Twenty-First Century Fox (TFCF) 8-K 12 Feb 10 Other Events Financial data

Statements of Operations

Statements of Operations (USD $)
In Millions, except Per Share data	12 Months Ended Jun. 30, 2009	12 Months Ended Jun. 30, 2008	12 Months Ended Jun. 30, 2007
Revenues	$30,423	$32,996	$28,655
Operating expenses	(19,563)	(20,531)	(18,645)
Selling, general and administrative	(6,164)	(5,984)	(4,655)
Depreciation and amortization	(1,138)	(1,207)	(879)
Impairment and restructuring charges	(9,208)	(19)	(24)
Equity (losses) earnings of affiliates	(309)	327	1,019
Interest expense, net	(927)	(926)	(843)
Interest income	91	246	319
Other, net	1,256	2,419	359
(Loss) income before income tax (benefit) expense	(5,539)	7,321	5,306
Income tax benefit (expense)	2,229	(1,803)	(1,814)
Net (loss) income	(3,310)	5,518	3,492
Less: Net income attributable to noncontrolling interests	(68)	(131)	(66)
Net (loss) income attributable to News Corporation stockholders	($3,378)	$5,387	$3,426
Dividend declared per share	0.12	$0	$0
Net (loss) income attributable to News Corporation stockholders - basic	-1.29	1.82	$0
Net (loss) income attributable to News Corporation stockholders - diluted	-1.29	1.81	$0
Class B common stock
Dividend declared per share	$0		0.1
Net (loss) income attributable to News Corporation stockholders - basic	$0		0.95
Net (loss) income attributable to News Corporation stockholders - diluted	$0		0.95

Consolidated Balance Sheets

Consolidated Balance Sheets (USD $)
In Millions	Jun. 30, 2009	Jun. 30, 2008
Current assets:
Cash and cash equivalents	$6,540	$4,662
Receivables, net	6,287	6,985
Inventories, net	2,477	2,255
Other	532	460
Total current assets	15,836	14,362
Non-current assets:
Receivables	282	464
Investments	2,957	3,284
Inventories, net	3,178	3,064
Property, plant and equipment, net	6,245	7,021
Intangible assets, net	8,925	14,460
Goodwill	14,382	18,620
Other non-current assets	1,316	1,033
Total assets	53,121	62,308
Current liabilities:
Borrowings	2,085	281
Accounts payable, accrued expenses and other current liabilities	5,279	5,695
Participations, residuals and royalties payable	1,388	1,288
Program rights payable	1,115	1,084
Deferred revenue	772	834
Total current liabilities	10,639	9,182
Non-current liabilities:
Borrowings	12,204	13,230
Other liabilities	3,027	4,823
Deferred income taxes	3,276	5,456
Redeemable noncontrolling interests	343	363
Equity:
Additional paid-in capital	17,354	17,214
Retained earnings and accumulated other comprehensive income	5,844	11,383
Total News Corporation stockholders' equity	23,224	28,623
Noncontrolling interests	408	631
Total equity	23,632	29,254
Total liabilities and equity	$53,121	$62,308

1_Consolidated Balance Sheets

Consolidated Balance Sheets (Parenthetical)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (USD $)
In Millions	12 Months Ended Jun. 30, 2009	12 Months Ended Jun. 30, 2008	12 Months Ended Jun. 30, 2007
Operating activities:
Net (loss) income	($3,310)	$5,518	$3,492
Adjustments to reconcile net (loss) income to cash provided by operating activities:
Depreciation and amortization	1,138	1,207	879
Amortization of cable distribution investments	88	80	77
Equity losses (earnings) of affiliates	309	(327)	(1,019)
Cash distributions received from affiliates	298	350	255
Impairment charges (net of tax of $1.7 billion)	7,189	0	0
Other, net	(1,256)	(2,419)	(359)
Change in operating assets and liabilities, net of acquisitions:
Receivables and other assets	194	(885)	(169)
Inventories, net	(485)	(587)	(360)
Accounts payable and other liabilities	(1,917)	988	1,314
Net cash provided by operating activities	2,248	3,925	4,110
Investing activities:
Property, plant and equipment, net of acquisitions	(1,101)	(1,443)	(1,308)
Acquisitions, net of cash acquired	(809)	(5,560)	(1,053)
Investments in equity affiliates	(403)	(799)	(121)
Other investments	(76)	(125)	(328)
Proceeds from sale of investments, other non-current assets and business disposals	1,762	1,580	740
Net cash used in investing activities	(627)	(6,347)	(2,070)
Financing activities:
Borrowings	1,040	1,292	1,196
Repayment of borrowings	(343)	(728)	(198)
Issuance of shares	4	90	392
Repurchase of shares	0	(939)	(1,294)
Dividends paid	(366)	(373)	(369)
Purchase of subsidiary shares from noncontrolling interest	(38)	(7)	(6)
Other, net	18	22	0
Net cash provided by (used in) financing activities	315	(643)	(279)
Net increase (decrease) in cash and cash equivalents	1,936	(3,065)	1,761
Cash and cash equivalents, beginning of year	4,662	7,654	5,783
Exchange movement of opening cash balance	(58)	73	110
Cash and cash equivalents, end of year	$6,540	$4,662	$7,654

2_Consolidated Statements of Ca

Consolidated Statements of Cash Flows (Parenthetical) (USD $)
In Billions	12 Months Ended Jun. 30, 2009	12 Months Ended Jun. 30, 2008	12 Months Ended Jun. 30, 2007
Impairment charges, tax	1.7	$0	$0

Consolidated Statement of Equit

Consolidated Statement of Equity and Other Comprehensive Income (USD $)
In Millions	12 Months Ended Jun. 30, 2009		12 Months Ended Jun. 30, 2008		12 Months Ended Jun. 30, 2007		Jun. 30, 2006
Beginning Balance	$29,254		$33,208		$30,087
Net (loss) income	(3,306)		5,488		3,468
Unrealized holding gains (losses) on securities, net of tax	2		(69)		121
Benefit plan adjustments	(92)		(86)		73
Foreign currency translation adjustments	(1,693)		984		877
Comprehensive income	(5,089)		6,317		4,539
Adoption of Statement of Financial Accounting Standards No. 158, net of tax					(199)
Acquisitions			31
Dividends declared	(314)		(338)		(362)
Shares issued	77		328		572
Shares repurchased			(10,532)		(1,294)
Change in value of redeemable noncontrolling interest and other	(296)		240		(135)
Ending Balance	23,632		29,254		33,208		30,087
Class A Common Stock
Beginning Balance (in shares)	1,810		2,139		2,169
Beginning Balance	18		21		22
Shares issued (in shares)	5		16		28
Shares repurchased (in shares)			(345)		(58)
Shares repurchased			(3)		(1)
Ending Balance (in shares)	1,815		1,810		2,139		2,169
Ending Balance	18		18		21		22
Additional Paid-In Capital
Beginning Balance	17,214		27,333		28,153
Acquisitions			31
Shares issued	77		328		572
Shares repurchased			(10,527)		(1,293)
Change in value of redeemable noncontrolling interest and other	63		49		(99)
Ending Balance	17,354		17,214		27,333		28,153
Class B common stock
Beginning Balance (in shares)	799		987		987
Beginning Balance	8		10		10
Shares repurchased (in shares)			(188)
Shares repurchased			(2)
Ending Balance (in shares)	799		799		987		987
Ending Balance	8		8		10		10
Retained Earnings and Accumulated Other Comprehensive Income
Beginning Balance	11,383		5,558		1,689
Net (loss) income	(3,378)		5,387		3,426
Unrealized holding gains (losses) on securities, net of tax	2		(69)		121
Benefit plan adjustments	(92)		(86)		73
Foreign currency translation adjustments	(1,671)		976		870
Comprehensive income	(5,139)		6,208		4,490
Adoption of Statement of Financial Accounting Standards No. 158, net of tax					(199)
Dividends declared	(314)		(338)		(362)
Change in value of redeemable noncontrolling interest and other	(86)		(45)		(60)
Ending Balance	5,844		11,383		5,558		1,689
Total News Corporation Equity
Beginning Balance	28,623		32,922		29,874
Net (loss) income	(3,378)		5,387		3,426
Unrealized holding gains (losses) on securities, net of tax	2		(69)		121
Benefit plan adjustments	(92)		(86)		73
Foreign currency translation adjustments	(1,671)		976		870
Comprehensive income	(5,139)		6,208		4,490
Adoption of Statement of Financial Accounting Standards No. 158, net of tax					(199)
Acquisitions			31
Dividends declared	(314)		(338)		(362)
Shares issued	77		328		572
Shares repurchased			(10,532)		(1,294)
Change in value of redeemable noncontrolling interest and other	(23)		4		(159)
Ending Balance	23,224		28,623		32,922		29,874
Noncontrolling Interests
Beginning Balance	631	[1]	286	[1]	213	[1]		[1]
Net (loss) income	72	[1]	101	[1]	42	[1]
Foreign currency translation adjustments	(22)	[1]	8	[1]	7	[1]
Comprehensive income	50	[1]	109	[1]	49	[1]
Change in value of redeemable noncontrolling interest and other	(273)	[1]	236	[1]	24	[1]
Ending Balance	$408	[1]	$631	[1]	$286	[1]	$213	[1]
[1]Net income attributable to noncontrolling interests excludes $(4) million, $30 million and $24 million relating to redeemable noncontrolling interests which is reflected in temporary equity for the fiscal years ended June 30, 2009, 2008 and 2007, respectively. Foreign currency translation adjustments exclude $(16) million, $4 million and $9 million relating to redeemable noncontrolling interests for the fiscal years ended June 30, 2009, 2008 and 2007, respectively. Other activity attributable to noncontrolling interests excludes nil, $53 million and $175 million relating to redeemable noncontrolling interests for the fiscal years ended June 30, 2009, 2008 and 2007, respectively.

