This annual report provides an overview of News Corporation's global media businesses for the 2004 fiscal year. It summarizes that News Corporation had record revenues and profits, with full year revenues rising 20% to $21 billion and operating income increasing 21% to $3.1 billion. The company met or exceeded all of its key objectives for the year. The report also discusses News Corporation's acquisition of DIRECTV, which added 13 million subscribers to the company's global satellite pay-TV platform. Finally, it announces the company's intention to reincorporate in the United States to gain improved access to investment capital and create greater shareholder value.

1. ANNUAL REPORT 2004
The Simpsons TM and © 2004
Twentieth Century Fox Film Corporation.
All Rights Reserved.

3. N E W S C O R P O R AT I O N A N N U A L R E P O R T 2 0 0 4
A constellation
of media businesses
News Corporation’s global operations encompass the
fields of filmed entertainment, newspapers, pay and
free-to-air television, cable network programming,
book publishing, magazines and consumer marketing.
Just as our assets span the world, our vision spans
art and humor, audacity and compassion, information
and innovation – whether in an American television
series, an Indian game show, an Australian newspaper,
an English sports broadcast or an international
box-office hit.
Every day, hundreds of millions of people are
entertained and enlightened by the authors
and actors, printers and producers, reporters and
directors who fulfill our mission. That mission
remains unchanged after a half a century of
expansion and improvement: the creation and
distribution of top-quality news, sports and
entertainment around the world.

4. The News Corporation
Filmed Entertainment KDFW Dallas, TX ESPN STAR Sports 50%
KDFI Dallas, TX Channel [V]
UNITED STATES
WFXT Boston, MA Xing Kong Wei Shi
Fox Filmed Entertainment (a)
WTTG Washington DC Vijay Television
Twentieth Century Fox Film
WDCA Washington DC
Corporation LATIN AMERICA
WAGA Atlanta, GA
Fox 2000 Pictures Cine Canal (b) 23%
WJBK Detroit, MI
Fox Searchlight Pictures Telecine (b) 13%
KRIV Houston, TX
Fox Music
KTXH Houston, TX AUSTRALIA AND NEW ZEALAND
Twentieth Century Fox Home
KMSP Minneapolis, MN Premium Movie Partnership (b) 20%
Entertainment
WFTC Minneapolis, MN
Twentieth Century Fox Licensing
WTVT Tampa Bay, FL
Cable Network
and Merchandising
KSAZ Phoeniz, AZ
Twentieth Century Fox Television
Programming
KUTP Phoeniz, AZ
Fox Television Studios
WJW Cleveland, OH
Twentieth Television
UNITED STATES
KDVR Denver, CO
Regency Television (b) 50%
FOX News Channel (a)
WRBW Orlando, FL
Blue Sky Studios
Fox Cable Networks Group (a)
WOFL Orlando, FL
FX
AUSTRALIA KTVI St. Louis, MO
Fox Movie Channel
Fox Studios Australia (b) 50% WDAF Kansas City, MO
Fox Regional Sports Networks
WITI Milwaukee, WI
LATIN AMERICA (13 owned and operated) (c)
KSTU Salt Lake City, UT
Fox Studios Baja (a) Regional Programming Partners (b) 40%
WBRC Birmingham, AL
Canal Fox (a) Fox Sports World
WHBQ Memphis, TN
SPEED Channel
WGHP Greensboro, NC
FUEL
Television KTBC Austin, TX
Fox Pan American Sports (b) 38%
WUTB Baltimore, MD
Rogers Sports Net (b) 20%
UNITED STATES WOGX Gainesville, FL
National Sports Partners (b) 50%
FOX Broadcasting Company (a)
ASIA National Advertising Partners (b) 50%
Fox Television Stations (a)
STAR National Geographic Channel -
WNYW New York, NY
STAR Plus International (b) 50%
WWOR New York, NY
STAR Movies National Geographic Channel -
KTTV Los Angeles, CA
STAR News Domestic (b) 67%
KCOP Los Angeles, CA
STAR Mandarin Movies
WFLD Chicago, IL
AUSTRALIA
STAR World
WPWR Chicago, IL
Fox Sports Australia 50%
STAR Gold
WTXF Philadelphia, PA
STAR Chinese Channel
(a) Held by News Corporation's 82%-owned Fox Entertainment Group (FEG)
(b) Reflects percentage held by News Corporation's 82%-owned FEG
(c) Fox Regional Sports Networks are all 100%- owned except Fox Sports Net South, which is 88%-owned.
