Investments

6 Months Ended

Dec. 31, 2023

NOTE 4. INVESTMENTS

The Company’s investments were comprised of the following:


	Ownership Percentage as of December 31, 2023	As of December 31, 2023		As of June 30, 2023
		(in millions)
Equity method investments(a)	various	$	197	$	192
Equity and other securities(b)	various	227		235
Total Investments		$	424	$	427

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

(b)Equity and other securities are primarily comprised of Nexxen International, Ltd. (formerly 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 December 31,				For the six months ended December 31,
	2023		2022		2023		2022
	(in millions)				(in millions)
Total gains (losses) recognized on equity securities	$	13	$	(11)	$	(10)	$	(14)
Less: Net gains recognized on equity securities sold	—		2		—		2
Unrealized gains (losses) recognized on equity securities held at end of period	$	13	$	(13)	$	(10)	$	(16)

Equity Losses of Affiliates

The Company’s share of the losses of its equity affiliates was $1 million and $3 million for the three and six months ended December 31, 2023, respectively, and $29 million and $33 million for the corresponding periods of fiscal 2023, respectively. The decrease was primarily due to the absence of losses from an investment in an Australian sports wagering venture in the prior year.