3_Consolidated Statement of Equ

Consolidated Statement of Equity and Other Comprehensive Income (Parenthetical) (Noncontrolling Interests, USD $)
In Millions	12 Months Ended Jun. 30, 2009		12 Months Ended Jun. 30, 2008		12 Months Ended Jun. 30, 2007
Net income attributable to noncontrolling interests, redeemable noncontrolling interests	($4)	[1]	$30	[1]	$24	[1]
Other comprehensive (loss) income attributable to noncontrolling interests relates to foreign currency translation adjustments, redeemable noncontrolling interests	(16)	[1]	4	[1]	9	[1]
Other activity attributable to noncontrolling interests, redeemable noncontrolling interests			$53	[1]	$175	[1]
[1]Net income attributable to noncontrolling interests excludes $(4) million, $30 million and $24 million relating to redeemable noncontrolling interests which is reflected in temporary equity for the fiscal years ended June 30, 2009, 2008 and 2007, respectively. Foreign currency translation adjustments exclude $(16) million, $4 million and $9 million relating to redeemable noncontrolling interests for the fiscal years ended June 30, 2009, 2008 and 2007, respectively. Other activity attributable to noncontrolling interests excludes nil, $53 million and $175 million relating to redeemable noncontrolling interests for the fiscal years ended June 30, 2009, 2008 and 2007, respectively.

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS
	12 Months Ended Jun. 30, 2009 USD / shares
DESCRIPTION OF BUSINESS	NOTE 1. DESCRIPTION OF BUSINESS News Corporation and its subsidiaries (together, News Corporation or the Company) is a Delaware corporation. News Corporation is a diversified global media company, which manages and reports its businesses in eight segments: Filmed Entertainment, which principally consists of the production and acquisition of live-action and animated motion pictures for distribution and licensing in all formats in all entertainment media worldwide, and the production of original television programming worldwide; Television, which principally consists of the broadcasting of network programming in the United States and the operation of 27 full power broadcast television stations, including nine duopolies, in the United States (of these stations, 17 are affiliated with the Fox Broadcasting Company (FOX) and ten are affiliated with MyNetworkTV); Cable Network Programming, which principally consists of the production and licensing of programming distributed through cable television systems and direct broadcast satellite (DBS) operators primarily in the United States, Latin America, Europe and Asia; Direct Broadcast Satellite Television, which consists of the distribution of basic and premium programming services via satellite and broadband directly to subscribers in Italy; Integrated Marketing Services, which principally consists of the publication of free-standing inserts, which are promotional booklets containing consumer offers distributed through insertion in local Sunday newspapers in the United States, and the provision of in-store marketing products and services, primarily to consumer packaged goods manufacturers in the United States and Canada; Newspapers and Information Services, which principally consists of the publication of four national newspapers in the United Kingdom, the publication of approximately 146 newspapers in Australia, the publication of a metropolitan newspaper and a national newspaper (with international editions) in the United States and the provision of information services; Book Publishing, which principally consists of the publication of English language books throughout the world; and Other, which includes Fox Interactive Media (FIM), which operates the Companys Internet activities, and News Outdoor Group (News Outdoor), an advertising business which offers display advertising primarily in outdoor locations throughout Russia and Eastern Europe.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	12 Months Ended Jun. 30, 2009 USD / shares
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of consolidation The consolidated financial statements include the accounts of all majority-owned and controlled subsidiaries. In addition, the Company evaluates its relationships with other entities to identify whether they are variable interest entities as defined by Financial Accounting Standards Board (FASB) Interpretation No. (FIN) 46R, Consolidation of Variable Interest Entities, an Interpretation of Accounting Research Bulletin (ARB) No.51 (FIN 46R), and to assess whether it is the primary beneficiary of such entities. If the determination is made that the Company is the primary beneficiary, then that entity is consolidated in accordance with FIN 46R. All significant intercompany accounts and transactions have been eliminated in consolidation, including the intercompany portion of transactions with equity method investees. The effects of any changes in the Companys ownership interest resulting from the issuance of equity capital by consolidated subsidiaries or equity investees to unaffiliated parties and certain other equity transactions recorded by consolidated subsidiaries or equity investees are accounted for as capital transactions pursuant to the Securities and Exchange Commission (SEC) Staff Accounting Bulletin No.51, Accounting for the Sales of Stock of a Subsidiary. Deferred taxes generally have not been recorded on such capital transactions, as such temporary differences would, in most instances, be recovered in a tax-free manner. Certain fiscal 2008 and fiscal 2007 amounts have been reclassified to conform to the fiscal 2009 presentation. The Company maintains a 52-53 week fiscal year ending on the Sunday nearest to June30. Fiscal 2009, fiscal 2008 and fiscal 2007 were comprised of 52 weeks and ended on June28, 2009,June29, 2008 and July1, 2007, respectively. For convenience purposes, the Company continues to date its financial statements as of June30. Use of estimates The preparation of the Companys Consolidated Financial Statements in conformity with generally accepted accounting principles in the United States (GAAP) requires management to make estimates and assumptions that affect the amounts that are reported in the consolidated financial statements and accompanying disclosures. Actual results could differ from those estimates. Cash and cash equivalents Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. Concentration of credit risk Cash and cash equivalents are maintained with several financial institutions. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and, therefore, bear minimal credit risk. Receivables, net Receivables, net are presented net of an allowance for returns and doubtful accounts, which is an estimate of amounts that may not be collectible. In determining the allowance for returns, management analyzes historical returns, current economic trends and changes in customer demand and acce

ACQUISITIONS, DISPOSALS AND OTH

ACQUISITIONS, DISPOSALS AND OTHER TRANSACTIONS
	12 Months Ended Jun. 30, 2009 USD / shares
ACQUISITIONS, DISPOSALS AND OTHER TRANSACTIONS	NOTE 3. ACQUISITIONS, DISPOSALS AND OTHER TRANSACTIONS Fiscal 2009 Transactions Acquisitions In October 2008, the Company purchased VeriSign Inc.s (VeriSign) noncontrolling interest of the Jamba joint venture for approximately $193 million in cash, increasing the Companys interest to 100%. During fiscal 2009, the Company recorded an impairment charge relating to Jambas goodwill and finite-lived intangible assets. (See Note 9 Goodwill and Other Intangible Assets) In January 2009, the Company andAsianet TV Holdings Private Limited (Asianet) formed a venture (Star Jupiter) to provide general entertainment channels in southern India. The Company paid approximately $235 million in cash and assumed net debt of approximately $20 million for a controlling interest in four of Asianets channels which were combined with one of the Companys existing channels. The Company has a controlling interest in this new venture and, accordingly, began consolidating the results in January 2009. The aforementioned acquisitions were all accounted for in accordance with SFAS No.141, Business Combinations (SFAS No.141). In accordance with SFAS No.142, the excess purchase price that has been allocated or has been preliminarily allocated to goodwill is not being amortized for all of the acquisitions noted above. Where the allocation of the excess purchase price is not final, the amount allocated to goodwill is subject to change upon completion of final valuations of certain assets and liabilities. A future reduction in goodwill for additional value to be assigned to identifiable finite-lived intangible assets or tangible assets could reduce future earnings as a result of additional amortization. Disposals In July 2008, the Company completed the sale of eight of its owned-and-operated FOX network affiliated television stations (the Stations) for approximately $1 billion in cash. The Stations included: WJW in Cleveland, OH; KDVR in Denver, CO; KTVI in St. Louis, MO; WDAF in Kansas City, MO; WITI in Milwaukee, WI; KSTU in Salt Lake City, UT; WBRC in Birmingham, AL; and WGHP in Greensboro, NC.In connection with the transaction, the Stations entered into new affiliation agreements with the Company to receive network programming and assumed existing contracts with the Company for syndicated programming.No portion of the sale proceeds were allocated to the new network affiliation agreements as they were negotiated at fair value and are consistent with similar pre-existing contracts with other third party-owned FOX affiliated stations. In addition, the Company recorded a gain of approximately $232 million in Other, net in the consolidated statements of operations for the fiscal year ended June30, 2009. In November 2008, the Company sold its ownership stake in a Polish television broadcaster to the remaining shareholders.The Company recognized a net loss of approximately $100 million on the disposal which was included in Other, net in the consolidated statements of operations for the fiscal year ended June30, 2009. Other transactions In February2009, the Company, two newly incorporated subsidiaries of funds advised by Permira Advisers LLP (the Permira Newco

