[inaudible] so the CapEx, targets, things like that. So in 2024, it's just a little bit sharper targets. I guess I'm keen to hear if there's any updates, in terms of how you're thinking about those new targets, either from a quantitative perspective or from a timeline perspective, particularly in light of the figure we use. Thanks.

Darren Leung: Good morning, guys. Thanks for the opportunity, and that's all the good results. My question was just in relation to FoxTell, and maybe just not operational side. Robert, you may have said comments about improvement in FoxTell thus far. I guess, when I think about the investor day in 2021, there were three major aspirational targets. Subscribers, revenue, sort of capex targets, things like that. Also, hit 2024, which is a little bit sharp; those targets.

Darren Leung: Good morning guys. Thanks for the opportunity and that's all the big results. My question was this in relation to foster and maybe just from the operational side. Robert, you may have to comment around.

Robert Thomson: My question is just in relation to Foxtel and maybe just on the operational side. Robert, you made some comments about the improvement in Foxtel thus far. I guess when I think about investor day in 2021, there were sort of three major aspirational targets, subscribers, revenue, sort of CapEx targets, things like that. You know, we've sort of hit 2024, and we're just a little bit shy of those targets. I guess I'm keen to hear if there are any updates in terms of how you're thinking about those renewed targets, either from a quantitative perspective or from a timeline perspective, particularly in light of the efficient renewal. Thanks.

Speaker Change: and it improved when it didn't have felt as far.

Speaker Change: I guess when I think about the investor day in 2021, there were sort of three major aspirational targets. Subscribers, revenue, you know sort of CapEx for targets, things like that. You know we sort of hit 2024 and we're just a little bit shy of those targets. I guess I'm keen to hear if there's any updates in terms of...

Darren Leung: I guess I'm keen to hear if there's any updates, attempts of how you're thinking about those new targets, either from a quantitative perspective or from a timeline perspective, particularly in light of the future.

Speaker Change: How you're thinking about those new targets, are there for, you know, quantitative or some of our timeline perspective, typically a lot to see our particular next.

Robert Thomson: Thanks, Darren. We can't really reveal any more figures than we already have today, but our ambitions for FoxTell are undaunted. I think what is particularly striking is that you're seeing growth in the streaming business while combined with about 6% increase in ARPU in the Broadcast segment.

Robert Thomson: Darren, we can't really reveal any more figures than we already have today, but our ambitions for Foxtel are undaunted. And I think what is particularly striking is that you're seeing growth in the streaming business, combined with that 6%... increase in ARPU in the broadcast segment. So you're not seeing the fundamentally fatal contradictions that you are at some broadcasting companies in other parts of the world, which is why, no doubt, the success of Kayo, the success of Binge, and the emerging success of Hubble have attracted a certain amount of attention.

Speaker Change: Darren, we can't really reveal any more figures than we already have today but our ambitions for Foxtel are undaunted.

Robert Thomson: Darren, we can't really reveal any more figures than we already have today, but our ambitions for FoxTell are undaunted. And I think what is particularly striking is that you're seeing growth in the streaming business, while combined with that 6% increase in ARPU in the Broadcast segment. So you're not seeing the fundamentally fatal contradictions that you are at some broadcasting companies in other parts of the world, which is why, no doubt, the success of KO, the success of binge, the emerging success of Hubble, have attracted a certain amount of attention.

Speaker Change: And I think what is particularly striking is that you're seeing growth in the streaming business, while combined with that 6% growth.

Robert Thomson: So, you're not seeing the fundamentally fatal contradictions that you are at some broadcasting companies in other parts of the world, which is why, no doubt, the success of KO, the success of Binge, the emerging success of Hubble have attracted a certain amount of attention. Darren, you know, since we had that investor day, I mean, it's fair to say that the landscape has changed materially over the last couple of years, but we're really proud of the fact that the streaming subscribers are an all-time high. We have been taking price across our broadcaster and our streaming products in order to focus on that revenue growth.

