News (NWS) 10-Q 4 Feb 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Dec. 31, 2021	Jan. 28, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	001-35769
Entity Registrant Name	NEWS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-2950970
Entity Address, Address Line One	1211 Avenue of the Americas
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	416-3400
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Entity Central Index Key	0001564708
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--06-30
Class A Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, par value $0.01 per share
Trading Symbol	NWSA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		390,873,619
Class B Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class B Common Stock, par value $0.01 per share
Trading Symbol	NWS
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		198,483,427

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Total Revenues	$ 2,717	$ 2,414	$ 5,219	$ 4,531
Operating expenses	(1,279)	(1,198)	(2,523)	(2,362)
Selling, general and administrative	(852)	(719)	(1,700)	(1,404)
Depreciation and amortization	(168)	(167)	(333)	(331)
Impairment and restructuring charges	(23)	(23)	(45)	(63)
Equity losses of affiliates	(6)	(3)	(6)	(4)
Interest expense, net	(21)	(12)	(43)	(20)
Other, net	(7)	54	130	71
Income before income tax expense	361	346	699	418
Income tax expense	(99)	(85)	(170)	(110)
Net income	262	261	529	308
Less: Net income attributable to noncontrolling interests	(27)	(30)	(98)	(43)
Net income attributable to News Corporation stockholders	$ 235	$ 231	$ 431	$ 265
Net income attributable to News Corporation stockholders per share:
Net income attributable to News Corporation stockholders per share - basic (in dollars per share)	$ 0.40	$ 0.39	$ 0.73	$ 0.45
Net income attributable to News Corporation stockholders per share - diluted (in dollars per share)	$ 0.40	$ 0.39	$ 0.72	$ 0.45
Circulation and subscription
Revenues:
Total Revenues	$ 1,072	$ 1,030	$ 2,149	$ 2,032
Advertising
Revenues:
Total Revenues	519	448	924	780
Consumer
Revenues:
Total Revenues	594	523	1,118	964
Real estate
Revenues:
Total Revenues	352	281	672	516
Other
Revenues:
Total Revenues	$ 180	$ 132	$ 356	$ 239

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income		$ 262	$ 261	$ 529	$ 308
Other comprehensive (loss) income:
Foreign currency translation adjustments		(36)	315	(200)	422
Net change in the fair value of cash flow hedges	[1]	1	0	2	(2)
Benefit plan adjustments, net	[2]	7	(7)	12	1
Other comprehensive (loss) income		(28)	308	(186)	421
Comprehensive income		234	569	343	729
Less: Net income attributable to noncontrolling interests		(27)	(30)	(98)	(43)
Less: Other comprehensive (income) loss attributable to noncontrolling interests	[3]	0	(63)	38	(80)
Comprehensive income attributable to News Corporation stockholders		$ 207	$ 476	$ 283	$ 606
[1]	Net of income tax expense of $1 million and nil for both the three and six months ended December 31, 2021 and 2020, respectively.
[2]	Net of income tax expense (benefit) of $2 million and ($3) million for the three months ended December 31, 2021 and 2020, respectively, and income tax expense of $4 million and nil for the six months ended December 31, 2021 and 2020, respectively.
[3]	Primarily consists of foreign currency translation adjustment.

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net change in the fair value of cash flow hedges, income tax expense	$ 1	$ 0	$ 1	$ 0
Benefit plan adjustments, income tax expense	$ (2)	$ 3	$ (4)	$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions		Dec. 31, 2021	Jun. 30, 2021
Current assets:
Cash and cash equivalents		$ 2,184	$ 2,236
Receivables, net		1,665	1,498
Inventory, net		248	253
Other current assets		502	469
Total current assets		4,599	4,456
Non-current assets:
Investments		505	351
Property, plant and equipment, net		2,134	2,272
Operating lease right-of-use assets		963	1,035
Intangible assets, net		2,082	2,179
Goodwill		4,557	4,653
Deferred income tax assets		295	378
Other non-current assets		1,385	1,447
Total assets		16,520	16,771
Current liabilities:
Accounts payable		351	321
Accrued expenses		1,118	1,339
Deferred revenue		462	473
Current borrowings		302	28
Other current liabilities		1,000	1,073
Total current liabilities		3,233	3,234
Non-current liabilities:
Borrowings		1,968	2,285
Retirement benefit obligations		202	211
Deferred income tax liabilities		241	260
Operating lease liabilities		1,035	1,116
Other non-current liabilities		494	519
Commitments and contingencies
Additional paid-in capital		11,948	12,057
Accumulated deficit		(2,482)	(2,911)
Accumulated other comprehensive loss		(1,089)	(941)
Total News Corporation stockholders’ equity		8,383	8,211
Noncontrolling interests		964	935
Total equity		9,347	9,146
Total liabilities and equity		16,520	16,771
Class A Common Stock
Non-current liabilities:
Common stock	[1]	4	4
Class B Common Stock
Non-current liabilities:
Common stock	[2]	$ 2	$ 2
[1]	Class A common stock , $0.01 par value per share (“Class A Common Stock”), 1,500,000,000 shares authorized, 391,879,191 and 391,212,047 shares issued and outstanding, net of 27,368,413 treasury shares at par at December 31, 2021 and June 30, 2021, respectively.
[2]	Class B common stock , $0.01 par value per share (“Class B Common Stock”), 750,000,000 shares authorized, 198,985,085 and 199,630,240 shares issued and outstanding, net of 78,430,424 treasury shares at par at December 31, 2021 and June 30, 2021, respectively.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Jun. 30, 2021
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,500,000,000	1,500,000,000
Common stock, shares issued, net of treasury stock	391,879,191	391,212,047
Common stock outstanding, net of treasury stock	391,879,191	391,212,047
Common stock, treasury shares	27,368,413	27,368,413
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares issued, net of treasury stock	198,985,085	199,630,240
Common stock outstanding, net of treasury stock	198,985,085	199,630,240
Common stock, treasury shares	78,430,424	78,430,424

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating activities:
Net income	$ 529	$ 308
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	333	331
Operating lease expense	64	64
Equity losses of affiliates	6	4
Cash distributions received from affiliates	7	7
Other, net	(130)	(71)
Deferred income taxes and taxes payable	79	21
Change in operating assets and liabilities, net of acquisitions:
Receivables and other assets	(222)	(172)
Inventories, net	6	27
Accounts payable and other liabilities	(242)	(36)
Net cash provided by operating activities	430	483
Investing activities:
Capital expenditures	(208)	(173)
Acquisitions, net of cash acquired	(21)	(90)
Investments in equity affiliates and other	(46)	(11)
Proceeds from property, plant and equipment and other asset dispositions	(2)	3
Other, net	28	(5)
Net cash used in investing activities	(249)	(276)
Financing activities:
Borrowings	495	146
Repayment of borrowings	(500)	(248)
Repurchase of shares	(43)	0
Dividends paid	(86)	(80)
Other, net	(64)	(37)
Net cash used in financing activities	(198)	(219)
Net change in cash and cash equivalents	(17)	(12)
Cash and cash equivalents, beginning of period	2,236	1,517
Exchange movement on opening cash balance	(35)	57
Cash and cash equivalents, end of period	$ 2,184	$ 1,562

