News Corporation has reported a 6% increase in revenues to US$2.6 billion (A$3.95 billion) for the quarter ending June 30, 2024, marking a strong close to the financial year.

Net income in fourth quarter improved significantly, and profitability advanced by 11% to a fourth quarter record of US$71 million, a US$103 million increase compared to a net loss of US$32 million in the prior year.

For the full fiscal year 2024, the company reported total revenues of US$10.09 billion (A$12.32 billion), up 2% on the previous year. Net income for the full year was US$354 million, a 89%, increase compared to $187 million in the prior year. Total Segment EBITDA for the full year was $1.54 billion, a $119 million, or 8%, increase compared to $1.42 billion in the prior year.

"Fiscal 2024 was an outstanding year for News Corp, as we not only delivered robust earnings growth and created substantial shareholder value, but took a significant step to prepare the Company to prosper in the AI age. 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. Meanwhile, we have begun to take legal steps against AI aggressors, the egregious aggregators, who are predatory in the confiscation of our content. ‘Open source’ can never be a justification for ‘open slather,’" said Chief Executive Robert Thomson.

REA Group was a star performer in the media company's full fiscal year results, with revenues up 19% to US$1.11 billion (A$1.69 billion), primarly sriven by higher Australian residential revenues.

Revenues in News Corp's news media business were down 4% year-on-year, with EBITDA falling 23%, primarily attributed to fall advertising revenues at News Corp Australia.

Thomson also took the opportunity to flag a potential sale of the Foxtel Group. "We are confident in the Company’s long-term prospects and are continuing to review our portfolio with a focus on maximizing 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. We are evaluating options for the business with our advisors in light of that external interest."