Speaker Change: increase in ARPU in the broadcast segment so you're not seeing the fundamentally fatal contradictions that you are at some broadcasting companies in other parts of the world which is

Speaker Change: Why, no doubt, the success of Cayama, the success of binge, the emerging success of Hubble have attracted a certain amount of attention.

Susan Panuccio: And Darren, you know, since we had that Investor Day, I mean, it's fair to say that the landscape has changed materially over the last couple of years, but we're really proud of the fact that the number of streaming subscribers is at an all-time high. We have been raising prices across our broadcast and our streaming products in order to focus on that revenue growth. And our CapEx, notwithstanding the investment in Hubble in the current year, has been coming down. So I think we feel pretty good about those targets that we put out there.

Speaker Change: And Darren, you know, since we had that Investor Day, I mean, it's fair to say that the landscape has changed materially over the last couple of years, but we're really proud of the fact that the streaming subscribers are at an all-time high. We have been taking price across our broadcast and our streaming products in order to focus on that revenue growth.

Robert Thomson: And Darren, you know, since we had that investor day, I mean, it's fair to say that the landscapes has changed materially over the last couple of years, but we're really proud of the fact that the streaming subscribers are an all-time high. We have been taking price across our board, casting our streaming products in order to focus on that revenue growth. And our capex, notwithstanding the investment in Hubble in the current year, has been coming down. So I think we feel pretty good about those targets.

Thank you.

Robert Thomson: And our capex, notwithstanding the investment in Hubble in the current year, has been coming down. So, I think we feel pretty good about those targets.

Speaker Change: And our CapEx, notwithstanding the investment in Hubble in the current year, has been coming down. So I think we feel pretty good about those targets that we put out there.

Robert Thomson: Thank you.

Operator: Thank you, Darren. Layla, we'll take our next question. Our next question comes from Lucy Huang from UBS. Please unmute your line. Hi Robert, and hi Susan.

Lucy Huang: Darren, Leila, we'll take our next question. Our next question comes from Lucy Huang from UBS.

Speaker Change: Thank you, Darren. Leila, we'll take our next question.

Operator: Our next question comes from Lucy Huang from UBS. Please unmute your line.

Lucy Huang: Darren, Leila, we'll take our next question.

Lucy Huang: Please unmute your line. I, Robert, and Hi, Susan. So my question is on cost as well, coming into FY 25. I mean, I think this year we've seen pretty strong cost control across the business. Just wondering how we should be thinking about the cost momentum into 25. I know that recently made some changes in Australian businesses. As well to take some cost out. So just wondering if I can go through some puts and takes.

Speaker Change: Our next question comes from Lucy Huang from UBS. Please unmute your line.

Our next question comes from Lucy Huang from UBS, please unmute your line. I Robert and Hi Susan, so my question is on cost as well coming into FY 25. I mean, I think this year we've seen pretty strong cost control across the business, just wondering how we should be thinking about the cost momentum into 25. I know that recently made some changes in Australian businesses. And as well to take some cost out, so just wondering if I can go through some puts and takes next.

Operator: So my question is on cost as well coming into FY20.

Lucy Huang: Hi Robert and hi Susan. So my question is on cost as well coming into FY25. I mean I think this year we've seen pretty strong cost control across the business. Just wondering how we should be thinking about

Speaker Change: The cost momentum into 25, I note that recently made some changes in the Australian business as well to take some costs out. So just wanted to go through some puts and take.

Susan Panuccio: Look here, we talk about this each quarter. I think we feel pretty good about our cost cadence. Clearly, it's going to be different depending on the segments that we operate in.

Susan Panuccio: Look, yeah, we talk about this each quarter. I think we feel pretty good about our cost cadence. Clearly, it's going to be different depending on the segments that we operate in. We're just talking about Realtor, expecting that whilst they will still focus on cost efficiencies, there's likely to be reinvestment in that segment. Within the news media, we have sort of got a little bit ahead of the game in that the UK has made its transition from linear talk TV and the commercial joint venture printing venture that we've mentioned.

