Good day, everyone, and welcome to the News Corp. First Quarter Fiscal Year 2015 Earnings Conference. As a reminder today’s presentation is being recorded. Members of the media are invited on a listen-only basis. At this time, I would like to turn the conference over to Mike 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 first 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 some 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 Corp.’s Form 10-Q for the three months ended September 30, 2014 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 may include certain non-GAAP financial measurements, the definition of and reconciliation of such measures can be found in our earnings release and our 10-Q filing. Finally, please note that certain financial measures used on 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’ll pass it over to Robert Thomson for some opening comments.

Thank you, Mike. As the results you’re seeing today reflect we are off to a resounding start in our second fiscal year as the new News Corp. Our revenues, Segment EBITDA, free cash flow and earnings per share were all up from the prior year. Our broader goal of globalization and digitization is proceeding at pace with passion and purpose, as is the ongoing transition of our newspapers in the U.S., UK, and Australia. Meanwhile, we are deepening our diverse portfolio with strategic acquisitions with significance. First, we closed the acquisition of Harlequin on August 1. The integration since the closing has been rapid and efficacious. We’re expanding HarperCollins’ reach and that of our authors across Europe, Latin America and Asia. We are finally focused on driving cost savings with the goal to improve efficiency, while delivering higher quality content across multiple platforms and markets. And we are taking steps to leverage and monetize the extensive Harlequin backed catalog. Second, we announced along with REA Group in Australia plans to acquire Move, home of Realtor.com, expanding our real estate footprint in the large but still nascent U.S. digital property marketplace. This is a transforming acquisition of the new News. One that we expect will have significant benefits for years to come and that clearly complements our existing platforms. I will expand on this theme later on my prologue. Meanwhile, we continue to enhance and refresh our digital offerings across the globe, including the launch of the new Wall Street Journal app, the development of Sun+ in the UK and the refreshing of our metro mastheads in Australia. There is increased collaboration across divisions, resulting in a more coherent digital strategy, more creative products and more compelling offerings for our customers. Looking now at the first quarter of fiscal year 2015,…

Thanks Robert. First, I would like to share with you some high level financial highlights, and then we will discuss each segment in further detail. We reported fiscal 2015 first quarter total revenue of $2.2 billion, a 4% increase versus a prior year period revenues of $2.1 billion. Excluding the impact of acquisitions, divestitures and foreign currency fluctuations, adjusted revenues were up 1% compared to the prior year. Turning to EBITDA, we reported total Segment EBITDA of $170 million, which was a 21% increase versus the prior year period. Results this quarter include $14 million of costs related to the UK Newspaper Matters, net of indemnification. Excluding that cost and the impact of acquisitions, divestitures and foreign currency fluctuations, our adjusted total Segment EBITDA grew by 18% versus the prior year. Reported EPS were $0.11 versus $0.05, excluding restructuring and impairment charges, UK Newspaper Matters costs and other one-time items, adjusted EPS were $0.09 versus $0.03 in the prior year. Free cash flow available to News Corporation improved by $83 million from negative $10 million in the prior year to positive $73 million in the first quarter. As Robert noted, the results demonstrate both the breadth of our portfolio and our diversification, across geographies, lines of business and revenue mix. We significantly grew our EBITDA and our free cash flow amid a still challenging ad-market albeit we saw lower declines in Australian and at The Wall Street Journal compared to the fourth quarter of fiscal 2014. The results today are the product of prudent reinvestment, improved market share and ongoing operating efficiencies. : We are also strengthening two of our core pillars, Digital Real Estate and Book Publishing. Those of which contributed significantly to our strong top and bottom line results this quarter. We believe adding Move to our platform…

Thank you. (Operator Instructions) And our first question comes from John Janedis with Jefferies. John Janedis – Jefferies LLC: Thank you. Robert, can you give us more color on what you are seeing in print advertising at the journal, with some of the weakness in national advertising in TV and cable, it’s a bit of a surprise. And so I guess, was the tech money broad, that it’d support a particular launch, does it have legs in Australia how are current print trends looking there? Thanks.

John, look, obviously we are not pretending to be soothsayers, so we are not giving you long-term forecasts. But what we did see in particular at the journal and both in print, but particularly in print, but also in digital was their recovery in finance and tech advertising, and that is encouraging. And it’s so far so good this quarter and we are talking in terms of year-on-year guidance. In Australia, the team under Julian Clarke, have done a sterling job in retooling the business. And I think partly there the improvement in trading conditions is today in large part together focused again on the local advertising. The team is dedicated in its pursuit of clients and its servicing of clients, and so that has absolutely contributed to the improvement we are seeing there. And in essence, what you’ve got in Australia now if you wanted to typify it topographically with topographically is that, the Mary River had silted up, and that river is now flowing again.

