Twenty-First Century Fox (TFCF) 10-Q 8 Feb 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 31, 2017	Feb. 02, 2018
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Entity Registrant Name	TWENTY-FIRST CENTURY FOX, INC.
Entity Central Index Key	1,308,161
Current Fiscal Year End Date	--06-30
Entity Filer Category	Large Accelerated Filer
Class A Common Stock
Document And Entity Information [Line Items]
Trading Symbol	FOXA
Entity Common Stock, Shares Outstanding		1,054,008,837
Class B Common Stock
Document And Entity Information [Line Items]
Trading Symbol	FOX
Entity Common Stock, Shares Outstanding		798,520,953

UNAUDITED CONSOLIDATED STATEMEN

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Revenues		$ 8,037	$ 7,682	$ 15,039	$ 14,188
Operating expenses		(5,760)	(4,912)	(10,141)	(8,827)
Selling, general and administrative		(864)	(792)	(1,712)	(1,607)
Depreciation and amortization		(142)	(135)	(284)	(270)
Impairment and restructuring charges		(3)	(39)	(24)	(176)
Equity (losses) earnings of affiliates		(33)	(41)	27	(6)
Interest expense, net		(312)	(299)	(625)	(599)
Interest income		9	9	19	18
Other, net		(229)	(88)	(301)	(99)
Income from continuing operations before income tax benefit (expense)		703	1,385	1,998	2,622
Income tax benefit (expense)		1,218	(448)	827	(791)
Income from continuing operations		1,921	937	2,825	1,831
(Loss) income from discontinued operations, net of tax		(5)	(1)	11	(7)
Net income		1,916	936	2,836	1,824
Less: Net income attributable to noncontrolling interests	[1]	(85)	(80)	(150)	(147)
Net income attributable to Twenty-First Century Fox, Inc. stockholders		1,831	856	2,686	1,677
EARNINGS PER SHARE DATA
Income from continuing operations attributable to Twenty-First Century Fox, Inc. stockholders - basic and diluted		$ 1,836	$ 857	$ 2,675	$ 1,684
Weighted average shares
Basic		1,853	1,853	1,852	1,857
Diluted		1,855	1,854	1,854	1,858
Income from continuing operations attributable to Twenty-First Century Fox, Inc. stockholders per share - basic and diluted		$ 0.99	$ 0.46	$ 1.44	$ 0.91
Net income attributable to Twenty-First Century Fox, Inc. stockholders per share - basic and diluted		$ 0.99	$ 0.46	$ 1.45	$ 0.90
[1]	Net income attributable to noncontrolling interests includes $48 million and $43 million for the three months ended December 31, 2017 and 2016, respectively, and $77 million and $70 million for the six months ended December 31, 2017 and 2016, respectively, relating to redeemable noncontrolling interests.

UNAUDITED CONSOLIDATED STATEME3

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net income		$ 1,916	$ 936	$ 2,836	$ 1,824
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		38	(153)	79	(151)
Cash flow hedges		(1)	5	(1)	13
Unrealized holding gains on securities		97	0	179	0
Benefit plan adjustments		61	34	67	43
Equity method investments		36	(104)	58	(163)
Other comprehensive income (loss), net of tax		231	(218)	382	(258)
Comprehensive income		2,147	718	3,218	1,566
Less: Net income attributable to noncontrolling interests	[1]	(85)	(80)	(150)	(147)
Less: Other comprehensive (income) loss attributable to noncontrolling interests		(4)	21	(13)	20
Comprehensive income attributable to Twenty-First Century Fox, Inc. stockholders		$ 2,058	$ 659	$ 3,055	$ 1,439
[1]	Net income attributable to noncontrolling interests includes $48 million and $43 million for the three months ended December 31, 2017 and 2016, respectively, and $77 million and $70 million for the six months ended December 31, 2017 and 2016, respectively, relating to redeemable noncontrolling interests.

UNAUDITED CONSOLIDATED STATEME4

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net income attributable to redeemable noncontrolling interests	$ 48	$ 43	$ 77	$ 70

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Dec. 31, 2017	Jun. 30, 2017
Current assets
Cash and cash equivalents		$ 5,809	$ 6,163
Receivables, net		7,554	6,477
Inventories, net	[1]	3,132	3,101
Other		907	545
Total current assets		17,402	16,286
Non-current assets
Receivables, net		732	543
Investments		4,364	3,902
Inventories, net		8,034	7,452
Property, plant and equipment, net		1,840	1,781
Intangible assets, net		6,228	6,574
Goodwill		12,789	12,792
Other non-current assets		1,469	1,394
Total assets		52,858	50,724
Current liabilities
Borrowings		631	457
Accounts payable, accrued expenses and other current liabilities		3,692	3,451
Participations, residuals and royalties payable		1,753	1,657
Program rights payable		1,260	1,093
Deferred revenue		719	580
Total current liabilities		8,055	7,238
Non-current liabilities
Borrowings		19,163	19,456
Other liabilities		3,675	3,616
Deferred income taxes		1,622	2,782
Redeemable noncontrolling interests		712	694
Commitments and contingencies
Equity
Additional paid-in capital		12,392	12,406
Retained earnings		7,627	5,315
Accumulated other comprehensive loss		(1,649)	(2,018)
Total Twenty-First Century Fox, Inc. stockholders' equity		18,389	15,722
Noncontrolling interests		1,242	1,216
Total equity		19,631	16,938
Total liabilities and equity		52,858	50,724
Class A Common Stock
Equity
Common stock	[2]	11	11
Class B Common Stock
Equity
Common stock	[3]	$ 8	$ 8
[1]	Current portion of inventories, net as of December 31, 2017 and June 30, 2017 was comprised of programming rights ($3,072 million and $3,037 million, respectively), DVDs, Blu-rays and other merchandise.
[2]	Class A common stock, $0.01 par value per share, 6,000,000,000 shares authorized, 1,054,008,837 shares and 1,052,536,963 shares issued and outstanding, net of 123,687,371 treasury shares at par as of December 31, 2017 and June 30, 2017, respectively.
[3]	Class B common stock, $0.01 par value per share, 3,000,000,000 shares authorized, 798,520,953 shares issued and outstanding, net of 356,993,807 treasury shares at par as of December 31, 2017 and June 30, 2017.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2017	Jun. 30, 2017
Class A Common Stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	6,000,000,000	6,000,000,000
Common stock, shares issued and outstanding net of treasury stock	1,054,008,837	1,052,536,963
Common stock, treasury shares	123,687,371	123,687,371
Class B Common Stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	3,000,000,000	3,000,000,000
Common stock, shares issued and outstanding net of treasury stock	798,520,953	798,520,953
Common stock, treasury shares	356,993,807	356,993,807

UNAUDITED CONSOLIDATED STATEME7

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
OPERATING ACTIVITIES
Net income	$ 2,836	$ 1,824
Less: Income (loss) from discontinued operations, net of tax	11	(7)
Income from continuing operations	2,825	1,831
Adjustments to reconcile income from continuing operations to cash provided by operating activities
Depreciation and amortization	284	270
Amortization of cable distribution investments	43	31
Impairment and restructuring charges	24	176
Equity-based compensation	66	62
Equity (earnings) losses of affiliates	(27)	6
Cash distributions received from affiliates	11	184
Other, net	301	99
Deferred income taxes and other taxes	(1,300)	(71)
Change in operating assets and liabilities, net of acquisitions and dispositions
Receivables	(1,267)	(874)
Inventories net of program rights payable	(417)	(764)
Accounts payable and accrued expenses	388	120
Other changes, net	(427)	162
Net cash provided by operating activities from continuing operations	504	1,232
INVESTING ACTIVITIES
Property, plant and equipment	(238)	(117)
Investments in equity affiliates	(209)	(7)
Proceeds from dispositions, net	362	0
Other investments	(84)	(126)
Net cash used in investing activities from continuing operations	(169)	(250)
FINANCING ACTIVITIES
Borrowings	1,282	879
Repayment of borrowings	(1,411)	(546)
Repurchase of shares	0	(619)
Dividends paid and distributions	(512)	(481)
Other financing activities, net	(50)	(53)
Net cash used in financing activities from continuing operations	(691)	(820)
Net decrease in cash and cash equivalents from discontinued operations	(26)	(15)
Net (decrease) increase in cash and cash equivalents	(382)	147
Cash and cash equivalents, beginning of year	6,163	4,424
Exchange movement on cash balances	28	(41)
Cash and cash equivalents, end of period	$ 5,809	$ 4,530

Basis of Presentation

Basis of Presentation	6 Months Ended
	Dec. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS NOTE 1. BASIS OF PRESENTATION Twenty-First Century Fox, Inc., a Delaware corporation, and its subsidiaries (together, “Twenty-First Century Fox” or the “Company”) is a diversified global media and entertainment company, which currently manages and reports its businesses in the following four segments: Cable Network Programming, Television, Filmed Entertainment and Other, Corporate and Eliminations. The accompanying Unaudited Consolidated Financial Statements of Twenty-First Century Fox have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting only of normal recurring adjustments necessary for a fair presentation have been reflected in these Unaudited Consolidated Financial Statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2018. These interim Unaudited Consolidated Financial Statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017 as filed with the Securities and Exchange Commission (the “SEC”) on August 14, 2017 (the “2017 Form 10-K”). The Unaudited Consolidated Financial Statements include the accounts of Twenty-First Century Fox. All significant intercompany accounts and transactions have been eliminated in consolidation, including the intercompany portion of transactions with equity method investees Investments in and advances to entities or joint ventures in which the Company has significant influence, but less than a controlling voting interest, are accounted for using the equity method. Investments in which the Company has no significant influence are designated as available-for-sale investments if readily determinable market values are available. If an investment’s fair value is not readily determinable, the Company accounts for its investment at cost. The preparation of the Company’s consolidated financial statements in conformity with 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 may differ from those estimates. Certain fiscal 2017 amounts have been reclassified to conform to the fiscal 2018 presentation. Unless indicated otherwise, the information in the notes to the Unaudited Consolidated Financial Statements relates to the Company’s continuing operations. The Company has reclassified certain fiscal 2017 amounts for development and certain other costs from Selling, general and administrative to Operating expenses within the Consolidated Statement of Operations to conform to the fiscal 2018 presentation. These reclassifications did not affect previously reported Revenue, Income from continuing operations before income tax benefit (expense) or Net income in the Consolidated Statement of Operations. Recently Adopted and Recently Issued Accounting Guidance and U.S. Tax Reform Adopted In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). The amendments in ASU 2016-09 simplify various aspects related to how share-based payments are accounted for and presented in the financial statements, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. On July 1, 2017, the Company adopted ASU 2016-09. In accordance with ASU 2016-09, the Company will prospectively recognize all excess tax benefits and tax deficiencies in Income tax benefit (expense) in the Statements of Operations. In the statement of cash flows, all excess tax benefits are presented retrospectively in Net cash provided by operating activities from continuing operations. In addition, the Company retrospectively adopted the guidance that requires cash paid by the Company when directly withholding shares for tax withholding purposes to be classified as a financing activity in the statement of cash flows. The adoption of ASU 2016-09 resulted in an increase in Net cash provided by operating activities from continuing operations and a corresponding increase in Net cash used in financing activities from continuing operations in the Statement of Cash Flows for fiscal 2017. The other aspects of ASU 2016-09 did not have a material effect on the Company’s consolidated financial statements. On July 1, 2017, the Company early adopted ASU 2017-07, “Compensation–Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (“ASU 2017-07”). ASU 2017-07 requires an employer to report the service cost component of net benefit cost in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. ASU 2017-07 did not have a material effect on the Company’s consolidated financial statements. Issued In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). The objective of ASU 2017-12 is to better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. In addition, ASU 2017-12 simplifies the assessment of hedge effectiveness. ASU 2017-12 is effective for the Company for annual and interim reporting periods beginning July 1, 2019. Early adoption is permitted in an interim period. The Company is currently evaluating the impact ASU 2017-12 will have on its consolidated financial statements. U.S. Tax Reform On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act significantly revises the future ongoing U.S. corporate income tax by, among other things, lowering U.S. corporate income tax rates and implementing a territorial tax system. Since the Company has a June 30 fiscal year-end, the lower corporate income tax rate will be phased in, resulting in a U.S. statutory federal rate of approximately 28% for the Company’s fiscal year ending June 30, 2018, and 21% for subsequent fiscal years. As part of the transition to the new territorial tax system, the Tax Act imposes a one-time transition tax on deemed repatriation of historical earnings of foreign entities. As of December 31, 2017, the Company has not completed its analysis of the accounting for all the tax effects of the Tax Act. For the three and six months ended December 31, 2017, the Company recorded a provisional income tax benefit of $1.3 billion to adjust its net deferred tax liability position in accordance with the Tax Act. The net deferred tax liability represents future tax obligations. Among the Company’s more significant net deferred tax liabilities are basis differences and amortization, and sports rights contracts. The final amount of the adjustment to the net deferred tax liability could be revised based on changes in interpretations of the Tax Act and any updates or changes to estimates based on additional information the Company obtains or analyzes. The Company has not recorded a liability for the transition tax to a territorial tax system. The Company is continuing to gather and analyze information to determine the deemed unremitted earnings subject to the transition tax, some of which was not previously needed or not yet accumulated, and the related U.S. tax impacts. The Company will record a transition tax amount when it has received and analyzed the needed information sufficient to make a reasonable estimate. The SEC has issued guidance that would allow for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts. We currently anticipate finalizing and recording any resulting adjustments by the end of the Company’s current fiscal year ending June 30, 2018 and the adjustments could possibly be material.

Acquisitions, Disposals and Oth

Acquisitions, Disposals and Other Transactions	6 Months Ended
	Dec. 31, 2017
Acquisitions Disposals And Other Transactions [Abstract]
Acquisitions, Disposals and Other Transactions	NOTE 2. ACQUISITIONS, DISPOSALS AND OTHER TRANSACTIONS Fiscal 2018 Disney Transaction/Distribution of New Fox In December 2017, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with The Walt Disney Company (“Disney”). Prior to the consummation of the Initial Merger (as hereinafter defined), the Company will transfer a portfolio of the Company’s news, sports and broadcast businesses, including the Fox News Channel, Fox Business Network, FOX Broadcasting Company, Fox Sports, Fox Television Stations Group, FS1, FS2, Fox Deportes and Big Ten Network and certain other assets and liabilities into a newly formed subsidiary (“New Fox”) (the “New Fox Separation”) and the holders of the outstanding shares of the Company’s Class A Common Stock and Class B Common Stock will receive, on a pro rata basis, all of the issued and outstanding common stock of New Fox (the “New Fox Distribution”). Prior to the New Fox Distribution, New Fox will incur indebtedness sufficient to fund a dividend in the amount of $8.5 billion to be paid to the Company. The Company will retain all assets and liabilities not transferred to New Fox, including the Twentieth Century Fox Film and Television studios and certain cable and international television businesses, including FX Networks, National Geographic Partners, Fox Sports Regional Networks, Fox Networks Group International and Star India, as well as the Company’s interests in Hulu LLC (“Hulu”), Sky plc (“Sky”), Tata Sky Limited and Endemol Shine Group. Following the New Fox Distribution, TWC Merger Enterprises 2 Corp., a wholly owned subsidiary of Disney (“Merger Sub”) will merge with and into the Company (the “Initial Merger”), with the Company surviving (the “Surviving Corporation”). Immediately after the effective time of the Initial Merger, the Surviving Corporation will merge with and into TWC Merger Enterprises 1, LLC, a wholly owned subsidiary of Disney (“Merger LLC”), with Merger LLC to be the surviving entity (the “Subsequent Merger,” and together with the Initial Merger, the “Mergers”). As a result of the Mergers, the Company will become a wholly owned subsidiary of Disney. At the effective time of the Initial Merger, subject to the terms and conditions of the Merger Agreement, each issued and outstanding share of Class A Common Stock and Class B Common Stock of the Company will in the absence of any adjustment be exchanged automatically for and thereafter represent 0.2745 shares of common stock, par value $0.01 per share, of Disney, together with cash in lieu of fractional shares of Disney common stock, without interest, upon the terms and conditions of the Merger Agreement. The exchange ratio is subject to a two-way adjustment based on an estimate at closing of certain tax liabilities arising from the New Fox Distribution and certain other transactions contemplated by the Merger Agreement. In the event that the final estimate of the tax liabilities is lower than the estimate used to set the exchange ratio, the first $2 billion of that adjustment will be made by a net reduction in the amount of the cash dividend to the Company from New Fox. The foregoing proposed transactions are collectively referred to in this report as the “Disney Transaction”. To provide New Fox with financing in connection with the New Fox Distribution, 21st Century Fox America, Inc. (“21CFA”), a wholly-owned subsidiary of the Company, entered into a commitment letter on behalf of New Fox with the financial institutions party thereto (the “Bridge Commitment Letter”) which provides for borrowings of up to $9 billion. Given the current debt ratings, 21CFA pays a commitment fee of 0.1%. While the Company has entered into the Bridge Commitment Letter, New Fox intends to finance the New Fox Distribution by obtaining permanent financing in the capital markets. Under the terms of the Merger Agreement, Disney will pay the Company $2.5 billion if the merger is not consummated under certain circumstances relating to the failure to obtain approvals, or there is a final, non-appealable order preventing the transaction, in each case, relating to antitrust laws, communications laws or foreign regulatory laws. If the Merger Agreement is terminated under certain other circumstances relating to changes in board recommendations and/or alternative transactions, the Company or Disney may be required to pay the other party approximately $1.5 billion. In connection with the Disney Transaction, the Company has made certain representations, warranties and covenants, including, among other things, customary pre-closing covenants by the Company to conduct its business in the ordinary course consistent with past practice and refraining from taking certain actions without Disney consent. The consummation of the Disney Transaction is subject to various conditions, including among others, (i) customary conditions relating to the adoption of the Merger Agreement by the requisite vote of the Company’s stockholders and the approval of the stock issuance by the requisite vote of Disney stockholders, (ii) the consummation of the New Fox Separation, (iii) the receipt of a tax ruling from the Australian Taxation Office and certain tax opinions with respect to the treatment of the transaction under U.S. and Australian tax laws, and (iv) the receipt of certain regulatory approvals and governmental consents. The Mergers and New Fox Separation are expected to be completed in approximately 12 to 18 months from December 13, 2017. Fiscal 2017 Sky Acquisition In December 2016, the Company announced it reached agreement with Sky, in which the Company currently has an approximate 39% interest, on the terms of a recommended pre-conditional cash offer by the Company for the fully diluted share capital of Sky which the Company does not already own, at a price of £10.75 per Sky share (approximately $16 billion in the aggregate) (the “Sky Acquisition”). The independent committee of Sky’s Board of Directors announced that it intends to unanimously recommend that unaffiliated Sky shareholders vote in favor of the Sky Acquisition. The Sky Acquisition remains subject to certain customary closing conditions, including approval by the UK Secretary of State for Digital, Culture, Media and Sport and the requisite approval of Sky shareholders unaffiliated with the Company. The Sky Acquisition has received unconditional clearance by all competent competition authorities including the European Commission, and has been cleared on public interest and plurality grounds in all of the markets in which Sky operates outside of the UK, including Austria, Germany, Italy and the Republic of Ireland. Also in December 2016, the Company entered into a co-operation agreement with Sky (the “Co-Operation Agreement”) pursuant to which the Company and Sky agreed to take certain steps to facilitate completion of the Sky Acquisition. The Co-Operation Agreement provides for a £200 million (approximately $270 million) break fee payable by the Company in the event that regulatory approvals are not obtained prior to August 15, 2018, or in certain other circumstances described in the Co-Operation Agreement. To provide financing in connection with the Sky Acquisition, the Company and 21CFA entered into a bridge credit agreement with the lenders party thereto (the “Bridge Credit Agreement”). The Bridge Credit Agreement provides for borrowings of up to £12.2 billion (approximately $16 billion). Fees under the Bridge Credit Agreement are based on the Company’s long-term senior unsecured non-credit enhanced debt ratings. Given the current debt ratings, 21CFA pays a commitment fee on undrawn funds of 0.1% and the initial interest rate on advances will be London Interbank Offered Rate (“LIBOR”) plus 1.125% with subsequent increases every 90 days up to LIBOR plus 1.875%. 21CFA has also agreed to pay a duration fee on each of the 90th, 180th and 270th day after the funding of the loans in an amount equal to 0.50%, 0.75%, and 1.00%, respectively, of the aggregate principal amount of the advances and undrawn commitments outstanding at the time. The terms of the Bridge Credit Agreement also include the requirement that 21CFA maintain a certain leverage ratio and limitations with respect to secured indebtedness. While the Company has entered into the Bridge Credit Agreement, the Company intends to finance the Sky Acquisition by using a significant portion of the available cash on its balance sheet and obtaining permanent financing in the capital markets. The Company purchased a foreign currency exchange option in February 2017, which was subsequently modified in September 2017, to limit its foreign currency exchange rate risk in connection with the Sky Acquisition (See Note 5 – Fair Value under the heading “Foreign Currency Contracts” and Note 11 – Additional Financial Information under the heading “Other, net” for additional information). The Company believes the Sky Acquisition will result in enhanced capabilities of the combined company, underpinned by a more geographically diverse and stable revenue base, and an improved balance between subscription, affiliate fee, advertising and content revenues. Other In February 2017, the Company announced that it anticipated receiving approximately $350 million in proceeds resulting from the Federal Communications Commission’s (the “FCC”) reverse auction for broadcast spectrum. Consequently, the Company will relinquish spectrum used by its television stations affiliated with both The CW Television Network and Master Distribution Service, Inc. (“MyNetworkTV”) in Chicago, IL and MyNetworkTV in the Washington, DC and Charlotte, NC designated market areas, in which the Company operates duopolies. These stations will continue broadcasting using the spectrum of the existing FOX Broadcasting Company (“FOX”) owned and operated station in that market. The proceeds were received in July 2017 and the Company recorded a deferred gain on this transaction which will be recognized upon relinquishing the spectrum to the FCC.