(d) Represents the Company's economic interest. The Company continues to hold a 36% equity interest.

5. Limited As of June 30, 2004
Direct Broadcast Newspapers Magazines and Inserts
Satellite Television UNITED STATES UNITED STATES AND CANADA
New York Post News America Marketing
EUROPE
In-Store
SKY Italia 80% UNITED KINGDOM
FSI (SmartSource Magazine)
Sky Sport The Times
SmartSource iGroup
Calcio Sky The Sunday Times
News Marketing Canada
Sky Cinema The Sun
The Weekly Standard
Sky TG 24 News of the World
Gemstar-TV Guide International 41%
British Sky Broadcasting 35% TSL Education
Sky News AUSTRALIA
AUSTRALIA
Sky Sports INSIDEout
More than 100 national, metropolitan,
Sky Travel donna hay
suburban, regional and Sunday titles,
Sky One
including the following:
Sky Movies
The Australian
Book Publishing
UNITED STATES The Weekend Australian
The DIRECTV Group (b) 34% The Daily Telegraph UNITED STATES, CANADA, EUROPE
The Sunday Telegraph AND AUSTRALIA
LATIN AMERICA
HarperCollins Publishers
Herald Sun
Sky Latin America DTH Platforms:
Sunday Herald Sun
Mexico - Innova 30%
The Courier-Mail 42%
Brazil - Sky Brasil (d) 50%
Other
Sunday Mail (Brisbane) 42%
Sky Multi-Country Partners 30%
The Advertiser
EUROPE
Sunday Mail (Adelaide)
AUSTRALIA
NDS 78%
FOXTEL 25% The Mercury
Broadsystem Ventures
Sunday Tasmanian
Convoys Group
ASIA
The Sunday Times
Sky Radio 93%
Phoenix Satellite Television 38%
Northern Territory News
News Outdoor Group 75%
Hathway Cable and Datacom 26%
Sunday Territorian
Balkan News Corporation
China Network Systems
(18 affiliated cable systems) various FIJI
AUSTRALIA AND ASIA
The Fiji Times
National Rugby League 50%
Sunday Times
News Interactive
Nai Lalakai
Festival Mushroom Records
Shanti Dut
Newspoll 50%
UTV Software Communications 12%
PAPUA NEW GUINEA
Post-Courier 63%
The words “expect,” “estimate,” “anticipate,” “predict,” “believe” and similar expressions and variations thereof are intended to identify forward-looking
statements. These statements appear in a number of places in this document and include statements regarding the intent, belief or current expectations
of The News Corporation Limited, its Directors or its Officers with respect to, among other things, trends affecting the group’s financial condition or results of
operations. Readers of this document are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and
uncertainties. The Company does not ordinarily make projections of its future operating results and undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

6. N E W S C O R P O R AT I O N A N N U A L R E P O R T 2 0 0 4
Chief Executive’s Review
decisive strategic steps that
Fiscal 2004 was an outstanding
we believe position us for
year for News Corporation.
further growth in 2005 and
Financially strategically and
,
beyond.
operationally, the Company
Most importantly, this
met – and in most cases
past April, we announced
exceeded – all of its key
our intention to change our
objectives for the year: record
place of incorporation from
revenues and profits in US$
Australia to the United
terms; record cash flow gen-
States. We undertook this
eration; double-digit profit
move for one reason: to
gains at nearly all operating
create greater value for
segments; the completion of
our shareholders. For more
the transformative DIRECTV
than 80 years, the Company
deal; the swift development
has proudly called Australia
of SKY Italia; and, with
its home. It is where the
the announcement of our
Company was founded, nur-
intention to reincorporate
tured, and from where we get
the Company in the United
our entrepreneurial spirit.
