News Corp has extended CEO Robert Thomson’s contact for another five years – through to June 2030.
Thompson has been in the CEO position since 2013.
The News Corp portfolio covers print, digital, and book publishing. Core assets include News Corp Australia, Wall Street Journal publisher Dow Jones & Company, News UK (publisher of The Sun and The Times), HarperCollins, and REA Group (which runs realestate.com.au and realtor.com).
In announcing his contract extension, News Corp identified key achievements:
- Transformed its revenue base with a focus on recurring and digital revenues, materially reducing exposure to cyclical advertising (digital revenues account for 50% of total revenues as of fiscal 2024 compared to roughly 20% in 2014)
- Reshaped its portfolio, particularly with the 2020 re-segmentation of Dow Jones, which has since doubled in profitability, and the sale of Foxtel to DAZN in April of this year
- Signed landmark agreements with major technology platforms, including most recently with OpenAI, to license the company’s intellectual property in exchange for meaningful compensation
- Achieved an Investment Grade Credit rating across all key credit agencies, driven by improved asset mix and a pristine balance sheet
- Completed key acquisitions of OPIS and Base Chemicals at Dow Jones, making its B2B offering the largest contributor to segment profitability in fiscal 2024 and a key driver of expected future growth
- Oversaw the strong performance in Book Publishing, including growth in audiobooks supported by the strategic partnership with Spotify
“Robert has been instrumental in News Corp’s growth and transformation, and his vision and leadership are extremely important as the company continues to navigate this era of rapid change,” said News Corp Chair Lachlan Murdoch.
“Robert has created exceptional shareholder value, orchestrated a meaningful transformation of our asset base, and made strategic investments in growth drivers like Dow Jones, Digital Real Estate Services and Book Publishing. He is a crucial voice in the fight for publishers and journalists in the digital age, and a strong advocate for intellectual property rights. I look forward to his continued leadership.”