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Segment Information
 12 Months Ended
Jun. 30, 2023
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 a 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 services, ReadyConnect ConciergeSM and UpNest. 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 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’s other streaming services include BINGE, its 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 whose products target individual consumers and enterprise customers and are distributed through a variety of media channels including newspapers, newswires, websites, mobile apps, newsletters, magazines, proprietary databases, live journalism, video and podcasts. Dow Jones’s consumer products include premier brands such as The Wall Street Journal, Barron’s, MarketWatch and Investor’s Business Daily. Dow Jones’s professional information products, which target enterprise customers, include Dow Jones Risk & Compliance, a leading provider of data solutions to help customers identify and manage regulatory, corporate and reputational risk with tools focused on financial crime, sanctions, trade and other compliance requirements, OPIS, a leading provider of pricing data, news, insights, analysis and other information for energy commodities and key base chemicals, Factiva, a leading provider of global business content, and Dow Jones Newswires, which distributes real-time business news, information and analysis to financial professionals and investors.
•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 The Australian, The Daily Telegraph, Herald Sun, The Courier Mail, The Advertiser and the news.com.au website in Australia, The Times, The Sunday Times, The Sun, The Sun on Sunday and thesun.co.uk in the U.K. and the-sun.com in the U.S. This segment also includes Wireless Group, operator of talkSPORT, the leading sports radio network in the U.K., TalkTV in the U.K. and Storyful, a social media content agency.
•Other—The Other segment consists primarily of general corporate overhead expenses, strategy costs and costs related to the U.K. Newspaper Matters.
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,
202320222021
(in millions)
Revenues:
Digital Real Estate Services$1,539 $1,741 $1,393 
Subscription Video Services1,942 2,026 2,072 
Dow Jones2,153 2,004 1,702 
Book Publishing1,979 2,191 1,985 
News Media2,266 2,423 2,205 
Other— — 1 
Total Revenues
$9,879 $10,385 $9,358 
Segment EBITDA:
Digital Real Estate Services$457 $574 $514 
Subscription Video Services347 360 359 
Dow Jones494 433 332 
Book Publishing167 306 303 
News Media156 217 52 
Other(201)(221)(287)
Depreciation and amortization(714)(688)(680)
Impairment and restructuring charges
(150)(109)(168)
Equity losses of affiliates
(127)(13)(65)
Interest expense, net(100)(99)(53)
Other, net
1 52 143 
Income before income tax expense330 812 450 
Income tax expense(143)(52)(61)
Net income$187 $760 $389 
For the fiscal years ended June 30,
202320222021
(in millions)
Depreciation and amortization:
Digital Real Estate Services$123 $112 $101 
Subscription Video Services302 321 332 
Dow Jones152 119 119 
Book Publishing49 49 36 
News Media81 79 84 
Other7 8 8 
Total Depreciation and amortization$714 $688 $680 
For the fiscal years ended June 30,
202320222021
(in millions)
Capital expenditures:
Digital Real Estate Services$130 $109 $78 
Subscription Video Services156 193 142 
Dow Jones91 77 62 
Book Publishing42 37 16 
News Media79 81 84 
Other1 2 8 
Total Capital expenditures$499 $499 $390 
As of June 30,
20232022
(in millions)
Total assets:
Digital Real Estate Services$2,942 $2,989 
Subscription Video Services2,812 3,082 
Dow Jones4,305 4,368 
Book Publishing2,629 2,651 
News Media2,023 2,115 
Other(a)
1,783 1,528 
Investments427 488 
Total assets$16,921 $17,221 
________________________
(a)The Other segment primarily includes Cash and cash equivalents.
As of June 30,
20232022
(in millions)
Goodwill and intangible assets, net:
Digital Real Estate Services$1,779 $1,823 
Subscription Video Services1,288 1,394 
Dow Jones3,298 3,346 
Book Publishing958 973 
News Media306 304 
Other— — 
Total Goodwill and intangible assets, net$7,629 $7,840 
Geographic Segments
For the fiscal years ended June 30,
202320222021
(in millions)
Revenues:(a)
U.S. and Canada(b)
$3,967 $4,097 $3,550 
Europe(c)
1,669 1,808 1,672 
Australasia and Other(d)
4,243 4,480 4,136 
Total Revenues
$9,879 $10,385 $9,358 
________________________
(a)Revenues are attributed to region based on location of customer.
(b)Revenues include approximately $3.8 billion for fiscal 2023, $4.0 billion for fiscal 2022 and $3.5 billion for fiscal 2021 from customers in the U.S.
(c)Revenues include approximately $1.2 billion for fiscal 2023, $1.4 billion for fiscal 2022 and $1.3 billion for fiscal 2021 from customers in the U.K.
(d)Revenues include approximately $3.9 billion for fiscal 2023, $4.2 billion for fiscal 2022 and $3.9 billion for fiscal 2021 from customers in Australia.
As of June 30,
20232022
(in millions)
Long-lived assets:(a)
U.S. and Canada$1,623 $1,513 
Europe843 774 
Australasia and Other1,953 2,091 
Total long-lived assets
$4,419 $4,378 
________________________
(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.