News Corp Reports Buy-Back Notification with ABN 1638829331

We, NEWS CORPORATION, provide the following information about our buy-back: Registration type and number: ARBN 163882933; ASX issuer code: NWS; Date of buy-back: September 29, 2025; Number of shares bought back: 420997572; Highest and lowest price paid per share: $; Total consideration: $; and method of buy-back: Rule 3.8A.

Irenic Capital Management, a hedge fund known for its activist strategies, has built a significant stake in Workiva, a financial reporting software maker. On September 29, 2025, Reuters reported that Irenic owns roughly 2% of Workiva and has been pushing for changes to improve the company's operating efficiency, refresh its board, and consider a potential sale Exclusive: Activist Irenic builds stake in Workiva, pushes for board seats^[1].

Irenic's push comes after Workiva's stock price dropped 5.2% on September 9, 2025, amid concerns about the company's profitability and go-to-market efficiency. The hedge fund has been frustrated with Workiva's financial performance, noting that the company trades at a 27% discount to application software rivals like Workday and ServiceNow Exclusive: Activist Irenic builds stake in Workiva, pushes for board seats^[1].

Irenic is urging Workiva to collapse its dual-class share structure, make all board members stand for election every year, and add two newcomers, including Irenic executive Krishna Korupolu, to the board. The hedge fund is also pushing for a strategic review with fresh board oversight, capitalizing on strong private equity appetite for financial software companies Exclusive: Activist Irenic builds stake in Workiva, pushes for board seats^[1].

Workiva's CEO, Julie Iskow, has been at the helm since April 2023, but the company's stock price has fallen nearly 19% compared to a 20% average gain for its proxy peers and a 70% surge for the S&P 500 during the same period Exclusive: Activist Irenic builds stake in Workiva, pushes for board seats^[1].

Irenic has twice sent letters to Workiva's board to lay out its concerns and proposed improvements. The hedge fund has expressed considerable concern about the company's governance, noting that five of its seven directors have served on the board since 2014 Exclusive: Activist Irenic builds stake in Workiva, pushes for board seats^[1].