States later this calendar
Australia is our spiritual
year, the promise of a new
home, and will always remain
and more prosperous era for Rupert Murdoch, Chairman and Chief Executive
so. But over the past two
News Corp. shareholders.
decades, as more of the
Our success is due, in large our assets are of varying
Last year, I wrote of our
Company’s revenues and
measure, to the diligence, maturities, neatly divided
intention to be as “integrated”
profits have come from our
dedication and vision of the between those generating
as we were “international,”
US-based businesses, it has
Company’s management and significant profits today and
and as focused on delivering
become increasingly clear
employees. Above all else, those positioned to deliver
short-term results as on
to us that without a pri-
each of us is guided by a growth tomorrow.
building long-term value.
mary listing on the New
desire to give our customers This is why we were able
Looking back on the achieve-
York Stock Exchange and eli-
the two things they most to deliver such solid results
ments of the past 12 months,
gibility on US indices, our
demand from a media compa- this past year. Full year rev-
it’s clear to me that our
shareholders would never
ny: quality and choice. enues rose 20 percent to US$21
commitment to these prin-
experience the full benefits
Whether in our films or TV billion and our operating
ciples is what drove our
of our achievements.
shows, our newspapers or income increased 21 percent
success.
Consequently, using a
books, our magazines or pay- to US$3.1 billion, both record
We’ve now set the standard
process that will allow
TV distribution platforms, numbers for the Company.
for how a media company
us to move our domicile
what inspires us at News Our Filmed Entertainment,
of the 21st century should
without financial cost to
Corp. – this year as in every Cable Network Programming,
look. Our assets are global,
the Company or the over-
year – is a desire to give our Television, Book Publishing
with operations across
whelming majority of its
readers and viewers higher and Newspapers segments
five continents. Our assets
shareholders, we have put
quality options when it posted record profits. At the
are diversified, encompass-
forth for your approval a plan
comes to the news, sports, same time, we significantly
ing businesses that create
that the News Corporation
and entertainment products strengthened our balance
content and those that
Board of Directors unani-
they use. And if our financial sheet, continuing our pro-
distribute that content. Our
mously believes will make
results prove nothing else, it gram to pay down debt.
assets are balanced, between
the Company a more attrac-
is that this year, as in previ- And even as we enjoyed
those whose revenues are
tive investment for current
ous years, we have delivered the success of this past
dependent on advertising,
and future shareholders. The
on that promise. year, we were also taking
and those that are not. And
Financial Highlights
(Australian dollars, in Millions except for Earnings Per Share)
Year ended June 30, 2004 2003 2002
Revenues $ 29,428 $ 29,913 $ 29,014
Operating Income $ 4,302 $ 4,352 $ 3,542
Associated entities, before Other items $ 367 $ (159) $ (314)
Income before Other items $ 2,366 $ 1,898 $ 1,217
Other items, net $ (54) $ (90) $ (13,179)
Net Profit $ 2,312 $ 1,808 $ (11,962)
Earnings per share
Income before Other items $ 0.42 $ 0.36 $ 0.23
Net Profit $ 0.41 $ 0.34 $ (2.43)
Financial Position
Assets $ 73,738 $ 67,747 $ 71,441
Debt $ 12,470 $ 12,429 $ 15,441
4

7. N E W S C O R P O R AT I O N A N N U A L R E P O R T 2 0 0 4
In more practical, everyday excellence to a company that
December 2003, after nearly
move will have no discernible
terms, it means sharing had endured years of paraly-
four years of exhaustive,
impact on our operations, in
our most talented employees sis as it awaited its sale. This
often arduous negotiations,
Australia or elsewhere. We
across platforms and exploit- team has divested non-core
we finally realized our dream
will remain a proud and
ing the knowledge they have assets such as PanAmSat, a
of adding a US distribution
vital part of the Australian
gained at one system for the transaction that when com-
system to our global satellite
media landscape with a
benefit of others. And it pleted will reap The DIRECTV
pay-TV platform. With our
listing on the Australian
means leveraging our scale Group more than US$2.6 bil-
investment in DIRECTV and
Stock Exchange – now and
and breadth to ensure that we lion net of taxes. It has
its 13 million subscribers
for generations to come.
