INVESTMENTS

3 Months Ended

Sep. 30, 2026

Schedule of Investments [Abstract]

INVESTMENTS

NOTE 4. INVESTMENTS

The Company’s investments were comprised of the following:

	Ownership Percentage as of September 30, 2026	As of September 30, 2026		As of June 30, 2026
		(in millions)
Equity method investments(a)	various	$	95	$	95
Equity and other securities(b)	various	953		907
Total Investments		$	1,048	$	1,002

(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, REA Group’s investments in Aurum PropTech Ltd. and Athena Home Loans and certain investments in China.

The Company has equity and other securities (including equity method investments for which the Company has elected the fair value option) with quoted prices in active markets as well as equity and other securities without readily determinable fair market values. Equity and other 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,
	2026		2025
	(in millions)
Total gains (losses) recognized on equity securities	$	1	$	(1)
Less: Net gains (losses) recognized on equity securities sold	2		—
Unrealized gains (losses) recognized on equity securities held at end of period	$	(1)	$	(1)

Equity Losses of Affiliates

The Company’s share of the losses of its equity affiliates was $3 million and $2 million for the three months ended September 30, 2026 and 2025, respectively.

Distilled Ltd Investment

In September 2026, REA Group entered into an agreement to acquire a 35% interest in Distilled Ltd (“Distilled”) for approximately A$409 million in cash, subject to customary purchase price adjustments, which it expects to fund with borrowings and cash on hand. The investment is subject to customary closing conditions, including regulatory approval, and is expected to close during fiscal 2027. Distilled operates multi-vertical digital marketplaces across Ireland and Northern Ireland.