RESTRUCTURING PROGRAMS

RESTRUCTURING PROGRAMS
	12 Months Ended Jun. 30, 2009 USD / shares
RESTRUCTURING PROGRAMS	NOTE 4. RESTRUCTURING PROGRAMS Fiscal 2009 Programs In fiscal 2009, certain of the markets in which the Companys businesses operate have experienced a weakening in the current economic climate which has adversely affected advertising revenue and other consumer driven spending. As a result, a number of the Companys businesses implemented a series of operational actions to address the Companys cost structure, including FIM, which is restructuring the Companys digital media properties to align resources more closely with business priorities. This restructuring program has included significant job reductions, both domestically and internationally, to enable the businesses to operate on a more cost effective basis.In conjunction with this project the Company also eliminated excess facility requirements. In fiscal 2009, several other businesses of the Company have implemented similar plans including the U.K. and Australian newspapers, HarperCollins, MyNetworkTV and the Fox Television Stations. During the fiscal year ended June30, 2009, the Company recorded restructuring charges in accordance with SFAS No.146, Accounting for Costs Associated with Exit or Disposal Activities, of approximately $312 million.These charges consist of severance costs, facility related costs and other associated costs.The restructuring charges primarily relate to $20 million recorded at the Television segment, $33 million recorded at the Book Publishing segment, $74 million recorded at the Newspapers and Information Services segment and $182 million recorded at the Other segment during the fiscal year ended June30, 2009. The Other segment included charges of approximately $178 million related to FIM, $148 million of which was recorded for facility related costs. Changes in the program liabilities were as follows: For the fiscal year ended June30, 2009 One time termination benefits Facility relatedcosts Othercosts Total (in millions) Beginning of period $ $ $ $ Additions 126 164 22 312 Payments (62 ) (14 ) (76 ) Foreign exchange movements 1 1 End of period $ 65 $ 164 $ 8 $ 237 The Company expects to record an additional $79 million of restructuring expense related to additional employee termination benefits and accretion on facility terminations through 2021. At June30, 2009, restructuring liabilities of approximately $93 million and $144 million were included in the consolidated balance sheets in other current liabilities and other liabilities, respectively. Facility related costs of $144 million included in other liabilities and additional accretion are expected to be paid through fiscal 2021. Dow Jones As a result of the Dow Jones acquisition, the Company established and approved plans to integrate the acquired operations into the Companys Newspapers and Information Services segment. The cost to implement these plans consists of separation payments for certain Dow Jones executives under the change in control plan Dow Jones had p

INVENTORIES

INVENTORIES
	12 Months Ended Jun. 30, 2009 USD / shares
INVENTORIES	NOTE 5. INVENTORIES As of June30, 2009, the Companys inventories were comprised of the following: As of June30, 2009 2008 (in millions) Programming rights $ 3,038 $ 2,645 Books, DVDs, paper and other merchandise 361 510 Filmed entertainment costs: Films: Released (including acquired film libraries) 533 475 Completed, not released 137 102 In production 664 806 In development or preproduction 73 54 1,407 1,437 Television productions: Released (including acquired libraries) 589 469 Completed, not released In production 256 256 In development or preproduction 4 2 849 727 Total filmed entertainment costs, less accumulated amortization (a) 2,256 2,164 Total inventories, net 5,655 5,319 Less: current portion of inventory, net (b) (2,477 ) (2,255 ) Total noncurrent inventories, net $ 3,178 $ 3,064 (a) Does not include $491 million and $522 million of net intangible film library costs as of June30, 2009 and 2008, respectively, which are included in intangible assets subject to amortization in the consolidated balance sheets. (See Note 9Goodwill and Other Intangible Assets for further details) (b) Current inventory as of June30, 2009 and 2008 is comprised of programming rights ($2,149 million and $1,781 million, respectively), books, DVDs, paper, and other merchandise. As of June30, 2009, the Company estimated that approximately 68% of unamortized filmed entertainment costs from the completed films are expected to be amortized during fiscal 2010 and approximately 94% of released filmed entertainment costs will be amortized within the next three fiscal years. During fiscal 2010, the Company expects to pay $941 million in accrued participation liabilities, which are included in participations, residuals and royalties payable on the consolidated balance sheets. At June30, 2009, acquired film and television libraries had remaining unamortized film costs of $80 million, which are generally amortized using the individual film forecast method over a remaining period of approximately one to 12years.

INVESTMENTS

INVESTMENTS
	12 Months Ended Jun. 30, 2009 USD / shares
INVESTMENTS	NOTE 6. INVESTMENTS As of June30, 2009, the Companys investments were comprised of the following: Ownership Percentage As of June30, 2009 2008 (in millions) Equity method investments: British Sky Broadcasting Group plc (1) U.K. DBS operator 39% $ 877 $ 977 Sky Deutschland AG (1) German pay-TV operator 38%(3) 437 673 Sky Network Television Ltd. (1) New Zealand media company 44% 305 352 NDS (2) Digital technology company 49% 232 Other equity method investments various 707 766 Fair value of available-for-sale investments various 150 136 Other investments various 249 380 $ 2,957 $ 3,284 (1) The market value of the Companys investment in British Sky Broadcasting Group plc (BSkyB), Sky Deutschland AG (formerly Premiere AG) (Sky Deutschland) and Sky Network Television Ltd. was $5,094 million, $744 million and $466 million at June30, 2009, respectively. (2) In February 2009, the Company sold a portion of its ownership stake in NDS. As a result of the sale, the Companys investment in NDS was accounted for under the equity method of accounting subsequent to February5, 2009. (See Note 3Acquisitions, Disposals and Other Transactions for further discussion) (3) During fiscal year 2009, the Company entered into a series of purchase transactions resulting in the Company increasing its interest in Sky Deutschland from 25% at June30, 2008 to 38% at June30, 2009. (See Fiscal Year 2009 Acquisitions, Disposals and Other Transactions below for further discussion) The cost basis, unrealized gains, unrealized losses and fair market value of available-for-sale investments are set forth below: As of June30, 2009 2008 (in millions) Cost basis of available-for-sale investments $ 38 $ 28 Accumulated gross unrealized gain 113 108 Accumulated gross unrealized loss (1 ) Fair value of available-for-sale investments $ 150 $ 136 Deferred tax liability $ 39 $ 37 During the fiscal years ended June30, 2008 and 2007, the Company reclassified gains of $12 million and $2 million, respectively, from accumulated other comprehensive income to the consolidated statements of operations, based on the specific identification method. No gains were reclassified from accumulated other comprehensive income to the consolidated statements of operations during the fiscal year ended June30, 2009. Equity (Losses) Earnings of Affiliates The Companys share of the (losses) earnings of its equity affiliates was as follows: For the years ended June30, 2009 2008 2007 (in millions) DBS equity affiliates $ (374 ) $ 138 $ 844 Cable channel equity affiliates 59 98 98 Other equity affiliates 6 91 77 Total equity (losses) earnings of affiliates (a) $ (309 ) $ 327 $ 1,

FAIR VALUE

FAIR VALUE
	12 Months Ended Jun. 30, 2009 USD / shares
FAIR VALUE	NOTE 7. FAIR VALUE In accordance with SFAS No.157, fair value measurements are required to be disclosed using a three-tiered fair value hierarchy which distinguishes market participant assumptions into the following categories:(i)inputs that are quoted prices in active markets (Level1); (ii)inputs other than quoted prices included within Level 1 that are observable, including quoted prices for similar assets or liabilities (Level 2); and (iii)inputs that require the entity to use its own assumptions about market participant assumptions (Level 3).Additionally, in accordance with SFAS No.161, the Company has included additional disclosures about the Companys derivatives and hedging activities (Level 2). (See Note 11Exchangeable Securities) The table below presents information about financial assets and liabilities carried at fair value on a recurring basis as of June30, 2009: Fair Value Measurements at Reporting Date Using Description Totalasof June30,2009 QuotedPricesin Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs(Level2) Significant Unobservable Inputs(Level3) (in millions) Assets Available-for-sale securities (1) $ 150 $ 150 $ $ Liabilities Derivatives (2) (1 ) (1 ) Redeemable Noncontrolling interests (3) (343 ) (343 ) Total $ (194 ) $ 150 $ (1 ) $ (343 ) (1) See Note 6 Investments (2) Represents derivatives associated with the Companys exchangeable securities and foreign exchange forward contracts designated as hedges and other financial instruments.As of June30, 2009, fair value of warrants related to TOPrS of approximately $4 million was included in non-current liabilities.Offsetting this amount was the fair value of foreign exchange forward contracts of approximately $3 million which are recorded in the underlying hedged balances.Cash flows from the settlement of foreign exchange forward contracts (which generally occurs within 12 months from the inception of the contracts) offset cash flows from the underlying hedged item and are included in operating activities in the consolidated statements of cash flows.The Company uses financial instruments designated as cash flow hedges primarily to hedge its limited exposures to foreign currency exchange risks associated with the costs for producing or acquiring film and television programming abroad.The effective changes in fair value of derivatives designated as cash flow hedges are recorded in accumulated other comprehensive income with foreign currency translation adjustments. Amounts are reclassified from accumulated other comprehensive income when the underlying hedged item is recognized in earnings. If derivatives are not designated as hedges, changes in fair value are recorded in earnings. (3) The Company accounts for the redeemable noncontrolling interests in accordance with EITF D-98 because their exercise is outside the control of the