Okay. Operator, we'll take our next question please.

Thank you. We'll go to Tim Nollen with Macquarie. Tim Nollen – Macquarie Capital: Yes, I want to ask about your Amplify division, you mentioned that you are heading into an active selling season. We are a good couple of months into the fall semester with a lot of common core sales for schools now underway. Just wondered, if you could comment on what you have done, and what you think the timeframe is of upcoming Amplify sales please?

Well, we're seeing sales across five states and range of districts from Seminole County in Florida to Spokane in Washington. The sale season for us, quite frankly will get more intense later in the fiscal year. And as the product is rolled out, you like us in these very public contracts will have a sense of how we’re fairing.

Okay. Operator, we'll take our next question please.

Thank you. We'll go to Doug Arthur with Evercore. Douglas Arthur – Evercore Partners Inc.: Yes, Bedi, you talked about the dual rent in London dissipating next quarter, what can you add in terms of sort of the underlying cost trends in news and information for the balance of the years?

I think, we've been pleased with these operating efficiencies we see in news and information services, particularly in Australia, where they have been taking out quite a bit of cost, and the sort of backroom operations. And I think, we would expect that sort of pace to sort of continue for the remainder of the year. The London building this quarter was double rental $14 million, I think, it will be similar for next quarter and then we're done. So that would obviously dissipate for quarters three and four, so there will be improvement just as a result of that.

Okay. Operator, we'll take our next question please.

We'll go next to Alexia Quadrani with JP Morgan. Alexia Quadrani – JP Morgan Chase & Co.: Thank you. My question is on your acquisition strategy, you’ve made two very different acquisitions recently, Harlequin and then Move, one publishing and one an online real estate. I guess, my – you did talk a little bit about what your priorities are in terms of when you look for these deals and able to leverage your global franchise when you bring them under your fold. But if you could give us any more color in terms of, are there certain segments of the markets that you are more focused on versus others, I guess, is there any other priorities you take into consideration?

Alexia, I think we made clear at the very first Investor Day that we were particularly interested in digital acquisitions. We would focus on the U.S. and global expansion and not so much Europe, a little more Asia, for example, but in particular, they have to be assets to complement our existing assets. They have to be extensions of our expertise, and we have to be able to use our existing platforms in a way to ensure that the new companies become platforms in profitability. And that’s very much the case with Harlequin, and it’s clearly the case with Move, where in each case, we have an existing skill set. We see, yes, synergies there, but we also see the potential for growth that is wheel, and it’s the potential for growth based upon experience and expertise in the company as it exist. So these are not eccentric purchases, these are extensions of that expertise.

Okay. Operator, we'll take our next question please.

We'll go to Michael Morris with Guggenheim Securities. Michael Morris – Guggenheim Securities, LLC: Thanks, guys. With respect to the price changes at The Wall Street Journal, I apologies if I didn’t hear this, but when did those price changes take place or when do they take place. And then also I know, you’ve been sensitive about the impact to subscriber numbers of changing price, what was the pattern that you saw at the times when you made a similar change there? Thanks.

So the new pricing as I said the full package is $32.99, that came into effect just now in October, and it’s the new customers. So that’s what we've done for the full package, the print and web and mobile is $28.99.

Okay. Operator, we'll take our next question please.

From Goldman Sachs, we'll go to Adam Alexander. Adam Alexander – Goldman Sachs Group Inc.: Good afternoon. Just touching on the Foxtel process, they were launched this week in Australia with a 50% cut on the base package, just wondering relatively, if you could give us a bit of a data on what sort of spin-down we might see, and whether or not that’ll have a top line impact on Foxtel revenue in the coming quarters?

Adam, it’s a little early for us to give you any forecast along those lines. I think, what we can say is that, process is being in operation for a week. Apart from offering discounts from new subscribers, what we are offering in our premium packages to existing subscribers and look out the early inquiring that we have is at the call center activity has been encouraging. But I think it’s better for us to wait till the next quarter to give you more fully formed some figures.

Okay. Operator, we will take our next question, please.

We’ll go to Craig Huber with Huber Research Partners. Craig Huber – Huber Research Partners, LLC: Yes, I am just curious, your Move acquisition Realtor.com, what you’re going to do on the management front there with REA? Are they going to – are you going to lean heavily on the REA management to run this thing or are you going to use people in-house of your existing company or are you going to keep the current management in place or how is that all going to work, please?

