10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________________

FORM 10-Q

_________________________________________

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-35769

_________________________________________

NEWS CORPORATION

(Exact name of registrant as specified in its charter)

_________________________________________

Delaware			46-2950970
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
1211 Avenue of the Americas, New York, New York			10036
(Address of principal executive offices)			(Zip Code)
		(212) 416-3400
	(Registrant’s telephone number, including area code)

_________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, par value $0.01 per share	NWSA	The Nasdaq Global Select Market
Class B Common Stock, par value $0.01 per share	NWS	The Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 3, 2024, 379,205,075 shares of Class A Common Stock and 190,683,767 shares of Class B Common Stock were outstanding.

NEWS CORPORATION

FORM 10-Q

TABLE OF CONTENTS

	Page
Part I. Financial Information
Item 1. Financial Statements
Consolidated Statements of Operations for the three and nine months ended March 31, 2024 and 2023 (unaudited)	2
Consolidated Statements of Comprehensive (Loss) Income for the three and nine months ended March 31, 2024 and 2023 (unaudited)	3
Consolidated Balance Sheets as of March 31, 2024 (unaudited) and June 30, 2023 (audited)	4
Consolidated Statements of Cash Flows for the nine months ended March 31, 2024 and 2023 (unaudited)	5
Notes to the Unaudited Consolidated Financial Statements	6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3. Quantitative and Qualitative Disclosures About Market Risk	48
Item 4. Controls and Procedures	48
Part II. Other Information
Item 1. Legal Proceedings	49
Item 1A. Risk Factors	49
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	49
Item 3. Defaults Upon Senior Securities	49
Item 4. Mine Safety Disclosures	49
Item 5. Other Information	49
Item 6. Exhibits	51
Signature	52

PART I

ITEM 1. FINANCIAL STATEMENTS

NEWS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited; millions, except per share amounts)

		For the three months ended March 31,				For the nine months ended March 31,
	Notes	2024		2023		2024		2023
Revenues:
Circulation and subscription		$	1,121	$	1,122	$	3,369	$	3,318
Advertising		358		393		1,187		1,263
Consumer		484		495		1,513		1,474
Real estate		301		272		939		896
Other		159		165		500		495
Total Revenues	2	2,423		2,447		7,508		7,446
Operating expenses		(1,238)		(1,286)		(3,792)		(3,853)
Selling, general and administrative		(863)		(841)		(2,557)		(2,514)
Depreciation and amortization		(192)		(183)		(542)		(536)
Impairment and restructuring charges	3	(35)		(25)		(86)		(65)
Equity losses of affiliates	4	(2)		(10)		(5)		(43)
Interest expense, net		(19)		(25)		(67)		(78)
Other, net	12	(10)		14		(23)		(10)
Income before income tax expense		64		91		436		347
Income tax expense	10	(22)		(32)		(153)		(128)
Net income		42		59		283		219
Net income attributable to noncontrolling interests		(12)		(9)		(67)		(62)
Net income attributable to News Corporation stockholders		$	30	$	50	$	216	$	157
Net income attributable to News Corporation stockholders per share, basic and diluted	8	$	0.05	$	0.09	$	0.38	$	0.27

The accompanying notes are an integral part of these unaudited consolidated financial statements.

2

NEWS CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(Unaudited; millions)

	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
Net income	$	42	$	59	$	283	$	219
Other comprehensive loss:
Foreign currency translation adjustments	(141)		(33)		(71)		(34)
Net change in the fair value of cash flow hedges(a)	6		(8)		(12)		5
Benefit plan adjustments, net(b)	4		—		17		6
Other comprehensive loss	(131)		(41)		(66)		(23)
Comprehensive (loss) income	(89)		18		217		196
Net income attributable to noncontrolling interests	(12)		(9)		(67)		(62)
Other comprehensive loss attributable to noncontrolling interests(c)	39		17		21		14
Comprehensive (loss) income attributable to News Corporation stockholders	$	(62)	$	26	$	171	$	148

(a)    Net of income tax expense (benefit) of $2 million and $(2) million for the three months ended March 31, 2024 and 2023, respectively, and $(5) million and $2 million for the nine months ended March 31, 2024 and 2023, respectively.

(b)    Net of income tax expense of $2 million for the three months ended March 31, 2024 and $6 million and $1 million for the nine months ended March 31, 2024 and 2023, respectively.

(c)    Primarily consists of foreign currency translation adjustments.

The accompanying notes are an integral part of these unaudited consolidated financial statements.

3

NEWS CORPORATION

CONSOLIDATED BALANCE SHEETS

(Millions, except share and per share amounts)

	Notes	As of March 31, 2024		As of June 30, 2023
		(unaudited)		(audited)
Assets:
Current assets:
Cash and cash equivalents		$	1,943	$	1,833
Receivables, net	12	1,438		1,425
Inventory, net		331		311
Other current assets		416		484
Total current assets		4,128		4,053
Non-current assets:
Investments	4	416		427
Property, plant and equipment, net		1,901		2,042
Operating lease right-of-use assets		974		1,036
Intangible assets, net		2,359		2,489
Goodwill		5,131		5,140
Deferred income tax assets, net	10	305		393
Other non-current assets	12	1,330		1,341
Total assets		$	16,544	$	16,921
Liabilities and Equity:
Current liabilities:
Accounts payable		$	269	$	440
Accrued expenses		1,238		1,123
Deferred revenue	2	549		622
Current borrowings	5	56		27
Other current liabilities	12	930		953
Total current liabilities		3,042		3,165
Non-current liabilities:
Borrowings	5	2,844		2,940
Retirement benefit obligations		135		134
Deferred income tax liabilities, net	10	124		163
Operating lease liabilities		1,053		1,128
Other non-current liabilities		438		446
Commitments and contingencies	9
Class A common stock(a)		4		4
Class B common stock(b)		2		2
Additional paid-in capital		11,270		11,449
Accumulated deficit		(1,933)		(2,144)
Accumulated other comprehensive loss		(1,292)		(1,247)
Total News Corporation stockholders’ equity		8,051		8,064
Noncontrolling interests		857		881
Total equity	6	8,908		8,945
Total liabilities and equity		$	16,544	$	16,921

(a)    Class A common stock, $0.01 par value per share (“Class A Common Stock”), 1,500,000,000 shares authorized, 379,582,130 and 379,945,907 shares issued and outstanding, net of 27,368,413 treasury shares at par, at March 31, 2024 and June 30, 2023, respectively.

(b)    Class B common stock, $0.01 par value per share (“Class B Common Stock”), 750,000,000 shares authorized, 190,867,055 and 192,013,909 shares issued and outstanding, net of 78,430,424 treasury shares at par, at March 31, 2024 and June 30, 2023, respectively.

The accompanying notes are an integral part of these unaudited consolidated financial statements.

4

NEWS CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; millions)

		For the nine months ended March 31,
	Notes	2024		2023
Operating activities:
Net income		$	283	$	219
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		542		536
Operating lease expense		72		82
Equity losses of affiliates	4	5		43
Cash distributions received from affiliates		4		7
Impairment charges	3	24		—
Deferred income taxes and taxes payable	10	52		27
Other, net	12	23		10
Change in operating assets and liabilities, net of acquisitions:
Receivables and other assets		15		(236)
Inventories, net		(12)		(55)
Accounts payable and other liabilities		(164)		37
Net cash provided by operating activities		844		670
Investing activities:
Capital expenditures		(353)		(350)
Acquisitions, net of cash acquired		(20)		(15)
Investments in equity affiliates and other, net		(31)		(105)
Proceeds from property, plant and equipment and other asset dispositions		—		51
Other, net		—		(21)
Net cash used in investing activities		(404)		(440)
Financing activities:
Borrowings	5	1,140		434
Repayment of borrowings	5	(1,235)		(506)
Repurchase of shares	6	(83)		(196)
Dividends paid		(115)		(116)
Other, net		(24)		2
Net cash used in financing activities		(317)		(382)
Net change in cash and cash equivalents		123		(152)
Cash and cash equivalents, beginning of period		1,833		1,822
Effect of exchange rate changes on cash and cash equivalents		(13)		(11)
Cash and cash equivalents, end of period		$	1,943	$	1,659

The accompanying notes are an integral part of these unaudited consolidated financial statements.

5

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

News Corporation (together with its subsidiaries, “News Corporation,” “News Corp,” the “Company,” “we” or “us”) is a global diversified media and information services company comprised of businesses across a range of media, including: digital real estate services, subscription video services in Australia, news and information services and book publishing.

Basis of Presentation

The accompanying unaudited consolidated financial statements of the Company, which are referred to herein as the “Consolidated Financial Statements,” have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting only of normal recurring adjustments necessary for a fair presentation have been reflected in these Consolidated Financial Statements. Operating results for the interim period presented are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2024. The preparation of the Company’s Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the Consolidated Financial Statements and accompanying disclosures. Actual results could differ from those estimates.

Intercompany transactions and balances have been eliminated. Equity investments in which the Company exercises significant influence but does not exercise control and is not the primary beneficiary are accounted for using the equity method. Investments in which the Company is not able to exercise significant influence over the investee are measured at fair value, if the fair value is readily determinable. If an investment’s fair value is not readily determinable, the Company will measure the investment at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer.

The consolidated statements of operations are referred to herein as the “Statements of Operations.” The consolidated balance sheets are referred to herein as the “Balance Sheets.” The consolidated statements of cash flows are referred to herein as the “Statements of Cash Flows.”

The accompanying Consolidated Financial Statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2023 as filed with the Securities and Exchange Commission (the “SEC”) on August 15, 2023 (the “2023 Form 10-K”).

The Company’s fiscal year ends on the Sunday closest to June 30. Fiscal 2024 and fiscal 2023 include 52 weeks. All references to the three and nine months ended March 31, 2024 and 2023 relate to the three and nine months ended March 31, 2024 and April 2, 2023, respectively. For convenience purposes, the Company continues to date its Consolidated Financial Statements as of March 31.

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendments in ASU 2023-07 expand public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of other segment items and expanded interim disclosures that align with those required annually, among other provisions. ASU 2023-07 requires the amendments to be applied retrospectively and is effective for the Company for annual reporting periods beginning on July 1, 2024 and interim reporting periods beginning on July 1, 2025, with early adoption permitted. The Company is currently evaluating the impact ASU 2023-07 will have on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendments in ASU 2023-09 require disaggregated disclosure of material categories in effective tax rate reconciliations as well as disclosure of income taxes paid by specific domestic and foreign jurisdictions. Additionally, the amendments eliminate certain disclosures currently required under Topic 740. ASU 2023-09 is effective for the Company for annual reporting periods beginning on July 1, 2025, with early adoption permitted. The Company is currently evaluating the impact ASU 2023-09 will have on its consolidated financial statements.

6

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 2. REVENUES

The following tables present the Company’s disaggregated revenues by type and segment for the three and nine months ended March 31, 2024 and 2023:

	For the three months ended March 31, 2024
	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	3	$	398	$	445	$	—	$	275	$	—	$	1,121
Advertising	32		47		86		—		193		—		358
Consumer	—		—		—		484		—		—		484
Real estate	301		—		—		—		—		—		301
Other	52		10		13		22		62		—		159
Total Revenues	$	388	$	455	$	544	$	506	$	530	$	—	$	2,423

	For the three months ended March 31, 2023
	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	3	$	419	$	426	$	—	$	274	$	—	$	1,122
Advertising	35		49		88		—		221		—		393
Consumer	—		—		—		495		—		—		495
Real estate	272		—		—		—		—		—		272
Other	53		9		15		20		68		—		165
Total Revenues	$	363	$	477	$	529	$	515	$	563	$	—	$	2,447

	For the nine months ended March 31, 2024
	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	8	$	1,217	$	1,322	$	—	$	822	$	—	$	3,369
Advertising	99		160		303		—		625		—		1,187
Consumer	—		—		—		1,513		—		—		1,513
Real estate	939		—		—		—		—		—		939
Other	164		34		40		68		194		—		500
Total Revenues	$	1,210	$	1,411	$	1,665	$	1,581	$	1,641	$	—	$	7,508

7

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

	For the nine months ended March 31, 2023
	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	9	$	1,249	$	1,257	$	—	$	803	$	—	$	3,318
Advertising	103		160		313		—		687		—		1,263
Consumer	—		—		—		1,474		—		—		1,474
Real estate	896		—		—		—		—		—		896
Other	162		32		37		59		205		—		495
Total Revenues	$	1,170	$	1,441	$	1,607	$	1,533	$	1,695	$	—	$	7,446

Contract liabilities and assets

The Company’s deferred revenue balance primarily relates to amounts received from customers for subscriptions paid in advance of the services being provided. The following table presents changes in the deferred revenue balance for the three and nine months ended March 31, 2024 and 2023:

	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
	(in millions)
Balance, beginning of period	$	510	$	591	$	622	$	604
Deferral of revenue	905		909		2,648		2,699
Recognition of deferred revenue(a)	(855)		(873)		(2,714)		(2,686)
Other	(11)		(4)		(7)		6
Balance, end of period	$	549	$	623	$	549	$	623

(a)For the three and nine months ended March 31, 2024, the Company recognized $211 million and $564 million, respectively, of revenue which was included in the opening deferred revenue balance. For the three and nine months ended March 31, 2023, the Company recognized $340 million and $540 million, respectively, of revenue which was included in the opening deferred revenue balance.

Contract assets were immaterial for disclosure as of March 31, 2024 and 2023.

Other revenue disclosures

The Company typically expenses sales commissions to obtain a customer contract as incurred as the amortization period is twelve months or less. These costs are recorded within Selling, general and administrative in the Statements of Operations. The Company also does not capitalize significant financing components when the transfer of the good or service is paid within twelve months or less, or consideration is received within twelve months or less of the transfer of the good or service.

For the three and nine months ended March 31, 2024, the Company recognized approximately $116 million and $326 million, respectively, in revenues related to performance obligations that were satisfied or partially satisfied in a prior reporting period. The remaining transaction price related to unsatisfied performance obligations as of March 31, 2024 was approximately $1,174 million, of which approximately $137 million is expected to be recognized over the remainder of fiscal 2024, approximately $405 million is expected to be recognized in fiscal 2025 and approximately $233 million is expected to be recognized in fiscal 2026, with the remainder to be recognized thereafter. These amounts do not include (i) contracts with an expected duration of one year or less, (ii) contracts for which variable consideration is determined based on the customer’s subsequent sale or usage and (iii) variable consideration allocated to performance obligations accounted for under the series guidance that meets the allocation objective under Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers.

8

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 3. IMPAIRMENT AND RESTRUCTURING CHARGES

Fiscal 2024 Impairment

During the nine months ended March 31, 2024, the Company recognized non-cash impairment charges of $22 million at the News Media segment related to the write-down of fixed assets associated with the combination of certain United Kingdom (“U.K.”) printing operations with those of a third party.

Fiscal 2024 Restructuring

During the three and nine months ended March 31, 2024, the Company recorded restructuring charges of $35 million and $62 million, respectively, related to employee termination benefits. The employee termination benefits recorded in the first half of fiscal 2024 resulted from actions taken by the Company’s businesses in response to the headcount reduction initiative announced in February 2023.

Fiscal 2023 Restructuring

During the three and nine months ended March 31, 2023, the Company recorded restructuring charges of $25 million and $65 million, respectively, primarily related to employee termination benefits. The employee termination benefits recorded in the three months ended March 31, 2023 mainly resulted from actions taken by the Company’s businesses in response to the headcount reduction initiative announced in February 2023.

Changes in restructuring program liabilities were as follows:

	For the three months ended March 31,
	2024						2023
	One time employee termination benefits		Other costs		Total		One time employee termination benefits		Other costs		Total
	(in millions)
Balance, beginning of period	$	23	$	39	$	62	$	25	$	41	$	66
Additions	35		—		35		24		1		25
Payments	(25)		(1)		(26)		(21)		(4)		(25)
Other	(1)		—		(1)		(1)		—		(1)
Balance, end of period	$	32	$	38	$	70	$	27	$	38	$	65

	For the nine months ended March 31,
	2024						2023
	One time employee termination benefits		Other costs		Total		One time employee termination benefits		Other costs		Total
	(in millions)
Balance, beginning of period	$	53	$	41	$	94	$	25	$	41	$	66
Additions	61		1		62		60		5		65
Payments	(81)		(4)		(85)		(55)		(8)		(63)
Other	(1)		—		(1)		(3)		—		(3)
Balance, end of period	$	32	$	38	$	70	$	27	$	38	$	65

As of March 31, 2024, restructuring liabilities of approximately $43 million and $27 million were included in the Balance Sheet in Other current liabilities and Other non-current liabilities, respectively.

9

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 4. INVESTMENTS

The Company’s investments were comprised of the following:

	Ownership Percentage as of March 31, 2024	As of March 31, 2024		As of June 30, 2023
		(in millions)
Equity method investments(a)	various	$	191	$	192
Equity and other securities(b)	various	225		235
Total Investments		$	416	$	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 March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
	(in millions)				(in millions)
Total losses recognized on equity securities	$	(1)	$	(2)	$	(11)	$	(16)
Less: Net gains recognized on equity securities sold	—		—		—		2
Unrealized losses recognized on equity securities held at end of period	$	(1)	$	(2)	$	(11)	$	(18)

Equity Losses of Affiliates

The Company’s share of the losses of its equity affiliates was $2 million and $5 million for the three and nine months ended March 31, 2024, respectively, and $10 million and $43 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.

10

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 5. BORROWINGS

The Company’s total borrowings consist of the following:

	Interest rate at March 31, 2024		Maturity at March 31, 2024	As of March 31, 2024		As of June 30, 2023
				(in millions)
News Corporation
2022 Term loan A(a)	6.909	%	Mar 31, 2027	$	488	$	497
2022 Senior notes	5.125	%	Feb 15, 2032	493		492
2021 Senior notes	3.875	%	May 15, 2029	990		989
Foxtel Group(b)
2024 Foxtel credit facility — tranche 1(c)(d)	7.24	%	Aug 1, 2026	372		—
2024 Foxtel credit facility — USD portion — tranche 2(e)	8.58	%	Aug 1, 2027	49		—
2024 Foxtel credit facility — tranche 3(d)	7.39	%	Aug 1, 2027	203		—
2017 Working capital facility(c)	7.24	%	Aug 1, 2026	—		—
Telstra facility	12.14	%	Dec 22, 2027	96		100
2019 Credit facility(f)	—	%	May 31, 2024	—		320
2019 Term loan facility(f)	—	%	Nov 22, 2024	—		167
2012 US private placement — USD portion — tranche 3(f)	—	%	Jul 25, 2024	—		149
REA Group(b)
2024 REA credit facility — tranche 1(g)	5.84	%	Sep 15, 2028	—		—
2024 REA credit facility — tranche 2(g)	5.54	%	Sep 16, 2025	130		—
2024 Subsidiary facility(g)	5.79	%	Sep 28, 2025	54		—
2022 Credit facility — tranche 1(f)	—	%	Sep 16, 2024	—		211
2022 Credit facility — tranche 2(f)	—	%	Sep 16, 2025	—		—
Finance Leases
Finance lease liability				25		42
Total borrowings				2,900		2,967
Less: current portion(h)				(56)		(27)
Long-term borrowings				$	2,844	$	2,940

(a)The Company entered into an interest rate swap derivative to fix the floating rate interest component of its Term A Loans at 2.083%. For the three months ended March 31, 2024 the Company was paying interest at an effective interest rate of 3.583%. See Note 7—Financial Instruments and Fair Value Measurements.

(b)These borrowings were incurred by certain subsidiaries of NXE Australia Pty Limited (the “Foxtel Group” and together with such subsidiaries, the “Foxtel Debt Group”) and REA Group and certain of its subsidiaries (REA Group and certain of its subsidiaries, the “REA Debt Group”), consolidated but non wholly-owned subsidiaries of News Corp, and are only guaranteed by the Foxtel Group and REA Group and their respective subsidiaries, as applicable, and are non-recourse to News Corp.

(c)As of March 31, 2024, the Foxtel Debt Group had total undrawn commitments of A$280 million available under these facilities.

(d)The Company entered into A$610 million of interest rate swap derivatives to fix the floating rate interest components of tranche 1 and tranche 3 of its 2024 Foxtel Credit Facility (described below) at approximately 4.30%. For the three months ended March 31, 2024, the Company was paying interest at an effective interest rate of 7.19% and 7.30% for tranche 1 and tranche 3, respectively. See Note 7—Financial Instruments and Fair Value Measurements.

(e)The Company entered into a cross-currency interest rate swap derivative to fix the floating rate interest component of tranche 2 of its 2024 Foxtel Credit Facility at 4.38%. For the three months ended March 31, 2024, the Company was paying interest at an effective interest rate of 7.64%. See Note 7—Financial Instruments and Fair Value Measurements.

(f)These borrowings were repaid during the nine months ended March 31, 2024 using proceeds from the 2024 Foxtel Credit Facility and 2024 REA Credit Facility (described below), as applicable.

(g)As of March 31, 2024, REA Group had total undrawn commitments of A$400 million available under these facilities.

(h)The Company classifies the current portion of long term debt as non-current liabilities on the Balance Sheets when it has the intent and ability to refinance the obligation on a long-term basis, in accordance with ASC 470-50, Debt. $24 million and $27 million relates to the current portion of finance lease liabilities as of March 31, 2024 and June 30, 2023, respectively, with the remainder as of March 31, 2024 consisting of required principal repayments on the 2022 Term Loan A and 2024 Foxtel Credit Facility — tranches 2 and 3.

11

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Foxtel Group Debt Refinancing

During the nine months ended March 31, 2024, the Foxtel Group refinanced its A$610 million 2019 revolving credit facility, A$250 million term loan facility and tranche 3 of its 2012 U.S. private placement senior unsecured notes with the proceeds of a new A$1.2 billion syndicated credit facility (the “2024 Foxtel Credit Facility”). The 2024 Foxtel Credit Facility consists of three sub-facilities: (i) an A$817.5 million three year revolving credit facility (the “2024 Foxtel Credit Facility — tranche 1”), (ii) a US$48.7 million four year term loan facility (the “2024 Foxtel Credit Facility — tranche 2”) and (iii) an A$311.0 million four year term loan facility (the “2024 Foxtel Credit Facility — tranche 3”). In addition, the Foxtel Group amended its 2017 working capital facility to extend the maturity to August 2026 and modify the pricing.

Depending on the Foxtel Group’s net leverage ratio, (i) borrowings under the 2024 Foxtel Credit Facility — tranche 1 and 2017 working capital facility bear interest at a rate of the Australian BBSY plus a margin of between 2.35% and 3.60%; (ii) borrowings under the 2024 Foxtel Credit Facility — tranche 2 bear interest at a rate based on a Term SOFR formula, as set forth in the 2024 Foxtel Credit Agreement, plus a margin of between 2.50% and 3.75%; and (iii) borrowings under the 2024 Foxtel Credit Facility — tranche 3 bear interest at a rate of the Australian BBSY plus a margin of between 2.50% and 3.75%. All tranches carry a commitment fee of 45% of the applicable margin on any undrawn balance during the relevant availability period. Tranches 2 and 3 of the 2024 Foxtel Credit Facility amortize on a proportionate basis in an aggregate annual amount equal to A$35 million in each of the first two years following closing and A$40 million in each of the two years thereafter.

The agreements governing the Foxtel Debt Group’s external borrowings contain customary affirmative and negative covenants and events of default, with customary exceptions, including specified non-financial covenants and financial covenants calculated in accordance with Australian International Financial Reporting Standards. Subject to certain exceptions, these covenants restrict or prohibit members of the Foxtel Debt Group from, among other things, undertaking certain transactions, disposing of certain properties or assets (including subsidiary stock), merging or consolidating with any other person, making financial accommodation available, giving guarantees, entering into certain other financing arrangements, creating or permitting certain liens, engaging in transactions with affiliates, making repayments of certain other loans, undergoing fundamental business changes and making restricted payments. In addition, the agreements require the Foxtel Debt Group to maintain a ratio of net debt to Earnings Before Interest, Tax, Depreciation and Amortization, as adjusted under the applicable agreements, of not more than 3.25 to 1.0. The agreements also require the Foxtel Debt Group to maintain a net interest coverage ratio of not less than 3.5 to 1.0. There are no assets pledged as collateral for any of the borrowings.

REA Group Debt

REA Group Debt Refinancing

During the nine months ended March 31, 2024, REA Group entered into a new unsecured syndicated credit facility (the “2024 REA Credit Facility”) which replaced the 2022 Credit Facility and consists of two sub-facilities: (i) a five-year A$400 million revolving loan facility (the “2024 REA Credit Facility—tranche 1”) which was used to refinance tranche 1 of the 2022 Credit Facility and (ii) an A$200 million revolving loan facility representing the continuation of tranche 2 of the 2022 Credit Facility (the “2024 REA Credit Facility—tranche 2”). REA Group may request increases in the amount of the 2024 REA Credit Facility up to a maximum amount of A$500 million, subject to the terms and limitations set forth in the syndicated facility agreement.

Borrowings under the 2024 REA Credit Facility — tranche 1 accrue interest at a rate of the Australian BBSY plus a margin of between 1.45% and 2.35%, depending on REA Group’s net leverage ratio. Borrowings under the 2024 REA Credit Facility — tranche 2 continue to accrue interest at a rate of the Australian BBSY plus a margin of between 1.15% and 2.25%, depending on REA Group’s net leverage ratio. Both tranches carry a commitment fee of 40% of the applicable margin on any undrawn balance.

The syndicated facility agreement governing the 2024 REA Credit Facility requires REA Group to maintain (i) a net leverage ratio of not more than 3.5 to 1.0 and (ii) an interest coverage ratio of not less than 3.0 to 1.0. The agreement also contains certain other customary affirmative and negative covenants and events of default. Subject to certain exceptions, these covenants restrict or prohibit REA Group and its subsidiaries from, among other things, incurring or guaranteeing debt, disposing of certain properties or assets, merging or consolidating with any other person, making financial accommodation available, entering into certain other financing arrangements, creating or permitting certain liens, engaging in non arms’ length transactions with affiliates, undergoing fundamental business changes and making restricted payments.

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Subsidiary Financing

During the nine months ended March 31, 2024, REA Group entered into an A$83 million unsecured bilateral revolving credit facility (the “2024 Subsidiary Facility”). Proceeds of the 2024 Subsidiary Facility were used to refinance an existing facility at one of its subsidiaries and to fund its business of providing short-term financing to real estate agents and vendors. Borrowings under the 2024 Subsidiary Facility accrue interest at a rate of the Australian BBSY plus a margin of 1.40% and undrawn balances carry a commitment fee of 40% of the applicable margin. The facility agreement governing the 2024 Subsidiary Facility permits the lender to cancel its commitment and declare all outstanding amounts immediately due and payable after a consultation period in specified circumstances, including if certain key operating measures of its subsidiary fall below the budgeted amount for two consecutive quarters. The agreement also contains certain other customary affirmative and negative covenants and events of default that are similar to those governing the 2024 REA Credit Facility.

Covenants

The Company’s borrowings and those of its consolidated subsidiaries contain customary representations, covenants and events of default, including those discussed in the Company’s 2023 Form 10-K. If any of the events of default occur and are not cured within applicable grace periods or waived, any unpaid amounts under the applicable debt agreements may be declared immediately due and payable. The Company was in compliance with all such covenants at March 31, 2024.

NOTE 6. EQUITY

The following tables summarize changes in equity for the three and nine months ended March 31, 2024 and 2023:

	For the three months ended March 31, 2024
	Class A Common Stock			Class B Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total News Corp Equity		Non-controlling Interests		Total Equity
	Shares	Amount		Shares	Amount
	(in millions)
Balance, December 31, 2023	380	$	4	191	$	2	$	11,334	$	(1,958)	$	(1,200)	$	8,182	$	920	$	9,102
Net income	—	—		—	—		—		30		—		30		12		42
Other comprehensive loss	—	—		—	—		—		—		(92)		(92)		(39)		(131)
Dividends	—	—		—	—		(57)		—		—		(57)		(29)		(86)
Share repurchases	(1)	—		(1)	—		(22)		(5)		—		(27)		—		(27)
Other	1	—		1	—		15		—		—		15		(7)		8
Balance, March 31, 2024	380	$	4	191	$	2	$	11,270	$	(1,933)	$	(1,292)	$	8,051	$	857	$	8,908

	For the three months ended March 31, 2023
	Class A Common Stock			Class B Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total News Corp Equity		Non-controlling Interests		Total Equity
	Shares	Amount		Shares	Amount
	(in millions)
Balance, December 31, 2022	382	$	4	193	$	2	$	11,550	$	(2,186)	$	(1,255)	$	8,115	$	941	$	9,056
Net income	—	—		—	—		—		50		—		50		9		59
Other comprehensive loss	—	—		—	—		—		—		(24)		(24)		(17)		(41)
Dividends	—	—		—	—		(58)		—		—		(58)		(27)		(85)
Share repurchases	(1)	—		—	—		(20)		—		—		(20)		—		(20)
Other	1	—		—	—		14		—		—		14		1		15
Balance, March 31, 2023	382	$	4	193	$	2	$	11,486	$	(2,136)	$	(1,279)	$	8,077	$	907	$	8,984

13

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

	For the nine months ended March 31, 2024
	Class A Common Stock			Class B Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total News Corp Equity		Non-controlling Interests		Total Equity
	Shares	Amount		Shares	Amount
	(in millions)
Balance, June 30, 2023	380	$	4	192	$	2	$	11,449	$	(2,144)	$	(1,247)	$	8,064	$	881	$	8,945
Net income	—	—		—	—		—		216		—		216		67		283
Other comprehensive loss	—	—		—	—		—		—		(45)		(45)		(21)		(66)
Dividends	—	—		—	—		(114)		—		—		(114)		(57)		(171)
Share repurchases	(3)	—		(1)	—		(77)		(5)		—		(82)		—		(82)
Other	3	—		—	—		12		—		—		12		(13)		(1)
Balance, March 31, 2024	380	$	4	191	$	2	$	11,270	$	(1,933)	$	(1,292)	$	8,051	$	857	$	8,908

	For the nine months ended March 31, 2023
	Class A Common Stock			Class B Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total News Corp Equity		Non-controlling Interests		Total Equity
	Shares	Amount		Shares	Amount
	(in millions)
Balance, June 30, 2022	388	$	4	197	$	2	$	11,779	$	(2,293)	$	(1,270)	$	8,222	$	921	$	9,143
Net income	—	—		—	—		—		157		—		157		62		219
Other comprehensive loss	—	—		—	—		—		—		(9)		(9)		(14)		(23)
Dividends	—	—		—	—		(116)		—		—		(116)		(58)		(174)
Share repurchases	(8)	—		(4)	—		(194)		—		—		(194)		—		(194)
Other	2	—		—	—		17		—		—		17		(4)		13
Balance, March 31, 2023	382	$	4	193	$	2	$	11,486	$	(2,136)	$	(1,279)	$	8,077	$	907	$	8,984

Stock Repurchases

The Company’s Board of Directors (the “Board of Directors”) has authorized a repurchase program to purchase up to $1 billion in the aggregate of the Company’s outstanding Class A Common Stock and Class B Common Stock (the “Repurchase Program”). The manner, timing, number and share price of any repurchases will be determined by the Company at its discretion and will depend upon such factors as the market price of the stock, general market conditions, applicable securities laws, alternative investment opportunities and other factors. The Repurchase Program has no time limit and may be modified, suspended or discontinued at any time. As of March 31, 2024, the remaining authorized amount under the Repurchase Program was approximately $495 million.

During the three and nine months ended March 31, 2024, the Company repurchased and subsequently retired 0.7 million and 2.5 million shares, respectively, of Class A Common Stock for approximately $18 million and $56 million, respectively, and 0.3 million and 1.1 million shares, respectively, of Class B Common Stock for approximately $9 million and $26 million, respectively. During the three and nine months ended March 31, 2023, the Company repurchased and subsequently retired 0.8 million and 7.7 million shares, respectively, of Class A Common Stock for approximately $14 million and $129 million, respectively, and 0.4 million and 3.9 million shares, respectively, of Class B Common Stock for approximately $6 million and $65 million, respectively.

14

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Dividends

In February 2024, the Board of Directors declared a semi-annual cash dividend of $0.10 per share for Class A Common Stock and Class B Common Stock. The dividend was paid on April 10, 2024 to stockholders of record as of March 13, 2024. The timing, declaration, amount and payment of future dividends to stockholders, if any, is within the discretion of the Board of Directors. The Board of Directors’ decisions regarding the payment of future dividends will depend on many factors, including the Company’s financial condition, earnings, capital requirements and debt facility covenants, other contractual restrictions, as well as legal requirements, regulatory constraints, industry practice, market volatility and other factors that the Board of Directors deems relevant.

NOTE 7. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

In accordance with ASC 820, Fair Value Measurements (“ASC 820”) fair value measurements are required to be disclosed using a three-tiered fair value hierarchy which distinguishes market participant assumptions into the following categories: 

•Level 1 — Quoted prices in active markets for identical assets or liabilities.

•Level 2 — Observable inputs other than quoted prices included in Level 1. The Company could value assets and liabilities included in this level using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data.

•Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. For the Company, this primarily includes the use of forecasted financial information and other valuation related assumptions such as discount rates and long term growth rates in the income approach as well as the market approach which utilizes certain market and transaction multiples.

Under ASC 820, certain assets and liabilities are required to be remeasured to fair value at the end of each reporting period.

The following table summarizes those assets and liabilities measured at fair value on a recurring basis:

	As of March 31, 2024								As of June 30, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Interest rate derivatives - cash flow hedges	$	—	$	29	$	—	$	29	$	—	$	41	$	—	$	41
Foreign currency derivatives - cash flow hedges	—		1		—		1		—		2		—		2
Cross-currency interest rate derivatives - fair value hedges	—		—		—		—		—		9		—		9
Cross-currency interest rate derivatives(a)	—		—		—		—		—		37		—		37
Equity and other securities	93		—		132		225		105		—		130		235
Total assets	$	93	$	30	$	132	$	255	$	105	$	89	$	130	$	324
Liabilities:
Interest rate derivatives - cash flow hedges	$	—	$	(4)	$	—	$	(4)	$	—	$	—	$	—	$	—
Cross-currency interest rate derivatives - fair value hedges	—		—		—		—		—		(1)		—		(1)
Cross-currency interest rate derivatives - cash flow hedges	—		(1)		—		(1)		—		—		—		—
Cross-currency interest rate derivatives(a)	—		—		—		—		—		(2)		—		(2)
Total liabilities	$	—	$	(5)	$	—	$	(5)	$	—	$	(3)	$	—	$	(3)

(a)    These cross-currency interest rate derivatives were initially designated as cash flow hedges. Hedge accounting for these derivatives was discontinued as of December 31, 2020.

