XML 20 R9.htm IDEA: XBRL DOCUMENT v3.25.1
DISCONTINUED OPERATIONS
 9 Months Ended
Mar. 31, 2025
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, which closed on April 2, 2025. Under the terms of the agreement, all amounts outstanding under Foxtel’s shareholder loans with News Corp (A$592 million) were repaid in full in cash at closing. Foxtel’s third-party borrowings transferred with the business, and News Corp received a minority equity interest in DAZN of approximately 6% and holds one seat on its Board of Directors. Telstra Group Ltd also sold its minority interest in Foxtel.
The assets and liabilities of Foxtel have been 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
March 31, 2025		As of
June 30, 2024
(in millions)
Assets held for sale:
Current assets:
Cash and cash equivalents$76 $88 
Receivables, net84 83 
Inventory, net46 30 
Other current assets157 139 
Total current assets(a)
363 340 
Non-current assets:
Investments1 1 
Property, plant and equipment, net550 642 
Operating lease right-of-use assets137 153 
Intangible assets, net326 374 
Goodwill801 850 
Other non-current assets186 213 
Total non-current assets(a)
2,001 2,233 
Total assets held for sale$2,364 $2,573 
Liabilities held for sale:
Current liabilities:
Accounts payable$32 $60 
Accrued expenses257 245 
Deferred revenue66 68 
Current borrowings28 45 
Other current liabilities150 133 
Total current liabilities(a)
533 551 
Non-current liabilities:
Borrowings696 762 
Deferred income tax liabilities, net90 98 
Operating lease liabilities96 115 
Other non-current liabilities
16 20 
Total non-current liabilities(a)
$898 $995 
Total liabilities held for sale$1,431 $1,546 
(a)The assets and liabilities held for sale are classified as current on the March 31, 2025 balance sheet as the transaction closed on April 2, 2025.
The following table summarizes the results of operations from the discontinued operations of Foxtel for the three and nine months ended March 31, 2025 and 2024:
For the three months ended
March 31,		For the nine months ended
March 31,
2025202420252024
(in millions)
Revenues$432 $455 $1,393 $1,405 
Operating expenses(302)(313)(940)(942)
Selling, general and administrative(68)(79)(236)(237)
Depreciation and amortization(a)
— (78)(156)(217)
Impairment and restructuring charges— — (2)(2)
Interest expense, net(16)(16)(51)(49)
Other, net(1)(1)(1)3 
Income (loss) before income tax (expense) benefit45 (32)7 (39)
Income tax (expense) benefit(15)10 (5)10 
Net income (loss)30 (22)2 (29)
Net (income) loss attributable to noncontrolling interests
(8)10 8 19 
Net income (loss) attributable to News Corporation stockholders
22 (12)10 (10)
(a)Depreciation and amortization is not recognized for long lived assets subsequent to their classification as held for sale.