NEWS (NWSA) Economic Moat Analysis56

Evidence

The Company’s intellectual property assets include: copyrights in its digital and print newspapers, books and other content and technologies; trademarks in names and logos; trade names; domain names; proprietary databases and professionally curated information collections maintained and used in its information services and digital real estate services businesses; and licenses of intellectual property rights, including the trademark license for the Realtor.com® website address, as well as the REALTOR® trademark (the “NAR License”).

Business—intellectual property assets · Filed 07/08/2026

Dow Jones’s professional information products, which target enterprise customers, include Dow Jones Risk & Compliance, a leading provider of data and other solutions to help customers identify and manage regulatory, corporate, geopolitical, security and reputational risk with tools focused on financial crime, sanctions, trade and other risks and compliance requirements, Dow Jones Energy, a leading provider of pricing data, news, insights, analysis and other information for energy commodities and key base chemicals, Factiva, a leading provider of global business content, and Dow Jones Newswires, which distributes real-time business news, information and analysis to financial professionals and investors.

Business—Dow Jones professional information products · Filed 07/08/2026

Professional information business revenues increased $85 million, or 9%, primarily due to the $55 million and $23 million increases in Dow Jones Risk & Compliance and Dow Jones Energy revenues, respectively, driven by price increases, new customers and product expansion.

MD&A—fiscal 2026 professional information revenue and pricing · Filed 07/08/2026

Circulation and other revenues increased $51 million, or 5%, driven by increased digital circulation revenues due to the conversion of customers from introductory promotions to higher pricing and growth in digital-only subscriptions, driven by enterprise customers, and higher content licensing revenues, partially offset by print circulation declines.

MD&A—fiscal 2026 circulation revenue and promotional conversions · Filed 07/08/2026

43 Table of Contents The following table provides selected information regarding average daily subscriptions during the three months ended June 30, 2026 and 2025 for the Dow Jones segment’s subscription news products: For the three months ended June 30(a)(b), 2026 2025 Change % Change (in thousands, except %) Better/(Worse) The Wall Street Journal Digital-only subscriptions(c) 4,465 4,126 339 8 % Total subscriptions 4,827 4,538 289 6 % Barron’s Group(d) Digital-only subscriptions(c) 1,512 1,319 193 15 % Total subscriptions 1,602 1,432 170 12 % Total News Products(e) Digital-only subscriptions(c) 6,258 5,719 539 9 % Total subscriptions 6,725 6,261 464 7 % (a)Based on internal data for the periods from March 30, 2026 to June 28, 2026 and March 31, 2025 to June 29, 2025, respectively.

MD&A—June 2026 and 2025 average daily subscriptions · Filed 07/08/2026

Professional information business revenues increased $59 million, or 7%, primarily due to the $43 million and $27 million increases in Risk & Compliance and Dow Jones Energy revenues, respectively, driven by new customers, new products and price increases, partially offset by the $11 million decrease in Other information services revenues driven by the impact of a customer dispute at Factiva.

MD&A—fiscal 2025 professional information growth and Factiva dispute · Filed 06/08/2025

Circulation and other revenues increased $54 million, or 6%, driven by increased circulation revenues due to growth in digital-only subscriptions, which benefited from bundled offers, the conversion of customers from introductory promotions to higher pricing and higher content licensing revenues, partially offset by print circulation declines.

MD&A—fiscal 2025 digital subscriptions, bundles and higher pricing · Filed 06/08/2025

Changes made by platform operators, including decreasing referrals, the incorporation of AI engines with different algorithms and changes impacting visibility, occur frequently, are outside the Company’s control and have adversely affected, and could adversely affect, traffic and engagement for the Company’s digital properties and consequently, advertising sales and rates.

Risk factors—realized platform-related traffic and advertising effects · Filed 07/08/2026

For example, not all of the Company’s content license agreements have been renewed, and there is no guarantee that existing agreements will be renewed on terms favorable to the Company or at all.

Risk factors—content licensing nonrenewals · Filed 07/08/2026

For example, under current U.S. copyright law, the selection, coordination and arrangement of data may be protectable, but the underlying factual data may not be.

Business—limits of copyright protection for factual data · Filed 07/08/2026

The Company seeks to prevent such unauthorized exploitation through paywalls, bot management and AI crawler blocking tools, opt-out directives and other means, but these measures may not be effective, particularly if AI operators do not adhere to the restrictions.