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Description of Business and Basis of Presentation	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION News Corporation (together with its subsidiaries, “News Corporation,” “News Corp,” the “Company,” “we” or “us”) is a global diversified media and information services company comprised of businesses across a range of media, including: digital real estate services, subscription video services in Australia, news and information services and book publishing. Basis of Presentation The accompanying unaudited consolidated financial statements of the Company, which are referred to herein as the “Consolidated Financial Statements,” have been prepared in accordance with generally accepted accounting principles in the United States of America (“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 Consolidated Financial Statements. Operating results for the interim period presented are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2022. 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 could differ from those estimates. Intercompany transactions and balances have been eliminated. Equity investments in which the Company exercises significant influence but does not exercise control and is not the primary beneficiary are accounted for using the equity method. Investments in which the Company is not able to exercise significant influence over the investee are measured at fair value, if the fair value is readily determinable. If an investment’s fair value is not readily determinable, the Company will measure the investment at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The consolidated statements of operations are referred to herein as the “Statements of Operations.” The consolidated balance sheets are referred to herein as the “Balance Sheets.” The consolidated statements of cash flows are referred to herein as the “Statements of Cash Flows.” The accompanying 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, 2021 as filed with the Securities and Exchange Commission (the “SEC”) on August 10, 2021 (the “2021 Form 10-K”). The Company’s fiscal year ends on the Sunday closest to June 30. Fiscal 2022 and fiscal 2021 include 53 and 52 weeks, respectively. All references to the three and six months ended December 31, 2021 and 2020 relate to the three and six months ended December 26, 2021 and December 27, 2020, respectively. For convenience purposes, the Company continues to date its Consolidated Financial Statements as of December 31. Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). The amendments in ASU 2019-12 remove certain exceptions to the general principles in Topic 740 and simplify other areas of Topic 740 including the accounting for and recognition of intraperiod tax allocation, deferred tax liabilities for outside basis differences for certain foreign subsidiaries, year-to-date losses in interim periods, deferred tax assets for goodwill in business combinations and franchise taxes in income tax expense. The Company adopted ASU 2019-12 on a prospective basis as of July 1, 2021 and the adoption did not have a material effect on the Company’s Consolidated Financial Statements. In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”). The amendments in ASU 2021-08 require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Accounting Standards Codification 606, “Revenue From Contracts with Customers.” The Company elected to early adopt ASU 2021-08 on a prospective basis during the second quarter of fiscal 2022 (which includes retroactive adoptions for any acquisitions in the current fiscal year). The adoption did not have a material effect on the Company’s Consolidated Financial Statements.

Revenues

Revenues	6 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenues	REVENUES The following tables present the Company’s disaggregated revenues by type and segment for the three and six months ended December 31, 2021 and 2020: For the three months ended December 31, 2021 Digital Real Subscription Dow Jones Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 3 $ 433 $ 356 $ — $ 280 $ — $ 1,072 Advertising 33 55 141 — 290 — 519 Consumer — — — 594 — — 594 Real estate 352 — — — — — 352 Other 68 10 11 23 68 — 180 Total Revenues $ 456 $ 498 $ 508 $ 617 $ 638 $ — $ 2,717 For the three months ended December 31, 2020 Digital Real Subscription Dow Jones Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 8 $ 446 $ 319 $ — $ 257 $ — $ 1,030 Advertising 30 55 115 — 248 — 448 Consumer — — — 523 — — 523 Real estate 281 — — — — — 281 Other 20 10 12 21 68 1 132 Total Revenues $ 339 $ 511 $ 446 $ 544 $ 573 $ 1 $ 2,414 For the six months ended December 31, 2021 Digital Real Subscription Dow Jones Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 6 $ 873 $ 705 $ — $ 565 $ — $ 2,149 Advertising 66 114 231 — 513 — 924 Consumer — — — 1,118 — — 1,118 Real estate 672 — — — — — 672 Other 138 21 16 45 136 — 356 Total Revenues $ 882 $ 1,008 $ 952 $ 1,163 $ 1,214 $ — $ 5,219 For the six months ended December 31, 2020 Digital Real Subscription Dow Jones Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 16 $ 883 $ 630 $ — $ 503 $ — $ 2,032 Advertising 58 105 185 — 432 — 780 Consumer — — — 964 — — 964 Real estate 516 — — — — — 516 Other 39 19 17 38 125 1 239 Total Revenues $ 629 $ 1,007 $ 832 $ 1,002 $ 1,060 $ 1 $ 4,531 Contract liabilities and assets The Company’s deferred revenue balance primarily relates to amounts received from customers for subscriptions paid in advance of the services being provided. The following table presents changes in the deferred revenue balance for the three and six months ended December 31, 2021 and 2020: For the three months ended For the six months ended 2021 2020 2021 2020 (in millions) Balance, beginning of period $ 467 $ 409 $ 473 $ 398 Deferral of revenue 859 755 1,674 1,462 Recognition of deferred revenue (a) (864) (779) (1,678) (1,480) Other — 15 (7) 20 Balance, end of period $ 462 $ 400 $ 462 $ 400 (a) For the three and six months ended December 31, 2021, the Company recognized $182 million and $372 million, respectively, of revenue which was included in the opening deferred revenue balance. For the three and six months ended December 31, 2020, the Company recognized $237 million and $331 million, respectively, of revenue which was included in the opening deferred revenue balance. Contract assets were immaterial for disclosure as of December 31, 2021 and 2020. Other revenue disclosures The Company typically expenses sales commissions incurred to obtain a customer contract as those amounts are incurred as the amortization period is 12 months or less. These costs are recorded within Selling, general and administrative in the Statements of Operations. The Company also does not capitalize significant financing components when the transfer of the good or service is paid within 12 months or less, or the receipt of consideration is received within 12 months or less of the transfer of the good or service. For the three and six months ended December 31, 2021, the Company recognized approximately $88 million and $189 million, respectively, in revenues related to performance obligations that were satisfied or partially satisfied in a prior reporting period. The remaining transaction price related to unsatisfied performance obligations as of December 31, 2021 was approximately $1,005 million, of which approximately $186 million is expected to be recognized over the remainder of fiscal 2022, approximately $308 million is expected to be recognized in fiscal 2023 and approximately $225 million is expected to be recognized in fiscal 2024, with the remainder to be recognized thereafter. These amounts do not include (i) contracts with an expected duration of one year or less, (ii) contracts for which variable consideration is determined based on the customer’s subsequent sale or usage and (iii) variable consideration allocated to performance obligations accounted for under the series guidance that meets the allocation objective under Accounting Standards Codification (“ASC”) 606, “Revenue From Contracts With Customers.”