15

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Equity and other securities

The fair values of equity and other securities with quoted prices in active markets are determined based on the closing price at the end of each reporting period. These securities are classified as Level 1 in the fair value hierarchy outlined above. The fair values of equity and other securities without readily determinable fair market values are determined based on 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. These securities are classified as Level 3 in the fair value hierarchy outlined above.

A rollforward of the Company’s equity and other securities classified as Level 3 is as follows:

	For the nine months ended March 31,
	2024		2023
	(in millions)
Balance - beginning of period	$	130	$	103
Additions(a)	4		31
Sales	—		(2)
Returns of capital	(4)		(5)
Measurement adjustments	—		1
Foreign exchange and other	2		2
Balance - end of period	$	132	$	130

(a)    The additions for the nine months ended March 31, 2023 primarily relate to Dow Jones’ investment in an artificial intelligence-focused data analytics company.

Derivative Instruments

The Company is directly and indirectly affected by risks associated with changes in certain market conditions. When deemed appropriate, the Company uses derivative instruments to mitigate the potential impact of these market risks. The primary market risks managed by the Company through the use of derivative instruments include:

•foreign currency exchange rate risk: arising primarily through Foxtel Debt Group borrowings denominated in United States (“U.S.”) dollars, payments for customer premise equipment, certain programming rights, product development costs and inventory purchases; and

•interest rate risk: arising from fixed and floating rate Foxtel Debt Group and News Corporation borrowings.

During the nine months ended March 31, 2024, in connection with the 2024 Foxtel Credit Facility, the Company entered into (i) a cross-currency interest rate swap derivative with a notional amount of $49 million to exchange the U.S. dollar-denominated floating rate interest component of its 2024 Foxtel Credit Facility — Tranche 2 for an Australian dollar-denominated fixed rate of 4.375% and (ii) interest rate swap derivatives with notional amounts totaling A$610 million to exchange the floating rate interest component of the remaining tranches to fixed rates ranging from 4.248% to 4.338%. These cross-currency interest rate swap and interest rate swap derivatives are accounted for as cash flow hedges under ASC 815, Derivatives and Hedging.

During the nine months ended March 31, 2024, the Company settled its hedges and derivatives related to the 2019 Credit facility and the 2012 U.S. private placement - USD portion - tranche 3. A gain of $5 million was recognized in Other, net related to the settlement of cross-currency interest rate swap derivatives for which hedge accounting was previously discontinued, and a gain of $7 million was recognized within Interest expense, net related to the remaining net derivative gains in Accumulated other comprehensive loss.

The Company formally designates qualifying derivatives as hedge relationships and applies hedge accounting when considered appropriate. The Company does not use derivative financial instruments for trading or speculative purposes.

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Derivatives are classified as current or non-current in the Balance Sheets based on their maturity dates. Refer to the table below for further details:

	Balance Sheet Classification	As of March 31, 2024		As of June 30, 2023
		(in millions)
Interest rate derivatives - cash flow hedges	Other current assets	$	14	$	21
Foreign currency derivatives - cash flow hedges	Other current assets	1		2
Cross currency interest rate derivatives(a)	Other current assets	—		1
Interest rate derivatives - cash flow hedges	Other non-current assets	15		20
Cross-currency interest rate derivatives - fair value hedges	Other non-current assets	—		9
Cross-currency interest rate derivatives(a)	Other non-current assets	—		36
Cross-currency interest rate derivatives - fair value hedges	Other current liabilities	—		(1)
Cross-currency interest rate derivatives(a)	Other current liabilities	—		(2)
Interest rate derivatives - cash flow hedges	Other non-current liabilities	(4)		—
Cross-currency interest rate derivatives - cash flow hedges	Other non-current liabilities	(1)		—

(a)    These cross-currency interest rate derivatives were initially designated as cash flow hedges. Hedge accounting for these derivatives was discontinued as of December 31, 2020.

Cash flow hedges

The Company utilizes a combination of interest rate derivatives, foreign currency derivatives and cross-currency interest rate derivatives to mitigate currency exchange rate risk and interest rate risk in relation to future interest and principal payments and payments for customer premise equipment, certain programming rights, product development costs and inventory purchases.

The total notional value of interest rate swap derivatives designated for hedging was approximately $488 million and A$610 million as of March 31, 2024 for News Corporation and Foxtel Debt Group borrowings, respectively. The maximum hedged term over which the Company is hedging exposure to variability in interest payments is to July 2027. As of March 31, 2024, the Company estimates that approximately $14 million of net derivative gains related to its interest rate swap derivative cash flow hedges included in Accumulated other comprehensive loss will be reclassified into the Statements of Operations within the next twelve months.

The total notional value of foreign currency contract derivatives designated for hedging was $40 million as of March 31, 2024. The maximum hedged term over which the Company is hedging exposure to foreign currency fluctuations is less than one year. As of March 31, 2024, the Company estimates that approximately $1 million of net derivative losses related to its foreign currency contract derivative cash flow hedges included in Accumulated other comprehensive loss will be reclassified into the Statements of Operations within the next twelve months.

The total notional value of cross-currency interest rate swap derivatives designated for hedging was approximately $49 million as of March 31, 2024. The maximum hedged term over which the Company is hedging exposure to variability in interest and principal payments is to July 2027. As of March 31, 2024, the Company estimates that approximately nil of net derivative gains related to its cross-currency interest rate swap derivative cash flow hedges included in Accumulated other comprehensive loss will be reclassified into the Statements of Operations within the next twelve months.

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The following tables present the impact that changes in the fair values had on Accumulated other comprehensive loss and the Statements of Operations during the three and nine months ended March 31, 2024 and 2023 for both derivatives designated as cash flow hedges that continue to be highly effective and derivatives initially designated as cash flow hedges but for which hedge accounting was discontinued as of December 31, 2020:

Gains (losses) recognized in Accumulated other comprehensive loss for the three and nine months ended March 31, 2024 and 2023, by derivative instrument:

	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
	(in millions)
Interest rate derivatives - cash flow hedges	$	10	$	(6)	$	3	$	15
Foreign currency derivatives - cash flow hedges	2		—		2		(1)
Cross-currency interest rate derivatives - cash flow hedges	2		—		(1)		—
Total	$	14	$	(6)	$	4	$	14

(Gains) losses reclassified from Accumulated other comprehensive loss into the Statements of Operations for the three and nine months ended March 31, 2024 and 2023, by derivative instrument:

	Income Statement Classification	For the three months ended March 31,				For the nine months ended March 31,
		2024		2023		2024		2023
		(in millions)
Interest rate derivatives - cash flow hedges	Interest expense, net	$	(5)	$	(5)	$	(19)	$	(8)
Foreign currency derivatives - cash flow hedges	Operating expenses	—		1		(2)		1
Cross-currency interest rate derivatives - cash flow hedges	Interest expense, net	(3)		—		—		—
Cross-currency interest rate derivatives(a)	Interest expense, net	—		—		(1)		(1)
Total		$	(8)	$	(4)	$	(22)	$	(8)

(a)    These cross-currency interest rate derivatives were initially designated as cash flow hedges. Hedge accounting for these derivatives was discontinued as of December 31, 2020.

The amounts recognized in Other, net in the Statements of Operations resulting from the changes in fair value of cross-currency interest rate derivatives that were discontinued as cash flow hedges due to hedge ineffectiveness as of December 31, 2020 was a gain of approximately $3 million for the nine months ended March 31, 2024 and a gain of approximately $1 million and $3 million for the three and nine months ended March 31, 2023, respectively.

Other Fair Value Measurements

As of March 31, 2024, the carrying value of the Company’s outstanding borrowings approximates the fair value. The 2022 Senior Notes and the 2021 Senior Notes are classified as Level 2 and the remaining borrowings are classified as Level 3 in the fair value hierarchy.

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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 8. EARNINGS (LOSS) PER SHARE

The following table set forth the computation of basic and diluted earnings (loss) per share under ASC 260, Earnings per Share:

	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
	(in millions, except per share amounts)
Net income	$	42	$	59	$	283	$	219
Net income attributable to noncontrolling interests	(12)		(9)		(67)		(62)
Net income attributable to News Corporation stockholders	$	30	$	50	$	216	$	157
Weighted-average number of shares of common stock outstanding - basic	570.9		575.4		571.7		577.6
Dilutive effect of equity awards	2.7		2.5		2.0		2.0
Weighted-average number of shares of common stock outstanding - diluted	573.6		577.9		573.7		579.6
Net income attributable to News Corporation stockholders per share - basic and diluted	$	0.05	$	0.09	$	0.38	$	0.27

NOTE 9. COMMITMENTS AND CONTINGENCIES

Commitments

The Company has commitments under certain firm contractual arrangements to make future payments. These firm commitments secure the current and future rights to various assets and services to be used in the normal course of operations. As a result of entering into the 2024 Foxtel Credit Facility, the 2024 REA Credit Facility and the 2024 Subsidiary Facility during the nine months ended March 31, 2024, the Company has presented its commitments associated with its borrowings and the related interest payments in the table below.

	As of March 31, 2024
	Payments Due by Period
	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
	(in millions)
Borrowings(a)	$	2,891	$	35	$	1,080	$	276	$	1,500
Interest payments on borrowings(b)	645		150		257		142		96

(a)See Note 5—Borrowings.

(b)Reflects the Company’s expected future interest payments based on borrowings outstanding and interest rates applicable at March 31, 2024. Such rates are subject to change in future periods.

The Company’s other commitments as of March 31, 2024 have not changed significantly from the disclosures included in the 2023 Form 10-K.

Contingencies

The Company routinely is involved in various legal proceedings, claims and governmental inspections or investigations, including those discussed below. The outcome of these matters and claims is subject to significant uncertainty, and the Company often cannot predict what the eventual outcome of pending matters will be or the timing of the ultimate resolution of these matters. Fees, expenses, fines, penalties, judgments or settlement costs which might be incurred by the Company in connection with the various proceedings could adversely affect its results of operations and financial condition.

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NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The Company establishes an accrued liability for legal claims when it determines that a loss is probable and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. Legal fees associated with litigation and similar proceedings are expensed as incurred. Except as otherwise provided below, for the contingencies disclosed for which there is at least a reasonable possibility that a loss may be incurred, the Company was unable to estimate the amount of loss or range of loss. The Company recognizes gain contingencies when the gain becomes realized or realizable.

News America Marketing

In May 2020, the Company sold its News America Marketing business. In the transaction, the Company retained certain liabilities, including those arising from the legal proceeding with Insignia Systems, Inc. (“Insignia”). In July 2019, Insignia filed a complaint in the U.S. District Court for the District of Minnesota against News America Marketing FSI L.L.C., News America Marketing In-Store Services L.L.C. and News Corporation alleging violations of federal and state antitrust laws and common law business torts. The complaint sought treble damages, injunctive relief and attorneys’ fees and costs. In July 2022, the parties agreed to settle the litigation and Insignia’s claims were dismissed with prejudice.

HarperCollins

Beginning in February 2021, a number of purported class action complaints have been filed in the U.S. District Court for the Southern District of New York (the “N.Y. District Court”) against Amazon.com, Inc. (“Amazon”) and certain publishers, including the Company’s subsidiary, HarperCollins Publishers, L.L.C. (“HarperCollins” and together with the other publishers, the “Publishers”), alleging violations of antitrust and competition laws. The complaints seek treble damages, injunctive relief and attorneys’ fees and costs. In August 2023, the N.Y. District Court dismissed the complaints in one of the cases with prejudice and in March 2024, the court dismissed the complaint against the Publishers in the remaining case with prejudice. However, the plaintiffs’ time to appeal the N.Y. District Court’s decision to dismiss in the latter case does not expire until the complaint against Amazon in that case has been finally determined. While it is not possible at this time to predict with any degree of certainty the ultimate outcome of these actions, HarperCollins believes it has been compliant with applicable laws and intends to defend itself vigorously.

U.K. Newspaper Matters

Civil claims have been brought against the Company with respect to, among other things, voicemail interception and inappropriate payments to public officials at the Company’s former publication, The News of the World, and at The Sun, and related matters (the “U.K. Newspaper Matters”). The Company has admitted liability in many civil cases and has settled a number of cases. The Company also settled a number of claims through a private compensation scheme which was closed to new claims after April 8, 2013.

In connection with the separation of the Company from Twenty-First Century Fox, Inc. (“21st Century Fox”) on June 28, 2013, the Company and 21st Century Fox agreed in the Separation and Distribution Agreement that 21st Century Fox would indemnify the Company for payments made after such date arising out of civil claims and investigations relating to the U.K. Newspaper Matters as well as legal and professional fees and expenses paid in connection with the previously concluded criminal matters, other than fees, expenses and costs relating to employees (i) who are not directors, officers or certain designated employees or (ii) with respect to civil matters, who are not co-defendants with the Company or 21st Century Fox. 21st Century Fox’s indemnification obligations with respect to these matters are settled on an after-tax basis. In March 2019, as part of the separation of FOX Corporation (“FOX”) from 21st Century Fox, the Company, News Corp Holdings UK & Ireland, 21st Century Fox and FOX entered into a Partial Assignment and Assumption Agreement, pursuant to which, among other things, 21st Century Fox assigned, conveyed and transferred to FOX all of its indemnification obligations with respect to the U.K. Newspaper Matters.

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NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The net expense related to the U.K. Newspaper Matters in Selling, general and administrative was $2 million and $4 million for the three months ended March 31, 2024 and 2023, respectively, and $7 million and $13 million for the nine months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the Company has provided for its best estimate of the liability for the claims that have been filed and costs incurred, including liabilities associated with employment taxes, and has accrued approximately $70 million. The amount to be indemnified by FOX of approximately $71 million was recorded as a receivable in Other current assets on the Balance Sheet as of March 31, 2024. It is not possible to estimate the liability or corresponding receivable for any additional claims that may be filed given the information that is currently available to the Company. If more claims are filed and additional information becomes available, the Company will update the liability provision and corresponding receivable for such matters.

The Company is not able to predict the ultimate outcome or cost of the civil claims. It is possible that these proceedings and any adverse resolution thereof could damage its reputation, impair its ability to conduct its business and adversely affect its results of operations and financial condition.

NOTE 10. INCOME TAXES

At the end of each interim period, the Company estimates its annual effective tax rate and applies that rate to ordinary quarterly earnings. The tax expense or benefit related to significant, unusual or extraordinary items that will be separately reported or reported net of their related tax effect are individually computed and recognized in the interim period in which those items occur. In addition, the effects of changes in enacted tax laws or rates or tax status are recognized in the interim period in which the change occurs.

For the three months ended March 31, 2024, the Company recorded income tax expense of $22 million on pre-tax income of $64 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses.

For the nine months ended March 31, 2024, the Company recorded income tax expense of $153 million on pre-tax income of $436 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses.

For the three months ended March 31, 2023, the Company recorded income tax expense of $32 million on pre-tax income of $91 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses.

For the nine months ended March 31, 2023, the Company recorded income tax expense of $128 million on pre-tax income of $347 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses.

Management assesses available evidence to determine whether sufficient future taxable income will be generated to permit the use of existing deferred tax assets. Based on management’s assessment of available evidence, it has been determined that it is more likely than not that certain deferred tax assets may not be realized and therefore, a valuation allowance has been established against those tax assets.

The Company’s tax returns are subject to on-going review and examination by various tax authorities. Tax authorities may not agree with the treatment of items reported in the Company’s tax returns, and therefore the outcome of tax reviews and examinations can be unpredictable. The Company is currently undergoing an audit with the Internal Revenue Service for the fiscal year ended June 30, 2018, as well as audits with certain U.S. states and foreign jurisdictions. The Company believes it has appropriately accrued for the expected outcome of uncertain tax matters and believes such liabilities represent a reasonable provision for taxes ultimately expected to be paid. However, the Company may need to accrue additional income tax expense and its liability may need to be adjusted as new information becomes known and as these tax examinations continue to progress, or as settlements or litigations occur.

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NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The Inflation Reduction Act (“IRA”), which was signed into law on August 16, 2022, imposes a 15% corporate minimum tax on corporations with over $1 billion of financial statement income. The Company has evaluated the relevant provisions of IRA along with guidance issued by the U.S. Treasury Department and is not expected to be subject to the corporate minimum tax.

The Organization for Economic Co-operation and Development’s (“OECD”) Inclusive Framework on Base Erosion and Profit Shifting (“BEPS”) has been working to develop an agreement on a two-pillar approach to help address tax challenges arising from taxation of the digital economy. The two-pillar approach seeks to (1) allocate profits to market jurisdictions (“Pillar One”), and (2) ensure multinational enterprises pay a minimum level of tax regardless of where they are headquartered or where they operate (“Pillar Two”).

Pillar One targets multinational groups with global revenue exceeding 20 billion Euros and a profit-to-revenue ratio of more than 10%. Companies subject to Pillar One will be required to allocate their profits and pay taxes to market jurisdictions. Based on the current proposed revenue and profit thresholds, the Company does not expect to be subject to Pillar One taxes.

Pillar Two establishes a global minimum effective tax rate of 15% for multinational groups with annual global revenue exceeding 750 million Euros. On December 15, 2022, European Union Member States unanimously adopted a directive implementing the global minimum tax rules of Pillar Two requiring members to enact the directive into their national laws which are expected to begin going into effect for tax years beginning on or after January 1, 2024. The majority of the EU countries and the U.K. enacted the Pillar Two legislation in 2023. The Company is currently evaluating the potential impact of the Pillar Two global minimum tax proposals on its consolidated financial statements and related disclosures.

The Company paid gross income taxes of $110 million and $114 million during the nine months ended March 31, 2024 and 2023, respectively, and received tax refunds of $9 million and $13 million, respectively.

NOTE 11. 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 RealChoiceTM Selling (formerly 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 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.

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NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

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, Dow Jones Energy (which includes 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 15 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 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 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 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).

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NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Segment information is summarized as follows:

	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
	(in millions)
Revenues:
Digital Real Estate Services	$	388	$	363	$	1,210	$	1,170
Subscription Video Services	455		477		1,411		1,441
Dow Jones	544		529		1,665		1,607
Book Publishing	506		515		1,581		1,533
News Media	530		563		1,641		1,695
Other	—		—		—		—
Total revenues	$	2,423	$	2,447	$	7,508	$	7,446
Segment EBITDA:
Digital Real Estate Services	$	104	$	102	$	373	$	349
Subscription Video Services	66		68		236		269
Dow Jones	118		109		405		361
Book Publishing	62		61		212		151
News Media	26		34		92		111
Other	(54)		(54)		(159)		(162)
Depreciation and amortization	(192)		(183)		(542)		(536)
Impairment and restructuring charges	(35)		(25)		(86)		(65)
Equity losses of affiliates	(2)		(10)		(5)		(43)
Interest expense, net	(19)		(25)		(67)		(78)
Other, net	(10)		14		(23)		(10)
Income before income tax expense	64		91		436		347
Income tax expense	(22)		(32)		(153)		(128)
Net income	$	42	$	59	$	283	$	219

	As of March 31, 2024		As of June 30, 2023
	(in millions)
Total assets:
Digital Real Estate Services	$	2,942	$	2,942
Subscription Video Services	2,522		2,812
Dow Jones	4,123		4,305
Book Publishing	2,645		2,629
News Media	1,988		2,023
Other(a)	1,908		1,783
Investments	416		427
Total assets	$	16,544	$	16,921

(a)The Other segment primarily includes Cash and cash equivalents.

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NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

	As of March 31, 2024		As of June 30, 2023
	(in millions)
Goodwill and intangible assets, net:
Digital Real Estate Services	$	1,785	$	1,779
Subscription Video Services	1,219		1,288
Dow Jones	3,260		3,298
Book Publishing	925		958
News Media	301		306
Total Goodwill and intangible assets, net	$	7,490	$	7,629

NOTE 12. ADDITIONAL FINANCIAL INFORMATION

Receivables, net

Receivables are presented net of allowances, which reflect the Company’s expected credit losses based on historical experience as well as current and expected economic conditions.

Receivables, net consist of:

	As of March 31, 2024		As of June 30, 2023
	(in millions)
Receivables	$	1,501	$	1,482
Less: allowances	(63)		(57)
Receivables, net	$	1,438	$	1,425

Other Non-Current Assets

The following table sets forth the components of Other non-current assets:

	As of March 31, 2024		As of June 30, 2023
	(in millions)
Royalty advances to authors	$	377	$	376
Retirement benefit assets	143		134
Inventory(a)	251		267
News America Marketing deferred consideration	167		157
Other	392		407
Total Other non-current assets	$	1,330	$	1,341

(a)Primarily consists of the non-current portion of programming rights.

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NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Other Current Liabilities

The following table sets forth the components of Other current liabilities:

	As of March 31, 2024		As of June 30, 2023
	(in millions)
Royalties and commissions payable	$	256	$	206
Current operating lease liabilities	111		112
Allowance for sales returns	138		154
Programming rights payable	136		111
Other	289		370
Total Other current liabilities	$	930	$	953

Other, net

The following table sets forth the components of Other, net:

	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
	(in millions)
Remeasurement of equity securities	$	(1)	$	(2)	$	(11)	$	(16)
Dividends received from equity security investments	1		2		4		6
Gain on remeasurement of previously-held interest	—		—		4		—
Other	(10)		14		(20)		—
Total Other, net	$	(10)	$	14	$	(23)	$	(10)

Supplemental Cash Flow Information

The following table sets forth the Company’s cash paid for interest and taxes:

	For the nine months ended March 31,
	2024		2023
	(in millions)
Cash paid for interest	$	71	$	69
Cash paid for taxes	$	110	$	114

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This document, including the following discussion and analysis, contains statements that constitute “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Section 27A of the Securities Act of 1933, as amended. All statements that are not statements of historical fact are forward-looking statements. The words “expect,” “will,” “estimate,” “anticipate,” “predict,” “believe,” “should” and similar expressions and variations thereof are intended to identify forward-looking statements. These statements appear in a number of places in this discussion and analysis and include statements regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things, trends affecting the Company’s business, financial condition or results of operations, the Company’s strategy and strategic initiatives, including potential acquisitions, investments and dispositions, the Company’s cost savings initiatives, including announced headcount reductions, and the outcome of contingencies such as litigation and investigations. Readers are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties. More information regarding these risks and uncertainties and other important factors that could cause actual results to differ materially from those in the forward-looking statements is set forth under the heading “Risk Factors” in Part I, Item 1A. in News Corporation’s Annual Report on Form 10-K for the fiscal year ended June 30, 2023, as filed with the Securities and Exchange Commission (the “SEC”) on August 15, 2023 (the “2023 Form 10-K”), and as may be updated in this and other subsequent Quarterly Reports on Form 10-Q. The Company does not ordinarily make projections of its future operating results and undertakes no obligation (and expressly disclaims any obligation) to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review this document and the other documents filed by the Company with the SEC. This section should be read together with the unaudited consolidated financial statements of News Corporation and related notes set forth elsewhere herein and the audited consolidated financial statements of News Corporation and related notes set forth in the 2023 Form 10-K.

INTRODUCTION

News Corporation (together with its subsidiaries, “News Corporation,” “News Corp,” the “Company,” “we” or “us”) is a global diversified media and information services company comprised of businesses across a range of media, including: digital real estate services, subscription video services in Australia, news and information services and book publishing.

The unaudited consolidated financial statements are referred to herein as the “Consolidated Financial Statements.” The consolidated statements of operations are referred to herein as the “Statements of Operations.” The consolidated balance sheets are referred to herein as the “Balance Sheets.” The consolidated statements of cash flows are referred to herein as the “Statements of Cash Flows.” The Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”).

Management’s discussion and analysis of financial condition and results of operations is intended to help provide an understanding of the Company’s financial condition, changes in financial condition and results of operations. This discussion is organized as follows:

•Overview of the Company’s Businesses—This section provides a general description of the Company’s businesses, as well as developments that occurred to date during fiscal 2024 that the Company believes are important in understanding its results of operations and financial condition or to disclose known trends.

•Results of Operations—This section provides an analysis of the Company’s results of operations for the three and nine months ended March 31, 2024 and 2023. This analysis is presented on both a consolidated basis and a segment basis. Supplemental revenue information is also included for reporting units within certain segments and is presented on a gross basis, before eliminations in consolidation. In addition, a brief description is provided of significant transactions and events that impact the comparability of the results being analyzed.

•Liquidity and Capital Resources—This section provides an analysis of the Company’s cash flows for the nine months ended March 31, 2024 and 2023, as well as a discussion of the Company’s financial arrangements and outstanding commitments, both firm and contingent, that existed as of March 31, 2024.

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OVERVIEW OF THE COMPANY’S BUSINESSES

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 RealChoiceTM Selling (formerly 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 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, Dow Jones Energy (which includes 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 15 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.

28

•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 (as defined in Note 9—Commitments and Contingencies to the Consolidated Financial Statements).

Other Business Developments

Announced Headcount Reduction

In response to the macroeconomic challenges facing many of the Company’s businesses, the Company implemented a number of cost savings initiatives, including the 5% headcount reduction announced in February 2023. The headcount reduction was substantially completed as of December 31, 2023 and the Company recognized associated cash restructuring charges of approximately $106 million. Based on the actions taken, the Company expects to generate annualized gross cost savings of at least $160 million, the majority of which will be reflected in fiscal 2024. See Note 3—Impairment and Restructuring Charges in the accompanying Consolidated Financial Statements.

Combination of U.K. Printing Operations

In October 2023, News UK and DMG Media announced a proposed arrangement to combine certain printing operations of both companies within a separate joint venture. The Company believes this proposal would help improve the efficiency of News UK and DMG Media’s print operations and establish a sustainable business model for national newspaper printing in the U.K. The proposed arrangement received regulatory approval in March 2024. The joint venture arrangement is expected to be effectuated in the fourth quarter of fiscal 2024.

29

RESULTS OF OPERATIONS

Results of Operations—For the three and nine months ended March 31, 2024 versus the three and nine months ended March 31, 2023

The following table sets forth the Company’s operating results for the three and nine months ended March 31, 2024 as compared to the three and nine months ended March 31, 2023:

	For the three months ended March 31,								For the nine months ended March 31,
	2024		2023		Change		% Change		2024		2023		Change		%  Change
(in millions, except %)					Better/(Worse)								Better/(Worse)
Revenues:
Circulation and subscription	$	1,121	$	1,122	$	(1)	—	%	$	3,369	$	3,318	$	51	2	%
Advertising	358		393		(35)		(9)	%	1,187		1,263		(76)		(6)	%
Consumer	484		495		(11)		(2)	%	1,513		1,474		39		3	%
Real estate	301		272		29		11	%	939		896		43		5	%
Other	159		165		(6)		(4)	%	500		495		5		1	%
Total Revenues	2,423		2,447		(24)		(1)	%	7,508		7,446		62		1	%
Operating expenses	(1,238)		(1,286)		48		4	%	(3,792)		(3,853)		61		2	%
Selling, general and administrative	(863)		(841)		(22)		(3)	%	(2,557)		(2,514)		(43)		(2)	%
Depreciation and amortization	(192)		(183)		(9)		(5)	%	(542)		(536)		(6)		(1)	%
Impairment and restructuring charges	(35)		(25)		(10)		(40)	%	(86)		(65)		(21)		(32)	%
Equity losses of affiliates	(2)		(10)		8		80	%	(5)		(43)		38		88	%
Interest expense, net	(19)		(25)		6		24	%	(67)		(78)		11		14	%
Other, net	(10)		14		(24)		**		(23)		(10)		(13)		**
Income before income tax expense	64		91		(27)		(30)	%	436		347		89		26	%
Income tax expense	(22)		(32)		10		31	%	(153)		(128)		(25)		(20)	%
Net income	42		59		(17)		(29)	%	283		219		64		29	%
Net income attributable to noncontrolling interests	(12)		(9)		(3)		(33)	%	(67)		(62)		(5)		(8)	%
Net income attributable to News Corporation stockholders	$	30	$	50	$	(20)	(40)	%	$	216	$	157	$	59	38	%

** not meaningful

Revenues— Revenues decreased $24 million, or 1%, and increased $62 million, or 1%, for the three and nine months ended March 31, 2024, respectively, as compared to the corresponding periods of fiscal 2023.

The revenue decrease for the three months ended March 31, 2024 was primarily due to decreases at the News Media segment driven by lower advertising revenues primarily at News Corp Australia, at the Subscription Video Services segment primarily due to the negative impact of foreign currency fluctuations and lower residential subscription revenues, partially offset by higher streaming revenues, and at the Book Publishing segment due to lower physical book sales, partially offset by improved returns in the U.S. and higher digital book sales. The decreases were partially offset by higher revenues at the Digital Real Estate Services segment primarily due to higher Australian residential revenues at REA Group, partially offset by lower revenues at Move driven by the continued impact of the macroeconomic environment on the U.S. housing market, and at the Dow Jones segment primarily due to higher professional information business revenues. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue decrease of $21 million, or 1%, for the three months ended March 31, 2024 as compared to the corresponding period of fiscal 2023.

30

The revenue increase for the nine months ended March 31, 2024 was primarily due to increases at the Dow Jones segment driven by higher professional information business revenues, at the Book Publishing segment primarily due to higher digital book sales and improved returns in the U.S. driven by recovering consumer demand industry-wide and the absence of the impact of Amazon’s reset of its inventory levels and rightsizing of its warehouse footprint in the prior year, partially offset by lower physical book sales and at the Digital Real Estate Services segment primarily due to higher Australian residential revenues at REA Group, partially offset by lower revenues at Move driven by the continued impact of the macroeconomic environment on the U.S. housing market. These increases were partially offset by lower revenues at the News Media segment driven by lower advertising revenues primarily at News Corp Australia and at the Subscription Video Services segment primarily due to the negative impact of foreign currency fluctuations. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue decrease of $22 million for the nine months ended March 31, 2024 as compared to the corresponding period of fiscal 2023.

The Company calculates the impact of foreign currency fluctuations for businesses reporting in currencies other than the U.S. dollar by multiplying the results for each quarter in the current period by the difference between the average exchange rate for that quarter and the average exchange rate in effect during the corresponding quarter of the prior year and totaling the impact for all quarters in the current period.

Operating expenses— Operating expenses decreased $48 million, or 4%, and $61 million, or 2%, for the three and nine months ended March 31, 2024, respectively, as compared to the corresponding periods of fiscal 2023.

The decrease in operating expenses for the three months ended March 31, 2024 was driven by lower expenses at the Book Publishing segment primarily due to lower manufacturing, freight and distribution costs driven by product mix and the absence of prior year supply chain challenges and inventory and inflationary pressures and at the News Media segment primarily due to lower production costs at News UK driven by lower print volume and newsprint prices. The Company also benefited from gross cost savings related to the announced 5% headcount reduction initiative. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in an Operating expense decrease of $9 million, or 1%, for the three months ended March 31, 2024 as compared to the corresponding period of fiscal 2023.

The decrease in operating expenses for the nine months ended March 31, 2024 was driven by lower expenses at the Book Publishing segment primarily due to lower manufacturing, freight and distribution costs driven by product mix and the absence of prior year supply chain challenges and inventory and inflationary pressures, at the News Media segment driven by lower production costs at News UK due to lower print volume and newsprint prices and at the Digital Real Estate Services segment primarily due to lower employee costs at Move. These decreases were partially offset by higher expenses at the Subscription Video Services segment driven by higher sports programming rights costs due to contractual increases. The Company also benefited from gross cost savings related to the announced 5% headcount reduction initiative. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in an Operating expense decrease of $4 million, or 1%, for the nine months ended March 31, 2024 as compared to the corresponding period of fiscal 2023.

Selling, general and administrative— Selling, general and administrative increased $22 million, or 3%, and $43 million, or 2%, for the three and nine months ended March 31, 2024, respectively, as compared to the corresponding periods of fiscal 2023.

The increase in Selling, general and administrative for the three months ended March 31, 2024 was primarily due to higher expenses at the Digital Real Estate Services segment driven by higher employee costs at REA Group and increased marketing spend at Move, at the Dow Jones segment primarily due to higher marketing costs and at the Book Publishing segment driven by higher employee costs. These increases were partially offset by lower expenses at the Subscription Video Services segment primarily due to lower technology costs. The Company also benefited from gross cost savings related to the announced 5% headcount reduction initiative. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a Selling, general and administrative decrease of $6 million for the three months ended March 31, 2024 as compared to the corresponding period of fiscal 2023.

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The increase in Selling, general and administrative for the nine months ended March 31, 2024 was primarily due to higher expenses at the Digital Real Estate Services segment driven by higher employee costs at REA Group and increased marketing spend at Move, at the Book Publishing segment driven by higher employee costs and at the Dow Jones segment driven by increased marketing spend. These increases were partially offset by lower expenses at the Subscription Video Services segment primarily due to lower technology costs. The Company also benefited from gross cost savings related to the announced 5% headcount reduction initiative. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a Selling, general and administrative decrease of $4 million for the nine months ended March 31, 2024 as compared to the corresponding period of fiscal 2023.

Depreciation and amortization— Depreciation and amortization expense increased $9 million, or 5%, and $6 million, or 1%, for the three and nine months ended March 31, 2024, respectively, as compared to the corresponding periods of fiscal 2023. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a depreciation and amortization expense decrease of $3 million, or 2%, and $7 million, or 1%, for the three and nine months ended March 31, 2024, respectively, as compared to the corresponding periods of fiscal 2023.

Impairment and restructuring charges— During the nine months ended March 31, 2024, the Company recognized non-cash impairment charges of $22 million at the News Media segment related to the write-down of fixed assets associated with the combination of certain U.K. printing operations with those of a third party.