Speaker Change: Look, yeah, we talk about this each quarter. I think we feel pretty good about our cost cadence. Clearly it's going to be different depending on the segments that we operate in. We're just talking about Realtor expecting that whilst they will still focus on cost efficiencies, there's likely to be reinvestment in that segment.

Look here, we talk about this each quarter. I think we feel pretty good about our cost cadence. Clearly it's going to be different depending on the segments that we operate in. We're just talking about realtor expecting that that was still focus on cost efficiencies as likely to be reinvested in that segment. Within use media, we have sort of got a little bit ahead of the game in that the UK has done their transition from linear talk TV and the commercial joint.

Susan Panuccio: We're just talking about realtor expecting that that was still focus on cost efficiencies as likely to be reinvested in that segment within use media. We have sort of got a little bit ahead of the game in that the UK has done their transition from linear talk TV and the commercial joint.

Speaker Change: Within news media, we have sort of got a little bit ahead of the game in that the UK has done their transition from linear of talk TV and the commercial joint venture printing venture that we've mentioned. So that will give them some good cost savings coming into 2025. And as you mentioned, News Corp Australia has restructured down there, so that will also give them added momentum going into the new year.

Susan Panuccio: We've mentioned a joint venture printing venture that we've mentioned. So that will give them some good cost savings coming into 25. And, as you mentioned, News Corp Australia has restructured down there. So that will also give some added momentum going into the new year. We expect our cost our Jones that cost would increase probably mid single digits. That's pretty consistent with what we saw this year. And that supports the fact that that business is growing, particularly on the B2B side of the business. And HarperCollins really, they cost have started to stabilize off the back of a pretty choppy couple of years.

Susan Panuccio: So that will give them some good cost savings coming into 2025. And, as you mentioned, News Corp Australia has restructured down there. So that will also give some added momentum going into the new year. We expect across Dow Jones that costs will increase probably by mid single digits. That's pretty consistent with what we saw this year, and that supports the fact that that business is growing, particularly on the B2B side of the business.

The joint venture printing venture that we've mentioned, so that will give them some good cost savings coming into 25. And as you mentioned, News Corp Australia has restructured down there, so that will also give some added momentum going into the new year. We expect our cost, our zones that cost would increase, probably mid single digits. That's pretty consistent with what we saw this year, and that supports the fact that that business is growing, particularly on the B2B side of the business.

Speaker Change: We expect across Dow Jones that costs would increase, probably mid-single digits. That's pretty consistent with what we saw this year.

Susan Panuccio: And HarperCollins, really, their costs have started to stabilize off the back of a pretty choppy couple of years. And so we expect that the margin for that business will be broadly consistent as we go into 2025.

Speaker Change: supports the fact that that business is growing, particularly on the B2B side of the business.

Speaker Change: And HarperCollins, really, their costs have started to stabilise off the back of a pretty choppy couple of years. And so we expect that the margin for that business will be broadly consistent as we go into 2025.

And HarperCollins really their costs have started to stabilize off the back of a pretty choppy couple of years. And so we expect that the margins for that business will be brought to consistent as we're going to 2025.

Susan Panuccio: And so we expect that the margins for that business will be brought to consistent as we're going to 2025.

Thank you.

Operator: Thank you, Lucy. Leila, we'll take our next question, please.

Susan Panuccio: Thank you.

Alan Bould: Lucy, Leila, will take our next question, please. Our next question comes from Alan Bould from Luke Capital.

Speaker Change: Thank you Lucy, Laila, we'll take our next question please.

Operator: Our next question comes from Alan Gould from Loop Capital. Please go ahead.

Lucy, Leila will take our next question, please.

Alan Bould: Please go ahead. Thank you. I've got two questions, please.

Speaker Change: Our next question comes from Alan Gould from Loop Capital. Please go ahead.

