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Earnings (Loss) Per Share (Tables)
 9 Months Ended
Mar. 31, 2019
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings (Loss) per Share
The following tables set forth the computation of basic and diluted earnings (loss) per share under ASC 260, “Earnings per Share”:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the three months

ended March 31,
 
 
For the nine months

ended March 31,
 
 
 
2019
 
 
2018
 
 
2019
 
 
2018
 
 
 
(in millions, except per share amounts)
 
Net income (loss)
 
$
23
 
 
$
(1,110
)
 
$
270
 
 
$
(1,089
)
Less: Net income attributable to noncontrolling interests
 
 
(13
)
 
 
(18
)
 
 
(64
)
 
 
(54
)
Less: Redeemable preferred stock dividends
(a)
 
 
—
 
 
 
—
 
 
 
—
 
 
 
(1
)
Net income (loss) available to News Corporation stockholders
 
$
10
 
 
$
(1,128
)
 
$
206
 
 
$
(1,144
)
Weighted-average number of shares of common stock outstanding - basic
 
 
585.0
 
 
 
582.8
 
 
 
584.6
 
 
 
582.6
 
Dilutive effect of equity awards
(b)
 
 
3.8
 
 
 
—
 
 
 
2.6
 
 
 
—
 
Weighted-average number of shares of common stock outstanding - diluted
 
 
588.8
 
 
 
582.8
 
 
 
587.2
 
 
 
582.6
 
Net income (loss) available to News Corporation stockholders per share - basic and diluted
 
$
0.02
 
 
$
(1.94
)
 
$
0.35
 
 
$
(1.96
)
 
(a)
In connection with the Separation, 21st Century Fox sold 4,000 shares of cumulative redeemable preferred stock with a par value of $5,000 per share of a newly formed U.S. subsidiary of the Company. The preferred stock paid dividends at a rate of 9.5% per annum, payable quarterly, in arrears. The preferred stock was callable by the Company at any time after the fifth year and puttable at the option of the holder after 10 years. In July 2018, the Company exercised its call option and redeemed 100% of the outstanding redeemable preferred stock.
(b)
The dilutive impact of the Company’s
performance stock units, restricted stock units
and stock options has been excluded from the calculation of diluted loss per share for the three and nine months ended March 31, 2018 because their inclusion would have an antidilutive effect on the net loss per share.