During the three and nine months ended March 31, 2024, the Company recorded restructuring charges of $35 million and $62 million, respectively. During the three and nine months ended March 31, 2023, the Company recorded restructuring charges of $25 million and $65 million, respectively.

See Note 3—Impairment and Restructuring Charges in the accompanying Consolidated Financial Statements.

Equity losses of affiliates— Equity losses of affiliates decreased by $8 million and $38 million for the three and nine months ended March 31, 2024, respectively, as compared to the corresponding periods of fiscal 2023, primarily due to the absence of losses from an investment in an Australian sports wagering venture recognized during the three and nine months ended March 31, 2023. See Note 4—Investments in the accompanying Consolidated Financial Statements.

Interest expense, net— Interest expense, net decreased by $6 million, or 24%, and $11 million, or 14%, for the three and nine months ended March 31, 2024, respectively, as compared to the corresponding periods of fiscal 2023, driven by higher interest income as a result of higher interest rates on cash balances. See Note 5—Borrowings and Note 7—Financial Instruments and Fair Value Measurements in the accompanying Consolidated Financial Statements.

Other, net— Other, net decreased by $24 million and $13 million for the three and nine months ended March 31, 2024, respectively, as compared to the corresponding periods of fiscal 2023. See Note 12—Additional Financial Information in the accompanying Consolidated Financial Statements.

Income tax expense— For the three months ended March 31, 2024, the Company recorded income tax expense of $22 million on pre-tax income of $64 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses.

For the nine months ended March 31, 2024, the Company recorded income tax expense of $153 million on pre-tax income of $436 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses.

For the three months ended March 31, 2023, the Company recorded income tax expense of $32 million on pre-tax income of $91 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses.

For the nine months ended March 31, 2023, the Company recorded income tax expense of $128 million on pre-tax income of $347 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses.

32

See Note 10—Income Taxes in the accompanying Consolidated Financial Statements.

Net income— Net income for the three and nine months ended March 31, 2024 was $42 million and $283 million, respectively, compared to net income of $59 million and $219 million for the corresponding periods of fiscal 2023.

Net income for the three and nine months ended March 31, 2024 decreased by $17 million, or 29%, and increased by $64 million, or 29%, respectively, as compared to the corresponding periods of fiscal 2023, driven by the factors discussed above.

Net income attributable to noncontrolling interests— Net income attributable to noncontrolling interests increased by $3 million, or 33%, and $5 million, or 8%, for the three and nine months ended March 31, 2024, respectively, as compared to the corresponding periods of fiscal 2023.

Segment Analysis

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 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 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).

Total Segment EBITDA is a non-GAAP measure and should be considered in addition to, not as a substitute for, net income (loss), cash flow and other measures of financial performance reported in accordance with GAAP. In addition, this measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and impairment and restructuring charges, which are significant components in assessing the Company’s financial performance. The Company believes that the presentation of Total Segment EBITDA provides useful information regarding the Company’s operations and other factors that affect the Company’s reported results. Specifically, the Company believes that by excluding certain one-time or non-cash items such as impairment and restructuring charges and depreciation and amortization, as well as potential distortions between periods caused by factors such as financing and capital structures and changes in tax positions or regimes, the Company provides users of its consolidated financial statements with insight into both its core operations as well as the factors that affect reported results between periods but which the Company believes are not representative of its core business. As a result, users of the Company’s consolidated financial statements are better able to evaluate changes in the core operating results of the Company across different periods.

The following table reconciles Net income to Total Segment EBITDA for the three and nine months ended March 31, 2024 and 2023:

	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
(in millions)
Net income	$	42	$	59	$	283	$	219
Add:
Income tax expense	22		32		153		128
Other, net	10		(14)		23		10
Interest expense, net	19		25		67		78
Equity losses of affiliates	2		10		5		43
Impairment and restructuring charges	35		25		86		65
Depreciation and amortization	192		183		542		536
Total Segment EBITDA	$	322	$	320	$	1,159	$	1,079

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The following tables set forth the Company’s Revenues and Segment EBITDA by reportable segment for the three and nine months ended March 31, 2024 and 2023:

	For the three months ended March 31,
	2024				2023
(in millions)	Revenues		Segment EBITDA		Revenues		Segment EBITDA
Digital Real Estate Services	$	388	$	104	$	363	$	102
Subscription Video Services	455		66		477		68
Dow Jones	544		118		529		109
Book Publishing	506		62		515		61
News Media	530		26		563		34
Other	—		(54)		—		(54)
Total	$	2,423	$	322	$	2,447	$	320

	For the nine months ended March 31,
	2024				2023
(in millions)	Revenues		Segment EBITDA		Revenues		Segment EBITDA
Digital Real Estate Services	$	1,210	$	373	$	1,170	$	349
Subscription Video Services	1,411		236		1,441		269
Dow Jones	1,665		405		1,607		361
Book Publishing	1,581		212		1,533		151
News Media	1,641		92		1,695		111
Other	—		(159)		—		(162)
Total	$	7,508	$	1,159	$	7,446	$	1,079

34

Digital Real Estate Services (16% of the Company’s consolidated revenues in both the nine months ended March 31, 2024 and 2023)

	For the three months ended March 31,								For the nine months ended March 31,
	2024		2023		Change		% Change		2024		2023		Change		% Change
(in millions, except %)					Better/(Worse)								Better/(Worse)
Revenues:
Circulation and subscription	$	3	$	3	$	—	—	%	$	8	$	9	$	(1)	(11)	%
Advertising	32		35		(3)		(9)	%	99		103		(4)		(4)	%
Real estate	301		272		29		11	%	939		896		43		5	%
Other	52		53		(1)		(2)	%	164		162		2		1	%
Total Revenues	388		363		25		7	%	1,210		1,170		40		3	%
Operating expenses	(46)		(48)		2		4	%	(142)		(156)		14		9	%
Selling, general and administrative	(238)		(213)		(25)		(12)	%	(695)		(665)		(30)		(5)	%
Segment EBITDA	$	104	$	102	$	2	2	%	$	373	$	349	$	24	7	%

For the three months ended March 31, 2024, revenues at the Digital Real Estate Services segment increased $25 million, or 7%, as compared to the corresponding period of fiscal 2023. Revenues at REA Group increased $34 million, or 15%, to $256 million for the three months ended March 31, 2024 from $222 million in the corresponding period of fiscal 2023, driven by higher Australian residential revenues due to price increases, increased depth penetration, favorable geographic mix and growth in national listings, partially offset by the $10 million, or 5%, negative impact of foreign currency fluctuations. Revenues at Move decreased $9 million, or 6%, to $132 million for the three months ended March 31, 2024 from $141 million in the corresponding period of fiscal 2023, driven by the continued impact of the macroeconomic environment on the U.S. housing market, including higher interest rates, which led to lower transaction volumes. These factors adversely impacted revenues from both the referral model, which includes the ReadyConnect Concierge℠ product, and the core lead generation product. Lead volumes increased 4% compared to the corresponding period of fiscal 2023 primarily due to product enhancements and some stabilization in the housing market.

For the three months ended March 31, 2024, Segment EBITDA at the Digital Real Estate Services segment increased $2 million, or 2%, as compared to the corresponding period of fiscal 2023 due to an increased contribution from REA Group, which was partially offset by the adverse impact from Move and the $4 million, or 4%, negative impact of foreign currency fluctuations. The contribution from REA Group increased primarily due to the higher revenues discussed above, partially offset by higher employee costs. The adverse impact from Move was driven by $11 million of increased costs, primarily related to marketing spend, and the lower revenues discussed above, partially offset by gross cost savings related to the announced 5% headcount reduction initiative.

For the nine months ended March 31, 2024, revenues at the Digital Real Estate Services segment increased $40 million, or 3%, as compared to the corresponding period of fiscal 2023. Revenues at REA Group increased $95 million, or 13%, to $809 million for the nine months ended March 31, 2024 from $714 million in the corresponding period of fiscal 2023, primarily due to higher Australian residential revenues driven by price increases, increased depth penetration, favorable geographic mix and growth in national listings, partially offset by the $24 million, or 4%, negative impact of foreign currency fluctuations. Revenues at Move decreased $55 million, or 12%, to $401 million for the nine months ended March 31, 2024 from $456 million in the corresponding period of fiscal 2023, driven by the continued impact of the macroeconomic environment on the U.S. housing market, including higher interest rates. The market downturn resulted in lower lead volumes, which decreased 5%, and lower transaction volumes. These factors adversely impacted revenues from both the referral model, which includes the ReadyConnect Concierge℠ product, and the core lead generation product.

For the nine months ended March 31, 2024, Segment EBITDA at the Digital Real Estate Services segment increased $24 million, or 7%, as compared to the corresponding period of fiscal 2023 due to an increased contribution from REA Group, partially offset by the adverse impact from Move and the $11 million, or 3%, negative impact of foreign currency fluctuations. The contribution from REA Group increased primarily due to the higher revenues discussed above, partially offset by higher employee costs. The adverse impact from Move was driven by the lower revenues discussed above and $11 million of increased costs in the third quarter of fiscal 2024, primarily related to marketing spend, partially offset by gross cost savings related to the announced 5% headcount reduction initiative.

35

Subscription Video Services (19% of the Company’s consolidated revenues in both the nine months ended March 31, 2024 and 2023)

	For the three months ended March 31,								For the nine months ended March 31,
	2024		2023		Change		% Change		2024		2023		Change		% Change
(in millions, except %)					Better/(Worse)								Better/(Worse)
Revenues:
Circulation and subscription	$	398	$	419	$	(21)	(5)	%	$	1,217	$	1,249	$	(32)	(3)	%
Advertising	47		49		(2)		(4)	%	160		160		—		—	%
Other	10		9		1		11	%	34		32		2		6	%
Total Revenues	455		477		(22)		(5)	%	1,411		1,441		(30)		(2)	%
Operating expenses	(314)		(323)		9		3	%	(946)		(921)		(25)		(3)	%
Selling, general and administrative	(75)		(86)		11		13	%	(229)		(251)		22		9	%
Segment EBITDA	$	66	$	68	$	(2)	(3)	%	$	236	$	269	$	(33)	(12)	%

For the three months ended March 31, 2024, revenues at the Subscription Video Services segment decreased $22 million, or 5%, as compared to the corresponding period of fiscal 2023 primarily due to the negative impact of foreign currency fluctuations. Lower residential subscription revenues resulting from fewer residential broadcast subscribers were partially offset by the $11 million increase in streaming revenues, driven by increased volume and pricing at Kayo and increased pricing at BINGE, despite inflationary pressures. Foxtel Group streaming subscription revenues represented approximately 29% of total circulation and subscription revenues for the three months ended March 31, 2024 as compared to 26% in the corresponding period of fiscal 2023. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue decrease of $18 million, or 4%, for the three months ended March 31, 2024 as compared to the corresponding period of fiscal 2023.

For the three months ended March 31, 2024, Segment EBITDA decreased $2 million, or 3%, as compared to the corresponding period of fiscal 2023 primarily due to the decrease in revenues described above, $13 million of costs related to the launch of Hubbl and the $3 million, or 4%, negative impact of foreign currency fluctuations, partially offset by lower marketing, entertainment programming rights and technology costs.

For the nine months ended March 31, 2024, revenues at the Subscription Video Services segment decreased $30 million, or 2%, as compared to the corresponding period of fiscal 2023 primarily due to the negative impact of foreign currency fluctuations. Streaming revenues increased $46 million, driven by increased volume and pricing at Kayo and increased pricing at BINGE, despite a more difficult Summer sports season and inflationary pressures. The increase in streaming revenues along with improvements in underlying advertising trends more than offset lower residential subscription revenues resulting from fewer residential broadcast subscribers. Foxtel Group streaming subscription revenues represented approximately 29% of total circulation and subscription revenues for the nine months ended March 31, 2024 as compared to 26% in the corresponding period of fiscal 2023. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue decrease of $45 million, or 3%, for the nine months ended March 31, 2024 as compared to the corresponding period of fiscal 2023.

For the nine months ended March 31, 2024, Segment EBITDA decreased $33 million, or 12%, as compared to the corresponding period of fiscal 2023, driven by higher sports programming rights costs due to contractual increases, $23 million of costs related to the launch of Hubbl and the $8 million, or 3%, negative impact of foreign currency fluctuations, partially offset by the revenue drivers discussed above and lower technology, marketing and entertainment programming rights costs. Segment EBITDA additionally benefited from gross cost savings related to the announced 5% headcount reduction initiative.

36

The following tables provide information regarding certain key performance indicators for the Foxtel Group, the primary reporting unit within the Subscription Video Services segment, as of and for the three and nine months ended March 31, 2024 and 2023 (see the Company’s 2023 Form 10-K for further detail regarding these performance indicators):

	As of March 31,
	2024	2023
	(in 000's)
Broadcast Subscribers
Residential(a)	1,239	1,369
Commercial(b)	239	233
Streaming Subscribers (Total (Paid))(c)
Kayo	1,466 (1,442 paid)	1,332 (1,309 paid)
BINGE	1,477 (1,453 paid)	1,529 (1,484 paid)
Foxtel Now	153 (146 paid)	178 (171 paid)
Total Subscribers (Total (Paid))(d)	4,591 (4,537 paid)	4,662 (4,585 paid)

	For the three months ended March 31,		For the nine months ended March 31,
	2024	2023	2024	2023
Broadcast ARPU(e)	A$85 (US$56)	A$84 (US$57)	A$85 (US$56)	A$83 (US$56)
Broadcast Subscriber Churn(f)	13.3%	12.3%	12.6%	13.2%

(a)    Subscribing households throughout Australia as of March 31, 2024 and 2023.

(b)    Commercial subscribers throughout Australia as of March 31, 2024 and 2023. Commercial subscribers are calculated as residential equivalent business units and are derived by dividing total recurring revenue from these subscribers by an estimated average Broadcast ARPU which is held constant through the year.

(c)    Total and Paid subscribers for the applicable streaming service as of March 31, 2024 and 2023. Paid subscribers excludes customers receiving service for no charge under certain new subscriber promotions.

(d)    Total subscribers consists of Foxtel Group’s broadcast and streaming services listed above and its news aggregation streaming service.

(e)    Average monthly broadcast residential subscription revenue per user (“Broadcast ARPU”) for the three and nine months ended March 31, 2024 and 2023.

(f)    Broadcast residential subscriber churn rate (“Broadcast Subscriber Churn”) for the three and nine months ended March 31, 2024 and 2023. Broadcast subscriber churn represents the number of residential subscribers whose service is disconnected, expressed as a percentage of the average total number of residential subscribers, presented on an annual basis.

37

Dow Jones (22% and 21% of the Company’s consolidated revenues in the nine months ended March 31, 2024 and 2023, respectively)

	For the three months ended March 31,								For the nine months ended March 31,
	2024		2023		Change		% Change		2024		2023		Change		% Change
(in millions, except %)					Better/(Worse)								Better/(Worse)
Revenues:
Circulation and subscription	$	445	$	426	$	19	4	%	$	1,322	$	1,257	$	65	5	%
Advertising	86		88		(2)		(2)	%	303		313		(10)		(3)	%
Other	13		15		(2)		(13)	%	40		37		3		8	%
Total Revenues	544		529		15		3	%	1,665		1,607		58		4	%
Operating expenses	(231)		(234)		3		1	%	(700)		(704)		4		1	%
Selling, general and administrative	(195)		(186)		(9)		(5)	%	(560)		(542)		(18)		(3)	%
Segment EBITDA	$	118	$	109	$	9	8	%	$	405	$	361	$	44	12	%

For the three months ended March 31, 2024, revenues at the Dow Jones segment increased $15 million, or 3%, as compared to the corresponding period of fiscal 2023, primarily due to higher professional information business revenues. Digital revenues at the Dow Jones segment represented 81% of total revenues for the three months ended March 31, 2024, as compared to 79% in the corresponding period of fiscal 2023. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $1 million for the three months ended March 31, 2024 as compared to the corresponding period of fiscal 2023.

For the nine months ended March 31, 2024, revenues at the Dow Jones segment increased $58 million, or 4%, as compared to the corresponding period of fiscal 2023, primarily due to higher professional information business revenues. Digital revenues at the Dow Jones segment represented 80% of total revenues for the nine months ended March 31, 2024, as compared to 78% in the corresponding period of fiscal 2023. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $8 million, or 1%, for the nine months ended March 31, 2024 as compared to the corresponding period of fiscal 2023.

Circulation and subscription revenues

	For the three months ended March 31,								For the nine months ended March 31,
	2024		2023		Change		% Change		2024		2023		Change		% Change
(in millions, except %)					Better/(Worse)								Better/(Worse)
Circulation and subscription revenues:
Circulation and other	$	231	$	231	$	—	—	%	$	694	$	697	$	(3)	—	%
Risk and Compliance	76		66		10		15	%	218		185		33		18	%
Dow Jones Energy	63		55		8		15	%	186		160		26		16	%
Other information services	75		74		1		1	%	224		215		9		4	%
Professional information business	214		195		19		10	%	628		560		68		12	%
Total circulation and subscription revenues	$	445	$	426	$	19	4	%	$	1,322	$	1,257	$	65	5	%

Circulation and subscription revenues increased $19 million, or 4%, during the three months ended March 31, 2024 as compared to the corresponding period of fiscal 2023. Professional information business revenues increased $19 million, or 10%, primarily due to the $10 million increase in Risk & Compliance revenues and the $8 million increase in Dow Jones Energy revenues driven by new products and customers and price increases. Circulation and other revenues were flat as the growth in digital-only subscriptions, primarily at The Wall Street Journal which benefited in part from an increase in bundle offers, was offset by print circulation declines. Digital revenues represented 70% of circulation revenue for the three months ended March 31, 2024, as compared to 69% in the corresponding period of fiscal 2023.

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Circulation and subscription revenues increased $65 million, or 5%, during the nine months ended March 31, 2024 as compared to the corresponding period of fiscal 2023. Professional information business revenues increased $68 million, or 12%, primarily due to the $33 million increase in Risk & Compliance revenues and the $26 million increase in Dow Jones Energy revenues driven by new products and customers, price increases and a modest benefit from new events and one-time items. Additionally, professional information business revenues benefited from the $9 million increase in Other information services revenues due to higher revenues at Factiva. Circulation and other revenues decreased $3 million driven by print circulation declines and lower content licensing revenues, partially offset by growth in digital-only subscriptions, primarily at The Wall Street Journal which benefited from an increase in bundle offers. Digital revenues represented 70% of circulation revenue for the nine months ended March 31, 2024, as compared to 69% in the corresponding period of fiscal 2023.

The following table summarizes average daily consumer subscriptions during the three months ended March 31, 2024 and 2023 for select publications and for all consumer subscription products:(a)

	For the three months ended March 31(b),
	2024	2023	Change	% Change
(in thousands, except %)			Better/(Worse)
The Wall Street Journal
Digital-only subscriptions(c)	3,715	3,299	416	13	%
Total subscriptions	4,217	3,888	329	8	%
Barron’s Group(d)
Digital-only subscriptions(c)	1,221	969	252	26	%
Total subscriptions	1,355	1,128	227	20	%
Total Consumer(e)
Digital-only subscriptions(c)	5,068	4,347	721	17	%
Total subscriptions	5,723	5,117	606	12	%

(a)Based on internal data for the periods from January 1, 2024 through March 31, 2024 and January 2, 2023 through April 2, 2023, respectively, with independent verification procedures performed by PricewaterhouseCoopers LLP UK.

(b)Subscriptions include individual consumer subscriptions, as well as subscriptions purchased by companies, schools, businesses and associations for use by their respective employees, students, customers or members. Subscriptions exclude single-copy sales and copies purchased by hotels, airlines and other businesses for limited distribution or access to customers.

(c)For some publications, including The Wall Street Journal and Barron’s, Dow Jones sells bundled print and digital products. For bundles that provide access to both print and digital products every day of the week, only one unit is reported each day and is designated as a print subscription. For bundled products that provide access to the print product only on specified days and full digital access, one print subscription is reported for each day that a print copy is served and one digital subscription is reported for each remaining day of the week.

(d)Barron’s Group consists of Barron’s, MarketWatch, Financial News and Private Equity News.

(e)Total Consumer consists of The Wall Street Journal, Barron’s Group and Investor’s Business Daily.

Advertising revenues

Advertising revenues decreased $2 million, or 2%, during the three months ended March 31, 2024 as compared to the corresponding period of fiscal 2023, primarily due to the $4 million decrease in print advertising revenues driven by lower advertising spend primarily within the financial services sector, partially offset by the growth in digital advertising. Digital advertising represented 63% of advertising revenue for the three months ended March 31, 2024, as compared to 59% in the corresponding period of fiscal 2023.

Advertising revenues decreased $10 million, or 3%, during the nine months ended March 31, 2024 as compared to the corresponding period of fiscal 2023, primarily due to the $12 million decrease in print advertising revenues driven by lower advertising spend within the financial services and technology sectors and for event sponsorships, partially offset by the growth in digital advertising. Digital advertising represented 63% of advertising revenue for the nine months ended March 31, 2024, as compared to 61% in the corresponding period of fiscal 2023.

Segment EBITDA

For the three months ended March 31, 2024, Segment EBITDA at the Dow Jones segment increased $9 million, or 8%, as compared to the corresponding period of fiscal 2023, primarily due to the increase in revenues discussed above and gross cost savings related to the announced 5% headcount reduction initiative, partially offset by higher marketing costs.

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For the nine months ended March 31, 2024, Segment EBITDA at the Dow Jones segment increased $44 million, or 12%, as compared to the corresponding period of fiscal 2023, primarily due to the increase in revenues discussed above and gross cost savings related to the announced 5% headcount reduction initiative, partially offset by higher technology and marketing costs.

Book Publishing (21% of the Company’s consolidated revenues in both the nine months ended March 31, 2024 and 2023)

	For the three months ended March 31,								For the nine months ended March 31,
	2024		2023		Change		% Change		2024		2023		Change		% Change
(in millions, except %)					Better/(Worse)								Better/(Worse)
Revenues:
Consumer	$	484	$	495	$	(11)	(2)	%	$	1,513	$	1,474	$	39	3	%
Other	22		20		2		10	%	68		59		9		15	%
Total Revenues	506		515		(9)		(2)	%	1,581		1,533		48		3	%
Operating expenses	(347)		(365)		18		5	%	(1,083)		(1,123)		40		4	%
Selling, general and administrative	(97)		(89)		(8)		(9)	%	(286)		(259)		(27)		(10)	%
Segment EBITDA	$	62	$	61	$	1	2	%	$	212	$	151	$	61	40	%

For the three months ended March 31, 2024, revenues at the Book Publishing segment decreased $9 million, or 2%, as compared to the corresponding period of fiscal 2023, primarily due to lower physical book sales driven by softness in consumer demand for frontlist titles, partially offset by improved returns in the U.S. and higher digital book sales. Digital sales increased by 5% as compared to the corresponding period of fiscal 2023 driven by growth in the downloadable audio market, which benefited from the contribution from the Spotify partnership. Digital sales represented approximately 25% of consumer revenues, as compared to 23% in the corresponding period of fiscal 2023, and backlist sales represented approximately 63% of consumer revenues during the three months ended March 31, 2024, as compared to 60% in the corresponding period of fiscal 2023. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $3 million for the three months ended March 31, 2024 as compared to the corresponding period of fiscal 2023.

For the three months ended March 31, 2024, Segment EBITDA at the Book Publishing segment increased $1 million, or 2%, as compared to the corresponding period of fiscal 2023, primarily due to lower manufacturing, freight and distribution costs driven by product mix and the absence of prior year supply chain challenges and inventory and inflationary pressures, largely offset by the lower revenues discussed above and higher employee costs.

For the nine months ended March 31, 2024, revenues at the Book Publishing segment increased $48 million, or 3%, as compared to the corresponding period of fiscal 2023, primarily due to higher digital book sales and improved returns in the U.S., driven by recovering consumer demand industry-wide and the absence of the impact of Amazon’s reset of its inventory levels and rightsizing of its warehouse footprint in the prior year. These improvements were partially offset by lower physical book sales. Digital sales increased by 8% as compared to the corresponding period of fiscal 2023 driven by the contribution from the Spotify partnership as well as strong market growth for downloadable audiobook sales. Digital sales represented approximately 23% of consumer revenues, as compared to 22% in the corresponding period of fiscal 2023. Backlist sales represented approximately 61% of consumer revenues during the nine months ended March 31, 2024, as compared to 60% in the corresponding period of fiscal 2023. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $16 million, or 1%, for the nine months ended March 31, 2024 as compared to the corresponding period of fiscal 2023.

For the nine months ended March 31, 2024, Segment EBITDA at the Book Publishing segment increased $61 million, or 40%, as compared to the corresponding period of fiscal 2023, primarily due to the higher revenues discussed above and lower manufacturing, freight and distribution costs driven by product mix and the absence of prior year supply chain challenges and inventory and inflationary pressures, partially offset by higher employee costs.

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News Media (22% and 23% of the Company’s consolidated revenues in the nine months ended March 31, 2024 and 2023, respectively)

	For the three months ended March 31,								For the nine months ended March 31,
	2024		2023		Change		% Change		2024		2023		Change		% Change
(in millions, except %)					Better/(Worse)								Better/(Worse)
Revenues:
Circulation and subscription	$	275	$	274	$	1	—	%	$	822	$	803	$	19	2	%
Advertising	193		221		(28)		(13)	%	625		687		(62)		(9)	%
Other	62		68		(6)		(9)	%	194		205		(11)		(5)	%
Total Revenues	530		563		(33)		(6)	%	1,641		1,695		(54)		(3)	%
Operating expenses	(300)		(316)		16		5	%	(921)		(949)		28		3	%
Selling, general and administrative	(204)		(213)		9		4	%	(628)		(635)		7		1	%
Segment EBITDA	$	26	$	34	$	(8)	(24)	%	$	92	$	111	$	(19)	(17)	%

Revenues at the News Media segment decreased $33 million, or 6%, for the three months ended March 31, 2024 as compared to the corresponding period of fiscal 2023. Advertising revenues decreased $28 million, or 13%, as compared to the corresponding period of fiscal 2023. The decrease was driven by lower print advertising primarily at News Corp Australia and lower digital advertising mainly due to a decline in traffic at some mastheads due to platform related changes. Circulation and subscription revenues increased $1 million as compared to the corresponding period of fiscal 2023, driven by cover price increases, digital subscriber growth primarily at News UK and the $3 million positive impact of foreign currency fluctuations, partially offset by print volume declines. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $3 million for the three months ended March 31, 2024 as compared to the corresponding period of fiscal 2023.

Segment EBITDA at the News Media segment decreased by $8 million, or 24%, for the three months ended March 31, 2024 as compared to the corresponding period of fiscal 2023, primarily due to the lower revenues discussed above, partially offset by lower production costs at News UK driven by lower print volume and newsprint prices and gross cost savings related to the announced 5% headcount reduction initiative.

Revenues at the News Media segment decreased $54 million, or 3%, for the nine months ended March 31, 2024 as compared to the corresponding period of fiscal 2023. Advertising revenues decreased $62 million, or 9%, as compared to the corresponding period of fiscal 2023, primarily due to lower print advertising at News Corp Australia and News UK and lower digital advertising, mainly due to a decline in traffic at some mastheads due to platform related changes, partially offset by the $7 million, or 1%, positive impact of foreign currency fluctuations. Circulation and subscription revenues increased $19 million, or 2%, as compared to the corresponding period of fiscal 2023, driven by the $15 million, or 2%, positive impact of foreign currency fluctuations, cover price increases and digital subscriber growth across key mastheads, partially offset by print volume declines. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $23 million, or 2%, for the nine months ended March 31, 2024 as compared to the corresponding period of fiscal 2023.

Segment EBITDA at the News Media segment decreased by $19 million, or 17%, for the nine months ended March 31, 2024 as compared to the corresponding period of fiscal 2023, which includes $5 million of one-time costs at News UK pertaining to the combination of printing operations with DMG Media. The decrease is primarily due to the lower revenues discussed above, partially offset by lower production costs at News UK driven by lower print volume and newsprint prices and gross cost savings related to the announced 5% headcount reduction initiative.

News Corp Australia

Revenues were $219 million for the three months ended March 31, 2024, a decrease of $23 million, or 10%, compared to revenues of $242 million in the corresponding period of fiscal 2023. Advertising revenues decreased $16 million, or 16%, due to lower print and digital advertising revenues and the $3 million, or 3%, negative impact of foreign currency fluctuations. Circulation and subscription revenues decreased $7 million, or 6%, driven by print volume declines and the $4 million, or 3%, negative impact of foreign currency fluctuations, partially offset by cover price increases and digital subscriber growth. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue decrease of $8 million, or 4%, for the three months ended March 31, 2024 as compared to the corresponding period of fiscal 2023.

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Revenues were $693 million for the nine months ended March 31, 2024, a decrease of $56 million, or 7%, compared to revenues of $749 million in the corresponding period of fiscal 2023. Advertising revenues decreased $44 million, or 14%, due to lower print and digital advertising revenues and the $8 million, or 3%, negative impact of foreign currency fluctuations. Circulation and subscription revenues decreased $13 million, or 4%, driven by print volume declines and the $10 million, or 3%, negative impact of foreign currency fluctuations, partially offset by cover price increases and digital subscriber growth. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue decrease of $21 million, or 2%, for the nine months ended March 31, 2024 as compared to the corresponding period of fiscal 2023.

News UK

Revenues were $234 million for the three months ended March 31, 2024, a decrease of $1 million as compared to revenues of $235 million in the corresponding period of fiscal 2023. Advertising revenues decreased $8 million, or 11%, due to lower digital and print advertising revenues, partially offset by the $3 million, or 4%, positive impact of foreign currency fluctuations. Circulation and subscription revenues increased $9 million, or 7%, primarily due to the $6 million, or 5%, positive impact of foreign currency fluctuations, cover price increases and digital subscriber growth, partially offset by print volume declines. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $10 million, or 5%, for the three months ended March 31, 2024 as compared to the corresponding period of fiscal 2023.

Revenues were $701 million for the nine months ended March 31, 2024, an increase of $7 million, or 1%, as compared to revenues of $694 million in the corresponding period of fiscal 2023. Circulation and subscription revenues increased $31 million, or 8%, primarily due to the $24 million, or 6%, positive impact of foreign currency fluctuations, cover price increases and digital subscriber growth, partially offset by print volume declines. Advertising revenues decreased $17 million, or 8%, driven by lower digital and print advertising revenues, partially offset by the $10 million, or 5%, positive impact of foreign currency fluctuations. The impact of foreign currency fluctuations of the U.S. dollar against local currencies resulted in a revenue increase of $38 million, or 5%, for the nine months ended March 31, 2024 as compared to the corresponding period of fiscal 2023.

LIQUIDITY AND CAPITAL RESOURCES

Current Financial Condition

The Company’s principal source of liquidity is internally generated funds and cash and cash equivalents on hand. As of March 31, 2024, the Company’s cash and cash equivalents were $1.9 billion. The Company also has available borrowing capacity under its revolving credit facility (the “Revolving Facility”) and certain other facilities, as described below, and expects to have access to the worldwide credit and capital markets, subject to market conditions, in order to issue additional debt if needed or desired. The Company currently expects these elements of liquidity will enable it to meet its liquidity needs for at least the next twelve months, including repayment of indebtedness. Although the Company believes that its cash on hand and future cash from operations, together with its access to the credit and capital markets, will provide adequate resources to fund its operating and financing needs for at least the next twelve months, its access to, and the availability of, financing on acceptable terms in the future will be affected by many factors, including: (i) the financial and operational performance of the Company and/or its operating subsidiaries, as applicable, (ii) the Company’s credit ratings and/or the credit rating of its operating subsidiaries, as applicable, (iii) the provisions of any relevant debt instruments, credit agreements, indentures and similar or associated documents, (iv) the liquidity of the overall credit and capital markets and (v) the state of the economy. There can be no assurances that the Company will continue to have access to the credit and capital markets on acceptable terms.

As of March 31, 2024, the Company’s consolidated assets included $830 million in cash and cash equivalents that were held by its foreign subsidiaries. Of this amount, $123 million is cash not readily accessible by the Company as it is held by REA Group, a majority owned but separately listed public company. REA Group must declare a dividend in order for the Company to have access to its share of REA Group’s cash balance.

The principal uses of cash that affect the Company’s liquidity position include the following: operational expenditures including employee costs, paper purchases and programming costs; capital expenditures; income tax payments; investments in associated entities; acquisitions; the repurchase of shares; dividends; and the repayment of debt and related interest. In addition to the acquisitions and dispositions disclosed elsewhere, the Company has evaluated, and expects to continue to evaluate, possible future acquisitions and dispositions of certain businesses. Such transactions may be material and may involve cash, the issuance of the Company’s securities or the assumption of indebtedness.

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Issuer Purchases of Equity Securities

The Company’s Board of Directors (the “Board of Directors”) has authorized a repurchase program to purchase up to $1 billion in the aggregate of the Company’s outstanding Class A Common Stock and Class B Common Stock (the “Repurchase Program”). The manner, timing, number and share price of any repurchases will be determined by the Company at its discretion and will depend upon such factors as the market price of the stock, general market conditions, applicable securities laws, alternative investment opportunities and other factors. The Repurchase Program has no time limit and may be modified, suspended or discontinued at any time. As of March 31, 2024, the remaining authorized amount under the Repurchase Program was approximately $495 million.

During the three and nine months ended March 31, 2024, the Company repurchased and subsequently retired 0.7 million and 2.5 million shares, respectively, of Class A Common Stock for approximately $18 million and $56 million, respectively, and 0.3 million and 1.1 million shares, respectively, of Class B Common Stock for approximately $9 million and $26 million, respectively. During the three and nine months ended March 31, 2023, the Company repurchased and subsequently retired 0.8 million and 7.7 million shares, respectively, of Class A Common Stock for approximately $14 million and $129 million, respectively, and 0.4 million and 3.9 million shares, respectively, of Class B Common Stock for approximately $6 million and $65 million, respectively.