are paying less – and getting streamlined the operations of
now housed within the
What will be affected,
more – for the products and Hughes Network Systems and
Fox Entertainment Group,
however, is our financial
services we are using. announced the sale of its set
News Corporation can boast
flexibility. By becoming a
But we didn’t just acquire top box manufacturing assets.
nearly 30 million sub-
US-domiciled company, we
our interest in DIRECTV It has launched a new satellite
scribers around the world,
believe News Corporation
for its strategic benefits. and expanded local-into-local
stretching from Rome (SKY
would have improved access
We also believe it will be service and high definition
Italia) to Rio (Sky Brasil),
to a larger pool of invest-
a great business with even television. But most impor-
from Sydney (Foxtel) to
ment capital – specifically,
greater potential. Shortly tantly, it has infused this
Seattle (DIRECTV), from
the US$12 trillion US capital
after assuming operational great company with a sense
London (BSkyB) to Los
market. In addition, the
control, we put to work many of urgency.
Cabos (Sky Mexico).
Company would become eligi-
of the best practices we Another new business that
By combining our industry-
ble for inclusion in US
had learned from our other demonstrated great potential
leading content businesses
indices, including the S&P
was our pay-TV service in
with the world’s single
500 index, which we believe
When we create compelling Italy: SKY Italia. Officially
largest and most global dis-
would generate billions of
launched in August, 2003,
tribution platform, we have
dollars of increased demand
content, it will be seen; SKY Italia has quickly
compiled what I believe is
from funds that previously
expanded to nearly 2.7 mil-
the industry’s most formida-
have been precluded from
when we distribute quality lion subscribers, well on
ble grouping of assets, and
owning our Company’s
its way to the three million
with it, the ability to better
shares. This in turn is expect-
content, we can ensure subscribers we forecast for
control our own destiny in an
ed to narrow the historic
the end of this calendar year.
uncertain and increasingly
discount that has existed
fair compensation. Monthly average revenue per
consolidated global market-
between News Corp’s voting
user (ARPU) – a key indica-
place. The ability to create
and non-voting shares, an
tor of a platform’s success –
our own content and distrib- pay-TV businesses and the
anomaly that has bedeviled
is more than €40, reflecting
ute it through our own and results were immediate.
us for many years.
that nearly 90 percent of
other platforms should ensure DIRECTV’s first full quarter
There is, in short, a com-
subscribers have opted for
that we are beholden to no of operation saw it achieve the
pelling logic to this proposal,
a premium service, while
one but the discriminating highest number of net new
and I urge you to give it the
piracy – the theft of our
consumer. When we create subscribers in the company’s
strongest possible considera-
satellite signal – has been
compelling content, it will be history. By the end of our
tion when you study the
tamed. Indeed, if our current
seen; when we distribute qual- first half year of operation,
detailed proposal materials.
momentum continues, we
ity content, we can ensure the company had very nearly
Another transformative
think we are well on our way
fair compensation. And when equaled our full-year forecast
event occurred during the
to creating another BSkyB
we want to launch new chan- for net new subscribers.
year with the completion
in Europe’s third most pros-
nels or services, we know we The new management
of our acquisition of a 34
perous market. The year
have a national – indeed an team at DIRECTV has
percent interest in Hughes
ended with start-up losses of
international – footprint, to brought a new energy, a
Electronics, now re-named
US$267 million, better than
get us off the ground. new focus and a culture of
The DIRECTV Group. In
Financial Highlights
(U.S. Dollars, in Millions except for Earnings Per ADR)
Year ended June 30, 2004 2003 2002
Revenues $ 20,959 $ 17,474 $ 15,195
Operating Income $ 3,064 $ 2,532 $ 1,855
Associated entities, before Other items $ 261 $ (93) $ (165)
Income before Other items $ 1,685 $ 1,100 $ 636
Other items, net $ (38) $ (54) $ (6,901)
Net Profit $ 1,647 $ 1,046 $ (6,265)
Earnings per ADR
Income before Other items $ 1.20 $ 0.83 $ 0.49
Net Profit $ 1.17 $ 0.79 $ (5.09)
Financial Position
Assets $ 51,455 $ 44,963 $ 40,293
Debt $ 8,702 $ 8,249 $ 8,709
5

8. N E W S C O R P O R AT I O N A N N U A L R E P O R T 2 0 0 4
question I was persistently Television Stations; and the
forecast. At current growth Simpsons and M*A*S*H, we
asked this year was: Is the mounting success of STAR.
