Please stand by. Good day, and welcome to the News Corporation Fourth Quarter Fiscal Year 2015 Earnings Conference Call. Media is invited in a listen-only basis. Today’s conference is being recorded. At this time, I’d like to turn the conference over to Mr. Michael Florin, Senior Vice President and Head of Investor Relations. Please go ahead, sir.

Thank you very much, operator. Hello, everyone, and welcome to News Corp’s Fiscal Fourth Quarter 2015 Earnings Call. We issued our earnings press release about an hour ago, and it’s now posted on our website at newscorp.com. On the call today are Robert Thomson, Chief Executive; and Bedi Singh, Chief Financial Officer. We’ll open with some prepared remarks and then we’ll be happy to take questions from the investment community. This call may include certain forward-looking information with respect to News Corp’s business and strategy. Actual results could differ materially from what is said. News Corporation’s Form 10-K with 12 months ended June 30, 2015, identifies risks and uncertainties that could cause actual results to differ and these statements are qualified by the cautionary statements contained in such filings. Additionally, this call will include certain non-GAAP financial measurements. The definition of and a reconciliation of such measures can be found in our earnings release and our 10-K filing. Finally, please note that certain financial measures used in this call, such as segment EBITDA, adjusted segment EBITDA and adjusted EPS are expressed on a non-GAAP basis. The GAAP to non-GAAP reconciliation of these non-GAAP measures is included in our earnings release. With that, I will pass it over to Robert Thomson for some opening comments.

Thank you, Mike. And welcome to you all from Sydney. We have completed our first two years as the new News Corp with a strong finish in the fourth quarter of fiscal 2015, without being particularly Panglossian, I’m confident in asserting that the company is financially stronger and strategically better positioned, than when we started our journey. We have aggressively shifted to digital across our businesses through smart and disciplined investments that also expanded outreach globally. Our acquisition of realtor.com signaled a major expansion of our expertise in digital real estate, making us a global leader in the field that we believe has tremendous growth potential in the years ahead. We have reduced operating costs where appropriate and we’ll continue to be vigilant in that area. We returned capital with the declaration of a dividend, and we have been executing on our repurchase program, and we have rigorously reviewed our asset portfolio. You will see from today’s press release that we are very advanced in a strategic review of Amplify, our digital education business. We will update you on our progress, but our goal is to drive value per share for News Corp shareholders and to ensure our portfolio is a powerful platform for future growth. First, let me address the financials, on which Bedi will elaborate in a few minutes. For the year revenues were $8.6 billion, a 1% increase; while total segment EBITDA was $852 million, up 11% on the prior year. These results come despite global and financial instability. Quite obviously, currency headwinds buffeted the business, and in particular our revenues and EBITDA were affected by 4% and 6% respectively. Even though our company was not unique in being impacted by these macro trends, we were able to deliver free cash flow available to News Corp of…

Thank you, Robert. News Corp clearly made strong progress in our second full year. We further digitized our asset portfolio, streamlined costs and began to return capital to shareholders. We finished the quarter with strong EBITDA growth, and we believe we are well-positioned to build on that success in the year ahead. Just some key financial highlights of the year, and these included the seamless integration of the Move and Harlequin acquisitions, moderating EBITDA declines at our News and Information Services segments, including stabilization at the Dow Jones professional information business and growing consumer circulation revenues. Further penetration of our masthead digital subscriptions and improved pricing; continued advertising market share gains at Fox Sports, Australia; successful subscriber growth at Foxtel, due to its re-pricing and repackaging strategy and product offering expansion; and initiating a capital return program, including the declaration of a semiannual cash dividend and the conventional share repurchases. Turning to the financial results, for the full year we reported revenues of $8.6 billion, a 1% increase versus the prior year. Excluding the impact of acquisitions, divestitures and foreign currency fluctuations, adjusted revenue is 1% lower than the prior year. We reported full year total segment EBITDA of $852 million, which was 11% increase versus the prior year. Reported results included the costs related to the UK Newspaper Matters net of indemnification, which were $50 million for the year. Excluding all acquisitions and divestitures, costs related to UK Newspaper Matters and foreign exchange fluctuations, adjusted total segment EBITDA was up 15% versus the prior year. As Robert mentioned, we were impacted by currency headwinds throughout the year, primarily due to the weaker Australian dollar. Foreign currency fluctuations negatively impacted full year reported revenues by $319 million or 4%, and total reported segment EBITDA by $49 million or 6%. Fiscal…

Thank you. [Operator Instructions] And the first question comes from John Janedis with Jefferies.

Hi, thank you. Can you give us a little bit color on Amplify? I assume to some extent you’re reviewing Amplify’s Access products at the same time as the rest of the business. So, can you help us think about a timeline? How much is the savings from Access? And are you further scaling back investments in the remaining digital business for 2016? Thank you.

