On this page of StockholderLetter.com we present the latest annual shareholder letter from NEWS CORP — ticker symbol NWS. Reading current and past NWS letters to shareholders can bring important insights into the investment thesis.
Annual Report 2025
Realtor.com gained signi cant share of visits and saw strong momentum in audience, reaching 256 million visits in June. REA Group operates leading platforms realestate.com.au and property.com.au, two of the top three digital real estate sites in Australia.
Dow Jones delivered Segment EBITDA of $588 million for the year, rising 8% compared to scal 2024. DJIA 42051.06 g 89.37 0.21% NASDAQ 19146.81 0.7% THURSDAY, MAY 15, 2025 ~ VOL. CCLXXXV NO. 113 STOXX 600 543.88 g 0.2% 10-YR. TREAS. g 8/32 , yield 4.529% OIL $63.15 g $0.52 WSJ.com GOLD $3,181.40 g $58.90 Business Busine Busin ess & Fi Finance The Justice Depart Department tme en e ent nt nt is investigating Un Unit ed dHealt Hea He Health ealt e alth allltth a th UnitedHealth Group p for for possible p poss ssible ible e criminal crim cri rim imi min m in nal na M di Medicare fra f ud, d a probe d, pr pro prob p be that th t at fraud, has h ha as as been b bee be een e en en active ac acti act a c tiv ve e since sinc si ssin inc iince in nce nc n ce ce at at le le least eas east ast ast st last las la la as ast sstt summer. ssu um mme mmer. mm mmer m mer. mer e er. r A1 A1 UnitedHealth is under investigation by DOJ for possible Medicare fraud U.S. U.S. st stocks ocks ended mixed mixed yields and d bond b d yield yiel i lds ds continued cont nti tinued d th i recent their rece re centt clim climb climb. li b Th The S& S&P P 500 and Nasdaq Nasdaq rose ro ose 0.1% 0.1% 1% and d 0.7% 0 7%, re spe pecttively, pe vely l while hil 0.7%, respectively, Dow the tth he he D Do ow fell ffe e 0.2% ell 0.2% % and nd d the tth he h e yield y ield eld e ld d on n tthe th h 110-year 0 ear Trea0-y TrrreaT e aeaea sury note note ro rose sse e to o 4.529%. 4.52 4. 529% 52 9%. B11 9% BY CHRISTOPHER WEAVER AND ANNA WILDE MATHEWS Cisco raised its sales outlook after affter posting afte p post sting ing g higher-thanhigher-t higher g thanhan expected profit and sales for its fiscal third quarter, fueled by continued demand for the company s technologies. B1 Bill ll Ackman Ackman n re rresigned esigned signe gne gned g ed from ffro rrom ro om o the t b boar of Universal board Univer U iver ive erssa al Music al Mu M ussic usic u aftte af er his hiiss investment iin nv ve essttm ment men me e en nt company nt cco ompa any n ny y after reduced its stake label rre edu ucced ed iit ts sst ta ak ake ke k e in in the tth he llab la abe ab abe ell to to just jju ust u sstt over over 4.7% ov ove 4.7 7% % in in March. Marc March Mar Ma M arch a arc rch rrc cch h h.. B3 B3 Em E Empo mp mpo m po p owe wer said ssa aid iitt w wi wil will ill ll sst tart Empower start allowing credit, eqallowin all a al allowi llowing lllow lllow llowin owing owing win w in iing ng private pri pr priv ivate ccr re ed diitt, t, eq e quity estate some uit ity ya and an nd re rreal ea all e es stta atte e iin n sso om om me e of of tth the he h e 401(k 40 401( 401(k) 4 01 0 01( 1(k 1(k k)) accounts accco ac oun ntts it nts it ad a addministers year. miiinis min minis m nis n iisstters er ers ers later late la ter tth this his hi his is y ye ea ar. ar rr.. B1 B1 Databricks agreed Dat Da D a atta tabricks abricks abric ab abrick abr brricks br iccks ks agr ag a grreed g ee e ed e d to to acacca cquire database qui q qu uire re da d databa ataba taba tab tabas a ab base ba se st sstartup tartup artu artu art rrtup tup tup up Neon in a deal valued at about $1 billion, aiming to attract clients want ract client en e n s that at wa w nt to create crea cr ea atte te th tthei their heir h hei eir iirr own own A ow AII bot b bots. bo bots ots o ttss B4 World-Wide Worrld-Wide Wo rlld-Wide Wiiide Wid Wide W idddee Tr Trump ump met m Syria s Sy S yria ria ss new president p resi resident reside resid esident es sident sident iid dent de d ent