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Borrowings
 3 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Borrowings
NOTE 5. BORROWINGS
The Company’s total borrowings consist of the following:
Interest rate at September 30, 2024Maturity at September 30, 2024As of
September 30, 2024		As of
June 30, 2024
(in millions)
News Corporation
2022 Term loan A(a)
6.810 %Mar 31, 2027$484 $484 
2022 Senior notes5.125 %Feb 15, 2032493 493 
2021 Senior notes3.875 %May 15, 2029992 991 
Foxtel Group(b)
2024 Foxtel credit facility — tranche 1(c)(d)
7.33 %Aug 1, 2026428 434 
2024 Foxtel credit facility — USD portion — tranche 2(e)
8.36 %Aug 1, 202744 49 
2024 Foxtel credit facility — tranche 3(d)
7.48 %Aug 1, 2027195 208 
2017 Working capital facility(c)
7.33 %Aug 1, 202621 — 
Telstra facility12.25 %Dec 22, 202789 93 
REA Group(b)
2024 REA credit facility — tranche 1(f)
5.93 %Sep 15, 2028— — 
2024 REA credit facility — tranche 2(f)
5.63 %Sep 16, 2025138 79 
2024 Subsidiary facility(g)
— %Sep 28, 2025— 55 
Finance Leases
Finance lease liability16 23 
Total borrowings2,900 2,909 
Less: current portion(h)
(194)(54)
Long-term borrowings
$2,706 $2,855 
(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 September 30, 2024, the Company was paying interest at an effective interest rate of 3.521%. 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 September 30, 2024, the Foxtel Debt Group had total undrawn commitments of A$203 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 at approximately 4.30%. For the three months ended September 30, 2024, the Company was paying interest at an effective interest rate of 7.25% 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 September 30, 2024, the Company was paying interest at an effective interest rate of 7.64%. See Note 7—Financial Instruments and Fair Value Measurements.
(f)As of September 30, 2024, REA Group had total undrawn commitments of A$400 million available under this facility.
(g)This facility was terminated by REA Group during the three months ended September 30, 2024, with the amount outstanding repaid using capacity available under the 2024 REA Credit Facility.
(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. $16 million and $21 million relates to the current portion of finance lease liabilities as of September 30, 2024 and June 30, 2024, respectively, with the remainder as of September 30, 2024 consisting of required principal repayments on the 2022 Term Loan A, 2024 Foxtel Credit Facility — tranches 2 and 3 and 2024 REA credit facility — tranche 2.
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 2024 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 September 30, 2024.