Vault-13

NEWS CORP NEW NWS

CL B · Common Stock · CUSIP 65249B208 · ISIN US65249B2088

American multinational mass media company (2013-)

320 institutional holders +6 vs Q4 2025
91,439,89691.4m shares reported held*
$2.6bnreported value*
41 new 115 added 112 reduced 36 sold out net bought ≈ $69.0m (+2.4m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($3.9m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $28.51. Options: 2 managers hold calls ($1.2m notional), 0 hold puts (—).

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

0200400Q3 22: 215Q4 22: 230Q1 23: 214Q2 23: 205Q3 23: 212Q4 23: 226Q1 24: 263Q2 24: 281Q3 24: 282Q4 24: 293Q1 25: 304Q2 25: 329Q3 25: 336Q4 25: 314Q1 26: 320320Q3 22Q3 23Q3 24Q3 25Q1 26
Numbers
QuarterHolders
Q3 2022215
Q4 2022230
Q1 2023214
Q2 2023205
Q3 2023212
Q4 2023226
Q1 2024263
Q2 2024281
Q3 2024282
Q4 2024293
Q1 2025304
Q2 2025329
Q3 2025336
Q4 2025314
Q1 2026320

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q2 24: 150 bought or addedQ2 24: 112 cut or sold outQ3 24: 140 bought or addedQ3 24: 125 cut or sold outQ3 24Q4 24: 137 bought or addedQ4 24: 139 cut or sold outQ1 25: 161 bought or addedQ1 25: 124 cut or sold outQ1 25Q2 25: 188 bought or addedQ2 25: 131 cut or sold outQ3 25: 197 bought or addedQ3 25: 117 cut or sold outQ3 25Q4 25: 151 bought or addedQ4 25: 162 cut or sold outQ1 26: 156 bought or addedQ1 26: 148 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 2024150112
Q3 2024140125
Q4 2024137139
Q1 2025161124
Q2 2025188131
Q3 2025197117
Q4 2025151162
Q1 2026156148

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$1m$2m$3m$4mQ2 25 calls: $3.5mQ2 25 puts: $508.0kQ2 25P/C 0.14Q3 25 calls: $1.7mQ3 25 puts: $683.1kQ3 25P/C 0.41Q4 25 calls: $1.1mQ4 25 puts: $10.4kQ4 25P/C 0.01Q1 26 calls: $1.2mQ1 26 puts: $0Q1 26P/C 0.00
Numbers
QuarterCallsPutsP/C
Q2 2025$3.5m$508.0k0.14
Q3 2025$1.7m$683.1k0.41
Q4 2025$1.1m$10.4k0.01
Q1 2026$1.2m$00.00

Biggest buyers

STATE STREET CORP Added +3,720,208+3.7m
Perpetual Ltd Added +2,295,584+2.3m
BANK OF AMERICA CORP /DE/ Added +427,841+427.8k
Quantinno Capital Management LP Added +382,644+382.6k
Invesco Ltd. Added +366,229+366.2k
JPMORGAN CHASE & CO Added +309,658+309.7k
UBS Group AG Added +234,721+234.7k
VOLORIDGE INVESTMENT MANAGEMENT, LLC Added +222,632+222.6k
AQR CAPITAL MANAGEMENT LLC Added +212,716+212.7k
Jefferies Financial Group Inc. Added +187,015+187.0k

Biggest sellers

Starboard Value LP Reduced -1,850,000-1.9m
MACQUARIE GROUP LTD Reduced -821,447-821.4k
MILLENNIUM MANAGEMENT LLC Sold out -597,395-597.4k
59 North Capital Management, LP Reduced -597,379-597.4k
GOLDMAN SACHS GROUP INC Reduced -581,237-581.2k
FMR LLC Reduced -364,020-364.0k
D. E. Shaw & Co., Inc. Reduced -350,015-350.0k
HSBC HOLDINGS PLC Reduced -318,531-318.5k
HRT FINANCIAL LP Reduced -240,347-240.3k
Man Group plc Sold out -197,586-197.6k

Biggest calls

IMC-Chicago, LLC New $1.1m38.0k shares
SIMPLEX TRADING, LLC Reduced $74.1k2.8k shares