rates, we expect to achieve generated a significant new
momentum at the film studio FOX Broadcasting Network
operational breakeven in the revenue stream, demonstrat-
sustainable? Frankly no one
, again finished the year as the
second half of this fiscal year. ing once again that the only
knew for certain, given the number one rated network
SKY Italia has become limit to our bottom line is
historic vagaries of the film among teens and adults aged
the laboratory of our pay- the limit of our creative
industry. Today, however, I 18-34 and a strong number
TV future. Fox channels are thinking.
am pleased to report that two in the coveted 18-49
included on the service’s Like many of our peers,
operating income reached demographic. And in its
basic tier, while Fox films are however, we are not taking
US$886 million, besting last third season, American Idol
featured on its premium tier. the explosion of the DVD
year’s number by 38 percent. cemented its place as a cul-
FOX News Channel executives market for granted. One
tural phenomenon, finishing
have helped launch the SKY of the hallmarks of our
the season as the number one
Italia news channel at the Company’s success is our
Gains were evenly rated program in primetime
same time their FOX Sports ability to anticipate chal-
and increasing its ratings
colleagues helped design lenges early to address them
,
distributed across our nearly 10 percent.
SKY Italia’s new studio sets. head-on and to craft durable,
Despite the network’s
Our own 78 percent-owned creative solutions. That is
key operating segments. strong overall performance,
NDS is ensuring the system’s precisely what we are doing
we suffered bad ratings in the
uncompromised conditional now with the issue of
We are poised for first half of the year, particu-
access and BSkyB, the most digital piracy If we are to
.
larly in the two months
advanced satellite platform continue to reap the rewards
great organic growth following our highly rated
in the world, is helping mod- from our digital content,
broadcast of post-season
ernize its customer service. we must protect ourselves
throughout the
baseball. What became clear
Indeed, BSkyB is the from the threat of its theft.
Company. to us was this: we could
model of a successful direct- Peter Chernin, the Company’s
no longer abide the tradi-
to-home satellite platform. President and COO, took
tional September start to
During 2004, BSkyB added a leading role in both
the broadcast season if we
Again, it was a combination
more than half a million Hollywood and Washington
wanted to remain competi-
of smart film-making, better
subscribers while maintain- this past year in formulat-
tive. Something had to
risk management, a focus
ing its industry-low churn ing technological, legal and
change. Beginning this past
on profitability over market
rate. At the same time, it educational answers to this
summer, we moved to a 12
share and an exploding home
is experiencing higher ARPU vexing problem. The solu-
month season and the early
entertainment market that
as more customers opt for tions are not obvious, nor
results have been promising
generated our success. In
premium services. Taken easily implemented. But I
(if somewhat uneven), with
fiscal 2004 and early in fiscal
together, these factors have am pleased with the amount
several new shows showing
2005, Twentieth Century Fox
led to dramatically increased of attention and creative
great potential for their
films had an industry record
associated income for News thought our executives have
return in November.
six films in a row open
Corp. this year, with the given to the issue and I am
Operating income at Fox
to US$20 million-plus box
expectation of even higher hopeful that, through our
Television Stations rose 7
offices. Meanwhile, Day
returns going forward. work and the work of others,
percent over last year. Our
After Tomorrow has grossed
With all of the expertise in a new consensus can be
duopoly strategy is clearly
more than US$500 million
satellite distribution that forged which will ultimately
working, reflected in the
worldwide. Worldwide home
News Corp. now has at its dis- win this war.
record market share the sta-
entertainment and pay-TV
posal, I convened a meeting At our Television segment,
tions achieved this year as
performances of X2: X-Men
of the top executives from operating income rose US$106
well as lower overall costs.