iin e n Riy Riyadh R iyadh iy yad yadh a adh ad dh d ha af fte ter anan a n-n after nounc nouncing no n nou ou ouncing o uncing u ncing tha th tthat hat h he ew wo would ould ulld d lif lift ift ift VINCENT VIN V VI IIN NCE NC N CEN CCE EN EENT NT TULLO TULLLO FOR OR WSJJ So S ony, y which makes some Sony, of it of its ts Pl ayStation consoles PlayStation and other electronics in China Ch hina, ina a, sa ssaid aid d tariffs tari ta riff ri ffs ff fs are likely liik y to China, diminish dim di ish sh this this year s thi year ye arr ss profit. pr B11 B Te Tencent s quarterly encen ncent t s s quar rte terly rly reve revenue nue growth grrow owth th h accelerated ac accce celer le at ated ed as its gaming business ming bu busin usin i ess esss remained es strong sttro rong ng and d higher hi high hig gh her spending p g began egan to pa ega pay y of ff. B4 on AI be off. YEN 146.75 Health Insurer Faces Criminal Probe What s News Dick s Goods D Dick ck s S ck s Sporting po orting n Goo dss iss nearing near nearin ariing a deal dea de eal to buy buy Foot Foott Locker $2.3 L cker fo Lo for roughly ugh ughly g y $2 .3 3 billion billion, on, n ne ea y 90% 90 0% premium pre remium emium m to the he a nearly target s ta targ arg get s et ss current ccu urrent rent ent valuation. valuation luation. B1 U.S. Edition EURO $1.1174 Warren W Wa arren rren re en B en Buf Bu Buffett uffffe u etttt is is sst stepping tep epp piing ping ing gb back ack k at a the the behemot behemoth ehem ehemo hem hemo em mot ottth hh he e built built, ilt, t, wh t, whi w which hich ch ow owns wnss insure insu insurer insur insurers, nsssur nsu n su surer urrers, urer u s, rra railroads, ailr ilr lroa oads, ds, s, utilitie utilit utilities tiliti tie ies a an and nd hou household h ou ouseho u ehold db br brands. and ands. d Buffett B Bu uffe f feettt F ff Fi Finally innaall all lly Fe F Felt elt lt H Hi His is Age Age Ag IInvestor nve vest sto orr opens op o ope pe p en nss up up to o Journal: Jour JJourn Jou our ou ourn urn u rn rn nal na a all: How H Ho How Ho H ow do ow do you yo y ou know kn kkno now now w the th the he day day da y that ttha th hat you ha you become yo becco be com me e old? o old? ld? d? BY KA AREN R REN RE EN LA EN ANG ANGLEY NGLEY NGLE N NG NGL GL LE EY E Y Warren W arr rren rren rre en Bu en Buffe Buffet B Buf Buffett ufffffe u ffettt ca ccan t an t pu put pu utt when h s fi his hi ffinger nge nger nge err on n exactly exac ex act ctly ly w wh h hen en n he he decided d de dec ecid ec cide ided ed to to hand ha and nd nd over ove ov er the tth he he rreins re eiins nss of of Berkshire Berksh Ber Be B Berk erkssh hirre e Hathaway Ha Hat atth at haw wa w way ay ay Abel. to o Gre Greg G re eg e gA Abel Abe Ab bel el. el But Buffett Bu B utt in u in recent rre ece en ntt years n yea ars rs rs B Buff Bu uff ufffett ettt just much ob observed bserved served erv erve erved rv rved ve ved ve ed d jju jus ust how ho h ow mu m u ucch uch ch en e ennnergy appointed e rgy gy his iiss appointe appoint appo a appoin ppointe ppo oiiint oint o nted su nted ssuccessor u ucccccess sso orr bro brough brought br bro ought ough oug u ught ugh ght ht to to each ea e a acch working wo ork rk rkin kiin ki ng n g day. da da ay y. y. And And d how ho how ow h his hi is is own ow o wn d da ay yss h ha had ad a d days sslowed. sl lowed lo we w ed. The Th he two two tw o men me m en en were we w ere re o op ope pera p rattin iin n ng g at dif d di iiffff fferen ffer ffe ferent fere fer re re ent nt operating different speeds increasingly speed sp speeds spe peeds p eeds e edss incr s s in s inc incr in inc ncr ccrrea rea easing easi eas sing singly ssi ingly ing ng gly g ly sso. so o. T Therre e was wa w as no no magic m mag agi agic gicc mom mo o There ment, ment, me ment men m ent en ntt, nt, n t Buffett, Buff B Buffe Bu uf u uffett uff fffett ffett ff e ett, tttt,, now no no ow w 94 94 years ye y ea ears ars rs r old, ollld old d, said sa sai aiid in n an an interview interv intervi interv in e vie ew ww with