Biggest puts

None

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
Cruden 2, LLC 13D · may seek influence new · filed 2025-09-12
Stated purposeThe information set forth in Items 3 and 6 of this Schedule 13D is incorporated by reference in its entirety into this Item 4. The Reporting Persons initially acquired the Class B Shares for investment purposes. The Reporting Persons intend to continue to review their investment in the Issuer on an ongoing basis and, in the course of their review, may take actions (including through their affiliates) with respect to their investment or the Issuer, including communicating with the board of directors of the Issuer (the "Board"), members of management or other securityholders of the Issuer, or other third parties, including potential acquirers, from time to time, taking steps to implement a course of action, including, without limitation, engaging advisors, including legal, financial, regulat… Full filing
 33.2% new 62.6m≈ $1.8bn 2025-09-12

Fell to 5% or below in the last year: STATE STREET CORP (4.7%, 2026-08-07), VANGUARD GROUP INC (0.0%, 2026-03-27)

Insider purchases and sales in Q1 2026

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
505Q2 24: 0 buyingQ2 24: 0 sellingQ3 24: 0 buyingQ3 24: 5 sellingQ3 24Q4 24: 0 buyingQ4 24: 0 sellingQ1 25: 0 buyingQ1 25: 0 sellingQ1 25Q2 25: 0 buyingQ2 25: 0 sellingQ3 25: 0 buyingQ3 25: 3 sellingQ3 25Q4 25: 0 buyingQ4 25: 0 sellingQ1 26: 0 buyingQ1 26: 0 sellingQ1 26
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q2 20240—0——
Q3 20240—5$3.8m—
Q4 20240—0——
Q1 20250—0——
Q2 20250—0——
Q3 20250—3$2.2m—
Q4 20250—0——
Q1 20260—0——

None reported in Q1 2026.

