News Corporation Class A Common Stock

Tax and financial reporting · Tax compliance and changes in tax law

The Company Could Be Subject to Significant Additional Tax Liabilities... As a U.S.-based multinational business, the Company is subject to taxation in U.S. and numerous non-U.S. jurisdictions... The Company's effective tax rate is impacted by the tax laws, treaties, regulations, practices and interpretations in the jurisdictions in which it operates and may fluctuate significantly from period to period depending on, among other things, the geographic mix of the Company's profits and losses, changes in tax laws, treaties and regulations or their application and interpretation.

Data and privacy · Data protection and privacy laws

Failure to Comply with Complex and Evolving Laws and Regulations, Industry Standards and Contractual Obligations Regarding Privacy, Data Use and Data Protection Could Have an Adverse Effect on the Company's Business... the Company and its activities are subject to various and increasing U.S. federal, state and local and international laws and regulations governing the collection, use, sharing and transfer, storage and retention of personal data, as well as multiple emerging laws and regulations pertaining to data security.

Industry regulation · Regulatory compliance and changes

The Company's Business Could Be Adversely Impacted by Changes in Law, Governmental Policy and Regulation... The Company's activities are subject to laws and regulations in numerous jurisdictions around the world, including with respect to antitrust, tax, data privacy and security, intellectual property, employment, defamation or libel, consumer protection and other matters.

Legal and litigation · Litigation and legal proceedings

Adverse Results from Litigation or Other Proceedings Could Impact the Company's Business Practices and Operating Results... From time to time, the Company is party to litigation, as well as to regulatory and other proceedings with governmental authorities and administrative agencies, including with respect to antitrust, tax, data privacy and security, intellectual property, employment, alleged defamation or libel, consumer protection and other matters.

Supply chain and procurement · Transportation and logistics disruption

The Company also relies on third-party suppliers for deliveries of paper and on third-party printing and distribution partners to print and distribute its books and newspapers. Factors such as inflationary pressures, higher transportation costs and delays and other supply chain issues... could in the future increase, the Company's printing and distribution costs and lead to disruptions.

Supply chain and procurement · Supplier financial distress and capability

If any key supplier is unable to meet demand or otherwise fails to perform its obligations in a timely manner, the Company's relationship with key suppliers deteriorates or any of these suppliers breaches or terminates its agreement with the Company, experiences operating or financial difficulties, significantly increases the amount it charges the Company for necessary products, services, technologies, data or information or ceases production or provision... the Company's business, results of operations and financial condition may be adversely affected.

Market position and competition · Pricing pressure and margin compression

A Decline in Customer Advertising Expenditures or Other Adverse Changes in the Advertising Ecosystem Could Cause the Company's Revenues and Operating Results to Decline Significantly... Consumer preferences for digital content consumption, the increasing number of content consumption choices and different ways of purchasing advertising such as programmatic buying have intensified competition for advertising... decreased demand for the Company's traditional media offerings and their attractiveness to advertisers and reduced rates.

Customer and revenue · Changing customer preferences and behavior

The Company's ability to compete depends on many factors, including its ability to... develop new products and services and consistently anticipate and respond to consumer and customer needs and preferences, which change frequently and are difficult to predict.

Innovation and product development · Intellectual property protection and infringement

Unauthorized Use of the Company's Content and Other Intellectual Property May Decrease Revenue... Developments in technology, including advancements in AI, the wide availability of higher internet bandwidth and increased computing power, facilitate unauthorized use of the Company's intellectual property by making it easier to create, access, copy, distribute and exploit unlicensed material on a wide-scale, systematic basis.

Strategic execution · Merger acquisition and divestiture risks

The Company Has Completed, and May Continue to Engage in, Strategic Transactions, Including Acquisitions, Investments and Divestitures, That Introduce Significant Risks and Uncertainties... These risks and uncertainties include, among others: (1) the difficulty in integrating newly acquired businesses, operations and systems... (2) the challenges in achieving strategic objectives, cost savings and other anticipated benefits, (3) the potential loss of key employees, customers, suppliers and partners.

