News Corporation

underpinned by recurring revenues and expect to report strong results in the fourth quarter. Some themes by segment. At Dow Jones, we expect continued strong revenue performance and improved margins. At Digital Real Estate Services, Australian residential new-buy listings for April rose 19%. Please refer to REA for more detailed outlook commentary, which now assumes lower operating cost growth. At Realtor, we hope to see continued revenue improvement, albeit the overall housing recovery could be impacted in the shorter term by rising mortgage rates. At book publishing, overall HarperCollins trends remain favorable, and we expect to benefit from a stronger front-list program. At news media, we expect to incur some incremental costs compared to the prior year related to the rollout of the California Post, but should also see some benefits from new content licensing revenues. While third quarter cash flows were impacted by the timing of working capital, we expect strong free cash flow growth for the fiscal year despite moderately higher capital expenditures as we had communicated earlier this year. With that, I'll turn it over to the operator for Q&A.

Thank you. We will now start the Q&A session. Please submit your questions to one per participant. If you have joined via the Zoom application, please use the raise hand functionality to ask a question. If you have joined via the audio line, please press star nine. Questions will be answered in the order they are received. We will now pause a moment to assemble the queue. Our first question will come from Elsa Lay with UBS. You may now unmute and ask your question.

Hi, thanks for taking my question, Robert and Lavanya. I've just got one on Dow Jones Energy and the investment required to build out new energy benchmarks. How are you thinking about sort of the balance between continued investment into building these new benchmarks versus the return profile? And are you able to potentially quantify any investments required? Thanks.