Investments

6 Months Ended

Dec. 31, 2022

INVESTMENTS

The Company’s investments were comprised of the following:


	Ownership Percentage as of December 31, 2022	As of December 31, 2022		As of June 30, 2022
		(in millions)
Equity method investments(a)	various	$	294	$	276
Equity securities(b)	various	230		212
Total Investments		$	524	$	488

(a)Equity method investments are primarily comprised of REA Group’s ownership interest in PropertyGuru Pte. Ltd. (“PropertyGuru”).

(b)Equity securities are primarily comprised of Tremor, certain investments in China, the Company’s investment in HT&E Limited, which operates a portfolio of Australian radio and outdoor media assets, and Dow Jones’ investment in an artificial intelligence-focused data analytics company.

The Company has equity securities with quoted prices in active markets as well as equity securities without readily determinable fair market values. Equity securities without readily determinable fair market values are valued at cost, less any impairment, plus or minus changes in fair value resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The components comprising total gains and losses on equity securities are set forth below:


	For the three months ended December 31,				For the six months ended December 31,
	2022		2021		2022		2021
	(in millions)				(in millions)
Total (losses) gains recognized on equity securities	$	(11)	$	(9)	$	(14)	$	19
Less: Net gains recognized on equity securities sold	2		—		2		—
Unrealized (losses) gains recognized on equity securities held at end of period	$	(13)	$	(9)	$	(16)	$	19

Equity Losses of Affiliates

The Company’s share of the losses of its equity affiliates was $29 million and $33 million for the three and six months ended December 31, 2022, respectively, and $6 million for both corresponding periods of fiscal 2022. The increase was primarily due to losses from an investment in a newly launched Australian sports wagering venture