Investments

12 Months Ended

Jun. 30, 2023

NOTE 6. INVESTMENTS

The Company’s investments were comprised of the following:


	Ownership Percentage as of June 30, 2023	As of June 30,
		2023		2022
		(in millions)
Equity method investments(a)	various	$	192	$	276
Equity securities(b)	various	235		212
Total Investments		$	427	$	488

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(a)In the first quarter of fiscal 2022, REA Group acquired an 18% interest (16.6% on a diluted basis) in PropertyGuru in exchange for all shares of REA Group’s entities in Malaysia and Thailand. During the fiscal year ended June 30, 2022,

PropertyGuru completed its merger with Bridgetown 2 Holdings Limited. As a result of the merger and subsequent investments made in connection with the transaction, REA Group’s ownership interest in PropertyGuru was 17.5% and a gain of $15 million was recorded in Other, net.

During the fiscal year ended June 30, 2023, the Company determined that the fair value of REA Group's investment in PropertyGuru was below its carrying value. Due to the ongoing negative performance of PropertyGuru’s publicly-traded stock, the reduction in fair value based on the market price was deemed to be other than temporary and, as a result, the Company recognized a non-cash write-down of approximately $81 million within Equity losses of affiliates.

Refer to Note 4—Acquisitions, Disposals and Other Transactions and Note 21—Additional Financial Information for further discussion.

(b)Equity securities are primarily comprised of Tremor, certain investments in China, the Company’s investment in ARN Media Limited, which operates a portfolio of Australian radio 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 fiscal year ended June 30,
	2023		2022		2021
	(in millions)
Total (losses) gains recognized on equity securities	$	(9)	$	(59)	$	81
Less: Net gains (losses) recognized on equity securities sold or impaired	2		—		(1)
Unrealized (losses) gains recognized on equity securities held at end of period	$	(11)	$	(59)	$	82

Equity Losses of Affiliates

The Company’s share of the losses of its equity affiliates was $127 million, $13 million and $65 million for the fiscal years ended June 30, 2023, 2022 and 2021, respectively. In fiscal 2023, the losses primarily reflect the non-cash write-down of REA Group’s investment in PropertyGuru of approximately $81 million and losses from an investment in an Australian sports wagering venture. In fiscal 2021, the losses primarily reflect the $54 million non-cash write-down of the Foxtel Group’s investment in the Nickelodeon Australia Joint Venture.