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Table of Contents
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 Corp (1).jpg
NEWS CORPORATION
(Exact name of registrant as specified in its charter)
_________________________________________
Delaware46-2950970
(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 shareNWSAThe Nasdaq Global Select Market
Class B Common Stock, par value $0.01 per shareNWSThe 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.



Table of Contents
NEWS CORPORATION
FORM 10-Q
TABLE OF CONTENTS
Page



Table of Contents
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,
Notes2024202320242023
Revenues:
Circulation and subscription$1,121 $1,122 $3,369 $3,318 
Advertising358 393 1,187 1,263 
Consumer484 495 1,513 1,474 
Real estate301 272 939 896 
Other159 165 500 495 
Total Revenues22,423 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 charges3(35)(25)(86)(65)
Equity losses of affiliates4(2)(10)(5)(43)
Interest expense, net(19)(25)(67)(78)
Other, net12(10)14 (23)(10)
Income before income tax expense64 91 436 347 
Income tax expense10(22)(32)(153)(128)
Net income42 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 diluted8$0.05 $0.09 $0.38 $0.27 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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NEWS CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Unaudited; millions)
For the three months ended
March 31,
For the nine months ended
March 31,
2024202320242023
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.
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NEWS CORPORATION
CONSOLIDATED BALANCE SHEETS
(Millions, except share and per share amounts)
NotesAs of
March 31, 2024
As of
June 30, 2023
(unaudited)(audited)
Assets:
Current assets:
Cash and cash equivalents$1,943 $1,833 
Receivables, net121,438 1,425 
Inventory, net331 311 
Other current assets416 484 
Total current assets4,128 4,053 
Non-current assets:
Investments4416 427 
Property, plant and equipment, net1,901 2,042 
Operating lease right-of-use assets974 1,036 
Intangible assets, net2,359 2,489 
Goodwill5,131 5,140 
Deferred income tax assets, net
10305 393 
Other non-current assets121,330 1,341 
Total assets$16,544 $16,921 
Liabilities and Equity:
Current liabilities:
Accounts payable$269 $440 
Accrued expenses1,238 1,123 
Deferred revenue2549 622 
Current borrowings556 27 
Other current liabilities12930 953 
Total current liabilities3,042 3,165 
Non-current liabilities:
Borrowings52,844 2,940 
Retirement benefit obligations135 134 
Deferred income tax liabilities, net
10124 163 
Operating lease liabilities1,053 1,128 
Other non-current liabilities438 446 
Commitments and contingencies9
Class A common stock(a)
4 4 
Class B common stock(b)
2 2 
Additional paid-in capital11,270 11,449 
Accumulated deficit(1,933)(2,144)
Accumulated other comprehensive loss(1,292)(1,247)
Total News Corporation stockholders’ equity8,051 8,064 
Noncontrolling interests857 881 
Total equity68,908 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.
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NEWS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; millions)
For the nine months ended
March 31,
Notes20242023
Operating activities:
Net income$283 $219 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization542 536 
Operating lease expense72 82 
Equity losses of affiliates45 43 
Cash distributions received from affiliates4 7 
Impairment charges324  
Deferred income taxes and taxes payable
1052 27 
Other, net1223 10 
Change in operating assets and liabilities, net of acquisitions:
Receivables and other assets15 (236)
Inventories, net(12)(55)
Accounts payable and other liabilities(164)37 
Net cash provided by operating activities844 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:
Borrowings51,140 434 
Repayment of borrowings5(1,235)(506)
Repurchase of shares6(83)(196)
Dividends paid(115)(116)
Other, net(24)2 
Net cash used in financing activities(317)(382)
Net change in cash and cash equivalents123 (152)
Cash and cash equivalents, beginning of period1,833 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.
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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.
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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 JonesBook
Publishing
News MediaOtherTotal
Revenues
(in millions)
Revenues:
Circulation and subscription$3 $398 $445 $ $275 $ $1,121 
Advertising32 47 86  193  358 
Consumer   484   484 
Real estate301      301 
Other52 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 JonesBook
Publishing
News MediaOtherTotal
Revenues
(in millions)
Revenues:
Circulation and subscription$3 $419 $426 $ $274 $ $1,122 
Advertising35 49 88  221  393 
Consumer   495   495 
Real estate272      272 
Other53 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 JonesBook
Publishing
News MediaOtherTotal
Revenues
(in millions)