Business—limitations of paywalls and AI crawler controls · Filed 07/08/2026

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, increased audience fragmentation and advertising inventory, decreased demand for the Company’s traditional media offerings and their attractiveness to advertisers and reduced rates.

Risk factors—realized advertising demand and rate pressure · Filed 07/08/2026

Revenues at REA Group increased $177 million, or 19%, to $1,114 million for the fiscal year ended June 30, 2024 from $937 million in fiscal 2023 primarily due to higher Australian residential revenues driven by price increases, increased depth penetration, favorable geographic mix and growth in national listings, higher financial services revenues, which included the benefit from the absence of a negative valuation adjustment related to expected future trail commissions in the prior year, and higher revenues from REA India.

MD&A—fiscal 2024 REA revenue and price increases · Filed 13/08/2024

REA Group is a market-leading digital media business specializing in property and is listed on the Australian Securities Exchange (“ASX”) (ASX: REA).

Business—REA market leadership assertion · Filed 07/08/2026

47 Table of Contents Sources and Uses of Cash—Fiscal 2026 versus Fiscal 2025 Net cash provided by operating activities from continuing operations for the fiscal years ended June 30, 2026 and 2025 was as follows: For the fiscal years ended June 30, 2026 2025 (in millions) Net cash provided by operating activities from continuing operations $ 1,237 $ 978 Net cash provided by operating activities from continuing operations increased by $259 million for the fiscal year ended June 30, 2026 as compared to fiscal 2025.

Liquidity—fiscal 2026 continuing operating cash flow · Filed 07/08/2026

Net cash used in investing activities from continuing operations for the fiscal years ended June 30, 2026 and 2025 was as follows: For the fiscal years ended June 30, 2026 2025 (in millions) Net cash used in investing activities from continuing operations $ (539) $ (406) Net cash used in investing activities from continuing operations increased $133 million for the fiscal year ended June 30, 2026 as compared to fiscal 2025 driven by the $185 million of lower proceeds from sales of investments, primarily REA Group’s interest in PropertyGuru in fiscal 2025, $26 million increase in net cash used for acquisitions and $19 million increase in capital expenditures, partially offset by the $94 million decrease in cash used for purchases of investments.

Liquidity—fiscal 2026 investing cash flows and spending changes · Filed 07/08/2026

The following table summarizes the shares repurchased and subsequently retired under the Stock Repurchase Programs and the related consideration paid, excluding associated taxes, fees, commissions or other costs, during the fiscal years ended June 30, 2026, 2025 and 2024: For the fiscal years ended June 30, 2026 2025 2024 Shares Amount Shares Amount Shares Amount (in millions) Class A Common Stock 16.2 $ 423 3.5 $ 97 3.4 $ 79 Class B Common Stock 7.5 220 1.8 53 1.6 38 Total 23.7 $ 643 5.3 $ 150 5.0 $ 117 33 Table of Contents The following table details the Company’s monthly share repurchases during the three months ended June 30, 2026: Total Number of Shares Purchased(a) Average Price Paid Per Share(b) Total Number of Shares Purchased as Part of Publicly Announced Program Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Program(b) Class A Class B Class A Class B (in millions, except per share amounts) March 30, 2026 - April 26, 2026 1.5 0.7 $ 25.24 $ 29.00 2.2 $ 792 April 27, 2026 - May 31, 2026 1.7 0.8 $ 26.28 $ 30.21 2.5 $ 724 June 1, 2026 - June 28, 2026 1.4 0.8 $ 26.05 $ 29.61 2.2 $ 667 Total 4.6 2.3 $ 25.87 $ 29.61 6.9 (a)The Company has not made any repurchases of Common Stock other than in connection with the publicly announced 2025 Repurchase Program described above.

Issuer purchases—completed share repurchases and retirements · Filed 07/08/2026

​ ■ Net cash provided by operating activities from continuing operations increased 26% to $1.24 billion and free cash flow* increased 42% to $811 million.