Acquisitions

Acquisitions	6 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS Investor’s Business Daily In May 2021, the Company acquired Investor’s Business Daily (“IBD”) for $275 million in cash. IBD is a digital-first financial news and research business with unique investing content, analytical products and educational resources, including the Investors.com website. The acquisition expands Dow Jones’s offerings with the addition of proprietary data and tools to help professional and retail investors identify top-performing stocks. IBD is operated by Dow Jones, and its results are included within the Dow Jones segment. The purchase price allocation has been prepared on a preliminary basis and changes to the preliminary purchase price allocations may occur as additional information concerning asset and liability valuations is finalized. As a result of the acquisition, the Company recorded net tangible liabilities of approximately $16 million primarily related to deferred revenue and approximately $123 million of identifiable intangible assets, consisting primarily of approximately $51 million related to the IBD tradename with an indefinite life, approximately $43 million of subscriber relationships with a useful life of seven years and approximately $20 million related to technology with a useful life of seven years. In accordance with ASC 350, “Intangibles—Goodwill and Other” (“ASC 350”), the excess of the total consideration over the fair values of the net tangible and intangible assets of approximately $166 million was recorded as goodwill on the transaction. HMH Books & Media In May 2021, the Company acquired the Books & Media segment of Houghton Mifflin Harcourt (“HMH Books & Media”) for $349 million in cash. HMH Books & Media publishes renowned and awarded children’s, young adult, fiction, non-fiction, culinary and reference titles. The acquisition adds an extensive and successful backlist, a strong frontlist in the lifestyle and children’s segments and a productions business that provides opportunities to expand HarperCollins’s intellectual property across different formats. HMH Books & Media is a subsidiary of HarperCollins and its results are included in the Book Publishing segment. The purchase price allocation has been prepared on a preliminary basis and changes to the preliminary purchase price allocations may occur as additional information concerning asset and liability valuations is finalized. As a result of the acquisition, the Company recorded net tangible assets of approximately $82 million, primarily consisting of accounts receivable, accounts payable, author advances and royalty payables and inventory. In addition, the Company recorded approximately $141 million of intangible assets, consisting primarily of $104 million of publishing rights for backlist titles with a useful life of nine years and $32 million of publishing licenses with a useful life of nine years. In accordance with ASC 350, the excess of the total consideration over the fair values of the net tangible and intangible assets of approximately $126 million was recorded as goodwill on the transaction. Mortgage Choice In June 2021, REA Group acquired Mortgage Choice Limited (“Mortgage Choice”) for approximately A$244 million in cash (approximately $183 million based on exchange rates as of the closing date), funded by an increase in REA Group’s debt facilities. Control was transferred and the acquisition became effective and binding on Mortgage Choice shareholders on June 18, 2021 upon court approval. Mortgage Choice is a leading Australian mortgage broking business, and the acquisition complements REA Group’s existing Smartline broker footprint and accelerates REA Group’s financial services strategy to establish a leading mortgage broking business with national scale. Mortgage Choice is a subsidiary of REA Group and its results are included in the Digital Real Estate Services segment. The purchase price allocation has been prepared on a preliminary basis and changes to the preliminary purchase price allocations may occur as additional information concerning asset and liability valuations is finalized. As a result of the acquisition, the Company recorded net tangible assets of A$75 million (US$57 million) consisting primarily of commission contract receivables and payables and approximately A$74 million (US$56 million) of identifiable intangible assets, consisting of A$46 million (US$35 million) related to franchisee relationships with a useful life of 17 years, A$17 million (US$13 million) of software with useful lives ranging from one Agreement to acquire OPIS In July 2021, the Company entered into an agreement to acquire the Oil Price Information Service business and related assets (“OPIS”) from S&P Global Inc. (“S&P”) and IHS Markit Ltd. (“IHS”) for $1.15 billion in cash, subject to customary purchase price adjustments. OPIS is a global industry standard for benchmark and reference pricing and news and analytics for the oil, natural gas liquids and biofuels industries. The business also provides pricing and news and analytics for the coal, mining and metals end markets and insights and analytics in renewables and carbon pricing. OPIS will be a subsidiary of Dow Jones, and its results will be included in the Dow Jones segment. The acquisition is subject to customary closing conditions, including regulatory approvals and the consummation of the S&P and IHS merger. Closing is expected in the second half of fiscal 2022. Agreement to acquire Base Chemicals In December 2021, the Company entered into an agreement to acquire the Base Chemicals business (“Base Chemicals”) from S&P and IHS for $295 million in cash, subject to customary purchase price adjustments. Base Chemicals provides pricing data, insights, analysis and forecasting for key base chemicals through its leading Market Advisory and World Analysis services. Base Chemicals will be a subsidiary of Dow Jones, and its results will be included in the Dow Jones segment. The acquisition is subject to customary closing conditions, including regulatory approvals and the consummation of the S&P and IHS merger. Closing is expected in the second half of fiscal 2022.

Restructuring Programs

Restructuring Programs	6 Months Ended
	Dec. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring Programs	RESTRUCTURING PROGRAMS Fiscal 2022 During the three and six months ended December 31, 2021, the Company recorded restructuring charges of $23 million and $45 million, respectively, of which $12 million and $24 million, respectively, related to the News Media segment. The restructuring charges recorded in fiscal 2022 primarily related to employee termination benefits. Fiscal 2021 During the three and six months ended December 31, 2020, the Company recorded restructuring charges of $23 million and $63 million, respectively, of which $12 million and $43 million, respectively, related to the News Media segment. The restructuring charges recorded in fiscal 2021 primarily related to employee termination benefits and exit costs associated with the closure of the Company’s Bronx print plant. Changes in restructuring program liabilities were as follows: For the three months ended December 31, 2021 2020 One time Other costs Total One time Other costs Total (in millions) Balance, beginning of period $ 28 $ 37 $ 65 $ 34 $ 30 $ 64 Additions 19 4 23 16 7 23 Payments (24) (5) (29) (21) (3) (24) Other — — — 3 — 3 Balance, end of period $ 23 $ 36 $ 59 $ 32 $ 34 $ 66 For the six months ended December 31, 2021 2020 One time Other costs Total One time Other costs Total (in millions) Balance, beginning of period $ 51 $ 35 $ 86 $ 64 $ 9 $ 73 Additions 37 8 45 35 28 63 Payments (65) (7) (72) (69) (3) (72) Other — — — 2 — 2 Balance, end of period $ 23 $ 36 $ 59 $ 32 $ 34 $ 66 As of December 31, 2021, restructuring liabilities of approximately $31 million were included in the Balance Sheet in Other current liabilities and $28 million were included in Other non-current liabilities.