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT
	12 Months Ended Jun. 30, 2009 USD / shares
PROPERTY, PLANT AND EQUIPMENT	NOTE 8. PROPERTY, PLANT AND EQUIPMENT Useful Lives As of June30, 2009 2008 (in millions) Land $ 355 $ 395 Buildings and leaseholds 2to50years 3,360 3,777 Machinery and equipment 2 to 30 years 7,335 8,326 11,050 12,498 Less accumulated depreciation and amortization (5,301 ) (5,960 ) 5,749 6,538 Construction in progress 496 483 Total property, plant and equipment, net (1) $ 6,245 $ 7,021 (1) As a result of the Companys impairment review, the Company recorded a $185 million write-down of Newspapers and Information Services fixed assets in accordance with SFAS No.144. (See Note 9Goodwill and Other Intangible Assets for further discussion of the write-down.) Depreciation and amortization related to property, plant and equipment was $942 million, $1,009 million and $769 million for the fiscal years ended June30, 2009, 2008 and 2007, respectively. This includes depreciation of set-top boxes in the DBS segment of $152 million, $142 million and $119 million for the fiscal years ended June30, 2009, 2008 and 2007, respectively. Total operating lease expense was approximately $563 million, $497 million and $432 million for the fiscal years ended June30, 2009, 2008 and 2007, respectively.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS
	12 Months Ended Jun. 30, 2009 USD / shares
GOODWILL AND OTHER INTANGIBLE ASSETS	NOTE 9. GOODWILL AND OTHER INTANGIBLE ASSETS In accordance with SFAS No.142, the Companys goodwill and indefinite-lived intangible assets, which primarily consist of FCC licenses, are reviewed annually for impairment or earlier if events occur or circumstances change that would more likely than not reduce the fair value of the Companys goodwill and indefinite-lived intangible assets below their carrying amount. During the second quarter of fiscal 2009, the Company performed an interim impairment review in advance of its annual impairment assessment because the Company believed events had occurred and circumstances had changed that would more likely than not reduce the fair value of the Companys goodwill and indefinite-lived intangible assets below their carrying amounts. These events included: (a)the decline of the price of the ClassA Common Stock and ClassB Common Stock below the carrying value of the Companys stockholders equity; (b)the reduced growth in advertising revenues; (c)the decline in the operating profit margins in some of the Companys advertising-based businesses; and (d)the decline in the valuations of other television stations, newspapers and advertising-based companies as determined by the current trading values of those companies. In addition, the Company also performed an annual impairment assessment of its goodwill and indefinite-lived intangible assets. The Companys goodwill impairment reviews are determined using a two-step process. The first step of the process is to compare the fair value of a reporting unit with its carrying amount, including goodwill. In performing the first step, the Company determines the fair value of a reporting unit by primarily using a discounted cash flow analysis and market-based valuation approach methodologies. Determining fair value requires the exercise of significant judgments, including judgments about appropriate discount rates, perpetual growth rates, relevant comparable company earnings multiples and the amount and timing of expected future cash flows. The cash flows employed in the analyses are based on the Companys estimated outlook and various growth rates have been assumed for years beyond the long-term business plan period. Discount rate assumptions are based on an assessment of the risk inherent in the future cash flows of the respective reporting units. In assessing the reasonableness of its determined fair values, the Company evaluates its results against other value indicators, such as comparable public company trading values. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired and the second step of the impairment review is not necessary. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment review is required to be performed to estimate the implied fair value of the reporting units goodwill. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. That is, the estimated fair value of the reporting unit is allocated to all of the assets and liabilities of that unit (including an

BORROWINGS

BORROWINGS
	12 Months Ended Jun. 30, 2009 USD / shares
BORROWINGS	NOTE 10. BORROWINGS Description Weighted average interestrate Duedate Outstanding at June30, As of June 30, 2009 2009 2008 (in millions) Bank Loans (a) $ 173 $ 220 Public Debt Senior notes issued under January 1993 indenture (b) 8.60 % 2013-2034 2,211 2,234 Senior notes issued under March 1993 indenture (c)(d) 6.77 % 2010 - 2096 10,090 9,290 Liquid Yield Option Notes (e) 2021 78 75 Exchangeable securities (f) 1,737 1,692 Total public debt 14,116 13,291 Total borrowings 14,289 13,511 Less current portion 2,085 281 Long-term borrowings $ 12,204 $ 13,230 At June30, 2009, the fair value of interest bearing liabilities in aggregate amounts to $13.5 billion. (a) In August 2006, the Company entered into a loan agreement with Raiffeisen Zentralbank sterreich AG (RZB) and, as of June30, 2009, $160 million was outstanding under this loan agreement. The loan bears interest at LIBOR for a six month period plus a margin of up to 2.85%per annum dependent upon certain financial metrics.Principal amounts under the RZB loan are to be repaid in equal amounts every six months starting on the second anniversary of the date of the agreement until the fifth anniversary of the date of the agreement. At June30, 2009, $64 million of the RZB loan was due within the next twelve months and has been classified as current borrowings.The loans are secured by certain guarantees, bank accounts and share pledges of the Companys Russian operating subsidiaries. (b) These notes are issued under the Amended and Restated Indenture dated as of January28, 1993, as supplemented, by and among News America Incorporated, a 100% owned subsidiary of the Company as defined in Rule 3-10(h) of Regulation S-X (NAI), the Company as Parent Guarantor and U.S. Bank National Association, as Trustee. These notes are direct unsecured obligations of NAI and rank pari passu with all other unsecured indebtedness of NAI. Redemption may occur, at the option of the holders, at 101% of the principal plus an accrued interest amount in certain circumstances where a change of control is deemed to have occurred. These notes are subject to certain covenants, which, among other things, restrict secured indebtedness to 10% of tangible assets and in certain circumstances limit new senior indebtedness. (c) These notes are issued under the Amended and Restated Indenture dated as of March24, 1993, as supplemented, by and among NAI, the Company, as Parent Guarantor, and The Bank of New York, as Trustee. These notes are direct unsecured obligations of NAI and rank pari passu with all other unsecured indebtedness of NAI. Redemption may occur, at the option of the holders, at 101% of the principal plus an accrued interest amount in certain circumstances where a change of control is deemed to have occurred. These notes are subject to certain cov

EXCHANGEABLE SECURITIES

EXCHANGEABLE SECURITIES
	12 Months Ended Jun. 30, 2009 USD / shares
EXCHANGEABLE SECURITIES	NOTE 11. EXCHANGEABLE SECURITIES TOPrS In November 1996, the Company, through a trust (the Exchange Trust) wholly-owned by NAI, issued 10million 5% TOPrS for aggregate gross proceeds of $1 billion. Such proceeds were invested in (i)preferred securities representing a beneficial interest of NAIs 5% Subordinated Discount Debentures due November12, 2016 (the Subordinated Debentures) and (ii)10,000,000 warrants to purchase from NAI ordinary shares of BSkyB (the Warrants). During fiscal 2003, approximately 85% of the Companys outstanding TOPrS and related warrants were redeemed. As of June30, 2009, approximately 1.5million TOPrS and 1million warrants remained outstanding. These investments represent the sole assets of the Exchange Trust. Cumulative cash distributions are payable on the TOPrS at an annual rate of 5%. The TOPrS have a mandatory redemption date of November12, 2016 or earlier to the extent of any redemption by NAI of any Subordinated Debentures or Warrants. The Company has the right to pay cash equal to the market value of the BSkyB ordinary shares for which the Warrants are exercisable in lieu of delivering freely tradable shares. The Company and certain of its direct and indirect subsidiaries have certain obligations relating to the TOPrS, the preferred securities representing a beneficial interest in the Subordinated Debentures, the Subordinated Debentures and Warrants which amount to a full and unconditional guarantee of the respective issuers obligations with respect thereto. The total net proceeds from the issuance of the TOPrS were allocated between the fair value of the obligation and the fair value of the Warrants on their date of issuance. The fair value of the Warrants is determined at the end of each period using the Black-Scholes method. The original fair value of the obligation has been recorded in non-current borrowings and in accordance with SFAS No.133, the Warrants are reported at fair value and in non-current other liabilities. The fair value of the obligation is accreted to its maturity value through the effective interest method. (See Note 23Additional Financial Information) A significant variance in the price of the underlying stock could have a material impact on the operating results of the Company. As of June30, 2009, $129 million and $4 million of the TOPrS were included in borrowings and non-current liabilities, respectively, on the consolidated balance sheets. As of June30, 2008, $131 million and $17 million of the TOPrS were included in borrowings and non-current liabilities, respectively, on the consolidated balance sheets. BUCS During fiscal 2003, News Corporation Finance Trust II (the Trust) issued an aggregate of $1.655 billion 0.75% BUCS representing interests in debentures issued by NAI and guaranteed on a senior basis by the Company and certain of its subsidiaries. The net proceeds from the BUCS issuance were used to purchase approximately 85% of the Companys outstanding TOPrS. The BUCS are exchangeable at the holders option into BSkyB ordinary shares based on an exchange ratio of 77.09 BSkyB ordinary shares per $1,000 original liquidation amount of BUCS. The Trust may pay the exchang