Dividends

In February 2024, the Board of Directors declared a semi-annual cash dividend of $0.10 per share for Class A Common Stock and Class B Common Stock. The dividend was paid on April 10, 2024 to stockholders of record as of March 13, 2024. The timing, declaration, amount and payment of future dividends to stockholders, if any, is within the discretion of the Board of Directors. The Board of Directors’ decisions regarding the payment of future dividends will depend on many factors, including the Company’s financial condition, earnings, capital requirements and debt facility covenants, other contractual restrictions, as well as legal requirements, regulatory constraints, industry practice, market volatility and other factors that the Board of Directors deems relevant.

Sources and Uses of Cash—For the nine months ended March 31, 2024 versus the nine months ended March 31, 2023

Net cash provided by operating activities for the nine months ended March 31, 2024 and 2023 was as follows (in millions):

	For the nine months ended March 31,
	2024		2023
Net cash provided by operating activities	$	844	$	670

Net cash provided by operating activities increased by $174 million for the nine months ended March 31, 2024 as compared to the nine months ended March 31, 2023. The increase was primarily due to lower working capital and higher Total Segment EBITDA, partially offset by higher restructuring payments.

Net cash used in investing activities for the nine months ended March 31, 2024 and 2023 was as follows (in millions):

	For the nine months ended March 31,
	2024		2023
Net cash used in investing activities	$	(404)	$	(440)

Net cash used in investing activities decreased by $36 million for the nine months ended March 31, 2024, as compared to the nine months ended March 31, 2023. During the nine months ended March 31, 2024, the Company used $353 million of cash for capital expenditures, of which $107 million related to Foxtel, and $51 million for acquisitions and investments. During the nine months ended March 31, 2023, the Company used $350 million of cash for capital expenditures, of which $118 million related to Foxtel, and $120 million for investments and acquisitions.

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Net cash used in financing activities for the nine months ended March 31, 2024 and 2023 was as follows (in millions):

	For the nine months ended March 31,
	2024		2023
Net cash used in financing activities	$	(317)	$	(382)

Net cash used in financing activities was $317 million for the nine months ended March 31, 2024, as compared to $382 million for the nine months ended March 31, 2023.

During the nine months ended March 31, 2024, the Company had $1,235 million of borrowing repayments, primarily related to the refinancing of Foxtel and REA Groups’ debt portfolios, dividend payments of $115 million to News Corporation stockholders and REA Group minority stockholders and $83 million of stock repurchases of outstanding Class A and Class B Common Stock under the Repurchase Program. The net cash used in financing activities was partially offset by new borrowings of $1,140 million primarily related to the refinancings at Foxtel and REA Group and $53 million related to the net settlement of certain hedges which were terminated in connection with the refinancing at Foxtel.

During the nine months ended March 31, 2023, the Company had $506 million of borrowing repayments, primarily related to Foxtel’s U.S. private placement senior unsecured notes that matured in July 2022, $196 million of stock repurchases of outstanding Class A and Class B Common Stock under the Repurchase Program and dividend payments of $116 million to News Corporation stockholders and REA Group minority stockholders. The net cash used in financing activities was partially offset by new borrowings of $434 million related to Foxtel.

Reconciliation of Free Cash Flow and Free Cash Flow Available to News Corporation

Free cash flow and free cash flow available to News Corporation are non-GAAP financial measures. Free cash flow is defined as net cash provided by (used in) operating activities less capital expenditures. Free cash flow available to News Corporation is defined as free cash flow, less REA Group free cash flow, plus cash dividends received from REA Group. Free cash flow and free cash flow available to News Corporation 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 free cash flow.

Neither free cash flow nor free cash flow available to News Corporation represents the total increase or decrease in the cash balance for the period and should be considered in addition to, not as a substitute for, the net change in cash and cash equivalents as presented in the Company’s consolidated statements of cash flows prepared in accordance with GAAP, which incorporates all cash movements during the period.

The Company believes free cash flow provides useful information to management and investors about the Company’s liquidity and cash flow trends. The Company believes free cash flow available to News Corporation, which adjusts free cash flow to exclude REA Group’s free cash flow and include dividends received from REA Group, provides management and investors with a measure of the amount of cash flow that is readily available to the Company, as REA Group is a separately listed public company in Australia and must declare a dividend in order for the Company to have access to its share of REA Group’s cash balance. The Company believes free cash flow available to News Corporation provides a more conservative view of the Company’s free cash flow because this presentation includes only that amount of cash the Company actually receives from REA Group, which has generally been lower than the Company’s unadjusted free cash flow.

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The following table presents a reconciliation of net cash provided by operating activities to free cash flow and free cash flow available to News Corporation:

	For the nine months ended March 31,
	2024		2023
	(in millions)
Net cash provided by operating activities	$	844	$	670
Less: Capital expenditures	(353)		(350)
Free cash flow	491		320
Less: REA Group free cash flow	(204)		(153)
Plus: Cash dividends received from REA Group	91		91
Free cash flow available to News Corporation	$	378	$	258

Free cash flow in the nine months ended March 31, 2024 was $491 million compared to $320 million in the prior year. Free cash flow available to News Corporation in the nine months ended March 31, 2024 was $378 million compared to $258 million in the prior year. Free cash flow and Free cash flow available to News Corporation improved primarily due to higher cash provided by operating activities.

Borrowings

As of March 31, 2024, the Company, certain subsidiaries of NXE Australia Pty Limited (the “Foxtel Group” and together with such subsidiaries, the “Foxtel Debt Group”) and REA Group and certain of its subsidiaries (REA Group and certain of its subsidiaries, the “REA Debt Group”) had total borrowings of $2.9 billion, including the current portion. Both the Foxtel Group and REA Group are consolidated but non wholly-owned subsidiaries of News Corp, and their indebtedness is only guaranteed by members of the Foxtel Debt Group and REA Debt Group, respectively, and is non-recourse to News Corp.

News Corp Borrowings

As of March 31, 2024, the Company had (i) borrowings of $1,971 million, consisting of its outstanding 2021 Senior Notes, 2022 Senior Notes and Term A Loans and (ii) $750 million of undrawn commitments available under the Revolving Facility.

Foxtel Group Borrowings

As of March 31, 2024, the Foxtel Debt Group had (i) borrowings of approximately $720 million, including the amounts outstanding under the 2024 Foxtel Credit Facility (described below), the 2017 Working Capital Facility and the Telstra Facility (described below) and (ii) total undrawn commitments of A$280 million available under the 2024 Foxtel Credit Facility and 2017 Working Capital Facility.

During the nine months ended March 31, 2024, the Foxtel Group refinanced its A$610 million 2019 revolving credit facility, A$250 million term loan facility and tranche 3 of its 2012 U.S. private placement senior unsecured notes with the proceeds of a new A$1.2 billion syndicated credit facility (the “2024 Foxtel Credit Facility”). The 2024 Foxtel Credit Facility consists of three sub-facilities: (i) an A$817.5 million three year revolving credit facility (the “2024 Foxtel Credit Facility — tranche 1”), (ii) a US$48.7 million four year term loan facility (the “ 2024 Foxtel Credit Facility — tranche 2”) and (iii) an A$311.0 million four year term loan facility (the “2024 Foxtel Credit Facility — tranche 3”). In addition, the Foxtel Group amended its 2017 Working Capital Facility to extend the maturity to August 2026 and modify the pricing.

Depending on the Foxtel Group’s net leverage ratio, (i) borrowings under the 2024 Foxtel Credit Facility — tranche 1 and 2017 Working Capital Facility bear interest at a rate of the Australian BBSY plus a margin of between 2.35% and 3.60%; (ii) borrowings under the 2024 Foxtel Credit Facility — tranche 2 bear interest at a rate based on a Term SOFR formula, as set forth in the 2024 Foxtel Credit Agreement, plus a margin of between 2.50% and 3.75%; and (iii) borrowings under the 2024 Foxtel Credit Facility — tranche 3 bear interest at a rate of the Australian BBSY plus a margin of between 2.50% and 3.75%. All tranches carry a commitment fee of 45% of the applicable margin on any undrawn balance during the relevant availability period. Tranches 2 and 3 of the 2024 Foxtel Credit Facility amortize on a proportionate basis in an aggregate annual amount equal to A$35 million in each of the first two years following closing and A$40 million in each of the two years thereafter.

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The agreements governing the Foxtel Debt Group’s external borrowings contain customary affirmative and negative covenants and events of default, with customary exceptions, including specified non-financial covenants and financial covenants calculated in accordance with Australian International Financial Reporting Standards. Subject to certain exceptions, these covenants restrict or prohibit members of the Foxtel Debt Group from, among other things, undertaking certain transactions, disposing of certain properties or assets (including subsidiary stock), merging or consolidating with any other person, making financial accommodation available, giving guarantees, entering into certain other financing arrangements, creating or permitting certain liens, engaging in transactions with affiliates, making repayments of certain other loans, undergoing fundamental business changes and making restricted payments. In addition, the agreements require the Foxtel Debt Group to maintain a ratio of net debt to Earnings Before Interest, Tax, Depreciation and Amortization, as adjusted under the applicable agreements, of not more than 3.25 to 1.0. The agreements also require the Foxtel Debt Group to maintain a net interest coverage ratio of not less than 3.5 to 1.0. There are no assets pledged as collateral for any of the borrowings.

In addition to third-party indebtedness, the Foxtel Debt Group has related party indebtedness consisting of A$633 million of outstanding principal (excluding capitalized interest) of subordinated shareholder loans as of March 31, 2024. The shareholder loans bear interest at a variable rate of the Australian BBSY plus an applicable margin ranging from 6.30% to 7.75% and mature in December 2027. Amounts outstanding under the shareholder loans are permitted to be repaid if (i) no actual or potential event of default exists both before and immediately after repayment and (ii) the net debt to EBITDA ratio of the Foxtel Debt Group was on the most recent covenant calculation date, and would be immediately after the cash repayment, less than or equal to 2.25 to 1.0. In the three and nine months ended March 31, 2024, the Foxtel Debt Group repaid A$6 million and A$67 million, respectively, of outstanding principal of shareholder loans. Additionally, the Foxtel Debt Group has an A$170 million subordinated shareholder loan facility with Telstra which can be used to finance cable transmission costs due to Telstra. The Telstra Facility bears interest at a variable rate of the Australian BBSY plus an applicable margin of 7.75% and matures in December 2027. The Company excludes the utilization of the Telstra Facility from the Statements of Cash Flows because it is non-cash.

REA Group Borrowings

As of March 31, 2024, REA Group had (i) borrowings of approximately $184 million, consisting of amounts outstanding under the 2024 REA Credit Facility (described below) and 2024 Subsidiary Facility (described below) and (ii) A$400 million of undrawn commitments available under the 2024 REA Credit Facility and the 2024 Subsidiary Facility.

During the nine months ended March 31, 2024, REA Group entered into a new unsecured syndicated credit facility (the “2024 REA Credit Facility”) which replaced the 2022 Credit Facility and consists of two sub-facilities: (i) a five-year A$400 million revolving loan facility (the “2024 REA Credit Facility—tranche 1”) which was used to refinance tranche 1 of the 2022 Credit Facility and (ii) an A$200 million revolving loan facility representing the continuation of tranche 2 of the 2022 Credit Facility (the “2024 REA Credit Facility—tranche 2”). REA Group may request increases in the amount of the 2024 REA Credit Facility up to a maximum amount of A$500 million, subject to the terms and limitations set forth in the syndicated facility agreement.

Borrowings under the 2024 REA Credit Facility — tranche 1 accrue interest at a rate of the Australian BBSY plus a margin of between 1.45% and 2.35%, depending on REA Group’s net leverage ratio. Borrowings under the 2024 REA Credit Facility — tranche 2 continue to accrue interest at a rate of the Australian BBSY plus a margin of between 1.15% and 2.25%, depending on REA Group’s net leverage ratio. Both tranches carry a commitment fee of 40% of the applicable margin on any undrawn balance.

The syndicated facility agreement governing the 2024 REA Credit Facility requires REA Group to maintain (i) a net leverage ratio of not more than 3.5 to 1.0 and (ii) an interest coverage ratio of not less than 3.0 to 1.0. The agreement also contains certain other customary affirmative and negative covenants and events of default. Subject to certain exceptions, these covenants restrict or prohibit REA Group and its subsidiaries from, among other things, incurring or guaranteeing debt, disposing of certain properties or assets, merging or consolidating with any other person, making financial accommodation available, entering into certain other financing arrangements, creating or permitting certain liens, engaging in non arms’ length transactions with affiliates, undergoing fundamental business changes and making restricted payments.

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During the nine months ended March 31, 2024, REA Group also entered into an A$83 million unsecured bilateral revolving credit facility (the “2024 Subsidiary Facility”). Proceeds of the 2024 Subsidiary Facility were used to refinance an existing facility at one of its subsidiaries and to fund its business of providing short-term financing to real estate agents and vendors. Borrowings under the 2024 Subsidiary Facility accrue interest at a rate of the Australian BBSY plus a margin of 1.40% and undrawn balances carry a commitment fee of 40% of the applicable margin. The facility agreement governing the 2024 Subsidiary Facility permits the lender to cancel its commitment and declare all outstanding amounts immediately due and payable after a consultation period in specified circumstances, including if certain key operating measures of its subsidiary fall below the budgeted amount for two consecutive quarters. The agreement also contains certain other customary affirmative and negative covenants and events of default that are similar to those governing the 2024 REA Credit Facility.

All of the Company’s borrowings contain customary representations, covenants and events of default. The Company was in compliance with all such covenants at March 31, 2024.

See Note 5—Borrowings in the accompanying Consolidated Financial Statements for further details regarding the Company’s outstanding debt, including additional information about interest rates, amortization (if any), maturities and covenants related to such debt arrangements.

Commitments

The Company has commitments under certain firm contractual arrangements to make future payments. These firm commitments secure the current and future rights to various assets and services to be used in the normal course of operations. As a result of entering into the 2024 Foxtel Credit Facility, the 2024 REA Credit Facility and the 2024 Subsidiary Facility during the nine months ended March 31, 2024, the Company has presented its commitments associated with its borrowings and the related interest payments in the table below.

	As of March 31, 2024
	Payments Due by Period
	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
	(in millions)
Borrowings(a)	$	2,891	$	35	$	1,080	$	276	$	1,500
Interest payments on borrowings(b)	645		150		257		142		96

(a)See Note 5—Borrowings.

(b)Reflects the Company’s expected future interest payments based on borrowings outstanding and interest rates applicable at March 31, 2024. Such rates are subject to change in future periods.

The Company’s other commitments as of March 31, 2024 have not changed significantly from the disclosures included in the 2023 Form 10-K.

Contingencies

The Company routinely is involved in various legal proceedings, claims and governmental inspections or investigations, including those discussed in Note 9 to the Consolidated Financial Statements. The outcome of these matters and claims is subject to significant uncertainty, and the Company often cannot predict what the eventual outcome of pending matters will be or the timing of the ultimate resolution of these matters. Fees, expenses, fines, penalties, judgments or settlement costs which might be incurred by the Company in connection with the various proceedings could adversely affect its results of operations and financial condition.

The Company establishes an accrued liability for legal claims when it determines that a loss is probable and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. Legal fees associated with litigation and similar proceedings are expensed as incurred. The Company recognizes gain contingencies when the gain becomes realized or realizable. See Note 9—Commitments and Contingencies in the accompanying Consolidated Financial Statements.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There has been no material change in the Company’s assessment of its sensitivity to market risk since its presentation set forth in Item 7A, “Quantitative and Qualitative Disclosures About Market Risk,” in the Company’s 2023 Form 10-K.

ITEM 4. CONTROLS AND PROCEDURES

(a)Disclosure Controls and Procedures

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15(d)-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this quarterly report. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures were effective in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act and were effective in ensuring that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

(b)Internal Control Over Financial Reporting

There has been no change in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15(d)-15(f) under the Exchange Act) during the Company’s third quarter of fiscal 2024 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II

ITEM 1. LEGAL PROCEEDINGS

See Note 9—Commitments and Contingencies in the accompanying Consolidated Financial Statements.

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors described in the 2023 Form 10-K.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

On September 22, 2021, the Company announced a stock repurchase program authorizing the Company to purchase up to $1 billion in the aggregate of its outstanding Class A Common Stock and Class B Common Stock (the “Repurchase Program”). The manner, timing, number and share price of any repurchases will be determined by the Company at its discretion and will depend upon such factors as the market price of the stock, general market conditions, applicable securities laws, alternative investment opportunities and other factors. The Repurchase Program has no time limit and may be modified, suspended or discontinued at any time.

The following table details the Company’s monthly share repurchases during the three months ended March 31, 2024:

	Total Number of Shares Purchased(a)		Average Price Paid Per Share(b)				Total Number of Shares Purchased as Part of Publicly Announced Program	Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Program(b)
	Class A	Class B	Class A		Class B
	(in millions, except per share amounts)
January 1, 2024 - January 28, 2024	0.1	0.1	$	24.19	$	25.25	0.2	$	516
January 29, 2024 - March 3, 2024	0.3	0.1	$	25.84	$	27.00	0.4	$	506
March 4, 2024 - March 31, 2024	0.3	0.1	$	26.07	$	27.03	0.4	$	495
Total	0.7	0.3	$	25.55	$	26.65	1.0

(a)     The Company has not made any repurchases of Common Stock other than in connection with the publicly announced stock repurchase program described above.

(b)     Amounts exclude taxes, fees, commissions or other costs associated with the repurchases.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

On May 8, 2024, the Company and David B. Pitofsky, Executive Vice President, General Counsel of the Company, entered into an Amended and Restated Employment Agreement, effective as of July 1, 2024 (the “Pitofsky Agreement”). The Pitofsky Agreement extends Mr. Pitofsky’s term of employment until June 30, 2028 and provides for an annual base salary of $1,400,000; (ii) an annual bonus with a target of $2,000,000; and (iii) an annual long-term equity incentive award with a target of $2,100,000, with approximately 75% of Mr. Pitofsky’s target compensation being “at risk.” All bonus payments and equity grants are subject to the Company’s claw-back policies.

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If Mr. Pitofsky’s employment is terminated by the Company other than for cause (as defined in the Pitofsky Agreement), death or disability, or by Mr. Pitofsky for Good Reason (as defined in the Pitofsky Agreement), the Pitofsky Agreement provides that Mr. Pitofsky will receive (i) his then-current base salary and target annual bonus paid in the same manner as though he continued to be employed for the successive 24 months following the date of termination; (ii) a pro rata portion of the annual bonus he would have earned for the fiscal year of termination had no termination occurred (a “Pro-rated Annual Bonus”), as well any prior year bonus amount to the extent unpaid as of the date of termination; (iii) continued vesting of equity incentive awards granted prior to the date of termination in the same manner as though he continued to be employed for two years following the date of termination, with payments made at the same times they would have been made had Mr. Pitofsky continued to be employed through such date; and (iv) Company-paid premiums under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, for Mr. Pitofsky and his eligible dependents for the successive 18 months following the date of termination. The Pitofsky Agreement provides for a transition period of up to six months, in the event of termination in connection with the commencement of a Board-approved successor general counsel. If Mr. Pitofsky’s employment is terminated due to his death or disability, he or his surviving spouse or estate, as applicable, would be entitled to: (i) salary continuation for up to 12 months (and, in the case of disability, continuation of other benefits as well); (ii) any Pro-rated Annual Bonus and unpaid prior year bonus; and (iii) (A) in the case of disability, treatment of his outstanding equity incentive awards pursuant to the terms of applicable plan documents or (B) in the case of death, continued vesting of equity incentive awards granted prior to the date of termination in the same manner as though he continued to be employed for a period of one year following the date of termination. If, following the completion of the term under the Pitofsky Agreement on June 30, 2028, Mr. Pitofsky is not offered a new employment agreement by the Company on terms at least as favorable to him as the terms set forth in the Pitofsky Agreement, and Mr. Pitofsky is subsequently terminated without cause, then he will be entitled to receive the payments and benefits summarized above with respect to a termination by the Company other than for cause (using the same base salary and target annual bonus as in effect immediately prior to the expiration of the term on June 30, 2028). Payment of any compensation or benefits upon termination is subject to Mr. Pitofsky’s execution of the Company’s then-standard separation agreement and general release and continued compliance with the terms therein. The Pitofsky Agreement continues to have confidentiality and other covenants to protect the Company.

In addition, the Pitofsky Agreement provides that if Mr. Pitofsky is entitled to receive any “excess parachute payments” under Section 280G of the Internal Revenue Code of 1986, as amended, in connection with a change in control, those payments will either be (i) reduced below the applicable threshold, or (ii) paid in full, whichever is more favorable for Mr. Pitofsky on a net after-tax basis. Mr. Pitofsky is not entitled to any golden parachute excise tax or other tax “gross-up” payments.

The description of the Pitofsky Agreement is qualified in its entirety by the full text of the Pitofsky Agreement, which is filed as Exhibit 10.1 to this Quarterly Report on Form 10-Q and incorporated herein by reference.

Trading Plans

None.

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ITEM 6. EXHIBITS

10.1	Amended and Restated Employment Agreement, dated May 8, 2024, between News Corporation and David Pitofsky.*
31.1	Chief Executive Officer Certification required by Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as amended.*
31.2	Chief Financial Officer Certification required by Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as amended.*
32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.**
101	The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 formatted in Inline XBRL: (i) Consolidated Statements of Operations for the three and nine months ended March 31, 2024 and 2023 (unaudited); (ii) Consolidated Statements of Comprehensive (Loss) Income for the three and nine months ended March 31, 2024 and 2023 (unaudited); (iii) Consolidated Balance Sheets as of March 31, 2024 (unaudited) and June 30, 2023 (audited); (iv) Consolidated Statements of Cash Flows for the nine months ended March 31, 2024 and 2023 (unaudited); and (v) Notes to the Unaudited Consolidated Financial Statements.*
104	The cover page from News Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, formatted in Inline XBRL (included as Exhibit 101).*

*    Filed herewith.

**    Furnished herewith

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	NEWS CORPORATION (Registrant)
	By:	/s/ Susan Panuccio
		Susan Panuccio Chief Financial Officer
Date: May 9, 2024

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EX-10.1

Exhibit 10.1

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”), dated as of May 8, 2024 and effective as of July 1, 2024 (the “Effective Date”), between News Corporation, a Delaware corporation (the “Company”), with offices at 1211 Avenue of the Americas, New York, NY 10036, and David B. Pitofsky, residing at the address that is on file with the Company (the “Executive”).

W I T N E S S E T H:

WHEREAS, the Executive and the Company are parties to an employment agreement dated as of November 9, 2017, which agreement was amended and restated as of June 15, 2021 (as amended and restated, the “Prior Agreement”);

WHEREAS, the Executive is currently employed as Executive Vice President, General Counsel of the Company pursuant to the Prior Agreement; and

WHEREAS, the Company and the Executive desire to amend and restate the Prior Agreement.

NOW, THEREFORE, in consideration of the premises and mutual agreements hereinafter contained, the parties hereto agree as follows:

1.    Duties.

(a)    The Company agrees to employ the Executive and the Executive agrees to be employed by the Company for the Term (as hereinafter defined). During the Term, the Executive shall: (i) have the title and the duties of Executive Vice President, General Counsel of the Company; and (ii) report directly to the Chief Executive Officer of the Company.

(b)    If the Executive is elected as a member of the board of directors or an officer of the Company or any subsidiaries or affiliates, the Executive agrees to serve in such capacity or capacities without additional compensation.

(c)    During the Term the Executive shall devote substantially all of the Executive’s business time and attention and give the Executive’s best efforts and skill to furthering the business and interests of the Company and to the performance of executive duties consistent with the Executive’s position as Executive Vice President, General Counsel of the Company and the terms of this Agreement.

2.    Term. “Term” as used herein shall mean the period from the Effective Date through June 30, 2028 (the “Term End Date”); provided, however, if the Term is terminated earlier in accordance with this Agreement, the Term shall mean the period from the Effective Date through the effective date of such earlier termination. The Term shall be terminated earlier only in accordance with Sections 8 and 9. Not later than six (6) months prior to the end of the Term, the parties hereto shall begin discussions to determine whether they are interested in continuing the employment of the Executive after the Term, and if so, they shall enter into good faith negotiations with respect to such continuing employment. Following the completion of the Term, except to the extent set forth in this Agreement (including, without limitation, Section 10(i)), (i) the provisions of this Agreement will automatically expire and (ii) in the absence of a new written employment contract signed by both the Executive and an authorized representative of the Company, any continued employment with the Company will be at will, of no fixed term and may be terminated (with at least ten (10) business days’ prior written notice) at any time by either the Executive or the Company for any or no reason.

3.    Location. The Executive shall be based and essentially render services in the New York City metropolitan area at the principal office maintained by the Company in such area. The Executive will travel as reasonably required to perform the Executive’s functions hereunder.

4.    Compensation.

(a)    Base Salary. As compensation for the Executive’s services, the Executive shall receive a base salary (the “Base Salary”) at an annual rate of not less than $1,400,000, which shall be reviewed annually, to be paid in the same manner as other senior executives of the Company are paid (which shall be no less frequently than monthly).

(b)    Annual Bonus. In addition, the Executive will be eligible to receive an annual bonus (the “Annual Bonus”) with a target (the “Annual Bonus Target”) of not less than $2,000,000, which shall be reviewed annually. The actual payout of the Annual Bonus will be calculated based upon the metrics and targets established and approved by the Compensation Committee. Any Annual Bonus granted shall be paid in cash at the same time as other senior executives of the Company are paid, and in all events no later than March 15 of the calendar year following the calendar year in which the applicable fiscal year to which the Annual Bonus relates ends.

(c)    Long-Term Incentive. The Executive shall also be entitled to receive an annual award (the “Equity Bonus”) under the Company’s 2013 Long-Term Incentive Plan, as amended, or any other Company performance-based long-term equity-based incentive program (the “Plan”), in accordance with the terms and conditions of the Plan, that has a target grant date value of not less than $2,100,000, which shall be reviewed annually. The Equity Bonus shall be in a form and subject to terms and conditions, including clawback provisions, determined by the Company and consistent with those of equity awards to comparable senior executives of the Company.

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5.     Other Benefits. The Executive shall be entitled to the following benefits (collectively, the “Benefits”):

(a)    The Executive shall be entitled to participate in all of the following incentive or benefit plans or arrangements presently in effect or hereafter adopted by the Company or its applicable affiliates and to such other perquisites as are applicable to other senior executives of the Company of equal rank, including, but not limited to, any profit-sharing, pension, group medical, dental, disability and life insurance or other similar benefit plans, subject in each case to the terms of the applicable plans and arrangements.

(b)    The Executive shall be entitled to six (6) weeks of paid vacation annually, subject to the terms of the Company’s vacation policy. All accrued vacation days should be used in the year in which they are earned as the Company does not allow carryover of unused vacation days or provide for a cash payout in respect of such days upon a termination of employment, except as otherwise required under applicable law.

6.    Business Expenses. During the Term, the Company shall pay, or reimburse the Executive for, all expenses reasonably and necessarily incurred by the Executive in connection with the Executive’s performance of the Executive’s duties hereunder. Such business expenses shall be reimbursed as provided in Section 23(f).

7.    Confidentiality; Certain Restrictions/Covenants.

(a)    The Executive shall hold all of the Company’s Confidential Information (as hereinafter defined) in strictest confidence, and will not, directly or indirectly, take, publish, use or disclose any of the Company’s Confidential Information at any time after the termination of the Executive’s employment, for any reason, except as may be required by law, provided that upon learning of any such legal requirement, the Executive shall promptly provide the Company with written notice to the Company of any such legal requirement in enough time for it to try to obtain an appropriate protective order or other remedy. For purposes of this Agreement, the phrase “Confidential Information” means personal information regarding past and present executives of the Company and its affiliates, including their family members, all trade secrets and information on costs, pricing, and materials, supplier information, customer lists and customer information, vendor lists and vendor information, employee lists and employee information, market share reports, customer contract terms and rates, account management, financial information, audit information, research, development, marketing plans, promotion plans, and/or compilations of information that was disclosed to or acquired by the Executive during or in the course of the Executive’s employment that relates to the business of the Company and is not generally available to the public or generally known in the Company’s industry. Notwithstanding the foregoing, nothing in this Agreement limits or restricts the Executive’s ability to communicate with the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (each a “Government Agency”) or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information and reporting possible violations of law or regulation or other disclosures, with or without notice to the Company, and accepting monetary awards in connection therewith as protected under the whistleblower provisions of applicable law or regulation.

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(b)    Confidential Information does not include that information which the Executive can affirmatively prove by clear and convincing evidence: (i) is, at the time of disclosure, in the public domain other than as a result of disclosure (whether by act or omission) by the Executive or by other persons to whom the Executive has disclosed such information; (ii) was available to the Executive without an obligation of confidentiality prior to the Executive’s employment with the Company; (iii) is independently developed by the Executive having had no access to any Confidential Information and without the use of any such information; or (iv) becomes available to the Executive without an obligation of confidentiality from a source, other than the Company, having the legal right to disclose such information.

(c)    Pursuant to 18 U.S.C. § 1833(b), the Executive will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret of the Company or any of its subsidiaries that (i) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to the Executive’s attorney and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. If the Executive files a lawsuit for retaliation by the Company or any of its subsidiaries for reporting a suspected violation of law, the Executive may disclose the trade secret to the Executive’s attorney and use the trade secret information in the court proceeding, if the Executive files any document containing the trade secret under seal and does not disclose the trade secret except under court order. Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such section.

(d)    All papers, books, records, files, proposals or other documents, and all computer software, software applications, files, databases, and the like relating to the business and affairs of the Company or which contain Confidential Information, whether prepared by the Executive or otherwise coming into the Executive’s possession, shall remain the exclusive property of the Company and shall not be removed from its premises except as necessary for the performance of the Executive’s responsibilities and in furtherance of the interests of the Company. Upon the termination of the Executive’s employment for any reason, the Executive will immediately surrender and turn over to the Company any property of the Company which the Executive may have in the Executive’s possession, custody or control, no matter where located, and whether in electronic, paper or other format, including but not limited to, records, files, drawings, documents, models, disks, computers and other equipment, and the Executive shall not keep any copies or portions thereof, including any material contained on the Executive’s personal computer which is currently located at the Executive’s residence, if any, including any files the Executive may have saved or downloaded from the Company’s computer system.

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(e)    While the Executive is employed by the Company and after the Executive’s employment terminates for whatever reason, the Executive agrees not to publicly criticize the Company, its affiliates or subsidiaries, and their respective officers, directors, stockholders or employees and agrees further not to cause material harm to the Company by speaking of any such party in an unflattering way. This requirement will not prohibit the Executive from providing truthful testimony if required by law, and subject to the Executive’s obligation to provide the Company prior notice of such legal requirement pursuant to Section 7(a). In addition, nothing in this Agreement or in any other agreement between the Executive and the Company will prohibit the Executive from reporting, with or without notice to the Company, to any Government Agency or governmental entity information concerning possible violations of law or regulation.

(f)    In order to protect the Company’s goodwill with its clients, vendors and employees, during the Term and for one (1) year following termination of the Executive’s employment for any reason, the Executive shall not, directly or indirectly, either personally or on behalf of any other entity (whether as a director, stockholder, owner, partner, consultant, principal, employee, agent or otherwise), engage in any of the following conduct: (a) canvass, solicit or accept any business on behalf of any of the Company’s competitors from any business or organization that had interacted with the Company during the last three (3) years of the Executive’s employment, provided, however that this provision does not conflict with Executive’s professional, ethical rights and responsibilities; (b) solicit or recruit for employment, hire, employ, attempt to employ, or engage or attempt to engage as a contractor or consultant any individual employed by the Company or its affiliates, or entice or suggest to such individual to terminate his or her employment with the Company; or (c) take any action which is intended, or would reasonably be expected to, adversely affect the Company, its subsidiaries, or their respective businesses, reputation, or relationship with their clients, business partners or vendors.

(g)    During the Term, the Executive shall not engage, and shall not solicit any employees of the Company or its affiliates to engage, in any other commercial activities that may in any way interfere with the performance of the Executive’s duties or responsibilities to the Company.

(h)    The Executive shall at all times be subject to, comply with and carry out such rules, regulations, policies, directions and restrictions applicable to the Company’s employees generally as the Company may from time to time establish, including, without limitation, the Company’s Standards of Business Conduct, Electronic Communications Policy and Incentive-Based Compensation Clawback Policy, as well as those imposed by law. The Executive acknowledges that the Executive has received copies of such policies, and has reviewed, understands and will comply with such policies.

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(i)    The Executive acknowledges that the relationship between the Executive and the Company is exclusively that of employer and employee and that the Company’s obligations to the Executive are exclusively contractual in nature. The Company shall be the sole owner of all the fruits and proceeds of the Executive’s services hereunder, including, but not limited to, all ideas, concepts, formats, suggestions, developments, arrangements, designs, packages, programs, promotions and other intellectual properties which the Executive may create in connection with the Executive’s services hereunder and during the Term, free and clear of any claims by the Executive (or anyone claiming under the Executive) of any kind or character whatsoever (other than the Executive’s right to compensation hereunder). The Executive shall, at the request of the Company, execute such assignments, certificates or other instruments as the Company may from time to time deem necessary or desirable to evidence, establish, maintain, perfect, protect, enforce or defend its right, title and interest in or to any such properties.

(j)    The Company shall have the right to use the Executive’s name, biography and likeness in connection with its business, including in advertising its products and services, and may grant this right to others, but not for use as a direct endorsement.

8.    Termination by the Company. The Executive’s employment hereunder may be terminated by the Company without any breach of this Agreement only under the following circumstances:

(a)    The Executive’s employment hereunder shall terminate upon the Executive’s death.

(b)    If, as a result of the Executive’s incapacity and disability due to physical or mental illness, the Executive fails to perform the Executive’s duties hereunder for a period of seven (7) months during the Term and is unable to provide the Company with a note from the Executive’s treating physician that provides for a definite and reasonable return to work date, the Company may terminate the Executive’s employment hereunder.