Investments

Investments	6 Months Ended
	Dec. 31, 2021
Schedule of Investments [Abstract]
Investments	INVESTMENTS The Company’s investments were comprised of the following: Ownership Percentage as of December 31, 2021 As of As of (in millions) Equity method investments (a) various $ 215 $ 71 Equity securities (b) various 290 280 Total Investments $ 505 $ 351 (a) During the six months ended December 31, 2021, REA Group acquired an 18% interest (16.6% on a diluted basis) in PropertyGuru Pte. Ltd. (“PropertyGuru”), a leading digital property technology company operating marketplaces in Southeast Asia, in exchange for all shares of REA Group’s entities in Malaysia and Thailand. (b) Equity securities are primarily comprised of Tremor, certain investments in China and the Company’s investment in HT&E Limited, which operates a portfolio of Australian radio and outdoor media assets. The Company has equity securities with quoted prices in active markets as well as equity securities without readily determinable fair market values. Equity securities without readily determinable fair market values are valued at cost, less any impairment, plus or minus changes in fair value resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The components comprising total gains and losses on equity securities are set forth below: For the three months ended For the six months ended 2021 2020 2021 2020 (in millions) (in millions) Total (losses) gains recognized on equity securities $ (9) $ 33 $ 19 $ 42 Less: Net gains recognized on equity securities sold — — — — Unrealized (losses) gains recognized on equity securities held at end of period $ (9) $ 33 $ 19 $ 42 Equity Losses of Affiliates The Company’s share of the losses of its equity affiliates was $6 million and $6 million for the three and six months ended December 31, 2021, respectively, and $3 million and $4 million, respectively, for the corresponding periods of fiscal 2021.

Borrowings

Borrowings	6 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Borrowings	BORROWINGS The Company’s total borrowings consist of the following: Interest rate at December 31, 2021 Maturity at December 31, 2021 As of As of (in millions) News Corporation 2021 Senior notes 3.875 % May 15, 2029 $ 986 $ 985 Foxtel Group (a) 2019 Credit facility (b) 2.36 % May 31, 2024 217 232 2019 Term loan facility 6.25 % Nov 22, 2024 181 190 2017 Working capital facility (b) 2.36 % May 31, 2024 — — Telstra Facility 7.83 % Dec 22, 2027 79 60 2012 US private placement — USD portion — tranche 2 (c) 4.27 % Jul 25, 2022 203 202 2012 US private placement — USD portion — tranche 3 (c) 4.42 % Jul 25, 2024 152 152 2012 US private placement — AUD portion 7.04 % Jul 25, 2022 73 78 REA Group (a) 2021 Bridge facility — % Jul 31, 2022 — 314 2022 Credit facility — tranche 1 (d) 1.12 % Sep 16, 2024 289 — 2022 Credit facility — tranche 2 (d) 1.27 % Sep 16, 2025 8 — Finance lease and other liabilities 82 100 Total borrowings 2,270 2,313 Less: current portion (e) (302) (28) Long-term borrowings $ 1,968 $ 2,285 (a) These borrowings were incurred by certain subsidiaries of NXE Australia Pty Limited (the “Foxtel Group” and together with such subsidiaries, the “Foxtel Debt Group”) and REA Group and certain of its subsidiaries (REA Group and certain of its subsidiaries, the “REA Debt Group”), consolidated but non wholly-owned subsidiaries of News Corp, and are only guaranteed by the Foxtel Group and REA Group and their respective subsidiaries, as applicable, and are non-recourse to News Corp. (b) As of December 31, 2021, the Foxtel Debt Group had undrawn commitments of A$340 million available under these facilities. (c) The carrying values of the borrowings include any fair value adjustments related to the Company’s fair value hedges. See Note 8—Financial Instruments and Fair Value Measurements. (d) As of December 31, 2021, REA Group had total undrawn commitments of A$187 million available under the 2022 Credit Facility (as defined below). (e) The Company classifies the current portion of long term debt as non-current liabilities on the Balance Sheets when it has the intent and ability to refinance the obligation on a long-term basis, in accordance with ASC 470-50 “Debt.” $26 million and $28 million relates to the current portion of finance lease liabilities as of December 31, 2021 and June 30, 2021, respectively. Revolving Credit Facility Amendment Due to the discontinuation of London interbank offered rates (“LIBOR”) for Euro and British pound sterling (“GBP”)-denominated borrowings and for certain Eurodollar Rate borrowings with a two or 12-month tenor, the Company amended its undrawn $750 million unsecured revolving credit facility in November 2021 to (i) replace the benchmark rates for borrowings in Euro and GBP with designated benchmark rates based on the Euro Interbank Offer Rate and the Sterling Overnight Index Average, respectively, and (ii) remove the two and 12-month interest period options for the relevant Eurodollar Rate borrowings. REA Group Refinancing During the six months ended December 31, 2021, REA Group completed a debt refinancing in which it repaid all amounts outstanding under its 2021 Bridge facility with the proceeds from a new A$600 million unsecured syndicated credit facility (the “2022 Credit Facility”) consisting of two sub-facilities: (i) a three year, A$400 million revolving loan facility (the “2022 Credit facility — tranche 1”) and (ii) a four year, A$200 million revolving loan facility (the “2022 Credit facility — tranche 2”). REA Group may request increases in the amount of the 2022 Credit Facility up to a maximum amount of A$500 million, subject to the terms and limitations set forth in the syndicated facility agreement. Borrowings under the 2022 Credit facility — tranche 1 accrue interest at a rate of the Australian BBSY plus a margin of between 1.00% and 2.10%, depending on REA Group’s net leverage ratio. Borrowings under the 2022 Credit facility — tranche 2 accrue interest at a rate of the Australian BBSY plus a margin of between 1.15% and 2.25%, depending on REA Group’s net leverage ratio. Both tranches carry a commitment fee of 40% of the applicable margin on any undrawn balance. The 2022 Credit Facility requires REA Group to maintain (i) a net leverage ratio of not more than 3.5 to 1.0 and (ii) an interest coverage ratio of not less than 3.0 to 1.0. The syndicated facility agreement also contains certain other customary affirmative and negative covenants. Subject to certain exceptions, these covenants restrict or prohibit REA Group and its subsidiaries from, among other things, incurring or guaranteeing debt, disposing of certain properties or assets, merging or consolidating with any other person, making financial accommodation available, entering into certain other financing arrangements, creating or permitting certain liens, engaging in non arms’ length transactions with affiliates, undergoing fundamental business changes and making restricted payments. Covenants The Company’s borrowings and those of its consolidated subsidiaries contain customary representations, covenants and events of default, including those discussed above and in the Company’s 2021 Form 10-K. If any of the events of default occur and are not cured within applicable grace periods or waived, any unpaid amounts under the applicable debt agreements may be declared immediately due and payable. The Company was in compliance with all such covenants at December 31, 2021.