wit ith th The The Wall Th Wa W all ll Street Strre ee ett Journal. Journa Jo urn rnal rna n nal. al. al al. l. How H How do do you yo y ou know kno no n ow o w the th he h e day day y ttha h ha at you yo ou become b becom beco ecome e eccome ome o me o me old ol ld d? that old? Berk B erk errrk k ksh kshi kshir sshi sh hire hire ire shareholders sh share areh arehold reho rehol rrehold reh ehold eholde eh holde h old ollld lde d de ers rs Berkshire and an nd n d onlookers o onloo onl onlo nlo nl n llook loo lo ook o ok o kers errrss have e ha h ave long llo on ong o ng n g wondered anyone wo w ond nde n de d e errred ed e d how how a an nyon ne e co ccould ou ulld ld replace repl plac place p lla lace acce Buffett, a Bu Buf B Buffet u ufffe uffe uffet ettt, t, for for decades de deca cad de es a towering figure American tto towe ow we erriiin ing ng n g ffi iig gurre e iin n Am Ame Amer A mer me m errric e icca an business bu b bus usine ine in ne ess ssss and an a nd finance. fina fi nanc n nan an a anc nce. But nc But as Bu as he he passed passsed pas sse ed his ed hi hiss 90th 90 90t 90 0th 0t th birthday, th b birth bi bir irth iirthd irrrthd th thd h hd day ay, y, Bu Buf B uffet uffett uf fffett f tttt began b beg be e ega g gan ga an to to experience exper ex perienc p e errie rience rience nce Buffett som sso ometh o meth m me ethi thing hing g most m mo osstt people pe peop peop eople opl ple come ple pl com co me me something to to accept accce ceptt much m mu uch uch h earlier e ear ea earli arli r ier er in in life: life: li f his hiiss age. ag ge e. getting I d didn t did idn t dn t n tt re rreally eally lly start sstarrt rt ge ett tting ing old, olld, ld, for for some fo so ssom ome e strange sstrra an nge ng ge e reason, re r a ason, ason, until 90, unttil un ill I was wa w a ass about ab u abou ut 9 90 0, , he e said ssa d by hiss offic office by p pho phon phone ph hone one ne e fro fr from f om hi h o e in n Omaha, Omaha Om Oma Omah O maha maha, mah a a,, Neb. Ne N Neb eb. b. But Bu Butt when wh w when you you start sttta ssta art getting ge g ettttiin ng old, ng olld, old o d,, it i does d doe bebecome co me me it m e it e e it itt s irreversible. irrre ir ever verssibl ible le e. come it s He b He be ga g an to o lo lose his iss bal balbegan ance, an ncce n ce, e, occasionally, occa oc casio ssiionall sionall iio ona o nally, y, a and nd som so somemetimes tim tim mes ess had e ha ha ad d trouble tro t ub uble uble e recalling re ecallin ca all lling ling a pers pe rson n ss n name na me. Sudd S Su uddenl denlly, y, tthe h he e person s name. Suddenly, newspapers read looked newspap newsp news wspap wspaper paper pers he e re rea ad lo ad look ook oke ed d like were printed like they li t ey the th y we w ere printe p rinted d w with wi iith th th too tto oo little liittle l ink. in ink In the he pas p past ast ye year, ttho those th hose h ho osse e thoughts though thou ough ugh hts ts and and feelings fe eelings elin lingss cocco o o-h red he red into in int nto a decision. nto deciss on decision n. On n. On hered Ma 3, at at the Berkshire Berk Berkshir irre anan an May nual me meeting eeting eeting, ing, Bu uffffe uf uff fett ettt e tt nual meeting, Buffett sstun unned ed the e t investing th inve vest sting ting in world ing world rlld rl d stunned when the when he h revealed re eve v ale aled al ed d in th he fi ffinal in na al al minut min nutes of his nut hi h s question-andquestion uestion n---a n andnd nd minutes sesssion his hi plan p pla lan an to an to answer ans a nswe er session Please P lea ase turn urn to o page pa p ag a gee A5 g A5 The Justice Department is investigating UnitedHealth Group for possible criminal Medicare fraud, people familiar with the matter said. The healthcare-fraud unit of the Justice Department s criminal division is overseeing the investigation, the people said, and it has been an active probe since at least last summer. While the exact nature of the potential criminal allegations against UnitedHealth is un nclear