Revenues:
Circulation and subscription$8 $1,217 $1,322 $ $822 $ $3,369 
Advertising99 160 303  625  1,187 
Consumer   1,513   1,513 
Real estate939      939 
Other164 34 40 68 194  500 
Total Revenues$1,210 $1,411 $1,665 $1,581 $1,641 $ $7,508 
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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 JonesBook
Publishing
News MediaOtherTotal
Revenues
(in millions)
Revenues:
Circulation and subscription$9 $1,249 $1,257 $ $803 $ $3,318 
Advertising103 160 313  687  1,263 
Consumer   1,474   1,474 
Real estate896      896 
Other162 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,
2024202320242023
(in millions)
Balance, beginning of period$510 $591 $622 $604 
Deferral of revenue905 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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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,
20242023
One time
employee
termination
benefits
Other costsTotalOne time
employee
termination
benefits
Other costsTotal
(in millions)
Balance, beginning of period$23 $39 $62 $25 $41 $66 
Additions35  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,
20242023
One time
employee
termination
benefits
Other costsTotalOne time
employee
termination
benefits
Other costsTotal
(in millions)
Balance, beginning of period$53 $41 $94 $25 $41 $66 
Additions61 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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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, 2024As of
March 31, 2024
As of
June 30, 2023
(in millions)
Equity method investments(a)
various$191 $192 
Equity and other securities(b)
various225 235 
Total Investments$416 $427 
(a)Equity method investments are primarily comprised of REA Group’s ownership interest in PropertyGuru Group Ltd. (“PropertyGuru”).
(b)Equity and other securities are primarily comprised of Nexxen International, Ltd. (formerly Tremor International Ltd.), certain investments in China, the Company’s investment in ARN Media Limited, which operates a portfolio of Australian radio media assets, and Dow Jones’ investment in an artificial intelligence-focused data analytics company.
The Company has equity securities with quoted prices in active markets as well as equity securities without readily determinable fair market values. Equity securities without readily determinable fair market values are valued at cost, less any impairment, plus or minus changes in fair value resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The components comprising total gains and losses on equity securities are set forth below:
For the three months ended
March 31,
For the nine months ended
March 31,
2024202320242023
(in millions)(in millions)
Total losses recognized on equity securities$(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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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, 2024Maturity at March 31, 2024As 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 notes5.125 %Feb 15, 2032493 492 
2021 Senior notes3.875 %May 15, 2029990 989 
Foxtel Group(b)
2024 Foxtel credit facility — tranche 1(c)(d)
7.24 %Aug 1, 2026372  
2024 Foxtel credit facility — USD portion — tranche 2(e)
8.58 %Aug 1, 202749  
2024 Foxtel credit facility — tranche 3(d)
7.39 %Aug 1, 2027203  
2017 Working capital facility(c)
7.24 %Aug 1, 2026  
Telstra facility12.14 %Dec 22, 202796 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, 2025130  
2024 Subsidiary facility(g)
5.79 %Sep 28, 202554  
2022 Credit facility — tranche 1(f)
 %Sep 16, 2024 211 
2022 Credit facility — tranche 2(f)
 %Sep 16, 2025  
Finance Leases
Finance lease liability25 42 
Total borrowings2,900 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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NEWS CORPORATION
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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NEWS CORPORATION
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
SharesAmountSharesAmount
(in millions)
Balance, December 31, 2023380 $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)
Other1 — — 15 — — 15 (7)8 
Balance, March 31, 2024380 $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
SharesAmountSharesAmount
(in millions)
Balance, December 31, 2022382 $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)
Other1 — — — 14 — — 14 1 15 
Balance, March 31, 2023382 $4 193 $2 $11,486 $(2,136)$(1,279)$8,077 $907 $8,984 

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NEWS CORPORATION
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
SharesAmountSharesAmount
(in millions)
Balance, June 30, 2023380 $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)
Other3 — — — 12 — — 12 (13)(1)
Balance, March 31, 2024380 $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
SharesAmountSharesAmount
(in millions)
Balance, June 30, 2022388 $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)
Other2 — — —