Inventories, Net

Inventories, Net	6 Months Ended
	Dec. 31, 2017
Inventory Disclosure [Abstract]
Inventories, Net	NOTE 3. INVENTORIES, NET The Company’s inventories were comprised of the following: As of December 31, 2017 As of June 30, 2017 (in millions) Programming rights Sports programming rights $ 3,444 $ 3,201 Entertainment programming rights 3,264 3,232 Filmed entertainment costs Films Released, less accumulated amortization 1,356 1,112 Completed, not released 106 398 In production 1,409 1,094 In development or preproduction 191 295 - 3,062 2,899 Television productions Released, less accumulated amortization 752 838 In production, development or preproduction 644 383 1,396 1,221 Total filmed entertainment costs, less accumulated amortization (a) 4,458 4,120 Total inventories, net 11,166 10,553 Less: current portion of inventories, net (b) (3,132 ) (3,101 ) Total non-current inventories, net $ 8,034 $ 7,452 (a) Does not include $226 million and $241 million of net intangible film library costs as of December 31, 2017 and June 30, 2017, respectively, which were included in intangible assets subject to amortization in the Consolidated Balance Sheets. (b) Current portion of inventories, net as of December 31, 2017 and June 30, 2017 was comprised of programming rights ($3,072 million and $3,037 million, respectively), DVDs, Blu-rays and other merchandise.

Investments

Investments	6 Months Ended
	Dec. 31, 2017
Investments [Abstract]
Investments	NOTE 4. INVESTMENTS The Company’s investments were comprised of the following: Ownership percentage as of December 31, 2017 As of December 31, 2017 As of June 30, 2017 (in millions) Sky (a)(b) European direct broadcast satellite operator 39% $ 3,399 $ 3,175 Endemol Shine Group (b) Global multi-platform content provider 50% 275 262 Other investments various 690 (c) 465 Total investments $ 4,364 $ 3,902 (a) The Company’s investment in Sky had a market value of $9.2 billion as of December 31, 2017 determined using its quoted market price on the London Stock Exchange (a Level 1 measurement as defined in Note 5 – Fair Value). The Company received dividends of nil and approximately $170 million from Sky for the six months ended December 31, 2017 and 2016, respectively. As the Sky Acquisition has not closed as of December 31, 2017, Sky shareholders will be entitled to receive a special dividend in calendar year 2018 (See Note 2 – Acquisitions, Disposals and Other Transactions under the heading “Sky Acquisition” for further discussion of this investment). (b) Equity method investments. (c) Includes an investment of $312 million in available-for-sale securities as of December 31, 2017 (See Note 5 – Fair Value). Hulu The Company owns an equity interest in Hulu. In August 2016, Hulu issued a 10% equity interest to a new investor thereby diluting the Company’s ownership to 30%. For a period of up to 36 months, under certain limited circumstances arising from regulatory review, the new investor may put its shares to Hulu or Hulu may call the shares from the new investor. If Hulu is required to fund the repurchase of shares from the new investor, the Company has agreed to make an additional capital contribution of up to approximately $300 million to Hulu. For the six months ended December 31, 2017, the Company invested approximately $200 million in Hulu to maintain its ownership percentage and has committed to an additional investment of approximately $450 million in calendar year 2018.

Fair Value

Fair Value	6 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value	NOTE 5. FAIR VALUE In accordance with ASC 820, “Fair Value Measurement,” 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 (“Level 1”); (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”). The following tables present information about financial assets and liabilities carried at fair value on a recurring basis: Fair value measurements As of December 31, 2017 Total Level 1 Level 2 Level 3 (in millions) Assets Investments (a) $ 312 $ 312 $ - $ - Derivatives (b) 50 - 50 - Other (c) 91 - - 91 Redeemable noncontrolling interests (712 ) - - (712 ) Total $ (259 ) $ 312 $ 50 $ (621 ) As of June 30, 2017 Total Level 1 Level 2 Level 3 (in millions) Assets Derivatives (b) $ 48 $ - $ 48 $ - Other (c) 43 - - 43 Liabilities Derivatives (b) (9 ) - (9 ) - Redeemable noncontrolling interests (694 ) - - (694 ) Total $ (612 ) $ - $ 39 $ (651 ) (a) Represents an investment in available-for-sale securities. (b) Represents derivatives associated with the Company’s foreign currency forward and option contracts and interest rate swap contracts. (c) Primarily relates to past acquisitions, including contingent consideration arrangements. Redeemable Noncontrolling Interests The Company accounts for redeemable noncontrolling interests in accordance with ASC 480-10-S99-3A, “Distinguishing Liabilities from Equity” (“ASC 480-10-S99-3A”), because their exercise is outside the control of the Company. The redeemable noncontrolling interests recorded at fair value are put arrangements held by the noncontrolling interests in certain of the Company’s majority-owned sports networks. The Company utilizes the market, income or cost approaches or a combination of these valuation techniques for its Level 3 fair value measures, using observable inputs such as market data obtained from independent sources. To the extent observable inputs are not available, the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the asset (liability). Two minority shareholders’ put rights will become exercisable in March 2018 and one minority shareholder’s put right will become exercisable in July 2018. The remaining redeemable noncontrolling interests are currently not exercisable. Financial Instruments The carrying value of the Company’s financial instruments, such as cash and cash equivalents, receivables, payables and cost method investments, approximates fair value. As of December 31, 2017 As of June 30, 2017 (in millions) Borrowings Fair value $ 24,573 $ 23,853 Carrying value $ 19,794 $ 19,913 Fair value is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market (a Level 1 measurement). Foreign Currency Contracts The Company uses foreign currency forward contracts primarily to hedge certain exposures to foreign currency exchange rate risks associated with revenues and the cost of producing or acquiring films and television programming. The Company also entered into a foreign currency option contract to limit its foreign currency exchange rate risk in connection with the Sky Acquisition. For accounting purposes, the option contract does not qualify for hedge accounting and therefore has been treated as an economic hedge (See Note 2 – Acquisitions, Disposals and Other Transactions under the heading “Sky Acquisition”). As of December 31, 2017 As of June 30, 2017 (in millions) Cash Flow Hedges Notional amount $ 116 $ 209 Fair value $ 1 $ - For foreign currency forward contracts designated as cash flow hedges, the Company expects to reclassify the cumulative changes in fair values, included in Accumulated other comprehensive loss, within the next two years. As of December 31, 2017 As of June 30, 2017 (in millions) Economic Hedges Notional amount (a) $ 12,552 $ 12,371 Fair value (a) $ 44 $ 38 (a) Includes the foreign currency option contract to limit the foreign currency exchange rate risk in connection with the Sky Acquisition. The foreign currency option contract has a notional amount of $12.5 billion and consists of the foreign currency option and a premium payable of approximately $310 million due on the option expiration date. As of December 31, 2017, the foreign currency option had a fair value of $44 million. Interest Rate Swap Contracts The Company uses interest rate swap contracts to hedge certain exposures to interest rate risks associated with certain borrowings. As of December 31, 2017 As of June 30, 2017 (in millions) Cash Flow Hedges Notional amount $ 635 $ 663 Fair value $ 5 $ 1 For interest rate swap contracts designated as cash flow hedges, the Company expects to reclassify the cumulative changes in fair values, included in Accumulated other comprehensive loss, within the next two years. Concentrations of Credit Risk Cash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that 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. The Company’s receivables did not represent significant concentrations of credit risk as of December 31, 2017 or June 30, 2017 due to the wide variety of customers, markets and geographic areas to which the Company’s products and services are sold. The Company monitors its positions with, and the credit quality of, the financial institutions which are counterparties to its financial instruments. The Company is exposed to credit loss in the event of nonperformance by the counterparties to the agreements. As of December 31, 2017, the Company did not anticipate nonperformance by any of the counterparties.