FILM PRODUCTION FINANCING

FILM PRODUCTION FINANCING
	12 Months Ended Jun. 30, 2009 USD / shares
FILM PRODUCTION FINANCING	NOTE 12. FILM PRODUCTION FINANCING The Company enters into arrangements with third parties to co-produce certain of its theatrical productions. These arrangements, which are referred to as co-financing arrangements, take various forms. The parties to these arrangements include studio and non-studio entities.In several of these agreements, other parties control certain distribution rights.The Filmed Entertainment segment records the amounts received for the sale of an economic interest as a reduction of the cost of the film, as the investor assumes full risk for that portion of the film asset acquired in these transactions. The substance of these arrangements is that the third-party investors own an interest in the film and, therefore, receive a participation based on the third-party investors contractual interest in the profits or losses incurred on the film. Consistent with the requirements of SOP 00-2, the estimate of the third-party investors interest in profits or losses incurred on the film is determined by reference to the ratio of actual revenue earned to date in relation to total estimated ultimate revenues.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY
	7/1/2008 - 6/30/2009 USD / shares
STOCKHOLDERS' EQUITY	NOTE 13. STOCKHOLDERS EQUITY Preferred Stock and Common Stock Under the News Corporation Restated Certificate of Incorporation, the Companys Board of Directors (the Board) is authorized to issue shares of preferred stock or common stock at any time, without stockholder approval, and to determine all the terms of those shares, including the following: (i) the voting rights, if any, except that the issuance of preferred stock or series common stock which entitles holders thereof to more than one vote per share requires the affirmative vote of the holders of a majority of the combined voting power of the then outstanding shares of the Companys capital stock entitled to vote generally in the election of directors; (ii) the dividend rate and preferences, if any, which that preferred stock or common stock will have compared to any other class; and (iii) the redemption and liquidation rights and preferences, if any, which that preferred stock or common stock will have compared to any other class. Any decision by the Board to issue preferred stock or common stock must, however, be taken in accordance with the Boards fiduciary duty to act in the best interests of the Companys stockholders. The Company is authorized to issue 100,000,000 shares of preferred stock, par value $0.01 per share. As of June30, 2009, there were no shares of preferred stock issued or outstanding. The Board has the authority, without any further vote or action by the stockholders, to issue preferred stock in one or more series and to fix the number of shares, designations, relative rights (including voting rights), preferences, qualifications and limitations of such series to the full extent permitted by Delaware law. The Company has two classes of common stock that are authorized and outstanding, non-voting ClassA Common Stock and voting Class B Common Stock. ClassA Common Stock carried the right to dividends in the amount equal to 120% of the aggregate of all dividends declared on a share of Class B Common Stock through fiscal 2007. Subsequent to the final fiscal 2007 dividend payment, shares of ClassA Common Stock ceased to carry any rights to a greater dividend than shares of Class B Common Stock. As of June30, 2009, there were approximately 50,000 holders of record of shares of ClassA Common Stock and 1,400 holders of record of Class B Common Stock. In the event of a liquidation or dissolution of the Company, or a portion thereof, holders of ClassA Common Stock and Class B Common Stock shall be entitled to receive all of the remaining assets of the Company available for distribution to its stockholders, ratably in proportion to the number of shares held by ClassA Common Stock holders and Class B Common Stock holders, respectively. In the event of any merger or consolidation with or into another entity, the holders of ClassA Common Stock and the holders of Class B Common Stock shall be entitled to receive substantially identical per share consideration. Stockholder Rights Plan In fiscal 2005, the Board adopted a stockholder rights plan (the Rights Plan). Under the Rights Plan, each stockholder of record received a distribution of one right for ea

EQUITY BASED COMPENSATION

EQUITY BASED COMPENSATION
	12 Months Ended Jun. 30, 2009 USD / shares
EQUITY BASED COMPENSATION	NOTE 14. EQUITY BASED COMPENSATION News Corporation 2005 Long-Term Incentive Plan The Company has adopted the News Corporation 2005 Long-Term Incentive Plan (the 2005 Plan) under which equity based compensation, including stock options, restricted stock, RSUs and other types of awards, may be granted. Such equity grants under the 2005 Plan generally vest over a four-year period and expire ten years from the date of grant.The Companys employees and directors are eligible to participate in the 2005 Plan. The Compensation Committee of the Board (the Compensation Committee) determines the recipients, type of award to be granted and amounts of awards to be granted under the 2005 Plan. Stock options awarded under the 2005 Plan will be granted at exercise prices which are equal to or exceed the market price at the date of grant. The 2005 Plan replaced the News Corporation 2004 Stock Option Plan under which no additional stock options will be granted. The maximum number of shares of ClassA Common Stock that may be issued under the 2005 Plan is 165million shares. At June30, 2009, the remaining number of shares available for issuance under the 2005 Plan was approximately 134 million. The Company will issue new shares of ClassA Common Stock for award upon exercises of stock options or vesting of stock-settled RSUs. The fair value of equity-based compensation under the 2005 Plan will be calculated according to the type of award issued. Stock options and stock appreciation rights (SARs) issued under the 2005 Plan will be fair valued using a Black-Scholes option valuation method that uses the following assumptions: expected volatility is based on the historical volatility of the shares underlying the option; expected term of awards granted is derived from the historical activity of the Companys awards and represents the period of time that the awards granted are expected to be outstanding; weighted average risk-free interest rate is an average of the interest rates of U.S. government bonds with similar lives on the dates of the stock option grants; and dividend yield is calculated as an average of a ten year history of the Companys yearly dividend divided by the fiscal years closing stock price. RSU awards are grants that entitle the holder to shares of ClassA Common Stock or the value of shares of ClassA Common Stock as the award vests, subject to the 2005 Plan and such other terms and conditions as the Compensation Committee may establish.RSUs issued under the 2005 Plan are fair valued based upon the fair market value of ClassA Common Stock on the grant date. Any person who holds RSUs shall have no ownership interest in the shares of ClassA Common Stock to which such RSUs relate until and unless shares of ClassA Common Stock are delivered to the holder.All shares of ClassA Common Stock reserved for cancelled or forfeited equity-based compensation awards or for awards that are settled in cash become available for future grants.Certain RSU awards are settled in cash and are subject to terms and conditions of the 2005 Plan and such other terms and conditions as the Compensation Committee may establish. During the fiscal years ended June30, 20

