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Segment Information
 12 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segment Information
NOTE 20. SEGMENT INFORMATION
The Company manages and reports its businesses in the following six segments:
•Digital Real Estate Services—The Digital Real Estate Services segment consists of the Company’s 61.4% interest in REA Group and 80% interest in Move. The remaining 20% interest in Move is held by REA Group. REA Group is a market-leading digital media business specializing in property and is listed on the Australian Securities Exchange (“ASX”) (ASX: REA). REA Group advertises property and property-related services on its websites and mobile apps, including Australia’s leading residential, commercial and share property websites, realestate.com.au, realcommercial.com.au and Flatmates.com.au, and property portals in India and East Asia. In addition, REA Group provides property-related data to the financial sector and financial services through an end-to-end digital property search and financing experience and a mortgage broking offering.
Move is a leading provider of digital real estate services in the U.S. and primarily operates realtor.com®, a premier real estate information, advertising and services platform. Move offers real estate advertising solutions to agents and brokers, including its ConnectionsSM Plus and AdvantageSM Pro products as well as its referral-based services. Move also offers online tools and services to do-it-yourself landlords and tenants, as well as professional software and services products.
•Subscription Video Services—The Company’s Subscription Video Services segment provides sports, entertainment and news services to pay-TV and streaming subscribers and other commercial licensees, primarily via cable, satellite and internet distribution, and consists of (i) the Company’s 65% interest in the Foxtel Group (with the remaining 35% interest held by Telstra, an ASX-listed telecommunications company) and (ii) Australian News Channel (“ANC”). The Foxtel Group is the largest Australian-based subscription television provider, with nearly 200 channels covering sports, general entertainment, movies, documentaries, music, children’s programming and news. Foxtel and the Kayo Sports streaming service offer the leading sports programming content in Australia, with broadcast rights to live sporting events including: National Rugby League, Australian Football League, Cricket Australia and various motorsports programming. The Foxtel Group also operates BINGE, its on-demand entertainment streaming service, and Foxtel Now, a streaming service that provides access across Foxtel’s live and on-demand content.
ANC operates the SKY NEWS network, Australia’s 24-hour multi-channel, multi-platform news service. ANC channels are distributed throughout Australia and New Zealand and available on Foxtel and Sky Network Television NZ. ANC also owns and operates the international Australia Channel IPTV service and offers content across a variety of digital media platforms, including web, mobile and third party providers.
•Dow Jones—The Dow Jones segment consists of Dow Jones, a global provider of news and business information, which distributes its content and data through a variety of media channels including newspapers, newswires, websites, applications, or apps, for mobile devices, tablets and e-book readers, newsletters, magazines, proprietary databases, live journalism, video and podcasts. The Dow Jones segment’s products, which target individual consumer and enterprise customers, include The Wall Street Journal, Factiva, Dow Jones Risk & Compliance, Dow Jones Newswires, Barron’s, MarketWatch and Investor’s Business Daily.
•Book Publishing—The Book Publishing segment consists of HarperCollins, the second largest consumer book publisher in the world, with operations in 17 countries and particular strengths in general fiction, nonfiction, children’s and religious publishing. HarperCollins owns more than 120 branded publishing imprints, including
Harper, William Morrow, HarperCollins Children’s Books, Avon, Harlequin and Christian publishers Zondervan and Thomas Nelson, and publishes works by well-known authors such as Harper Lee, George Orwell, Agatha Christie and Zora Neale Hurston, as well as global author brands including J.R.R. Tolkien, C.S. Lewis, Daniel Silva, Karin Slaughter and Dr. Martin Luther King, Jr. It is also home to many beloved children’s books and authors and a significant Christian publishing business.
•News Media—The News Media segment consists primarily of News Corp Australia, News UK and the New York Post and includes, among other publications, The Australian, The Daily Telegraph, Herald Sun, The Courier Mail and The Advertiser in Australia and The Times, The Sunday Times, The Sun and The Sun on Sunday in the U.K. This segment also includes Wireless Group, operator of talkSPORT, the leading sports radio network in the U.K., and Storyful, a social media content agency. The segment included News America Marketing until the completion of the sale of the business on May 5, 2020.
•Other—The Other segment consists primarily of general corporate overhead expenses, costs related to the U.K. Newspaper Matters and transformation costs associated with the Company’s ongoing cost reduction initiatives.