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 STATE STREET CORP 0.01% of their portfolio BOSTON, MA 11,693,81811.7m $334.2m $334.2m 0.01% Added +3.7m +3,720,208
2 SOF Ltd 100.00% of their portfolio George Town, E9 9,781,8829.8m $278.9m $278.9m 100.00% Unchanged
3 Independent Franchise Partners LLP 1.82% of their portfolio London, X0 9,111,7609.1m $259.8m $259.8m 1.82% Reduced -49.7k -49,695
4 BlackRock, Inc. 0.00% of their portfolio New York, NY 7,493,5937.5m $213.6m $213.6m 0.00% Added +41.8k +41,769
5 VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio MALVERN, PA 6,081,5266.1m $173.4m $173.4m 0.00% First filing
6 VANGUARD PORTFOLIO MANAGEMENT LLC 0.01% of their portfolio MALVERN, PA 5,308,4365.3m $151.3m $151.3m 0.01% First filing
7 L1 Capital Pty Ltd 4.74% of their portfolio MELBOURNE VIC 3000, C3 4,234,9684.2m $120.7m $120.7m 4.74% Reduced -38.7k -38,736
8 GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio BOSTON, MA 3,883,0513.9m $110.6m $110.6m 0.01% Added +154.8k +154,788
9 Starboard Value LP 1.62% of their portfolio New York, NY 2,589,0812.6m $73.8m $73.8m 1.62% Reduced -1.9m -1,850,000
10 Perpetual Ltd 1.09% of their portfolio SYDNEY, NEW SOUTH WALES, C3 2,487,8972.5m $70.9m $70.9m 1.09% Added +2.3m +2,295,584
11 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 2,272,6572.3m $64.8m $64.8m 0.01% Added +366.2k +366,229
12 BANK OF MONTREAL /CAN/ 0.02% of their portfolio TORONTO, A6 1,946,5251.9m $55.5m $55.5m 0.02% Reduced -514 -514
13 DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio AUSTIN, TX 1,761,9771.8m $50.2m $50.2m 0.01% Added +46.8k +46,837
14 59 North Capital Management, LP 1.30% of their portfolio Houston, TX 1,528,1901.5m $43.6m $43.6m 1.30% Reduced -597.4k -597,379
15 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,484,4951.5m $42.3m $42.3m 0.00% Reduced -44.8k -44,792
16 MACQUARIE GROUP LTD 0.20% of their portfolio Sydney, NSW 2000, C3 1,154,0321.2m $32.9m $32.9m 0.20% Reduced -821.4k -821,447
17 Metropolis Capital Ltd 1.00% of their portfolio AMERSHAM, X0 1,035,1411.0m $29.5m $29.5m 1.00% Added +163.4k +163,356
18 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 889,427889.4k $25.4m $25.4m 0.00% Reduced -11.6k -11,645
19 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 844,576844.6k $24.1m $24.1m 0.00% Added +427.8k +427,841
20 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 768,572768.6k $21.8m $21.8m 0.00% Added +309.7k +309,658
21 BARCLAYS PLC 0.01% of their portfolio LONDON, X0 702,874702.9k $20.0m $20.0m 0.01% Added +97.1k +97,112
22 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 699,074699.1k $19.9m $19.9m 0.00% Added +2.2k +2,193
23 Quantinno Capital Management LP 0.03% of their portfolio NEW YORK, NY 681,468681.5k $19.4m $19.4m 0.03% Added +382.6k +382,644
24 VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio MALVERN, PA 665,687665.7k $19.0m $19.0m 0.00% First filing
25 UBS Group AG 0.00% of their portfolio ZURICH, V8 664,512664.5k $18.9m $18.9m 0.00% Added +234.7k +234,721
26 Irenic Capital Management LP 1.54% of their portfolio NEW YORK, NY 593,809593.8k $16.9m $16.9m 1.54% Unchanged
27 VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.06% of their portfolio JUPITER, FL 519,974520.0k $14.8m $14.8m 0.06% Added +222.6k +222,632
28 Jefferies Financial Group Inc. 0.17% of their portfolio NEW YORK, NY 494,432494.4k $14.1m $14.1m 0.17% Added +187.0k +187,015
29 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 397,793397.8k $11.3m $11.3m 0.00% Reduced -22.5k -22,521
30 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 396,319396.3k $11.3m $11.3m 0.00% Reduced -581.2k -581,237
31 FMR LLC 0.00% of their portfolio BOSTON, MA 387,235387.2k $11.0m $11.0m 0.00% Reduced -364.0k -364,020
32 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 344,540344.5k $9.8m $9.8m 0.01% Reduced -47.5k -47,487
33 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 302,344302.3k $8.6m $8.6m 0.00% Added +5.7k +5,690