RELATED PARTIES

RELATED PARTIES
	12 Months Ended Jun. 30, 2009 USD / shares
RELATED PARTIES	NOTE 15. RELATED PARTIES Director transactions The Company has engaged Mrs.Wendi Murdoch, the wife of Mr.K.R. Murdoch, the Companys Chairman and Chief Executive Officer, to provide strategic advice for the development of the MySpace business in China.The fees paid to Mrs.Murdoch pursuant to this arrangement are $100,000 per annum and Mrs.Murdoch received $100,000 in both the fiscal year ended June30, 2009 and 2008 and $83,333 in the fiscal year ended June30, 2007.Mrs.Murdoch is a Director of MySpace China Holdings Limited (MySpace China), a joint venture in which the Company owns a 51.7% interest on a fully diluted basis, which licenses the technology and brand to the local company in China that operates the MySpace China website. Similar to other Directors of MySpace China, Mrs.Murdoch received options over 2.5% of the fully diluted shares of MySpace China that will vest over four years under the MySpace China option plan. Freud Communications, which is controlled by Matthew Freud, Mr.K.R. Murdochs son-in-law, provided external support to the press and publicity activities of the Company during fiscal years 2009, 2008 and 2007.The fees paid by the Company to Freud Communications were approximately $473,000, $669,000 and $500,000 in fiscal 2009, 2008, and 2007, respectively.At June30, 2009, there were no outstanding amounts due to or from Freud Communications. The Shine Group (Shine), a television production and distribution company, is controlled by Ms.Elisabeth Murdoch, the daughter of Mr.K.R. Murdoch. Through the normal course of business, certain subsidiaries of the Company have entered into various production and distribution arrangements with Shine.Pursuant to these arrangements, the Company paid Shine an aggregate of approximately $453,000 and $300,000 in the fiscal years ended June30, 2008 and 2007, respectively. No amounts were paid to Shine in fiscal year 2009. Mr.Mark Hurd, a Director of the Company, is also the Chairman and Chief Executive Officer of Hewlett-Packard Company (HP).Through the normal course of business, HP sells certain equipment and provides services to the Company and its subsidiaries pursuant to a worldwide agreement entered into by the Company and HP in August 2007.Pursuant to this agreement, the Company paid HP approximately $47 million and $68 million in the fiscal years ended June30, 2009 and 2008, respectively. Dr.RoderickR. Paige was a Director of the Company until February 2008. Upon his resignation from the Board, the Company and Dr.Paige entered into a consultancy arrangement pursuant to which Dr.Paige advised the Company on certain educational matters. The consultancy arrangement was terminated in March 2009. The fees paid by the Company to Dr.Paige pursuant to this arrangement were $240,000 per annum and Dr.Paige received $90,668 in the fiscal year ended June30, 2008.Other than fees related to his Directorship, no amounts were paid to Dr.Paige in fiscal 2007. Mr.Stanley Shuman, Director Emeritus, and Mr.Kenneth Siskind, son of Mr.ArthurM. Siskind, who is a Director and senior advisor to the Chairman, are Managing Directors of Allen Company LLC, a U.S. based investment bank, which provide

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES
	12 Months Ended Jun. 30, 2009 USD / shares
COMMITMENTS AND CONTINGENCIES	NOTE 16. COMMITMENTS AND CONTINGENCIES The Company has commitments under certain firm contractual arrangements (firm commitments) to make future payments. These firm commitments secure the future rights to various assets and services to be used in the normal course of operations. The following table summarizes the Companys material firm commitments as of June30, 2009. As of June30, 2009 Payments Due by Period Total 1 year 2-3years 4-5years After5years (in millions) Contracts for capital expenditure $ 327 $ 306 $ 20 $ 1 $ Operating leases (a) Land and buildings 3,384 338 628 540 1,878 Plant and machinery 1,490 206 331 299 654 Other commitments Borrowings 12,552 477 96 621 11,358 Exchangeable securities 1,737 1,608 129 Sports programming rights (b) 17,583 3,227 4,443 4,391 5,522 Entertainment programming rights 3,360 1,692 1,048 440 180 Other commitments and contractual obligations (c) 3,338 901 1,095 732 610 Total commitments, borrowings and contractual obligations $ 43,771 $ 8,755 $ 7,661 $ 7,024 $ 20,331 The Company also has certain contractual arrangements in relation to certain investees that would require the Company to make payments or provide funding if certain circumstances occur (contingent guarantees). The Company does not expect that these contingent guarantees will result in any material amounts being paid by the Company in the foreseeable future. The timing of the amounts presented in the table below reflect when the maximum contingent guarantees will expire and does not indicate that the Company expects to incur an obligation to make payments during that time frame. As of June30, 2009 Amount of Guarantees Expiration Per Period Contingent guarantees: TotalAmounts Committed 1year 2-3years 4-5years After5years (in millions) Sports programming rights (d) $ 471 $ 42 $ 135 $ 132 $ 162 Letters of credit and other 108 108 $ 579 $ 150 $ 135 $ 132 $ 162 (a) The Company leases transponders, office facilities, warehouse facilities, equipment and microwave transmitters used to carry broadcast signals. These leases, which are classified as operating leases, expire at certain dates through fiscal 2090. In addition, the Company leases various printing plants, which have leases that expire at various dates through fiscal 2095. (b) The Companys contract with Major League Baseball (MLB) gives the Company rights to broadcast certain regular season and post season games, as well as exclusive rights to broadcast MLBs World Series and All-Star Game through the 2013 MLB season. Under the Companys contract with the National Football League (NFL), remaining future m

PENSIONS AND OTHER POSTRETIREME

PENSIONS AND OTHER POSTRETIREMENT BENEFITS
	12 Months Ended Jun. 30, 2009 USD / shares
PENSIONS AND OTHER POSTRETIREMENT BENEFITS	NOTE 17. PENSIONS AND OTHER POSTRETIREMENT BENEFITS The Company participates in and/or sponsors pension and savings plans of various types in a variety of jurisdictions covering, in aggregate, substantially all employees. As of January1, 2008, the major pension plans and medical plans are closed to new participants (with the exception of groups covered by collective bargaining agreements). The Company has a legally enforceable obligation to contribute to some plans and is not required to contribute to others. Non-U.S. plans include both employee contributory and employee non-contributory defined benefit plans and accumulation plans covering all eligible employees. The plans in the United States include both defined benefit pension plans and employee non-contributory and employee contributory accumulation plans covering all eligible employees. The Company makes contributions in accordance with applicable laws or contract terms in each jurisdiction in which the Company operates. The Companys benefit obligation is calculated using several assumptions which the Company reviews on a regular basis. The funded status of the plans can change from year to year but the assets of the funded plans has been sufficient to pay all benefits that came due in each of fiscal 2009, 2008 and 2007. The Company uses a June30 measurement date for all pension and postretirement benefit plans. The following table sets forth the change in the benefit obligation for the Companys benefit plans: Pension benefits Postretirementbenefits As of June 30, 2009 2008 2009 2008 (in millions) Projected benefit obligation, beginning of the year $ 2,690 $ 2,392 $ 324 $ 139 Service cost 73 87 7 7 Interest cost 159 150 21 16 Acquisitions 234 203 Benefits paid (122 ) (139 ) (17 ) (11 ) Actuarial gain (a) (65 ) (147 ) (4 ) (30 ) Foreign exchange rate changes (218 ) 38 (4 ) Amendments, transfers and other (16 ) 75 (51 ) Projected benefit obligation, end of the year 2,501 2,690 276 324 Change in the fair value of plan assets for the Companys benefit plans: Fair value of plan assets, beginning of the year 2,348 2,287 Actual return on plan assets (230 ) (140 ) Employer contributions 214 57 Acquisitions 167 Benefits paid (122 ) (139 ) Foreign exchange rate changes (196 ) 44 Amendments, transfers and other 4 72 Fair value of plan assets, end of the year 2,018 2,348 Funded status $ (483 ) $ (342 ) $ (276 ) $ (324 ) (a) Actuarial gains and losses primarily related to changes in the dis

INCOME TAXES

INCOME TAXES
	12 Months Ended Jun. 30, 2009 USD / shares
INCOME TAXES	NOTE 18. INCOME TAXES (Loss) income before income tax expense was attributable to the following jurisdictions: For the years ended June30, 2009 2008 2007 (in millions) United States (including exports) $ (5,501 ) $ 6,332 $ 4,586 Foreign (38 ) 989 720 (Loss) income before income tax expense $ (5,539 ) $ 7,321 $ 5,306 Significant components of the Companys (benefit) provision for income taxes were as follows: For the years ended June30, 2009 2008 2007 (in millions) Current: United States Federal $ 675 $ 918 $ 281 State local 127 102 69 Foreign 303 480 390 Total current 1,105 1,500 740 Deferred (3,334 ) 303 1,074 Total (benefit) provision for income taxes $ (2,229 ) $ 1,803 $ 1,814 The reconciliation of income tax attributable to continuing operations computed at the statutory rate to income tax expense was: FortheyearsendedJune30, 2009 2008 2007 US federal income tax rate 35 % 35 % 35 % Tax free Exchange (a) (11 ) Sale of interest in subsidiaries 7 State and local taxes (1 ) 1 1 Effect of foreign taxes (1 ) 1 2 Resolution of tax matters 19 (2 ) Non-deductible goodwill on asset impairment (b) (26 ) Change in valuation allowance 3 (1 ) (1 ) Other 4 (1 ) Effective tax rate 40 % 25 % 34 % (a) See Note 3 Acquisitions, Disposals and Other Transactions. (b) See Note 9 Goodwill and Other Intangible Assets The following is a summary of the components of the deferred tax accounts: As of June30, 2009 2008 (in millions) Deferred tax assets: Net operating loss carryforwards $ 459 $ 570 Capital loss carryforwards 1,094 1,124 Accrued liabilities 536 521 Total deferred tax assets 2,089 2,215 Deferred tax liabilities, net: Basis difference and amortization (3,042 ) (5,115 ) Revenue recognition (289 ) (234 ) Sports rights contracts (236 ) (192 ) Other (282 ) (576 ) Total deferred tax liabilities (3,849 ) (6,117 ) Net deferred tax liabilities before valuation allowance (1,760 ) (3,902 ) Less: valuation allowance (1,370 ) (1,406 ) Net deferred tax liabilities $ (3,130 ) $ (5,308 ) The Company had net current deferred tax assets of $3 million and $4 million at June30, 2009 and 2008, respectively, and non-current deferred tax assets of $143 million and $144 million at June30, 2009 and 2008, respectively

