Risk factors

Tariff exposure broadened to future U.S. trade authorities, changing rates, and potential anti-U.S. sentiment.

New risks emphasize Huawei-related export controls, tariffs, and the BIS 50% Affiliates Rule through 2026.

Union coverage shifted to 450 Latrobe and 165 Dynamet employees; Dynamet’s agreement now runs through August 31, 2029.

Two new venue-specific risks: weather disruptions and Penn Station redevelopment could reduce attendance, sales, or operations.

New data privacy risk highlights fines, litigation, remediation, and varying U.S. state consumer privacy requirements.

New disclosures emphasize supply-chain system implementation, tariff exposure, impairment judgments, and significant acquisition-related accounting.

Merger-related execution, counterparties, employees, deal restrictions, litigation, and stockholder-rights risks now dominate the section.

AI risks broaden to include third-party tools and models, while search-discovery risk remains focused on generative and agentic AI.

AI use is newly identified across R&D, manufacturing, servicing, supply chain, sales, marketing, compliance, products, and services.

Advertising weakness and economic uncertainty remain central threats across News Corp’s media and real estate businesses.

Federal-government exposure remains dominant: 95.6% of fiscal 2026 revenue came from federal contracts, including 53.6% DoW and 24.6% Intelligence Community revenue.

Federal loan changes now pose a direct threat to student financing, enrollment, persistence, and completion.