(c)    The Company may terminate the Executive’s employment hereunder for “cause” (as hereinafter defined). For purposes of this Agreement, “cause” shall mean: (i) the Executive is convicted of, or pleads guilty or nolo contendere to, a felony or crime involving moral turpitude; (ii) the Executive engages in conduct that constitutes willful neglect or willful misconduct in carrying out the Executive’s duties under this Agreement, and such breach remains uncured following fifteen (15) days prior written notice given by the Company to the Executive specifying such breach, provided such breach is capable of being cured; (iii) the Executive has breached any material representation, warranty, covenant or term of this Agreement, including among other things, a breach of written Company policy, and such breach remains uncured following twenty-one (21) days’ prior written notice specifying such breach given by the Company to the Executive, provided such breach is capable of being cured; (iv) the Executive’s act of fraud or deceit in the performance of the Executive’s job duties which harms the Company; (v) the Executive intentionally engages in conduct which impacts negatively and materially on the reputation or image of the Company, its affiliates or any of their respective products; and/or (vi) the Executive’s abuse of illegal drugs.

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(d)    The Company may terminate the Executive’s employment in connection with the commencement of a Board-approved successor General Counsel (“Successor General Counsel”). In connection therewith, the Executive hereby agrees that the Executive shall continue to serve as a Senior Advisor to the Company for a period of up to six (6) months as determined by the Company (the “Advisor Period”), and that his termination without Cause shall be effective as of the end of the Advisor Period. During the Advisor Period, the Executive shall transition his role to the Successor General Counsel and perform such other duties as reasonably directed by the Chief Executive Officer. If this Section 8(d) applies, the Executive agrees that he shall not assert Good Reason for his resignation in connection with the appointment of a Successor General Counsel or the change in his title and duties in connection therewith.

(e)    The Company may terminate the Executive’s employment other than for cause, death or disability, or in connection with the appointment of a Successor General Counsel, subject to Section 10(d).

(f)    Any termination of the Executive’s employment by the Company (other than termination pursuant to subsection (a) of this Section 8) shall be communicated by a written Notice of Termination to the Executive. For purposes of this Agreement, a “Notice of Termination” shall mean a notice that shall indicate the specific termination provision in this Agreement relied upon and shall set forth in full detail the facts and circumstances claimed to provide the basis for termination of the Executive’s employment under the provision so indicated.

(g)    “Date of Termination” shall mean (i) if the Executive’s employment is terminated by the Executive’s death, the date of the Executive’s death, (ii) if the Executive’s employment is terminated pursuant to subsections (b), (c) or (e) of this Section 8 or by the Executive pursuant to Section 9, the date specified in the Notice of Termination, or (iii) if the Executive’s employment is terminated pursuant to subsection (d) of this Section 8, at the end of the Advisor Period.

9.     Termination by the Executive.

(a)    At the Executive’s option, and provided the following occurrences satisfy the “Good Reason” safe harbor within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and Section 1.409A-1(n)(2)(ii) of the Treasury Regulations promulgated thereunder, the Executive may terminate the Executive’s employment without any breach of this Agreement only under the following circumstances:

(i)    in the event of a material breach of this Agreement by the Company;

(ii)    if the Executive is required to be based and primarily render services in areas other than within 50 miles of the New York City metropolitan area; or

(iii)    if there is a material diminution in the Executive’s duties thereby diminishing the Executive’s role (other than during a period of the Executive’s mental or physical incapacity), except as set forth in Section 8(d).

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(b)    Any Good Reason termination of the Executive’s employment by the Executive shall be communicated by a written Notice of Termination delivered to the Chief Human Resources Officer and the Chief Executive Officer of the Company within ninety (90) days of the condition giving rise to such Good Reason first occurring, and the Company shall have thirty (30) days from such notice to cure the condition giving rise to such Good Reason, as set forth in Section 1.409A-1(n)(2)(ii)(C) of the Treasury Regulations. If the Good Reason condition remains uncured following such cure period, in order to resign for Good Reason the Executive must actually terminate employment no later than thirty (30) days following the end of such cure period.

10.    Compensation upon Termination.

(a)    If the employment of the Executive is terminated pursuant to Section 8(a), by reason of the Executive’s death, the Company agrees to pay directly to the Executive’s surviving spouse (or to another recipient designated in writing by the Executive from time to time), or if the Executive’s spouse shall not survive the Executive, then to the legal representative of the Executive’s estate: (i) for a period of twelve (12) months (commencing with the Date of Termination) an amount equal to and payable at the same rate as the Executive’s then current Base Salary; (ii) any Annual Bonus payable but not yet paid with respect to any fiscal year ended prior to the Date of Termination (the “Unpaid Prior Year Bonus”), payable no later than the time specified in Section 4(b); (iii) a pro rata portion of the Annual Bonus Executive would have earned for the fiscal year of termination had no termination occurred (calculated based on the then-current Annual Bonus Target and the number of days the Executive was employed by the Company in the fiscal year during which the Date of Termination occurs compared to the total number of days in such fiscal year) (the “Pro-rated Current Year Bonus”), payable no later than the September 15 of the fiscal year following the fiscal year of the Date of Termination; and (iv) continued vesting of any Equity Bonus awards or awards under the Plan that were granted prior to the Date of Termination for a period of one (1) year following the Date of Termination, with payments made at the same times they would have been made had the Executive continued to be employed through such date (and, for the avoidance of doubt, any such awards that would not have been payable but for continued employment through such date shall be forfeited). The foregoing payments shall be in addition to what the Executive’s spouse, beneficiaries or estate may be eligible to receive pursuant to any employee benefit plan or life insurance policy then provided to the Executive or maintained by the Company. The payments provided for in this Section 10(a) shall fully discharge the obligations of the Company and its affiliates hereunder and the Company and its affiliates shall be under no obligation to provide any further compensation to the Executive, the Executive’s surviving spouse or the legal representative of the Executive’s estate.

(b)    During any period that the Executive fails to perform the Executive’s duties hereunder as a result of incapacity and disability due to physical or mental illness, the Company shall continue to provide to the Executive the then current Base Salary and the Benefits until the Executive returns to the Executive’s duties or until the Executive’s employment is terminated pursuant to Section 8(b); provided, however, that should the Executive fail to perform the Executive’s duties but remain employed for a period of twelve (12) months, the Company will cease paying the Base Salary at the conclusion of such 12-month period. In addition, if the Executive’s employment is terminated pursuant to Section 8(b), the Executive shall receive: (A) any Unpaid Prior Year Bonus, payable no later than the time specified in Section 4(b); (B) the Pro-rated Current Year Bonus, payable no later than the September 15 of the fiscal year following the

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fiscal year of the Date of Termination; and (C) with respect to Equity Bonus awards or awards under the Plan, vesting, payment and other terms as provided for herein or under the terms of the applicable Plan documents. The foregoing payments shall be in addition to what the Executive may be eligible to receive pursuant to any disability benefit plan then provided to the Executive or maintained by the Company. The payments provided for in this Section 10(b) shall fully discharge the obligations of the Company and its affiliates hereunder and the Company and its affiliates shall be under no obligation to provide any further compensation to the Executive.

(c)    If the Executive’s employment shall be terminated for cause pursuant to Section 8(c) or if the Executive shall resign other than for Good Reason pursuant to Section 9, the Executive shall receive the then current Base Salary and the Benefits through the Date of Termination and any Unpaid Prior Year Bonus, payable no later than the time specified in Section 4(b). The payments provided for in this Section 10(c) shall fully discharge the obligations of the Company and its affiliates hereunder and the Company and its affiliates shall be under no obligation to provide any further compensation to the Executive.

(d)    If the Company shall terminate the Executive’s employment pursuant to Section 8(d) or 8(e), or if the Executive shall terminate the Executive’s employment hereunder for Good Reason pursuant to Section 9, the Executive shall receive: (i) each of the then current Base Salary and the Annual Bonus paid in the same manner as though the Executive continued to be employed hereunder for the successive twenty-four (24) months following the Date of Termination, in each case with the Annual Bonus payment(s) based on the then current Annual Bonus Target; provided that each Annual Bonus payment shall be made in the fiscal year following the fiscal year relating to such Annual Bonus, in no event later than September 15 of such fiscal year; (ii) any Unpaid Prior Year Bonus, payable no later than the time specified in Section 4(b)); (iii) the Pro-rated Current Year Bonus, payable no later than the September 15 of the fiscal year following the fiscal year of the Date of Termination; (iv) continued vesting of any Equity Bonus awards or awards under the Plan that were granted prior to the Date of Termination in the same manner as though the Executive continued to be employed hereunder for two (2) years following the Date of Termination, with payments made at the same times they would have been made had the Executive continued to be employed through such date (and, for the avoidance of doubt, any Equity Bonus awards that would not have been payable but for continued employment through such date shall be forfeited); and (v) Company-paid premiums under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, for the Executive and the Executive’s eligible dependents for up to the successive eighteen (18) months following the Date of Termination, which amounts shall either be paid directly or reimbursed to the Executive by the Company. The payments provided for in this Section 10(d) shall fully discharge the obligations of the Company and its affiliates hereunder and the Company and its affiliates shall be under no obligation to provide any further compensation to the Executive.

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(e)    A precondition to the Company’s obligation to pay compensation and provide benefits to the Executive (or the Executive’s surviving spouse or the legal representative of the Executive’s estate) pursuant to this Section 10 (other than accrued but unpaid Base Salary) shall be the execution and non-revocation by the Executive, or as the case may be, the Executive’s surviving spouse or the legal representative of the Executive’s estate, of the Company’s then standard separation agreement and general release (which shall include, among other provisions, non-solicitation restrictions for the duration of post-termination compensation and benefits) and the continued compliance with the terms, conditions and covenants set forth therein.

(f)    For the avoidance of doubt, any post-employment bonus payments or equity grants that vest or remain eligible for vesting will remain subject to the terms and conditions of the applicable Plan documents, including the Company’s clawback policies as referenced in Section 25.

(g)    Without duplicating any benefits set forth in this Section 10, upon any termination of employment, the Executive (or the Executive’s spouse, beneficiaries or estate) will be entitled to any unreimbursed business expenses approved in accordance with the Company’s policy and due the Executive through termination and to receive any benefits vested, and to make all elections and receive all payments and rights under all employee benefit, pension, insurance and other plans in which the Executive participated in accordance with the terms and conditions of the plan concerned. Such business expenses shall be reimbursed as provided in Section 23(f).

(h)    The Executive shall have no duty to mitigate the Executive’s damages hereunder and any income earned by the Executive following the Executive’s termination without cause (as defined in Section 8(c)) or the Executive’s resignation for Good Reason pursuant to Section 9 shall not reduce the compensation payable to the Executive hereunder.

(i)    If, following the completion of the Term on the Term End Date, the Executive is not offered a new employment agreement by the Company on terms at least as favorable to the Executive as the terms set forth herein and the Executive is subsequently terminated without cause, then the Executive will be entitled to receive the payments and benefits set forth in Section 10(d) above (using the same Base Salary and Annual Bonus Target as in effect immediately prior to the expiration of the Term on the Term End Date).

11.    Survival of Agreement. This Agreement shall inure to the benefit of the Company and any other successors and general assigns of the Company or any other corporation or entity which is a parent, subsidiary or affiliate of the Company to which this Agreement is assigned, and any other corporation or entity into which the Company may be merged or with which it may be consolidated. For purposes of clarity, the Company may assign this Agreement in the event of an asset or stock sale of all or a majority of the Company to the controlling corporation or entity surviving or resulting from such asset or stock sale. The terms, conditions, promises and covenants set forth in Sections 7 through 23 and 25 shall survive the termination of this Agreement and the Executive’s employment (in accordance with their respective terms) for any reason.

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12.    Indemnity; Cooperation.

(a)    The Company will indemnify and defend the Executive to the furthest extent possible under and in accordance with the formation documents, charters, bylaws or applicable insurance policies of the Company and any applicable law or statute affording the Executive a right of indemnification and defense, including but not limited to Section 145 of Title 8 of the Delaware Chancery Code, for any acts or omissions made by the Executive in good faith in the course of the Executive’s employment with the Company.

(b)    During the Term and for a period of three (3) years after the termination of the Executive’s employment for any reason, and during all reasonable times thereafter, and at all times observing the professional ethics requirements of his job, the Executive will (i) fully cooperate with the Company in providing truthful testimony as a witness or a declarant in connection with any present or future litigation, administrative or arbitral proceeding involving the Company or any of its affiliates with respect to which the Executive may have relevant information and (ii) assist the Company during the investigatory and discovery phases (or prior thereto) of any judicial, administrative, internal, arbitral or grievance proceeding involving the Company or any of its affiliates and with respect to which the Executive may have relevant information. The Company will, within thirty (30) days of the Executive producing receipts satisfactory to the Company, reimburse the Executive for any reasonable and necessary expenses incurred by the Executive in connection with such cooperation.

(c)    Without limiting any other provision of this Agreement, this Section 12 shall survive the termination or expiration of this Agreement for any reason whatsoever.

13.    Notices. All notices, requests, demands or other communications provided for hereby shall be in writing and shall be deemed to have been duly given (a) when delivered personally, (b) one (1) day after having been sent by email or similar electronic means, or by overnight courier service against receipt, or (c) four (4) days after having been sent within the continental United States by first-class certified mail, return receipt requested, postage prepaid, to the other party. Any notices to the Company shall be sent to the Chief Human Resources Officer and the Chief Executive Officer of the Company at the principal executive offices of the Company. Any notices to the Executive shall be sent to the last known address of the Executive on record with the Company.

14.    Governing Law. This Agreement shall be enforced, governed by and construed in accordance with the laws of the State of New York. Each party hereby submits to the exclusive jurisdiction of the Supreme Court of the State of New York, and the United States District Court for the Southern District of New York, for the purpose of enforcement of this Agreement and waives, and agrees not to assert, as a defense in any such action or proceeding, that such party was not subject to the personal jurisdiction of any such court or that venue is improper for lack of residence, inconvenient forum or otherwise. The parties also agree that service of process (the method by which a party may be served with any such court papers) may be made by overnight mail at the applicable address set forth in Section 13. The Company may also have other rights and remedies it may have at any time against the Executive, whether by law or under this Agreement.

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15.    Construction. Each party acknowledges that such party has participated with, at its option, the advice of counsel, in the preparation of this Agreement. The language of all provisions of this Agreement shall in all cases be construed as a whole, extending to it its fair meaning, and not strictly for or against either of the parties. The parties agree that they have jointly prepared and approved the language of the provisions of this Agreement and that should any dispute arise concerning the interpretation of any provision hereof, neither party shall be deemed the drafter nor shall any such language be presumptively construed in favor of or against either party.

16.    Severability. The conditions and provisions set forth in this Agreement shall be severable, and if any condition or provision or portion thereof shall be held invalid or unenforceable, then said condition or provision shall not in any manner affect any other condition or provision and the remainder of this Agreement and every section thereof construed without regard to said invalid condition or provision, shall continue in full force and effect.

17.    Assignment. Neither party shall have the right, subject to Section 11, to assign the Executive’s rights and obligations with respect to the Executive’s actual employment duties without the prior consent of the other party.

18.    Entire Agreement. This Agreement constitutes the entire understanding between the parties hereto with respect to the subject matter hereof, and this Agreement supersedes and renders null and void any and all prior oral or written agreements, understandings or commitments pertaining to the subject matter hereof between the Executive and the Company or any of its affiliates, including, without limitation, the Prior Agreement. No waiver or modification of the terms or provisions hereof shall be valid unless in writing signed by the party so to be charged thereby and then only to the extent therein set forth.

19.    Withholding and Payroll Practices. All salary, severance payments, bonuses or benefits provided by the Company under this Agreement shall be net of any tax or other amounts required to be withheld by the Company under applicable law and shall be paid in the ordinary course pursuant to the Company’s then existing payroll practices or as otherwise specified in this Agreement.

20.    Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument.

21.    Headings. Headings in this Agreement are for reference only and shall not be deemed to have any substantive effect.

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22.    Section 280G.

(a)    Notwithstanding any other provisions of this Agreement to the contrary, in the event that it shall be determined that any payment or distribution in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (the “Payments”), would constitute an “excess parachute payment” within the meaning of Section 280G of the Code, the Company shall reduce (but not below zero) the aggregate present value of the Payments under the Agreement to the Reduced Amount (as hereinafter defined), if reducing the Payments under this Agreement will provide the Executive with a greater net after-tax amount than would be the case if no such reduction was made. The Payments shall be reduced as described in the preceding sentence only if (1) the net amount of the Payments, as so reduced (and after subtracting the net amount of federal, state and local income and payroll taxes on the reduced Payments), is greater than or equal to (2) the net amount of the Payments without such reduction (but after subtracting the net amount of federal, state and local income and payroll taxes on the Payments and the amount of Excise Tax (as hereinafter defined) to which the Executive would be subject with respect to the unreduced Payments). Any reduction shall be made in accordance with Section 409A of the Code.

(b)    The “Reduced Amount” shall be an amount expressed in present value that maximizes the aggregate present value of Payments without causing any Payment under this Agreement to be subject to the Excise Tax, determined in accordance with Section 280G(d)(4) of the Code. The term “Excise Tax” means the excise tax imposed under Section 4999 of the Code, together with any interest or penalties imposed with respect to such excise tax.

(c)    All determinations to be made under this Section 22 shall be made by an independent registered public accounting firm or consulting firm selected by the Company immediately prior to a change in control, which shall provide its determinations and any supporting calculations both to the Company and the Executive within ten (10) days of the change in control. Any such determination by such firm shall be binding upon the Company and the Executive. All fees and expenses of the accounting or consulting firm in performing the determinations referred to in this Section 22 shall be borne solely by the Company.

23.    Section 409A.

(a)    This Agreement is intended to comply with Section 409A of the Code, and will be interpreted accordingly. References under this Agreement to the Executive’s termination of employment shall be deemed to refer to the date upon which the Executive has experienced a “separation from service” within the meaning of Section 409A of the Code.

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(b)    Notwithstanding anything herein to the contrary, (i) if at the time of the Executive’s separation from service with the Company, the Executive is a “specified employee” as defined in Section 409A of the Code (and any related regulations or other pronouncements thereunder) and the deferral of the commencement of any payments or benefits otherwise payable hereunder or payable under any other compensatory arrangement between the Executive and the Company, or any of its affiliates as a result of such separation from service is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to the Executive) until the date that is six (6) months following the Executive’s separation from service (or the earliest date as is permitted under Section 409A of the Code), at which point all payments deferred pursuant to this Section shall be paid to the Executive in a lump sum and (ii) if any other payments of money or other benefits due to the Executive hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner that does not cause such an accelerated or additional tax. Any payments deferred pursuant to the preceding sentence shall be paid together with interest thereon at a rate equal to the applicable Federal rate for short-term instruments.

(c)    To the extent any reimbursements or in-kind benefits due to the Executive under this Agreement constitute “deferred compensation” under Section 409A of the Code, any such reimbursements or in-kind benefits shall be paid to the Executive in a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv). Additionally, to the extent that the Executive’s receipt of any in-kind benefits from the Company or its affiliates must be delayed pursuant to this Section due to the Executive’s status as a “specified employee”, the Executive may elect to instead purchase and receive such benefits during the period in which the provision of benefits would otherwise be delayed by paying the Company (or its affiliates) for the fair market value of such benefits (as determined by the Company in good faith) during such period. Any amounts paid by the Executive pursuant to the preceding sentence shall be reimbursed to the Executive (with interest thereon) as described above on the date that is six (6) months following the Executive’s separation from service.

(d)    Each payment made under this Agreement shall be designated as a “separate payment” within the meaning of Section 409A of the Code.

(e)    The Company shall consult with the Executive in good faith regarding the implementation of the provisions of this Section. Without limiting the generality of the foregoing, the Executive shall notify the Company if the Executive believes that any provision of this Agreement (or of any award of compensation, including equity compensation, or benefits) would cause the Executive to incur any additional tax under Section 409A of the Code and, if the Company concurs with such belief after good faith review or the Company independently makes such determination, then the Company shall, after consulting with the Executive, use reasonable best efforts to reform such provision to comply with Section 409A of the Code through good faith modifications to the minimum extent reasonably appropriate to conform with Section 409A of the Code.

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(f)    Any amount that the Executive is entitled to be reimbursed for any business-related expenses borne by the Executive under this Agreement will be reimbursed to the Executive as promptly as practicable and in any event not later than the last day of the calendar year after the calendar year in which the expenses are incurred. The amount of expenses eligible for reimbursement during any calendar year will not affect the amount of expenses eligible for reimbursement in any other calendar year.

(g)    Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within thirty (30) days following the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of the Company.

(h)    Unless this Agreement provides a specified and objectively determinable payment schedule to the contrary, to the extent that any payment of base salary or other compensation is to be paid for a specified continuing period of time beyond the Executive’s termination of employment in accordance with the Company’s payroll practices (or other similar term), the payments of such base salary or other compensation shall be made on a monthly basis.

(i)    To the extent that severance payments or benefits pursuant to this Agreement are conditioned upon the execution and delivery by the Executive of a separation agreement and general release (and the expiration of any revocation rights provided therein) which could become effective in one of two (2) taxable years of the Executive depending on when the Executive executes and delivers such separation agreement and general release, any deferred compensation payment (which is subject to Section 409A of the Code) that is conditioned on execution of the separation agreement and general release shall be made within ten (10) days after the separation agreement and general release becomes effective and such revocation rights have lapsed, but not earlier than the first business day of the later of such taxable years.

24.    Representations. The Company represents that the Company’s execution and delivery of this Agreement and the performance of its obligations hereunder: (a) has been authorized by all required corporate action on the part of the Company; and (b) will not conflict with, result in any breach of, or constitute a default under, any contract, agreement or arrangement to which the Company is a party. The Executive represents that the Executive’s execution and delivery of this Agreement and the performance of the Executive’s obligations hereunder will not conflict with, result in any breach of, or constitute a default under, any contract, agreement or arrangement to which the Executive is a party.

25.    Clawback Policies. Notwithstanding any other provisions in this Agreement, any payments made pursuant to this Agreement or otherwise shall be subject to recovery or clawback by the Company under any applicable clawback policy adopted by the Company, including, without limitation, the Company’s Incentive-Based Compensation Clawback Policy, and the Executive agrees to execute appropriate acknowledgements or other documentation as may be required pursuant to such policies or to effectuate any recoveries under such policies from time to time.

[Signature page follows]

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IN WITNESS WHEREOF, the parties hereto have affixed their signatures as of the day and year first above written.

NEWS CORPORATION		DAVID B. PITOFSKY
By:	/s/ Ruth Allen	/s/ David B. Pitofsky
Name:	Ruth Allen
Title:	Chief Human Resources Officer

EX-31.1

Exhibit 31.1

Chief Executive Officer Certification

Required by Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as amended

I, Robert J. Thomson, certify that:

1.I have reviewed this quarterly report on Form 10-Q of News Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

May 9, 2024
	By:	/s/ Robert J. Thomson
		Robert J. Thomson Chief Executive Officer and Director

EX-31.2

Exhibit 31.2

Chief Financial Officer Certification

Required by Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as amended

I, Susan Panuccio, certify that:

1.I have reviewed this quarterly report on Form 10-Q of News Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

May 9, 2024
	By:	/s/ Susan Panuccio
		Susan Panuccio Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of News Corporation on Form 10-Q for the fiscal quarter ended March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, the undersigned officers of News Corporation, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of our knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of News Corporation.

May 9, 2024
	By:	/s/ Robert J. Thomson
		Robert J. Thomson Chief Executive Officer and Director
	By:	/s/ Susan Panuccio
		Susan Panuccio Chief Financial Officer

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Cover Page - shares	9 Months Ended
	Mar. 31, 2024	May 03, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-35769
Entity Registrant Name	NEWS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-2950970
Entity Address, Address Line One	1211 Avenue of the Americas
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	416-3400
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Entity Central Index Key	0001564708
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--06-30
Class A Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, par value $0.01 per share
Trading Symbol	NWSA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		379,205,075
Class B Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class B Common Stock, par value $0.01 per share
Trading Symbol	NWS
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		190,683,767

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Revenues	$ 2,423	$ 2,447	$ 7,508	$ 7,446
Total Revenues	2,423	2,447	7,508	7,446
Operating expenses	(1,238)	(1,286)	(3,792)	(3,853)
Selling, general and administrative	(863)	(841)	(2,557)	(2,514)
Depreciation and amortization	(192)	(183)	(542)	(536)
Impairment and restructuring charges	(35)	(25)	(86)	(65)
Equity losses of affiliates	(2)	(10)	(5)	(43)
Interest expense, net	(19)	(25)	(67)	(78)
Other, net	(10)	14	(23)	(10)
Income before income tax expense	64	91	436	347
Income tax expense	(22)	(32)	(153)	(128)
Net income	42	59	283	219
Net income attributable to noncontrolling interests	(12)	(9)	(67)	(62)
Net income attributable to News Corporation stockholders	$ 30	$ 50	$ 216	$ 157
Net income attributable to News Corporation stockholders per share, basic and diluted
Net income attributable to News Corporation stockholders per share, basic (in dollars per share)	$ 0.05	$ 0.09	$ 0.38	$ 0.27
Net income attributable to News Corporation stockholders per share, diluted (in dollars per share)	$ 0.05	$ 0.09	$ 0.38	$ 0.27
Circulation and subscription
Revenues:
Revenues	$ 1,121	$ 1,122	$ 3,369	$ 3,318
Advertising
Revenues:
Revenues	358	393	1,187	1,263
Consumer
Revenues:
Revenues	484	495	1,513	1,474
Real estate
Revenues:
Revenues	301	272	939	896
Other
Revenues:
Revenues	$ 159	$ 165	$ 500	$ 495

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income		$ 42	$ 59	$ 283	$ 219
Other comprehensive loss:
Foreign currency translation adjustments		(141)	(33)	(71)	(34)
Net change in the fair value of cash flow hedges	[1]	6	(8)	(12)	5
Benefit plan adjustments, net	[2]	4	0	17	6
Other comprehensive loss		(131)	(41)	(66)	(23)
Comprehensive (loss) income		(89)	18	217	196
Net income attributable to noncontrolling interests		(12)	(9)	(67)	(62)
Other comprehensive loss attributable to noncontrolling interests	[3]	39	17	21	14
Comprehensive (loss) income attributable to News Corporation stockholders		$ (62)	$ 26	$ 171	$ 148

[1] Net of income tax expense (benefit) of $2 million and $(2) million for the three months ended March 31, 2024 and 2023, respectively, and $(5) million and $2 million for the nine months ended March 31, 2024 and 2023, respectively.

[2] Net of income tax expense of $2 million for the three months ended March 31, 2024 and $6 million and $1 million for the nine months ended March 31, 2024 and 2023, respectively.

[3] Primarily consists of foreign currency translation adjustments.

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net change in the fair value of cash flow hedges, income tax expense (benefit)	$ 2	$ (2)	$ (5)	$ 2
Pensions plans, income tax expense (benefit)	$ 2		$ 6	$ 1

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Mar. 31, 2024	Jun. 30, 2023
Current assets:
Cash and cash equivalents		$ 1,943	$ 1,833
Receivables, net		1,438	1,425
Inventory, net		331	311
Other current assets		416	484
Total current assets		4,128	4,053
Non-current assets:
Investments		416	427
Property, plant and equipment, net		1,901	2,042
Operating lease right-of-use assets		974	1,036
Intangible assets, net		2,359	2,489
Goodwill		5,131	5,140
Deferred income tax assets, net		305	393
Other non-current assets		1,330	1,341
Total assets		16,544	16,921
Current liabilities:
Accounts payable		269	440
Accrued expenses		1,238	1,123
Deferred revenue		549	622
Current borrowings		56	27
Other current liabilities		930	953
Total current liabilities		3,042	3,165
Non-current liabilities:
Borrowings		2,844	2,940
Retirement benefit obligations		135	134
Deferred income tax liabilities, net		124	163
Operating lease liabilities		1,053	1,128
Other non-current liabilities		438	446
Commitments and contingencies
Additional paid-in capital		11,270	11,449
Accumulated deficit		(1,933)	(2,144)
Accumulated other comprehensive loss		(1,292)	(1,247)
Total News Corporation stockholders’ equity		8,051	8,064
Noncontrolling interests		857	881
Total equity		8,908	8,945
Total liabilities and equity		16,544	16,921
Class A Common Stock
Non-current liabilities:
Common stock	[1]	4	4
Class B Common Stock
Non-current liabilities:
Common stock	[2]	$ 2	$ 2

[1] Class A common stock, $0.01 par value per share (“Class A Common Stock”), 1,500,000,000 shares authorized, 379,582,130 and 379,945,907 shares issued and outstanding, net of 27,368,413 treasury shares at par, at March 31, 2024 and June 30, 2023, respectively.

[2] Class B common stock, $0.01 par value per share (“Class B Common Stock”), 750,000,000 shares authorized, 190,867,055 and 192,013,909 shares issued and outstanding, net of 78,430,424 treasury shares at par, at March 31, 2024 and June 30, 2023, respectively.

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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Jun. 30, 2023
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares issued, net of treasury stock (in shares)	379,582,130	379,945,907
Common stock, shares outstanding, net of treasury stock (in shares)	379,582,130	379,945,907
Treasury stock (in shares)	27,368,413	27,368,413
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued, net of treasury stock (in shares)	190,867,055	192,013,909
Common stock, shares outstanding, net of treasury stock (in shares)	190,867,055	192,013,909
Treasury stock (in shares)	78,430,424	78,430,424

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net income	$ 283	$ 219
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	542	536
Operating lease expense	72	82
Equity losses of affiliates	5	43
Cash distributions received from affiliates	4	7
Impairment charges	24	0
Deferred income taxes and taxes payable	52	27
Other, net	23	10
Change in operating assets and liabilities, net of acquisitions:
Receivables and other assets	15	(236)
Inventories, net	(12)	(55)
Accounts payable and other liabilities	(164)	37
Net cash provided by operating activities	844	670
Investing activities:
Capital expenditures	(353)	(350)
Acquisitions, net of cash acquired	(20)	(15)
Investments in equity affiliates and other, net	(31)	(105)
Proceeds from property, plant and equipment and other asset dispositions	0	51
Other, net	0	(21)
Net cash used in investing activities	(404)	(440)
Financing activities:
Borrowings	1,140	434
Repayment of borrowings	(1,235)	(506)
Repurchase of shares	(83)	(196)
Dividends paid	(115)	(116)
Other, net	(24)	2
Net cash used in financing activities	(317)	(382)
Net change in cash and cash equivalents	123	(152)
Cash and cash equivalents, beginning of period	1,833	1,822
Effect of exchange rate changes on cash and cash equivalents	(13)	(11)
Cash and cash equivalents, end of period	$ 1,943	$ 1,659

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Description of Business and Basis of Presentation

9 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Description of Business and Basis of Presentation

NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

News Corporation (together with its subsidiaries, “News Corporation,” “News Corp,” the “Company,” “we” or “us”) is a global diversified media and information services company comprised of businesses across a range of media, including: digital real estate services, subscription video services in Australia, news and information services and book publishing.

Basis of Presentation

The accompanying unaudited consolidated financial statements of the Company, which are referred to herein as the “Consolidated Financial Statements,” have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting only of normal recurring adjustments necessary for a fair presentation have been reflected in these Consolidated Financial Statements. Operating results for the interim period presented are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2024. The preparation of the Company’s Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the Consolidated Financial Statements and accompanying disclosures. Actual results could differ from those estimates.

Intercompany transactions and balances have been eliminated. Equity investments in which the Company exercises significant influence but does not exercise control and is not the primary beneficiary are accounted for using the equity method. Investments in which the Company is not able to exercise significant influence over the investee are measured at fair value, if the fair value is readily determinable. If an investment’s fair value is not readily determinable, the Company will measure the investment at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer.

The consolidated statements of operations are referred to herein as the “Statements of Operations.” The consolidated balance sheets are referred to herein as the “Balance Sheets.” The consolidated statements of cash flows are referred to herein as the “Statements of Cash Flows.”

The accompanying Consolidated Financial Statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2023 as filed with the Securities and Exchange Commission (the “SEC”) on August 15, 2023 (the “2023 Form 10-K”).

The Company’s fiscal year ends on the Sunday closest to June 30. Fiscal 2024 and fiscal 2023 include 52 weeks. All references to the three and nine months ended March 31, 2024 and 2023 relate to the three and nine months ended March 31, 2024 and April 2, 2023, respectively. For convenience purposes, the Company continues to date its Consolidated Financial Statements as of March 31.

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendments in ASU 2023-07 expand public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of other segment items and expanded interim disclosures that align with those required annually, among other provisions. ASU 2023-07 requires the amendments to be applied retrospectively and is effective for the Company for annual reporting periods beginning on July 1, 2024 and interim reporting periods beginning on July 1, 2025, with early adoption permitted. The Company is currently evaluating the impact ASU 2023-07 will have on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendments in ASU 2023-09 require disaggregated disclosure of material categories in effective tax rate reconciliations as well as disclosure of income taxes paid by specific domestic and foreign jurisdictions. Additionally, the amendments eliminate certain disclosures currently required under Topic 740. ASU 2023-09 is effective for the Company for annual reporting periods beginning on July 1, 2025, with early adoption permitted. The Company is currently evaluating the impact ASU 2023-09 will have on its consolidated financial statements.