SEGMENT INFORMATION

SEGMENT INFORMATION
	12 Months Ended Jun. 30, 2009 USD / shares
SEGMENT INFORMATION	NOTE 19. SEGMENT INFORMATION The Company is a diversified global media company, which manages and reports its businesses in eight segments. During the first quarter of fiscal 2010, the Company reclassified STAR, which develops, produces and distributes television programming in Asia, from the Television segment to the Cable Network Programming segment. This reclassification was the result of a restructuring to combine the sales and distribution operations of the STAR channels with those of the Companys other international cable businesses. In addition, the Magazines and Inserts segment has been renamed the Integrated Marketing Services segment. The Company has revised its segment information for prior fiscal years to conform to the fiscal 2010 presentation. The Companys eight segments are: Filmed Entertainment, which principally consists of the production and acquisition of live-action and animated motion pictures for distribution and licensing in all formats in all entertainment media worldwide, and the production and licensing of television programming worldwide. Television, which, principally consists of the broadcasting of network programming in the United States and the operation of 27 full power broadcast television stations, including nine duopolies, in the United States (Of these stations, 17 are affiliated with the FOX network, and ten are affiliated with the MyNetworkTV network). Cable Network Programming, which principally consists of the production and licensing of programming distributed through cable television systems and direct broadcast satellite operators primarily in the United States, Latin America, Europe and Asia. Direct Broadcast Satellite Television, which consists of the distribution of basic and premium programming services via satellite and broadband directly to subscribers in Italy. Integrated Marketing Services, which principally consists of the publication of free-standing inserts, which are promotional booklets containing consumer offers distributed through insertion in local Sunday newspapers in the United States, and the provision of in-store marketing products and services, primarily to consumer packaged goods manufacturers in the United States and Canada. Newspapers and Information Services, which principally consists of the publication of four national newspapers in the United Kingdom, the publication of approximately 146 newspapers in Australia, the publication of a metropolitan newspaper and a national newspaper (with international editions) in the United States and the provision of information services. Book Publishing, which principally consists of the publication of English language books throughout the world. Other, which principally consists of FIM, which operates the Companys Internet activities, and News Outdoor, an advertising business which offers display advertising in outdoor locations primarily throughout Russia and Eastern Europe. The Companys operating segments have been determined in accordance with the Companys internal management structure, which is organized based on operating activit

EARNINGS PER SHARE

EARNINGS PER SHARE
	12 Months Ended Jun. 30, 2009 USD / shares
EARNINGS PER SHARE	NOTE 20. EARNINGS PER SHARE Prior to fiscal 2008, earnings per share (EPS) was computed individually for the ClassA Common Stock and Class B Common Stock and net income was apportioned to both ClassA stockholders and Class B stockholders on a ratio of 1.2 to 1, respectively, in accordance with the rights of the stockholders as described in the Companys Restated Certificate of Incorporation.In order to give effect to this apportionment when determining EPS, the weighted average ClassA Common Stock was increased by 20% (the Adjusted Class) and was then compared to the sum of the weighted average Class B Common Stock and the weighted average Adjusted Class.The resulting percentage was then applied to the Net income to determine the apportionment for the ClassA stockholders, with the balance attributable to the Class B stockholders. Subsequent to the final fiscal 2007 dividend, shares of ClassA Common Stock no longer carry the right to a greater dividend than shares of Class B Common Stock and, therefore, Net income is allocated equally to ClassA and Class B stockholders. Accordingly, since the apportionment of earnings has been eliminated as required by the Companys Restated Certificate of Incorporation, the Company has presented the earnings of ClassA Common Stock and Class B Common Stock as a single class since fiscal 2008. The following tables set forth the computation of basic and diluted earnings per share under SFAS No.128, Earnings per Share (SFAS No.128): For the years ended June30, 2009 2008 2007 (in millions) Net (loss) income available to News Corporation stockholdersbasic $ (3,378 ) $ 5,387 $ 3,426 Other (1 ) (5 ) Net (loss) income available to News Corporation stockholdersdiluted $ (3,378 ) $ 5,386 $ 3,421 For the year ended June30, 2009 2008 (inmillions,exceptpershareamounts) Weighted average sharesbasic 2,613 2,955 Shares issuable under equity based compensation plans (1) 16 Weighted average sharesdiluted 2,613 2,971 (Loss) earnings per share attributable to News Corporation stockholdersbasic: $ (1.29 ) $ 1.82 (Loss) earnings per share attributable to News Corporation stockholdersdiluted: $ (1.29 ) $ 1.81 (1) Weighted average common shares outstanding includes the incremental shares that would be issued upon the assumed exercise of stock options and vesting of restricted stock units if the effect is dilutive. Because the Company had a loss from continuing operations in fiscal 2009, no potentially dilutive securities were included in the denominator for computing dilutive earnings per share, since their impact on earnings per share from continuing operations would be anti-dilutive. In accordance with SFAS No.128, the same shares are used to compute all earnings per share amounts. For the fiscal year ended June30, 2009, approximately 2million shares that could potentially dilute basic earnings per share in the future were excluded from th

QUARTERLY DATA

QUARTERLY DATA (UNAUDITED)
	12 Months Ended Jun. 30, 2009 USD / shares
QUARTERLY DATA (UNAUDITED)	NOTE 21. QUARTERLY DATA (UNAUDITED) For the three months ended September30, December31, March31, June30, (in millions, except per share amounts) Fiscal 2009 (b) Revenues $ 7,509 $ 7,871 $ 7,373 $ 7,670 Net income (loss) attributable to News Corporation stockholders 515 (6,417 ) 2,727 (203 ) Earnings (loss) per share attributable to News Corporation stockholdersbasic and diluted $ 0.20 $ (2.45 ) $ 1.04 $ (0.08 ) Stock prices (a) Class AHigh $ 14.84 $ 11.92 $ 9.85 $ 10.61 Class ALow $ 11.77 $ 5.47 $ 4.99 $ 6.48 Class BHigh $ 15.25 $ 12.08 $ 10.50 $ 12.07 Class BLow $ 12.07 $ 5.91 $ 5.65 $ 7.52 Fiscal 2008 Revenues $ 7,067 $ 8,590 $ 8,750 $ 8,589 Net income attributable to News Corporation stockholders 732 832 2,694 1,129 Earnings per share attributable to News Corporation stockholdersbasic $ 0.23 $ 0.27 $ 0.92 $ 0.43 Earnings per share attributable to News Corporation stockholdersdiluted $ 0.23 $ 0.27 $ 0.91 $ 0.43 Stock prices (a) Class AHigh $ 22.80 $ 23.04 $ 20.10 $ 19.63 Class ALow $ 19.78 $ 19.73 $ 17.87 $ 15.43 Class BHigh $ 24.57 $ 24.50 $ 20.70 $ 20.17 Class BLow $ 21.09 $ 20.49 $ 18.28 $ 15.73 (a) The stock prices reflect the reported high and low closing sales prices for the ClassA Common Stock and Class B Common Stock. Since December29, 2008, the ClassA Common Stock and Class B Common Stock have been listed and traded on The NASDAQ Global Select Market, its principal market, under the symbols NWSA and NWS, respectively. Prior to December29, 2008, the ClassA Common Stock and Class B Common Stock were listed and traded on the New York Stock Exchange under the symbols NWS.A and NWS, respectively. (b) In the quarter ended June30, 2009, the Company recorded an impairment charge of $452 million (See Note 9 Goodwill and Other Intangible Assets) and a restructuring charge of $228 million (See Note 4 Restructuring Programs).