Borrowings

Borrowings	6 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Borrowings	NOTE 6. BORROWINGS Borrowings include bank loans and public debt. Bank Loans In December 2017, the Yankees Entertainment and Sports Network (the “YES Network”) amended its credit agreement to decrease the total size of its credit facility from approximately $1.8 billion to $1.6 billion. The credit facility is comprised of a $1.1 billion term loan facility and a $500 million secured revolving credit facility. The amendment also extended the maturity date of the credit agreement to December 2023. As of December 31, 2017, the outstanding balance on the term loan facility and revolving credit facility were approximately $1.1 billion and $130 million, respectively. The YES Network pays a commitment fee (currently 0.275%) on undrawn funds that is determined by the total leverage ratio. Current Borrowings Included in Borrowings within Current liabilities as of December 31, 2017 was $350 million of 7.25% Senior Notes that are due in May 2018, $250 million of 8.25% Senior Notes that are due in August 2018 and principal payments on the YES Network term loan facility of $31 million that are due in the next 12 months. Bridge Credit Agreement See Note 2 – Acquisitions, Disposals and Other Transactions under the heading “Sky Acquisition”.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Dec. 31, 2017
Stockholders Equity Note [Abstract]
Stockholders' Equity	NOTE 7. STOCKHOLDERS’ EQUITY The following tables summarize changes in stockholders’ equity: For the three months ended December 31, 2017 For the six months ended December 31, 2017 Twenty-First Century Fox stockholders Noncontrolling interests Total equity Twenty-First Century Fox stockholders Noncontrolling interests Total equity (in millions) Balance, beginning of period $ 16,304 $ 1,252 $ 17,556 $ 15,722 $ 1,216 $ 16,938 Net income 1,831 37 (a) 1,868 2,686 73 (a) 2,759 Other comprehensive income 227 4 231 369 13 382 Issuance of shares - - - 41 - 41 Dividends declared - - - (333 ) - (333 ) Other 27 (51 ) (b) (24 ) (96 ) (60 ) (b) (156 ) Balance, end of period $ 18,389 $ 1,242 $ 19,631 $ 18,389 $ 1,242 $ 19,631 For the three months ended December 31, 2016 For the six months ended December 31, 2016 Twenty-First Century Fox stockholders Noncontrolling interests Total equity Twenty-First Century Fox stockholders Noncontrolling interests Total equity (in millions) Balance, beginning of period $ 13,807 $ 1,248 $ 15,055 $ 13,661 $ 1,220 $ 14,881 Net income 856 37 (a) 893 1,677 77 (a) 1,754 Other comprehensive loss (197 ) (21 ) (218 ) (238 ) (20 ) (258 ) Cancellation of shares, net (138 ) - (138 ) (528 ) - (528 ) Dividends declared - - - (335 ) - (335 ) Other 12 (49 ) (b) (37 ) 103 (62 ) (b) 41 - Balance, end of period $ 14,340 $ 1,215 $ 15,555 $ 14,340 $ 1,215 $ 15,555 (a) Net income attributable to noncontrolling interests excludes $48 million and $43 million for the three months ended December 31, 2017 and 2016, respectively, and $77 million and $70 million for the six months ended December 31, 2017 and 2016, respectively, relating to redeemable noncontrolling interests which are reflected in temporary equity. (b) Other activity attributable to noncontrolling interests excludes $(35) million and $(18) million for the three months ended December 31, 2017 and 2016, respectively, and $(59) million and $(44) million for the six months ended December 31, 2017 and 2016, respectively, relating to redeemable noncontrolling interests. Comprehensive Income Comprehensive income is reported in the Unaudited Consolidated Statements of Comprehensive Income and consists of Net income and Other comprehensive income (loss), including foreign currency translation adjustments, losses and gains on cash flow hedges, unrealized holding gains on securities, benefit plan adjustments and the Company’s share of other comprehensive income of equity method investees, which affect stockholders’ equity, and under GAAP, are excluded from Net income. The following tables summarize the activity within Other comprehensive income (loss): For the three months ended December 31, 2017 For the six months ended December 31, 2017 Before tax Tax (provision) benefit Net of tax Before tax Tax (provision) benefit Net of tax (in millions) Foreign currency translation adjustments Unrealized gains $ 38 $ - $ 38 $ 79 $ - $ 79 Other comprehensive income $ 38 $ - $ 38 $ 79 $ - $ 79 Cash flow hedges Unrealized gains $ 1 $ - $ 1 $ 9 $ (3 ) $ 6 Reclassifications realized in net income (a) (3 ) 1 (2 ) (11 ) 4 (7 ) Other comprehensive loss $ (2 ) $ 1 $ (1 ) $ (2 ) $ 1 $ (1 ) Gains on securities Unrealized gains $ 154 $ (57 ) $ 97 $ 283 $ (104 ) $ 179 Other comprehensive income $ 154 $ (57 ) $ 97 $ 283 $ (104 ) $ 179 Benefit plan adjustments Reclassification adjustments realized in net income (b) $ 96 $ (35 ) $ 61 $ 106 $ (39 ) $ 67 Other comprehensive income $ 96 $ (35 ) $ 61 $ 106 $ (39 ) $ 67 Equity method investments Unrealized gains and reclassifications $ 50 $ (14 ) $ 36 $ 84 $ (26 ) $ 58 Other comprehensive income $ 50 $ (14 ) $ 36 $ 84 $ (26 ) $ 58 For the three months ended December 31, 2016 For the six months ended December 31, 2016 Before tax Tax (provision) benefit Net of tax Before tax Tax (provision) benefit Net of tax (in millions) Foreign currency translation adjustments Unrealized losses $ (153 ) $ - $ (153 ) $ (151 ) $ - $ (151 ) Other comprehensive loss $ (153 ) $ - $ (153 ) $ (151 ) $ - $ (151 ) Cash flow hedges Unrealized gains $ 2 $ (1 ) $ 1 $ 13 $ (5 ) $ 8 Reclassifications realized in net income (a) 5 (1 ) 4 7 (2 ) 5 Other comprehensive income $ 7 $ (2 ) $ 5 $ 20 $ (7 ) $ 13 Benefit plan adjustments Reclassification adjustments realized in net income (b) $ 54 $ (20 ) $ 34 $ 68 $ (25 ) $ 43 Other comprehensive income $ 54 $ (20 ) $ 34 $ 68 $ (25 ) $ 43 Equity method investments Unrealized losses and reclassifications $ (156 ) $ 52 $ (104 ) $ (223 ) $ 60 $ (163 ) Other comprehensive loss $ (156 ) $ 52 $ (104 ) $ (223 ) $ 60 $ (163 ) (a) Reclassifications of amounts related to hedging activity are included in Revenues, Operating expenses, Selling, general and administrative expenses, Interest expense, net or Other, net, as appropriate, in the Unaudited Consolidated Statements of Operations (See Note 5 – Fair Value for additional information regarding hedging activity). (b) Reclassifications of amounts related to benefit plan adjustments are included in Other, net in the Unaudited Consolidated Statements of Operations. Earnings Per Share Data The following table sets forth the Company’s computation of Income from continuing operations attributable to Twenty-First Century Fox stockholders: For the three months ended December 31, For the six months ended December 31, 2017 2016 2017 2016 (in millions) Income from continuing operations $ 1,921 $ 937 $ 2,825 $ 1,831 Less: Net income attributable to noncontrolling interests (85 ) (80 ) (150 ) (147 ) Income from continuing operations attributable to Twenty-First Century Fox stockholders $ 1,836 $ 857 $ 2,675 $ 1,684 Stock Repurchase Program The Board authorized a stock repurchase program, under which the Company is authorized to acquire Class A Common Stock. As of December 31, 2017, the Company’s remaining buyback authorization was approximately $3.1 billion representing approximately $3 billion under the fiscal 2017 authorization and approximately $110 million under the fiscal 2016 authorization. Pursuant to the Merger Agreement (See Note 2 – Acquisitions, Disposals and Other Transactions under the heading “Disney Transaction/Distribution of New Fox”), the Company is required to obtain Disney’s consent prior to repurchasing any additional shares. The Company did not repurchase any of its Class A Common Stock or Class B Common Stock during the six months ended December 31, 2017. Dividends The following table summarizes the dividends declared per share on both the Company’s Class A Common Stock and the Class B Common Stock: For the six months ended December 31, 2017 2016 Cash dividend per share $ 0.18 $ 0.18 Subsequent to December 31, 2017, the Company declared a dividend of $0.18 per share on both the Class A Common Stock and Class B Common Stock, which is payable on April 18, 2018. The record date for determining dividend entitlements is March 14, 2018.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Dec. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation	NOTE 8. EQUITY-BASED COMPENSATION The following table summarizes the Company’s equity-based compensation activity: For the three months ended December 31, For the six months ended December 31, 2017 2016 2017 2016 (in millions) Equity-based compensation $ 39 $ 20 $ 66 $ 62 Intrinsic value of all settled equity-based awards $ - $ - $ 74 $ 69 As of December 31, 2017, the Company’s total estimated compensation cost related to equity-based awards, not yet recognized, was approximately $200 million, and is expected to be recognized over a weighted average period between one and two years. Compensation expense on all equity-based awards is generally recognized on a straight-line basis over the vesting period of the entire award. Performance Stock Units The Company’s stock based awards are granted in Class A Common Stock. During the six months ended December 31, 2017, approximately 6.6 million performance stock units (“PSUs”) were granted and approximately 2.6 million PSUs vested. During the six months ended December 31, 2016, approximately 7.3 million PSUs were granted and approximately 2.6 million PSUs vested.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 9. COMMITMENTS AND CONTINGENCIES Commitments 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 total firm commitments and future debt payments as of December 31, 2017 and June 30, 2017 were approximately $81 billion and $82 billion, respectively. The decrease from June 30, 2017 was primarily due to payments related to sports programming rights partially offset by a new agreement for the Indian Premier League's (“IPL”) Global Media and Digital cricket broadcast rights for the five-year period from 2018 to 2022. In January 2018, the Company expanded its arrangement with the National Football League to include broadcast rights for the next five seasons of Thursday Night Football beginning with the 2018 season. Contingent Guarantees The Company’s contingent guarantees as of December 31, 2017 and June 30, 2017 were approximately $1.1 billion and $500 million, respectively. The increase from June 30, 2017 was primarily due to a bank guarantee covering the Company’s new IPL programming rights obligations. The commitments and contingent guarantees above do not include obligations and commitments related to the Disney Transaction and the Sky Acquisition (See Note 2 – Acquisitions, Disposals and Other Transactions under the headings “Disney Transaction/Distribution of New Fox” and “Sky Acquisition”). Hulu The Company has guaranteed $113 million of Hulu’s $338 million five-year term loan due in August 2022 which is included in the contingent guarantees above. The fair value of this guarantee was calculated using Level 3 inputs and was included in the Consolidated Balance Sheets in Other liabilities. In addition to the contingent guarantees mentioned above, the Company is party to capital funding agreements related to Hulu (See Note 4 – Investments under the heading “Hulu”). Contingencies Fox News Channel The Company and certain of its current and former employees have been subject to allegations of sexual harassment and discrimination and racial discrimination relating to alleged misconduct at the Company’s Fox News Channel business. The Company has settled some of these claims and is contesting other claims in litigation. The Company has also received regulatory and investigative inquiries relating to these matters. To date, none of the amounts paid in settlements or reserved for pending or future claims, is individually or in the aggregate, material to the Company. Due to the early stage of these matters, the amount of liability, if any, that may result from these or related matters cannot be estimated at this time. However, the Company does not currently anticipate that the ultimate resolution of any such pending matters will have a material adverse effect on its consolidated financial condition, future results of operations or liquidity. Shareholder Litigation On November 20, 2017, a stockholder of the Company filed a derivative action in the Court of Chancery of the State of Delaware captioned City of Monroe Employees’ Retirement System v. Rupert Murdoch, et al. On November 20, 2017, the parties reached an agreement to settle the lawsuit and filed a Stipulation and Agreement of Settlement, Compromise, and Release with the Court (the “Settlement Agreement”). Pursuant to the terms of the Settlement Agreement, the parties agreed that the director defendants and the Ailes Estate would cause their insurers to make a payment in the amount of $90 million to the Company, less any attorneys’ fees and expenses awarded by the Court to the plaintiff’s counsel. In addition to the payment to the Company, the Settlement Agreement provides that the Company shall put in place governance and compliance enhancements, including the creation of the Fox News Workplace Professionalism and Inclusion Council, as set forth in the Non-Monetary Relief agreement agreed to by the parties. These governance and compliance enhancements shall remain in effect for five years. On November 28, 2017, the Court issued a Scheduling Order which, among other things, set the settlement hearing for February 9, 2018, and approved the forms of the notices to stockholders, which were disseminated in accordance with the Scheduling Order. U.K. Newspaper Matters Indemnity In connection with the Separation (as defined in Note 4 – Discontinued Operations in the 2017 Form 10-K under the heading “Separation of News Corp”), the Company and News Corporation (“News Corp”) agreed in the Separation and Distribution Agreement that the Company will indemnify News Corp, on an after-tax basis, for payments made after the Separation arising out of civil claims and investigations relating to phone hacking, illegal data access and inappropriate payments to public officials that occurred at subsidiaries of News Corp, as well as legal and professional fees and expenses paid in connection with the related criminal matters, other than fees, expenses and costs relating to employees who are not (i) directors, officers or certain designated employees or (ii) with respect to civil matters, co-defendants with News Corp (the “Indemnity”). The liability related to the Indemnity, recorded in the Consolidated Balance Sheets, was approximately $50 million and $80 million as of December 31, 2017 and June 30, 2017, respectively. Other Equity purchase arrangements that are exercisable by the counter-party to the agreement, and that are outside the sole control of the Company, are accounted for in accordance with ASC 480-10-S99-3A and are classified as Redeemable noncontrolling interests in the Consolidated Balance Sheets. Other than the arrangements classified as Redeemable noncontrolling interests, the Company is also a party to several other purchase and sale arrangements which become exercisable at various points in time. However, these arrangements are currently either not exercisable in the next twelve months or are not material. The Company establishes an accrued liability for legal claims when the Company determines that a loss is both probable and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. Any fees, expenses, fines, penalties, judgments or settlements which might be incurred by the Company in connection with the various proceedings could affect the Company’s results of operations and financial condition. For the contingencies disclosed above for which there is at least a reasonable possibility that a loss may be incurred, other than the accrual provided, the Company was unable to estimate the amount of loss or range of loss. The Company’s operations are subject to tax in various domestic and international jurisdictions and as a matter of course, the Company is regularly audited by federal, state and foreign tax authorities. The Company believes it has appropriately accrued for the expected outcome of all pending tax matters and does not currently anticipate that the ultimate resolution of pending tax matters will have a material adverse effect on its consolidated financial condition, future results of operations or liquidity.

Segment Information

Segment Information	6 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Segment Information	NOTE 10. SEGMENT INFORMATION The Company is a diversified global media and entertainment company, which manages and reports its businesses in the following four segments: • Cable Network Programming , which principally consists of the production and licensing of programming distributed primarily through cable television systems, direct broadcast satellite operators, telecommunication companies and online video distributors in the U.S. and internationally. • Television , which principally consists of the broadcasting of network programming in the U.S. and the operation of 28 full power broadcast television stations, including 11 duopolies, in the U.S. (of these stations, 17 are affiliated with FOX, nine are affiliated with MyNetworkTV, one is affiliated with both The CW Television Network and MyNetworkTV and one is an independent station). • 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. • Other, Corporate and Eliminations , which principally consists of corporate overhead and eliminations. The Company’s operating segments have been determined in accordance with the Company’s internal management structure, which is organized based on operating activities. The Company evaluates performance based upon several factors, of which the primary financial measure is Segment OIBDA. Due to the integrated nature of these operating segments, estimates and judgments are made in allocating certain assets, revenues and expenses. Segment OIBDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Segment OIBDA does not include: Amortization of cable distribution investments, Depreciation and amortization, Impairment and restructuring charges, Equity (losses) earnings of affiliates, Interest expense, net, Interest income, Other, net, Income tax benefit (expense), (Loss) income from discontinued operations, net of tax and Net income attributable to noncontrolling interests. Management believes that Segment OIBDA is an appropriate measure for evaluating the operating performance of the Company’s business segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources to the Company’s businesses. Management believes that information about Total Segment OIBDA assists all users of the Company’s Unaudited Consolidated Financial Statements by allowing them to evaluate changes in the operating results of the Company’s portfolio of businesses separate from non-operational factors that affect net income, thus providing insight into both operations and the other factors that affect reported results. Total Segment OIBDA provides management, investors and equity analysts a measure to analyze the operating performance of the Company’s business and its enterprise value against historical data and competitors’ data, although historical results, including Segment OIBDA and Total Segment OIBDA, may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences). Total Segment OIBDA may be considered a non-GAAP measure and should be considered in addition to, not as a substitute for, net income, cash flow and other measures of financial performance reported in accordance with GAAP. In addition, this measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and impairment charges, which are significant components in assessing the Company’s financial performance. The following table reconciles Income from continuing operations before income tax benefit (expense) to Total Segment OIBDA for the three and six months ended December 31, 2017 and 2016: For the three months ended December 31, For the six months ended December 31, 2017 2016 2017 2016 (in millions) Income from continuing operations before income tax benefit (expense) $ 703 $ 1,385 $ 1,998 $ 2,622 Add Amortization of cable distribution investments 25 16 43 31 Depreciation and amortization 142 135 284 270 Impairment and restructuring charges 3 39 24 176 Equity losses (earnings) of affiliates 33 41 (27 ) 6 Interest expense, net 312 299 625 599 Interest income (9 ) (9 ) (19 ) (18 ) Other, net 229 88 301 99 Total Segment OIBDA $ 1,438 $ 1,994 $ 3,229 $ 3,785 The following tables set forth the Company’s Revenues and Segment OIBDA for the three and six months ended December 31, 2017 and 2016: For the three months ended December 31, For the six months ended December 31, 2017 2016 2017 2016 (in millions) Revenues Cable Network Programming $ 4,405 $ 3,967 $ 8,601 $ 7,777 Television 1,806 1,918 2,871 2,956 Filmed Entertainment 2,246 2,269 4,209 4,176 Other, Corporate and Eliminations (420 ) (472 ) (642 ) (721 ) Total revenues $ 8,037 $ 7,682 $ 15,039 $ 14,188 Segment OIBDA Cable Network Programming $ 1,365 $ 1,330 $ 2,876 $ 2,714 Television 56 376 178 567 Filmed Entertainment 131 389 387 700 Other, Corporate and Eliminations (114 ) (101 ) (212 ) (196 ) Total Segment OIBDA $ 1,438 $ 1,994 $ 3,229 $ 3,785 Intersegment revenues, generated by the Filmed Entertainment segment, of $418 million and $445 million for the three months ended December 31, 2017 and 2016, respectively, and of $613 million and $678 million for the six months ended December 31, 2017 and 2016, respectively, have been eliminated within the Other, Corporate and Eliminations segment. For the three months ended December 31, For the six months ended December 31, 2017 2016 2017 2016 (in millions) Depreciation and amortization Cable Network Programming $ 86 $ 83 $ 171 $ 165 Television 27 28 54 57 Filmed Entertainment 23 20 46 40 Other, Corporate and Eliminations 6 4 13 8 Total depreciation and amortization $ 142 $ 135 $ 284 $ 270 Depreciation and amortization includes the amortization of definite lived intangible assets of $65 million and $64 million he three months ended December 31, 2017 and 2016, respectively, and $130 million he six months ended December 31, 2017 and 2016. As of December 31, 2017 As of June 30, 2017 (in millions) Assets Cable Network Programming $ 25,282 $ 24,913 Television 7,354 6,775 Filmed Entertainment 11,485 10,312 Other, Corporate and Eliminations 4,373 4,822 Investments 4,364 3,902 Total assets $ 52,858 $ 50,724 Revenues by Component For the three months ended December 31, For the six months ended December 31, 2017 2016 2017 2016 (in millions) Revenues Affiliate fee $ 3,252 $ 2,906 $ 6,488 $ 5,829 Advertising 2,496 2,544 4,119 4,135 Content 2,140 2,032 4,159 3,901 Other 149 200 273 323 Total revenues $ 8,037 $ 7,682 $ 15,039 $ 14,188

Additional Financial Informatio

Additional Financial Information	6 Months Ended
	Dec. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Additional Financial Information	NOTE 11. ADDITIONAL FINANCIAL INFORMATION Impairment and restructuring charges Impairment and restructuring charges were $3 million and $39 million for the three months ended December 31, 2017 and 2016, respectively, and $24 million and $176 million for the six months ended December 31, 2017 and 2016, respectively. The impairment and restructuring charges for the three and six months ended December 31, 2016 were primarily comprised of costs in connection with management and employee transitions and restructuring at several of the Company’s business units. Other, net The following table sets forth the components of Other, net included in the Unaudited Consolidated Statements of Operations: For the three months ended December 31, For the six months ended December 31, 2017 2016 2017 2016 (in millions) Acquisition related and other transaction costs (a) $ (85 ) $ (31 ) $ (139 ) $ (31 ) Disney Transaction costs (b) (32 ) - (32 ) - Settlement loss on pension liabilities (c) (86 ) (40 ) (86 ) (40 ) Other (d) (26 ) (17 ) (44 ) (28 ) Total other, net $ (229 ) $ (88 ) $ (301 ) $ (99 ) (a) The acquisition related and other transaction costs primarily represent the change in fair value of a foreign currency option contract to limit the foreign currency exchange rate risk in connection with the Sky Acquisition (See Note 2 – Acquisitions, Disposals and Other Transactions under the heading “Sky Acquisition” for further discussion). (b) See Note 2 – Acquisitions, Disposals and Other Transactions under the heading “Disney Transaction/Distribution of New Fox” for further discussion. (c) During the three and six months ended December 31, 2017, the Company settled a portion of its pension obligations by irrevocably transferring pension liabilities to an insurance company through the purchase of a group annuity contract and through lump sum distributions. These payments, funded with pension plan assets, resulted in pre-tax settlement losses related to the recognition of accumulated deferred actuarial losses. During the three and six months ended December 31, 2016, the Company settled a portion of its pension obligations through lump sum distributions, which resulted in a pre-tax settlement loss related to the recognition of accumulated deferred actuarial losses. (d) Other for Receivables, net Receivables are presented net of an allowance for returns and doubtful accounts, which is an estimate of amounts that may not be collectible. Allowances for returns and doubtful accounts as of December 31, 2017 and June 30, 2017 were $515 million and $537 million, respectively. Supplemental Cash Flows Information For the six months ended December 31, 2017 2016 (in millions) Supplemental cash flows information Cash paid for income taxes $ (663 ) $ (460 ) Cash paid for interest $ (596 ) $ (597 )