United, Cheaper by the Dozen
each of our satellite plat- million to US$957 million,
With nearly all of the cost
and Daredevil, among others,
forms in March. For three the result of a strong overall
savings already realized from
also contributed to our suc-
days, we discussed the future advertising environment,
our integration efforts, the
cess, as did the continued
of satellite technology and which pushed up pricing for
focus now is to capitalize on
growth in our home enter-
covered in depth how we our primetime schedule and
the revenue opportunities
tainment sales of TV DVDs.
can use our size to grow sports programming; higher
available from owning nine
This year, on sales of such
subscription bases, improve advertising revenues and
duopolies in some of the
popular shows as 24, The
offerings and lower costs. market share gains at our Fox
That weekend meeting was
a powerful example of how
Operating Income by Industry Segment: 2004 versus 2003 (U.S. Dollars, in Millions)
News Corp. is able to marshal
the resources and expertise
of its component parts to
Filmed Entertainment
lift the entire group, and 886
I anticipate holding many 641
more of these meetings in Television
the future. 957
851
What enables us to
Cable Network Programming
embrace strategic opportu-
617
nities such as DIRECTV , 430
BSkyB and SKY Italia is Direct Broadcast Satellite Television
the continued robust growth (267)
we have achieved at our (68)
Magazines and Inserts
core assets. And once again,
271
these gains were evenly dis-
256
tributed across our key oper-
Newspapers
ating segments. Combined, 592
we are poised for great 400
organic growth throughout Book Publishing
the Company . 158
133
In Fiscal 2004 at our
I 2004
Other
Filmed Entertainment seg- Note: These financial highlights are taken from the Concise
I 2003 Financial Report.
(150)
ment, we achieved something Note: DBS segment was consolidated as of April 30, 2003
(111)
few expected: another record and had only two months of results in prior year
year of operating income. A
6

9. N E W S C O R P O R AT I O N A N N U A L R E P O R T 2 0 0 4
major papers. Among some conference we convened in
Cable Network Programming
largest TV markets in the
of the more significant devel- Mexico this past March. 200
segment. Fiscal 2004 operat-
U.S. and to use our breadth to
opments within this seg- employees from every aspect
ing income increased 43
acquire quality program-
ment, The Times took the of our newspaper operations
percent – the third consecu-
ming at fair prices.
bold gamble of introducing came together for four days
tive year of strong double
STAR, our pan-Asian chan-
a compact edition, and of intensive discussion on
digit growth – with explosive
nels business, continued its
the public enthusiastically virtually every facet of news-
gains achieved at all three
positive momentum, report-
embraced it. Defying the paper publishing. What made
of our primary channels:
ing a second consecutive
skeptics and traditionalists, the conference so worthwhile
FOX News, FX and Fox
year of solid profitability.
overall circulation for the was the frank exchange of
Sports Net.
Earnings were up substan-
two papers was up following information. The opportuni-
At FOX News, the story
tially over last year, largely
the compact’s introduction. ty to learn from one another
was much the same as fiscal
on the strength of rising
The Sunday Telegraph, – to share ideas with the
2003, only better: ratings
subscription and advertising
Australia’s largest selling best minds in the industry
supremacy matched with ris-
revenues at our thriving
paper, increased its margin from around the globe – is
ing advertising revenues.
Indian business and the devel-
over its main competitor to something we intend to
Once considered a potential
opment of our general enter-
more than 200,000 copies, pursue even more aggressively
long-term drag on earnings,
tainment channel in China.
while in Melbourne, The in the coming years.
the channel is now one of
We’ve also been very
Herald Sun maintained daily Our other print businesses
our key growth drivers, par-
aggressive in devising new
also achieved growth and
ticularly once its original
ways to reach advertisers
sustained momentum. News
affiliation agreements begin
as audiences continue to
The opportunity to learn America Marketing, our
to expire in 2006 and we are
decline at the U.S. broadcast
coupon and in-store market-
able to renegotiate carriage
networks and personal video
from one another – ing business, generated a
rates in line with the chan-
recorders (PVRs) become
6 percent improvement over
nel’s superb performance.