cl clear cle unclear, the people said the fede fed fe derall investigation focuses on dera federal the company s th co the Medicare Advant va nta ntag n tta tag ag business practices. vantage Unit Un it UnitedHealth said in a statement nt it hadn t been notified by ment the Department of the tth he Justice he Ju J us crrimina riiim rimin min mina miin ina na investigation. The criminal stat st atem em statement said the company stands sstttand tands ands nd d by the integrity of our Medi Me M Med e edi dica d c Medicare Advantage program. A DO DOJ spokesman declined to to comment. cco om The The probe adds to an exTh panding pan pand p pa pandi pandin andin a ndin nd nd diiin n list of government inqu qu quirie uiries uiri uirie iries irie iri ries rrie i into the company, inquiries cluding cclu lludin udin udi u ud ding investigations into potential pote ten nti ti antitrust violations and nd a civil c and investigation of its Medica M edica edic e dica diic di Medicare billing practices, inccllluding lu lud ludin ud uding diin ng g at its doctors offices. cluding Th T he probes compound presThe sure on su o UnitedHealth as it sure sse e eeks ek eks ek kss to t recover from a meltseeks Please turn to page A8 CEO CE C EO seeks to defy jinx of EO ssecond se eco o try.............................. B1 Hear H Hea He ear on the Street: Insurer Heard blowup b blow blo lo ow may be isolated... B12 News Corp completed the sale of Foxtel to DAZN at an enterprise value of A$3.4 billion, generating signi cant cash through shareholder loan repayment, optimizing the company portfolio and securing a minority equity stake in DAZN. Dow Jones s B2B business continued to grow, as Dow Jones Risk and Compliance revenue rose 15% to $337 million, bolstered by the acquisitions of Oxford Analytica and Dragon y Intelligence.
HarperCollins had 19 #1 titles on the New York Times bestseller list.
The Times and The Sunday Times reported continued growth in digital subscribers, which were 640,000 at scal year-end, compared to 594,000 in the prior year. June 30 2024 Carlos Alcaraz, the saviour of tennis (who still lives with his mum). By Matthew Syed KING CARLOS The New York Post launched the Pod Force One podcast, hosted by columnist Miranda Devine, presenting exclusive and candid conversations with Washington powerbrokers. News Corp Australia s total digital subscribers grew 4% year-over-year to 1,166,000, up from 1,117,000 reported in the prior year.
 • shareholder letter icon 10/8/2025 Letter Continued (Full PDF)
 • stockholder letter icon 10/4/2023 NWS Stockholder Letter
 • stockholder letter icon 10/9/2024 NWS Stockholder Letter
 • stockholder letter icon More "Publishing & Printing" Category Stockholder Letters


NWS Shareholder/Stockholder Letter Transcript:

Annual Report
2025

Realtor.com   gained signi   cant share of visits
and saw strong momentum in audience, reaching
256 million visits in June.
REA Group operates
leading platforms
realestate.com.au
and property.com.au,
two of the top three
digital real estate
sites in Australia.

Dow Jones delivered
Segment EBITDA of
$588 million for the year,
rising 8% compared
to    scal 2024.

DJIA 42051.06 g 89.37 0.21%
NASDAQ 19146.81    0.7%
THURSDAY, MAY 15, 2025 ~ VOL. CCLXXXV NO. 113
STOXX 600 543.88 g 0.2%
10-YR. TREAS. g 8/32 , yield 4.529%
OIL $63.15 g $0.52
WSJ.com
GOLD $3,181.40 g $58.90
Business
Busine
Busin
ess & Fi
Finance
    The Justice Depart
Department
tme
en
e
ent
nt
nt
is investigating Un
Unit
ed
dHealt
Hea
He
Health
ealt
e
alth
allltth
a
th
UnitedHealth
Group
p for
for possible
p
poss
ssible
ible
e criminal
crim
cri
rim
imi
min
m
in
nal
na
M di
Medicare
fra
f ud,
d a probe
d,
pr
pro
prob
p be that
th
t at
fraud,
has
h
ha
as
as been
b
bee
be
een
e
en
en active
ac
acti
act
a c tiv
ve
e since
sinc
si
ssin
inc
iince
in
nce
nc
n
ce
ce at
at
le
le
least
eas
east
ast
ast
st last
las
la
la
as
ast
sstt summer.
ssu
um
mme
mmer.
mm
mmer
m
mer.
mer
e
er.
r A1
A1
UnitedHealth is
under investigation
by DOJ for possible
Medicare fraud
    U.S.