Supplemental Guarantor Informat

Supplemental Guarantor Information	6 Months Ended
	Dec. 31, 2017
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
Supplemental Guarantor Information	NOTE 12. SUPPLEMENTAL GUARANTOR INFORMATION The Parent Guarantor presently guarantees the senior public indebtedness of 21CFA and the guarantee is full and unconditional. The supplemental condensed consolidating financial information of the Parent Guarantor should be read in conjunction with these Unaudited 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 Company’s 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 21CFA, 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. TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Statement of Operations For the three months ended December 31, 2017 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries Revenues $ - $ - $ 8,037 $ - $ 8,037 Expenses (100 ) - (6,669 ) - (6,769 ) Equity losses of affiliates - - (33 ) - (33 ) Interest expense, net (436 ) (205 ) (20 ) 349 (312 ) Interest income - 5 353 (349 ) 9 Earnings from subsidiary entities 3,193 2,036 - (5,229 ) - Other, net (206 ) - (23 ) - (229 ) Income from continuing operations before income tax benefit 2,451 1,836 1,645 (5,229 ) 703 Income tax benefit 1,783 - 2,123 (2,688 ) 1,218 Income from continuing operations 4,234 1,836 3,768 (7,917 ) 1,921 Loss from discontinued operations, net of tax - (5 ) - - (5 ) Net income 4,234 1,831 3,768 (7,917 ) 1,916 Less: Net income attributable to noncontrolling interests - - (85 ) - (85 ) Net income attributable to Twenty-First Century Fox stockholders $ 4,234 $ 1,831 $ 3,683 $ (7,917 ) $ 1,831 Comprehensive income attributable to Twenty-First Century Fox stockholders $ 4,278 $ 2,058 $ 3,743 $ (8,021 ) $ 2,058 See notes to supplemental guarantor information TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Statement of Operations For the three months ended December 31, 2016 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries Revenues $ - $ - $ 7,682 $ - $ 7,682 Expenses (96 ) - (5,782 ) - (5,878 ) Equity losses of affiliates - - (41 ) - (41 ) Interest expense, net (411 ) (189 ) (20 ) 321 (299 ) Interest income 1 1 328 (321 ) 9 Earnings from subsidiary entities 1,860 1,045 - (2,905 ) - Other, net (65 ) - (23 ) - (88 ) Income from continuing operations before income tax expense 1,289 857 2,144 (2,905 ) 1,385 Income tax expense (414 ) - (696 ) 662 (448 ) Income from continuing operations 875 857 1,448 (2,243 ) 937 Loss from discontinued operations, net of tax - (1 ) - - (1 ) Net income 875 856 1,448 (2,243 ) 936 Less: Net income attributable to noncontrolling interests - - (80 ) - (80 ) Net income attributable to Twenty-First Century Fox stockholders $ 875 $ 856 $ 1,368 $ (2,243 ) $ 856 Comprehensive income attributable to Twenty-First Century Fox stockholders $ 576 $ 659 $ 1,073 $ (1,649 ) $ 659 See notes to supplemental guarantor information TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Statement of Operations For the six months ended December 31, 2017 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries Revenues $ - $ - $ 15,039 $ - $ 15,039 Expenses (176 ) - (11,985 ) - (12,161 ) Equity earnings of affiliates - - 27 - 27 Interest expense, net (866 ) (410 ) (42 ) 693 (625 ) Interest income - 10 702 (693 ) 19 Earnings from subsidiary entities 4,784 3,075 - (7,859 ) - Other, net (219 ) - (82 ) - (301 ) Income from continuing operations before income tax benefit 3,523 2,675 3,659 (7,859 ) 1,998 Income tax benefit 1,459 - 1,515 (2,147 ) 827 Income from continuing operations 4,982 2,675 5,174 (10,006 ) 2,825 Income from discontinued operations, net of tax - 11 - - 11 Net income 4,982 2,686 5,174 (10,006 ) 2,836 Less: Net income attributable to noncontrolling interests - - (150 ) - (150 ) Net income attributable to Twenty-First Century Fox stockholders $ 4,982 $ 2,686 $ 5,024 $ (10,006 ) $ 2,686 Comprehensive income attributable to Twenty-First Century Fox stockholders $ 5,000 $ 3,055 $ 5,161 $ (10,161 ) $ 3,055 See notes to supplemental guarantor information TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Statement of Operations For the six months ended December 31, 2016 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries Revenues $ - $ - $ 14,188 $ - $ 14,188 Expenses (238 ) - (10,642 ) - (10,880 ) Equity losses of affiliates (1 ) - (5 ) - (6 ) Interest expense, net (823 ) (377 ) (39 ) 640 (599 ) Interest income 2 1 655 (640 ) 18 Earnings from subsidiary entities 3,475 2,060 - (5,535 ) - Other, net (86 ) - (13 ) - (99 ) Income from continuing operations before income tax expense 2,329 1,684 4,144 (5,535 ) 2,622 Income tax expense (702 ) - (1,250 ) 1,161 (791 ) Income from continuing operations 1,627 1,684 2,894 (4,374 ) 1,831 Loss from discontinued operations, net of tax - (7 ) - - (7 ) Net income 1,627 1,677 2,894 (4,374 ) 1,824 Less: Net income attributable to noncontrolling interests - - (147 ) - (147 ) Net income attributable to Twenty-First Century Fox stockholders $ 1,627 $ 1,677 $ 2,747 $ (4,374 ) $ 1,677 Comprehensive income attributable to Twenty-First Century Fox stockholders $ 1,244 $ 1,439 $ 2,433 $ (3,677 ) $ 1,439 See notes to supplemental guarantor information TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Balance Sheet As of December 31, 2017 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries ASSETS Current assets Cash and cash equivalents $ 13 $ 4,094 $ 1,702 $ - $ 5,809 Receivables, net 26 - 7,529 (1 ) 7,554 Inventories, net - - 3,132 - 3,132 Other 83 - 824 - 907 Total current assets 122 4,094 13,187 (1 ) 17,402 Non-current assets Receivables, net 14 - 718 - 732 Inventories, net - - 8,034 - 8,034 Property, plant and equipment, net 374 - 1,466 - 1,840 Intangible assets, net - - 6,228 - 6,228 Goodwill - - 12,789 - 12,789 Other non-current assets 280 - 1,189 - 1,469 Investments Investments in associated companies and other investments 199 312 3,853 - 4,364 Intragroup investments 110,311 63,092 - (173,403 ) - Total investments 110,510 63,404 3,853 (173,403 ) 4,364 Total assets $ 111,300 $ 67,498 $ 47,464 $ (173,404 ) $ 52,858 LIABILITIES AND EQUITY Current liabilities Borrowings $ 600 $ - $ 31 $ - $ 631 Other current liabilities 749 45 6,631 (1 ) 7,424 Total current liabilities 1,349 45 6,662 (1 ) 8,055 Non-current liabilities Borrowings 17,973 - 1,190 - 19,163 Other non-current liabilities 483 101 4,713 - 5,297 Intercompany 41,354 48,963 (90,317 ) - - Redeemable noncontrolling interests - - 712 - 712 Total equity 50,141 18,389 124,504 (173,403 ) 19,631 Total liabilities and equity $ 111,300 $ 67,498 $ 47,464 $ (173,404 ) $ 52,858 See notes to supplemental guarantor information TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Balance Sheet As of June 30, 2017 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries ASSETS Current assets Cash and cash equivalents $ 40 $ 4,882 $ 1,241 $ - $ 6,163 Receivables, net 6 - 6,472 (1 ) 6,477 Inventories, net - - 3,101 - 3,101 Other 49 - 496 - 545 Total current assets 95 4,882 11,310 (1 ) 16,286 Non-current assets Receivables, net 13 - 530 - 543 Inventories, net - - 7,452 - 7,452 Property, plant and equipment, net 297 - 1,484 - 1,781 Intangible assets, net - - 6,574 - 6,574 Goodwill - - 12,792 - 12,792 Other non-current assets 261 - 1,133 - 1,394 Investments Investments in associated companies and other investments 179 37 3,686 - 3,902 Intragroup investments 105,516 59,926 - (165,442 ) - Total investments 105,695 59,963 3,686 (165,442 ) 3,902 Total assets $ 106,361 $ 64,845 $ 44,961 $ (165,443 ) $ 50,724 LIABILITIES AND EQUITY Current liabilities Borrowings $ 350 $ - $ 107 $ - $ 457 Other current liabilities 643 72 6,067 (1 ) 6,781 Total current liabilities 993 72 6,174 (1 ) 7,238 Non-current liabilities Borrowings 18,217 - 1,239 - 19,456 Other non-current liabilities 522 - 5,876 - 6,398 Intercompany 39,629 49,051 (88,680 ) - - Redeemable noncontrolling interests - - 694 - 694 Total equity 47,000 15,722 119,658 (165,442 ) 16,938 Total liabilities and equity $ 106,361 $ 64,845 $ 44,961 $ (165,443 ) $ 50,724 See notes to supplemental guarantor information TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Statement of Cash Flows For the six months ended December 31, 2017 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries OPERATING ACTIVITIES Net cash provided by (used in) operating activities from continuing operations $ 177 $ (455 ) $ 782 $ - $ 504 INVESTING ACTIVITIES Property, plant and equipment (90 ) - (148 ) - (238 ) Investments (59 ) - 128 - 69 Net cash used in investing activities from continuing operations (149 ) - (20 ) - (169 ) FINANCING ACTIVITIES Borrowings - - 1,282 - 1,282 Repayment of borrowings - - (1,411 ) - (1,411 ) Dividends paid and distributions - (333 ) (179 ) - (512 ) Other financing activities, net (29 ) - (21 ) - (50 ) Net cash used in financing activities from continuing operations (29 ) (333 ) (329 ) - (691 ) Discontinued operations Net decrease in cash and cash equivalents from discontinued operations (26 ) - - - (26 ) Net (decrease) increase in cash and cash equivalents (27 ) (788 ) 433 - (382 ) Cash and cash equivalents, beginning of year 40 4,882 1,241 - 6,163 Exchange movement on cash balances - - 28 - 28 Cash and cash equivalents, end of period $ 13 $ 4,094 $ 1,702 $ - $ 5,809 See notes to supplemental guarantor information TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Statement of Cash Flows For the six months ended December 31, 2016 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries OPERATING ACTIVITIES Net cash (used in) provided by operating activities from continuing operations $ (957 ) $ 1,532 $ 657 $ - $ 1,232 INVESTING ACTIVITIES Property, plant and equipment (9 ) - (108 ) - (117 ) Investments (85 ) - (48 ) - (133 ) Net cash used in investing activities from continuing operations (94 ) - (156 ) - (250 ) FINANCING ACTIVITIES Borrowings 842 - 37 - 879 Repayment of borrowings (400 ) - (146 ) - (546 ) Repurchase of shares - (619 ) - - (619 ) Dividends paid and distributions - (335 ) (146 ) - (481 ) Other financing activities, net (34 ) - (19 ) - (53 ) Net cash provided by (used in) financing activities from continuing operations 408 (954 ) (274 ) - (820 ) Discontinued operations Net decrease in cash and cash equivalents from discontinued operations (15 ) - - - (15 ) Net (decrease) increase in cash and cash equivalents (658 ) 578 227 - 147 Cash and cash equivalents, beginning of year 661 2,019 1,744 - 4,424 Exchange movement on cash balances - - (41 ) - (41 ) Cash and cash equivalents, end of period $ 3 $ 2,597 $ 1,930 $ - $ 4,530 See notes to supplemental guarantor information TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Notes to Supplemental Guarantor Information (1) Investments in the Company’s subsidiaries, for purposes of the supplemental consolidating presentation, are accounted for by their parent companies under the equity method of accounting whereby earnings of subsidiaries are reflected in the respective parent company’s investment account and earnings. (2) The guarantees of 21CFA’s senior public indebtedness constitute senior indebtedness of the Company, and rank pari passu with all present and future senior indebtedness of the Company. Because the factual basis underlying the obligations created pursuant to the various facilities and other obligations constituting senior indebtedness of the Company differ, it is not possible to predict how a court in bankruptcy would accord priorities among the obligations of the Company. 1

Summary of Significant Accounti

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Principles of Consolidation	The Unaudited Consolidated Financial Statements include the accounts of Twenty-First Century Fox. All significant intercompany accounts and transactions have been eliminated in consolidation, including the intercompany portion of transactions with equity method investees
Investments	Investments in and advances to entities or joint ventures in which the Company has significant influence, but less than a controlling voting interest, are accounted for using the equity method. Investments in which the Company has no significant influence are designated as available-for-sale investments if readily determinable market values are available. If an investment’s fair value is not readily determinable, the Company accounts for its investment at cost.
Use of Estimates	The preparation of the Company’s consolidated financial statements in conformity with 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 may differ from those estimates.
Reclassifications and Adjustments	Certain fiscal 2017 amounts have been reclassified to conform to the fiscal 2018 presentation. Unless indicated otherwise, the information in the notes to the Unaudited Consolidated Financial Statements relates to the Company’s continuing operations. The Company has reclassified certain fiscal 2017 amounts for development and certain other costs from Selling, general and administrative to Operating expenses within the Consolidated Statement of Operations to conform to the fiscal 2018 presentation. These reclassifications did not affect previously reported Revenue, Income from continuing operations before income tax benefit (expense) or Net income in the Consolidated Statement of Operations.
Recently Adopted and Recently Issued Accounting Guidance and U.S. Tax Reform	Recently Adopted and Recently Issued Accounting Guidance and U.S. Tax Reform Adopted In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). The amendments in ASU 2016-09 simplify various aspects related to how share-based payments are accounted for and presented in the financial statements, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. On July 1, 2017, the Company adopted ASU 2016-09. In accordance with ASU 2016-09, the Company will prospectively recognize all excess tax benefits and tax deficiencies in Income tax benefit (expense) in the Statements of Operations. In the statement of cash flows, all excess tax benefits are presented retrospectively in Net cash provided by operating activities from continuing operations. In addition, the Company retrospectively adopted the guidance that requires cash paid by the Company when directly withholding shares for tax withholding purposes to be classified as a financing activity in the statement of cash flows. The adoption of ASU 2016-09 resulted in an increase in Net cash provided by operating activities from continuing operations and a corresponding increase in Net cash used in financing activities from continuing operations in the Statement of Cash Flows for fiscal 2017. The other aspects of ASU 2016-09 did not have a material effect on the Company’s consolidated financial statements. On July 1, 2017, the Company early adopted ASU 2017-07, “Compensation–Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (“ASU 2017-07”). ASU 2017-07 requires an employer to report the service cost component of net benefit cost in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. ASU 2017-07 did not have a material effect on the Company’s consolidated financial statements. Issued In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). The objective of ASU 2017-12 is to better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. In addition, ASU 2017-12 simplifies the assessment of hedge effectiveness. ASU 2017-12 is effective for the Company for annual and interim reporting periods beginning July 1, 2019. Early adoption is permitted in an interim period. The Company is currently evaluating the impact ASU 2017-12 will have on its consolidated financial statements. U.S. Tax Reform On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act significantly revises the future ongoing U.S. corporate income tax by, among other things, lowering U.S. corporate income tax rates and implementing a territorial tax system. Since the Company has a June 30 fiscal year-end, the lower corporate income tax rate will be phased in, resulting in a U.S. statutory federal rate of approximately 28% for the Company’s fiscal year ending June 30, 2018, and 21% for subsequent fiscal years. As part of the transition to the new territorial tax system, the Tax Act imposes a one-time transition tax on deemed repatriation of historical earnings of foreign entities. As of December 31, 2017, the Company has not completed its analysis of the accounting for all the tax effects of the Tax Act. For the three and six months ended December 31, 2017, the Company recorded a provisional income tax benefit of $1.3 billion to adjust its net deferred tax liability position in accordance with the Tax Act. The net deferred tax liability represents future tax obligations. Among the Company’s more significant net deferred tax liabilities are basis differences and amortization, and sports rights contracts. The final amount of the adjustment to the net deferred tax liability could be revised based on changes in interpretations of the Tax Act and any updates or changes to estimates based on additional information the Company obtains or analyzes. The Company has not recorded a liability for the transition tax to a territorial tax system. The Company is continuing to gather and analyze information to determine the deemed unremitted earnings subject to the transition tax, some of which was not previously needed or not yet accumulated, and the related U.S. tax impacts. The Company will record a transition tax amount when it has received and analyzed the needed information sufficient to make a reasonable estimate. The SEC has issued guidance that would allow for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts. We currently anticipate finalizing and recording any resulting adjustments by the end of the Company’s current fiscal year ending June 30, 2018 and the adjustments could possibly be material.
Concentrations of Credit Risk	Concentrations of Credit Risk Cash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that 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. The Company’s receivables did not represent significant concentrations of credit risk as of December 31, 2017 or June 30, 2017 due to the wide variety of customers, markets and geographic areas to which the Company’s products and services are sold. The Company monitors its positions with, and the credit quality of, the financial institutions which are counterparties to its financial instruments. The Company is exposed to credit loss in the event of nonperformance by the counterparties to the agreements. As of December 31, 2017, the Company did not anticipate nonperformance by any of the counterparties.
Receivables, Net	Receivables are presented net of an allowance for returns and doubtful accounts, which is an estimate of amounts that may not be collectible.

Inventories, Net (Tables)

Inventories, Net (Tables)	6 Months Ended
	Dec. 31, 2017
Inventory Disclosure [Abstract]
Schedule of Inventories, Net	The Company’s inventories were comprised of the following: As of December 31, 2017 As of June 30, 2017 (in millions) Programming rights Sports programming rights $ 3,444 $ 3,201 Entertainment programming rights 3,264 3,232 Filmed entertainment costs Films Released, less accumulated amortization 1,356 1,112 Completed, not released 106 398 In production 1,409 1,094 In development or preproduction 191 295 - 3,062 2,899 Television productions Released, less accumulated amortization 752 838 In production, development or preproduction 644 383 1,396 1,221 Total filmed entertainment costs, less accumulated amortization (a) 4,458 4,120 Total inventories, net 11,166 10,553 Less: current portion of inventories, net (b) (3,132 ) (3,101 ) Total non-current inventories, net $ 8,034 $ 7,452 (a) Does not include $226 million and $241 million of net intangible film library costs as of December 31, 2017 and June 30, 2017, respectively, which were included in intangible assets subject to amortization in the Consolidated Balance Sheets. (b) Current portion of inventories, net as of December 31, 2017 and June 30, 2017 was comprised of programming rights ($3,072 million and $3,037 million, respectively), DVDs, Blu-rays and other merchandise.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Dec. 31, 2017
Investments [Abstract]
Schedule of Investments	The Company’s investments were comprised of the following: Ownership percentage as of December 31, 2017 As of December 31, 2017 As of June 30, 2017 (in millions) Sky (a)(b) European direct broadcast satellite operator 39% $ 3,399 $ 3,175 Endemol Shine Group (b) Global multi-platform content provider 50% 275 262 Other investments various 690 (c) 465 Total investments $ 4,364 $ 3,902 (a) The Company’s investment in Sky had a market value of $9.2 billion as of December 31, 2017 determined using its quoted market price on the London Stock Exchange (a Level 1 measurement as defined in Note 5 – Fair Value). The Company received dividends of nil and approximately $170 million from Sky for the six months ended December 31, 2017 and 2016, respectively. As the Sky Acquisition has not closed as of December 31, 2017, Sky shareholders will be entitled to receive a special dividend in calendar year 2018 (See Note 2 – Acquisitions, Disposals and Other Transactions under the heading “Sky Acquisition” for further discussion of this investment). (b) Equity method investments. (c) Includes an investment of $312 million in available-for-sale securities as of December 31, 2017 (See Note 5 – Fair Value).