John, it’s Robert here. First of all, I would like to say that the Amplify team has obviously done much innovative work and it is a very able team. But you can take from our messaging today that we are in the final phase of negotiation with a potential acquirer, and we’re in an advanced stage of negotiation. And we have done a fair amount of institutional introspection, and the role that Amplify will play at News Corp is really different, apart from me saying that, that’s inappropriate at this stage to go further.

Operator, we’ll take our next question, please.

Certainly, that question comes from Entcho Raykovski with Deutsche Bank.

Good morning. My question is around realtor.com, and obviously, goods creating traffic that you see in there. Just in terms of the growth, what are the key drivers? Is the marketing which you spent within the business or are you benefiting from the Zillow-Trulia merger that’s taking place at the moment? And just - or that last point is, given that Zillow is moving to a new pricing structure in this quarter, do you expect to benefit from that as well?

We prefer to focus on what we’re doing rather than the complexity of the consolidation of Zillow and Trulia. What we particularly noticed is that, really what we expected to be the case, not in a cocky way, but in a confident way that the powerful platforms that News Corporation has would enable us to judge traffic. What’s particularly gratifying apart from the great work that Ryan O’Hara and the team are doing at realtor is that the audience growth rate is continuing to increase. And so, if you look at our mobile audience, which is clearly key in the contemporary environment, in June that was up 79% year-on-year; so quarter-after-quarter, month-after-month, we are seeing increases in both audience and revenue. And we’re very optimistic about the future.

Thanks. Operator, we’ll take our next question, please.

And that question comes from Alexia Quadrani with JPMorgan.

Thank you. My question is just on your commentary on The Wall Street Journal advertising trend. I think you mentioned that, they’ve improved particularly coming into July. Can you talk about, I guess, how much of that do you think is sort of general industry trends versus some your internal efforts at The Journal? And, I guess, any specifics or any color on that front would be great. Thank you.

Well, it’s certainly true that the trend has improved with The Journal. We started to see some improvements in Q4. What’s particularly notable is tech advertising, which of itself tells you that, that those working in the digital world see the value of print as a platform, as well as the complementary of The Journal’s print and digital products.

Operator, we’ll take our next question.

Thank you. That will come from Eric Katz with Wells Fargo.

Thank you. I just wanted to quickly close the loop on Amplify. Just for my learning purposes, is it fair to assume at this stage that somewhere in the range of $75 million to $100 million of expenses fall of the books now? And then, secondly on Move, you mentioned some profitably this year and more ahead. Can you just give us a little more detail in the magnitude and cadence of the ramp? Thank you.

I’ll take the one on Amplify. I mean, clearly, look, as Robert said, we are in advanced stages of the strategic alternative process. We’ve also previously said that we expect and Robert said that quite clearly, a meaningful reduction in sort of cash expenditures. But beyond that, we’re not giving our numbers. It clearly would also depend on where we end up at the end of the strategic alternative process.

As far with revenue with realtor, and look at the little videos to make medium-term forecast. Frankly, specifically, given the current growth rate - that we identified in both traffic and revenue, in the fourth quarter revenue was up 32%. What was particularly gratifying and particularly distinct for the long-term performance of the company is that the areas that we focused on which is CoBroke and media advertising, which had not been a priority in the past are both growing at a higher rate than that 32%.

Operator, we’ll take our next question, please.

And, moving on to Bill Bird with FBR.

Hey, good evening. What’s your perspective on realizing the full value of some your other assets like The Wall Street Journal, particularly given the recent sale of the FT for a very high multiple?

Well, I think, we’ve always had great faith in the value of The Wall Street Journal. But, look, I’ll let you do the math there. If the Financial Times is worth what the Nikkei Group paid, and The Wall Street Journal is a far larger, far more successful, far more profitable masthead, what’s The Wall Street Journal worth.

Operator, we’ll take our next question, please.

And that question comes from Craig Huber with Huber Research Partners.

Yes, I have a two part question, please. For the UK advertising, what was the percent change down in the quarter year-over-year with or without currency? And also just want to better understand, with the roughly $2 billion in net cash in the balance sheet, should investors most likely assume we’ll be using that for acquisitions going forward. And then, that your free cash flow, much of that or part of that would go to capital returns? Thank you.

Hey, Craig. So in terms of the UK, I think - you should think about it within the context of sort of double-digit declines on advertising in local currency. I mean, we haven’t given out the specific percentage, but that’s what will feel consistent throughout the year, in the quarter, and we’re kind of seeing that continuing into the new fiscal year. And, with respect to sort of a cash balance and then the sort of annual cash flow, I think we said in the past that the way to think about cap returns within the context of our annual cash flow, and really the money that’s on the balance sheet is for internal investments, acquisitions and other opportunistic things that we would want to do.

Operator, we’ll take our next question, please.

Thank you, sir. That comes from Doug Arthur with Huber Research Partners.

