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SEGMENT INFORMATION
 3 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 12. SEGMENT INFORMATION
The Company manages and reports its businesses in the following five segments:
•Dow Jones—The Dow Jones segment consists of Dow Jones, a global provider of news and business information whose products target individual consumers and enterprise customers and are distributed through a variety of media channels including websites, mobile apps, newspapers, newswires, newsletters, magazines, proprietary databases, live journalism, video and podcasts. Dow Jones’s consumer products include premier brands such as The Wall Street Journal, Barron’s, MarketWatch and Investor’s Business Daily. Dow Jones’s professional information products, which target enterprise customers, include Dow Jones Risk & Compliance, a leading provider of data and other solutions to help customers identify and manage regulatory, corporate, geopolitical, security and reputational risk with tools focused on financial crime, sanctions, trade and other risks and compliance requirements, Dow Jones Energy, a leading provider of pricing data, news, insights, analysis and other information for energy commodities and key base chemicals, Factiva, a leading provider of global business content, and Dow Jones Newswires, which distributes real-time business news, information and analysis to financial professionals and investors.
•Digital Real Estate Services—The Digital Real Estate Services segment consists of the Company’s 61.4% interest in REA Group and 80% interest in Move. The remaining 20% interest in Move is held by REA Group. REA Group is a market-leading digital media business specializing in property and is listed on the Australian Securities Exchange (“ASX”) (ASX: REA). REA Group advertises property and property-related services on its websites and mobile apps, including Australia’s leading residential, commercial and share property websites, realestate.com.au, realcommercial.com.au and Flatmates.com.au, property.com.au and Housing.com in India. In addition, REA Group provides property-related data to the financial sector and financial services through a digital property search and financing experience and a mortgage broking offering.
Move is a leading provider of digital real estate services in the U.S. and primarily operates Realtor.com®, a premier real estate information, advertising and services platform. Move offers real estate advertising solutions to agents and brokers, including its RealPRO SelectSM, ConnectionsSM Plus and Listing Toolkit products as well as its referral-based services, ReadyConnect ConciergeSM and RealChoiceTM Selling. Move also offers online tools and services to do-it-yourself landlords and tenants.
•Book Publishing—The Book Publishing segment consists of HarperCollins, the second largest consumer book publisher in the world, with operations in 15 countries and particular strengths in general fiction, nonfiction, children’s and religious publishing. HarperCollins owns more than 120 branded publishing imprints, including Harper, William Morrow, Mariner, HarperCollins Children’s Books, Avon, Harlequin and Christian publishers Zondervan and Thomas Nelson, and publishes works by well-known authors such as Harper Lee, George Orwell, Agatha Christie and Zora Neale Hurston, as well as global author brands including J.R.R. Tolkien, C.S. Lewis, Daniel Silva, Karin Slaughter and Dr. Martin Luther King, Jr. It is home to many beloved children’s books and series and a significant Christian publishing business.
•News Media—The News Media segment consists primarily of News Corp Australia, News UK and the New York Post and includes The Australian, The Daily Telegraph, Herald Sun, The Courier Mail, The Advertiser and the news.com.au website in Australia, The Times, The Sunday Times, The Sun, The Sun on Sunday and thesun.co.uk in the U.K. and the-sun.com in the U.S. This segment also includes News Broadcasting (formerly Wireless Group), operator of talkSPORT, the leading sports radio network in the U.K., Talk in the U.K., Australian News Channel, which operates the Sky News Australia network, Australia’s 24-hour multi-channel, multi-platform news service, and Storyful, a social media content agency.
•Other—The Other segment consists primarily of general corporate overhead expenses, strategy costs and costs related to the U.K. Newspaper Matters.
The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer. Segment EBITDA is the primary measure used by the Company’s CODM to evaluate the performance of, and allocate resources within, the Company’s businesses. The CODM uses Segment EBITDA to compare actual results to budget and uses this information to, among other things, allocate resources such as incentive compensation to segment managers. Segment EBITDA is defined as revenues less operating expenses and selling, general and administrative expenses. Segment EBITDA does not include: depreciation and amortization, impairment and restructuring charges, equity losses of affiliates, interest (expense) income, net, other, net, income tax (expense) benefit and net income (loss) from discontinued operations, net of tax. Segment EBITDA may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what items should be included in the calculation of Segment EBITDA. Segment EBITDA provides management, investors and equity analysts with a measure to analyze the operating performance of each of the Company’s business segments and its enterprise value against historical data and competitors’ data, although historical results may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).
Segment information is summarized as follows:
For the three months ended September 30, 2025
Dow JonesDigital Real Estate ServicesBook PublishingNews MediaOtherTotal
(in millions)
Segment information:
Revenues$586 $479 $534 $545 $— $2,144 
Significant segment expenses:
Operating expenses(238)(53)(354)(296)— (941)
Selling, general and administrative(204)(268)(122)(219)(50)(863)
Segment EBITDA$144 $158 $58 $30 $(50)$340 
Depreciation and amortization(117)
Impairment and restructuring charges(19)
Equity losses of affiliates(2)
Interest income, net6 
Other, net4 
Income before income tax expense from continuing operations212 
Income tax expense from continuing operations(62)
Net income from continuing operations150 
Net income from discontinued operations, net of tax— 
Net income$150 
For the three months ended September 30, 2024
Dow JonesDigital Real Estate ServicesBook PublishingNews MediaOtherTotal
(in millions)
Segment information:
Revenues$552 $457 $546 $541 $— $2,096 
Significant segment expenses:
Operating expenses(239)(47)(365)(301)— (952)
Selling, general and administrative(182)(270)(100)(222)(45)(819)
Segment EBITDA$131 $140 $81 $18 $(45)$325 
Depreciation and amortization(112)
Impairment and restructuring charges(22)
Equity losses of affiliates(3)
Interest expense, net— 
Other, net22 
Income before income tax expense from continuing operations210 
Income tax expense from continuing operations(61)
Net income from continuing operations149 
Net loss from discontinued operations, net of tax(5)
Net income$144 
For the three months ended September 30,
20252024
(in millions)
Depreciation and amortization:
Dow Jones$40 $39 
Digital Real Estate Services37 36 
Book Publishing15 13 
News Media24 23 
Other1 1 
Total Depreciation and amortization$117 $112 
For the three months ended September 30,
20252024
(in millions)
Capital expenditures:
Dow Jones$15 $16 
Digital Real Estate Services38 39 
Book Publishing8 3 
News Media18 17 
Other2 — 
Total Capital expenditures
$81 $75 
As of
September 30, 2025		As of
June 30, 2025
(in millions)
Total assets:
Dow Jones$4,088 $4,134 
Digital Real Estate Services3,192 3,202 
Book Publishing2,814 2,767 
News Media2,022 2,102 
Other(a)
2,199 2,283 
Investments1,028 1,016 
Total assets$15,343 $15,504 
(a)The Other segment primarily includes Cash and cash equivalents.
As of
September 30, 2025		As of
June 30, 2025
(in millions)
Goodwill and intangible assets, net:
Dow Jones$3,280 $3,256 
Digital Real Estate Services1,809 1,798 
Book Publishing924 941 
News Media304 308 
Total Goodwill and intangible assets, net$6,317 $6,303