U.S. st
stocks
ocks ended mixed
mixed
yields
and
d bond
b d yield
yiel
i lds
ds continued
cont
nti
tinued
d
th i recent
their
rece
re
centt clim
climb
climb.
li b Th
The S&
S&P
P
500 and Nasdaq
Nasdaq rose
ro
ose 0.1%
0.1%
1%
and
d 0.7%
0
7%, re
spe
pecttively,
pe
vely
l while
hil
0.7%,
respectively,
Dow
the
tth
he
he D
Do
ow fell
ffe
e 0.2%
ell
0.2%
% and
nd
d the
tth
he
h
e
yield
y
ield
eld
e
ld
d on
n tthe
th
h 110-year
0 ear Trea0-y
TrrreaT
e aeaea
sury note
note ro
rose
sse
e to
o 4.529%.
4.52
4.
529%
52
9%. B11
9%
BY CHRISTOPHER WEAVER
AND ANNA WILDE MATHEWS
    Cisco raised its sales outlook after
affter posting
afte
p
post
sting
ing
g higher-thanhigher-t
higher
g
thanhan
expected profit and sales for
its fiscal third quarter, fueled
by continued demand for the
company   s technologies. B1
    Bill
ll Ackman
Ackman
n re
rresigned
esigned
signe
gne
gned
g
ed from
ffro
rrom
ro
om
o
the
t b
boar of Universal
board
Univer
U
iver
ive
erssa
al Music
al
Mu
M
ussic
usic
u
aftte
af
er his
hiiss investment
iin
nv
ve
essttm
ment
men
me
e
en
nt company
nt
cco
ompa
any
n
ny
y
after
reduced
its
stake
label
rre
edu
ucced
ed iit
ts sst
ta
ak
ake
ke
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e in
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tth
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abe
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abe
ell
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jju
ust
u
sstt over
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ove
4.7
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% in
in March.
Marc
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arch
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about $1 billion, aiming to
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at wa
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ttss B4
World-Wide
Worrld-Wide
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W
idddee
    Tr
Trump
ump met
m Syria   s
Sy
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yria
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president
p
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dent
de
d
ent iin
e
n Riy
Riyadh
R
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a
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dh
d
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nounc
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ncing tha
th
tthat
hat h
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ew
wo
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ift
VINCENT
VIN
V
VI
IIN
NCE
NC
N
CEN
CCE
EN
EENT
NT TULLO
TULLLO FOR
OR WSJJ
    So
S
ony,
y which makes some
Sony,
of it
of
its
ts Pl
ayStation consoles
PlayStation
and other electronics in
China
Ch
hina,
ina
a, sa
ssaid
aid
d tariffs
tari
ta
riff
ri
ffs
ff
fs are likely
liik y to
China,
diminish
dim
di
ish
sh this
this year   s
thi
year
ye
arr    ss profit.
pr
B11
B
    Te
Tencent   s
quarterly
encen
ncent   
t   s
   s quar
rte
terly
rly reve
revenue
nue
growth
grrow
owth
th
h accelerated
ac
accce
celer
le at
ated
ed as its
gaming
business
ming bu
busin
usin
i ess
esss remained
es
strong
sttro
rong
ng and
d higher
hi
high
hig
gh
her spending
p
g
began
egan to pa
ega
pay
y of
ff. B4
on AI be
off.
YEN 146.75
Health
Insurer
Faces
Criminal
Probe
What   s
News
Dick   s
Goods
   D
Dick
ck s S
ck   s
Sporting
po
orting
n Goo
dss iss
nearing
near
nearin
ariing a deal
dea
de
eal to buy
buy Foot
Foott
Locker
$2.3
L cker fo
Lo
for roughly
ugh
ughly
g y $2
.3
3 billion
billion,
on,
n
ne
ea y 90%
90
0% premium
pre
remium
emium
m to the
he
a nearly
target   s
ta
targ
arg
get   s
et   ss current
ccu
urrent
rent
ent valuation.