more common. The challenge
to share ideas with the last year. HarperCollins,
FX continued to distinguish
for us – and for all broadcast-
led by the astonishing per-
itself with original pro-
ers – is to stay ahead of these
best minds in the formance of The Purpose
gramming such as Nip/Tuck
developments: to fashion
Driven Life, had another
and The Shield. Like FOX
alternatives to the 30 second
industry from around year of record profits and had
News, it is poised for larger
advertising spot that has
97 titles on the New York
affiliate revenues as it
been the industry’s lifeblood the globe – is something
Times bestseller list. And our
begins to renegotiate its
for nearly 50 years. A team
we intend to pursue Washington-based magazine
original agreements. And at
of executives today is hard
The Weekly Standard is widely
Fox Sports Net, higher sub-
at work looking at such
even more aggressively considered to be one of the
scriber numbers and higher
alternatives as in-show prod-
most influential opinion
affiliate rates contributed to
uct placement and corporate
in the coming years. journals on the American
a double-digit revenue and
sponsorship as ways to keep
political scene today .
profit increase at our local
advertisers associated with
Events such as our world-
sports channels.
our content. At the same
wide newspaper conference
We should all be proud of sales more than 350,000 ahead
time, we are constantly exam-
and the launch of SKY Italia
the successes we achieved of its chief rival. And The New
ining new ways to monetize
are good examples of the
across our newspaper busi- York Post continued its torrid
our content, as we’ve done in
tremendous power that can
nesses, which performed well pace, recording its eighth
launching the TV DVD mar-
be realized from our global
in highly competitive mar- straight double-digit increase
ket. Like digital copyright,
enterprise. By harnessing
kets. The segment reported in circulation for a six-month
this is an issue with immense
the experience and practical
revenue and operating profit reporting period. It is the
long-term implications if
wisdom that comes from
increases of 26 percent and 48 fastest growing daily news-
ignored and we are devoting
operating in different envi-
percent respectively due in
, paper in the U.S., and is
much time and effort into
ronments and confronting
part to the absence of a cover poised to soon surpass its
staying ahead of it.
different challenges, our
price war at The Sun in the chief tabloid rival.
One prominent area of the
company has a great advan-
U.K., but also due to higher One of the genuine high-
Company that has certainly
tage over our competitors.
advertising and circulation lights of the past year was
benefited from innovative
The coming years will be a
revenues at nearly all of our the worldwide newspaper
and bold thinking is our
time of dynamic change.
Ideas not yet dreamed of
Revenues by Industry Segment: 2004 versus 2003 (U.S. Dollars, in Millions) will surely reshape the
media industry and our way
of life. These days of swift
Filmed Entertainment
change can be a source of
5,187
either dizzying fear or
4,486
boundless excitement. Our
Television
tradition at News Corp. is
5,027
4,763 not only to embrace these
Cable Network Programming transformations, but to drive
2,538
them. This is not a company
2,270
that sits still or basks in the
Direct Broadcast Satellite Television
light of past achievements.
1,665
We do not allow ourselves
220
the luxury of self-satisfac-
Magazines and Inserts
979 tion. There is still so much
923
more that we can and will
Newspapers
accomplish. And it is with
3,425
tremendous excitement that
2,718
we look ahead to another
Book Publishing
year, and many more to
1,276
1,162 come, of building a media
I 2004
Other company capable of great
Note: These financial highlights are taken from the Concise
I 2003 Financial Report.
862
things and the ability to
932 Note: DBS segment was consolidated as of April 30, 2003
better the lives of all our
and had only two months of results in prior year
readers and viewers.
7

11. GLOBAL EDITION
N E W S C O R P O R AT I O N A N N U A L R E P O R T 2 0 0 4
Cheaper by
#####
the Dozen
Garfield
A solid performance Family Hit of the Holiday Season
FOX MAKES
WAVES
9

12. N E W S C O R P O R AT I O N A N N U A L R E P O R T 2 0 0 4
21st Century Records For 20th Century Fox
tional territories. Its outstanding movie Man on Fire; and June’s by an outstanding opening for
A string of hit movies and record
performance continued into fis- goofball comedies Dodgeball Garfield. A week later, the num-
home entertainment sales gave
cal 2005 and the film has earned and Garfield. ber one opening for Dodgeball
20th Century Fox Film, News
more than US$500 million at the Master and Commander, gave Fox its fourth straight
Corporation’s 82 percent-owned
worldwide box office. released in November 2003, US$20 million-plus opening
Fox Entertainment Group’s film
Day After Tomorrow was the received tremendous critical weekend at the box office.