Proxy summary—fiscal 2026 operating cash flow and free cash flow · Filed 23/09/2026

​ Compensation Element ​ ​ Key Features ​ ​ How it Supports Our Compensation Philosophy ​ ​ Base Salary ​ ​ • Provides a level of fixed pay appropriate to each executive’s role and responsibilities ​ ​ ​ • Comprises a small portion of Total Direct Compensation, consistent with the Company’s pay-for-performance philosophy ​ ​ ​ ​ ​ ​ • Reviewed annually by the Compensation Committee to ensure it remains appropriate ​ ​ ​ • Competitive salary is necessary to attract and retain executive talent ​ ​ ​ Annual Cash Incentive ​ ​ • Two-thirds based on achievement of adjusted Total Segment EBITDA ​ ​ ​ • Directly ties a significant portion of incentive compensation to achievement of a measurable financial goal aligned to budget ​ ​ ​ ​ ​ ​ • One-third based on achievement of individual objectives ​ ​ ​ • Rewards and promotes accountability for individual performance, including on strategic goals and ethics and compliance and other sustainability/corporate responsibility objectives ​ ​ ​ Long-Term Equity Incentive ​ ​ • 70% awarded as PSUs ​ ◦ Cliff vest after three-year performance period ​ ◦ Payout range of 0–200% of target ​ ◦ Earned based on achievement on a balanced mix of metrics: ​ – 40% on cumulative adjusted EPS ​ – 40% on cumulative adjusted FCF ​ – 20% on the Company’s relative TSR percentile* ​ ◦ Tied to Company stock price ​ ​ ​ • Rewards long-term value creation based on achievement of specified performance targets ​ ​ ​ ​ • Aligns executives’ interests with the long-term interests of our stockholders ​ • Helps retain executives over a longer horizon ​ ​ ​ ​ ​ ​ • 30% awarded as RSUs ​ ◦ Vest ratably over three years ​ ◦ Tied to Company stock price ​ ​ ​ • Supports talent attraction and retention by aligning to market practice ​ ​ ​ ​ * Pursuant to the terms of his employment agreement, at least $1,000,000 of Mr.

Compensation discussion—cash and long-term incentive structure · Filed 23/09/2026

Directly held shares and unvested equity awards (whether cash- or stock-settled) count toward the stock ownership guidelines.

Compensation discussion—equity counted toward ownership guidelines · Filed 23/09/2026

Each of the current NEOs currently complies with or is on track to comply with such NEO’s respective requirement.

Compensation discussion—ownership guideline compliance status · Filed 23/09/2026

​ ​ ​ ​ ​ ​ 2026 Proxy Statement ​ ​ | ​ ​ 51 ​ TABLE OF CONTENTS​​​ COMPENSATION DISCUSSION AND ANALYSIS ​ Clawback Policies The Company has adopted compensation recoupment and clawback policies that authorize or require the Compensation Committee to recoup compensation paid to executive officers or other senior executives in certain circumstances.

Compensation discussion—adopted clawback policies · Filed 23/09/2026

​ Corporate Governance Practices ​ ■ Annual Election of All Directors ​ ​ ​ ​ ■ No Stockholder Rights Plan (“poison pill”) ​ ​ ​ ■ Majority Vote Standard and Director Resignation Policy in Uncontested Director Elections ​ ​ ​ ​ ■ Director Overboarding Policy ​ ​ ​ ■ Independent Lead Director with Robust Responsibilities ​ ​ ​ ​ ■ All Audit Committee Members are “Audit Committee Financial Experts” ​ ​ ​ ■ Key Standing Board Committees Comprised Solely of Independent Directors ​ ​ ​ ​ ■ Compensation Committee Oversees Chief Executive Officer (“CEO”) Succession Planning Process ​ ​ ​ ■ Executive Sessions of Independent Directors Held at Every Regular Board Meeting ​ ​ ​ ​ ■ Robust Global Compliance Program including Compliance Steering Committee overseen by the Audit Committee ​ ​ ​ ■ Annual Board and Committee Self-Evaluations ​ ​ ​ ​ ■ Active Stockholder Engagement Program with Unaffiliated Class A and Class B Stockholders ​ ​ ​ ■ Risk Oversight by the Board and Committees ​ ​ ​ ​ ■ Comprehensive Standards of Business Conduct and Statement of Corporate Governance ​ ​ ​ ■ Dedicated “AI Subcommittee” of the Audit Committee to support oversight of risks and opportunities related to artificial intelligence (“AI”) ​ ​ ​ ​ ■ Board and Committee Oversight of Sustainability and Corporate Responsibility Matters; Annual Social Impact Report ​ ​ Board of Directors ​ Director ​ ​ Age ​ ​ Gender ​ ​ Director Since ​ ​ Independent ​ ​ Other Reporting Company Directorships ​ ​ Committee Memberships ​ ​ Audit ​ ​ Compensation ​ ​ Nominating & Corporate Governance ​ ​ Lachlan K.