valuation
luation. B1
U.S. Edition
EURO $1.1174
Warren
W
Wa
arren
rren
re
en B
en
Buf
Bu
Buffett
uffffe
u
etttt is
is sst
stepping
tep
epp
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ping
ing
gb
back
ack
k at
a the
the behemot
behemoth
ehem
ehemo
hem
hemo
em
mot
ottth
hh
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e built
built,
ilt,
t, wh
t,
whi
w
which
hich
ch ow
owns
wnss insure
insu
insurer
insur
insurers,
nsssur
nsu
n
su
surer
urrers,
urer
u
s, rra
railroads,
ailr
ilr
lroa
oads,
ds,
s, utilitie
utilit
utilities
tiliti
tie
ies a
an
and
nd hou
household
h
ou
ouseho
u ehold
db
br
brands.
and
ands.
d
Buffett
B
Bu
uffe
f feettt F
ff
Fi
Finally
innaall
all
lly Fe
F
Felt
elt
lt H
Hi
His
is Age
Age
Ag
IInvestor
nve
vest
sto
orr opens
op
o
ope
pe
p
en
nss up
up to
o Journal:
Jour
JJourn
Jou
our
ou
ourn
urn
u
rn
rn
nal
na
a
all:    How
      H
   Ho
How
Ho
H
ow do
ow
do you
yo
y
ou know
kn
kkno
now
now
w the
th
the
he day
day
da
y that
ttha
th
hat you
ha
you become
yo
becco
be
com
me
e old?   
o
old?
ld?   
d?   
BY KA
AREN
R
REN
RE
EN LA
EN
ANG
ANGLEY
NGLEY
NGLE
N
NG
NGL
GL
LE
EY
E
Y
Warren
W
arr
rren
rren
rre
en Bu
en
Buffe
Buffet
B
Buf
Buffett
ufffffe
u
ffettt ca
ccan   t
an   t pu
put
pu
utt
when
h s fi
his
hi
ffinger
nge
nger
nge
err on
n exactly
exac
ex
act
ctly
ly w
wh
h
hen
en
n he
he
decided
d
de
dec
ecid
ec
cide
ided
ed to
to hand
ha
and
nd
nd over
ove
ov
er the
tth
he
he
rreins
re
eiins
nss of
of Berkshire
Berksh
Ber
Be
B
Berk
erkssh
hirre
e Hathaway
Ha
Hat
atth
at
haw
wa
w
way
ay
ay
Abel.
to
o Gre
Greg
G
re
eg
e
gA
Abel
Abe
Ab
bel
el.
el
But
Buffett
Bu
B
utt in
u
in recent
rre
ece
en
ntt years
n
yea
ars
rs
rs B
Buff
Bu
uff
ufffett
ettt
just
much
ob
observed
bserved
served
erv
erve
erved
rv
rved
ve
ved
ve
ed
d jju
jus
ust how
ho
h
ow mu
m
u
ucch
uch
ch en
e
ennnergy
appointed
e
rgy
gy his
iiss appointe
appoint
appo
a
appoin
ppointe
ppo
oiiint
oint
o
nted su
nted
ssuccessor
u
ucccccess
sso
orr
bro
brough
brought
br
bro
ought
ough
oug
u
ught
ugh
ght
ht to
to each
ea
e
a
acch working
wo
ork
rk
rkin
kiin
ki
ng
n
g day.
da
da
ay
y.
y.
And
And
d how
ho
how
ow h
his
hi
is
is own
ow
o
wn d
da
ay
yss h
ha
had
ad
a
d
days
sslowed.
sl
lowed
lo
we
w
ed. The
Th
he two
two
tw
o men
me
m
en
en were
we
w
ere
re
o
op
ope
pera
p
rattin
iin
n
ng
g
at
dif
d
di
iiffff
fferen
ffer
ffe
ferent
fere
fer
re
re
ent
nt
operating
different
speeds   increasingly
speed
sp
speeds
spe
peeds
p
eeds
e
edss   incr
s   
s   in
s   inc
   incr
   in
inc
ncr
ccrrea
rea
easing
easi
eas
sing
singly
ssi
ingly
ing
ng
gly
g
ly sso.
so
o.
   T
Therre
e was
wa
w
as no
no magic
m
mag
agi
agic
gicc mom
mo
o   There
ment,   
ment,
me
ment
men
m
ent
en
ntt,   
nt,
n
t     Buffett,
Buff
B
Buffe
Bu
uf
u
uffett
uff
fffett
ffett
ff
e
ett,
tttt,, now
no
no
ow
w 94
94 years
ye
y
ea
ears
ars
rs
r
old,
ollld
old
d, said
sa
sai
aiid in
n an
an interview
interv
intervi
interv
in
e vie
ew
ww
with
wit
ith
th
The
The Wall
Th
Wa
W
all
ll Street
Strre
ee
ett Journal.