Look, clearly REA’s expertise will be a benefit to Move, but we’re not going to use that work expertise to an extent that it would damage REA itself and we are very, very conscious of that. I think, what you have to understand about Move is that, we’re extremely confident that we can accelerate growth in traffic and revenue without excessive investment, given the resources we have at our disposal and they’re not just REA resources, but when you think about at The Wall Street Journal Digital Network, where you’re getting a half-a-billion page views a month, complementing the large number of page views and traffic that you get at realtor.com. And so and when you look at what typical real state advertising website need, you need a media platform, we have that; you need compelling content, we have that; and you need a tech and software expertise, we have that. And we have those things without having to excessively invest. Craig Huber – Huber Research Partners, LLC.: Thank you.

Operator, we will take our next question, please.

(Operator Instructions) We’ll go to Andrew Levy with Macquarie Securities. Andrew Levy – Macquarie Securities Ltd.: Thank you. My question was just on the FOX SPORTS, presumably Foxtel is going to get a pickup in subscribers from the price changes you put through. I’m just wondering if FOX SPORTS gets a full carry-through from any additional subscriber growth or whether the deal with Foxtel is being re-cut to accommodate the price changes that they have put through.

:

Just to further it out, about – and look on past patterns, about 80% of Foxtel subscribers pick up the FOX SPORTS package, or… Andrew Levy – Macquarie Securities Ltd.: And have you – sorry about that. I was just going to say, the view historically been the same for all Foxtel subscribers or just the sports package subscribers in the FOX SPORTS?

Andrew, can you repeat that question? Andrew Levy – Macquarie Securities Ltd.: Yes, the question was, historically, did FOX SPORTS receive a payment on total Foxtel subscribers or just on Foxtel subscribers who took the sports package?

People who took the sports package. Andrew Levy – Macquarie Securities Ltd.: Okay, thank you.

Operator, we will take our next question, please.

We’ll go to Justin Diddams with Citi. Justin Diddams –: Morning, guys. Thanks for your time, a question for me is on using information services, given the trends you’re seeing in each of the businesses do you think it’s acceptable to expect that we can see revenue growth in the back-end of the year in each business?

Morning, guys. Thanks for your time, a question for me is on using information services, given the trends you’re seeing in each of the businesses do you think it’s acceptable to expect that we can see revenue growth in the back-end of the year in each business?

It’s probably not reasonable, Justin, to expect us to give you a forecast along those lines. What we can say is that the trends last quarter in particular in Australia, the advertising trends with the journal in October in recent weeks, these have been positive trends relative to last year. But we’re also very frank with you, it is difficult for us to see long-term trends at the moment given that the power of the spot market. And therefore in predictive terms spottiness of the statistics we have at our disposal. So what we do have been in London, in Australia and at Dow Jones, are teams who are working very, very hard to get the most out of their businesses. They’ve been very institutionally perspective on costs. They’re asking all the right existential expense questions and we’re very proud of the effort that those teams are making.

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

(Operator Instructions) We’ll go to Fraser McLeish with Credit Suisse. Fraser McLeish – Credit Suisse Ltd.: Thanks. And I just like to follow-up on the question that Andrew asked on FOX SPORTS, can you just confirm has there been any change in the amount you get per FOX SPORTS subscriber as a result of the overall pricing changes or is that still the same as it was before? Thanks.

So we’re not disclosing specific pricing, but generally you can take it that, it’s along the same sort of lines that we had before. Fraser McLeish – Credit Suisse Ltd.: All right, thank you.

Thank you. Thanks, Fraser. Operator, we will take our next question.

Thank you. We’ll go to Brian Han with Morningstar. Brian Han – Morningstar Australasia Pty Ltd.: Hi, thanks. As we think about the Move acquisition going forward and Robert, you’ve already mentioned the brand building potency of News Corp. itself. But, do you have any special marketing relationship with Fox Media properties or is that all on an arm’s length basis?

Clearly, we’ll be involved in negotiations with our friends at Fox, but we look – we’ve got News America Marketing and the free-standing insert business. We have the National Association of Realtors, which this year has invested around $30 million in marketing and we intend to strengthen our relationship to ensure that the complementarity of the marketing at our marketing. So combined the sum of those parts will be a very, very powerful platform, because we’re conscious quite obviously that marketing can be expensive. But when we calculated the benefits of buying Move, clearly we have a comparative advantage, when it comes to brand building and traffic driving.

Operator, are there any additional questions?

This time there are no further questions in the queue. Mr. Florin, I’ll turn the call back to you.

Great. Thank you very much for participating and we look forward to updating you on our progress next quarter. Have a good day.