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Equity-Based Compensation (Tables)
 12 Months Ended
Jun. 30, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Equity-Based Compensation Expense

The following table summarizes the Company’s equity-based compensation expense reported in the Statements of Operations:

 

     For the fiscal years ended June 30,  
         2014              2013              2012      
     (in millions)  

News Corporation’s employees

    $ 34       $ 41       $ 30   

Allocated(a)

      —           8         14   
  

 

 

     

 

 

     

 

 

  

Total

    $ 34       $ 49       $ 44   
  

 

 

     

 

 

     

 

 

  

Total intrinsic value of stock options exercised

    $ 2       $ 23       $ 12   
  

 

 

     

 

 

     

 

 

  

 

(a) 

The allocated expense includes executive directors and corporate executives of 21st Century Fox, allocated using a proportional allocation methodology, which management has deemed to be reasonable.
Summary of Activity Related to Target PSUs and RSUs Settled in Shares

The following table summarizes the activity related to the target PSUs and RSUs granted to the Company’s employees which will be settled in shares of the Company (RSUs and PSUs in thousands):

 

     Fiscal 2014      Fiscal 2013      Fiscal 2012  
     Number
of
shares		     Weighted
average
grant-
date fair
value(d)		      Number
of
shares		     Weighted
average
grant-
date fair
value(d)		      Number
of
shares		     Weighted
average
grant-
date fair
value(d)		  

PSUs and RSUs

               

Unvested units at beginning of the year

      5,557      $ 9.46         3,076      $ 14.81         2,204      $ 13.52   

Granted

      2,924        19.06         1,414        24.83         2,189        15.14   

Vested(a)

      (24 )      10.70         (869 )      14.46         (991 )      13.14   

Cancelled

      (1,235 )      11.39         (426 )      15.52         (326 )      14.61   

Units impacted by the Separation(b)

      —          —           (609 )      17.02         —          —     

Units granted in conversion, as a result of the Separation

      —          —           2,971        9.46         —          —     
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Unvested units at the end of the year(c)

      7,222      $ 13.00         5,557      $ 9.46         3,076      $ 14.81   
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

 

(a) 

The fair value of RSUs held by the Company’s employees that vested during the fiscal years ended June 30, 2014, 2013 and 2012 was nil, $20 million and $16 million, respectively.
(b) 

Represented 0.9 million of unvested PSUs and RSUs as of June 28, 2013, the date of the Separation, which were converted to and were settled in shares of 21st Century Fox Class A Common Stock as such awards vested on or prior to December 31, 2013, offset by 0.3 million awards which represent PSUs and RSUs held by 21st Century Fox Corporate employees who became employed by the Company during the previous 12 months. These awards have been assumed by the Company and will be settled in the shares of the Company.
(c) 

The intrinsic value of these unvested RSUs and target PSUs was approximately $130 million as of June 30, 2014.
(d) 

The weighted average grant date fair value prior to June 30, 2013 represents the fair value of awards granted with respect to 21st Century Fox Class A Common Stock prior to conversion to awards of the Company. The weighted average grant date fair value of awards as of and subsequent to June 30, 2013 represents the fair value of the award using the conversion ratio set forth by the 21st Century Fox Compensation Committee.
Summary of Stock Option Transactions

The following table summarizes information about stock option transactions for the employee stock option plans (options in thousands):

 

     Fiscal 2014      Fiscal 2013      Fiscal 2012  
     Options     Weighted
average
exercise
price(c)		      Options     Weighted average exercise
price(c)		      Options     Weighted average exercise
price(c)		  
           (in US$)            (in US$)      (in A$)            (in US$)      (in A$)  

Outstanding at the beginning of the year

      463      $ 5.88         4,086      $ 12.40       $ 18.27         9,094      $ 12.36       $ 18.98   

Exercised

      (200 )      5.39         (2,924 )      12.57         18.53         (2,303 )      9.28         15.40   

Cancelled

      —          —           (191 )      12.39         18.86         (2,705 )      14.92         23.09   

Options impacted by the Separation(a)

      —          —           (786 )      11.27         17.08         —          

Shares granted in conversion, as a result of the Separation

      —          —           278        5.88         —           —          
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Outstanding at the end of the year(b)

      263      $ 6.25         463      $ 5.88       $ —           4,086      $ 12.40       $ 18.27   
  

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Exercisable at the end of the year

      263           463              3,722        

 

(a) Represents 0.8 million of outstanding options as of the Distribution Date, which were converted into and settled in shares of 21st Century Fox Class A Common Stock.
(b)  Represents the total number of outstanding options as of the Distribution Date which was converted to and will be settled in Class A Common Stock of the Company as the options expire subsequent to December 31, 2013. The intrinsic value of options outstanding held by the Company’s employees as of June 30, 2014, 2013 and 2012 was $3.1 million, $4.3 million and $18.4 million, respectively. There were no unvested stock options at June 30, 2014 and 2013.
(c) The weighted average exercise price prior to June 30, 2013 represents the exercise price of options granted with respect to 21st Century Fox Class A Common Stock prior to conversion to awards of the Company. The weighted average exercise price of awards as of and subsequent to June 30, 2013 represents the exercise price of the awards using the conversion ratio set forth by the 21st Century Fox Compensation Committee.