BORROWINGS

3 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

BORROWINGS

NOTE 6. BORROWINGS

The Company’s total borrowings consist of the following:

	Interest rate at September 30, 2025		Maturity at September 30, 2025	As of September 30, 2025		As of June 30, 2025
				(in millions)
News Corporation
2022 Term loan A(a)	5.771	%	Mar 31, 2027	$	469	$	475
2022 Senior notes	5.125	%	Feb 15, 2032	494		494
2021 Senior notes	3.875	%	May 15, 2029	993		993
REA Group(b)
2024 REA credit facility — tranche 1(c)	5.08	%	Sep 15, 2028	—		—
Total borrowings				1,956		1,962
Less: current portion(d)				(25)		(25)
Long-term borrowings				$	1,931	$	1,937

(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, 2025, the Company was paying interest at an effective interest rate of 3.458%. See Note 8—Financial Instruments and Fair Value Measurements.

(b)Borrowings under this facility are incurred by 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 REA Debt Group and are non-recourse to News Corp.

(c)This facility was amended during the three months ended September 30, 2025 to reduce the total amount available under the facility to A$200 million. As of September 30, 2025, REA Group had total undrawn commitments of A$200 million available under this facility.

(d)The current portion of long term debt as of September 30, 2025 and June 30, 2025 relates to required principal repayments on the 2022 Term Loan A.

HarperCollins Equipment Lease

In October 2025, HarperCollins entered into a finance leasing arrangement for up to $120 million of equipment for a new warehouse (the “Equipment Lease”). Interest accrues on amounts drawn under the Equipment Lease based on the Term SOFR plus a margin of 1.475%. The Equipment Lease may be drawn on until June 30, 2028, after which lease payments commence for a term of 7 years. The lease obligations are secured by the acquired equipment, and ownership of the equipment acquired under the Equipment Lease will transfer to HarperCollins at the end of the lease term. The Equipment Lease will be classified as a finance lease on the Company’s balance sheet.

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 2025 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 applicable covenants at September 30, 2025.