Equity

Equity	6 Months Ended
	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Equity	EQUITY The following tables summarize changes in equity for the three and six months ended December 31, 2021 and 2020: For the three months ended December 31, 2021 Class A Common Class B Common Additional Accumulated Accumulated Total Non-controlling Total Shares Amount Shares Amount (in millions) Balance, September 30, 2021 393 $ 4 200 $ 2 $ 11,980 $ (2,715) $ (1,061) $ 8,210 $ 938 $ 9,148 Net income — — — — — 235 — 235 27 262 Other comprehensive loss — — — — — — (28) (28) — (28) Dividends — — — — — — — — — — Share repurchases (1) — (1) — (44) (2) — (46) — (46) Other — — — — 12 — — 12 (1) 11 Balance, December 31, 2021 392 $ 4 199 $ 2 $ 11,948 $ (2,482) $ (1,089) $ 8,383 $ 964 $ 9,347 For the three months ended December 31, 2020 Class A Common Class B Common Additional Accumulated Accumulated Total Non-controlling Total Shares Amount Shares Amount (in millions) Balance, September 30, 2020 391 $ 4 200 $ 2 $ 12,075 $ (3,207) $ (1,235) $ 7,639 $ 815 $ 8,454 Net income — — — — — 231 — 231 30 261 Other comprehensive income — — — — — — 245 245 63 308 Dividends — — — — — — — — (1) (1) Other — — — — 16 — — 16 36 52 Balance, December 31, 2020 391 $ 4 200 $ 2 $ 12,091 $ (2,976) $ (990) $ 8,131 $ 943 $ 9,074 For the six months ended December 31, 2021 Class A Common Class B Common Additional Accumulated Accumulated Total Non-controlling Total Shares Amount Shares Amount (in millions) Balance, June 30, 2021 391 $ 4 200 $ 2 $ 12,057 $ (2,911) $ (941) $ 8,211 $ 935 $ 9,146 Net income — — — — — 431 — 431 98 529 Other comprehensive loss — — — — — — (148) (148) (38) (186) Dividends — — — — (59) — — (59) (27) (86) Share repurchases (1) — (1) — (44) (2) — (46) — (46) Other 2 — — — (6) — — (6) (4) (10) Balance, December 31, 2021 392 $ 4 199 $ 2 $ 11,948 $ (2,482) $ (1,089) $ 8,383 $ 964 $ 9,347 For the six months ended December 31, 2020 Class A Class B Additional Accumulated Accumulated Total Non-controlling Total Shares Amount Shares Amount (in millions) Balance, June 30, 2020 389 $ 4 200 $ 2 $ 12,148 $ (3,241) $ (1,331) $ 7,582 $ 807 $ 8,389 Net income — — — — — 265 — 265 43 308 Other comprehensive income — — — — — — 341 341 80 421 Dividends — — — — (59) — — (59) (21) (80) Other 2 — — — 2 — — 2 34 36 Balance, December 31, 2020 391 $ 4 200 $ 2 $ 12,091 $ (2,976) $ (990) $ 8,131 $ 943 $ 9,074 Stock Repurchases On September 22, 2021, the Company announced a new stock repurchase program authorizing the Company to purchase up to $1 billion in the aggregate of its outstanding Class A Common Stock and Class B Common Stock (the “Repurchase Program”). The Repurchase Program replaces the Company’s $500 million Class A Common Stock repurchase program approved by the Company’s Board of Directors (the “Board of Directors”) in May 2013. The manner, timing, number and share price of any repurchases will be determined by the Company at its discretion and will depend upon such factors as the market price of the stock, general market conditions, applicable securities laws, alternative investment opportunities and other factors. The Repurchase Program has no time limit and may be modified, suspended or discontinued at any time. As of December 31, 2021, the remaining authorized amount under the Repurchase Program was approximately $954 million. Stock repurchases commenced on November 9, 2021, and during the three and six months ended December 31, 2021, the Company repurchased and subsequently retired 1.4 million shares of Class A Common Stock for approximately $31 million and 0.7 million shares of Class B Common Stock for approximately $15 million. The Company did not purchase any of its Class A Common Stock or Class B Common Stock during the six months ended December 31, 2020. Stockholder Rights Agreement On September 21, 2021, the Company amended the Fourth Amended and Restated Rights Agreement (as discussed in the Notes to the Consolidated Financial Statements included in the 2021 Form 10-K) (the “Rights Agreement”) to accelerate the expiration of the rights under the Rights Agreement to 11:59 P.M. (New York City time) on September 21, 2021, thereby terminating the Rights Agreement at such time. On the same date, the Company also entered into a stockholders agreement (the “Stockholders Agreement”) by and between the Company and the Murdoch Family Trust (the “MFT”). Pursuant to the Stockholders Agreement, the MFT and the Company have agreed not to take actions that would result in the MFT and Murdoch family members, including K. Rupert Murdoch, the Company’s Executive Chairman, and Lachlan K. Murdoch, the Company’s Co-Chairman, together owning more than 44% of the outstanding voting power of the shares of the Company’s Class B Common Stock (“Class B Shares”), or would increase the MFT’s voting power by more than 1.75% in any rolling twelve-month period. The MFT would forfeit votes in connection with an annual or special Company stockholders meeting to the extent necessary to ensure that the MFT and the Murdoch family collectively do not exceed 44% of the outstanding voting power of the Class B Shares at such meeting, except where a Murdoch family member votes their own shares differently from the MFT on any matter. The Stockholders Agreement will terminate upon the MFT’s distribution of all or substantially all of its Class B Shares. Dividends In August 2021, the Board of Directors declared a semi-annual cash dividend of $0.10 per share for Class A Common Stock and Class B Common Stock. This dividend was paid on October 13, 2021 to stockholders of record as of September 15, 2021. The timing, declaration, amount and payment of future dividends to stockholders, if any, is within the discretion of the Board of Directors. The Board of Directors’ decisions regarding the payment of future dividends will depend on many factors, including the Company’s financial condition, earnings, capital requirements and debt facility covenants, other contractual restrictions, as well as legal requirements, regulatory constraints, industry practice, market volatility and other factors that the Board of Directors deems relevant.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	6 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurements	FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS In accordance with ASC 820, “Fair Value Measurements” (“ASC 820”) fair value measurements are required to be disclosed using a three-tiered fair value hierarchy which distinguishes market participant assumptions into the following categories: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than quoted prices included in Level 1. The Company could value assets and liabilities included in this level using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. For the Company, this primarily includes the use of forecasted financial information and other valuation related assumptions such as discount rates and long term growth rates in the income approach as well as the market approach which utilizes certain market and transaction multiples. Under ASC 820, certain assets and liabilities are required to be remeasured to fair value at the end of each reporting period. The following table summarizes those assets and liabilities measured at fair value on a recurring basis: As of December 31, 2021 As of June 30, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in millions) Assets: Foreign currency derivatives - cash flow hedges $ — $ 1 $ — $ 1 $ — $ — $ — $ — Interest rate derivatives - cash flow hedges — 3 — 3 — — — — Cross-currency interest rate derivatives - fair value hedges — 20 — 20 — 18 — 18 Cross-currency interest rate derivatives — 81 — 81 — 73 — 73 Equity securities (a) 187 — 103 290 164 — 116 280 Total assets $ 187 $ 105 $ 103 $ 395 $ 164 $ 91 $ 116 $ 371 Liabilities: Interest rate derivatives - cash flow hedges $ — $ 5 $ — $ 5 $ — $ 9 $ — $ 9 Cross-currency interest rate derivatives — 8 — 8 — 13 — 13 Total liabilities $ — $ 13 $ — $ 13 $ — $ 22 $ — $ 22 (a) See Note 5—Investments. During the six months ended December 31, 2021, the Company reclassified its investment in an equity security from Level 3 to Level 1 within the fair value hierarchy as the investment became publicly traded in the first quarter of fiscal 2022. Equity securities The fair values of equity securities with quoted prices in active markets are determined based on the closing price at the end of each reporting period. These securities are classified as Level 1 in the fair value hierarchy outlined above. The fair values of equity securities without readily determinable fair market values are determined based on cost, less any impairment, plus or minus changes in fair value resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. These securities are classified as Level 3 in the fair value hierarchy outlined above. A rollforward of the Company’s equity securities classified as Level 3 is as follows: For the six months ended 2021 2020 (in millions) Balance - beginning of period $ 116 $ 123 Additions 15 6 Returns of capital (33) (2) Measurement adjustments 28 21 Foreign exchange and other (a) (23) (31) Balance - end of period $ 103 $ 117 (a) During the six months ended December 31, 2021, the Company reclassified its investment in an equity security from Level 3 to Level 1 within the fair value hierarchy as the investment became publicly traded in the first quarter of fiscal 2022. During the three months ended December 31, 2020, the Company reclassified its investment in Tremor from Level 3 to Level 1 within the fair value hierarchy, as the sale