Digital revenues at Dow Jones represented 81% of total revenues for the three months ended March 31, 2024, as compared to 79% in the corresponding period of fiscal 2023. This indicates a continued shift towards digital offerings.

Foxtel Group streaming subscription revenues represented approximately 29% of total circulation and subscription revenues for the three months ended March 31, 2024 as compared to 26% in the corresponding period of fiscal 2023. This highlights the continued growth of streaming services within the Foxtel Group.

The Company implemented a number of cost savings initiatives, including the 5% headcount reduction announced in February 2023. The headcount reduction was substantially completed as of December 31, 2023 and the Company recognized associated cash restructuring charges of approximately $106 million.

During the nine months ended March 31, 2024, the Foxtel Group refinanced its A$610 million 2019 revolving credit facility, A$250 million term loan facility and tranche 3 of its 2012 U.S. private placement senior unsecured notes with the proceeds of a new A$1.2 billion syndicated credit facility. Similarly, REA Group entered into a new unsecured syndicated credit facility.

The headcount reduction was substantially completed as of December 31, 2023 and the Company recognized associated cash restructuring charges of approximately $106 million. Based on the actions taken, the Company expects to generate annualized gross cost savings of at least $160 million, the majority of which will be reflected in fiscal 2024.

The proposed arrangement received regulatory approval in March 2024. The joint venture arrangement is expected to be effectuated in the fourth quarter of fiscal 2024. This should improve efficiency of News UK and DMG Media's print operations.

There have been no material changes to the risk factors described in the 2023 Form 10-K. This suggests a stable risk environment, but also implies that previously identified risks persist.

The Company routinely is involved in various legal proceedings, claims and governmental inspections or investigations. The outcome of these matters and claims is subject to significant uncertainty, and the Company often cannot predict what the eventual outcome of pending matters will be or the timing of the ultimate resolution of these matters.

The net expense related to the U.K. Newspaper Matters in Selling, general and administrative was $2 million and $4 million for the three months ended March 31, 2024 and 2023, respectively, and $7 million and $13 million for the nine months ended March 31, 2024 and 2023, respectively.

Revenues at REA Group increased $34 million, or 15%, to $256 million for the three months ended March 31, 2024 from $222 million in the corresponding period of fiscal 2023, driven by higher Australian residential revenues due to price increases, increased depth penetration, favorable geographic mix and growth in national listings.

Foxtel Group streaming subscription revenues represented approximately 29% of total circulation and subscription revenues for the three months ended March 31, 2024 as compared to 26% in the corresponding period of fiscal 2023. This highlights the continued growth of streaming services within the Foxtel Group.

Revenues at Move decreased $9 million, or 6%, to $132 million for the three months ended March 31, 2024 from $141 million in the corresponding period of fiscal 2023, driven by the continued impact of the macroeconomic environment on the U.S. housing market, including higher interest rates, which led to lower transaction volumes.

Operating expenses decreased $48 million, or 4%, and $61 million, or 2%, for the three and nine months ended March 31, 2024, respectively, as compared to the corresponding periods of fiscal 2023. This is due to lower expenses at Book Publishing and News Media.

The Company also benefited from gross cost savings related to the announced 5% headcount reduction initiative. This suggests improved efficiency and resource allocation.

The decrease in operating expenses for the three months ended March 31, 2024 was driven by lower expenses at the Book Publishing segment primarily due to lower manufacturing, freight and distribution costs driven by product mix and the absence of prior year supply chain challenges and inventory and inflationary pressures.

Digital revenues at Dow Jones represented 81% of total revenues for the three months ended March 31, 2024, as compared to 79% in the corresponding period of fiscal 2023. This highlights the success of their digital strategy.

Digital sales increased by 5% as compared to the corresponding period of fiscal 2023 driven by growth in the downloadable audio market, which benefited from the contribution from the Spotify partnership.

Segment EBITDA decreased $2 million, or 3%, as compared to the corresponding period of fiscal 2023 primarily due to the decrease in revenues described above, $13 million of costs related to the launch of Hubbl and the $3 million, or 4%, negative impact of foreign currency fluctuations, partially offset by lower marketing, entertainment programming rights and technology costs.

During the three and nine months ended March 31, 2024, the Company repurchased and subsequently retired 0.7 million and 2.5 million shares, respectively, of Class A Common Stock for approximately $18 million and $56 million, respectively, and 0.3 million and 1.1 million shares, respectively, of Class B Common Stock for approximately $9 million and $26 million, respectively.

In February 2024, the Board of Directors declared a semi-annual cash dividend of $0.10 per share for Class A Common Stock and Class B Common Stock. The dividend was paid on April 10, 2024 to stockholders of record as of March 13, 2024.

During the nine months ended March 31, 2024, the Company used $353 million of cash for capital expenditures, of which $107 million related to Foxtel.

The filing does not contain any specific information on ESG initiatives or targets. This suggests a lack of focus or disclosure on these topics.

The net expense related to the U.K. Newspaper Matters in Selling, general and administrative was $2 million and $4 million for the three months ended March 31, 2024 and 2023, respectively, and $7 million and $13 million for the nine months ended March 31, 2024 and 2023, respectively.

The filing does not contain any specific information on board diversity or governance practices. This suggests a lack of focus or disclosure on these topics.

Revenues at Move decreased $9 million, or 6%, to $132 million for the three months ended March 31, 2024 from $141 million in the corresponding period of fiscal 2023, driven by the continued impact of the macroeconomic environment on the U.S. housing market, including higher interest rates, which led to lower transaction volumes.

The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue decrease of $21 million, or 1%, for the three months ended March 31, 2024 as compared to the corresponding period of fiscal 2023. This highlights the sensitivity to currency exchange rates.

The Company has evaluated the relevant provisions of IRA along with guidance issued by the U.S. Treasury Department and is not expected to be subject to the corporate minimum tax.