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Segment Information
 12 Months Ended
Jun. 30, 2022
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, property.com.au and property portals in India. 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, Market VIPSM and AdvantageSM Pro products as well as its referral-based service, ReadyConnect ConciergeSM. Move also offers online tools and services to do-it-yourself landlords and tenants.
•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. Its Foxtel pay-TV service provides approximately 200 live channels and video on demand covering sports, general entertainment, movies, documentaries, music, children’s programming and news. Foxtel and the Group’s 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 entertainment streaming service, Foxtel Now, a streaming service that provides access across Foxtel’s live and on-demand content and Flash, its news aggregation streaming service.
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, mobile apps, 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, Barron’s, MarketWatch, Investor’s Business Daily, Factiva, Dow Jones Risk & Compliance, Dow Jones Newswires and OPIS.
•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, Mariner, 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., the Company’s recently launched TalkTV 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 expenses associated with the Company’s 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,
202220212020
(in millions)
Revenues:
Digital Real Estate Services$1,741 $1,393 $1,065 
Subscription Video Services2,026 2,072 1,884 
Dow Jones2,004 1,702 1,590 
Book Publishing2,191 1,985 1,666 
News Media2,423 2,205 2,801 
Other— 1 2 
Total Revenues
$10,385 $9,358 $9,008 
Segment EBITDA:
Digital Real Estate Services$574 $514 $345 
Subscription Video Services360 359 323 
Dow Jones433 332 236 
Book Publishing306 303 214 
News Media217 52 53 
Other(221)(287)(158)
Depreciation and amortization(688)(680)(644)
Impairment and restructuring charges
(109)(168)(1,830)
Equity losses of affiliates
(13)(65)(47)
Interest expense, net(99)(53)(25)
Other, net
52 143 9 
Income (loss) before income tax expense812 450 (1,524)
Income tax expense(52)(61)(21)
Net income (loss)$760 $389 $(1,545)
For the fiscal years ended June 30,
202220212020
(in millions)
Depreciation and amortization:
Digital Real Estate Services$112 $101 $93 
Subscription Video Services321 332 283 
Dow Jones119 119 113 
Book Publishing49 36 33 
News Media79 84 115 
Other8 8 7 
Total Depreciation and amortization$688 $680 $644 
For the fiscal years ended June 30,
202220212020
(in millions)
Capital expenditures:
Digital Real Estate Services$109 $78 $80 
Subscription Video Services193 142 199 
Dow Jones77 62 59 
Book Publishing37 16 12 
News Media81 84 76 
Other2 8 12 
Total Capital expenditures$499 $390 $438 
As of June 30,
20222021
(in millions)
Total assets:
Digital Real Estate Services$2,989 $3,146 
Subscription Video Services3,082 3,515 
Dow Jones4,368 2,798 
Book Publishing2,651 2,713 
News Media2,115 2,209 
Other(a)
1,528 2,039 
Investments488 351 
Total assets$17,221 $16,771 
________________________
(a)The Other segment primarily includes Cash and cash equivalents.
As of June 30,
20222021
(in millions)
Goodwill and intangible assets, net:
Digital Real Estate Services$1,823 $1,871 
Subscription Video Services1,394 1,612 
Dow Jones3,346 1,995 
Book Publishing973 1,046 
News Media304 308 
Other— — 
Total Goodwill and intangible assets, net$7,840 $6,832 
Geographic Segments
For the fiscal years ended June 30,
202220212020
(in millions)
Revenues:(a)
U.S. and Canada(b)
$4,097 $3,550 $3,763 
Europe(c)
1,808 1,672 1,502 
Australasia and Other(d)
4,480 4,136 3,743 
Total Revenues
$10,385 $9,358 $9,008 
________________________
(a)Revenues are attributed to region based on location of customer.
(b)Revenues include approximately $4.0 billion for fiscal 2022, $3.5 billion for fiscal 2021 and $3.7 billion for fiscal 2020 from customers in the U.S.
(c)Revenues include approximately $1.4 billion for fiscal 2022, $1.3 billion for fiscal 2021 and $1.2 billion for fiscal 2020 from customers in the U.K.
(d)Revenues include approximately $4.2 billion for fiscal 2022, $3.9 billion for fiscal 2021 and $3.5 billion for fiscal 2020 from customers in Australia.
As of June 30,
20222021
(in millions)
Long-lived assets:(a)
U.S. and Canada$1,513 $1,429 
Europe774 887 
Australasia and Other2,091 2,438 
Total long-lived assets
$4,378 $4,754 
________________________
(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.