restrictions were expected to lapse within 12 months. Derivative Instruments The Company is directly and indirectly affected by risks associated with changes in certain market conditions. When deemed appropriate, the Company uses derivative instruments to mitigate the potential impact of these market risks. The primary market risks managed by the Company through the use of derivative instruments include: • foreign currency exchange rate risk: arising primarily through Foxtel Debt Group borrowings denominated in United States (“U.S.”) dollars, payments for customer premise equipment and certain programming rights; and • interest rate risk: arising from fixed and floating rate Foxtel Debt Group borrowings. The Company formally designates qualifying derivatives as hedge relationships (“hedges”) and applies hedge accounting when considered appropriate. The Company does not use derivative financial instruments for trading or speculative purposes. Derivatives are classified as current or non-current in the Balance Sheets based on their maturity dates. Refer to the table below for further details: Balance Sheet Location As of As of (in millions) Foreign currency derivatives - cash flow hedges Other current assets $ 1 $ — Cross currency interest rate derivatives - fair value hedges Other current assets 11 — Cross currency interest rate derivatives Other current assets 45 — Interest rate derivatives - cash flow hedges Other non-current assets 3 — Cross-currency interest rate derivatives - fair value hedges Other non-current assets 9 18 Cross-currency interest rate derivatives Other non-current assets 36 73 Interest rate derivatives - cash flow hedges Other current liabilities (5) (6) Cross-currency interest rate derivatives Other current liabilities (2) — Interest rate derivatives - cash flow hedges Other non-current liabilities — (3) Cross-currency interest rate derivatives Other non-current liabilities (6) (13) Cash flow hedges The Company utilizes a combination of foreign currency derivatives and interest rate derivatives to mitigate currency exchange rate risk and interest rate risk in relation to future interest and principal payments and payments for customer premise equipment and certain programming rights. The total notional value of foreign currency contract derivatives designated for hedging was $28 million as of December 31, 2021. The maximum hedged term over which the Company is hedging exposure to foreign currency fluctuations is less than one year. As of December 31, 2021, the Company estimates that approximately nil of net derivative losses related to its foreign currency contract derivative cash flow hedges included in Accumulated other comprehensive loss will be reclassified into the Statements of Operations within the next 12 months. The total notional value of interest rate swap derivatives designated for hedging was approximately A$550 million as of December 31, 2021. The maximum hedged term over which the Company is hedging exposure to variability in interest payments is to May 2024. As of December 31, 2021, the Company estimates that approximately $3 million of net derivative losses related to its interest rate swap derivative cash flow hedges included in Accumulated other comprehensive loss will be reclassified into the Statements of Operations within the next 12 months. Cash flow derivatives The Company utilizes cross-currency interest rate derivatives to mitigate currency exchange and interest rate risk in relation to future interest and principal payments. The Company determined that these cash flow hedges no longer qualified as highly effective as of December 31, 2020 primarily due to changes in foreign exchange and interest rates. Amounts recognized in Accumulated other comprehensive loss during the periods the hedges were considered highly effective will continue to be reclassified out of Accumulated other comprehensive loss over the remaining term of the derivatives. Changes in the fair values of these derivatives will be recognized within Other, net in the Statements of Operations on a prospective basis. The total notional value of cross-currency interest rate swaps for which the Company discontinued hedge accounting was approximately $280 million as of December 31, 2021. The maximum hedged term over which the Company is hedging exposure to variability in interest and principal payments is to July 2024. As of December 31, 2021, the Company estimates that approximately $3 million of net derivative gains related to its cross-currency interest rate swap derivative cash flow hedges included in Accumulated other comprehensive loss will be reclassified into the Statements of Operations within the next 12 months. The following tables present the impact that changes in the fair values had on Accumulated other comprehensive loss and the Statements of Operations during the three and six months ended December 31, 2021 and 2020 for both derivatives designated as cash flow hedges that continue to be highly effective and derivatives initially designated as cash flow hedges but for which hedge accounting was discontinued as of December 31, 2020: Gain (loss) recognized in Accumulated Other Comprehensive Loss for the three months ended December 31, (Gain) loss reclassified from Accumulated Other Comprehensive Loss for the three months ended December 31, Income statement 2021 2020 2021 2020 (in millions) Foreign currency derivatives - cash flow hedges $ — $ — $ — $ (1) Operating expenses Cross-currency interest rate derivatives — — (1) — Interest expense, net Interest rate derivatives - cash flow hedges 4 (1) (1) 2 Interest expense, net Total $ 4 $ (1) $ (2) $ 1 Gain (loss) recognized in Accumulated Other Comprehensive Loss for the six months ended December 31, (Gain) loss reclassified from Accumulated Other Comprehensive Loss for the six months ended December 31, Income statement 2021 2020 2021 2020 (in millions) Foreign currency derivatives - cash flow hedges $ 1 $ — $ — $ (1) Operating expenses Cross-currency interest rate derivatives — (15) (2) 13 Interest expense, net Interest rate derivatives - cash flow hedges 6 (1) (2) 3 Interest expense, net Total $ 7 $ (16) $ (4) $ 15 The amounts recognized in Other, net in the Statements of Operations resulting from the changes in fair value of cross-currency interest rate derivatives that were discontinued as cash flow hedges due to hedge ineffectiveness as of December 31, 2020 was a gain of approximately $8 million and $17 million for the three and six months ended December 31, 2021, respectively, and a loss of approximately $2 million for the three and six months ended December 31, 2020. Fair value hedges Borrowings issued at fixed rates and in U.S. dollars expose the Company to fair value interest rate risk and currency exchange rate risk. The Company manages fair value interest rate risk and currency exchange rate risk through the use of cross-currency interest rate swaps under which the Company exchanges fixed interest payments equivalent to the interest payments on the U.S. dollar denominated debt for floating rate Australian dollar denominated interest payments. The changes in fair value of derivatives designated as fair value hedges and the offsetting changes in fair value of the hedged items are recognized in Other, net. For the six months ended December 31, 2021, such adjustments decreased the carrying value of borrowings by nil. The total notional value of the fair value hedges was approximately $70 million as of December 31, 2021. The maximum hedged term over which the Company is hedging exposure to variability in interest payments is to July 2024. During the three and six months ended December 31, 2021 and 2020, the amount recognized in the Statements of Operations on derivative instruments designated as fair value hedges related to the ineffective portion was nil and $1 million, respectively, and the Company excluded the currency basis from the changes in fair value of the derivative instruments from the assessment of hedge effectiveness. The following sets forth the effect of fair value hedging relationships on hedged items in the Balance Sheets as of December 31, 2021 and June 30, 2021: As of As of (in millions) Borrowings: Carrying amount of hedged item $ 71 $ 71 Cumulative hedging adjustments included in the carrying amount 3 5 Other Fair Value Measurements As of December 31, 2021, the carrying value of the Company’s outstanding borrowings approximates the fair value. The 2021 Senior Notes and the U.S. private placement borrowings are classified as Level 2 and the remaining borrowings are classified as Level 3 in the fair value hierarchy.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	EARNINGS (LOSS) PER SHARE The following tables set forth the computation of basic and diluted earnings (loss) per share under ASC 260, “Earnings per Share”: For the three months ended For the six months ended 2021 2020 2021 2020 (in millions, except per share amounts) Net income $ 262 $ 261 $ 529 $ 308 Less: Net income attributable to noncontrolling interests (27) (30) (98) (43) Net income attributable to News Corporation stockholders $ 235 $ 231 $ 431 $ 265 Weighted-average number of shares of common stock outstanding - basic 592.1 590.7 591.9 590.1 Dilutive effect of equity awards 2.6 1.9 2.7 1.6 Weighted-average number of shares of common stock outstanding - diluted 594.7 592.6 594.6 591.7 Net income attributable to News Corporation stockholders per share - basic $ 0.40 $ 0.39 $ 0.73 $ 0.45 Net income attributable to News Corporation stockholders per share -diluted $ 0.40 $ 0.39 $ 0.72 $ 0.45