34 Legal & General Group Plc 0.00% of their portfolio London, X0 278,959279.0k $8.0m $8.0m 0.00% Added +14.4k +14,421
35 Vanguard Global Advisers, LLC 0.00% of their portfolio MALVERN, PA 258,428258.4k $7.4m $7.4m 0.00% First filing
36 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 256,298256.3k $7.3m $7.3m 0.00% Added +212.7k +212,716
37 SEI INVESTMENTS CO 0.01% of their portfolio OAKS, PA 243,153243.2k $6.9m $6.9m 0.01% Added +131.6k +131,592
38 Amundi 0.00% of their portfolio Paris, I0 238,556238.6k $6.8m $6.8m 0.00% Reduced -44.6k -44,592
39 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 236,352236.4k $6.7m $6.7m 0.00% Added +33.9k +33,908
40 RHUMBLINE ADVISERS 0.01% of their portfolio BOSTON, MA 228,196228.2k $6.5m $6.5m 0.01% Added +3.3k +3,262
41 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 218,167218.2k $6.2m $6.2m 0.00% Reduced -318.5k -318,531
42 Weiss Asset Management LP 0.10% of their portfolio BOSTON, MA 189,700189.7k $5.4m $5.4m 0.10% Not comparable
43 HRT FINANCIAL LP 0.02% of their portfolio NEW YORK, NY 189,486189.5k $5.4m $5.4m 0.02% Reduced -240.3k -240,347
44 VANGUARD ASSET MANAGEMENT, Ltd 0.00% of their portfolio London, EC4N 8AF, X0 178,888178.9k $5.1m $5.1m 0.00% First filing
45 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 172,805172.8k $4.9m $4.9m 0.00% Reduced -1.9k -1,886
46 Marble Bar Asset Management LLP 4.22% of their portfolio London, X0 150,768150.8k $4.3m $4.3m 4.22% New
47 COOPER INVESTORS PTY LTD 1.73% of their portfolio MELBOURNE, VICTORIA, C3 148,990149.0k $4.2m $4.2m 1.73% Reduced -131.3k -131,296
48 Mitsubishi UFJ Asset Management Co., Ltd. 0.00% of their portfolio TOKYO, M0 146,454146.5k $4.2m $4.2m 0.00% Added +13 +13
49 Howard Capital Management, LLC 0.07% of their portfolio Alpharetta, GA 143,272143.3k $4.1m $4.1m 0.07% Unchanged
50 Northern Right Capital Management, L.P. 1.43% of their portfolio DARIEN, CT 140,459140.5k $4.0m $4.0m 1.43% Unchanged
51 PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio DES MOINES, IA 136,279136.3k $3.9m $3.9m 0.00% Reduced -8.3k -8,269
52 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.01% of their portfolio TORONTO, A6 131,077131.1k $3.7m $3.7m 0.01% Added +126.2k +126,198
53 CIBC Bancorp USA Inc. 0.01% of their portfolio CHICAGO, IL 130,112130.1k $3.7m $3.7m 0.01% First filing
54 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 126,110126.1k $3.7m $3.7m 0.00% Added +2.4k +2,431
55 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 116,114116.1k $3.3m $3.3m 0.00% Added +34.5k +34,538
56 ADAGE CAPITAL PARTNERS GP, L.L.C. 0.00% of their portfolio Boston, MA 109,034109.0k $3.1m $3.1m 0.00% Reduced -2.4k -2,400
57 PINNACLE ASSOCIATES LTD 0.04% of their portfolio NEW YORK, NY 104,576104.6k $3.0m $3.0m 0.04% Reduced -156 -156
58 ROYAL LONDON ASSET MANAGEMENT LTD 0.01% of their portfolio UNITED KINGDOM, X0 101,053101.1k $2.9m $2.9m 0.01% Added +34.9k +34,899
59 GAMCO INVESTORS, INC. ET AL 0.03% of their portfolio GREENWICH, CT 96,99297.0k $2.8m $2.8m 0.03% Added +11.6k +11,550
60 GABELLI FUNDS LLC 0.02% of their portfolio Rye, NY 96,00096.0k $2.7m $2.7m 0.02% Added +3.0k +3,000
61 Aberdeen Group plc 0.00% of their portfolio EDINBURGH, X0 95,90795.9k $2.7m $2.7m 0.00% Added +673 +673
62 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 82,73182.7k $2.4m $2.4m 0.00% Reduced -350.0k -350,015
63 NATIONAL BANK OF CANADA /FI/ 0.00% of their portfolio MONTREAL, A8 81,78981.8k $2.3m $2.3m 0.00% Added +15.6k +15,605
64 Caisse de depot et placement du Quebec 0.00% of their portfolio Montreal, A8 81,68681.7k $2.3m $2.3m 0.00% Reduced -108.3k -108,314
65 XY Capital Ltd 2.32% of their portfolio CENTRAL, K3 74,31074.3k $2.1m $2.1m 2.32% Reduced -30.8k -30,832
66 Treasurer of the State of North Carolina 0.01% of their portfolio RALEIGH, NC 69,72269.7k $2.0m $2.0m 0.01% Added +2.1k +2,086
