Related Party Transactions and 21CF Investment (Tables)

6 Months Ended

Dec. 31, 2018

Schedule of Net Revenue from Related Parties

In the ordinary course of business, the Company enters into transactions with related parties, including subsidiaries and equity affiliates of 21CF, to buy and/or sell programming and purchase and/or sell advertising. The following table sets forth the net revenue from related parties included in the Combined Statements of Operations:

	For the three months ended December 31,						For the six months ended December 31,
	2018			2017			2018			2017
	(in millions)
Related party revenue	$	107		$	68		$	178		$	132
Related party expense		(3	)		(7	)		(34	)		(49	)

Related party revenue, net of expense	$	104		$	61		$	144		$	83

Schedule of Components of Net (Decrease) Increase in 21CF Investment

The following table summarizes the components of the net (decrease) increase in the 21CF investment for the three and six months ended December 31, 2018 and 2017:

	For the three months ended December 31,					For the six months ended December 31,
	2018			2017		2018			2017
	(in millions)
Cash pooling and general financing activities^(a)	$	(594	)	$	389	$	(14	)	$	321
Corporate allocations		95			83		180			137

Net (decrease) increase in 21CF investment	$	(499	)	$	472	$	166		$	458

^(a)

The nature of activities included in the line item ‘Cash pooling and general financing activities’ includes financing activities, capital transfers, cash sweeps, other treasury services and Direct Corporate Expenses. As part of this activity and prior to December 31, 2017, the majority of the cash balances are swept to 21CF on a daily basis and the Company receives capital from 21CF for the Company’s cash needs. Effective January 1, 2018, the Company ceased participating in 21CF’s capital and cash management accounts.