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Dec. 31, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value of Financial Assets (Liabilities) and the Level Used to Measure Them	The following tables present information about financial assets and liabilities carried at fair value on a recurring basis: Fair value measurements As of December 31, 2017 Total Level 1 Level 2 Level 3 (in millions) Assets Investments (a) $ 312 $ 312 $ - $ - Derivatives (b) 50 - 50 - Other (c) 91 - - 91 Redeemable noncontrolling interests (712 ) - - (712 ) Total $ (259 ) $ 312 $ 50 $ (621 ) As of June 30, 2017 Total Level 1 Level 2 Level 3 (in millions) Assets Derivatives (b) $ 48 $ - $ 48 $ - Other (c) 43 - - 43 Liabilities Derivatives (b) (9 ) - (9 ) - Redeemable noncontrolling interests (694 ) - - (694 ) Total $ (612 ) $ - $ 39 $ (651 ) (a) Represents an investment in available-for-sale securities. (b) Represents derivatives associated with the Company’s foreign currency forward and option contracts and interest rate swap contracts. (c) Primarily relates to past acquisitions, including contingent consideration arrangements.
Schedule of Fair Value and Carrying Value of Borrowings	As of December 31, 2017 As of June 30, 2017 (in millions) Borrowings Fair value $ 24,573 $ 23,853 Carrying value $ 19,794 $ 19,913
Foreign Currency Contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Schedule of Financial Instruments Used to Hedge Certain Exposures	The Company uses foreign currency forward contracts primarily to hedge certain exposures to foreign currency exchange rate risks associated with revenues and the cost of producing or acquiring films and television programming. The Company also entered into a foreign currency option contract to limit its foreign currency exchange rate risk in connection with the Sky Acquisition. For accounting purposes, the option contract does not qualify for hedge accounting and therefore has been treated as an economic hedge (See Note 2 – Acquisitions, Disposals and Other Transactions under the heading “Sky Acquisition”). As of December 31, 2017 As of June 30, 2017 (in millions) Cash Flow Hedges Notional amount $ 116 $ 209 Fair value $ 1 $ - For foreign currency forward contracts designated as cash flow hedges, the Company expects to reclassify the cumulative changes in fair values, included in Accumulated other comprehensive loss, within the next two years. As of December 31, 2017 As of June 30, 2017 (in millions) Economic Hedges Notional amount (a) $ 12,552 $ 12,371 Fair value (a) $ 44 $ 38 (a) Includes the foreign currency option contract to limit the foreign currency exchange rate risk in connection with the Sky Acquisition. The foreign currency option contract has a notional amount of $12.5 billion and consists of the foreign currency option and a premium payable of approximately $310 million due on the option expiration date. As of December 31, 2017, the foreign currency option had a fair value of $44 million.
Interest Rate Swap Contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Schedule of Financial Instruments Used to Hedge Certain Exposures	The Company uses interest rate swap contracts to hedge certain exposures to interest rate risks associated with certain borrowings. As of December 31, 2017 As of June 30, 2017 (in millions) Cash Flow Hedges Notional amount $ 635 $ 663 Fair value $ 5 $ 1

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Dec. 31, 2017
Stockholders Equity Note [Abstract]
Schedule of Changes in Stockholders' Equity	The following tables summarize changes in stockholders’ equity: For the three months ended December 31, 2017 For the six months ended December 31, 2017 Twenty-First Century Fox stockholders Noncontrolling interests Total equity Twenty-First Century Fox stockholders Noncontrolling interests Total equity (in millions) Balance, beginning of period $ 16,304 $ 1,252 $ 17,556 $ 15,722 $ 1,216 $ 16,938 Net income 1,831 37 (a) 1,868 2,686 73 (a) 2,759 Other comprehensive income 227 4 231 369 13 382 Issuance of shares - - - 41 - 41 Dividends declared - - - (333 ) - (333 ) Other 27 (51 ) (b) (24 ) (96 ) (60 ) (b) (156 ) Balance, end of period $ 18,389 $ 1,242 $ 19,631 $ 18,389 $ 1,242 $ 19,631 For the three months ended December 31, 2016 For the six months ended December 31, 2016 Twenty-First Century Fox stockholders Noncontrolling interests Total equity Twenty-First Century Fox stockholders Noncontrolling interests Total equity (in millions) Balance, beginning of period $ 13,807 $ 1,248 $ 15,055 $ 13,661 $ 1,220 $ 14,881 Net income 856 37 (a) 893 1,677 77 (a) 1,754 Other comprehensive loss (197 ) (21 ) (218 ) (238 ) (20 ) (258 ) Cancellation of shares, net (138 ) - (138 ) (528 ) - (528 ) Dividends declared - - - (335 ) - (335 ) Other 12 (49 ) (b) (37 ) 103 (62 ) (b) 41 - Balance, end of period $ 14,340 $ 1,215 $ 15,555 $ 14,340 $ 1,215 $ 15,555 (a) Net income attributable to noncontrolling interests excludes $48 million and $43 million for the three months ended December 31, 2017 and 2016, respectively, and $77 million and $70 million for the six months ended December 31, 2017 and 2016, respectively, relating to redeemable noncontrolling interests which are reflected in temporary equity. (b) Other activity attributable to noncontrolling interests excludes $(35) million and $(18) million for the three months ended December 31, 2017 and 2016, respectively, and $(59) million and $(44) million for the six months ended December 31, 2017 and 2016, respectively, relating to redeemable noncontrolling interests.
Schedule of Activity within Other Comprehensive Income (Loss)	The following tables summarize the activity within Other comprehensive income (loss): For the three months ended December 31, 2017 For the six months ended December 31, 2017 Before tax Tax (provision) benefit Net of tax Before tax Tax (provision) benefit Net of tax (in millions) Foreign currency translation adjustments Unrealized gains $ 38 $ - $ 38 $ 79 $ - $ 79 Other comprehensive income $ 38 $ - $ 38 $ 79 $ - $ 79 Cash flow hedges Unrealized gains $ 1 $ - $ 1 $ 9 $ (3 ) $ 6 Reclassifications realized in net income (a) (3 ) 1 (2 ) (11 ) 4 (7 ) Other comprehensive loss $ (2 ) $ 1 $ (1 ) $ (2 ) $ 1 $ (1 ) Gains on securities Unrealized gains $ 154 $ (57 ) $ 97 $ 283 $ (104 ) $ 179 Other comprehensive income $ 154 $ (57 ) $ 97 $ 283 $ (104 ) $ 179 Benefit plan adjustments Reclassification adjustments realized in net income (b) $ 96 $ (35 ) $ 61 $ 106 $ (39 ) $ 67 Other comprehensive income $ 96 $ (35 ) $ 61 $ 106 $ (39 ) $ 67 Equity method investments Unrealized gains and reclassifications $ 50 $ (14 ) $ 36 $ 84 $ (26 ) $ 58 Other comprehensive income $ 50 $ (14 ) $ 36 $ 84 $ (26 ) $ 58 For the three months ended December 31, 2016 For the six months ended December 31, 2016 Before tax Tax (provision) benefit Net of tax Before tax Tax (provision) benefit Net of tax (in millions) Foreign currency translation adjustments Unrealized losses $ (153 ) $ - $ (153 ) $ (151 ) $ - $ (151 ) Other comprehensive loss $ (153 ) $ - $ (153 ) $ (151 ) $ - $ (151 ) Cash flow hedges Unrealized gains $ 2 $ (1 ) $ 1 $ 13 $ (5 ) $ 8 Reclassifications realized in net income (a) 5 (1 ) 4 7 (2 ) 5 Other comprehensive income $ 7 $ (2 ) $ 5 $ 20 $ (7 ) $ 13 Benefit plan adjustments Reclassification adjustments realized in net income (b) $ 54 $ (20 ) $ 34 $ 68 $ (25 ) $ 43 Other comprehensive income $ 54 $ (20 ) $ 34 $ 68 $ (25 ) $ 43 Equity method investments Unrealized losses and reclassifications $ (156 ) $ 52 $ (104 ) $ (223 ) $ 60 $ (163 ) Other comprehensive loss $ (156 ) $ 52 $ (104 ) $ (223 ) $ 60 $ (163 ) (a) Reclassifications of amounts related to hedging activity are included in Revenues, Operating expenses, Selling, general and administrative expenses, Interest expense, net or Other, net, as appropriate, in the Unaudited Consolidated Statements of Operations (See Note 5 – Fair Value for additional information regarding hedging activity). (b) Reclassifications of amounts related to benefit plan adjustments are included in Other, net in the Unaudited Consolidated Statements of Operations.
Computation of Numerator for Earnings Per Share	The following table sets forth the Company’s computation of Income from continuing operations attributable to Twenty-First Century Fox stockholders: For the three months ended December 31, For the six months ended December 31, 2017 2016 2017 2016 (in millions) Income from continuing operations $ 1,921 $ 937 $ 2,825 $ 1,831 Less: Net income attributable to noncontrolling interests (85 ) (80 ) (150 ) (147 ) Income from continuing operations attributable to Twenty-First Century Fox stockholders $ 1,836 $ 857 $ 2,675 $ 1,684
Schedule of Dividends Declared	The following table summarizes the dividends declared per share on both the Company’s Class A Common Stock and the Class B Common Stock: For the six months ended December 31, 2017 2016 Cash dividend per share $ 0.18 $ 0.18

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Dec. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Equity-Based Compensation	The following table summarizes the Company’s equity-based compensation activity: For the three months ended December 31, For the six months ended December 31, 2017 2016 2017 2016 (in millions) Equity-based compensation $ 39 $ 20 $ 66 $ 62 Intrinsic value of all settled equity-based awards $ - $ - $ 74 $ 69

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Reconciliation from Income from Continuing Operations Before Income Tax Benefit (Expense) to Total Segment OIBDA	The following table reconciles Income from continuing operations before income tax benefit (expense) to Total Segment OIBDA for the three and six months ended December 31, 2017 and 2016: For the three months ended December 31, For the six months ended December 31, 2017 2016 2017 2016 (in millions) Income from continuing operations before income tax benefit (expense) $ 703 $ 1,385 $ 1,998 $ 2,622 Add Amortization of cable distribution investments 25 16 43 31 Depreciation and amortization 142 135 284 270 Impairment and restructuring charges 3 39 24 176 Equity losses (earnings) of affiliates 33 41 (27 ) 6 Interest expense, net 312 299 625 599 Interest income (9 ) (9 ) (19 ) (18 ) Other, net 229 88 301 99 Total Segment OIBDA $ 1,438 $ 1,994 $ 3,229 $ 3,785
Reconciliation of Revenues and Segment OIBDA from Segments to Consolidated	The following tables set forth the Company’s Revenues and Segment OIBDA for the three and six months ended December 31, 2017 and 2016: For the three months ended December 31, For the six months ended December 31, 2017 2016 2017 2016 (in millions) Revenues Cable Network Programming $ 4,405 $ 3,967 $ 8,601 $ 7,777 Television 1,806 1,918 2,871 2,956 Filmed Entertainment 2,246 2,269 4,209 4,176 Other, Corporate and Eliminations (420 ) (472 ) (642 ) (721 ) Total revenues $ 8,037 $ 7,682 $ 15,039 $ 14,188 Segment OIBDA Cable Network Programming $ 1,365 $ 1,330 $ 2,876 $ 2,714 Television 56 376 178 567 Filmed Entertainment 131 389 387 700 Other, Corporate and Eliminations (114 ) (101 ) (212 ) (196 ) Total Segment OIBDA $ 1,438 $ 1,994 $ 3,229 $ 3,785
Reconciliation of Depreciation and Amortization from Segments to Consolidated	For the three months ended December 31, For the six months ended December 31, 2017 2016 2017 2016 (in millions) Depreciation and amortization Cable Network Programming $ 86 $ 83 $ 171 $ 165 Television 27 28 54 57 Filmed Entertainment 23 20 46 40 Other, Corporate and Eliminations 6 4 13 8 Total depreciation and amortization $ 142 $ 135 $ 284 $ 270
Reconciliation of Assets from Segments to Consolidated	As of December 31, 2017 As of June 30, 2017 (in millions) Assets Cable Network Programming $ 25,282 $ 24,913 Television 7,354 6,775 Filmed Entertainment 11,485 10,312 Other, Corporate and Eliminations 4,373 4,822 Investments 4,364 3,902 Total assets $ 52,858 $ 50,724
Reconciliation of Revenue from Components to Consolidated	Revenues by Component For the three months ended December 31, For the six months ended December 31, 2017 2016 2017 2016 (in millions) Revenues Affiliate fee $ 3,252 $ 2,906 $ 6,488 $ 5,829 Advertising 2,496 2,544 4,119 4,135 Content 2,140 2,032 4,159 3,901 Other 149 200 273 323 Total revenues $ 8,037 $ 7,682 $ 15,039 $ 14,188

Additional Financial Informat27

Additional Financial Information (Tables)	6 Months Ended
	Dec. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Components of Other, net	The following table sets forth the components of Other, net included in the Unaudited Consolidated Statements of Operations: For the three months ended December 31, For the six months ended December 31, 2017 2016 2017 2016 (in millions) Acquisition related and other transaction costs (a) $ (85 ) $ (31 ) $ (139 ) $ (31 ) Disney Transaction costs (b) (32 ) - (32 ) - Settlement loss on pension liabilities (c) (86 ) (40 ) (86 ) (40 ) Other (d) (26 ) (17 ) (44 ) (28 ) Total other, net $ (229 ) $ (88 ) $ (301 ) $ (99 ) (a) The acquisition related and other transaction costs primarily represent the change in fair value of a foreign currency option contract to limit the foreign currency exchange rate risk in connection with the Sky Acquisition (See Note 2 – Acquisitions, Disposals and Other Transactions under the heading “Sky Acquisition” for further discussion). (b) See Note 2 – Acquisitions, Disposals and Other Transactions under the heading “Disney Transaction/Distribution of New Fox” for further discussion. (c) During the three and six months ended December 31, 2017, the Company settled a portion of its pension obligations by irrevocably transferring pension liabilities to an insurance company through the purchase of a group annuity contract and through lump sum distributions. These payments, funded with pension plan assets, resulted in pre-tax settlement losses related to the recognition of accumulated deferred actuarial losses. During the three and six months ended December 31, 2016, the Company settled a portion of its pension obligations through lump sum distributions, which resulted in a pre-tax settlement loss related to the recognition of accumulated deferred actuarial losses. (d) Other for
Supplemental Cash Flows Information	For the six months ended December 31, 2017 2016 (in millions) Supplemental cash flows information Cash paid for income taxes $ (663 ) $ (460 ) Cash paid for interest $ (596 ) $ (597 )