Bedi, can you just review the programming sports right costs trends that you sort of see flowing. In fiscal 2016, you mentioned, so I thought it was the Rugby World Cup you mentioned - is there anything out there that could impact the year? Thanks.

For the year, in the first-half, they’ll be playing the Rugby World Cup in September, October. So that’s something different from what happened in fiscal 2015. Other than that, there is nothing else that’s significant in terms of sports rights costs that’s going to affect fiscal 2016.

Operator, we’ll take our next question, please.

And next question comes from Brian Han with Morningstar.

Good morning, gentlemen. Thanks for your time. Can you please provide some more color on how you are able to work the cost base so hard in the news and information division in the fourth quarter?

Well, I think if you look at the fourth quarter, we benefitted from two or three things. The first one was we’ve been restructuring as you’ve seen over the years, and so - the benefits of those restructurings have now started to flow through. So that was one piece of it. The other one was, in the UK last year we had mentioned that there was higher marketing expenses so there was a lapping improvement in the quarter with those two things. And I think, generally, if you look at our sort of headcount across the businesses, that’s been coming down and that benefit has also flowed through.

If I could just supplement Bedi’s answer, when we spun the company off two years ago, we made clear that the extra focus and the shared benefits of that focus would - we expected reduced costs in our news division. So we are reducing duplication of technological platforms. We are reducing duplication of software investment and this is at time, of course, when you need a fair amount of software investment to remain contemporary and to take advantage of emerging platforms. But that extra focus has enabled our very able teams to do that without increasing the cost base in a way that bruises the business.

Right. Operator, we’ll take our next question, please.

[Operator Instructions] And our next question comes from Craig Huber with Huber Research Partners.

Yes, hi. I have a follow-up question, please. Can you just quickly review for us some, the opportunity to run realtor.com better than it was run before you bought it, please? Thank you.

It’s clear that the new team at realtor.com has made a significant impact. We look it as just the start, but the early returns are certainly auspicious. We are continuing to work on driving traffic. We’re continuing to work on driving revenue. And what is fair to say is that the returns thus far have exceeded our expectations, but also given as confidence in the future that realtor.com will become an important pillar of profitability for News Corp.

Operator, we’ll take our next question.

And that question comes from Alice Bennett with CBA.

Hi, good morning. Just a clarifying question, I think for both Foxtel and for Move, you mentioned potentially being EBITDA breakeven in FY 2016. I just wanted to clarify, are you talking sort of run rate at the back end of the year or across the full-year talking EBITDA breakeven for those businesses?

Generally, we’re not giving a sort of quarterly breakout. But, I would say, for Move, we are going to be EBITDA positive for the full-year. And Foxtel is going to see the improvement in its EBITDA growth compared to fiscal 2015.

Operator, we’ll take our next question, please.

Thank you. Bill Bird with FBR.

I was wondering and just back to Digital Real Estate, do you see a pathway to number one in U.S. Digital Real Estate like REA in Australia, just given the competitive dynamics and disruption at Zillow and Trulia? Thank you.

We certainly see a pathway. At the moment realtor.com is the fastest growing of the sites. As you know, it’s moved from three to two, it was a year-ago, the slowest growing of the three sites. So the market is already being transformed. Secondly, the broader characteristics of U.S. real estate market are themselves auspicious. You’re seeing from last year where there were about 5 million units in volume in property turnover in the states. That rate, the annual rate now is close to 5.5 million. You will have noticed the National Association of Realtors, our partner at realtor.com released some research earlier this week that in Q2, the vast majority of U.S. cities are seeing increases in property prices. So it’s no longer just a lead markets of New York and San Francisco, LA and bits of Miami, it’s a broader secular change in the property market itself, which indeed helps realtor.com.

Operator, we’ll take our next question.

And next questions is from Entcho Raykovski with Deutsche Bank.

Just follow-up for me around Fox Sports Australia, particularly, given that the deal was announced earlier this week around the purchase of the NRL rights, non-network. How do you see that positioning Fox Sports and the sort of uplift that we saw in the pricing, do you think that would be indicative for the next time you have to bid for those rights?

Entcho, as you well know, football rights are a context for themselves, and the match for NRL rights is probably at around half time and far from over. Really, all I can say more about football rights is that I personally an AFL tragic, for those needing translation that’s Australia Rules aficionado. And the specific outcome that I want to see is this Saturday and that would be an Essendon victory.

Operator, we’ll take our next question.

Okay. That question comes from John Janedis with Jefferies.

Yes. Just one clarification, since it sounds like Amplify is for sale, does that mean, it goes into disc ops, or would that not happen until a formal announcement?

John, I mean it’s - all we can say is, we’re looking at alternatives and it depends on where we end up at the end of that process.

Operator, we’ll take our next question.

That does conclude the question-and-answer session. I’ll now turn the conference back over to Mr. Florin, for any additional or closing remarks.

Great. Well, thank you all for participating and we’ll talk to you soon. Have a great day.