Investments

3 Months Ended

Sep. 30, 2023

Schedule of Investments [Abstract]

Investments

NOTE 4. INVESTMENTS

The Company’s investments were comprised of the following:

	Ownership Percentage as of September 30, 2023	As of September 30, 2023		As of June 30, 2023
		(in millions)
Equity method investments(a)	various	$	183	$	192
Equity securities(b)	various	208		235
Total Investments		$	391	$	427

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

(b)Equity securities are primarily comprised of Tremor International Ltd., 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 three months ended September 30,
	2023		2022
	(in millions)
Total losses recognized on equity securities	$	(23)	$	(3)
Less: Net gains recognized on equity securities sold	—		—
Unrealized losses recognized on equity securities held at end of period	$	(23)	$	(3)

Equity Losses of Affiliates

The Company’s share of the losses of its equity affiliates was $2 million and $4 million for the three months ended September 30, 2023 and 2022, respectively.