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Discontinued Operations
 12 Months Ended
Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
NOTE 3. 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, and the transaction 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 21—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 (in millions):
As of June 30,
20242023
Assets held for sale:
Current assets:
Cash and cash equivalents$88 $72 
Receivables, net83 78 
Inventory, net30 21 
Other current assets139 132 
Total current assets
340 303 
Non-current assets:
Investments1 — 
Property, plant and equipment, net642 761 
Operating lease right-of-use assets153 171 
Intangible assets, net374 429 
Goodwill850 849 
Other non-current assets213 275 
Total non-current assets
2,233 2,485 
Total assets held for sale$2,573 $2,788 
Liabilities held for sale:
Current liabilities:
Accounts payable$60 $148 
Accrued expenses245 203 
Deferred revenue68 68 
Current borrowings45 27 
Other current liabilities133 149 
Total current liabilities
551 595 
Non-current liabilities:
Borrowings762 751 
Deferred income tax liabilities, net98 131 
Operating lease liabilities115 132 
Other non-current liabilities
20 21 
Total non-current liabilities995 1,035 
Total liabilities held for sale$1,546 $1,630 
The following table summarizes the results of operations from the discontinued operations of Foxtel for the fiscal years ended June 30, 2024, 2023 and 2022 (in millions):
For the fiscal year ended June 30, 2024
202420232022
Total Revenues$1,908 $1,928 $2,013 
Operating expenses(1,285)(1,259)(1,280)
Selling, general and administrative(325)(338)(388)
Depreciation and amortization(294)(299)(316)
Impairment and restructuring charges(5)(29)(4)
Interest expense, net(67)(51)(55)
Other, net29 (2)5 
Loss before income tax benefit(39)(50)(25)
Income tax benefit14 9 12 
Net loss(25)(41)(13)
Net loss attributable to noncontrolling interests22 27 17 
Net (loss) income attributable to News Corporation stockholders(3)(14)4