Supplemental Guarantor Inform28

Supplemental Guarantor Information (Tables)	6 Months Ended
	Dec. 31, 2017
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
Supplemental Condensed Consolidating Statements of Operations	TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Statement of Operations For the three months ended December 31, 2017 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries Revenues $ - $ - $ 8,037 $ - $ 8,037 Expenses (100 ) - (6,669 ) - (6,769 ) Equity losses of affiliates - - (33 ) - (33 ) Interest expense, net (436 ) (205 ) (20 ) 349 (312 ) Interest income - 5 353 (349 ) 9 Earnings from subsidiary entities 3,193 2,036 - (5,229 ) - Other, net (206 ) - (23 ) - (229 ) Income from continuing operations before income tax benefit 2,451 1,836 1,645 (5,229 ) 703 Income tax benefit 1,783 - 2,123 (2,688 ) 1,218 Income from continuing operations 4,234 1,836 3,768 (7,917 ) 1,921 Loss from discontinued operations, net of tax - (5 ) - - (5 ) Net income 4,234 1,831 3,768 (7,917 ) 1,916 Less: Net income attributable to noncontrolling interests - - (85 ) - (85 ) Net income attributable to Twenty-First Century Fox stockholders $ 4,234 $ 1,831 $ 3,683 $ (7,917 ) $ 1,831 Comprehensive income attributable to Twenty-First Century Fox stockholders $ 4,278 $ 2,058 $ 3,743 $ (8,021 ) $ 2,058 TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Statement of Operations For the three months ended December 31, 2016 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries Revenues $ - $ - $ 7,682 $ - $ 7,682 Expenses (96 ) - (5,782 ) - (5,878 ) Equity losses of affiliates - - (41 ) - (41 ) Interest expense, net (411 ) (189 ) (20 ) 321 (299 ) Interest income 1 1 328 (321 ) 9 Earnings from subsidiary entities 1,860 1,045 - (2,905 ) - Other, net (65 ) - (23 ) - (88 ) Income from continuing operations before income tax expense 1,289 857 2,144 (2,905 ) 1,385 Income tax expense (414 ) - (696 ) 662 (448 ) Income from continuing operations 875 857 1,448 (2,243 ) 937 Loss from discontinued operations, net of tax - (1 ) - - (1 ) Net income 875 856 1,448 (2,243 ) 936 Less: Net income attributable to noncontrolling interests - - (80 ) - (80 ) Net income attributable to Twenty-First Century Fox stockholders $ 875 $ 856 $ 1,368 $ (2,243 ) $ 856 Comprehensive income attributable to Twenty-First Century Fox stockholders $ 576 $ 659 $ 1,073 $ (1,649 ) $ 659 TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Statement of Operations For the six months ended December 31, 2017 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries Revenues $ - $ - $ 15,039 $ - $ 15,039 Expenses (176 ) - (11,985 ) - (12,161 ) Equity earnings of affiliates - - 27 - 27 Interest expense, net (866 ) (410 ) (42 ) 693 (625 ) Interest income - 10 702 (693 ) 19 Earnings from subsidiary entities 4,784 3,075 - (7,859 ) - Other, net (219 ) - (82 ) - (301 ) Income from continuing operations before income tax benefit 3,523 2,675 3,659 (7,859 ) 1,998 Income tax benefit 1,459 - 1,515 (2,147 ) 827 Income from continuing operations 4,982 2,675 5,174 (10,006 ) 2,825 Income from discontinued operations, net of tax - 11 - - 11 Net income 4,982 2,686 5,174 (10,006 ) 2,836 Less: Net income attributable to noncontrolling interests - - (150 ) - (150 ) Net income attributable to Twenty-First Century Fox stockholders $ 4,982 $ 2,686 $ 5,024 $ (10,006 ) $ 2,686 Comprehensive income attributable to Twenty-First Century Fox stockholders $ 5,000 $ 3,055 $ 5,161 $ (10,161 ) $ 3,055 TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Statement of Operations For the six months ended December 31, 2016 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries Revenues $ - $ - $ 14,188 $ - $ 14,188 Expenses (238 ) - (10,642 ) - (10,880 ) Equity losses of affiliates (1 ) - (5 ) - (6 ) Interest expense, net (823 ) (377 ) (39 ) 640 (599 ) Interest income 2 1 655 (640 ) 18 Earnings from subsidiary entities 3,475 2,060 - (5,535 ) - Other, net (86 ) - (13 ) - (99 ) Income from continuing operations before income tax expense 2,329 1,684 4,144 (5,535 ) 2,622 Income tax expense (702 ) - (1,250 ) 1,161 (791 ) Income from continuing operations 1,627 1,684 2,894 (4,374 ) 1,831 Loss from discontinued operations, net of tax - (7 ) - - (7 ) Net income 1,627 1,677 2,894 (4,374 ) 1,824 Less: Net income attributable to noncontrolling interests - - (147 ) - (147 ) Net income attributable to Twenty-First Century Fox stockholders $ 1,627 $ 1,677 $ 2,747 $ (4,374 ) $ 1,677 Comprehensive income attributable to Twenty-First Century Fox stockholders $ 1,244 $ 1,439 $ 2,433 $ (3,677 ) $ 1,439
Supplemental Condensed Consolidating Balance Sheets	TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Balance Sheet As of December 31, 2017 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries ASSETS Current assets Cash and cash equivalents $ 13 $ 4,094 $ 1,702 $ - $ 5,809 Receivables, net 26 - 7,529 (1 ) 7,554 Inventories, net - - 3,132 - 3,132 Other 83 - 824 - 907 Total current assets 122 4,094 13,187 (1 ) 17,402 Non-current assets Receivables, net 14 - 718 - 732 Inventories, net - - 8,034 - 8,034 Property, plant and equipment, net 374 - 1,466 - 1,840 Intangible assets, net - - 6,228 - 6,228 Goodwill - - 12,789 - 12,789 Other non-current assets 280 - 1,189 - 1,469 Investments Investments in associated companies and other investments 199 312 3,853 - 4,364 Intragroup investments 110,311 63,092 - (173,403 ) - Total investments 110,510 63,404 3,853 (173,403 ) 4,364 Total assets $ 111,300 $ 67,498 $ 47,464 $ (173,404 ) $ 52,858 LIABILITIES AND EQUITY Current liabilities Borrowings $ 600 $ - $ 31 $ - $ 631 Other current liabilities 749 45 6,631 (1 ) 7,424 Total current liabilities 1,349 45 6,662 (1 ) 8,055 Non-current liabilities Borrowings 17,973 - 1,190 - 19,163 Other non-current liabilities 483 101 4,713 - 5,297 Intercompany 41,354 48,963 (90,317 ) - - Redeemable noncontrolling interests - - 712 - 712 Total equity 50,141 18,389 124,504 (173,403 ) 19,631 Total liabilities and equity $ 111,300 $ 67,498 $ 47,464 $ (173,404 ) $ 52,858 TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Balance Sheet As of June 30, 2017 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries ASSETS Current assets Cash and cash equivalents $ 40 $ 4,882 $ 1,241 $ - $ 6,163 Receivables, net 6 - 6,472 (1 ) 6,477 Inventories, net - - 3,101 - 3,101 Other 49 - 496 - 545 Total current assets 95 4,882 11,310 (1 ) 16,286 Non-current assets Receivables, net 13 - 530 - 543 Inventories, net - - 7,452 - 7,452 Property, plant and equipment, net 297 - 1,484 - 1,781 Intangible assets, net - - 6,574 - 6,574 Goodwill - - 12,792 - 12,792 Other non-current assets 261 - 1,133 - 1,394 Investments Investments in associated companies and other investments 179 37 3,686 - 3,902 Intragroup investments 105,516 59,926 - (165,442 ) - Total investments 105,695 59,963 3,686 (165,442 ) 3,902 Total assets $ 106,361 $ 64,845 $ 44,961 $ (165,443 ) $ 50,724 LIABILITIES AND EQUITY Current liabilities Borrowings $ 350 $ - $ 107 $ - $ 457 Other current liabilities 643 72 6,067 (1 ) 6,781 Total current liabilities 993 72 6,174 (1 ) 7,238 Non-current liabilities Borrowings 18,217 - 1,239 - 19,456 Other non-current liabilities 522 - 5,876 - 6,398 Intercompany 39,629 49,051 (88,680 ) - - Redeemable noncontrolling interests - - 694 - 694 Total equity 47,000 15,722 119,658 (165,442 ) 16,938 Total liabilities and equity $ 106,361 $ 64,845 $ 44,961 $ (165,443 ) $ 50,724
Supplemental Condensed Consolidating Statements of Cash Flows	TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Statement of Cash Flows For the six months ended December 31, 2017 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries OPERATING ACTIVITIES Net cash provided by (used in) operating activities from continuing operations $ 177 $ (455 ) $ 782 $ - $ 504 INVESTING ACTIVITIES Property, plant and equipment (90 ) - (148 ) - (238 ) Investments (59 ) - 128 - 69 Net cash used in investing activities from continuing operations (149 ) - (20 ) - (169 ) FINANCING ACTIVITIES Borrowings - - 1,282 - 1,282 Repayment of borrowings - - (1,411 ) - (1,411 ) Dividends paid and distributions - (333 ) (179 ) - (512 ) Other financing activities, net (29 ) - (21 ) - (50 ) Net cash used in financing activities from continuing operations (29 ) (333 ) (329 ) - (691 ) Discontinued operations Net decrease in cash and cash equivalents from discontinued operations (26 ) - - - (26 ) Net (decrease) increase in cash and cash equivalents (27 ) (788 ) 433 - (382 ) Cash and cash equivalents, beginning of year 40 4,882 1,241 - 6,163 Exchange movement on cash balances - - 28 - 28 Cash and cash equivalents, end of period $ 13 $ 4,094 $ 1,702 $ - $ 5,809 TWENTY-FIRST CENTURY FOX, INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Supplemental Condensed Consolidating Statement of Cash Flows For the six months ended December 31, 2016 (in millions) 21st Century Fox America, Inc. Twenty-First Century Fox Non-Guarantor Reclassifications and Eliminations Twenty-First Century Fox and Subsidiaries OPERATING ACTIVITIES Net cash (used in) provided by operating activities from continuing operations $ (957 ) $ 1,532 $ 657 $ - $ 1,232 INVESTING ACTIVITIES Property, plant and equipment (9 ) - (108 ) - (117 ) Investments (85 ) - (48 ) - (133 ) Net cash used in investing activities from continuing operations (94 ) - (156 ) - (250 ) FINANCING ACTIVITIES Borrowings 842 - 37 - 879 Repayment of borrowings (400 ) - (146 ) - (546 ) Repurchase of shares - (619 ) - - (619 ) Dividends paid and distributions - (335 ) (146 ) - (481 ) Other financing activities, net (34 ) - (19 ) - (53 ) Net cash provided by (used in) financing activities from continuing operations 408 (954 ) (274 ) - (820 ) Discontinued operations Net decrease in cash and cash equivalents from discontinued operations (15 ) - - - (15 ) Net (decrease) increase in cash and cash equivalents (658 ) 578 227 - 147 Cash and cash equivalents, beginning of year 661 2,019 1,744 - 4,424 Exchange movement on cash balances - - (41 ) - (41 ) Cash and cash equivalents, end of period $ 3 $ 2,597 $ 1,930 $ - $ 4,530

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) $ in Billions	3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017USD ($)Segment	Jun. 30, 2019	Jun. 30, 2018
Basis of Presentation [Abstract]
Number of Reportable Segments | Segment		4
U.S. Tax Reform
Basis of Presentation [Abstract]
Provisional income tax benefit to adjust net deferred tax liabilities | $	$ 1.3	$ 1.3
Maximum measurement period to finalize recording of related tax impacts		1 year
Scenario, Forecast | U.S. Tax Reform
Basis of Presentation [Abstract]
U.S. statutory federal rate			21.00%	28.00%

Disney Transaction_Distribution

Disney Transaction/Distribution of New Fox (Narrative) (Details) $ / shares in Units, $ in Billions	1 Months Ended	18 Months Ended
	Dec. 31, 2017USD ($)	Jun. 30, 2019USD ($)shares$ / shares
Merger Agreement
Merger Distribution [Line Items]
Merger Agreement, amount payable by acquirer under certain circumstances	$ 2.5
Merger Agreement, amount may be required to be paid by either party under certain circumstances	1.5
Bridge Commitment Letter | 21st Century Fox America, Inc.
Merger Distribution [Line Items]
Line of credit facility, maximum borrowing capacity	$ 9
Line of credit facility, commitment fee percentage on undrawn funds	0.10%
Maximum
Merger Distribution [Line Items]
Merger and separation expected completion period from date of announcement	18 months
Minimum
Merger Distribution [Line Items]
Merger and separation expected completion period from date of announcement	12 months
Scenario, Forecast
Merger Distribution [Line Items]
Merger Agreement, exchange ratio | shares		0.2745
Common stock, par value | $ / shares		$ 0.01
New Fox | Scenario, Forecast
Merger Distribution [Line Items]
Merger Agreement, dividend amount		$ 8.5
New Fox | Scenario, Forecast | Maximum
Merger Distribution [Line Items]
Merger Agreement, amount of net reduction of the cash dividend		$ 2

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) £ / shares in Units, $ in Millions	1 Months Ended		6 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2016GBP (£)	Jun. 30, 2018USD ($)	Dec. 31, 2017	Jun. 30, 2018£ / shares	Dec. 31, 2016GBP (£)
21st Century Fox America, Inc. | Bridge Credit Agreement
Business Acquisition [Line Items]
Line of credit facility, maximum borrowing capacity	$ 16,000					£ 12,200,000,000
Line of credit facility, commitment fee percentage on undrawn funds	0.10%	0.10%
Line of credit facility, duration fee payable on the 90th day after funding of the loans as a percentage of the aggregate principal amount of the advances and undrawn commitments outstanding at that time	0.50%					0.50%
Line of credit facility, duration fee payable on the 180th day after funding of the loans as a percentage of the aggregate principal amount of the advances and undrawn commitments outstanding at that time	0.75%					0.75%
Line of credit facility, duration fee payable on the 270th day after funding of the loans as a percentage of the aggregate principal amount of the advances and undrawn commitments outstanding at that time	1.00%					1.00%
London Interbank Offered Rate (LIBOR) | 21st Century Fox America, Inc. | Minimum | Bridge Credit Agreement
Business Acquisition [Line Items]
Line of credit facility, applicable Margin on advances	1.125%	1.125%
London Interbank Offered Rate (LIBOR) | 21st Century Fox America, Inc. | Maximum | Bridge Credit Agreement
Business Acquisition [Line Items]
Line of credit facility, applicable Margin on advances	1.875%	1.875%
Sky
Business Acquisition [Line Items]
Ownership percentage	39.00%					39.00%
Date of acquisition agreement				Dec. 31, 2016
Sky | Co-Operation Agreement
Business Acquisition [Line Items]
Break fee payable in cash in certain circumstances	$ 270	£ 200,000,000
Sky | Scenario, Forecast
Business Acquisition [Line Items]
Share price | £ / shares					£ 10.75
Business acquisition, cost of acquired entity, cash paid | $			$ 16,000

Disposals (Narrative) (Details)

Disposals (Narrative) (Details) $ in Millions	1 Months Ended
	Jul. 31, 2017USD ($)
Disposals
Proceeds received from the FCC's reverse auction for broadcast spectrum	$ 350

Inventories, Net (Schedule of I

Inventories, Net (Schedule of Inventories, Net) (Details) - USD ($) $ in Millions		Dec. 31, 2017	Jun. 30, 2017
Programming rights
Sports programming rights		$ 3,444	$ 3,201
Entertainment programming rights		3,264	3,232
Films
Released, less accumulated amortization		1,356	1,112
Completed, not released		106	398
In production		1,409	1,094
In development or preproduction		191	295
Films, Total		3,062	2,899
Television productions
Released, less accumulated amortization		752	838
In production, development or preproduction		644	383
Television productions, Total		1,396	1,221
Total filmed entertainment costs, less accumulated amortization	[1]	4,458	4,120
Total inventories, net		11,166	10,553
Less: current portion of inventories, net	[2]	(3,132)	(3,101)
Total non-current inventories, net		$ 8,034	$ 7,452
[1]	Does not include $226 million and $241 million of net intangible film library costs as of December 31, 2017 and June 30, 2017, respectively, which were included in intangible assets subject to amortization in the Consolidated Balance Sheets.
[2]	Current portion of inventories, net as of December 31, 2017 and June 30, 2017 was comprised of programming rights ($3,072 million and $3,037 million, respectively), DVDs, Blu-rays and other merchandise.

Inventories, Net (Schedule of34

Inventories, Net (Schedule of Inventories, Net) (Parenthetical) (Details) - USD ($) $ in Millions		Dec. 31, 2017	Jun. 30, 2017
Inventory [Line Items]
Current portion of inventories, net	[1]	$ 3,132	$ 3,101
Acquired Film Libraries
Inventory [Line Items]
Intangible assets subject to amortization, net		226	241
Programming Rights
Inventory [Line Items]
Current portion of inventories, net		$ 3,072	$ 3,037
[1]	Current portion of inventories, net as of December 31, 2017 and June 30, 2017 was comprised of programming rights ($3,072 million and $3,037 million, respectively), DVDs, Blu-rays and other merchandise.

Investments (Schedule of Invest

Investments (Schedule of Investments) (Details) - USD ($) $ in Millions		Dec. 31, 2017		Jun. 30, 2017
Investment Holdings [Line Items]
Other investments		$ 690	[1]	$ 465
Total investments		$ 4,364		3,902
Sky
Investment Holdings [Line Items]
Ownership percentage	[2],[3]	39.00%
Equity method investments	[2],[3]	$ 3,399		3,175
Endemol Shine Group
Investment Holdings [Line Items]
Ownership percentage	[2]	50.00%
Equity method investments	[2]	$ 275		$ 262
[1]	Includes an investment of $312 million in available-for-sale securities as of December 31, 2017 (See Note 5 – Fair Value).
[2]	Equity method investments.
[3]	The Company’s investment in Sky had a market value of $9.2 billion as of December 31, 2017 determined using its quoted market price on the London Stock Exchange (a Level 1 measurement as defined in Note 5 – Fair Value). The Company received dividends of nil and approximately $170 million from Sky for the six months ended December 31, 2017 and 2016, respectively. As the Sky Acquisition has not closed as of December 31, 2017, Sky shareholders will be entitled to receive a special dividend in calendar year 2018 (See Note 2 – Acquisitions, Disposals and Other Transactions under the heading “Sky Acquisition” for further discussion of this investment).

Investments (Schedule of Inve36

Investments (Schedule of Investments) (Parenthetical) (Details) - USD ($)		6 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Investment Holdings [Line Items]
Cash distributions received from affiliates		$ 11,000,000	$ 184,000,000
Fair value measurements recurring
Investment Holdings [Line Items]
Investment in available-for-sale securities	[1]	312,000,000
Sky
Investment Holdings [Line Items]
Cash distributions received from affiliates		0	$ 170,000,000
Quoted Prices in Active Markets for Identical Instruments (Level 1) | Fair value measurements recurring
Investment Holdings [Line Items]
Investment in available-for-sale securities	[1]	312,000,000
Quoted Prices in Active Markets for Identical Instruments (Level 1) | Sky
Investment Holdings [Line Items]
Market value of equity method investments		$ 9,200,000,000
[1]	Represents an investment in available-for-sale securities.

Investments (Narratives) (Detai

Investments (Narratives) (Details) - Hulu - USD ($) $ in Millions	1 Months Ended	6 Months Ended	12 Months Ended
	Aug. 31, 2016	Dec. 31, 2017	Dec. 31, 2018
Investment Holdings [Line Items]
Equity Method Investment, percentage of equity interest issued	10.00%
Equity method investment, ownership percentage	30.00%
Equity method investment, put/call period	36 months
Investments in equity affiliates		$ 200
Scenario, Forecast
Investment Holdings [Line Items]
Investments in equity affiliates			$ 450
Maximum
Investment Holdings [Line Items]
Additional capital contribution required in the event the equity investee is required to fund the repurchase of shares	$ 300

Fair Value (Schedule of Financi

Fair Value (Schedule of Financial Assets and Liabilities Carried at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions		Dec. 31, 2017	Jun. 30, 2017
Liabilities
Redeemable noncontrolling interests		$ (712)	$ (694)
Fair value measurements recurring
Assets
Investments	[1]	312
Derivatives	[2]	50	48
Other	[3]	91	43
Liabilities
Derivatives	[2]		(9)
Redeemable noncontrolling interests		(712)	(694)
Total		(259)	(612)
Fair value measurements recurring | Quoted Prices in Active Markets for Identical Instruments (Level 1)
Assets
Investments	[1]	312
Derivatives	[2]	0	0
Other	[3]	0	0
Liabilities
Derivatives	[2]		0
Redeemable noncontrolling interests		0	0
Total		312	0
Fair value measurements recurring | (Level 2)
Assets
Investments	[1]	0
Derivatives	[2]	50	48
Other	[3]	0	0
Liabilities
Derivatives	[2]		(9)
Redeemable noncontrolling interests		0	0
Total		50	39
Fair value measurements recurring | (Level 3)
Assets
Investments	[1]	0
Derivatives	[2]	0	0
Other	[3]	91	43
Liabilities
Derivatives	[2]		0
Redeemable noncontrolling interests		(712)	(694)
Total		$ (621)	$ (651)
[1]	Represents an investment in available-for-sale securities.
[2]	Represents derivatives associated with the Company’s foreign currency forward and option contracts and interest rate swap contracts.
[3]	Primarily relates to past acquisitions, including contingent consideration arrangements.