studio, record operating profits
biggest in a string of successful acclaim, garnering 10 Academy Dodgeball has since gone on to
for the third straight year in
films for Fox in fiscal 2004, start- Award nominations. It was gross more than US$100 million
fiscal 2004.
ing with League of Extraordinary soon followed by the surprise in the U.S. Soon after the end
Fox’s most successful film of
Gentlemen in the first quarter, family hit of the holiday season, of the fiscal year, I, Robot and
the year at the box office was
and continuing through Oscar- Cheaper by the Dozen. Alien vs. Predator both opened at
Day After Tomorrow. Following
winner Master and Commander; Man on Fire opened at num- number one, giving Fox its fifth
its May 2004 release, the film
holiday-season comedy Cheaper ber one at the box office and and sixth consecutive movie
was a hit in North America and
by the Dozen; April’s action was followed two months later openings above US$20 million.
number one in many interna-
Television Studios: Critical
TALE OF THE TAPE: DVD AND VIDEO SALES SOAR Acclaim and High Ratings
Armed with a large library of The Company’s main TV
Fox movies and television production studio, 20th Century
series, the Company’s home Fox Television (TCFTV), has
entertainment division sold received network orders for 21
more DVDs and videos than series – including 12 returning
ever before. and nine new series – for the
In the United States, five upcoming TV season.
titles – X2: X-Men United, FOX ordered 15 series, CBS
Cheaper by the Dozen, Master ordered three, ABC ordered
and Commander, Daredevil two and the WB ordered one.
and League of Extraordinary TCFTV series were hits
Gentlemen – reached sales of among both viewers and critics,
more than US$70 million. with the studio netting a string of
Illustrating the strength of the award nominations. The studio
home entertainment market as received 25 Emmy nominations,
an important revenue stream, including eight for 24, seven
In the U.S., Fox’s Home
video releases that the series –
the U.S. video release of for Arrested Development and
Entertainment division was
currently in hiatus – will be
Phone Booth and League of four for The Practice. Arrested
named Wal-Mart Supplier of
brought back to broadcast
Extraordinary Gentlemen both Development also received five
the Year for 2003, and home
television next season. Other
beat their U.S. box office returns. Television Critics Association
electronics retailer Best Buy
strong performances from TV
But it wasn’t just the Awards nominations – the most
awarded Fox its Bravo Award
series during the year included
Company’s film titles that of any show – and won two.
as best vendor for 2004, an
Buffy the Vampire Slayer and 24.
attracted consumer interest. In primetime animation,
indication of the incredible
As well as new releases, hit
Sales of Fox-produced televi- the studio again demonstrated
sales success the Company has
movies released on video in
sion series on video were also its established expertise when
had in home entertainment.
previous years – known as cat-
strong. Fox had three of the top Family Guy became the number
In May 2004, Fox Home
alog titles – continued to make
five TV DVD titles in fiscal one-selling TV title on DVD and
Entertainment acquired the
significant contributions. The
2004: the third season of The was put back into production for
rights to distribute on VHS and
high-performing catalog titles
Simpsons; volume one of Family FOX and The Cartoon Network.
DVD one of the year’s biggest
in fiscal 2004 included Ice
Guy and volume two of Family Meanwhile, Fox Television
box office hits, The Passion of
Age, Super Troopers, X-Men,
Guy. In fact, such was the Studios (FTS) produced tele-
the Christ, which was released
Office Space, Cast Away and
success of the Family Guy movie Redemption, the highest-
on August 31.
Unfaithful.
rated movie of the year to air
on Fox’s general entertainment
channel, FX.
Malcolm in the Middle, pro-
duced by Fox Entertainment
Group’s 50 percent-owned
Regency Television, was sold
into syndication, and The Bernie
Mac Show, jointly produced by
Regency Television and TCFTV,
received critical acclaim and
two prestigious Humanitas
Award nominations.
10

14. 12

15. WORLD
TELEVISION EXCLUSIVE
N E W S C O R P O R AT I O N A N N U A L R E P O R T 2 0 0 4
IDOLIZED FOX the Idol
of Young
Adults and
Teens
Most competitive season in FOX’s 18-year history. See next page for details
13