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Equity Based Compensation
6 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Equity Based Compensation

NOTE 8. EQUITY BASED COMPENSATION

Employees of the Company participate in the News Corporation 2013 Long-Term Incentive Plan (the “2013 LTIP”) under which equity-based compensation, including stock options, performance stock units (“PSUs”), restricted stock awards, restricted stock units (“RSUs”) and other types of awards can be granted. The Company has the ability to award up to 30 million shares of Class A Common Stock under the terms of the 2013 LTIP. Additionally, in connection with the acquisition of Move, Inc. (“Move”), the Company assumed Move’s equity incentive plans and substantially all of the awards outstanding under such plans.

The Company recognized $11 million and $31 million of equity-based compensation expense for the three and six months ended December 31, 2016, respectively, and $14 million and $31 million for the corresponding periods of fiscal 2016, respectively.

Performance Stock Units

Fiscal 2017

During the three and six months ended December 31, 2016, the Company granted approximately 0.1 million and 5.3 million PSUs, respectively, including dividend equivalents, at target, of which approximately 0.1 million and 3.9 million, respectively, will be settled in Class A Common Stock, assuming performance conditions are met, with the remaining, having been granted to executive directors and to employees in certain foreign locations, being settled in cash. Cash settled awards are marked-to-market each reporting period.

During the six months ended December 31, 2016, approximately 2.8 million PSUs vested, of which approximately 1.8 million were settled in shares of Class A Common Stock before statutory tax withholdings. The remaining 1.0 million PSUs that vested during the six months ended December 31, 2016 were settled in cash for approximately $13.1 million before statutory tax withholdings.

Fiscal 2016

During the three and six months ended December 31, 2015, the Company granted approximately 0.3 million and 4.0 million PSUs, respectively, at target, of which approximately 0.3 million and 2.9 million, respectively, will be settled in Class A Common Stock, assuming performance conditions are met, with the remaining, having been granted to executive directors and to employees in certain foreign locations, being settled in cash. Cash settled awards are marked-to-market each reporting period.

During the six months ended December 31, 2015, approximately 1.2 million PSUs vested, of which approximately 1.0 million were settled in shares of Class A Common Stock before statutory tax withholdings. The remaining 0.2 million PSUs that vested during the six months ended December 31, 2015 were settled in cash for approximately $3.3 million before statutory tax withholdings.

Restricted Stock Units

Fiscal 2017

During the six months ended December 31, 2016, approximately 0.1 million RSUs vested, all of which were settled in shares of Class A Common Stock.

Fiscal 2016

During the six months ended December 31, 2015, the Company granted approximately 0.2 million RSUs, all of which will be settled in Class A Common Stock.

During the six months ended December 31, 2015, approximately 0.1 million RSUs vested, all of which were settled in shares of Class A Common Stock.