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Revenues

9 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenues

NOTE 2. REVENUES

The following tables present the Company’s disaggregated revenues by type and segment for the three and nine months ended March 31, 2024 and 2023:

	For the three months ended March 31, 2024
	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	3	$	398	$	445	$	—	$	275	$	—	$	1,121
Advertising	32		47		86		—		193		—		358
Consumer	—		—		—		484		—		—		484
Real estate	301		—		—		—		—		—		301
Other	52		10		13		22		62		—		159
Total Revenues	$	388	$	455	$	544	$	506	$	530	$	—	$	2,423

	For the three months ended March 31, 2023
	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	3	$	419	$	426	$	—	$	274	$	—	$	1,122
Advertising	35		49		88		—		221		—		393
Consumer	—		—		—		495		—		—		495
Real estate	272		—		—		—		—		—		272
Other	53		9		15		20		68		—		165
Total Revenues	$	363	$	477	$	529	$	515	$	563	$	—	$	2,447

	For the nine months ended March 31, 2024
	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	8	$	1,217	$	1,322	$	—	$	822	$	—	$	3,369
Advertising	99		160		303		—		625		—		1,187
Consumer	—		—		—		1,513		—		—		1,513
Real estate	939		—		—		—		—		—		939
Other	164		34		40		68		194		—		500
Total Revenues	$	1,210	$	1,411	$	1,665	$	1,581	$	1,641	$	—	$	7,508

	For the nine months ended March 31, 2023
	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	9	$	1,249	$	1,257	$	—	$	803	$	—	$	3,318
Advertising	103		160		313		—		687		—		1,263
Consumer	—		—		—		1,474		—		—		1,474
Real estate	896		—		—		—		—		—		896
Other	162		32		37		59		205		—		495
Total Revenues	$	1,170	$	1,441	$	1,607	$	1,533	$	1,695	$	—	$	7,446

Contract liabilities and assets

The Company’s deferred revenue balance primarily relates to amounts received from customers for subscriptions paid in advance of the services being provided. The following table presents changes in the deferred revenue balance for the three and nine months ended March 31, 2024 and 2023:

	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
	(in millions)
Balance, beginning of period	$	510	$	591	$	622	$	604
Deferral of revenue	905		909		2,648		2,699
Recognition of deferred revenue(a)	(855)		(873)		(2,714)		(2,686)
Other	(11)		(4)		(7)		6
Balance, end of period	$	549	$	623	$	549	$	623

(a)For the three and nine months ended March 31, 2024, the Company recognized $211 million and $564 million, respectively, of revenue which was included in the opening deferred revenue balance. For the three and nine months ended March 31, 2023, the Company recognized $340 million and $540 million, respectively, of revenue which was included in the opening deferred revenue balance.

Contract assets were immaterial for disclosure as of March 31, 2024 and 2023.

Other revenue disclosures

The Company typically expenses sales commissions to obtain a customer contract as incurred as the amortization period is twelve months or less. These costs are recorded within Selling, general and administrative in the Statements of Operations. The Company also does not capitalize significant financing components when the transfer of the good or service is paid within twelve months or less, or consideration is received within twelve months or less of the transfer of the good or service.

For the three and nine months ended March 31, 2024, the Company recognized approximately $116 million and $326 million, respectively, in revenues related to performance obligations that were satisfied or partially satisfied in a prior reporting period. The remaining transaction price related to unsatisfied performance obligations as of March 31, 2024 was approximately $1,174 million, of which approximately $137 million is expected to be recognized over the remainder of fiscal 2024, approximately $405 million is expected to be recognized in fiscal 2025 and approximately $233 million is expected to be recognized in fiscal 2026, with the remainder to be recognized thereafter. These amounts do not include (i) contracts with an expected duration of one year or less, (ii) contracts for which variable consideration is determined based on the customer’s subsequent sale or usage and (iii) variable consideration allocated to performance obligations accounted for under the series guidance that meets the allocation objective under Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers.

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Impairment and Restructuring Charges

9 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Impairment and Restructuring Charges

NOTE 3. IMPAIRMENT AND RESTRUCTURING CHARGES

Fiscal 2024 Impairment

During the nine months ended March 31, 2024, the Company recognized non-cash impairment charges of $22 million at the News Media segment related to the write-down of fixed assets associated with the combination of certain United Kingdom (“U.K.”) printing operations with those of a third party.

Fiscal 2024 Restructuring

During the three and nine months ended March 31, 2024, the Company recorded restructuring charges of $35 million and $62 million, respectively, related to employee termination benefits. The employee termination benefits recorded in the first half of fiscal 2024 resulted from actions taken by the Company’s businesses in response to the headcount reduction initiative announced in February 2023.

Fiscal 2023 Restructuring

During the three and nine months ended March 31, 2023, the Company recorded restructuring charges of $25 million and $65 million, respectively, primarily related to employee termination benefits. The employee termination benefits recorded in the three months ended March 31, 2023 mainly resulted from actions taken by the Company’s businesses in response to the headcount reduction initiative announced in February 2023.

Changes in restructuring program liabilities were as follows:

	For the three months ended March 31,
	2024						2023
	One time employee termination benefits		Other costs		Total		One time employee termination benefits		Other costs		Total
	(in millions)
Balance, beginning of period	$	23	$	39	$	62	$	25	$	41	$	66
Additions	35		—		35		24		1		25
Payments	(25)		(1)		(26)		(21)		(4)		(25)
Other	(1)		—		(1)		(1)		—		(1)
Balance, end of period	$	32	$	38	$	70	$	27	$	38	$	65

	For the nine months ended March 31,
	2024						2023
	One time employee termination benefits		Other costs		Total		One time employee termination benefits		Other costs		Total
	(in millions)
Balance, beginning of period	$	53	$	41	$	94	$	25	$	41	$	66
Additions	61		1		62		60		5		65
Payments	(81)		(4)		(85)		(55)		(8)		(63)
Other	(1)		—		(1)		(3)		—		(3)
Balance, end of period	$	32	$	38	$	70	$	27	$	38	$	65

As of March 31, 2024, restructuring liabilities of approximately $43 million and $27 million were included in the Balance Sheet in Other current liabilities and Other non-current liabilities, respectively.

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Investments

9 Months Ended

Mar. 31, 2024

Schedule of Investments [Abstract]

Investments

NOTE 4. INVESTMENTS

The Company’s investments were comprised of the following:

	Ownership Percentage as of March 31, 2024	As of March 31, 2024		As of June 30, 2023
		(in millions)
Equity method investments(a)	various	$	191	$	192
Equity and other securities(b)	various	225		235
Total Investments		$	416	$	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 March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
	(in millions)				(in millions)
Total losses recognized on equity securities	$	(1)	$	(2)	$	(11)	$	(16)
Less: Net gains recognized on equity securities sold	—		—		—		2
Unrealized losses recognized on equity securities held at end of period	$	(1)	$	(2)	$	(11)	$	(18)

Equity Losses of Affiliates

The Company’s share of the losses of its equity affiliates was $2 million and $5 million for the three and nine months ended March 31, 2024, respectively, and $10 million and $43 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.

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Borrowings

9 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Borrowings

NOTE 5. BORROWINGS

The Company’s total borrowings consist of the following:

	Interest rate at March 31, 2024		Maturity at March 31, 2024	As of March 31, 2024		As of June 30, 2023
				(in millions)
News Corporation
2022 Term loan A(a)	6.909	%	Mar 31, 2027	$	488	$	497
2022 Senior notes	5.125	%	Feb 15, 2032	493		492
2021 Senior notes	3.875	%	May 15, 2029	990		989
Foxtel Group(b)
2024 Foxtel credit facility — tranche 1(c)(d)	7.24	%	Aug 1, 2026	372		—
2024 Foxtel credit facility — USD portion — tranche 2(e)	8.58	%	Aug 1, 2027	49		—
2024 Foxtel credit facility — tranche 3(d)	7.39	%	Aug 1, 2027	203		—
2017 Working capital facility(c)	7.24	%	Aug 1, 2026	—		—
Telstra facility	12.14	%	Dec 22, 2027	96		100
2019 Credit facility(f)	—	%	May 31, 2024	—		320
2019 Term loan facility(f)	—	%	Nov 22, 2024	—		167
2012 US private placement — USD portion — tranche 3(f)	—	%	Jul 25, 2024	—		149
REA Group(b)
2024 REA credit facility — tranche 1(g)	5.84	%	Sep 15, 2028	—		—
2024 REA credit facility — tranche 2(g)	5.54	%	Sep 16, 2025	130		—
2024 Subsidiary facility(g)	5.79	%	Sep 28, 2025	54		—
2022 Credit facility — tranche 1(f)	—	%	Sep 16, 2024	—		211
2022 Credit facility — tranche 2(f)	—	%	Sep 16, 2025	—		—
Finance Leases
Finance lease liability				25		42
Total borrowings				2,900		2,967
Less: current portion(h)				(56)		(27)
Long-term borrowings				$	2,844	$	2,940

(a)The Company entered into an interest rate swap derivative to fix the floating rate interest component of its Term A Loans at 2.083%. For the three months ended March 31, 2024 the Company was paying interest at an effective interest rate of 3.583%. See Note 7—Financial Instruments and Fair Value Measurements.

(b)These borrowings were incurred by certain subsidiaries of NXE Australia Pty Limited (the “Foxtel Group” and together with such subsidiaries, the “Foxtel Debt Group”) and REA Group and certain of its subsidiaries (REA Group and certain of its subsidiaries, the “REA Debt Group”), consolidated but non wholly-owned subsidiaries of News Corp, and are only guaranteed by the Foxtel Group and REA Group and their respective subsidiaries, as applicable, and are non-recourse to News Corp.

(c)As of March 31, 2024, the Foxtel Debt Group had total undrawn commitments of A$280 million available under these facilities.

(d)The Company entered into A$610 million of interest rate swap derivatives to fix the floating rate interest components of tranche 1 and tranche 3 of its 2024 Foxtel Credit Facility (described below) at approximately 4.30%. For the three months ended March 31, 2024, the Company was paying interest at an effective interest rate of 7.19% and 7.30% for tranche 1 and tranche 3, respectively. See Note 7—Financial Instruments and Fair Value Measurements.

(e)The Company entered into a cross-currency interest rate swap derivative to fix the floating rate interest component of tranche 2 of its 2024 Foxtel Credit Facility at 4.38%. For the three months ended March 31, 2024, the Company was paying interest at an effective interest rate of 7.64%. See Note 7—Financial Instruments and Fair Value Measurements.

(f)These borrowings were repaid during the nine months ended March 31, 2024 using proceeds from the 2024 Foxtel Credit Facility and 2024 REA Credit Facility (described below), as applicable.

(g)As of March 31, 2024, REA Group had total undrawn commitments of A$400 million available under these facilities.

(h)The Company classifies the current portion of long term debt as non-current liabilities on the Balance Sheets when it has the intent and ability to refinance the obligation on a long-term basis, in accordance with ASC 470-50, Debt. $24 million and $27 million relates to the current portion of finance lease liabilities as of March 31, 2024 and June 30, 2023, respectively, with the remainder as of March 31, 2024 consisting of required principal repayments on the 2022 Term Loan A and 2024 Foxtel Credit Facility — tranches 2 and 3.

Foxtel Group Debt Refinancing

During the nine months ended March 31, 2024, the Foxtel Group refinanced its A$610 million 2019 revolving credit facility, A$250 million term loan facility and tranche 3 of its 2012 U.S. private placement senior unsecured notes with the proceeds of a new A$1.2 billion syndicated credit facility (the “2024 Foxtel Credit Facility”). The 2024 Foxtel Credit Facility consists of three sub-facilities: (i) an A$817.5 million three year revolving credit facility (the “2024 Foxtel Credit Facility — tranche 1”), (ii) a US$48.7 million four year term loan facility (the “2024 Foxtel Credit Facility — tranche 2”) and (iii) an A$311.0 million four year term loan facility (the “2024 Foxtel Credit Facility — tranche 3”). In addition, the Foxtel Group amended its 2017 working capital facility to extend the maturity to August 2026 and modify the pricing.

Depending on the Foxtel Group’s net leverage ratio, (i) borrowings under the 2024 Foxtel Credit Facility — tranche 1 and 2017 working capital facility bear interest at a rate of the Australian BBSY plus a margin of between 2.35% and 3.60%; (ii) borrowings under the 2024 Foxtel Credit Facility — tranche 2 bear interest at a rate based on a Term SOFR formula, as set forth in the 2024 Foxtel Credit Agreement, plus a margin of between 2.50% and 3.75%; and (iii) borrowings under the 2024 Foxtel Credit Facility — tranche 3 bear interest at a rate of the Australian BBSY plus a margin of between 2.50% and 3.75%. All tranches carry a commitment fee of 45% of the applicable margin on any undrawn balance during the relevant availability period. Tranches 2 and 3 of the 2024 Foxtel Credit Facility amortize on a proportionate basis in an aggregate annual amount equal to A$35 million in each of the first two years following closing and A$40 million in each of the two years thereafter.

The agreements governing the Foxtel Debt Group’s external borrowings contain customary affirmative and negative covenants and events of default, with customary exceptions, including specified non-financial covenants and financial covenants calculated in accordance with Australian International Financial Reporting Standards. Subject to certain exceptions, these covenants restrict or prohibit members of the Foxtel Debt Group from, among other things, undertaking certain transactions, disposing of certain properties or assets (including subsidiary stock), merging or consolidating with any other person, making financial accommodation available, giving guarantees, entering into certain other financing arrangements, creating or permitting certain liens, engaging in transactions with affiliates, making repayments of certain other loans, undergoing fundamental business changes and making restricted payments. In addition, the agreements require the Foxtel Debt Group to maintain a ratio of net debt to Earnings Before Interest, Tax, Depreciation and Amortization, as adjusted under the applicable agreements, of not more than 3.25 to 1.0. The agreements also require the Foxtel Debt Group to maintain a net interest coverage ratio of not less than 3.5 to 1.0. There are no assets pledged as collateral for any of the borrowings.

REA Group Debt

REA Group Debt Refinancing

During the nine months ended March 31, 2024, REA Group entered into a new unsecured syndicated credit facility (the “2024 REA Credit Facility”) which replaced the 2022 Credit Facility and consists of two sub-facilities: (i) a five-year A$400 million revolving loan facility (the “2024 REA Credit Facility—tranche 1”) which was used to refinance tranche 1 of the 2022 Credit Facility and (ii) an A$200 million revolving loan facility representing the continuation of tranche 2 of the 2022 Credit Facility (the “2024 REA Credit Facility—tranche 2”). REA Group may request increases in the amount of the 2024 REA Credit Facility up to a maximum amount of A$500 million, subject to the terms and limitations set forth in the syndicated facility agreement.

Borrowings under the 2024 REA Credit Facility — tranche 1 accrue interest at a rate of the Australian BBSY plus a margin of between 1.45% and 2.35%, depending on REA Group’s net leverage ratio. Borrowings under the 2024 REA Credit Facility — tranche 2 continue to accrue interest at a rate of the Australian BBSY plus a margin of between 1.15% and 2.25%, depending on REA Group’s net leverage ratio. Both tranches carry a commitment fee of 40% of the applicable margin on any undrawn balance.

The syndicated facility agreement governing the 2024 REA Credit Facility requires REA Group to maintain (i) a net leverage ratio of not more than 3.5 to 1.0 and (ii) an interest coverage ratio of not less than 3.0 to 1.0. The agreement also contains certain other customary affirmative and negative covenants and events of default. Subject to certain exceptions, these covenants restrict or prohibit REA Group and its subsidiaries from, among other things, incurring or guaranteeing debt, disposing of certain properties or assets, merging or consolidating with any other person, making financial accommodation available, entering into certain other financing arrangements, creating or permitting certain liens, engaging in non arms’ length transactions with affiliates, undergoing fundamental business changes and making restricted payments.

Subsidiary Financing

During the nine months ended March 31, 2024, REA Group entered into an A$83 million unsecured bilateral revolving credit facility (the “2024 Subsidiary Facility”). Proceeds of the 2024 Subsidiary Facility were used to refinance an existing facility at one of its subsidiaries and to fund its business of providing short-term financing to real estate agents and vendors. Borrowings under the 2024 Subsidiary Facility accrue interest at a rate of the Australian BBSY plus a margin of 1.40% and undrawn balances carry a commitment fee of 40% of the applicable margin. The facility agreement governing the 2024 Subsidiary Facility permits the lender to cancel its commitment and declare all outstanding amounts immediately due and payable after a consultation period in specified circumstances, including if certain key operating measures of its subsidiary fall below the budgeted amount for two consecutive quarters. The agreement also contains certain other customary affirmative and negative covenants and events of default that are similar to those governing the 2024 REA Credit Facility.

Covenants

The Company’s borrowings and those of its consolidated subsidiaries contain customary representations, covenants and events of default, including those discussed in the Company’s 2023 Form 10-K. If any of the events of default occur and are not cured within applicable grace periods or waived, any unpaid amounts under the applicable debt agreements may be declared immediately due and payable. The Company was in compliance with all such covenants at March 31, 2024.

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Equity

9 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Equity

NOTE 6. EQUITY

The following tables summarize changes in equity for the three and nine months ended March 31, 2024 and 2023:

	For the three months ended March 31, 2024
	Class A Common Stock			Class B Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total News Corp Equity		Non-controlling Interests		Total Equity
	Shares	Amount		Shares	Amount
	(in millions)
Balance, December 31, 2023	380	$	4	191	$	2	$	11,334	$	(1,958)	$	(1,200)	$	8,182	$	920	$	9,102
Net income	—	—		—	—		—		30		—		30		12		42
Other comprehensive loss	—	—		—	—		—		—		(92)		(92)		(39)		(131)
Dividends	—	—		—	—		(57)		—		—		(57)		(29)		(86)
Share repurchases	(1)	—		(1)	—		(22)		(5)		—		(27)		—		(27)
Other	1	—		1	—		15		—		—		15		(7)		8
Balance, March 31, 2024	380	$	4	191	$	2	$	11,270	$	(1,933)	$	(1,292)	$	8,051	$	857	$	8,908

	For the three months ended March 31, 2023
	Class A Common Stock			Class B Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total News Corp Equity		Non-controlling Interests		Total Equity
	Shares	Amount		Shares	Amount
	(in millions)
Balance, December 31, 2022	382	$	4	193	$	2	$	11,550	$	(2,186)	$	(1,255)	$	8,115	$	941	$	9,056
Net income	—	—		—	—		—		50		—		50		9		59
Other comprehensive loss	—	—		—	—		—		—		(24)		(24)		(17)		(41)
Dividends	—	—		—	—		(58)		—		—		(58)		(27)		(85)
Share repurchases	(1)	—		—	—		(20)		—		—		(20)		—		(20)
Other	1	—		—	—		14		—		—		14		1		15
Balance, March 31, 2023	382	$	4	193	$	2	$	11,486	$	(2,136)	$	(1,279)	$	8,077	$	907	$	8,984

	For the nine months ended March 31, 2024
	Class A Common Stock			Class B Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total News Corp Equity		Non-controlling Interests		Total Equity
	Shares	Amount		Shares	Amount
	(in millions)
Balance, June 30, 2023	380	$	4	192	$	2	$	11,449	$	(2,144)	$	(1,247)	$	8,064	$	881	$	8,945
Net income	—	—		—	—		—		216		—		216		67		283
Other comprehensive loss	—	—		—	—		—		—		(45)		(45)		(21)		(66)
Dividends	—	—		—	—		(114)		—		—		(114)		(57)		(171)
Share repurchases	(3)	—		(1)	—		(77)		(5)		—		(82)		—		(82)
Other	3	—		—	—		12		—		—		12		(13)		(1)
Balance, March 31, 2024	380	$	4	191	$	2	$	11,270	$	(1,933)	$	(1,292)	$	8,051	$	857	$	8,908

	For the nine months ended March 31, 2023
	Class A Common Stock			Class B Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total News Corp Equity		Non-controlling Interests		Total Equity
	Shares	Amount		Shares	Amount
	(in millions)
Balance, June 30, 2022	388	$	4	197	$	2	$	11,779	$	(2,293)	$	(1,270)	$	8,222	$	921	$	9,143
Net income	—	—		—	—		—		157		—		157		62		219
Other comprehensive loss	—	—		—	—		—		—		(9)		(9)		(14)		(23)
Dividends	—	—		—	—		(116)		—		—		(116)		(58)		(174)
Share repurchases	(8)	—		(4)	—		(194)		—		—		(194)		—		(194)
Other	2	—		—	—		17		—		—		17		(4)		13
Balance, March 31, 2023	382	$	4	193	$	2	$	11,486	$	(2,136)	$	(1,279)	$	8,077	$	907	$	8,984

Stock Repurchases

The Company’s Board of Directors (the “Board of Directors”) has authorized a repurchase program to purchase up to $1 billion in the aggregate of the Company’s outstanding Class A Common Stock and Class B Common Stock (the “Repurchase Program”). The manner, timing, number and share price of any repurchases will be determined by the Company at its discretion and will depend upon such factors as the market price of the stock, general market conditions, applicable securities laws, alternative investment opportunities and other factors. The Repurchase Program has no time limit and may be modified, suspended or discontinued at any time. As of March 31, 2024, the remaining authorized amount under the Repurchase Program was approximately $495 million.

During the three and nine months ended March 31, 2024, the Company repurchased and subsequently retired 0.7 million and 2.5 million shares, respectively, of Class A Common Stock for approximately $18 million and $56 million, respectively, and 0.3 million and 1.1 million shares, respectively, of Class B Common Stock for approximately $9 million and $26 million, respectively. During the three and nine months ended March 31, 2023, the Company repurchased and subsequently retired 0.8 million and 7.7 million shares, respectively, of Class A Common Stock for approximately $14 million and $129 million, respectively, and 0.4 million and 3.9 million shares, respectively, of Class B Common Stock for approximately $6 million and $65 million, respectively.

Dividends

In February 2024, the Board of Directors declared a semi-annual cash dividend of $0.10 per share for Class A Common Stock and Class B Common Stock. The dividend was paid on April 10, 2024 to stockholders of record as of March 13, 2024. The timing, declaration, amount and payment of future dividends to stockholders, if any, is within the discretion of the Board of Directors. The Board of Directors’ decisions regarding the payment of future dividends will depend on many factors, including the Company’s financial condition, earnings, capital requirements and debt facility covenants, other contractual restrictions, as well as legal requirements, regulatory constraints, industry practice, market volatility and other factors that the Board of Directors deems relevant.

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Financial Instruments and Fair Value Measurements

9 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

NOTE 7. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

In accordance with ASC 820, Fair Value Measurements (“ASC 820”) fair value measurements are required to be disclosed using a three-tiered fair value hierarchy which distinguishes market participant assumptions into the following categories: 

•Level 1 — Quoted prices in active markets for identical assets or liabilities.

•Level 2 — Observable inputs other than quoted prices included in Level 1. The Company could value assets and liabilities included in this level using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data.

•Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. For the Company, this primarily includes the use of forecasted financial information and other valuation related assumptions such as discount rates and long term growth rates in the income approach as well as the market approach which utilizes certain market and transaction multiples.

Under ASC 820, certain assets and liabilities are required to be remeasured to fair value at the end of each reporting period.

The following table summarizes those assets and liabilities measured at fair value on a recurring basis:

	As of March 31, 2024								As of June 30, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Interest rate derivatives - cash flow hedges	$	—	$	29	$	—	$	29	$	—	$	41	$	—	$	41
Foreign currency derivatives - cash flow hedges	—		1		—		1		—		2		—		2
Cross-currency interest rate derivatives - fair value hedges	—		—		—		—		—		9		—		9
Cross-currency interest rate derivatives(a)	—		—		—		—		—		37		—		37
Equity and other securities	93		—		132		225		105		—		130		235
Total assets	$	93	$	30	$	132	$	255	$	105	$	89	$	130	$	324
Liabilities:
Interest rate derivatives - cash flow hedges	$	—	$	(4)	$	—	$	(4)	$	—	$	—	$	—	$	—
Cross-currency interest rate derivatives - fair value hedges	—		—		—		—		—		(1)		—		(1)
Cross-currency interest rate derivatives - cash flow hedges	—		(1)		—		(1)		—		—		—		—
Cross-currency interest rate derivatives(a)	—		—		—		—		—		(2)		—		(2)
Total liabilities	$	—	$	(5)	$	—	$	(5)	$	—	$	(3)	$	—	$	(3)

(a)    These cross-currency interest rate derivatives were initially designated as cash flow hedges. Hedge accounting for these derivatives was discontinued as of December 31, 2020.

Equity and other securities

The fair values of equity and other securities with quoted prices in active markets are determined based on the closing price at the end of each reporting period. These securities are classified as Level 1 in the fair value hierarchy outlined above. The fair values of equity and other securities without readily determinable fair market values are determined based on 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. These securities are classified as Level 3 in the fair value hierarchy outlined above.

A rollforward of the Company’s equity and other securities classified as Level 3 is as follows:

	For the nine months ended March 31,
	2024		2023
	(in millions)
Balance - beginning of period	$	130	$	103
Additions(a)	4		31
Sales	—		(2)
Returns of capital	(4)		(5)
Measurement adjustments	—		1
Foreign exchange and other	2		2
Balance - end of period	$	132	$	130

(a)    The additions for the nine months ended March 31, 2023 primarily relate to Dow Jones’ investment in an artificial intelligence-focused data analytics company.

Derivative Instruments

The Company is directly and indirectly affected by risks associated with changes in certain market conditions. When deemed appropriate, the Company uses derivative instruments to mitigate the potential impact of these market risks. The primary market risks managed by the Company through the use of derivative instruments include:

•foreign currency exchange rate risk: arising primarily through Foxtel Debt Group borrowings denominated in United States (“U.S.”) dollars, payments for customer premise equipment, certain programming rights, product development costs and inventory purchases; and

•interest rate risk: arising from fixed and floating rate Foxtel Debt Group and News Corporation borrowings.

During the nine months ended March 31, 2024, in connection with the 2024 Foxtel Credit Facility, the Company entered into (i) a cross-currency interest rate swap derivative with a notional amount of $49 million to exchange the U.S. dollar-denominated floating rate interest component of its 2024 Foxtel Credit Facility — Tranche 2 for an Australian dollar-denominated fixed rate of 4.375% and (ii) interest rate swap derivatives with notional amounts totaling A$610 million to exchange the floating rate interest component of the remaining tranches to fixed rates ranging from 4.248% to 4.338%. These cross-currency interest rate swap and interest rate swap derivatives are accounted for as cash flow hedges under ASC 815, Derivatives and Hedging.

During the nine months ended March 31, 2024, the Company settled its hedges and derivatives related to the 2019 Credit facility and the 2012 U.S. private placement - USD portion - tranche 3. A gain of $5 million was recognized in Other, net related to the settlement of cross-currency interest rate swap derivatives for which hedge accounting was previously discontinued, and a gain of $7 million was recognized within Interest expense, net related to the remaining net derivative gains in Accumulated other comprehensive loss.

The Company formally designates qualifying derivatives as hedge relationships and applies hedge accounting when considered appropriate. The Company does not use derivative financial instruments for trading or speculative purposes.

Derivatives are classified as current or non-current in the Balance Sheets based on their maturity dates. Refer to the table below for further details:

	Balance Sheet Classification	As of March 31, 2024		As of June 30, 2023
		(in millions)
Interest rate derivatives - cash flow hedges	Other current assets	$	14	$	21
Foreign currency derivatives - cash flow hedges	Other current assets	1		2
Cross currency interest rate derivatives(a)	Other current assets	—		1
Interest rate derivatives - cash flow hedges	Other non-current assets	15		20
Cross-currency interest rate derivatives - fair value hedges	Other non-current assets	—		9
Cross-currency interest rate derivatives(a)	Other non-current assets	—		36
Cross-currency interest rate derivatives - fair value hedges	Other current liabilities	—		(1)
Cross-currency interest rate derivatives(a)	Other current liabilities	—		(2)
Interest rate derivatives - cash flow hedges	Other non-current liabilities	(4)		—
Cross-currency interest rate derivatives - cash flow hedges	Other non-current liabilities	(1)		—

(a)    These cross-currency interest rate derivatives were initially designated as cash flow hedges. Hedge accounting for these derivatives was discontinued as of December 31, 2020.

Cash flow hedges

The Company utilizes a combination of interest rate derivatives, foreign currency derivatives and cross-currency interest rate derivatives to mitigate currency exchange rate risk and interest rate risk in relation to future interest and principal payments and payments for customer premise equipment, certain programming rights, product development costs and inventory purchases.

The total notional value of interest rate swap derivatives designated for hedging was approximately $488 million and A$610 million as of March 31, 2024 for News Corporation and Foxtel Debt Group borrowings, respectively. The maximum hedged term over which the Company is hedging exposure to variability in interest payments is to July 2027. As of March 31, 2024, the Company estimates that approximately $14 million of net derivative gains related to its interest rate swap derivative cash flow hedges included in Accumulated other comprehensive loss will be reclassified into the Statements of Operations within the next twelve months.

The total notional value of foreign currency contract derivatives designated for hedging was $40 million as of March 31, 2024. The maximum hedged term over which the Company is hedging exposure to foreign currency fluctuations is less than one year. As of March 31, 2024, the Company estimates that approximately $1 million of net derivative losses related to its foreign currency contract derivative cash flow hedges included in Accumulated other comprehensive loss will be reclassified into the Statements of Operations within the next twelve months.

The total notional value of cross-currency interest rate swap derivatives designated for hedging was approximately $49 million as of March 31, 2024. The maximum hedged term over which the Company is hedging exposure to variability in interest and principal payments is to July 2027. As of March 31, 2024, the Company estimates that approximately nil of net derivative gains related to its cross-currency interest rate swap derivative cash flow hedges included in Accumulated other comprehensive loss will be reclassified into the Statements of Operations within the next twelve months.

The following tables present the impact that changes in the fair values had on Accumulated other comprehensive loss and the Statements of Operations during the three and nine months ended March 31, 2024 and 2023 for both derivatives designated as cash flow hedges that continue to be highly effective and derivatives initially designated as cash flow hedges but for which hedge accounting was discontinued as of December 31, 2020:

Gains (losses) recognized in Accumulated other comprehensive loss for the three and nine months ended March 31, 2024 and 2023, by derivative instrument:

	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
	(in millions)
Interest rate derivatives - cash flow hedges	$	10	$	(6)	$	3	$	15
Foreign currency derivatives - cash flow hedges	2		—		2		(1)
Cross-currency interest rate derivatives - cash flow hedges	2		—		(1)		—
Total	$	14	$	(6)	$	4	$	14

(Gains) losses reclassified from Accumulated other comprehensive loss into the Statements of Operations for the three and nine months ended March 31, 2024 and 2023, by derivative instrument:

	Income Statement Classification	For the three months ended March 31,				For the nine months ended March 31,
		2024		2023		2024		2023
		(in millions)
Interest rate derivatives - cash flow hedges	Interest expense, net	$	(5)	$	(5)	$	(19)	$	(8)
Foreign currency derivatives - cash flow hedges	Operating expenses	—		1		(2)		1
Cross-currency interest rate derivatives - cash flow hedges	Interest expense, net	(3)		—		—		—
Cross-currency interest rate derivatives(a)	Interest expense, net	—		—		(1)		(1)
Total		$	(8)	$	(4)	$	(22)	$	(8)

(a)    These cross-currency interest rate derivatives were initially designated as cash flow hedges. Hedge accounting for these derivatives was discontinued as of December 31, 2020.

The amounts recognized in Other, net in the Statements of Operations resulting from the changes in fair value of cross-currency interest rate derivatives that were discontinued as cash flow hedges due to hedge ineffectiveness as of December 31, 2020 was a gain of approximately $3 million for the nine months ended March 31, 2024 and a gain of approximately $1 million and $3 million for the three and nine months ended March 31, 2023, respectively.

Other Fair Value Measurements

As of March 31, 2024, the carrying value of the Company’s outstanding borrowings approximates the fair value. The 2022 Senior Notes and the 2021 Senior Notes are classified as Level 2 and the remaining borrowings are classified as Level 3 in the fair value hierarchy.

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Earnings (Loss) Per Share

9 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

NOTE 8. EARNINGS (LOSS) PER SHARE

The following table set forth the computation of basic and diluted earnings (loss) per share under ASC 260, Earnings per Share:

	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
	(in millions, except per share amounts)
Net income	$	42	$	59	$	283	$	219
Net income attributable to noncontrolling interests	(12)		(9)		(67)		(62)
Net income attributable to News Corporation stockholders	$	30	$	50	$	216	$	157
Weighted-average number of shares of common stock outstanding - basic	570.9		575.4		571.7		577.6
Dilutive effect of equity awards	2.7		2.5		2.0		2.0
Weighted-average number of shares of common stock outstanding - diluted	573.6		577.9		573.7		579.6
Net income attributable to News Corporation stockholders per share - basic and diluted	$	0.05	$	0.09	$	0.38	$	0.27

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Commitments and Contingencies

9 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 9. COMMITMENTS AND CONTINGENCIES

Commitments

The Company has commitments under certain firm contractual arrangements to make future payments. These firm commitments secure the current and future rights to various assets and services to be used in the normal course of operations. As a result of entering into the 2024 Foxtel Credit Facility, the 2024 REA Credit Facility and the 2024 Subsidiary Facility during the nine months ended March 31, 2024, the Company has presented its commitments associated with its borrowings and the related interest payments in the table below.

	As of March 31, 2024
	Payments Due by Period
	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
	(in millions)
Borrowings(a)	$	2,891	$	35	$	1,080	$	276	$	1,500
Interest payments on borrowings(b)	645		150		257		142		96

(a)See Note 5—Borrowings.

(b)Reflects the Company’s expected future interest payments based on borrowings outstanding and interest rates applicable at March 31, 2024. Such rates are subject to change in future periods.

The Company’s other commitments as of March 31, 2024 have not changed significantly from the disclosures included in the 2023 Form 10-K.

Contingencies

The Company routinely is involved in various legal proceedings, claims and governmental inspections or investigations, including those discussed below. The outcome of these matters and claims is subject to significant uncertainty, and the Company often cannot predict what the eventual outcome of pending matters will be or the timing of the ultimate resolution of these matters. Fees, expenses, fines, penalties, judgments or settlement costs which might be incurred by the Company in connection with the various proceedings could adversely affect its results of operations and financial condition.

The Company establishes an accrued liability for legal claims when it determines that a loss is probable and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. Legal fees associated with litigation and similar proceedings are expensed as incurred. Except as otherwise provided below, for the contingencies disclosed for which there is at least a reasonable possibility that a loss may be incurred, the Company was unable to estimate the amount of loss or range of loss. The Company recognizes gain contingencies when the gain becomes realized or realizable.

News America Marketing

In May 2020, the Company sold its News America Marketing business. In the transaction, the Company retained certain liabilities, including those arising from the legal proceeding with Insignia Systems, Inc. (“Insignia”). In July 2019, Insignia filed a complaint in the U.S. District Court for the District of Minnesota against News America Marketing FSI L.L.C., News America Marketing In-Store Services L.L.C. and News Corporation alleging violations of federal and state antitrust laws and common law business torts. The complaint sought treble damages, injunctive relief and attorneys’ fees and costs. In July 2022, the parties agreed to settle the litigation and Insignia’s claims were dismissed with prejudice.