Proxy summary—disclosed corporate governance practices · Filed 23/09/2026

Holders of the Company’s Class A Common Stock and holders of CDIs exchangeable for shares of the Company’s Class A Common Stock are not entitled to vote on the matters to be presented at the Annual Meeting or any adjournment or postponement thereof.

Annual meeting—Class A voting exclusion · Filed 23/09/2026

LGC Holdco beneficially owns less than one percent of the Company’s outstanding Class A Common Stock and approximately 34.52% of the Company’s Class B Common Stock as of June 30, 2026.

Risk factors—LGC Holdco beneficial ownership at June 30, 2026 · Filed 07/08/2026

These provisions could discourage potential acquisition proposals and could delay or prevent a change in control of the Company, even in the case where a majority of the stockholders may consider such proposals, if effective, desirable.

Risk factors—effects of takeover defenses · Filed 07/08/2026

Segment EBITDA at the News Media segment decreased by $10 million, or 8%, for the nine months ended March 31, 2026 as compared to the corresponding period of fiscal 2025.

MD&A—nine-month fiscal 2026 News Media EBITDA decline · Filed 08/05/2026

The decrease was driven by costs related to the recently launched California Post and lower contribution from News Corp Australia, partially offset by lower Talk costs.

MD&A—California Post costs and lower Australian contribution · Filed 08/05/2026

​ ■ Total Segment EBITDA* was $1.63 billion, a 15% increase compared to $1.42 billion in the prior year.

Proxy summary—fiscal 2026 Total Segment EBITDA growth · Filed 23/09/2026

Newspaper Matters”). The Company has admitted liability in many civil cases and has settled a number of cases.

Legal proceedings—admitted liability and settled newspaper civil cases · Filed 06/08/2025

Thomson ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Salary ​ ​ ​ $ 3,000,000 ​ ​ ​ ​ $ 3,000,000 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 6,000,000 ​ ​ ​ ​ $ 6,000,000 ​ ​ ​ ​ $ — ​ ​ ​ Bonus ​ ​ ​ ​ 5,000,000 ​ ​ ​ ​ ​ 5,000,000 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 15,000,000 ​ ​ ​ ​ ​ 15,000,000 ​ ​ ​ ​ ​ — ​ ​ ​ Equity Awards(b) ​ ​ ​ ​ 23,726,486 ​ ​ ​ ​ ​ 23,726,486 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 23,726,486 ​ ​ ​ ​ ​ 23,726,486 ​ ​ ​ ​ ​ 23,726,486 ​ ​ ​ Continued Benefits ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ ​ $ 31,726,486 ​ ​ ​ ​ $ 31,726,486 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 44,726,486 ​ ​ ​ ​ $ 44,726,486 ​ ​ ​ ​ $ 23,726,486 ​ ​ ​ Lavanya Chandrashekar ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Salary ​ ​ ​ $ 1,400,000 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 2,800,000 ​ ​ ​ ​ $ 2,800,000 ​ ​ ​ ​ $ — ​ ​ ​ Bonus ​ ​ ​ ​ 2,500,000 ​ ​ ​ ​ ​ 2,500,000 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 7,500,000 ​ ​ ​ ​ ​ 7,500,000 ​ ​ ​ ​ ​ — ​ ​ ​ Equity Awards(c) ​ ​ ​ ​ 4,552,888 ​ ​ ​ ​ ​ 4,552,888 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,329,483 ​ ​ ​ ​ ​ 4,329,483 ​ ​ ​ ​ ​ — ​ ​ ​ Continued Benefits(d) ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 33,276 ​ ​ ​ ​ ​ 33,276 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ ​ $ 8,452,888 ​ ​ ​ ​ $ 7,052,888 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 14,662,759 ​ ​ ​ ​ $ 14,662,759 ​ ​ ​ ​ $ — ​ ​ ​ David B.

Executive compensation—hypothetical termination payment amounts · Filed 23/09/2026

Publication history

Sources

• filing-1 · Filed 07/08/2026
• filing-2 · Filed 08/05/2026
• filing-3 · Filed 23/09/2026
• filing-4 · Filed 06/08/2025
• filing-5 · Filed 13/08/2024
• filing-6 · Filed 06/02/2026