Alan Gould: Our next question comes from Alan Bould from Loop Capital, please go ahead. Thank you. I've got two questions, please. First Robert, how is signing the Open AI deal and pack your negotiations with other Gen AI companies? And my second question is, both you and Susan and the press release discuss the divisions, the three divisions that are the fillers of growth. So it makes one think, why do we have the other two divisions?

Robert Thomson: Thank you. I've got two questions, please. First, Robert, how is signing the OpenAI deal impacting your negotiations with other Gen-AI companies? And my second question is, both you and Susan and the press release discuss the three divisions that are the pillars of growth. It makes one think, why do we have the other two divisions? Now, Foxtel may take care of itself. And I don't know if Rupert and Elnathan are on the call, but I know that news media is sort of the genesis of the company. But you see, it'd be simpler and the company would be growing quicker without those two divisions. So, just your thoughts on those two questions. Thank you.

Alan Bould: First Robert, how is signing the Open AI deal and pack your negotiations with other gen AI companies. And my second question is, both you and Susan and the press release discussed the divisions, the three divisions that are the pillars of growth. So it makes one think: why do we have the other two divisions now? Fox sell may take care of itself. And I don't know if we're going to lock in our on the call, but I know that news media sort of the genesis of the company.

Alan Gould: Thank you. I've got two questions, please. First, Robert, how is signing the OpenAI deal impacting your negotiations with other Gen AI companies? And my second question is, both you and Susan and the press release discuss the three divisions that are the pillars of growth.

Alan Gould: Now Fox sell may take care of itself. And I don't know if we're going to lock in our on the call, but I know that news media sort of the genesis of the company. But you see it would be simpler and the company would be growing quicker without those two divisions. So just your thoughts on those two questions. Thank you.

Speaker Change: It makes one think what we have the other two divisions, now Foxell may take care of itself and I don't know if we're going to laugh and are on the call but I know that news media sort of the genesis of the company, but you see the

Robert Thomson: But you see, it would be simpler, and the company would be growing quicker without those two divisions. So just your thoughts on those two questions. Thank you.

Speaker Change: It'd be simpler and the company would be growing quicker without those two divisions. So just your thoughts on those two questions. Thank you.

Robert Thomson: Well Alan, I'll take the second question first. We're constantly reviewing our structure. We're very proud of all the divisions and the growth that we're seeing across the majority of them over the past quarter and the past year, as you can see from the accounts. As for OpenAI, we have made clear in the past that we would prefer to woo rather than to sue, to negotiate rather than to litigate, but for some, the process of suing has started. Now sometimes the threat of suing can be a precursor to wooing, but we will surely see the outcome in the coming months.

Robert Thomson: Well, Alan, I'll take the second question first. We're constantly reviewing our structure. We're very proud of all the divisions and the growth that we're seeing across the majority of them over the past quarter and the past year. You can see from yourself from the accounts. As for OpenAI, we have made clear in the past that we would prefer to woo rather than to sue, to negotiate rather than to litigate, but for some the process of suing has started. Now, sometimes the threat of suing can be a precursor to wooing that we will surely see the outcome in coming months.

Speaker Change: Well, and I'll take the second question first. We're constantly reviewing our structure. We're very proud of all the divisions and the growth that we're seeing across the majority of them over the past quarter and the past year you can see from yourself from the accounts.

Well, Alan, I'll take the second question first. We're constantly reviewing our structure. We're very proud of all the divisions and the growth that we're seeing across the majority of them over the past quarter and the past year, you can see from yourself, from the accounts. As for Open AI, we have made clear in the past that we would prefer to woo rather than to sue to negotiate rather than to litigate, but for some the process of suing has started.

Now, sometimes the threat of suing can be a precursor to wooing that we will surely see the outcome in coming months. And Alan, just to add just on news media, you know, we have been really focusing on that segment in order to keep that segment stable and transition to digital. They've faced enormous headwinds since we separated and the businesses have actually done a enormous job in light of the huge print declines that we've seen across those businesses.