HarperCollins

Beginning in February 2021, a number of purported class action complaints have been filed in the U.S. District Court for the Southern District of New York (the “N.Y. District Court”) against Amazon.com, Inc. (“Amazon”) and certain publishers, including the Company’s subsidiary, HarperCollins Publishers, L.L.C. (“HarperCollins” and together with the other publishers, the “Publishers”), alleging violations of antitrust and competition laws. The complaints seek treble damages, injunctive relief and attorneys’ fees and costs. In August 2023, the N.Y. District Court dismissed the complaints in one of the cases with prejudice and in March 2024, the court dismissed the complaint against the Publishers in the remaining case with prejudice. However, the plaintiffs’ time to appeal the N.Y. District Court’s decision to dismiss in the latter case does not expire until the complaint against Amazon in that case has been finally determined. While it is not possible at this time to predict with any degree of certainty the ultimate outcome of these actions, HarperCollins believes it has been compliant with applicable laws and intends to defend itself vigorously.

U.K. Newspaper Matters

Civil claims have been brought against the Company with respect to, among other things, voicemail interception and inappropriate payments to public officials at the Company’s former publication, The News of the World, and at The Sun, and related matters (the “U.K. Newspaper Matters”). The Company has admitted liability in many civil cases and has settled a number of cases. The Company also settled a number of claims through a private compensation scheme which was closed to new claims after April 8, 2013.

In connection with the separation of the Company from Twenty-First Century Fox, Inc. (“21st Century Fox”) on June 28, 2013, the Company and 21st Century Fox agreed in the Separation and Distribution Agreement that 21st Century Fox would indemnify the Company for payments made after such date arising out of civil claims and investigations relating to the U.K. Newspaper Matters as well as legal and professional fees and expenses paid in connection with the previously concluded criminal matters, other than fees, expenses and costs relating to employees (i) who are not directors, officers or certain designated employees or (ii) with respect to civil matters, who are not co-defendants with the Company or 21st Century Fox. 21st Century Fox’s indemnification obligations with respect to these matters are settled on an after-tax basis. In March 2019, as part of the separation of FOX Corporation (“FOX”) from 21st Century Fox, the Company, News Corp Holdings UK & Ireland, 21st Century Fox and FOX entered into a Partial Assignment and Assumption Agreement, pursuant to which, among other things, 21st Century Fox assigned, conveyed and transferred to FOX all of its indemnification obligations with respect to the U.K. Newspaper Matters.

The net expense related to the U.K. Newspaper Matters in Selling, general and administrative was $2 million and $4 million for the three months ended March 31, 2024 and 2023, respectively, and $7 million and $13 million for the nine months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the Company has provided for its best estimate of the liability for the claims that have been filed and costs incurred, including liabilities associated with employment taxes, and has accrued approximately $70 million. The amount to be indemnified by FOX of approximately $71 million was recorded as a receivable in Other current assets on the Balance Sheet as of March 31, 2024. It is not possible to estimate the liability or corresponding receivable for any additional claims that may be filed given the information that is currently available to the Company. If more claims are filed and additional information becomes available, the Company will update the liability provision and corresponding receivable for such matters.

The Company is not able to predict the ultimate outcome or cost of the civil claims. It is possible that these proceedings and any adverse resolution thereof could damage its reputation, impair its ability to conduct its business and adversely affect its results of operations and financial condition.

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Income Taxes

9 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 10. INCOME TAXES

At the end of each interim period, the Company estimates its annual effective tax rate and applies that rate to ordinary quarterly earnings. The tax expense or benefit related to significant, unusual or extraordinary items that will be separately reported or reported net of their related tax effect are individually computed and recognized in the interim period in which those items occur. In addition, the effects of changes in enacted tax laws or rates or tax status are recognized in the interim period in which the change occurs.

For the three months ended March 31, 2024, the Company recorded income tax expense of $22 million on pre-tax income of $64 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses.

For the nine months ended March 31, 2024, the Company recorded income tax expense of $153 million on pre-tax income of $436 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses.

For the three months ended March 31, 2023, the Company recorded income tax expense of $32 million on pre-tax income of $91 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses.

For the nine months ended March 31, 2023, the Company recorded income tax expense of $128 million on pre-tax income of $347 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses.

Management assesses available evidence to determine whether sufficient future taxable income will be generated to permit the use of existing deferred tax assets. Based on management’s assessment of available evidence, it has been determined that it is more likely than not that certain deferred tax assets may not be realized and therefore, a valuation allowance has been established against those tax assets.

The Company’s tax returns are subject to on-going review and examination by various tax authorities. Tax authorities may not agree with the treatment of items reported in the Company’s tax returns, and therefore the outcome of tax reviews and examinations can be unpredictable. The Company is currently undergoing an audit with the Internal Revenue Service for the fiscal year ended June 30, 2018, as well as audits with certain U.S. states and foreign jurisdictions. The Company believes it has appropriately accrued for the expected outcome of uncertain tax matters and believes such liabilities represent a reasonable provision for taxes ultimately expected to be paid. However, the Company may need to accrue additional income tax expense and its liability may need to be adjusted as new information becomes known and as these tax examinations continue to progress, or as settlements or litigations occur.

The Inflation Reduction Act (“IRA”), which was signed into law on August 16, 2022, imposes a 15% corporate minimum tax on corporations with over $1 billion of financial statement income. The Company has evaluated the relevant provisions of IRA along with guidance issued by the U.S. Treasury Department and is not expected to be subject to the corporate minimum tax.

The Organization for Economic Co-operation and Development’s (“OECD”) Inclusive Framework on Base Erosion and Profit Shifting (“BEPS”) has been working to develop an agreement on a two-pillar approach to help address tax challenges arising from taxation of the digital economy. The two-pillar approach seeks to (1) allocate profits to market jurisdictions (“Pillar One”), and (2) ensure multinational enterprises pay a minimum level of tax regardless of where they are headquartered or where they operate (“Pillar Two”).

Pillar One targets multinational groups with global revenue exceeding 20 billion Euros and a profit-to-revenue ratio of more than 10%. Companies subject to Pillar One will be required to allocate their profits and pay taxes to market jurisdictions. Based on the current proposed revenue and profit thresholds, the Company does not expect to be subject to Pillar One taxes.

Pillar Two establishes a global minimum effective tax rate of 15% for multinational groups with annual global revenue exceeding 750 million Euros. On December 15, 2022, European Union Member States unanimously adopted a directive implementing the global minimum tax rules of Pillar Two requiring members to enact the directive into their national laws which are expected to begin going into effect for tax years beginning on or after January 1, 2024. The majority of the EU countries and the U.K. enacted the Pillar Two legislation in 2023. The Company is currently evaluating the potential impact of the Pillar Two global minimum tax proposals on its consolidated financial statements and related disclosures.

The Company paid gross income taxes of $110 million and $114 million during the nine months ended March 31, 2024 and 2023, respectively, and received tax refunds of $9 million and $13 million, respectively.

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Segment Information

9 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

NOTE 11. 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 RealChoiceTM Selling (formerly 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 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, Dow Jones Energy (which includes 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 15 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 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 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 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).

Segment information is summarized as follows:

	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
	(in millions)
Revenues:
Digital Real Estate Services	$	388	$	363	$	1,210	$	1,170
Subscription Video Services	455		477		1,411		1,441
Dow Jones	544		529		1,665		1,607
Book Publishing	506		515		1,581		1,533
News Media	530		563		1,641		1,695
Other	—		—		—		—
Total revenues	$	2,423	$	2,447	$	7,508	$	7,446
Segment EBITDA:
Digital Real Estate Services	$	104	$	102	$	373	$	349
Subscription Video Services	66		68		236		269
Dow Jones	118		109		405		361
Book Publishing	62		61		212		151
News Media	26		34		92		111
Other	(54)		(54)		(159)		(162)
Depreciation and amortization	(192)		(183)		(542)		(536)
Impairment and restructuring charges	(35)		(25)		(86)		(65)
Equity losses of affiliates	(2)		(10)		(5)		(43)
Interest expense, net	(19)		(25)		(67)		(78)
Other, net	(10)		14		(23)		(10)
Income before income tax expense	64		91		436		347
Income tax expense	(22)		(32)		(153)		(128)
Net income	$	42	$	59	$	283	$	219

	As of March 31, 2024		As of June 30, 2023
	(in millions)
Total assets:
Digital Real Estate Services	$	2,942	$	2,942
Subscription Video Services	2,522		2,812
Dow Jones	4,123		4,305
Book Publishing	2,645		2,629
News Media	1,988		2,023
Other(a)	1,908		1,783
Investments	416		427
Total assets	$	16,544	$	16,921

(a)The Other segment primarily includes Cash and cash equivalents.

	As of March 31, 2024		As of June 30, 2023
	(in millions)
Goodwill and intangible assets, net:
Digital Real Estate Services	$	1,785	$	1,779
Subscription Video Services	1,219		1,288
Dow Jones	3,260		3,298
Book Publishing	925		958
News Media	301		306
Total Goodwill and intangible assets, net	$	7,490	$	7,629

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Additional Financial Information

9 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Additional Financial Information

NOTE 12. ADDITIONAL FINANCIAL INFORMATION

Receivables, net

Receivables are presented net of allowances, which reflect the Company’s expected credit losses based on historical experience as well as current and expected economic conditions.

Receivables, net consist of:

	As of March 31, 2024		As of June 30, 2023
	(in millions)
Receivables	$	1,501	$	1,482
Less: allowances	(63)		(57)
Receivables, net	$	1,438	$	1,425

Other Non-Current Assets

The following table sets forth the components of Other non-current assets:

	As of March 31, 2024		As of June 30, 2023
	(in millions)
Royalty advances to authors	$	377	$	376
Retirement benefit assets	143		134
Inventory(a)	251		267
News America Marketing deferred consideration	167		157
Other	392		407
Total Other non-current assets	$	1,330	$	1,341

(a)Primarily consists of the non-current portion of programming rights.

Other Current Liabilities

The following table sets forth the components of Other current liabilities:

	As of March 31, 2024		As of June 30, 2023
	(in millions)
Royalties and commissions payable	$	256	$	206
Current operating lease liabilities	111		112
Allowance for sales returns	138		154
Programming rights payable	136		111
Other	289		370
Total Other current liabilities	$	930	$	953

Other, net

The following table sets forth the components of Other, net:

	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
	(in millions)
Remeasurement of equity securities	$	(1)	$	(2)	$	(11)	$	(16)
Dividends received from equity security investments	1		2		4		6
Gain on remeasurement of previously-held interest	—		—		4		—
Other	(10)		14		(20)		—
Total Other, net	$	(10)	$	14	$	(23)	$	(10)

Supplemental Cash Flow Information

The following table sets forth the Company’s cash paid for interest and taxes:

	For the nine months ended March 31,
	2024		2023
	(in millions)
Cash paid for interest	$	71	$	69
Cash paid for taxes	$	110	$	114

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 30	$ 50	$ 216	$ 157

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Description of Business and Basis of Presentation (Policies)

9 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited consolidated financial statements of the Company, which are referred to herein as the “Consolidated Financial Statements,” have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting only of normal recurring adjustments necessary for a fair presentation have been reflected in these Consolidated Financial Statements. Operating results for the interim period presented are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2024. The preparation of the Company’s Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the Consolidated Financial Statements and accompanying disclosures. Actual results could differ from those estimates.

Intercompany transactions and balances have been eliminated. Equity investments in which the Company exercises significant influence but does not exercise control and is not the primary beneficiary are accounted for using the equity method. Investments in which the Company is not able to exercise significant influence over the investee are measured at fair value, if the fair value is readily determinable. If an investment’s fair value is not readily determinable, the Company will measure the investment at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer.

The consolidated statements of operations are referred to herein as the “Statements of Operations.” The consolidated balance sheets are referred to herein as the “Balance Sheets.” The consolidated statements of cash flows are referred to herein as the “Statements of Cash Flows.”

The accompanying Consolidated Financial Statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2023 as filed with the Securities and Exchange Commission (the “SEC”) on August 15, 2023 (the “2023 Form 10-K”).

The Company’s fiscal year ends on the Sunday closest to June 30. Fiscal 2024 and fiscal 2023 include 52 weeks. All references to the three and nine months ended March 31, 2024 and 2023 relate to the three and nine months ended March 31, 2024 and April 2, 2023, respectively. For convenience purposes, the Company continues to date its Consolidated Financial Statements as of March 31.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendments in ASU 2023-07 expand public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of other segment items and expanded interim disclosures that align with those required annually, among other provisions. ASU 2023-07 requires the amendments to be applied retrospectively and is effective for the Company for annual reporting periods beginning on July 1, 2024 and interim reporting periods beginning on July 1, 2025, with early adoption permitted. The Company is currently evaluating the impact ASU 2023-07 will have on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendments in ASU 2023-09 require disaggregated disclosure of material categories in effective tax rate reconciliations as well as disclosure of income taxes paid by specific domestic and foreign jurisdictions. Additionally, the amendments eliminate certain disclosures currently required under Topic 740. ASU 2023-09 is effective for the Company for annual reporting periods beginning on July 1, 2025, with early adoption permitted. The Company is currently evaluating the impact ASU 2023-09 will have on its consolidated financial statements.

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Revenues (Tables)

9 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Summary of Disaggregated Revenue by Type and Segment

The following tables present the Company’s disaggregated revenues by type and segment for the three and nine months ended March 31, 2024 and 2023:

	For the three months ended March 31, 2024
	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	3	$	398	$	445	$	—	$	275	$	—	$	1,121
Advertising	32		47		86		—		193		—		358
Consumer	—		—		—		484		—		—		484
Real estate	301		—		—		—		—		—		301
Other	52		10		13		22		62		—		159
Total Revenues	$	388	$	455	$	544	$	506	$	530	$	—	$	2,423

	For the three months ended March 31, 2023
	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	3	$	419	$	426	$	—	$	274	$	—	$	1,122
Advertising	35		49		88		—		221		—		393
Consumer	—		—		—		495		—		—		495
Real estate	272		—		—		—		—		—		272
Other	53		9		15		20		68		—		165
Total Revenues	$	363	$	477	$	529	$	515	$	563	$	—	$	2,447

	For the nine months ended March 31, 2024
	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	8	$	1,217	$	1,322	$	—	$	822	$	—	$	3,369
Advertising	99		160		303		—		625		—		1,187
Consumer	—		—		—		1,513		—		—		1,513
Real estate	939		—		—		—		—		—		939
Other	164		34		40		68		194		—		500
Total Revenues	$	1,210	$	1,411	$	1,665	$	1,581	$	1,641	$	—	$	7,508

	For the nine months ended March 31, 2023
	Digital Real Estate Services		Subscription Video Services		Dow Jones		Book Publishing		News Media		Other		Total Revenues
	(in millions)
Revenues:
Circulation and subscription	$	9	$	1,249	$	1,257	$	—	$	803	$	—	$	3,318
Advertising	103		160		313		—		687		—		1,263
Consumer	—		—		—		1,474		—		—		1,474
Real estate	896		—		—		—		—		—		896
Other	162		32		37		59		205		—		495
Total Revenues	$	1,170	$	1,441	$	1,607	$	1,533	$	1,695	$	—	$	7,446

Summary of Changes in the Deferred Revenue Balance

The following table presents changes in the deferred revenue balance for the three and nine months ended March 31, 2024 and 2023:

	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
	(in millions)
Balance, beginning of period	$	510	$	591	$	622	$	604
Deferral of revenue	905		909		2,648		2,699
Recognition of deferred revenue(a)	(855)		(873)		(2,714)		(2,686)
Other	(11)		(4)		(7)		6
Balance, end of period	$	549	$	623	$	549	$	623

(a)For the three and nine months ended March 31, 2024, the Company recognized $211 million and $564 million, respectively, of revenue which was included in the opening deferred revenue balance. For the three and nine months ended March 31, 2023, the Company recognized $340 million and $540 million, respectively, of revenue which was included in the opening deferred revenue balance.

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Impairment and Restructuring Charges (Tables)

9 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Schedule of Changes in Restructuring Program Liabilities

Changes in restructuring program liabilities were as follows:

	For the three months ended March 31,
	2024						2023
	One time employee termination benefits		Other costs		Total		One time employee termination benefits		Other costs		Total
	(in millions)
Balance, beginning of period	$	23	$	39	$	62	$	25	$	41	$	66
Additions	35		—		35		24		1		25
Payments	(25)		(1)		(26)		(21)		(4)		(25)
Other	(1)		—		(1)		(1)		—		(1)
Balance, end of period	$	32	$	38	$	70	$	27	$	38	$	65

	For the nine months ended March 31,
	2024						2023
	One time employee termination benefits		Other costs		Total		One time employee termination benefits		Other costs		Total
	(in millions)
Balance, beginning of period	$	53	$	41	$	94	$	25	$	41	$	66
Additions	61		1		62		60		5		65
Payments	(81)		(4)		(85)		(55)		(8)		(63)
Other	(1)		—		(1)		(3)		—		(3)
Balance, end of period	$	32	$	38	$	70	$	27	$	38	$	65

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Investments (Tables)

9 Months Ended

Mar. 31, 2024

Schedule of Investments [Abstract]

Schedule of Investments

The Company’s investments were comprised of the following:

	Ownership Percentage as of March 31, 2024	As of March 31, 2024		As of June 30, 2023
		(in millions)
Equity method investments(a)	various	$	191	$	192
Equity and other securities(b)	various	225		235
Total Investments		$	416	$	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.

Schedule of Total Gains and Losses on Equity Securities

The components comprising total gains and losses on equity securities are set forth below:

	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
	(in millions)				(in millions)
Total losses recognized on equity securities	$	(1)	$	(2)	$	(11)	$	(16)
Less: Net gains recognized on equity securities sold	—		—		—		2
Unrealized losses recognized on equity securities held at end of period	$	(1)	$	(2)	$	(11)	$	(18)

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Borrowings (Tables)

9 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Borrowings

The Company’s total borrowings consist of the following:

	Interest rate at March 31, 2024		Maturity at March 31, 2024	As of March 31, 2024		As of June 30, 2023
				(in millions)
News Corporation
2022 Term loan A(a)	6.909	%	Mar 31, 2027	$	488	$	497
2022 Senior notes	5.125	%	Feb 15, 2032	493		492
2021 Senior notes	3.875	%	May 15, 2029	990		989
Foxtel Group(b)
2024 Foxtel credit facility — tranche 1(c)(d)	7.24	%	Aug 1, 2026	372		—
2024 Foxtel credit facility — USD portion — tranche 2(e)	8.58	%	Aug 1, 2027	49		—
2024 Foxtel credit facility — tranche 3(d)	7.39	%	Aug 1, 2027	203		—
2017 Working capital facility(c)	7.24	%	Aug 1, 2026	—		—
Telstra facility	12.14	%	Dec 22, 2027	96		100
2019 Credit facility(f)	—	%	May 31, 2024	—		320
2019 Term loan facility(f)	—	%	Nov 22, 2024	—		167
2012 US private placement — USD portion — tranche 3(f)	—	%	Jul 25, 2024	—		149
REA Group(b)
2024 REA credit facility — tranche 1(g)	5.84	%	Sep 15, 2028	—		—
2024 REA credit facility — tranche 2(g)	5.54	%	Sep 16, 2025	130		—
2024 Subsidiary facility(g)	5.79	%	Sep 28, 2025	54		—
2022 Credit facility — tranche 1(f)	—	%	Sep 16, 2024	—		211
2022 Credit facility — tranche 2(f)	—	%	Sep 16, 2025	—		—
Finance Leases
Finance lease liability				25		42
Total borrowings				2,900		2,967
Less: current portion(h)				(56)		(27)
Long-term borrowings				$	2,844	$	2,940

(a)The Company entered into an interest rate swap derivative to fix the floating rate interest component of its Term A Loans at 2.083%. For the three months ended March 31, 2024 the Company was paying interest at an effective interest rate of 3.583%. See Note 7—Financial Instruments and Fair Value Measurements.

(b)These borrowings were incurred by certain subsidiaries of NXE Australia Pty Limited (the “Foxtel Group” and together with such subsidiaries, the “Foxtel Debt Group”) and REA Group and certain of its subsidiaries (REA Group and certain of its subsidiaries, the “REA Debt Group”), consolidated but non wholly-owned subsidiaries of News Corp, and are only guaranteed by the Foxtel Group and REA Group and their respective subsidiaries, as applicable, and are non-recourse to News Corp.

(c)As of March 31, 2024, the Foxtel Debt Group had total undrawn commitments of A$280 million available under these facilities.

(d)The Company entered into A$610 million of interest rate swap derivatives to fix the floating rate interest components of tranche 1 and tranche 3 of its 2024 Foxtel Credit Facility (described below) at approximately 4.30%. For the three months ended March 31, 2024, the Company was paying interest at an effective interest rate of 7.19% and 7.30% for tranche 1 and tranche 3, respectively. See Note 7—Financial Instruments and Fair Value Measurements.

(e)The Company entered into a cross-currency interest rate swap derivative to fix the floating rate interest component of tranche 2 of its 2024 Foxtel Credit Facility at 4.38%. For the three months ended March 31, 2024, the Company was paying interest at an effective interest rate of 7.64%. See Note 7—Financial Instruments and Fair Value Measurements.

(f)These borrowings were repaid during the nine months ended March 31, 2024 using proceeds from the 2024 Foxtel Credit Facility and 2024 REA Credit Facility (described below), as applicable.

(g)As of March 31, 2024, REA Group had total undrawn commitments of A$400 million available under these facilities.

(h)The Company classifies the current portion of long term debt as non-current liabilities on the Balance Sheets when it has the intent and ability to refinance the obligation on a long-term basis, in accordance with ASC 470-50, Debt. $24 million and $27 million relates to the current portion of finance lease liabilities as of March 31, 2024 and June 30, 2023, respectively, with the remainder as of March 31, 2024 consisting of required principal repayments on the 2022 Term Loan A and 2024 Foxtel Credit Facility — tranches 2 and 3.

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Equity (Tables)

9 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Summary of Changes in Equity

The following tables summarize changes in equity for the three and nine months ended March 31, 2024 and 2023:

	For the three months ended March 31, 2024
	Class A Common Stock			Class B Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total News Corp Equity		Non-controlling Interests		Total Equity
	Shares	Amount		Shares	Amount
	(in millions)
Balance, December 31, 2023	380	$	4	191	$	2	$	11,334	$	(1,958)	$	(1,200)	$	8,182	$	920	$	9,102
Net income	—	—		—	—		—		30		—		30		12		42
Other comprehensive loss	—	—		—	—		—		—		(92)		(92)		(39)		(131)
Dividends	—	—		—	—		(57)		—		—		(57)		(29)		(86)
Share repurchases	(1)	—		(1)	—		(22)		(5)		—		(27)		—		(27)
Other	1	—		1	—		15		—		—		15		(7)		8
Balance, March 31, 2024	380	$	4	191	$	2	$	11,270	$	(1,933)	$	(1,292)	$	8,051	$	857	$	8,908

	For the three months ended March 31, 2023
	Class A Common Stock			Class B Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total News Corp Equity		Non-controlling Interests		Total Equity
	Shares	Amount		Shares	Amount
	(in millions)
Balance, December 31, 2022	382	$	4	193	$	2	$	11,550	$	(2,186)	$	(1,255)	$	8,115	$	941	$	9,056
Net income	—	—		—	—		—		50		—		50		9		59
Other comprehensive loss	—	—		—	—		—		—		(24)		(24)		(17)		(41)
Dividends	—	—		—	—		(58)		—		—		(58)		(27)		(85)
Share repurchases	(1)	—		—	—		(20)		—		—		(20)		—		(20)
Other	1	—		—	—		14		—		—		14		1		15
Balance, March 31, 2023	382	$	4	193	$	2	$	11,486	$	(2,136)	$	(1,279)	$	8,077	$	907	$	8,984

	For the nine months ended March 31, 2024
	Class A Common Stock			Class B Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total News Corp Equity		Non-controlling Interests		Total Equity
	Shares	Amount		Shares	Amount
	(in millions)
Balance, June 30, 2023	380	$	4	192	$	2	$	11,449	$	(2,144)	$	(1,247)	$	8,064	$	881	$	8,945
Net income	—	—		—	—		—		216		—		216		67		283
Other comprehensive loss	—	—		—	—		—		—		(45)		(45)		(21)		(66)
Dividends	—	—		—	—		(114)		—		—		(114)		(57)		(171)
Share repurchases	(3)	—		(1)	—		(77)		(5)		—		(82)		—		(82)
Other	3	—		—	—		12		—		—		12		(13)		(1)
Balance, March 31, 2024	380	$	4	191	$	2	$	11,270	$	(1,933)	$	(1,292)	$	8,051	$	857	$	8,908

	For the nine months ended March 31, 2023
	Class A Common Stock			Class B Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total News Corp Equity		Non-controlling Interests		Total Equity
	Shares	Amount		Shares	Amount
	(in millions)
Balance, June 30, 2022	388	$	4	197	$	2	$	11,779	$	(2,293)	$	(1,270)	$	8,222	$	921	$	9,143
Net income	—	—		—	—		—		157		—		157		62		219
Other comprehensive loss	—	—		—	—		—		—		(9)		(9)		(14)		(23)
Dividends	—	—		—	—		(116)		—		—		(116)		(58)		(174)
Share repurchases	(8)	—		(4)	—		(194)		—		—		(194)		—		(194)
Other	2	—		—	—		17		—		—		17		(4)		13
Balance, March 31, 2023	382	$	4	193	$	2	$	11,486	$	(2,136)	$	(1,279)	$	8,077	$	907	$	8,984

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Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes those assets and liabilities measured at fair value on a recurring basis:

	As of March 31, 2024								As of June 30, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Interest rate derivatives - cash flow hedges	$	—	$	29	$	—	$	29	$	—	$	41	$	—	$	41
Foreign currency derivatives - cash flow hedges	—		1		—		1		—		2		—		2
Cross-currency interest rate derivatives - fair value hedges	—		—		—		—		—		9		—		9
Cross-currency interest rate derivatives(a)	—		—		—		—		—		37		—		37
Equity and other securities	93		—		132		225		105		—		130		235
Total assets	$	93	$	30	$	132	$	255	$	105	$	89	$	130	$	324
Liabilities:
Interest rate derivatives - cash flow hedges	$	—	$	(4)	$	—	$	(4)	$	—	$	—	$	—	$	—
Cross-currency interest rate derivatives - fair value hedges	—		—		—		—		—		(1)		—		(1)
Cross-currency interest rate derivatives - cash flow hedges	—		(1)		—		(1)		—		—		—		—
Cross-currency interest rate derivatives(a)	—		—		—		—		—		(2)		—		(2)
Total liabilities	$	—	$	(5)	$	—	$	(5)	$	—	$	(3)	$	—	$	(3)

(a)    These cross-currency interest rate derivatives were initially designated as cash flow hedges. Hedge accounting for these derivatives was discontinued as of December 31, 2020.

Summary of Equity and Other Securities Classified as Level 3

A rollforward of the Company’s equity and other securities classified as Level 3 is as follows:

	For the nine months ended March 31,
	2024		2023
	(in millions)
Balance - beginning of period	$	130	$	103
Additions(a)	4		31
Sales	—		(2)
Returns of capital	(4)		(5)
Measurement adjustments	—		1
Foreign exchange and other	2		2
Balance - end of period	$	132	$	130

(a)    The additions for the nine months ended March 31, 2023 primarily relate to Dow Jones’ investment in an artificial intelligence-focused data analytics company.

Summary of Hedges Classified as Current or Non-current in Balance Sheets Based on Maturity Dates

Derivatives are classified as current or non-current in the Balance Sheets based on their maturity dates. Refer to the table below for further details:

	Balance Sheet Classification	As of March 31, 2024		As of June 30, 2023
		(in millions)
Interest rate derivatives - cash flow hedges	Other current assets	$	14	$	21
Foreign currency derivatives - cash flow hedges	Other current assets	1		2
Cross currency interest rate derivatives(a)	Other current assets	—		1
Interest rate derivatives - cash flow hedges	Other non-current assets	15		20
Cross-currency interest rate derivatives - fair value hedges	Other non-current assets	—		9
Cross-currency interest rate derivatives(a)	Other non-current assets	—		36
Cross-currency interest rate derivatives - fair value hedges	Other current liabilities	—		(1)
Cross-currency interest rate derivatives(a)	Other current liabilities	—		(2)
Interest rate derivatives - cash flow hedges	Other non-current liabilities	(4)		—
Cross-currency interest rate derivatives - cash flow hedges	Other non-current liabilities	(1)		—

(a)    These cross-currency interest rate derivatives were initially designated as cash flow hedges. Hedge accounting for these derivatives was discontinued as of December 31, 2020.

Summary of Derivative Instruments Designated as Cash Flow Hedges

The following tables present the impact that changes in the fair values had on Accumulated other comprehensive loss and the Statements of Operations during the three and nine months ended March 31, 2024 and 2023 for both derivatives designated as cash flow hedges that continue to be highly effective and derivatives initially designated as cash flow hedges but for which hedge accounting was discontinued as of December 31, 2020:

Gains (losses) recognized in Accumulated other comprehensive loss for the three and nine months ended March 31, 2024 and 2023, by derivative instrument:

	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
	(in millions)
Interest rate derivatives - cash flow hedges	$	10	$	(6)	$	3	$	15
Foreign currency derivatives - cash flow hedges	2		—		2		(1)
Cross-currency interest rate derivatives - cash flow hedges	2		—		(1)		—
Total	$	14	$	(6)	$	4	$	14

(Gains) losses reclassified from Accumulated other comprehensive loss into the Statements of Operations for the three and nine months ended March 31, 2024 and 2023, by derivative instrument:

	Income Statement Classification	For the three months ended March 31,				For the nine months ended March 31,
		2024		2023		2024		2023
		(in millions)
Interest rate derivatives - cash flow hedges	Interest expense, net	$	(5)	$	(5)	$	(19)	$	(8)
Foreign currency derivatives - cash flow hedges	Operating expenses	—		1		(2)		1
Cross-currency interest rate derivatives - cash flow hedges	Interest expense, net	(3)		—		—		—
Cross-currency interest rate derivatives(a)	Interest expense, net	—		—		(1)		(1)
Total		$	(8)	$	(4)	$	(22)	$	(8)

(a)    These cross-currency interest rate derivatives were initially designated as cash flow hedges. Hedge accounting for these derivatives was discontinued as of December 31, 2020.

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Earnings (Loss) Per Share (Tables)

9 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings (Loss) Per Share

The following table set forth the computation of basic and diluted earnings (loss) per share under ASC 260, Earnings per Share:

	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
	(in millions, except per share amounts)
Net income	$	42	$	59	$	283	$	219
Net income attributable to noncontrolling interests	(12)		(9)		(67)		(62)
Net income attributable to News Corporation stockholders	$	30	$	50	$	216	$	157
Weighted-average number of shares of common stock outstanding - basic	570.9		575.4		571.7		577.6
Dilutive effect of equity awards	2.7		2.5		2.0		2.0
Weighted-average number of shares of common stock outstanding - diluted	573.6		577.9		573.7		579.6
Net income attributable to News Corporation stockholders per share - basic and diluted	$	0.05	$	0.09	$	0.38	$	0.27

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Commitments and Contingencies (Tables)

9 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Commitments by Fiscal Year Maturity

As a result of entering into the 2024 Foxtel Credit Facility, the 2024 REA Credit Facility and the 2024 Subsidiary Facility during the nine months ended March 31, 2024, the Company has presented its commitments associated with its borrowings and the related interest payments in the table below.

	As of March 31, 2024
	Payments Due by Period
	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
	(in millions)
Borrowings(a)	$	2,891	$	35	$	1,080	$	276	$	1,500
Interest payments on borrowings(b)	645		150		257		142		96

(a)See Note 5—Borrowings.

(b)Reflects the Company’s expected future interest payments based on borrowings outstanding and interest rates applicable at March 31, 2024. Such rates are subject to change in future periods.

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Segment Information (Tables)

9 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Reconciliation of Revenue and Segment EBITDA from Segments to Consolidated

Segment information is summarized as follows:

	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
	(in millions)
Revenues:
Digital Real Estate Services	$	388	$	363	$	1,210	$	1,170
Subscription Video Services	455		477		1,411		1,441
Dow Jones	544		529		1,665		1,607
Book Publishing	506		515		1,581		1,533
News Media	530		563		1,641		1,695
Other	—		—		—		—
Total revenues	$	2,423	$	2,447	$	7,508	$	7,446
Segment EBITDA:
Digital Real Estate Services	$	104	$	102	$	373	$	349
Subscription Video Services	66		68		236		269
Dow Jones	118		109		405		361
Book Publishing	62		61		212		151
News Media	26		34		92		111
Other	(54)		(54)		(159)		(162)
Depreciation and amortization	(192)		(183)		(542)		(536)
Impairment and restructuring charges	(35)		(25)		(86)		(65)
Equity losses of affiliates	(2)		(10)		(5)		(43)
Interest expense, net	(19)		(25)		(67)		(78)
Other, net	(10)		14		(23)		(10)
Income before income tax expense	64		91		436		347
Income tax expense	(22)		(32)		(153)		(128)
Net income	$	42	$	59	$	283	$	219

Schedule of Reconciliation of Assets from Segments to Consolidated

	As of March 31, 2024		As of June 30, 2023
	(in millions)
Total assets:
Digital Real Estate Services	$	2,942	$	2,942
Subscription Video Services	2,522		2,812
Dow Jones	4,123		4,305
Book Publishing	2,645		2,629
News Media	1,988		2,023
Other(a)	1,908		1,783
Investments	416		427
Total assets	$	16,544	$	16,921

(a)The Other segment primarily includes Cash and cash equivalents.

