XML 24 R14.htm IDEA: XBRL DOCUMENT v3.22.2.2
Equity
 3 Months Ended
Sep. 30, 2022
Stockholders' Equity Note [Abstract]  
Equity EQUITY
The following tables summarize changes in equity for the three months ended September 30, 2022 and 2021:
For the three months ended September 30, 2022
Class A Common
Stock		Class B Common
Stock		Additional
Paid-in
Capital		Accumulated
Deficit		Accumulated
Other
Comprehensive
Loss		Total
News
Corp
Equity		Non-controlling
Interests		Total
Equity
SharesAmountSharesAmount
(in millions)
Balance, June 30, 2022388 $4 197 $2 $11,779 $(2,293)$(1,270)$8,222 $921 $9,143 
Net income— — — — — 40 — 40 26 66 
Other comprehensive loss— — — — — — (195)(195)(56)(251)
Dividends
— — — — (58)— — (58)(31)(89)
Share repurchases(5)— (3)— (127)— — (127)— (127)
Other
1 — — — (10)— — (10)(4)(14)
Balance, September 30, 2022384 $4 194 $2 $11,584 $(2,253)$(1,465)$7,872 $856 $8,728 
For the three months ended September 30, 2021
Class A
Common Stock		Class B
Common Stock		Additional
Paid-in
Capital		Accumulated
Deficit		Accumulated
Other
Comprehensive
Loss		Total
News
Corp
Equity		Non-controlling
Interests		Total
Equity
SharesAmountSharesAmount
(in millions)
Balance, June 30, 2021391 $4 200 $2 $12,057 $(2,911)$(941)$8,211 $935 $9,146 
Net income— — — — — 196 — 196 71 267 
Other comprehensive loss— — — — — — (120)(120)(38)(158)
Dividends
— — — — (59)— — (59)(27)(86)
Other
2 — — — (18)— — (18)(3)(21)
Balance, September 30, 2021393 $4 200 $2 $11,980 $(2,715)$(1,061)$8,210 $938 $9,148 
Stock Repurchases
On September 22, 2021, the Company announced a new stock repurchase program authorizing the Company to purchase up to $1 billion in the aggregate of its outstanding Class A Common Stock and Class B Common Stock (the “Repurchase Program”). The Repurchase Program replaces the Company’s $500 million Class A Common Stock repurchase program approved by the Company’s Board of Directors (the “Board of Directors”) in May 2013. The manner, timing, number and share price of any repurchases will be determined by the Company at its discretion and will depend upon such factors as the market price of the stock, general market conditions, applicable securities laws, alternative investment opportunities and other factors. The Repurchase Program has no time limit and may be modified, suspended or discontinued at any time. As of September 30, 2022, the remaining authorized amount under the Repurchase Program was approximately $690 million.
Stock repurchases commenced on November 9, 2021. During the three months ended September 30, 2022, the Company repurchased and subsequently retired 5.0 million shares of Class A Common Stock for approximately $84 million and 2.5 million shares of Class B Common Stock for approximately $43 million. The Company did not purchase any of its Class A Common Stock or Class B Common Stock during the three months ended September 30, 2021.
Dividends
In August 2022, the Board of Directors declared a semi-annual cash dividend of $0.10 per share for Class A Common Stock and Class B Common Stock. The dividend was paid on October 12, 2022 to stockholders of record as of September 14, 2022. The timing, declaration, amount and payment of future dividends to stockholders, if any, is within the discretion of the Board of Directors. The Board of Directors’ decisions regarding the payment of future dividends will depend on many factors, including the Company’s financial condition, earnings, capital requirements and debt facility covenants, other contractual restrictions, as well as legal requirements, regulatory constraints, industry practice, market volatility and other factors that the Board of Directors deems relevant.