INVESTMENTS

3 Months Ended

Sep. 30, 2025

Schedule of Investments [Abstract]

INVESTMENTS

NOTE 5. INVESTMENTS

The Company’s investments were comprised of the following:

	Ownership Percentage as of September 30, 2025	As of September 30, 2025		As of June 30, 2025
		(in millions)
Equity method investments(a)	various	$	86	$	85
Equity and other securities(b)	various	942		931
Total Investments		$	1,028	$	1,016

(a)Equity method investments include News UK’s joint venture with DMG Media.

(b)Equity and other securities are primarily comprised of the Company’s interest in DAZN, certain investments in China, Nexxen International, Ltd., REA Group’s investment in Athena Home Loans and RipJar Ltd., 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 September 30,
	2025		2024
	(in millions)
Total gains (losses) recognized on equity securities	$	(1)	$	10
Less: Net gains (losses) recognized on equity securities sold	—		—
Unrealized gains (losses) recognized on equity securities held at end of period	$	(1)	$	10

Equity Losses of Affiliates

The Company’s share of the losses of its equity affiliates was $2 million and $3 million for the three months ended September 30, 2025 and 2024, respectively.