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Investments - Schedule of Investments (Detail)
$ in Millions, $ in Millions
Mar. 31, 2018
USD ($)
Jun. 30, 2017
USD ($)
Jun. 30, 2017
AUD ($)
Schedule of Investments [Line Items]      
Available-for-sale securities [1],[2] $ 78 $ 97  
Cost method investments [3] 126 219  
Total Investments 957 2,027  
Foxtel [Member]      
Schedule of Investments [Line Items]      
Equity method investment carrying value [4] 631 1,208  
Loan receivable from Foxtel $ 0 [4] 370 [4] $ 481
Equity method investment, ownership percentage [4] 50.00%    
Other Equity Method Investments [Member]      
Schedule of Investments [Line Items]      
Equity method investment carrying value [5] $ 122 $ 133  
[1] Available-for-sale securities are primarily comprised of the Company's investment in HT&E Limited (formerly APN News and Media Limited), which operates a portfolio of Australian radio and outdoor media assets.
[2] See Note 4 - Investments.
[3] Cost method investments are primarily comprised of certain investments in China as of March 31, 2018. During the three months ended March 31, 2018, the Company sold its investment in SEEKAsia for $122 million in cash and recognized a $32 million gain in Other, net. See Note 12- Additional Financial Information.
[4] During the three months ended March 31, 2018, the Company recognized a $957 million non-cash write-down of the carrying value of its investment in Foxtel. In the third quarter of fiscal 2018, as part of the long range planning process and in preparation for the Transaction, the Company assessed the long-term prospects for Foxtel, on both a stand-alone and combined basis. As a result of lower-than-expected revenues from certain new products and broadcast subscribers at Foxtel, the Company revised its outlook for Foxtel, which resulted in a reduction in expected future cash flows. Based on the revised projections, the Company concluded that the fair value of its investment in Foxtel declined below its carrying value. The assumptions utilized in the income approach valuation method were a discount rate of 10.25% and a long-term growth rate of 2.0%.
[5] Other equity method investments are primarily comprised of Elara Technologies Pte. Ltd., which operates PropTiger.com, Makaan.com and Housing.com.