Speaker Change: As for OpenAI, we have made clear in the past that we would prefer to woo rather than to sue, to negotiate rather than to litigate, but for some, the process of suing has started.

Speaker Change: Now, sometimes the threat of suing can be a precursor to wooing, but we will surely see the outcome in coming months.

Susan Panuccio: And Alan, just to add on news Media, you know, we have been really focusing on that segment in order to keep that segment stable and transition to digital. They've faced enormous headwinds since we separated, and the businesses have actually done an enormous job in light of the huge print declines that we've seen across those businesses. And those businesses also provide a valuable audience that we use across the rest of the portfolio.

Robert Thomson: And Alan, just to add, just on news media, you know, we have been really focusing on that segment in order to keep that segment stable and transition to digital. They've faced enormous headwinds since we separated, and the businesses have actually done an enormous job in light of the huge print declines that we've seen across those businesses. And those businesses also provide a valuable audience that we use across the rest of the portfolio. They've really helped RIA with advertising for a marketing perspective. They help audience growth across moves. They've helped support Fox Tell with some of the marketing efforts down in Australia.

Speaker Change: And Alan, just to add just on news media, you know, we have been really focusing on that segment in order to keep that segment stable and transition to digital. They've faced enormous headwinds since we separated and the businesses have actually done an enormous job.

Speaker Change: in light of the huge print declines that we've seen across those businesses.

And those businesses also provide a valuable audience that we use across the rest of the portfolio. They've really helped RIA with advertising for a marketing perspective. They help audience growth across move. They've helped support Fox tell with some of the marketing efforts down in Australia. And so we do utilize those segments in a broader way across the portfolio. And just to reinforce that point, for example, the New York Post, we have 117 million monthly uniques, this content complementarity with realtor.

Speaker Change: and those businesses also provide a valuable audience that we use across the rest of the portfolio. They've really helped RAA, we've advertising for a marketing perspective, they help audience growth across the news, they've helped support FOXTELL with some of the marketing efforts down in Australia. And so we do utilize those segments in a broader way across the portfolio.

Susan Panuccio: They've really helped REA with advertising from a marketing perspective, they've helped audience growth across MOVE, and they've helped support Foxtel with some of the marketing efforts down in Australia. And so we do utilise those segments in a broader way across the portfolio.

Robert Thomson: And so we do utilize those segments in a broader way across the portfolio. And just to reinforce that point, for example, the New York Post, we have 117 million monthly uniques. This content complementarity with realtor. That's true for many of our media properties around the world; the combination between our news media properties in Australia and RIA and Fox Tell. So these companies together far more than some of the parts. And the content is hugely valuable when we think about these content deals that we're doing across the business. They have valuable archives that go back hundreds of years.

Robert Thomson: And just to reinforce that point, for example, at the New York Post, we have 117 million monthly unique visitors; there's content complementarity with Realtor; that's true for many of our media properties around the world, the combination between our news media properties in Australia and REA and Foxtel, so these companies together are far more than the sum of the parts.

Speaker Change: And just to reinforce that point, for example, at the New York Post we have 117 million monthly uniques. There's content complementarity with Realtor. That's true for many of our media properties around the world, the combination.

That's true for many of our media properties around the world, the combination between our news media properties in Australia and RIA and Fox tell. So these companies together are far more than some of the parts. And the content is hugely valuable when we think about these content deals that we're doing across the business, they have valuable archives that go back hundreds of years. He's hugely important to us. Thank you, Alan.

Speaker Change: between our news media properties in Australia and REA and Foxtel, so these companies together are far more than the sum of the parts.

Robert Thomson: Leila, we will take our next question, please.

Susan Panuccio: And the content is hugely valuable when we think about these content deals that we're doing across the business. They have valuable archives that go back, you know, hundreds of years that are hugely important to us.

Speaker Change: And the content is hugely valuable when we think about these content deals that we're doing across the business. They have valuable archives that go back, you know, hundreds of years that are hugely important to us.

Robert Thomson: He's hugely important to us.

