
	As of June 30,
	2020		2019
	(in millions)
Intangible Assets Not Subject to Amortization
Trademarks and tradenames	$	321	$	383
Newspaper mastheads	281		296
Distribution networks^(a)	—		308
Imprints	224		231
Radio broadcast licenses	121		140
Total intangible assets not subject to amortization	947		1,358
Intangible Assets Subject to Amortization
Publishing rights^(b)	261		275
Customer relationships^(c)	647		746
Other^(d)	9		47
Total intangible assets subject to amortization, net	917		1,068
Total Intangible assets, net	$	1,864	$	2,426

(b)Net of accumulated amortization of $252 million and $235 million as of June 30, 2020 and 2019, respectively. The useful lives of publishing rights range from 4 to 30 years primarily based on the weighted-average remaining contractual terms of the underlying publishing contracts and the Company’s estimates of the period within those terms that the asset is expected to generate a majority of its future cash flows.

(c)Net of accumulated amortization of $592 million and $528 million as of June 30, 2020 and 2019, respectively. The useful lives of customer relationships range from 3 to 25 years. The useful lives of these assets are estimated by applying historical attrition rates and determining the resulting period over which a majority of the accumulated undiscounted cash flows related to the customer relationships are expected to be generated.

(d)Net of accumulated amortization of $79 million and $98 million as of June 30, 2020 and 2019, respectively. The useful lives of other intangible assets range from 2 to 15 years. The useful lives represent the periods over which these intangible assets are expected to contribute directly or indirectly to the Company’s future cash flows.

The Company recognized impairment charges on its intangible assets of $194 million, $47 million and $50 million for the fiscal years ended June 30, 2020, 2019 and 2018, respectively, primarily related to indefinite-lived intangible assets in the News Media segment.

Based on the current amount of amortizable intangible assets, the estimated amortization expense for each of the succeeding five fiscal years is as follows: 2021—$98 million; 2022—$94 million; 2023—$87 million; 2024—$83 million; and 2025—$80 million.


	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Total Goodwill
	(in millions)
Balance, June 30, 2018	$	1,261	$	1,960	$	1,368	$	267	$	362	$	5,218
Acquisitions^(a)	125		—		—		—		29		154
Impairments	—		—		—		—		(49)		(49)
Dispositions	—		—		—		—		(16)		(16)
Foreign currency movements	(36)		(116)		—		(1)		(7)		(160)
Balance, June 30, 2019	$	1,350	$	1,844	$	1,368	$	266	$	319	$	5,147
Acquisitions	—		—		—		10		2		12
Impairments	—		(882)		—		—		(216)		(1,098)
Dispositions	(2)		—		—		—		—		(2)
Foreign currency movements	(15)		(77)		—		(12)		(4)		(108)
Balance, June 30, 2020	$	1,333	$	885	$	1,368	$	264	$	101	$	3,951

(a)In the Digital Real Estate Services segment, the increase in goodwill primarily relates to the acquisition of Opcity and in the News Media segment, the increase in goodwill primarily relates to acquisitions made by the News Corp Australia reporting unit.

The carrying amount of goodwill as of June 30, 2020 and 2019 reflected accumulated impairments of $4.8 billion and $3.7 billion, respectively, principally relating to impairments at the Dow Jones and News Media segments that were recognized prior to the Separation (as defined in Note 11—Redeemable Preferred Stock).

In accordance with ASC 350, the Company’s goodwill and indefinite-lived intangible assets are tested annually in the fourth quarter for impairment or earlier if events occur or circumstances change that would more likely than not reduce the fair values below their carrying amounts. See Note 2—Summary of Significant Accounting Policies.

The performance of the Company’s annual impairment analysis resulted in $89 million of impairments to goodwill and indefinite-lived intangible assets in fiscal 2020, primarily related to reporting units within the News Media reporting segment. Significant unobservable inputs utilized in the income approach valuation method were discount rates (ranging from 9.0% to 22.5%), long-term growth rates (ranging from 0.0% to 3.0%) and royalty rates (ranging from 0.25%-6.0%). Significant unobservable inputs utilized in the market approach valuation method were EBITDA multiples from guideline public companies operating in similar industries and control premiums (ranging from 5.0%-10.0%). Significant increases (decreases) in royalty rates, growth rates, control premiums and multiples, assuming no change in discount rates, would result in a significantly higher (lower) fair value measurement. Significant decreases (increases) in discount rates, assuming no changes in royalty rates, growth rates, control premiums and multiples, would result in a significantly higher (lower) fair value measurement.

