(Reuters) -News Corp beat estimates for fourth-quarter revenue on Thursday, driven by strength in its Dow Jones unit and gains in its Australian real estate business.
A part of media mogul Rupert Murdoch’s empire, News Corp has benefited from continued growth in its business information unit, Dow Jones, which includes publications such as The Wall Street Journal, Barron’s and Market Watch.
London Stock Exchange Group signed a multi-year news and data partnership with Dow Jones last month and Sam Altman-led OpenAI has partnered with the company for access to its news content.
With tech giants including Alphabet’s Google relying on it, there is optimism that News Corp’s efforts to drive commercial value from its news and information units is working.
Revenue in the quarter ended June 30 rose 6%, to $2.58 billion, compared to an estimate of $2.49 billion, according to LSEG data.
REA Group , which operates residential and commercial property websites in Australia, posted revenue of $305 million in the reported quarter, an increase of 37% from a year earlier, helped by price increases and a rise in national listings.
Revenue at Dow Jones grew 4%, to $566 million, driven by growth in circulation and subscription revenues.
(Reporting by Jaspreet Singh in Bengaluru; Editing by Pooja Desai)
