DISCONTINUED OPERATIONS

6 Months Ended

Dec. 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 the Foxtel Group (“Foxtel”) to DAZN Group Limited (“DAZN”), and the sale closed on April 2, 2025. The results of operations and cash flows of Foxtel have been classified as discontinued operations for all periods presented in accordance with ASC 205-20, Discontinued Operations, as the disposition reflected a strategic shift that had 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 did not continue after the sale are eliminated, whereas those that continued are no longer eliminated.

The following table summarizes the results of operations from the discontinued operations of Foxtel for the three and six months ended December 31, 2024:

		For the three months ended December 31, 2024		For the six months ended December 31, 2024
	(in millions)
Revenues		$	462	$	961
Operating expenses		(314)		(638)
Selling, general and administrative		(83)		(168)
Depreciation and amortization		(79)		(156)
Impairment and restructuring charges		(1)		(2)
Interest expense, net		(17)		(35)
Other, net		(1)		—
Loss before income tax benefit		(33)		(38)
Income tax benefit		10		10
Net loss		(23)		(28)
Net loss attributable to noncontrolling interests		10		16
Net loss attributable to News Corporation stockholders		(13)		$	(12)