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 Company’s commitments as of December 31, 2021 have not changed significantly from the disclosures included in the 2021 Form 10-K. Contingencies The Company routinely is involved in various legal proceedings, claims and governmental inspections or investigations, including those discussed below. The outcome of these matters and claims is subject to significant uncertainty, and the Company often cannot predict what the eventual outcome of pending matters will be or the timing of the ultimate resolution of these matters. Fees, expenses, fines, penalties, judgments or settlement costs which might be incurred by the Company in connection with the various proceedings could adversely affect its results of operations and financial condition. The Company establishes an accrued liability for legal claims when it 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. Legal fees associated with litigation and similar proceedings are expensed as incurred. Except as otherwise provided below, for the contingencies disclosed for which there is at least a reasonable possibility that a loss may be incurred, the Company was unable to estimate the amount of loss or range of loss. The Company recognizes gain contingencies when the gain becomes realized or realizable. News America Marketing In May 2020, the Company sold its News America Marketing business. In the transaction, the Company retained certain liabilities, including those arising from the legal proceedings with Insignia Systems, Inc. (“Insignia”) and Valassis Communications, Inc. (“Valassis”) described below. Insignia Systems, Inc. On July 11, 2019, Insignia filed a complaint in the U.S. District Court for the District of Minnesota against News America Marketing FSI L.L.C. (“NAM FSI”), News America Marketing In-Store Services L.L.C. (“NAM In-Store”) and News Corporation (together, the “NAM Parties”) alleging violations of federal and state antitrust laws and common law business torts. The complaint seeks treble damages, injunctive relief and attorneys’ fees and costs. On August 14, 2019, the NAM Parties answered the complaint and asserted a counterclaim against Insignia for breach of contract, alleging that Insignia violated a prior settlement agreement between NAM In-Store and Insignia. On July 10, 2020, the NAM Parties filed a motion for summary judgment on the counterclaim, which was granted in part and denied in part on December 7, 2020. The court found that Insignia had breached the prior settlement agreement and struck the allegations in Insignia’s complaint that violated the agreement. On August 27, 2021, the NAM Parties filed a motion for summary judgment dismissing the case, which Insignia has opposed. While it is not possible at this time to predict with any degree of certainty the ultimate outcome of this action, the NAM Parties believe they have been compliant with applicable laws and intend to defend themselves vigorously. Valassis Communications, Inc. In November 2013, Valassis filed a complaint in the U.S. District Court for the Eastern District of Michigan against the NAM Parties and News America Incorporated, which was subsequently transferred to the U.S. District Court for the Southern District of New York (the “N.Y. District Court”). The complaint alleged violations of federal and state antitrust laws and common law business torts and sought treble damages, injunctive relief and attorneys’ fees and costs. The trial began on June 29, 2021, and in July 2021, the parties agreed to settle the litigation and Valassis’s claims were dismissed with prejudice. HarperCollins Beginning in February 2021, a number of purported class action complaints have been filed in the N.Y. District Court against Amazon.com, Inc. (“Amazon”) and certain publishers, including the Company’s subsidiary, HarperCollins Publishers, L.L.C. (“HarperCollins” and together with the other publishers, the “Publishers”), alleging violations of antitrust and competition laws. The complaints seek treble damages, injunctive relief and attorneys’ fees and costs. In September 2021, Amazon and the Publishers filed motions to dismiss the complaints, which the plaintiffs have opposed. While it is not possible at this time to predict with any degree of certainty the ultimate outcome of these actions, HarperCollins believes it has been compliant with applicable laws and intends to defend itself vigorously. U.K. Newspaper Matters Civil claims have been brought against the Company with respect to, among other things, voicemail interception and inappropriate payments to public officials at the Company’s former publication, The News of the World , and at The Sun , and related matters (the “U.K. Newspaper Matters”). The Company has admitted liability in many civil cases and has settled a number of cases. The Company also settled a number of claims through a private compensation scheme which was closed to new claims after April 8, 2013. In connection with the separation of the Company from Twenty-First Century Fox, Inc. (“21st Century Fox”) on June 28, 2013, the Company and 21st Century Fox agreed in the Separation and Distribution Agreement that 21st Century Fox would indemnify the Company for payments made after such date arising out of civil claims and investigations relating to the U.K. Newspaper Matters as well as legal and professional fees and expenses paid in connection with the previously concluded criminal matters, other than fees, expenses and costs relating to employees (i) who are not directors, officers or certain designated employees or (ii) with respect to civil matters, who are not co-defendants with the Company or 21st Century Fox. 21st Century Fox’s indemnification obligations with respect to these matters are settled on an after-tax basis. In March 2019, as part of the separation of FOX Corporation (“FOX”) from 21st Century Fox, the Company, News Corp Holdings UK & Ireland, 21st Century Fox and FOX entered into a Partial Assignment and Assumption Agreement, pursuant to which, among other things, 21st Century Fox assigned, conveyed and transferred to FOX all of its indemnification obligations with respect to the U.K. Newspaper Matters. The net expense related to the U.K. Newspaper Matters in Selling, general and administrative was $4 million and $3 million for the three months ended December 31, 2021 and 2020, respectively, and $6 million and $5 million for the six months ended December 31, 2021 and 2020, respectively. As of December 31, 2021, the Company has provided for its best estimate of the liability for the claims that have been filed and costs incurred, including liabilities associated with employment taxes, and has accrued approximately $46 million. The amount to be indemnified by FOX of approximately $59 million was recorded as a receivable in Other current assets on the Balance Sheet as of December 31, 2021. It is not possible to estimate the liability or corresponding receivable for any additional claims that may be filed given the information that is currently available to the Company. If more claims are filed and additional information becomes available, the Company will update the liability provision and corresponding receivable for such matters. The Company is not able to predict the ultimate outcome or cost of the civil claims. It is possible that these proceedings and any adverse resolution thereof could damage its reputation, impair its ability to conduct its business and adversely affect its results of operations and financial condition. Other The Company’s tax returns are subject to on-going review and examination by various tax authorities. Tax authorities may not agree with the treatment of items reported in the Company’s tax returns, and therefore the outcome of tax reviews and examinations can be unpredictable. The Company believes it has appropriately accrued for the expected outcome of uncertain tax matters and believes such liabilities represent a reasonable provision for taxes ultimately expected to be paid; however, these liabilities may need to be adjusted as new information becomes known and as tax examinations continue to progress, or as settlements or litigations occur.