Foxtel: During the third quarter of fiscal 2020, the Company recognized non-cash impairment charges totaling $931 million related to the goodwill and indefinite-lived intangible assets at its Foxtel reporting unit. Due to the impact of adverse trends resulting from lower expected broadcast subscribers and the impact that COVID-19 is expected to have on advertising, OTT and commercial subscriber revenues in the near term, the Company revised its future outlook which resulted in a reduction in expected future cash flows of the business. As a result, the Company determined that the fair value of the reporting unit was less than its carrying value and recorded non-cash impairment charges of $882 million to goodwill and $49 million to indefinite-lived intangible assets. The assumptions utilized in the income approach valuation method for Foxtel were discount rates ranging from 10.5% to 11.5%, a long-term growth rate of 2.0% and a royalty rate of 1.5%. The assumptions utilized in the market approach valuation method were EBITDA multiples from guideline public companies operating in similar industries and a control premium of 10.0%.

News America Marketing: During the third quarter of fiscal 2020, the Company recognized a non-cash impairment charge of $175 million on the disposal group as a result of the reclassification of its News America Marketing reporting unit to assets held for sale. See Note 4—Acquisitions, Disposals and Other Transactions. During the fiscal year ended June 30, 2020, in addition to the write-down to fair value less costs to sell, the Company recognized non-cash impairment charges of $235 million related to goodwill and indefinite-lived intangible assets at the News America Marketing reporting unit. In the first quarter of fiscal 2020, as a result of the Company’s review of strategic options for the News America Marketing business and other market indicators, the Company determined that the fair value of the reporting unit was less than its carrying value. As a result, the Company recorded non-cash impairment charges of $122 million to goodwill and $113 million to indefinite-lived intangible assets. The assumptions utilized in the income approach valuation method for News America Marketing were discount rates ranging from 17.0% to 18.5% and long-term growth rates ranging from 0.6% to 1.5%.

The performance of the Company’s annual impairment analysis resulted in $87 million of impairments to goodwill and indefinite-lived intangible assets in fiscal 2019, primarily related to goodwill at a reporting unit within the News Media segment. Significant unobservable inputs utilized in the income approach valuation method were discount rates (ranging from 9.0% to 25.0%), long-term growth rates (ranging from 0.0% to 3.0%) and royalty rates (ranging from 0.5%-6.0%). Significant unobservable inputs utilized in the market approach valuation method were EBITDA multiples from guideline public companies operating in similar industries and control premiums (ranging from 5%-10%). Significant increases (decreases) in royalty rates, growth rates, control premiums and multiples, assuming no change in discount rates, would result in a significantly higher (lower) fair value measurement. Significant decreases (increases) in discount rates, assuming no changes in royalty rates, growth rates, control premiums and multiples, would result in a significantly higher (lower) fair value measurement.

The performance of the Company’s annual impairment analysis resulted in impairments of $43 million to goodwill and indefinite-lived intangible assets in fiscal 2018. Significant unobservable inputs utilized in the income approach valuation method were discount rates (ranging from 8.5%-25.0%), long-term growth rates (ranging from (1.0)%-3.0%) and royalty rates (ranging from 0.5%-7.5%). Significant unobservable inputs utilized in the market approach valuation method were EBITDA multiples from guideline public companies operating in similar industries and a control premium of 10%. Significant increases (decreases) in royalty rates, growth rates, control premiums and multiples, assuming no change in discount rates, would result in a significantly higher (lower) fair value measurement. Significant decreases (increases) in discount rates, assuming no changes in royalty rates, growth rates, control premiums and multiples, would result in a significantly higher (lower) fair value measurement.

News America Marketing: During the third quarter of fiscal 2018, due to the impact of adverse trends on the expected future performance of the business, the Company revised its future outlook with respect to the News America Marketing reporting unit which resulted in a reduction in expected future cash flows. As a result, the Company determined that the fair value of this reporting unit declined below its carrying value and recorded a $165 million impairment of goodwill and indefinite-lived intangible assets. For this reporting unit and intangible asset, significant unobservable inputs utilized in the income approach valuation method were discount rates (ranging from 12.5%-14%), long-term growth rates (ranging from (1.9)%-0.9%) and a royalty rate of 2.5%.

Foxtel and FOX SPORTS Australia: Additionally, during the third quarter of fiscal 2018, as part of the Company’s long range planning process and in preparation for the Transaction, the Company assessed the long-term prospects for Foxtel and FOX SPORTS Australia. As a result of lower-than-expected revenues at Foxtel, the Company revised its future outlook for the FOX SPORTS Australia reporting unit, whose revenues are heavily predicated on Foxtel subscribers. Based on the revised projections,