Fair Value (Narrative) (Details

Fair Value (Narrative) (Details)	6 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Minority shareholder's put right exercisable period	Two minority shareholders’ put rights will become exercisable in March 2018 and one minority shareholder’s put right will become exercisable in July 2018. The remaining redeemable noncontrolling interests are currently not exercisable.
Foreign Currency Cash Flow Hedges [Abstract]
Number of years to reclassify the cumulative change in fair value of cash flow hedges, foreign currency forward contracts	2 years
Interest Rate Cash Flow Hedges [Abstract]
Number of years to reclassify the cumulative change in fair value of cash flow hedges, interest rate swap contracts	2 years

Fair Value (Borrowings) (Detail

Fair Value (Borrowings) (Details) - USD ($) $ in Millions	Dec. 31, 2017	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair value	$ 24,573	$ 23,853
Carrying value	$ 19,794	$ 19,913

Fair Value (Schedule of Finan41

Fair Value (Schedule of Financial Instruments Used to Hedge Certain Exposures to Foreign Currency Exchange Rate Risks) (Details) - USD ($) $ in Millions		Dec. 31, 2017	Jun. 30, 2017
Foreign Currency Forward Contracts | Cash Flow Hedges | Designated as Hedging Instrument
Derivatives Fair Value [Line Items]
Notional amount		$ 116	$ 209
Fair value		1	0
Foreign Currency Contracts | Economic Hedges
Derivatives Fair Value [Line Items]
Notional amount	[1]	12,552	12,371
Fair value	[1]	$ 44	$ 38
[1]	Includes the foreign currency option contract to limit the foreign currency exchange rate risk in connection with the Sky Acquisition. The foreign currency option contract has a notional amount of $12.5 billion and consists of the foreign currency option and a premium payable of approximately $310 million due on the option expiration date. As of December 31, 2017, the foreign currency option had a fair value of $44 million.

Fair Value (Schedule of Finan42

Fair Value (Schedule of Financial Instruments Used to Hedge Certain Exposures to Foreign Currency Exchange Rate Risks) (Parenthetical) (Details) - Foreign Currency Option Contract - Economic Hedges - Sky $ in Millions	Dec. 31, 2017USD ($)
Derivatives Fair Value [Line Items]
Notional amount	$ 12,500
Foreign currency option premium payable	310
Fair value	$ 44

Fair Value (Schedule of Finan43

Fair Value (Schedule of Financial Instruments Used to Hedge Certain Exposures to Interest Rate Risks) (Details) - Interest Rate Swap Contracts - Cash Flow Hedges - Designated as Hedging Instrument - USD ($) $ in Millions	Dec. 31, 2017	Jun. 30, 2017
Derivatives Fair Value [Line Items]
Notional amount	$ 635	$ 663
Fair value	$ 5	$ 1

Borrowings (Narrative) (Details

Borrowings (Narrative) (Details) - USD ($)	6 Months Ended
	Dec. 31, 2017	Nov. 30, 2017
Senior Notes | 7.25% Due 2018
Debt Instrument [Line Items]
Senior notes, current	$ 350,000,000
Stated interest rate of debt instrument	7.25%
Senior notes, maturity date	May 31, 2018
Senior Notes | 8.25% Due 2018
Debt Instrument [Line Items]
Senior notes, current	$ 250,000,000
Stated interest rate of debt instrument	8.25%
Senior notes, maturity date	Aug. 31, 2018
Yankees Entertainment and Sports Network | Term Loan
Debt Instrument [Line Items]
Principal payments due within 12 months	$ 31,000,000
Yankees Entertainment and Sports Network | $1.8 Billion Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,800,000,000
Yankees Entertainment and Sports Network | $1.6 Billion Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,600,000,000
Secured credit facility, maturity date	Dec. 31, 2023
Yankees Entertainment and Sports Network | $1.6 Billion Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 500,000,000
Outstanding under line of credit agreement	$ 130,000,000
Line of credit facility, commitment fee percentage on undrawn funds	0.275%
Yankees Entertainment and Sports Network | $1.6 Billion Credit Agreement | Term Loan
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,100,000,000
Total borrowings	$ 1,100,000,000

Stockholders' Equity (Schedule

Stockholders' Equity (Schedule of Changes in Stockholders' Equity) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Increase (Decrease) in Stockholders' Equity
Balance, beginning of period		$ 17,556	$ 15,055	$ 16,938	$ 14,881
Net income		1,868	893	2,759	1,754
Other comprehensive income (loss)		231	(218)	382	(258)
Issuance (cancellation) of shares, net		0	(138)	41	(528)
Dividends declared		0	0	(333)	(335)
Other		(24)	(37)	(156)	41
Balance, end of period		19,631	15,555	19,631	15,555
Twenty-First Century Fox stockholders
Increase (Decrease) in Stockholders' Equity
Balance, beginning of period		16,304	13,807	15,722	13,661
Net income		1,831	856	2,686	1,677
Other comprehensive income (loss)		227	(197)	369	(238)
Issuance (cancellation) of shares, net		0	(138)	41	(528)
Dividends declared		0	0	(333)	(335)
Other		27	12	(96)	103
Balance, end of period		18,389	14,340	18,389	14,340
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity
Balance, beginning of period		1,252	1,248	1,216	1,220
Net income	[1]	37	37	73	77
Other comprehensive income (loss)		4	(21)	13	(20)
Issuance (cancellation) of shares, net		0	0	0	0
Dividends declared		0	0	0	0
Other	[2]	(51)	(49)	(60)	(62)
Balance, end of period		$ 1,242	$ 1,215	$ 1,242	$ 1,215
[1]	Net income attributable to noncontrolling interests excludes $48 million and $43 million for the three months ended December 31, 2017 and 2016, respectively, and $77 million and $70 million for the six months ended December 31, 2017 and 2016, respectively, relating to redeemable noncontrolling interests which are reflected in temporary equity.
[2]	Other activity attributable to noncontrolling interests excludes $(35) million and $(18) million for the three months ended December 31, 2017 and 2016, respectively, and $(59) million and $(44) million for the six months ended December 31, 2017 and 2016, respectively, relating to redeemable noncontrolling interests.

Stockholders' Equity (Schedul46

Stockholders' Equity (Schedule of Changes in Stockholders' Equity) (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Temporary Equity Disclosure
Net income attributable to redeemable noncontrolling interests	$ 48	$ 43	$ 77	$ 70
Other activity attributable to redeemable noncontrolling interests	$ (35)	$ (18)	$ (59)	$ (44)

Stockholders' Equity (Other Com

Stockholders' Equity (Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Accumulated Other Comprehensive Income Loss [Line Items]
Other comprehensive income (loss), net of tax		$ 231	$ (218)	$ 382	$ (258)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Unrealized gains (losses), before tax		38	(153)	79	(151)
Other comprehensive income (loss), before tax		38	(153)	79	(151)
Unrealized gains (losses), tax		0	0	0	0
Other comprehensive income (loss), tax		0	0	0	0
Unrealized gains (losses), net of tax		38	(153)	79	(151)
Other comprehensive income (loss), net of tax		38	(153)	79	(151)
Cash flow hedges
Accumulated Other Comprehensive Income Loss [Line Items]
Unrealized gains (losses), before tax		1	2	9	13
Reclassification adjustments realized in net income, before tax	[1]	(3)	5	(11)	7
Other comprehensive income (loss), before tax		(2)	7	(2)	20
Unrealized gains (losses), tax		0	(1)	(3)	(5)
Reclassification adjustments realized in net income, tax	[1]	1	(1)	4	(2)
Other comprehensive income (loss), tax		1	(2)	1	(7)
Unrealized gains (losses), net of tax		1	1	6	8
Reclassification adjustments realized in net income, net of tax	[1]	(2)	4	(7)	5
Other comprehensive income (loss), net of tax		(1)	5	(1)	13
Gains on securities
Accumulated Other Comprehensive Income Loss [Line Items]
Unrealized gains (losses), before tax		154		283
Other comprehensive income (loss), before tax		154		283
Unrealized gains (losses), tax		(57)		(104)
Other comprehensive income (loss), tax		(57)		(104)
Unrealized gains (losses), net of tax		97		179
Other comprehensive income (loss), net of tax		97		179
Benefit plan adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Reclassification adjustments realized in net income, before tax	[2]	96	54	106	68
Other comprehensive income (loss), before tax		96	54	106	68
Reclassification adjustments realized in net income, tax	[2]	(35)	(20)	(39)	(25)
Other comprehensive income (loss), tax		(35)	(20)	(39)	(25)
Reclassification adjustments realized in net income, net of tax	[2]	61	34	67	43
Other comprehensive income (loss), net of tax		61	34	67	43
Equity method investments
Accumulated Other Comprehensive Income Loss [Line Items]
Unrealized gains (losses) and reclassifications, before tax		50	(156)	84	(223)
Other comprehensive income (loss), before tax		50	(156)	84	(223)
Unrealized gains (losses) and reclassifications, tax		(14)	52	(26)	60
Other comprehensive income (loss), tax		(14)	52	(26)	60
Unrealized gains (losses) and reclassifications, net of tax		36	(104)	58	(163)
Other comprehensive income (loss), net of tax		$ 36	$ (104)	$ 58	$ (163)
[1]	Reclassifications of amounts related to hedging activity are included in Revenues, Operating expenses, Selling, general and administrative expenses, Interest expense, net or Other, net, as appropriate, in the Unaudited Consolidated Statements of Operations (See Note 5 – Fair Value for additional information regarding hedging activity).
[2]	Reclassifications of amounts related to benefit plan adjustments are included in Other, net in the Unaudited Consolidated Statements of Operations.

Stockholders' Equity (Earnings

Stockholders' Equity (Earnings Per Share Data) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share Data
Income from continuing operations		$ 1,921	$ 937	$ 2,825	$ 1,831
Less: Net income attributable to noncontrolling interests	[1]	(85)	(80)	(150)	(147)
Income from continuing operations attributable to Twenty-First Century Fox stockholders		$ 1,836	$ 857	$ 2,675	$ 1,684
[1]	Net income attributable to noncontrolling interests includes $48 million and $43 million for the three months ended December 31, 2017 and 2016, respectively, and $77 million and $70 million for the six months ended December 31, 2017 and 2016, respectively, relating to redeemable noncontrolling interests.

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - USD ($)	1 Months Ended	6 Months Ended
	Feb. 07, 2018	Dec. 31, 2017	Dec. 31, 2016
Class A Common Stock
Stock Repurchase Program [Abstract]
Stock repurchase program, remaining authorized amount		$ 3,100,000,000
Total number of shares repurchased		0
Dividends [Abstract]
Cash dividend declared per share		$ 0.18	$ 0.18
Class A Common Stock | Subsequent Event
Dividends [Abstract]
Cash dividend declared per share	$ 0.18
Cash dividend payable date	Apr. 18, 2018
Cash dividend record date	Mar. 14, 2018
Class A Common Stock | Fiscal 2017 Authorization
Stock Repurchase Program [Abstract]
Stock repurchase program, remaining authorized amount		$ 3,000,000,000
Class A Common Stock | Fiscal 2016 Authorization
Stock Repurchase Program [Abstract]
Stock repurchase program, remaining authorized amount		$ 110,000,000
Class B Common Stock
Stock Repurchase Program [Abstract]
Total number of shares repurchased		0
Dividends [Abstract]
Cash dividend declared per share		$ 0.18	$ 0.18
Class B Common Stock | Subsequent Event
Dividends [Abstract]
Cash dividend declared per share	$ 0.18
Cash dividend payable date	Apr. 18, 2018
Cash dividend record date	Mar. 14, 2018

Stockholders' Equity (Schedul50

Stockholders' Equity (Schedule of Dividends Declared) (Details) - $ / shares	6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Class A Common Stock
Class Of Stock [Line Items]
Cash dividend per share	$ 0.18	$ 0.18
Class B Common Stock
Class Of Stock [Line Items]
Cash dividend per share	$ 0.18	$ 0.18

Equity-Based Compensation (Summ

Equity-Based Compensation (Summary of Equity-Based Compensation) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-based compensation	$ 39	$ 20	$ 66	$ 62
Intrinsic value of all settled equity-based awards	$ 0	$ 0	$ 74	$ 69

Equity-Based Compensation (Narr

Equity-Based Compensation (Narrative) (Details) - USD ($) shares in Millions, $ in Millions	6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total compensation costs related to non-vested equity-based awards, not yet recognized	$ 200
Performance Stock Units | Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted	6.6	7.3
Vested	2.6	2.6
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average future period unrecognized compensation cost related to equity based awards is expected to be recognized	1 year
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average future period unrecognized compensation cost related to equity based awards is expected to be recognized	2 years

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) $ in Millions	Nov. 20, 2017USD ($)	Jan. 31, 2018Season	Dec. 31, 2017USD ($)	Jun. 30, 2017USD ($)
Loss Contingencies [Line Items]
Total firm commitments and future debt payments			$ 81,000	$ 82,000
Contingent guarantees			1,100	500
News Corp | Separation And Distribution Agreement
Loss Contingencies [Line Items]
Liability related to indemnity			50	$ 80
Shareholder Litigation
Loss Contingencies [Line Items]
Settlement amount to be received from insurer	$ 90
Governance and compliance enhancements, including the creation of the Fox News Workplace Professionalism and Inclusion Council, effective period	5 years
Hulu
Loss Contingencies [Line Items]
Contingent guarantees			113
Equity Method Investments Term Loan			$ 338
Debt, term			5 years
Debt, maturity date			Aug. 31, 2022
Subsequent Event
Loss Contingencies [Line Items]
Number of national football league seasons | Season		5

Segment Information (Narrative)

Segment Information (Narrative) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2017USD ($)SegmentFullpowertvstationDuopoly	Dec. 31, 2016USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments | Segment			4
Revenues | $	$ 8,037	$ 7,682	$ 15,039	$ 14,188
Amortization of Intangible Assets | $	65	64	130	130
Filmed Entertainment Segment | Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues | $	$ (418)	$ (445)	$ (613)	$ (678)
US | Television Segment
Segment Reporting Information [Line Items]
Full power broadcast television stations			28
Duopolies | Duopoly			11
US | Television Segment | Fox
Segment Reporting Information [Line Items]
Full power broadcast television stations			17
US | Television Segment | MyNetworkTV
Segment Reporting Information [Line Items]
Full power broadcast television stations			9
US | Television Segment | CW Television Network and MyNetworkTV
Segment Reporting Information [Line Items]
Full power broadcast television stations			1
US | Television Segment | Independent Station
Segment Reporting Information [Line Items]
Full power broadcast television stations			1

Segment Information (Reconcilia

Segment Information (Reconciliation from Income from Continuing Operations Before Income Tax Benefit (Expense) to Total Segment OIBDA) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information Profit Loss [Abstract]
Income from continuing operations before income tax benefit (expense)	$ 703	$ 1,385	$ 1,998	$ 2,622
Amortization of cable distribution investments	25	16	43	31
Depreciation and amortization	142	135	284	270
Impairment and restructuring charges	3	39	24	176
Equity losses (earnings) of affiliates	33	41	(27)	6
Interest expense, net	312	299	625	599
Interest income	(9)	(9)	(19)	(18)
Other, net	229	88	301	99
Total Segment OIBDA	$ 1,438	$ 1,994	$ 3,229	$ 3,785

Segment Information (Reconcil56

Segment Information (Reconciliation of Revenues and Segment OIBDA from Segments to Consolidated) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Revenues	$ 8,037	$ 7,682	$ 15,039	$ 14,188
Total Segment OIBDA	1,438	1,994	3,229	3,785
Operating Segments | Cable Network Programming Segment
Segment Reporting Information [Line Items]
Revenues	4,405	3,967	8,601	7,777
Total Segment OIBDA	1,365	1,330	2,876	2,714
Operating Segments | Television Segment
Segment Reporting Information [Line Items]
Revenues	1,806	1,918	2,871	2,956
Total Segment OIBDA	56	376	178	567
Operating Segments | Filmed Entertainment Segment
Segment Reporting Information [Line Items]
Revenues	2,246	2,269	4,209	4,176
Total Segment OIBDA	131	389	387	700
Other, Corporate and Eliminations Segment
Segment Reporting Information [Line Items]
Revenues	(420)	(472)	(642)	(721)
Total Segment OIBDA	$ (114)	$ (101)	$ (212)	$ (196)

Segment Information (Reconcil57

Segment Information (Reconciliation of Depreciation and Amortization from Segments to Consolidated) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 142	$ 135	$ 284	$ 270
Operating Segments | Cable Network Programming Segment
Segment Reporting Information [Line Items]
Depreciation and amortization	86	83	171	165
Operating Segments | Television Segment
Segment Reporting Information [Line Items]
Depreciation and amortization	27	28	54	57
Operating Segments | Filmed Entertainment Segment
Segment Reporting Information [Line Items]
Depreciation and amortization	23	20	46	40
Other, Corporate and Eliminations Segment
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 6	$ 4	$ 13	$ 8

Segment Information (Reconcil58

Segment Information (Reconciliation of Assets from Segments to Consolidated) (Details) - USD ($) $ in Millions	Dec. 31, 2017	Jun. 30, 2017
Segment Reporting Information [Line Items]
Total assets	$ 52,858	$ 50,724
Investments	4,364	3,902
Operating Segments | Cable Network Programming Segment
Segment Reporting Information [Line Items]
Total assets	25,282	24,913
Operating Segments | Television Segment
Segment Reporting Information [Line Items]
Total assets	7,354	6,775
Operating Segments | Filmed Entertainment Segment
Segment Reporting Information [Line Items]
Total assets	11,485	10,312
Other, Corporate and Eliminations Segment
Segment Reporting Information [Line Items]
Total assets	$ 4,373	$ 4,822

Segment Information (Reconcil59

Segment Information (Reconciliation of Revenues by Components to Consolidated) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Revenues
Affiliate fee	$ 3,252	$ 2,906	$ 6,488	$ 5,829
Advertising	2,496	2,544	4,119	4,135
Content	2,140	2,032	4,159	3,901
Other	149	200	273	323
Total revenues	$ 8,037	$ 7,682	$ 15,039	$ 14,188

Additional Financial Informat60

Additional Financial Information (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Impairment and restructuring charges	$ 3	$ 39	$ 24	$ 176
Allowances for returns and doubtful accounts	$ 515		$ 515		$ 537

Additional Financial Informat61

Additional Financial Information (Other, Net) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Acquisition related and other transaction costs	[1]	$ (85)	$ (31)	$ (139)	$ (31)
Disney Transaction costs	[2]	(32)	0	(32)	0
Settlement loss on pension liabilities	[3]	(86)	(40)	(86)	(40)
Other	[4]	(26)	(17)	(44)	(28)
Total other, net		$ (229)	$ (88)	$ (301)	$ (99)
[1]	The acquisition related and other transaction costs primarily represent the change in fair value of a foreign currency option contract to limit the foreign currency exchange rate risk in connection with the Sky Acquisition (See Note 2 – Acquisitions, Disposals and Other Transactions under the heading “Sky Acquisition” for further discussion).
[2]	See Note 2 – Acquisitions, Disposals and Other Transactions under the heading “Disney Transaction/Distribution of New Fox” for further discussion.
[3]	During the three and six months ended December 31, 2017, the Company settled a portion of its pension obligations by irrevocably transferring pension liabilities to an insurance company through the purchase of a group annuity contract and through lump sum distributions. These payments, funded with pension plan assets, resulted in pre-tax settlement losses related to the recognition of accumulated deferred actuarial losses. During the three and six months ended December 31, 2016, the Company settled a portion of its pension obligations through lump sum distributions, which resulted in a pre-tax settlement loss related to the recognition of accumulated deferred actuarial losses.
[4]	Other for the six months ended December 31, 2016 included approximately $35 million of costs related to settlements of claims arising out of allegations of sexual harassment at the Company’s Fox News Channel business.