Craig Huber: Thank you, Alan. Leila, we will take our next question, please.

Operator: Thank you, Alan. Leila, we will take our next question, please.

Speaker Change: Thank you, Alan. Leila, we will take our next question, please.

Craig Huber: Our next question comes from Craig Huber from Huber Research. Please go ahead. Yes, hi, thank you.

Operator: Our next question comes from Craig Huber from Huber Research. Please go ahead.

Leila: Our next question comes from Craig Huber from Huber Research. Please go ahead.

Craig Huber: Our next question comes from Craig Huber from Huber Research. Please go ahead. Yes, hi, thank you. Robert, just wanted to ask you that asking you in prior calls about simplifying the company. Obviously, almost nine months to the day you made the formal public announcement of a looking to the process of simplifying the company. Many were here nine months later. When I asked you three months ago, you sort of hinted that part of the hold up here was on the regulatory side of things and stuff.

Craig Huber: Yes, hi, thank you. Robert, just wanted to ask you what I've been asking you on prior calls about the simplifying of the company, obviously, almost nine months to the day you made the formal public announcement of looking into the process of simplifying the company. We're here nine months later. When I asked you three months ago, you sort of hinted that part of the holdup here was on the regulatory side of things and stuff. I guess my question honestly is, why was that not anticipated?

Craig Huber: Robert just wanted to ask you that asking you in prior calls about the simplifying of the company. Obviously, almost nine months to the day, you made the formal public announcement of looking to the process of simplifying the company. I asked you three months ago; you sort of hinted that part of the hold up here was on the regulatory side of things and stuff.

Craig Huber: Yes, hi, thank you. Robert, just wanted to ask you, I've been asking you...

Craig Huber: I guess my question honestly is, why was that not anticipated and also why would you guys go public with your thoughts that you want to simplify the company nine months ago. It's supposed to just wait longer here and do more homework in the background. Because you've talked about before you have even a lot of work on this before you made the public announcement and we're still sitting here nine months later. I know a lot of investors are quite eager to see a simplification of the company here and stuff. We're sitting here nine months into it. It doesn't sound like it's around the corner.

Craig Huber: and prior calls about the simplifying of the company, obviously, almost nine months to the day you made the formal public announcement of looking to the process of simplifying the company who here nine months later. When I asked you three months ago, you sort of hinted that part of the hold up here.

Craig Huber: I guess my question, honestly, is why was that not anticipated? And also, why did you guys go public with your thoughts that you want to simplify the company nine months ago? It's supposed to just wait longer here and do more homework in the background. Because you've talked up before, you did a lot of work on this before you made the public announcement, and we're still sitting here nine months later. I know a lot of investors are quite eager to see a simplification of the company here and stuff. We're sitting here nine months into it. It doesn't sound like it's around the corner.

Craig Huber: was on the regulatory side of things and stuff.

Speaker Change: I guess my question honestly is...

Robert Thomson: And also, why did you guys go public with your thoughts that you wanted to simplify the company nine months ago as opposed to just wait longer here and do more homework in the background? Because, as we've talked about before, you did a lot of work on this before you made the public announcement, and we're still sitting here nine months later. I know a lot of investors are quite eager to see a simplification of the company here and stuff, but we're sitting here nine months into it.

Speaker Change: Why was that not anticipated? And also, why did you guys go public with your thoughts, that you want to simplify the company nine months ago, as opposed to just wait longer here and do more homework in the background? Because you've talked about before, you did a lot of work on this before you made the public announcement, and we're still sitting here nine months later.

Robert Thomson: It doesn't sound like it's around the quarter. I don't know that for sure. I guess my question is, how much longer is the process going to take? I know it's a complicated company and stuff, but is it just as simple as just the regulatory side of things that would slow this whole thing down?

Operator: Thank you.

Speaker Change: I know a lot of investors are quite...