67 Summit Trail Advisors, LLC 0.03% of their portfolio NEW YORK, NY 68,88968.9k $2.0m $2.0m 0.03% Added +3.6k +3,645
68 Illinois Municipal Retirement Fund 0.02% of their portfolio OAK BROOK, IL 66,61066.6k $1.9m $1.9m 0.02% Reduced -5.6k -5,618
69 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 66,44266.4k $1.9m $1.9m 0.00% Reduced -3.2k -3,169
70 Estate Counselors, LLC 0.17% of their portfolio Thiensville, WI 66,40966.4k $1.9m $1.9m 0.17% New
71 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 62,72062.7k $1.8m $1.8m 0.00% Reduced -28.1k -28,104
72 PRUDENTIAL FINANCIAL INC 0.00% of their portfolio NEWARK, NJ 61,21361.2k $1.7m $1.7m 0.00% Reduced -1.7k -1,680
73 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 60,89160.9k $1.7m $1.7m 0.00% Reduced -7.5k -7,500
74 Chevy Chase Trust Holdings, LLC 0.00% of their portfolio BETHESDA, MD 60,20160.2k $1.7m $1.7m 0.00% Reduced -2.4k -2,382
75 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 59,53159.5k $1.7m $1.7m 0.00% Added +341 +341
76 PANAGORA ASSET MANAGEMENT INC 0.01% of their portfolio BOSTON, MA 59,46559.5k $1.7m $1.7m 0.01% Added +52.6k +52,555
77 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 58,66658.7k $1.7m $1.7m 0.00% Added +4.8k +4,751
78 Police & Firemen's Retirement System of New Jersey 0.01% of their portfolio TRENTON, NJ 55,78555.8k $1.6m $1.6m 0.01% Unchanged
79 Board of the Pension Protection Fund 1.39% of their portfolio CROYDON, X0 53,20053.2k $1.5m $1.5m 1.39% Added +1.3k +1,300
80 Mariner, LLC 0.00% of their portfolio Overland Park, KS 52,27652.3k $1.5m $1.5m 0.00% Added +10.2k +10,246
81 Holt Capital Advisors, L.L.C. dba Holt Capital Partners, L.P. 0.20% of their portfolio FORT WORTH, TX 51,85751.9k $1.5m $1.5m 0.20% Reduced -1.1k -1,072
82 Diametric Capital, LP 0.38% of their portfolio BOSTON, MA 51,31151.3k $1.5m $1.5m 0.38% Added +3.4k +3,401
83 ACADIAN ASSET MANAGEMENT LLC 0.00% of their portfolio Boston, MA 49,21249.2k $1.4m $1.4m 0.00% New
84 Quinn Opportunity Partners LLC 0.07% of their portfolio CHARLOTTESVILLE, VA 43,81443.8k $1.2m $1.2m 0.07% Unchanged
85 INTECH INVESTMENT MANAGEMENT LLC 0.01% of their portfolio WEST PALM BEACH, FL 41,22941.2k $1.2m $1.2m 0.01% New
86 JANUS HENDERSON GROUP PLC 0.00% of their portfolio LONDON, X0 40,65740.7k $1.2m $1.2m 0.00% New
87 IEQ CAPITAL, LLC 0.01% of their portfolio Foster City, CA 40,13240.1k $1.1m $1.1m 0.01% Reduced -305 -305
88 Richard Bernstein Advisors LLC 0.03% of their portfolio NEW YORK, NY 40,11340.1k $1.1m $1.1m 0.03% Unchanged
89 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 39,88939.9k $1.1m $1.1m 0.00% Added +11.3k +11,317
90 Pathstone Holdings, LLC 0.00% of their portfolio ENGLEWOOD, NJ 39,26539.3k $1.1m $1.1m 0.00% Added +4.4k +4,423
91 XPONANCE LLC 0.01% of their portfolio PHILADELPHIA, PA 39,02739.0k $1.1m $1.1m 0.01% Added +4.4k +4,429
92 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 38,54438.5k $940.9k $940.9k 0.00% Reduced -8.0k -7,989
93 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 38,24438.2k $1.1m $1.1m 0.00% Reduced -12.2k -12,169
94 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 36,25136.3k $1.0m $1.0m 0.00% Reduced -8.1k -8,119
95 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.00% of their portfolio COLUMBUS, OH 36,22736.2k $1.0m $1.0m 0.00% Reduced -1.7k -1,698
96 Baker Ellis Asset Management LLC 0.12% of their portfolio Vancouver, WA 35,16035.2k $1.0m $1.0m 0.12% Reduced -12.4k -12,400
97 Public Sector Pension Investment Board 0.00% of their portfolio MONTREAL, A8 35,10835.1k $1.0m $1.0m 0.00% Added +3.7k +3,658
98 Engineers Gate Manager LP 0.01% of their portfolio NEW YORK, NY 34,37034.4k $979.9k $979.9k 0.01% Added +13.9k +13,874
99 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 34,01434.0k $969.7k $969.7k 0.00% Added +3.8k +3,778
100 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 33,89933.9k $966.5k $966.5k 0.00% Reduced -25.1k -25,094