Reputation and brand · Esg environmental social governance performance

The Company's brands and reputation may also be impacted by its sustainability and corporate responsibility efforts and disclosures and positions the Company, its businesses or its publications take or do not take on social issues. Various stakeholders, regulators and lawmakers have expressed or pursued different, and sometimes conflicting, views, expectations and/or legislation on ESG-related matters.

Cybersecurity and data protection · Third party data security and vendors

The Company's products, services and internal tools integrating AI rely on third-party AI platforms, foundation models, cloud-hosted AI services or other vendor-provided technologies... Issues affecting the Company's suppliers, including cybersecurity incidents, data center or systems outages, labor shortages, insufficient capacity and supply chain issues, may reduce, interrupt, or delay the supply of, or cause defects or errors in, the products, services, technologies, data and information on which the Company's businesses rely.

Cybersecurity and data protection · Data privacy and protection regulations

Examples include the E.U.'s GDPR and the UK GDPR, each of which regulates personal data processing throughout the E.U. and the U.K., respectively, and provides significant penalties for non-compliance, as well as U.S. federal data privacy laws, and a significant and growing number of state and local laws.

Technology infrastructure · Cloud services and data center operations

The Company relies on Amazon Web Services to supply cloud-based services used in many of the Company's business activities and Google to provide workspace and other enterprise services... Issues affecting the Company's suppliers, including cybersecurity incidents, data center or systems outages... may reduce, interrupt, or delay the supply of, or cause defects or errors in, the products, services, technologies, data and information on which the Company's businesses rely.

Information management · Technology vendor dependence

Certain large digital platforms control significant technologies such as ad servers on which the Company's digital advertising operations rely, and interruptions or changes affecting these technologies, including the economic terms, could adversely impact advertising revenues and/or operating costs.

Capital structure and performance · Debt management and refinancing

The Indebtedness of the Company and/or Certain of its Subsidiaries May Affect Their Ability to Operate Their Businesses... As of June 30, 2026, News Corp had $2.0 billion of total outstanding indebtedness... The indebtedness of the Debtors and the terms of their financing arrangements could: (1) limit their ability to obtain additional financing in the future; (2) make it more difficult for them to satisfy their obligations under the terms of their financing arrangements.

Credit and liquidity · Debt service and covenant compliance

In the event any of these covenants are breached and such breach results in a default under any Debt Documents, the lenders or noteholders, as applicable, may accelerate the maturity of the indebtedness under the applicable Debt Documents, which could result in a cross-default under other outstanding Debt Documents and could have a material adverse impact on the Company's business, results of operations and financial condition.

International and currency · Foreign exchange and currency exposure

The Company is Exposed to Fluctuations in Foreign Currency Exchange Rates... The Company is exposed to fluctuations in foreign currency exchange rates because it has significant operations in a number of foreign jurisdictions and certain of its operations are conducted in currencies other than the Company's reporting currency, primarily the Australian dollar and the British pound sterling.

Market and investment · Asset valuation and impairment

The Company Could Suffer Losses Due to Asset Impairment and Restructuring Charges... the Company has recognized, and may in the future recognize, impairment charges for write-downs of goodwill, intangible assets, investments and other long-lived assets, as well as restructuring charges relating to the reorganization of its businesses.

International and currency · International operations and emerging markets

The Company's International Operations Expose it to Additional Risks... A substantial portion of the Company's revenues are derived outside the U.S., and the Company may continue to expand its international operations. There are risks inherent in doing business internationally and other risks may be heightened, including (1) issues related to staffing and managing international operations... (2) economic uncertainties and volatility in local markets... (3) the impact of events in relevant jurisdictions such as geopolitical tensions and conflicts, war, natural disasters, extreme weather, pandemics and other widespread health crises and acts of terrorism.