Schedule of Reconciliation of Goodwill and Intangible Assets from Segments to Consolidated

	As of March 31, 2024		As of June 30, 2023
	(in millions)
Goodwill and intangible assets, net:
Digital Real Estate Services	$	1,785	$	1,779
Subscription Video Services	1,219		1,288
Dow Jones	3,260		3,298
Book Publishing	925		958
News Media	301		306
Total Goodwill and intangible assets, net	$	7,490	$	7,629

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Additional Financial Information (Tables)

9 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Receivables, Net

Receivables, net consist of:

	As of March 31, 2024		As of June 30, 2023
	(in millions)
Receivables	$	1,501	$	1,482
Less: allowances	(63)		(57)
Receivables, net	$	1,438	$	1,425

Schedule of Other Non-current Assets

The following table sets forth the components of Other non-current assets:

	As of March 31, 2024		As of June 30, 2023
	(in millions)
Royalty advances to authors	$	377	$	376
Retirement benefit assets	143		134
Inventory(a)	251		267
News America Marketing deferred consideration	167		157
Other	392		407
Total Other non-current assets	$	1,330	$	1,341

(a)Primarily consists of the non-current portion of programming rights.

Schedule of Other Current Liabilities

The following table sets forth the components of Other current liabilities:

	As of March 31, 2024		As of June 30, 2023
	(in millions)
Royalties and commissions payable	$	256	$	206
Current operating lease liabilities	111		112
Allowance for sales returns	138		154
Programming rights payable	136		111
Other	289		370
Total Other current liabilities	$	930	$	953

Schedule of Other, Net

The following table sets forth the components of Other, net:

	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
	(in millions)
Remeasurement of equity securities	$	(1)	$	(2)	$	(11)	$	(16)
Dividends received from equity security investments	1		2		4		6
Gain on remeasurement of previously-held interest	—		—		4		—
Other	(10)		14		(20)		—
Total Other, net	$	(10)	$	14	$	(23)	$	(10)

Schedule of Supplemental Cash Flow Information

The following table sets forth the Company’s cash paid for interest and taxes:

	For the nine months ended March 31,
	2024		2023
	(in millions)
Cash paid for interest	$	71	$	69
Cash paid for taxes	$	110	$	114

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Revenues - Summary of Disaggregated Revenue by Type and by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 2,423	$ 2,447	$ 7,508	$ 7,446
Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	1,121	1,122	3,369	3,318
Advertising
Disaggregation of Revenue [Line Items]
Revenues	358	393	1,187	1,263
Consumer
Disaggregation of Revenue [Line Items]
Revenues	484	495	1,513	1,474
Real estate
Disaggregation of Revenue [Line Items]
Revenues	301	272	939	896
Other
Disaggregation of Revenue [Line Items]
Revenues	159	165	500	495
Digital Real Estate Services
Disaggregation of Revenue [Line Items]
Revenues	388	363	1,210	1,170
Digital Real Estate Services | Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	3	3	8	9
Digital Real Estate Services | Advertising
Disaggregation of Revenue [Line Items]
Revenues	32	35	99	103
Digital Real Estate Services | Consumer
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Digital Real Estate Services | Real estate
Disaggregation of Revenue [Line Items]
Revenues	301	272	939	896
Digital Real Estate Services | Other
Disaggregation of Revenue [Line Items]
Revenues	52	53	164	162
Subscription Video Services
Disaggregation of Revenue [Line Items]
Revenues	455	477	1,411	1,441
Subscription Video Services | Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	398	419	1,217	1,249
Subscription Video Services | Advertising
Disaggregation of Revenue [Line Items]
Revenues	47	49	160	160
Subscription Video Services | Consumer
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Subscription Video Services | Real estate
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Subscription Video Services | Other
Disaggregation of Revenue [Line Items]
Revenues	10	9	34	32
Dow Jones
Disaggregation of Revenue [Line Items]
Revenues	544	529	1,665	1,607
Dow Jones | Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	445	426	1,322	1,257
Dow Jones | Advertising
Disaggregation of Revenue [Line Items]
Revenues	86	88	303	313
Dow Jones | Consumer
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Dow Jones | Real estate
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Dow Jones | Other
Disaggregation of Revenue [Line Items]
Revenues	13	15	40	37
Book Publishing
Disaggregation of Revenue [Line Items]
Revenues	506	515	1,581	1,533
Book Publishing | Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Book Publishing | Advertising
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Book Publishing | Consumer
Disaggregation of Revenue [Line Items]
Revenues	484	495	1,513	1,474
Book Publishing | Real estate
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Book Publishing | Other
Disaggregation of Revenue [Line Items]
Revenues	22	20	68	59
News Media
Disaggregation of Revenue [Line Items]
Revenues	530	563	1,641	1,695
News Media | Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	275	274	822	803
News Media | Advertising
Disaggregation of Revenue [Line Items]
Revenues	193	221	625	687
News Media | Consumer
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
News Media | Real estate
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
News Media | Other
Disaggregation of Revenue [Line Items]
Revenues	62	68	194	205
Other
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Other | Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Other | Advertising
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Other | Consumer
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Other | Real estate
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Other | Other
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 0	$ 0	$ 0

XML

Revenues - Summary of Changes in the Deferred Revenue Balance (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Contract with Customer, Liability [Roll Forward]
Balance, beginning of period	$ 510	$ 591	$ 622	$ 604
Deferral of revenue	905	909	2,648	2,699
Recognition of deferred revenue	(855)	(873)	(2,714)	(2,686)
Other	(11)	(4)	(7)	6
Balance, end of period	549	623	549	623
Deferred Revenue
Contract with Customer, Liability [Roll Forward]
Deferred revenue recognized	$ 211	$ 340	$ 564	$ 540

XML

Revenues - Additional Information (Details) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation satisfied in previous period	$ 116	$ 326
Remaining unsatisfied performance obligations	1,174	1,174
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 137	$ 137
Expected timing of satisfaction	3 months	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 405	$ 405
Expected timing of satisfaction	1 year	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 233	$ 233
Expected timing of satisfaction	1 year	1 year

XML

Impairment and Restructuring Charges - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Impairment charges			$ 24	$ 0
Additions	$ 35	$ 25	62	$ 65
News Media
Restructuring Cost and Reserve [Line Items]
Impairment charges			22
Other Current Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring liabilities, current	43		43
Other Noncurrent Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring liabilities, non-current	$ 27		$ 27

XML

Impairment and Restructuring Charges - Schedule of Changes in Restructuring Program Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Restructuring Reserve [Roll Forward]
Balance, beginning of period	$ 62	$ 66	$ 94	$ 66
Additions	35	25	62	65
Payments	(26)	(25)	(85)	(63)
Other	(1)	(1)	(1)	(3)
Balance, end of period	70	65	70	65
One time employee termination benefits
Restructuring Reserve [Roll Forward]
Balance, beginning of period	23	25	53	25
Additions	35	24	61	60
Payments	(25)	(21)	(81)	(55)
Other	(1)	(1)	(1)	(3)
Balance, end of period	32	27	32	27
Other costs
Restructuring Reserve [Roll Forward]
Balance, beginning of period	39	41	41	41
Additions	0	1	1	5
Payments	(1)	(4)	(4)	(8)
Other	0	0	0	0
Balance, end of period	$ 38	$ 38	$ 38	$ 38

XML

Investments - Schedule of Investments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jun. 30, 2023
Schedule of Investments [Abstract]
Equity method investments	$ 191	$ 192
Equity and other securities	225	235
Total Investments	$ 416	$ 427

XML

Investments - Schedule of Total Gains and Losses on Equity Securities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Schedule of Investments [Abstract]
Total losses recognized on equity securities	$ (1)	$ (2)	$ (11)	$ (16)
Less: Net gains recognized on equity securities sold	0	0	0	2
Unrealized losses recognized on equity securities held at end of period	$ (1)	$ (2)	$ (11)	$ (18)

XML

Investments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Schedule of Investments [Abstract]
Equity losses of affiliates	$ 2	$ 10	$ 5	$ 43

XML

Borrowings - Schedule of Borrowings (Details) $ in Millions, $ in Millions	Mar. 31, 2024 USD ($)	Mar. 31, 2024 AUD ($)	Jun. 30, 2023 USD ($)
Debt and Financial Instruments [Line Items]
Total borrowings	$ 2,900		$ 2,967
Finance lease liability	25		42
Less: current portion	(56)		(27)
Long-term borrowings	2,844		2,940
Finance lease liabilities, current	$ 24		27
Foxtel | Interest Rate Swap | Cash Flow Hedging
Debt and Financial Instruments [Line Items]
Derivative asset, notional amount		$ 610
2022 Term loan A | News Corporation Borrowings
Debt and Financial Instruments [Line Items]
Interest rate	6.909%	6.909%
Total borrowings	$ 488		497
Fixed interest rate of derivative	2.083%	2.083%
Effective interest rate	3.583%	3.583%
2022 Senior notes | News Corporation Borrowings
Debt and Financial Instruments [Line Items]
Interest rate	5.125%	5.125%
Total borrowings	$ 493		492
2021 Senior notes | News Corporation Borrowings
Debt and Financial Instruments [Line Items]
Interest rate	3.875%	3.875%
Total borrowings	$ 990		989
2024 Foxtel credit facility — tranche 1 | Foxtel
Debt and Financial Instruments [Line Items]
Interest rate	7.24%	7.24%
Total borrowings	$ 372		0
2024 Foxtel credit facility — tranche 1 | News Corporation Borrowings
Debt and Financial Instruments [Line Items]
Fixed interest rate of derivative	4.30%	4.30%
Effective interest rate	7.19%	7.19%
2024 Foxtel credit facility — USD portion — tranche 2 | Foxtel
Debt and Financial Instruments [Line Items]
Interest rate	8.58%	8.58%
Total borrowings	$ 49		0
2024 Foxtel credit facility — USD portion — tranche 2 | News Corporation Borrowings
Debt and Financial Instruments [Line Items]
Fixed interest rate of derivative	4.38%	4.38%
Effective interest rate	7.64%	7.64%
2024 Foxtel credit facility — tranche 3 | Foxtel
Debt and Financial Instruments [Line Items]
Interest rate	7.39%	7.39%
Total borrowings	$ 203		0
2024 Foxtel credit facility — tranche 3 | News Corporation Borrowings
Debt and Financial Instruments [Line Items]
Fixed interest rate of derivative	4.30%	4.30%
Effective interest rate	7.30%	7.30%
2017 Working capital facility | Foxtel | Unsecured Revolving Credit Facility
Debt and Financial Instruments [Line Items]
Debt instrument unused borrowing capacity		$ 280
2017 Working capital facility | New Foxtel
Debt and Financial Instruments [Line Items]
Interest rate	7.24%	7.24%
Total borrowings	$ 0		0
Telstra facility | Foxtel
Debt and Financial Instruments [Line Items]
Interest rate	12.14%	12.14%
Total borrowings	$ 96		100
2019 Credit facility | Foxtel
Debt and Financial Instruments [Line Items]
Interest rate	0.00%	0.00%
Total borrowings	$ 0		320
2019 Term loan facility | Foxtel
Debt and Financial Instruments [Line Items]
Interest rate	0.00%	0.00%
Total borrowings	$ 0		167
2012 US private placement — USD portion — tranche 3 | New Foxtel
Debt and Financial Instruments [Line Items]
Interest rate	0.00%	0.00%
Total borrowings	$ 0		149
2024 REA credit facility — tranche 1 | REA Group
Debt and Financial Instruments [Line Items]
Interest rate	5.84%	5.84%
Total borrowings	$ 0		0
2024 REA credit facility — tranche 2 | REA Group
Debt and Financial Instruments [Line Items]
Interest rate	5.54%	5.54%
Total borrowings	$ 130		0
2024 Subsidiary facility | REA Group
Debt and Financial Instruments [Line Items]
Interest rate	5.79%	5.79%
Total borrowings	$ 54		0
Debt instrument unused borrowing capacity		$ 400
2022 Credit facility — tranche 1 | REA Group
Debt and Financial Instruments [Line Items]
Interest rate	0.00%	0.00%
Total borrowings	$ 0		211
2022 Credit facility — tranche 2 | REA Group
Debt and Financial Instruments [Line Items]
Interest rate	0.00%	0.00%
Total borrowings	$ 0		$ 0

XML

Borrowings - Additional Information (Details)	9 Months Ended
	Mar. 31, 2024 AUD ($) facility	Mar. 31, 2024 USD ($) facility
Foxtel Group Debt Refinancing
Debt Instrument [Line Items]
Debt instrument covenant earning before interest tax depreciation and amortization	3.25
Debt instrument covenant interest coverage ratio	3.5
Line of Credit | Foxtel Group Debt Refinancing
Debt Instrument [Line Items]
Line of credit, number of sub-facilities | facility	3	3
Line of Credit | Foxtel Group Debt Refinancing | Credit Facility Fiscal Two Thousand And Nineteen
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	$ 250,000,000
Line of Credit | Foxtel Group Debt Refinancing | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	1,200,000,000
Credit Facility Fiscal Two Thousand And Nineteen | Line of Credit | Foxtel Group Debt Refinancing
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	610,000,000
Credit Facility Fiscal 2024 Tranche One | Line of Credit | Foxtel Group Debt Refinancing
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	$ 817,500,000
Debt instrument term	3 years
Unused capacity commitment fee percentage	45.00%
Credit Facility Fiscal 2024 Tranche One | Line of Credit | Foxtel Group Debt Refinancing | Minimum | Australian BBSY Plus
Debt Instrument [Line Items]
Interest rate range	2.35%
Credit Facility Fiscal 2024 Tranche One | Line of Credit | Foxtel Group Debt Refinancing | Maximum | Australian BBSY Plus
Debt Instrument [Line Items]
Interest rate range	3.60%
Credit Facility Fiscal 2024 Tranche Two | Line of Credit | Foxtel Group Debt Refinancing
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		$ 48,700,000
Debt instrument term	4 years
Annual amortization amount, period one	$ 35,000,000
Annual amortization amount, period two	$ 40,000,000
Credit Facility Fiscal 2024 Tranche Two | Line of Credit | Foxtel Group Debt Refinancing | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Interest rate range	2.50%
Credit Facility Fiscal 2024 Tranche Two | Line of Credit | Foxtel Group Debt Refinancing | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Interest rate range	3.75%
Credit Facility Fiscal 2024 Tranche Three | Line of Credit | Foxtel Group Debt Refinancing
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	$ 311,000,000
Debt instrument term	4 years
Annual amortization amount, period one	$ 35,000,000
Annual amortization amount, period two	$ 40,000,000
Credit Facility Fiscal 2024 Tranche Three | Line of Credit | Foxtel Group Debt Refinancing | Minimum | Australian BBSY Plus
Debt Instrument [Line Items]
Interest rate range	2.50%
Credit Facility Fiscal 2024 Tranche Three | Line of Credit | Foxtel Group Debt Refinancing | Maximum | Australian BBSY Plus
Debt Instrument [Line Items]
Interest rate range	3.75%
2024 REA credit facility — tranche 1 | REA Group Debt
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	$ 400,000,000
Debt instrument term	5 years
2024 REA credit facility — tranche 1 | REA Group Debt | Minimum | Australian BBSY Plus
Debt Instrument [Line Items]
Interest rate range	1.45%
2024 REA credit facility — tranche 1 | REA Group Debt | Maximum | Australian BBSY Plus
Debt Instrument [Line Items]
Interest rate range	2.35%
2024 REA credit facility — tranche 2 | REA Group Debt
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	$ 200,000,000
2024 REA credit facility — tranche 2 | REA Group Debt | Minimum | Australian BBSY Plus
Debt Instrument [Line Items]
Interest rate range	1.15%
2024 REA credit facility — tranche 2 | REA Group Debt | Maximum | Australian BBSY Plus
Debt Instrument [Line Items]
Interest rate range	2.25%
2024 REA Credit Facility
Debt Instrument [Line Items]
Unused capacity commitment fee percentage	40.00%
2024 REA Credit Facility | REA Group Debt
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	$ 500,000,000
Line of credit, number of sub-facilities | facility	2	2
Operating income leverage ratio	3.5
Interest coverage ratio	3.0
2024 REA Credit Facility | Subsidiary Financing
Debt Instrument [Line Items]
Unused capacity commitment fee percentage	40.00%
Purchase price	$ 83,000,000
2024 REA Credit Facility | Subsidiary Financing | Australian BBSY Plus
Debt Instrument [Line Items]
Interest rate range	1.40%

XML

Equity - Summary of Changes in Equity (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 9,102	$ 9,056	$ 8,945	$ 9,143
Net income	42	59	283	219
Other comprehensive loss	(131)	(41)	(66)	(23)
Dividends	(86)	(85)	(171)	(174)
Share repurchases	(27)	(20)	(82)	(194)
Other	8	15	(1)	13
Ending balance	$ 8,908	$ 8,984	$ 8,908	$ 8,984
Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			379,945,907
Share repurchases (in shares)	(700,000)	(800,000)	(2,500,000)	(7,700,000)
Ending balance (in shares)	379,582,130		379,582,130
Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			192,013,909
Share repurchases (in shares)	(300,000)	(400,000)	(1,100,000)	(3,900,000)
Ending balance (in shares)	190,867,055		190,867,055
Total News Corp Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 8,182	$ 8,115	$ 8,064	$ 8,222
Net income	30	50	216	157
Other comprehensive loss	(92)	(24)	(45)	(9)
Dividends	(57)	(58)	(114)	(116)
Share repurchases	(27)	(20)	(82)	(194)
Other	15	14	12	17
Ending balance	$ 8,051	$ 8,077	$ 8,051	$ 8,077
Common Stock | Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	380,000,000	382,000,000	380,000,000	388,000,000
Beginning balance	$ 4	$ 4	$ 4	$ 4
Share repurchases (in shares)	(1,000,000)	(1,000,000)	(3,000,000)	(8,000,000)
Other (in shares)	1,000,000	1,000,000	3,000,000	2,000,000
Ending balance (in shares)	380,000,000	382,000,000	380,000,000	382,000,000
Ending balance	$ 4	$ 4	$ 4	$ 4
Common Stock | Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	191,000,000	193,000,000	192,000,000	197,000,000
Beginning balance	$ 2	$ 2	$ 2	$ 2
Share repurchases (in shares)	(1,000,000)		(1,000,000)	(4,000,000)
Ending balance (in shares)	191,000,000	193,000,000	191,000,000	193,000,000
Ending balance	$ 2	$ 2	$ 2	$ 2
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	11,334	11,550	11,449	11,779
Dividends	(57)	(58)	(114)	(116)
Share repurchases	(22)	(20)	(77)	(194)
Other	15	14	12	17
Ending balance	11,270	11,486	11,270	11,486
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,958)	(2,186)	(2,144)	(2,293)
Net income	30	50	216	157
Share repurchases	(5)
Ending balance	(1,933)	(2,136)	(1,933)	(2,136)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,200)	(1,255)	(1,247)	(1,270)
Other comprehensive loss	(92)	(24)	(45)	(9)
Ending balance	(1,292)	(1,279)	(1,292)	(1,279)
Non-controlling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	920	941	881	921
Net income	12	9	67	62
Other comprehensive loss	(39)	(17)	(21)	(14)
Dividends	(29)	(27)	(57)	(58)
Other	(7)	1	(13)	(4)
Ending balance	$ 857	$ 907	$ 857	$ 907

XML

Equity - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 29, 2024	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Sep. 22, 2021
Class of Stock [Line Items]
Stock repurchase program authorized amount						$ 1,000,000,000
Remaining authorized repurchase amount		$ 495,000,000		$ 495,000,000
Class A Common Stock
Class of Stock [Line Items]
Stock repurchased and retired (in shares)		0.7	0.8	2.5	7.7
Stock repurchased and retired		$ 18,000,000	$ 14,000,000	$ 56,000,000	$ 129,000,000
Common stock, cash dividends declared (in dollars per share)	$ 0.10
Class B Common Stock
Class of Stock [Line Items]
Stock repurchased and retired (in shares)		0.3	0.4	1.1	3.9
Stock repurchased and retired		$ 9,000,000	$ 6,000,000	$ 26,000,000	$ 65,000,000
Common stock, cash dividends declared (in dollars per share)	$ 0.10

XML

Financial Instruments and Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jun. 30, 2023
Assets:
Equity and other securities	$ 225	$ 235
Fair Value, Recurring
Assets:
Equity and other securities	225	235
Total assets	255	324
Liabilities:
Total liabilities	(5)	(3)
Fair Value, Recurring | Interest rate derivatives - cash flow hedges | Cash Flow Hedging
Assets:
Derivative assets	29	41
Liabilities:
Derivative liabilities	(4)	0
Fair Value, Recurring | Foreign currency derivatives - cash flow hedges | Cash Flow Hedging
Assets:
Derivative assets	1	2
Fair Value, Recurring | Cross currency interest rate derivatives
Assets:
Derivative assets	0	37
Liabilities:
Derivative liabilities	0	(2)
Fair Value, Recurring | Cross currency interest rate derivatives | Cash Flow Hedging
Liabilities:
Derivative liabilities	(1)	0
Fair Value, Recurring | Cross currency interest rate derivatives | Fair Value Hedging
Assets:
Derivative assets	0	9
Liabilities:
Derivative liabilities	0	(1)
Fair Value, Recurring | Level 1
Assets:
Equity and other securities	93	105
Total assets	93	105
Liabilities:
Total liabilities	0	0
Fair Value, Recurring | Level 1 | Interest rate derivatives - cash flow hedges | Cash Flow Hedging
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	0	0
Fair Value, Recurring | Level 1 | Foreign currency derivatives - cash flow hedges | Cash Flow Hedging
Assets:
Derivative assets	0	0
Fair Value, Recurring | Level 1 | Cross currency interest rate derivatives
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	0	0
Fair Value, Recurring | Level 1 | Cross currency interest rate derivatives | Cash Flow Hedging
Liabilities:
Derivative liabilities	0	0
Fair Value, Recurring | Level 1 | Cross currency interest rate derivatives | Fair Value Hedging
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	0	0
Fair Value, Recurring | Level 2
Assets:
Equity and other securities	0	0
Total assets	30	89
Liabilities:
Total liabilities	(5)	(3)
Fair Value, Recurring | Level 2 | Interest rate derivatives - cash flow hedges | Cash Flow Hedging
Assets:
Derivative assets	29	41
Liabilities:
Derivative liabilities	(4)	0
Fair Value, Recurring | Level 2 | Foreign currency derivatives - cash flow hedges | Cash Flow Hedging
Assets:
Derivative assets	1	2
Fair Value, Recurring | Level 2 | Cross currency interest rate derivatives
Assets:
Derivative assets	0	37
Liabilities:
Derivative liabilities	0	(2)
Fair Value, Recurring | Level 2 | Cross currency interest rate derivatives | Cash Flow Hedging
Liabilities:
Derivative liabilities	(1)	0
Fair Value, Recurring | Level 2 | Cross currency interest rate derivatives | Fair Value Hedging
Assets:
Derivative assets	0	9
Liabilities:
Derivative liabilities	0	(1)
Fair Value, Recurring | Level 3
Assets:
Equity and other securities	132	130
Total assets	132	130
Liabilities:
Total liabilities	0	0
Fair Value, Recurring | Level 3 | Interest rate derivatives - cash flow hedges | Cash Flow Hedging
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	0	0
Fair Value, Recurring | Level 3 | Foreign currency derivatives - cash flow hedges | Cash Flow Hedging
Assets:
Derivative assets	0	0
Fair Value, Recurring | Level 3 | Cross currency interest rate derivatives
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	0	0
Fair Value, Recurring | Level 3 | Cross currency interest rate derivatives | Cash Flow Hedging
Liabilities:
Derivative liabilities	0	0
Fair Value, Recurring | Level 3 | Cross currency interest rate derivatives | Fair Value Hedging
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	$ 0	$ 0

XML

Financial Instruments and Fair Value Measurements - Summary of Equity and Other Securities Classified as Level 3 (Details) - Equity Securities - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - beginning of period	$ 130	$ 103
Additions	4	31
Sales	0	(2)
Returns of capital	(4)	(5)
Measurement adjustments	0	1
Foreign exchange and other	2	2
Balance - end of period	$ 132	$ 130

XML

Financial Instruments and Fair Value Measurements - Additional Information (Details) $ in Millions, $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2024 AUD ($)	Mar. 31, 2024 USD ($)
Cross currency interest rate derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative gain, net		$ 5
Estimates of net derivative gain (loss) related to cash flow hedges included in AOCL					$ 0
Cross currency interest rate derivatives | Other , net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain from discontinued cash flow hedges	$ 1	3	$ 3
Cross currency interest rate derivatives | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional value of derivative					49
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative gain, net		$ 7
Estimates of net derivative gains related to cash flow hedges included in AOCL					14
Interest Rate Contract | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional value of derivative					488
Interest Rate Contract | Cash Flow Hedging | Foxtel
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional value of derivative				$ 610
Foreign Exchange Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimates of net derivative gain (loss) related to cash flow hedges included in AOCL					(1)
Foreign Exchange Contract | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional value of derivative					$ 40
Foreign Exchange Contract | Cash Flow Hedging | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term of contract		1 year
Foxtel | Cash Flow Hedging | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed interest rate of derivative				4.248%	4.248%
Foxtel | Cash Flow Hedging | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed interest rate of derivative				4.338%	4.338%
Foxtel | Cross currency interest rate derivatives | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, notional amount					$ 49
Fixed interest rate of derivative				4.375%	4.375%
Foxtel | Interest Rate Swap | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, notional amount				$ 610

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Financial Instruments and Fair Value Measurements - Summary of Hedges Classified as Current or Non-current in Balance Sheets Based on Maturity Dates (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jun. 30, 2023
Interest rate derivatives - cash flow hedges | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, reported under other current assets	$ 14	$ 21
Derivatives, reported under other non-current assets	15	20
Derivatives, reported under other-non current liability	(4)	0
Foreign currency derivatives - cash flow hedges | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, reported under other current assets	1	2
Cross currency interest rate derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, reported under other current assets	0	1
Derivatives, reported under other non-current assets	0	36
Derivatives, reported under other current liability	0	(2)
Derivatives, reported under other-non current liability	(1)	0
Cross currency interest rate derivatives | Fair Value Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, reported under other non-current assets	0	9
Derivatives, reported under other current liability	$ 0	$ (1)

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Financial Instruments and Fair Value Measurements - Summary of Derivative Instruments Designated as Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) recognized in Accumulated Other Comprehensive Loss	$ 14	$ (6)	$ 4	$ 14
(Gain) loss reclassified from Accumulated Other Comprehensive Loss	(8)	(4)	(22)	(8)
Interest rate derivatives - cash flow hedges | Cash Flow Hedging | Interest expense, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) recognized in Accumulated Other Comprehensive Loss	10	(6)	3	15
(Gain) loss reclassified from Accumulated Other Comprehensive Loss	(5)	(5)	(19)	(8)
Foreign currency derivatives - cash flow hedges | Cash Flow Hedging | Operating expenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) recognized in Accumulated Other Comprehensive Loss	2	0	2	(1)
(Gain) loss reclassified from Accumulated Other Comprehensive Loss	0	1	(2)	1
Cross currency interest rate derivatives | Interest expense, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
(Gain) loss reclassified from Accumulated Other Comprehensive Loss	0	0	(1)	(1)
Cross currency interest rate derivatives | Cash Flow Hedging | Interest expense, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) recognized in Accumulated Other Comprehensive Loss	2	0	(1)	0
(Gain) loss reclassified from Accumulated Other Comprehensive Loss	$ (3)	$ 0	$ 0	$ 0

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Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income	$ 42	$ 59	$ 283	$ 219
Net income attributable to noncontrolling interests	(12)	(9)	(67)	(62)
Net income attributable to News Corporation stockholders	$ 30	$ 50	$ 216	$ 157
Weighted-average number of shares of common stock outstanding - basic (in shares)	570.9	575.4	571.7	577.6
Dilutive effect of equity awards (in shares)	2.7	2.5	2.0	2.0
Weighted-average number of shares of common stock outstanding - diluted (in shares)	573.6	577.9	573.7	579.6
Net income attributable to News Corporation stockholders per share - basic (in dollars per share)	$ 0.05	$ 0.09	$ 0.38	$ 0.27
Net income attributable to News Corporation stockholders per share - diluted (in dollars per share)	$ 0.05	$ 0.09	$ 0.38	$ 0.27

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Commitments and Contingencies - Schedule of Commitments by Fiscal Year Maturity (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jun. 30, 2023
Loss Contingencies [Line Items]
Total borrowings	$ 2,900	$ 2,967
Borrowings
Loss Contingencies [Line Items]
Total borrowings	2,891
Borrowings, payments due less than 1 year	35
Borrowings, payments due 1-3 years	1,080
Borrowings, payments due 3-5 years	276
Borrowings, payments due more than 5 years	1,500
Interest payments on borrowings
Loss Contingencies [Line Items]
Interest payments on borrowings, Total	645
Interest payments on borrowings, payments due less than 1 year	150
Interest payments on borrowings, payments due 1-3 years	257
Interest payments on borrowings, payments due 3-5 years	142
Interest payments on borrowings, payments due more than 5 years	$ 96

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Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
Loss Contingencies [Line Items]
Other current assets	$ 416		$ 416		$ 484
U.K. Newspaper Matters
Loss Contingencies [Line Items]
Selling, general and administrative expenses, net	2	$ 4	7	$ 13
Litigation liability accrued	70		70
U.K. Newspaper Matters Indemnification | 21st Century Fox
Loss Contingencies [Line Items]
Other current assets	$ 71		$ 71

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Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 22	$ 32	$ 153	$ 128
Income before income tax expense	$ 64	$ 91	436	347
Gross income tax paid			110	114
Income tax refunds			$ 9	$ 13

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Segment Information - Additional Information (Details)	9 Months Ended
	Mar. 31, 2024 brand channel segment country
Segment Reporting Information [Line Items]
Number of reportable segments | segment	6
Digital Real Estate Services | REA Group
Segment Reporting Information [Line Items]
Company ownership percentage	61.40%
Digital Real Estate Services | Move
Segment Reporting Information [Line Items]
Company ownership percentage	80.00%
Digital Real Estate Services | Move | REA Group
Segment Reporting Information [Line Items]
Ownership interest held by minority interest	20.00%
Subscription Video Services | Foxtel
Segment Reporting Information [Line Items]
Company ownership percentage	65.00%
Subscription Video Services | Foxtel | Telstra
Segment Reporting Information [Line Items]
Ownership interest held by minority interest	35.00%
Subscription Video Services | Minimum | Foxtel
Segment Reporting Information [Line Items]
Number of channels | channel	200
Book Publishing | Minimum
Segment Reporting Information [Line Items]
Number of countries | country	15
Number of branded publishing imprints | brand	120

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Segment Information - Schedule of Reconciliation of Revenue and Segment EBITDA from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 2,423	$ 2,447	$ 7,508	$ 7,446
Depreciation and amortization	(192)	(183)	(542)	(536)
Impairment and restructuring charges	(35)	(25)	(86)	(65)
Equity losses of affiliates	(2)	(10)	(5)	(43)
Interest expense, net	(19)	(25)	(67)	(78)
Other, net	(10)	14	(23)	(10)
Income before income tax expense	64	91	436	347
Income tax expense	(22)	(32)	(153)	(128)
Net income	42	59	283	219
Digital Real Estate Services
Segment Reporting Information [Line Items]
Total revenues	388	363	1,210	1,170
Total segment EBITDA	104	102	373	349
Subscription Video Services
Segment Reporting Information [Line Items]
Total revenues	455	477	1,411	1,441
Total segment EBITDA	66	68	236	269
Dow Jones
Segment Reporting Information [Line Items]
Total revenues	544	529	1,665	1,607
Total segment EBITDA	118	109	405	361
Book Publishing
Segment Reporting Information [Line Items]
Total revenues	506	515	1,581	1,533
Total segment EBITDA	62	61	212	151
News Media
Segment Reporting Information [Line Items]
Total revenues	530	563	1,641	1,695
Total segment EBITDA	26	34	92	111
Other
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Total segment EBITDA	$ (54)	$ (54)	$ (159)	$ (162)

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Segment Information - Schedule of Reconciliation of Assets from Segments to Consolidated (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jun. 30, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Investments	$ 416	$ 427
Total assets	16,544	16,921
Digital Real Estate Services
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,942	2,942
Subscription Video Services
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,522	2,812
Dow Jones
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	4,123	4,305
Book Publishing
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,645	2,629
News Media
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,988	2,023
Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 1,908	$ 1,783

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Segment Information - Schedule of Reconciliation of Goodwill and Intangible Assets from Segments to Consolidated (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	$ 7,490	$ 7,629
Digital Real Estate Services
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	1,785	1,779
Subscription Video Services
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	1,219	1,288
Dow Jones
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	3,260	3,298
Book Publishing
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	925	958
News Media
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	$ 301	$ 306

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Additional Financial Information - Schedule of Receivables, Net (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Receivables	$ 1,501	$ 1,482
Less: allowances	(63)	(57)
Receivables, net	$ 1,438	$ 1,425

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Additional Financial Information - Schedule of Other Non-current Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Royalty advances to authors	$ 377	$ 376
Retirement benefit assets	143	134
Inventory	251	267
News America Marketing deferred consideration	167	157
Other	392	407
Total Other non-current assets	$ 1,330	$ 1,341

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Additional Financial Information - Schedule of Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Royalties and commissions payable	$ 256	$ 206
Current operating lease liabilities	111	112
Allowance for sales returns	138	154
Programming rights payable	136	111
Other	289	370
Total Other current liabilities	$ 930	$ 953
Operating lease, liability, current, statement of financial position [extensible enumeration]	Total Other current liabilities	Total Other current liabilities

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Additional Financial Information - Schedule of Other, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Other Income and Expenses [Line Items]
Remeasurement of equity securities	$ (1)	$ (2)	$ (11)	$ (16)
Total Other, net	(10)	14	(23)	(10)
Nonoperating Income (Expense)
Other Income and Expenses [Line Items]
Remeasurement of equity securities	(1)	(2)	(11)	(16)
Dividends received from equity security investments	1	2	4	6
Gain on remeasurement of previously-held interest	0	0	4	0
Other	$ (10)	$ 14	$ (20)	$ 0

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Additional Financial Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash paid for interest	$ 71	$ 69
Cash paid for taxes	$ 110	$ 114