Journa
Jo
urn
rnal
rna
n
nal.
al.
al
al.
l.
   How
   H
How do
do you
yo
y
ou know
kno
no
n
ow
o
w the
th
he
h
e day
day
y
ttha
h
ha
at you
yo
ou become
b
becom
beco
ecome
e
eccome
ome
o
me o
me
old
ol
ld
d?   
that
old?   
Berk
B
erk
errrk
k
ksh
kshi
kshir
sshi
sh
hire
hire
ire shareholders
sh
share
areh
arehold
reho
rehol
rrehold
reh
ehold
eholde
eh
holde
h
old
ollld
lde
d
de
ers
rs
Berkshire
and
an
nd
n
d onlookers
o
onloo
onl
onlo
nlo
nl
n
llook
loo
lo
ook
o
ok
o
kers
errrss have
e
ha
h
ave long
llo
on
ong
o
ng
n
g
wondered
anyone
wo
w
ond
nde
n
de
d
e
errred
ed
e
d how
how a
an
nyon
ne
e co
ccould
ou
ulld
ld
replace
repl
plac
place
p
lla
lace
acce Buffett,
a
Bu
Buf
B
Buffet
u
ufffe
uffe
uffet
ettt,
t, for
for decades
de
deca
cad
de
es a
towering
figure
American
tto
towe
ow
we
erriiin
ing
ng
n
g ffi
iig
gurre
e iin
n Am
Ame
Amer
A
mer
me
m
errric
e
icca
an
business
bu
b
bus
usine
ine
in
ne
ess
ssss and
an
a
nd finance.
fina
fi
nanc
n
nan
an
a
anc
nce. But
nc
But as
Bu
as
he
he passed
passsed
pas
sse
ed his
ed
hi
hiss 90th
90
90t
90
0th
0t
th birthday,
th
b
birth
bi
bir
irth
iirthd
irrrthd
th
thd
h
hd
day
ay,
y,
Bu
Buf
B
uffet
uffett
uf
fffett
f tttt began
b
beg
be
e
ega
g
gan
ga
an to
to experience
exper
ex
perienc
p
e
errie
rience
rience
nce
Buffett
som
sso
ometh
o
meth
m
me
ethi
thing
hing
g most
m
mo
osstt people
pe
peop
peop
eople
opl
ple come
ple
pl
com
co
me
me
something
to
to accept
accce
ceptt much
m
mu
uch
uch
h earlier
e
ear
ea
earli
arli
r ier
er in
in life:
life:
li
f
his
hiiss age.
ag
ge
e.
getting
   I d
didn   t
did
idn   t
dn   t
n   tt re
rreally
eally
lly start
sstarrt
rt ge
ett
tting
ing
old,
olld,
ld, for
for some
fo
so
ssom
ome
e strange
sstrra
an
nge
ng
ge
e reason,
re
r a
ason,
ason,
until
90,   
unttil
un
ill I was
wa
w
a
ass about
ab u
abou
ut 9
90
0,   
,       he
e said
ssa d
by
hiss offic
office
by p
pho
phon
phone
ph
hone
one
ne
e fro
fr
from
f om hi
h
o
e in
n
Omaha,
Omaha
Om
Oma
Omah
O
maha
maha,
mah
a a,, Neb.
Ne
N
Neb
eb.
b.    But
      Bu
Butt when
wh
w
when you
you
start
sttta
ssta
art getting
ge
g
ettttiin
ng old,
ng
olld,
old
o
d,, it
i does
d
doe bebecome
co
me   
me   it   
m
e   it
e   
e
   it   
itt s irreversible.   
irrre
ir
ever
verssibl
ible
le
e.      
come   it   s
He b
He
be
ga
g
an to
o lo
lose his
iss bal
balbegan
ance,
an
ncce
n
ce,
e, occasionally,
occa
oc
casio
ssiionall
sionall
iio
ona
o
nally,
y, a
and
nd som
so
somemetimes
tim
tim
mes
ess had
e
ha
ha
ad
d trouble
tro
t ub
uble
uble
e recalling
re
ecallin
ca
all
lling
ling a
pers
pe
rson
n   ss n
name
na
me. Sudd
S
Su
uddenl
denlly,
y, tthe
h
he
e
person   s
name.