Additional Financial Informat62

Additional Financial Information (Other, Net) (Parenthetical) (Details) $ in Millions	6 Months Ended
	Dec. 31, 2016USD ($)
Fox News Channel
Other Non Operating Income Expense [Line Items]
Costs related to settlements of claims arising out of allegations of sexual harrassment	$ 35

Additional Financial Informat63

Additional Financial Information (Supplemental Cash Flows Information) (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Supplemental cash flows information
Cash paid for income taxes	$ (663)	$ (460)
Cash paid for interest	$ (596)	$ (597)

Supplemental Guarantor Inform64

Supplemental Guarantor Information (Supplemental Condensed Consolidating Statements of Operations) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Condensed Income Statements Captions [Line Items]
Revenues		$ 8,037	$ 7,682	$ 15,039	$ 14,188
Expenses		(6,769)	(5,878)	(12,161)	(10,880)
Equity (losses) earnings of affiliates		(33)	(41)	27	(6)
Interest expense, net		(312)	(299)	(625)	(599)
Interest income		9	9	19	18
Earnings from subsidiary entities		0	0	0	0
Other, net		(229)	(88)	(301)	(99)
Income from continuing operations before income tax benefit (expense)		703	1,385	1,998	2,622
Income tax benefit (expense)		1,218	(448)	827	(791)
Income from continuing operations		1,921	937	2,825	1,831
(Loss) income from discontinued operations, net of tax		(5)	(1)	11	(7)
Net income		1,916	936	2,836	1,824
Less: Net income attributable to noncontrolling interests	[1]	(85)	(80)	(150)	(147)
Net income attributable to Twenty-First Century Fox, Inc. stockholders		1,831	856	2,686	1,677
Comprehensive income attributable to Twenty-First Century Fox stockholders		2,058	659	3,055	1,439
Legal Entities | 21st Century Fox America, Inc.
Condensed Income Statements Captions [Line Items]
Revenues		0	0	0	0
Expenses		(100)	(96)	(176)	(238)
Equity (losses) earnings of affiliates		0	0	0	(1)
Interest expense, net		(436)	(411)	(866)	(823)
Interest income		0	1	0	2
Earnings from subsidiary entities		3,193	1,860	4,784	3,475
Other, net		(206)	(65)	(219)	(86)
Income from continuing operations before income tax benefit (expense)		2,451	1,289	3,523	2,329
Income tax benefit (expense)		1,783	(414)	1,459	(702)
Income from continuing operations		4,234	875	4,982	1,627
(Loss) income from discontinued operations, net of tax		0	0	0	0
Net income		4,234	875	4,982	1,627
Less: Net income attributable to noncontrolling interests		0	0	0	0
Net income attributable to Twenty-First Century Fox, Inc. stockholders		4,234	875	4,982	1,627
Comprehensive income attributable to Twenty-First Century Fox stockholders		4,278	576	5,000	1,244
Legal Entities | Twenty-First Century Fox
Condensed Income Statements Captions [Line Items]
Revenues		0	0	0	0
Expenses		0	0	0	0
Equity (losses) earnings of affiliates		0	0	0	0
Interest expense, net		(205)	(189)	(410)	(377)
Interest income		5	1	10	1
Earnings from subsidiary entities		2,036	1,045	3,075	2,060
Other, net		0	0	0	0
Income from continuing operations before income tax benefit (expense)		1,836	857	2,675	1,684
Income tax benefit (expense)		0	0	0	0
Income from continuing operations		1,836	857	2,675	1,684
(Loss) income from discontinued operations, net of tax		(5)	(1)	11	(7)
Net income		1,831	856	2,686	1,677
Less: Net income attributable to noncontrolling interests		0	0	0	0
Net income attributable to Twenty-First Century Fox, Inc. stockholders		1,831	856	2,686	1,677
Comprehensive income attributable to Twenty-First Century Fox stockholders		2,058	659	3,055	1,439
Legal Entities | Non-Guarantor
Condensed Income Statements Captions [Line Items]
Revenues		8,037	7,682	15,039	14,188
Expenses		(6,669)	(5,782)	(11,985)	(10,642)
Equity (losses) earnings of affiliates		(33)	(41)	27	(5)
Interest expense, net		(20)	(20)	(42)	(39)
Interest income		353	328	702	655
Earnings from subsidiary entities		0	0	0	0
Other, net		(23)	(23)	(82)	(13)
Income from continuing operations before income tax benefit (expense)		1,645	2,144	3,659	4,144
Income tax benefit (expense)		2,123	(696)	1,515	(1,250)
Income from continuing operations		3,768	1,448	5,174	2,894
(Loss) income from discontinued operations, net of tax		0	0	0	0
Net income		3,768	1,448	5,174	2,894
Less: Net income attributable to noncontrolling interests		(85)	(80)	(150)	(147)
Net income attributable to Twenty-First Century Fox, Inc. stockholders		3,683	1,368	5,024	2,747
Comprehensive income attributable to Twenty-First Century Fox stockholders		3,743	1,073	5,161	2,433
Reclassifications and Eliminations
Condensed Income Statements Captions [Line Items]
Revenues		0	0	0	0
Expenses		0	0	0	0
Equity (losses) earnings of affiliates		0	0	0	0
Interest expense, net		349	321	693	640
Interest income		(349)	(321)	(693)	(640)
Earnings from subsidiary entities		(5,229)	(2,905)	(7,859)	(5,535)
Other, net		0	0	0	0
Income from continuing operations before income tax benefit (expense)		(5,229)	(2,905)	(7,859)	(5,535)
Income tax benefit (expense)		(2,688)	662	(2,147)	1,161
Income from continuing operations		(7,917)	(2,243)	(10,006)	(4,374)
(Loss) income from discontinued operations, net of tax		0	0	0	0
Net income		(7,917)	(2,243)	(10,006)	(4,374)
Less: Net income attributable to noncontrolling interests		0	0	0	0
Net income attributable to Twenty-First Century Fox, Inc. stockholders		(7,917)	(2,243)	(10,006)	(4,374)
Comprehensive income attributable to Twenty-First Century Fox stockholders		$ (8,021)	$ (1,649)	$ (10,161)	$ (3,677)
[1]	Net income attributable to noncontrolling interests includes $48 million and $43 million for the three months ended December 31, 2017 and 2016, respectively, and $77 million and $70 million for the six months ended December 31, 2017 and 2016, respectively, relating to redeemable noncontrolling interests.

Supplemental Guarantor Inform65

Supplemental Guarantor Information (Supplemental Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Millions		Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016
Current assets
Cash and cash equivalents		$ 5,809		$ 6,163	$ 4,530		$ 4,424
Receivables, net		7,554		6,477
Inventories, net	[1]	3,132		3,101
Other		907		545
Total current assets		17,402		16,286
Non-current assets
Receivables, net		732		543
Inventories, net		8,034		7,452
Property, plant and equipment, net		1,840		1,781
Intangible assets, net		6,228		6,574
Goodwill		12,789		12,792
Other non-current assets		1,469		1,394
Investments
Investments in associated companies and other investments		4,364		3,902
Intragroup investments		0		0
Total investments		4,364		3,902
Total assets		52,858		50,724
Current liabilities
Borrowings		631		457
Other current liabilities		7,424		6,781
Total current liabilities		8,055		7,238
Non-current liabilities
Borrowings		19,163		19,456
Other non-current liabilities		5,297		6,398
Intercompany		0		0
Redeemable noncontrolling interests		712		694
Total equity		19,631	$ 17,556	16,938	15,555	$ 15,055	14,881
Total liabilities and equity		52,858		50,724
Legal Entities | 21st Century Fox America, Inc.
Current assets
Cash and cash equivalents		13		40	3		661
Receivables, net		26		6
Inventories, net		0		0
Other		83		49
Total current assets		122		95
Non-current assets
Receivables, net		14		13
Inventories, net		0		0
Property, plant and equipment, net		374		297
Intangible assets, net		0		0
Goodwill		0		0
Other non-current assets		280		261
Investments
Investments in associated companies and other investments		199		179
Intragroup investments		110,311		105,516
Total investments		110,510		105,695
Total assets		111,300		106,361
Current liabilities
Borrowings		600		350
Other current liabilities		749		643
Total current liabilities		1,349		993
Non-current liabilities
Borrowings		17,973		18,217
Other non-current liabilities		483		522
Intercompany		41,354		39,629
Redeemable noncontrolling interests		0		0
Total equity		50,141		47,000
Total liabilities and equity		111,300		106,361
Legal Entities | Twenty-First Century Fox
Current assets
Cash and cash equivalents		4,094		4,882	2,597		2,019
Receivables, net		0		0
Inventories, net		0		0
Other		0		0
Total current assets		4,094		4,882
Non-current assets
Receivables, net		0		0
Inventories, net		0		0
Property, plant and equipment, net		0		0
Intangible assets, net		0		0
Goodwill		0		0
Other non-current assets		0		0
Investments
Investments in associated companies and other investments		312		37
Intragroup investments		63,092		59,926
Total investments		63,404		59,963
Total assets		67,498		64,845
Current liabilities
Borrowings		0		0
Other current liabilities		45		72
Total current liabilities		45		72
Non-current liabilities
Borrowings		0		0
Other non-current liabilities		101		0
Intercompany		48,963		49,051
Redeemable noncontrolling interests		0		0
Total equity		18,389		15,722
Total liabilities and equity		67,498		64,845
Legal Entities | Non-Guarantor
Current assets
Cash and cash equivalents		1,702		1,241	1,930		1,744
Receivables, net		7,529		6,472
Inventories, net		3,132		3,101
Other		824		496
Total current assets		13,187		11,310
Non-current assets
Receivables, net		718		530
Inventories, net		8,034		7,452
Property, plant and equipment, net		1,466		1,484
Intangible assets, net		6,228		6,574
Goodwill		12,789		12,792
Other non-current assets		1,189		1,133
Investments
Investments in associated companies and other investments		3,853		3,686
Intragroup investments		0		0
Total investments		3,853		3,686
Total assets		47,464		44,961
Current liabilities
Borrowings		31		107
Other current liabilities		6,631		6,067
Total current liabilities		6,662		6,174
Non-current liabilities
Borrowings		1,190		1,239
Other non-current liabilities		4,713		5,876
Intercompany		(90,317)		(88,680)
Redeemable noncontrolling interests		712		694
Total equity		124,504		119,658
Total liabilities and equity		47,464		44,961
Reclassifications and Eliminations
Current assets
Cash and cash equivalents		0		0	$ 0		$ 0
Receivables, net		(1)		(1)
Inventories, net		0		0
Other		0		0
Total current assets		(1)		(1)
Non-current assets
Receivables, net		0		0
Inventories, net		0		0
Property, plant and equipment, net		0		0
Intangible assets, net		0		0
Goodwill		0		0
Other non-current assets		0		0
Investments
Investments in associated companies and other investments		0		0
Intragroup investments		(173,403)		(165,442)
Total investments		(173,403)		(165,442)
Total assets		(173,404)		(165,443)
Current liabilities
Borrowings		0		0
Other current liabilities		(1)		(1)
Total current liabilities		(1)		(1)
Non-current liabilities
Borrowings		0		0
Other non-current liabilities		0		0
Intercompany		0		0
Redeemable noncontrolling interests		0		0
Total equity		(173,403)		(165,442)
Total liabilities and equity		$ (173,404)		$ (165,443)
[1]	Current portion of inventories, net as of December 31, 2017 and June 30, 2017 was comprised of programming rights ($3,072 million and $3,037 million, respectively), DVDs, Blu-rays and other merchandise.

Supplemental Guarantor Inform66

Supplemental Guarantor Information (Supplemental Condensed Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
OPERATING ACTIVITIES
Net cash provided by operating activities from continuing operations	$ 504	$ 1,232
INVESTING ACTIVITIES
Property, plant and equipment	(238)	(117)
Investments	69	(133)
Net cash used in investing activities from continuing operations	(169)	(250)
FINANCING ACTIVITIES
Borrowings	1,282	879
Repayment of borrowings	(1,411)	(546)
Repurchase of shares	0	(619)
Dividends paid and distributions	(512)	(481)
Other financing activities, net	(50)	(53)
Net cash used in financing activities from continuing operations	(691)	(820)
Discontinued operations
Net decrease in cash and cash equivalents from discontinued operations	(26)	(15)
Net (decrease) increase in cash and cash equivalents	(382)	147
Cash and cash equivalents, beginning of year	6,163	4,424
Exchange movement on cash balances	28	(41)
Cash and cash equivalents, end of period	5,809	4,530
Legal Entities | 21st Century Fox America, Inc.
OPERATING ACTIVITIES
Net cash provided by operating activities from continuing operations	177	(957)
INVESTING ACTIVITIES
Property, plant and equipment	(90)	(9)
Investments	(59)	(85)
Net cash used in investing activities from continuing operations	(149)	(94)
FINANCING ACTIVITIES
Borrowings	0	842
Repayment of borrowings	0	(400)
Repurchase of shares		0
Dividends paid and distributions	0	0
Other financing activities, net	(29)	(34)
Net cash used in financing activities from continuing operations	(29)	408
Discontinued operations
Net decrease in cash and cash equivalents from discontinued operations	(26)	(15)
Net (decrease) increase in cash and cash equivalents	(27)	(658)
Cash and cash equivalents, beginning of year	40	661
Exchange movement on cash balances	0	0
Cash and cash equivalents, end of period	13	3
Legal Entities | Twenty-First Century Fox
OPERATING ACTIVITIES
Net cash provided by operating activities from continuing operations	(455)	1,532
INVESTING ACTIVITIES
Property, plant and equipment	0	0
Investments	0	0
Net cash used in investing activities from continuing operations	0	0
FINANCING ACTIVITIES
Borrowings	0	0
Repayment of borrowings	0	0
Repurchase of shares		(619)
Dividends paid and distributions	(333)	(335)
Other financing activities, net	0	0
Net cash used in financing activities from continuing operations	(333)	(954)
Discontinued operations
Net decrease in cash and cash equivalents from discontinued operations	0	0
Net (decrease) increase in cash and cash equivalents	(788)	578
Cash and cash equivalents, beginning of year	4,882	2,019
Exchange movement on cash balances	0	0
Cash and cash equivalents, end of period	4,094	2,597
Legal Entities | Non-Guarantor
OPERATING ACTIVITIES
Net cash provided by operating activities from continuing operations	782	657
INVESTING ACTIVITIES
Property, plant and equipment	(148)	(108)
Investments	128	(48)
Net cash used in investing activities from continuing operations	(20)	(156)
FINANCING ACTIVITIES
Borrowings	1,282	37
Repayment of borrowings	(1,411)	(146)
Repurchase of shares		0
Dividends paid and distributions	(179)	(146)
Other financing activities, net	(21)	(19)
Net cash used in financing activities from continuing operations	(329)	(274)
Discontinued operations
Net decrease in cash and cash equivalents from discontinued operations	0	0
Net (decrease) increase in cash and cash equivalents	433	227
Cash and cash equivalents, beginning of year	1,241	1,744
Exchange movement on cash balances	28	(41)
Cash and cash equivalents, end of period	1,702	1,930
Reclassifications and Eliminations
OPERATING ACTIVITIES
Net cash provided by operating activities from continuing operations	0	0
INVESTING ACTIVITIES
Property, plant and equipment	0	0
Investments	0	0
Net cash used in investing activities from continuing operations	0	0
FINANCING ACTIVITIES
Borrowings	0	0
Repayment of borrowings	0	0
Repurchase of shares		0
Dividends paid and distributions	0	0
Other financing activities, net	0	0
Net cash used in financing activities from continuing operations	0	0
Discontinued operations
Net decrease in cash and cash equivalents from discontinued operations	0	0
Net (decrease) increase in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of year	0	0
Exchange movement on cash balances	0	0
Cash and cash equivalents, end of period	$ 0	$ 0