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DISCONTINUED OPERATIONS
 6 Months Ended
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS
NOTE 2. DISCONTINUED OPERATIONS
Foxtel
During the second quarter of fiscal 2025, the Company entered into a definitive agreement to sell Foxtel to DAZN Group Limited (“DAZN”), a global sports streaming platform. Under the terms of the agreement, amounts outstanding under Foxtel’s shareholder loans with News Corp (A$574 million of outstanding principal, including capitalized interest, as of December 31, 2024) will be repaid in full in cash at closing. Foxtel’s third-party borrowings will transfer with the business, and News Corp will receive a minority equity interest in DAZN of approximately 6% and hold one seat on its Board of Directors. Telstra Group Ltd will also sell its minority interest in Foxtel. The transaction is expected to close in the second half of fiscal 2025, subject to regulatory approvals and other customary closing conditions.
As a result of the progression of the sale process and the discontinuation of further significant business activities in the Subscription Video Services segment, the assets and liabilities of Foxtel were classified as held for sale and the results of operations and cash flows have been classified as discontinued operations for all periods presented in accordance with ASC 205-20, Discontinued Operations (“ASC 205-20”), as the disposition reflects a strategic shift that has, and will have, a major effect on the Company’s operations and financial results. Upon reclassification of Foxtel’s results, the Company determined that the Subscription Video Services segment was no longer a reportable segment and the residual results of the segment were aggregated into the News Media segment. News Media segment results have been recast to reflect this change for all periods presented. See Note 12—Segment Information.
In all periods presented, transactions between Foxtel and the continuing operations of the Company that are not expected to continue after the sale are eliminated, whereas those expected to continue are no longer eliminated.
The following table summarizes the assets and liabilities of Foxtel classified to held for sale:
As of
December 31, 2024		As of
June 30, 2024
Assets held for sale:
Current assets:
Cash and cash equivalents$58 $88 
Receivables, net75 83 
Inventory, net5 30 
Other current assets114 139 
Total current assets(a)
252 340 
Non-current assets:
Investments1 1 
Property, plant and equipment, net516 642 
Operating lease right-of-use assets132 153 
Intangible assets, net322 374 
Goodwill793 850 
Other non-current assets180 213 
Total non-current assets(a)
1,944 2,233 
Total assets held for sale
$2,196 $2,573 
Liabilities held for sale:
Current liabilities:
Accounts payable$20 $60 
Accrued expenses188 245 
Deferred revenue60 68 
Current borrowings32 45 
Other current liabilities107 133 
Total current liabilities(a)
407 551 
Non-current liabilities:
Borrowings712 762 
Deferred income tax liabilities, net
83 98 
Operating lease liabilities97 115 
Other non-current liabilities(a)
25 20 
Total non-current liabilities
$917 $995 
Total liabilities held for sale
$1,324 $1,546 
(a)The assets and liabilities held for sale are classified as current on the December 31, 2024 balance sheet as the transaction is expected to close within one year of that balance sheet date.
The following table summarizes the results of operations from the discontinued operations of Foxtel for the three and six months ended December 31, 2024 and 2023:
For the three months ended
December 31,		For the six months ended
December 31,
2024202320242023
Total Revenues$462 $466 $961 $950 
Operating expenses(314)(321)(638)(629)
Selling, general and administrative(83)(72)(168)(158)
Depreciation and amortization(79)(69)(156)(139)
Impairment and restructuring charges(1)(1)(2)(2)
Interest expense, net(17)(18)(35)(33)
Other, net(1)1 — 4 
Loss before income tax benefit(33)(14)(38)(7)
Income tax benefit10 3 10 — 
Net loss(23)(11)(28)(7)
Net loss attributable to noncontrolling interests
10 7 16 9 
Net (loss) income attributable to News Corporation stockholders
(13)(4)(12)2