Suddenly,
newspapers
read
looked
newspap
newsp
news
wspap
wspaper
paper
pers he
e re
rea
ad lo
ad
look
ook
oke
ed
d
like
were
printed
like they
li
t ey
the
th
y we
w
ere printe
p
rinted
d w
with
wi
iith
th
th
too
tto
oo little
liittle
l ink.
in
ink
In the
he pas
p
past
ast ye
year, ttho
those
th
hose
h
ho
osse
e
thoughts
though
thou
ough
ugh
hts
ts and
and feelings
fe
eelings
elin
lingss cocco
o
o-h red
he
red into
in
int
nto a decision.
nto
deciss on
decision
n. On
n.
On
hered
Ma 3, at
at the Berkshire
Berk
Berkshir
irre anan
an
May
nual
me
meeting
eeting
eeting,
ing,
Bu
uffffe
uf
uff
fett
ettt
e
tt
nual
meeting,
Buffett
sstun
unned
ed the
e
t investing
th
inve
vest
sting
ting
in world
ing
world
rlld
rl
d
stunned
when
the
when he
h revealed
re
eve
v ale
aled
al
ed
d in th
he fi
ffinal
in
na
al
al
minut
min
nutes of his
nut
hi
h s question-andquestion
uestion
n---a
n
andnd
nd
minutes
sesssion his
hi plan
p
pla
lan
an to
an
to
answer
ans
a
nswe
er session
Please
P
lea
ase turn
urn to
o page
pa
p
ag
a
gee A5
g
A5
The Justice Department is
investigating
UnitedHealth
Group for possible criminal
Medicare fraud, people familiar
with the matter said.
The healthcare-fraud unit of
the Justice Department   s criminal division is overseeing the
investigation, the people said,
and it has been an active probe
since at least last summer.
While the exact nature of
the potential criminal allegations against UnitedHealth is
un
nclear
cl
clear
cle
unclear,
the people said the
fede
fed
fe
derall investigation focuses on
dera
federal
the company   s
th
co
the
Medicare Advant
va
nta
ntag
n
tta
tag
ag business practices.
vantage
Unit
Un
it
UnitedHealth
said in a statement
nt it hadn   t been notified by
ment
the
Department of the
tth
he Justice
he
Ju
J
us
crrimina
riiim
rimin
min
mina
miin
ina
na investigation. The
criminal
stat
st
atem
em
statement
said the company
stands
sstttand
tands
ands
nd
d    by the integrity of our
Medi
Me
M
Med
e
edi
dica
d
c
Medicare
Advantage program.   
A DO
DOJ spokesman declined
to
to comment.
cco
om
The
The probe adds to an exTh
panding
pan
pand
p
pa
pandi
pandin
andin
a
ndin
nd
nd
diiin
n list of government inqu
qu
quirie
uiries
uiri
uirie
iries
irie
iri
ries
rrie
i into the company, inquiries
cluding
cclu
lludin
udin
udi
u
ud
ding investigations into
potential
pote
ten
nti
ti antitrust violations
and
nd a civil
c
and
investigation of its
Medica
M
edica
edic
e
dica
diic
di
Medicare
billing practices, inccllluding
lu
lud
ludin
ud
uding
diin
ng
g at its doctors    offices.
cluding
Th
T
he probes compound presThe
sure on
su
o UnitedHealth as it
sure
sse
e
eeks
ek
eks
ek
kss to
t recover from a meltseeks
Please turn to page A8
    CEO
CE
C
EO seeks to defy jinx of
EO
ssecond
se
eco
o try.............................. B1
    Hear
H
Hea
He
ear on the Street: Insurer
Heard
blowup
b
blow
blo
lo
ow may be isolated... B12
News Corp completed the sale of Foxtel to DAZN at an enterprise value of
A$3.4 billion, generating signi   cant cash through shareholder loan repayment,
optimizing the company portfolio and securing a minority equity stake in DAZN.
Dow Jones   s B2B business continued to grow, as Dow Jones Risk and Compliance
revenue rose 15% to $337 million, bolstered by the acquisitions of Oxford Analytica
and Dragon   y Intelligence.

HarperCollins had 19 #1 titles on the
New York Times bestseller list.

The Times and The Sunday Times reported
continued growth in digital subscribers,
which were 640,000 at    scal year-end, compared
to 594,000 in the prior year.
June 30 2024
Carlos Alcaraz, the saviour of tennis
(who still lives with his mum). By Matthew Syed
KING CARLOS
The New York Post launched the
Pod Force One podcast, hosted by
columnist Miranda Devine, presenting
exclusive and candid conversations
with Washington powerbrokers.
News Corp Australia   s total digital subscribers grew 4% year-over-year
to 1,166,000, up from 1,117,000 reported in the prior year.



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