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GOODWILL AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS
NOTE 8. GOODWILL AND OTHER INTANGIBLE ASSETS
The net carrying values of the Company’s intangible assets for the fiscal years ended June 30, 2026 and June 30, 2025 were as follows:
As of June 30,
20262025
(in millions)
Intangible Assets Not Subject to Amortization
Trademarks and tradenames$272 $276 
Newspaper mastheads281 281 
Imprints239 250 
Radio broadcast licenses109 123 
Total intangible assets not subject to amortization901 930 
Intangible Assets Subject to Amortization
Publishing rights
245 267 
Customer relationships
671 708 
Other
20 25 
Total intangible assets subject to amortization, net936 1,000 
Total Intangible assets, net$1,837 $1,930 
Information related to amortizable intangible assets and related accumulated amortization for the fiscal years ended June 30, 2026 and June 30, 2025 is summarized below:
Useful lives
As of June 30,
20262025
Gross
Accumulated Amortization
Net
Gross
Accumulated Amortization
Net
(in millions)
Publishing rights(a)
3 to 30 years
$689 $444 $245 $677 $410 $267 
Customer relationships(b)
3 to 25 years
1,396 725 671 1,373 665 708 
Other(c)
3 to 15 years
125 105 20 125 100 25 
Total
$2,210 $1,274 $936 $2,175 $1,175 $1,000 
(a)The useful lives of publishing rights are primarily based on the weighted-average remaining contractual terms of the underlying publishing contracts and the Company’s estimates of the period within those terms that the asset is expected to generate a majority of its future cash flows.
(b)The useful lives of customer relationships are estimated by applying historical attrition rates and determining the resulting period over which a majority of the accumulated undiscounted cash flows related to the customer relationships are expected to be generated.
(c)The useful lives of other intangible assets represent the periods over which these intangible assets are expected to contribute directly or indirectly to the Company’s future cash flows.
Amortization expense related to amortizable intangible assets was $100 million, $98 million and $99 million for the fiscal years ended June 30, 2026, 2025 and 2024, respectively.
Based on the current amount of amortizable intangible assets, the estimated amortization expense for each of the succeeding five fiscal years is as follows:
As of June 30, 2026
(in millions)
Fiscal 2027$97 
Fiscal 202893 
Fiscal 202987 
Fiscal 203083 
Fiscal 203169 
The changes in the carrying value of goodwill, by segment, are as follows:
Dow Jones
Digital Real Estate Services
Book Publishing
News Media
Total Goodwill
(in millions)
Balance, June 30, 2024$2,195 $1,604 $406 $131 $4,336 
Acquisitions
44 (8)16 — 52 
Foreign exchange and other— (21)2 4 (15)
Balance, June 30, 2025$2,239 $1,575 $424 $135 $4,373 
Acquisitions
29 94 6 2 131 
Dispositions— (2)— — (2)
Foreign exchange and other— 45 (7)2 40 
Balance, June 30, 2026$2,268 $1,712 $423 $139 $4,542 
The carrying amount of goodwill as of June 30, 2026 and 2025 both reflected accumulated impairments of $3.9 billion principally relating to impairments at the Dow Jones and News Media segments that were recognized prior to the Company’s separation of its businesses from Twenty-First Century Fox, Inc. (“21st Century Fox”) on June 28, 2013 (the “Separation”).
Annual Impairment Assessments
In accordance with ASC 350, the Company’s goodwill and indefinite-lived intangible assets are tested for impairment annually in the fourth quarter or earlier if events occur or circumstances change that would more likely than not reduce the fair values below their carrying amounts. See Note 2—Summary of Significant Accounting Policies.
Fiscal 2026
The performance of the Company’s annual impairment analysis resulted in a $9 million impairment of an indefinite-lived intangible asset and no impairments to goodwill in fiscal 2026. The Company utilized the qualitative assessment for certain of its reporting units and indefinite-lived intangible assets. The qualitative tests performed considered various factors since the performance of the last quantitative test, including, but not limited to, macroeconomic conditions, industry and company-specific trends and parent company share price performance. Significant unobservable inputs utilized in the income approach valuation method for quantitative assessments were discount rates (ranging from 8.5% to 16.0%), long-term growth rates (ranging from 2.0% to 3.0%) and royalty rates (ranging from 0.25% to 5.0%). Significant unobservable inputs utilized in the market approach valuation method for quantitative assessments were EBITDA and revenue multiples from guideline public companies operating in similar industries (ranging from 4.0x to 10.3x and 1.5x to 2.3x, respectively) and control premiums (ranging from 5.0% to 10.0%). Significant increases (decreases) in royalty rates, growth rates, control premiums and multiples, assuming no change in discount rates, would result in a significantly higher (lower) fair value measurement. Significant decreases (increases) in discount rates, assuming no changes in royalty rates, growth rates, control premiums and multiples, would result in a significantly higher (lower) fair value measurement.
Fiscal 2025
The performance of the Company’s annual impairment analysis resulted in no impairments of indefinite-lived intangible assets or goodwill in fiscal 2025. The Company utilized the qualitative assessment for certain of its reporting units and indefinite-lived intangible assets. The qualitative tests performed considered various factors since the performance of the last quantitative test, including, but not limited to, macroeconomic conditions, industry and company-specific trends and parent company share price performance. Significant unobservable inputs utilized in the income approach valuation method for quantitative assessments were discount rates (ranging from 8.0% to 17.0%), long-term growth rates (ranging from 2.0% to 3.0%) and royalty rates (ranging from 0.25% to 5.0%). Significant unobservable inputs utilized in the market approach valuation method for quantitative assessments were EBITDA and revenue multiples from guideline public companies operating in similar industries (ranging from 5.0x to 10.0x and 2.0x to 2.8x, respectively) and control premiums (ranging from 5.0% to 10.0%). Significant increases (decreases) in royalty rates, growth rates, control premiums and multiples, assuming no change in discount rates, would result in a significantly higher (lower) fair value measurement. Significant decreases (increases) in discount rates, assuming no changes in royalty rates, growth rates, control premiums and multiples, would result in a significantly higher (lower) fair value measurement.
Fiscal 2024
The performance of the Company’s annual impairment analysis resulted in impairments of $18 million to an indefinite-lived intangible asset and goodwill in fiscal 2024. Significant unobservable inputs utilized in the income approach valuation method for quantitative assessments were discount rates (ranging from 8.0% to 18.5%), long-term growth rates (ranging from 1.0% to 3.5%) and royalty rates (ranging from 0.25% to 7.0%). Significant unobservable inputs utilized in the market approach valuation method for quantitative assessments were EBITDA and revenue multiples from guideline public companies operating in similar industries (ranging from 5.5x to 11.8x and 2.0x to 2.8x, respectively) and control premiums (ranging from 5.0% to 10.0%). Significant increases (decreases) in royalty rates, growth rates, control premiums and multiples, assuming no change in discount rates, would result in a significantly higher (lower) fair value measurement. Significant decreases (increases) in discount rates, assuming no changes in royalty rates, growth rates, control premiums and multiples, would result in a significantly higher (lower) fair value measurement.