Speaker Change: Eager to see a simplification of the company here and stuff. We're sitting here nine months into it. It doesn't sound like it's around the corner. I don't know that for sure, but I guess my question is, how much longer is the process going to take? I know it's a complicated company and stuff, but is it just as simple as just a regulatory side of things that would slow this whole thing down? Thank you.

Robert Thomson: I don't know that for sure, but I guess my question is, how much longer is this going to take? I know it's a complicated company, but it's just, it's just a regular toy. It's not a thing that would slow them; it's a whole thing down.

Robert Thomson: I don't know that for sure, but I guess my question is how much longer is this going to the process going to take the notes of complicated companies, but it's just it's just simple, just the regulatory side of things that would slow them its whole thing down. Thank you. Greg, we're constantly institutional introspective. We've obviously been engaged in the process and as I indicated earlier, that process will not continue indefinitely nor perpetually, but we have actually already completed a significant amount of regulatory work to make possible that kind of introspection.

Robert Thomson: Thank you.

Robert Thomson: Craig, we're constantly institutionally introspective. We've obviously been engaged in the process, and as I indicated earlier, that process will not continue indefinitely nor perpetually, but we have actually already completed a significant amount of regulatory work to make possible that kind of introspection, but we cannot give you a specific date. We can assure you that there is much effort going on, and obviously that effort now coincides with interest in Foxtel. That process has to play out in a full and fair manner for all concerned, but clearly there'll be a certain amount of tension on that in the coming weeks and days.

Robert Thomson: Greg, we're constantly institutionally introspective. We've obviously been engaged in the process. And as I indicated earlier, that process will not continue indefinitely, nor perpetually, but we have actually already completed a significant amount of regulatory work to make possible that kind of introspection.

Speaker Change: Greg, we're constantly institutionally introspective. We've obviously been engaged in the process and as I indicated earlier

Greg: that process will not continue indefinitely nor perpetually, but we have actually already completed a significant amount of regulatory work to make possible that kind of introspection.

Robert Thomson: But we cannot give you a specific date. We can assure you that there is much effort going on. And obviously that effort now coincides with interest in Fox. Tell that process has to play out in a full and fair manner for all concerned. But clearly, there'll be a certain amount of tension on that in coming weeks and coming days.

Speaker Change: but we cannot give you a specific date. We can assure you that there is much effort going on and obviously that effort now coincides with interest in

Robert Thomson: But we cannot give you a specific date. We can assure you that there is much effort going on and obviously that effort now coincides with interest in Fox tell that process has to play out in a full and fair manner for all concerned. But clearly, there'll be a certain amount of tension on that in coming weeks and coming days. Thank you, Greg. Thanks, Greg.

Layla will take our next question, please.

Speaker Change: Foxtel, that process has to play out in a in a full and fair manner, we're all concerned, but clearly there'll be a certain amount of tension on that in in coming weeks and coming days.

Robert Thomson: Thank you, Greg. Thanks, Greg.

Operator: Thank you, Greg. Thanks, Greg. Laila, we'll take our next question, please.

Operator: Leila will take our next question, please.

Speaker Change: Thank you Greg. Thanks Greg. Later we'll take our next question, please.

Operator: At this time, we have no further questions. I'll now hand over to Michael Florin for closing remarks.

Operator: At this time, we have no further questions.

Michael Florin: I'll now hand over to Michael Florence for closing remarks. Thank you, Leila. And thank you all for participating. Have a wonderful day. And we will talk to you soon. Take care.

Speaker Change: At this time we have no further questions. I'll now hand over to Michael Florin for closing remarks.

Michael Florin: At this time, we have no further questions.

Michael Florin: Thank you, Leila, and thank you all for participating. Have a wonderful day, and we will talk to you soon. Take care.

I'll now hand over to Michael Florence for closing remarks. Thank you, Layla. And thank you all for participating. Have a wonderful day and we will talk to you soon. Take care.

Michael Florin: Thank you, Leila. And thank you all for participating. Have a wonderful day and we will talk to you soon. Take care.

Speaker Change: [inaudible]