VALUATION AND QUALIFYING ACCOUN

VALUATION AND QUALIFYING ACCOUNTS
	12 Months Ended Jun. 30, 2009 USD / shares
VALUATION AND QUALIFYING ACCOUNTS	NOTE 22. VALUATION AND QUALIFYING ACCOUNTS Balanceat beginning of year Additions Acquisitions anddisposals Utilization Foreign exchange Balanceat end of year (in millions) Fiscal 2009 Allowances for returns and doubtful accounts $ (1,089 ) $ (1,498 ) $ $ 1,377 $ 52 $ (1,158 ) Deferred tax valuation allowance (1,406 ) (128 ) 164 (1,370 ) Fiscal 2008 Allowances for returns and doubtful accounts (1,102 ) (1,365 ) (13 ) 1,446 (55 ) (1,089 ) Deferred tax valuation allowance (1,562 ) (344 ) 500 (1,406 ) Fiscal 2007 Allowances for returns and doubtful accounts (1,068 ) (1,691 ) (7 ) 1,701 (37 ) (1,102 ) Deferred tax valuation allowance (1,877 ) (3 ) 318 (1,562 )

ADDITIONAL FINANCIAL INFORMATIO

ADDITIONAL FINANCIAL INFORMATION
	12 Months Ended Jun. 30, 2009 USD / shares
ADDITIONAL FINANCIAL INFORMATION	NOTE 23. ADDITIONAL FINANCIAL INFORMATION Supplemental Cash Flow Information For the years ended June30, 2009 2008 2007 (in millions) Supplemental cash flow information: Cash paid for income taxes $ (1,192 ) $ (1,867 ) $ (969 ) Cash paid for interest (871 ) (873 ) (744 ) Sale of other investments 14 12 64 Purchase of other investments (90 ) (137 ) (392 ) Supplemental information on businesses acquired: Fair value of assets acquired 650 8,401 1,596 Cash acquired 3 94 96 Less: Liabilities assumed 97 (2,443 ) (408 ) Noncontrolling interests decrease (increase) 62 (202 ) (135 ) Cash paid (812 ) (5,654 ) (1,149 ) Fair value of equity instruments issued to third parties 196 Issuance of subsidiary common units 165 Fair value of equity instruments consideration $ $ 31 $ The following table sets forth the components of Other, net included in the accompanying consolidated statements of operations: For the years ended June30, 2009 2008 2007 (in millions) Gain on sale of NDS shares (a) $ 1,249 $ $ Gain on the sale of the Stations (a) 232 Loss on the sale of Polish television broadcaster (a) (100 ) Gain on the Exchange (a) 1,676 Gain on sale of UK land (a) 126 Gain on sale of Fox Sports Net Bay Area (b) 208 Gain on sale of China Network Systems (b) 6 133 Gain on sale of Gemstar (b) 112 Gain on sale of Sky Brasil (b) 261 Gain on sale of Phoenix (b) 136 Termination of Participation rights agreement (a) 97 Impairment of cost based investments (b) (113 ) (125 ) (2 ) Change in fair value of Exchangeable securities (c) 77 307 (126 ) Other (95 ) (18 ) (7 ) Total Other, net $ 1,256 $ 2,419 $ 359 (a) See Note 3 Acquisitions, Disposals and Other Transactions (b) See Note 6 Investments (c) The Company has certain outstanding exchangeable debt securities which contain embedded derivatives. Pursuant to SFAS No.133, these embedded derivatives are not designated as hedges and, as such, changes in their fair value are recognized in Other, net in the consolidated statements of operations. A significant variance in the price of the underlying stock could have a material impact on the operating results of the Company. (See Note 11 Exchangeable Securities)

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS
	12 Months Ended Jun. 30, 2009 USD / shares
SUBSEQUENT EVENTS	NOTE 24. SUBSEQUENT EVENTS In the preparation of its consolidated financial statements, the Company originally considered subsequent events through August12, 2009, which was the date the Companys consolidated financial statements were issued. As a result of the Company filing a Form 8-K, financial statements and other affected financial information for the periods included in the Companys Annual Report on Form 10-K for the fiscal year ended June30, 2009 have been updated to reflect retrospective adjustments resulting from (1)the changes in the Companys segment reporting as a result of STAR being reported in the Cable Network Programming segment, (2)the change in presentation of its consolidated statements of operations for the elimination of the caption Operating (loss) income, (3)the adoption of SFAS No.160 and (4)certain explanatory disclosures. Accordingly, the Company has updated its consideration of subsequent events through February12, 2010. As mentioned in the preceding paragraph, the Company adopted SFAS No. 160 on July 1, 2009. SFAS No. 160 required the presentation and disclosure requirements for existing minority interests to be applied retrospectively. The Companys financial statements reflect the presentation and disclosure requirements for all periods presented. All other requirements of SFAS No. 160 are to be applied prospectively. The effects of the initial adoption of SFAS No. 160 on the Companys consolidated balance sheets as of June 30, 2009 and 2008 was that Minority interest in subsidiaries has been separated into two accounts: Redeemable noncontrolling interests of $343 million and $363 million, respectively, and Noncontrolling interests of $408 million and $631 million, respectively. The effect of the adoption on the consolidated statements of operations was that Minority interest in subsidiaries, net of tax is now presented as Net income attributable to noncontrolling interests. In addition, in the consolidated statements of cash flows, Purchase of subsidiary shares from noncontrolling interest is now classified as a financing activity whereas it was previously included as an investing activity as part of Acquisitions, net of cash acquired. In August 2009, the Company declared a dividend of $0.06 per share on both its ClassA Common Stock and Class B Common Stock, which was paid in October 2009 to stockholders of record on September9, 2009. The related total aggregate dividend paid to stockholders in October 2009 was approximately $157 million. During the first quarter of fiscal 2010, the Company renewed its rights to broadcast Italys National League Football through fiscal 2012. The Company expects to pay approximately $1.7 billion over the term of the agreement. On August25, 2009, NAI, a 100% owned subsidiary of the Company as defined in Rule 3-10(h) of Regulation S-X, entered into an indenture, with the Company, as Guarantor, and The Bank of New York Mellon, as Trustee (the Indenture). In August 2009, NAI issued $400 million of 5.65% Senior Notes due 2020 and $600 million of 6.90% Senior Notes due 2039. The net proceeds received of approximately $989 million will be used for general corporate purposes. T

SUPPLEMENTAL GUARANTOR INFORMAT

SUPPLEMENTAL GUARANTOR INFORMATION
	12 Months Ended Jun. 30, 2009 USD / shares
SUPPLEMENTAL GUARANTOR INFORMATION	NOTE 25. SUPPLEMENTAL GUARANTOR INFORMATION In May 2007, NAI, a 100% owned subsidiary of the Company as defined in Rule 3-10(h) of Regulation S-X, entered into the Credit Agreement. The Credit Agreement provides a $2.25 billion unsecured revolving credit facility with a sub-limit of $600 million available for the issuance of letters of credit. NAI may request an increase in the amount of the credit facility up to a maximum amount of $2.5 billion. Borrowings are in U.S. dollars only, while letters of credit are issuable in U.S. dollars or Euros. The significant terms of the agreement include the requirement that the Company maintain specific leverage ratios and limitations on secured indebtedness. The Company pays a facility fee of 0.08% regardless of facility usage. The Company pays interest for borrowings at LIBOR plus 0.27% and pays commission fees on letters of credit at 0.27%. The Company pays an additional fee of 0.05% if borrowings under the facility exceed 50% of the committed facility. The interest and fees are based on the Companys current debt rating. The maturity date is in May 2012, however, NAI may request that the Lenders commitments be renewed for up to two additional one year periods. The Parent Guarantor presently guarantees the senior public indebtedness of NAI and the guarantee is full and unconditional. The supplemental condensed consolidating financial information of the Parent Guarantor should be read in conjunction with these consolidated financial statements. In accordance with rules and regulations of the SEC, the Company uses the equity method to account for the results of all of the non-guarantor subsidiaries, representing substantially all of the Companys consolidated results of operations, excluding certain intercompany eliminations. The following condensed consolidating financial statements present the results of operations, financial position and cash flows of NAI, the Company and the subsidiaries of the Company and the eliminations and reclassifications necessary to arrive at the information for the Company on a consolidated basis. Supplemental Condensed Consolidating Statement of Operations For the year ended June30, 2009 (US$ in millions) NewsAmerica Incorporated News Corporation Non-Guarantor Reclassifications andEliminations News Corporation and Subsidiaries Revenues $ 6 $ $ 30,417 $ $ 30,423 Expenses (297 ) (35,776 ) (36,073 ) Equity earnings (losses) of affiliates 5 (314 ) (309 ) Interest expense, net (2,728 ) (1,090 ) (115 ) 3,006 (927 ) Interest income 206 2,891 (3,006 ) 91 Earnings (losses) from subsidiary entities 1,434 (2,274 ) 840 Other, net 83 (14 ) 1,187 1,256 (Loss) income before income tax expense (1,291 ) (3,378 ) (1,710 ) 840 (5,539 ) Income tax benefit (expense) 519 688 1,022 2,229

Document Information

Document Information
	12 Months Ended Jun. 30, 2009 USD / shares
Document Type	8-K
Amendment Flag	false
Document Period End Date	2010-02-12

Entity Information

Entity Information
	12 Months Ended Jun. 30, 2009 USD / shares
Trading Symbol	NWS
Entity Registrant Name	NEWS CORP
Entity Central Index Key	0001308161
Entity Filer Category	Large Accelerated Filer