Segment EBITDA is defined as revenues less operating expenses and selling, general and administrative expenses. Segment EBITDA does not include: depreciation and amortization, impairment and restructuring charges, equity losses of affiliates, interest (expense) income, net, other, net and income tax (expense) benefit.
Segment EBITDA may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what items should be included in the calculation of Segment EBITDA.
Segment EBITDA is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources within the Company’s businesses. Segment EBITDA provides management, investors and equity analysts with a measure to analyze the operating performance of each of the Company’s business segments and its enterprise value against historical data and competitors’ data, although historical results may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).
For the fiscal years ended June 30,
202120202019
(in millions)
Revenues:
Digital Real Estate Services$1,393 $1,065 $1,159 
Subscription Video Services2,072 1,884 2,202 
Dow Jones1,702 1,590 1,549 
Book Publishing1,985 1,666 1,754 
News Media2,205 2,801 3,407 
Other1 2 3 
Total Revenues
$9,358 $9,008 $10,074 
Segment EBITDA:
Digital Real Estate Services$514 $345 $378 
Subscription Video Services359 323 379 
Dow Jones332 236 208 
Book Publishing303 214 252 
News Media52 53 182 
Other(287)(158)(155)
Depreciation and amortization(680)(644)(659)
Impairment and restructuring charges
(168)(1,830)(188)
Equity losses of affiliates
(65)(47)(17)
Interest expense, net(53)(25)(59)
Other, net
143 9 33 
Income (loss) before income tax expense450 (1,524)354 
Income tax expense(61)(21)(126)
Net income (loss)$389 $(1,545)$228 
For the fiscal years ended June 30,
202120202019
(in millions)
Depreciation and amortization:
Digital Real Estate Services$101 $93 $97 
Subscription Video Services332 283 292 
Dow Jones119 113 103 
Book Publishing36 33 42 
News Media84 115 120 
Other8 7 5 
Total Depreciation and amortization$680 $644 $659 
For the fiscal years ended June 30,
202120202019
(in millions)
Capital expenditures:
Digital Real Estate Services$78 $80 $78 
Subscription Video Services142 199 307 
Dow Jones62 59 66 
Book Publishing16 12 7 
News Media84 76 106 
Other8 12 8 
Total Capital expenditures$390 $438 $572 
As of June 30,
20212020
(in millions)
Total assets:
Digital Real Estate Services$3,146 $2,322 
Subscription Video Services3,515 3,459 
Dow Jones2,798 2,480 
Book Publishing2,713 2,212 
News Media2,209 1,994 
Other(a)
2,039 1,497 
Investments351 297 
Total assets$16,771 $14,261 
________________________
(a)The Other segment primarily includes Cash and cash equivalents.
As of June 30,
20212020
(in millions)
Goodwill and intangible assets, net:
Digital Real Estate Services$1,871 $1,555 
Subscription Video Services1,612 1,513 
Dow Jones1,995 1,722 
Book Publishing1,046 748 
News Media308 277 
Other— — 
Total Goodwill and intangible assets, net$6,832 $5,815 
Geographic Segments
For the fiscal years ended June 30,
202120202019
(in millions)
Revenues:(a)
U.S. and Canada(b)
$3,550 $3,763 $4,044 
Europe(c)
1,672 1,502 1,664 
Australasia and Other(d)
4,136 3,743 4,366 
Total Revenues
$9,358 $9,008 $10,074 
________________________
(a)Revenues are attributed to region based on location of customer.
(b)Revenues include approximately $3.5 billion for fiscal 2021, $3.7 billion for fiscal 2020 and $3.9 billion for fiscal 2019 from customers in the U.S.
(c)Revenues include approximately $1.3 billion for fiscal 2021, $1.2 billion for fiscal 2020 and $1.3 billion for fiscal 2019 from customers in the U.K.
(d)Revenues include approximately $3.9 billion for fiscal 2021, $3.5 billion for fiscal 2020 and $4.0 billion for fiscal 2019 from customers in Australia.
As of June 30,
20212020
(in millions)
Long-lived assets:(a)
U.S. and Canada$1,429 $1,413 
Europe887 805 
Australasia and Other2,438 2,138 
Total long-lived assets
$4,754 $4,356 
________________________
(a)Reflects total assets less current assets, goodwill, intangible assets, investments and deferred income tax assets.
There is no material reliance on any single customer. Revenues are attributed to countries based on location of customers.
Australasia comprises Australia, Asia, Papua New Guinea and New Zealand.