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES At the end of each interim period, the Company estimates the annual effective tax rate and applies that rate to its ordinary quarterly earnings. The tax expense or benefit related to significant, unusual or extraordinary items that will be separately reported or reported net of their related tax effect are individually computed and recognized in the interim period in which those items occur. In addition, the effects of changes in enacted tax laws or rates or tax status are recognized in the interim period in which the change occurs. For the three months ended December 31, 2021, the Company recorded income tax expense of $99 million on pre-tax income of $361 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and by changes in valuation allowances. For the six months ended December 31, 2021, the Company recorded income tax expense of $170 million on pre-tax income of $699 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates and changes in valuation allowances, offset by the lower tax impact related to the acquisition of an 18% interest in PropertyGuru. For the three months ended December 31, 2020, the Company recorded income tax expense of $85 million on pre-tax income of $346 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The higher tax rate was primarily due to valuation allowances being recorded against tax benefits in certain foreign jurisdictions with operating losses and the impact of foreign operations which are subject to higher tax rates, offset by a remeasurement of deferred taxes in the U.K. For the six months ended December 31, 2020, the Company recorded income tax expense of $110 million on pre-tax income of $418 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The higher tax rate was primarily due to valuation allowances being recorded against tax benefits in certain foreign jurisdictions with operating losses and the impact of foreign operations which are subject to higher tax rates, offset by a remeasurement of deferred taxes in the U.K. Management assesses available evidence to determine whether sufficient future taxable income will be generated to permit the use of existing deferred tax assets. Based on management’s assessment of available evidence, it has been determined that it is more likely than not that deferred tax assets in certain foreign jurisdictions may not be realized and therefore, a valuation allowance has been established against those tax assets. The Company’s tax returns are subject to on-going review and examination by various tax authorities. Tax authorities may not agree with the treatment of items reported in the Company’s tax returns, and therefore the outcome of tax reviews and examinations can be unpredictable. The Company is currently undergoing tax examinations in various U.S. state and foreign jurisdictions. The Company is currently undergoing an audit with the Internal Revenue Service for the fiscal year ended June 30, 2018. The Company believes it has appropriately accrued for the expected outcome of uncertain tax matters and believes such liabilities represent a reasonable provision for taxes ultimately expected to be paid. However, the Company may need to accrue additional income tax expense and its liability may need to be adjusted as new information becomes known and as these tax examinations continue to progress, or as settlements or litigations occur. The Company paid gross income taxes of $92 million and $98 million during the six months ended December 31, 2021 and 2020, respectively, and received tax refunds of $1 million and $9 million, respectively.

Segment Information

Segment Information	6 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION The Company manages and reports its businesses in the following six segments: • Digital Real Estate Services —The Digital Real Estate Services segment consists of the Company’s 61.4% interest in REA Group and 80% interest in Move. The remaining 20% interest in Move is held by REA Group. REA Group is a market-leading digital media business specializing in property and is listed on the Australian Securities Exchange (“ASX”) (ASX: REA). REA Group advertises property and property-related services on its websites and mobile apps, including Australia’s leading residential, commercial and share property websites, realestate.com.au, realcommercial.com.au and Flatmates.com.au, and property portals in India. In addition, REA Group provides property-related data to the financial sector and financial services through an end-to-end digital property search and financing experience and a mortgage broking offering. Move is a leading provider of digital real estate services in the U.S. and primarily operates realtor.com ® , a premier real estate information, advertising and services platform. Move offers real estate advertising solutions to agents and brokers, including its Connections SM Plus, Market VIP SM and Advantage SM Pro products as well as its referral-based service, Ready Connect Concierge. Move also offers online tools and services to do-it-yourself landlords and tenants, as well as professional software and services products. • Subscription Video Services —The Company’s Subscription Video Services segment provides sports, entertainment and news services to pay-TV and streaming subscribers and other commercial licensees, primarily via cable, satellite and internet distribution, and consists of (i) the Company’s 65% interest in the Foxtel Group (with the remaining 35% interest held by Telstra, an ASX-listed telecommunications company) and (ii) Australian News Channel (“ANC”). The Foxtel Group is the largest Australian-based subscription television provider, with nearly 200 channels covering sports, general entertainment, movies, documentaries, music, children’s programming and news. Foxtel and the Kayo Sports streaming service offer the leading sports programming content in Australia, with broadcast rights to live sporting events including: National Rugby League, Australian Football League, Cricket Australia and various motorsports programming. The Foxtel Group also operates BINGE , its on-demand entertainment streaming service, and Foxtel Now, a streaming service that provides access across Foxtel’s live and on-demand content. In October 2021, the Foxtel Group launched Flash , a news aggregation streaming service. ANC operates the SKY NEWS network, Australia’s 24-hour multi-channel, multi-platform news service. ANC channels are distributed throughout Australia and New Zealand and available on Foxtel and Sky Network Television NZ. ANC also owns and operates the international Australia Channel IPTV service and offers content across a variety of digital media platforms, including web, mobile and third-party providers. • Dow Jones —The Dow Jones segment consists of Dow Jones, a global provider of news and business information, which distributes its content and data through a variety of media channels including newspapers, newswires, websites, applications, or apps, for mobile devices, tablets and e-book readers, newsletters, magazines, proprietary databases, live journalism, video and podcasts. The Dow Jones segment’s products, which target individual consumers and enterprise customers, include The Wall Street Journal , Factiva, Dow Jones Risk & Compliance, Dow Jones Newswires, Barron’s , MarketWatch and Investor’s Business Daily. • Book Publishing —The Book Publishing segment consists of HarperCollins, the second largest consumer book publisher in the world, with operations in 17 countries and particular strengths in general fiction, nonfiction, children’s and religious publishing. HarperCollins owns more than 120 branded publishing imprints, including Harper, William Morrow, HarperCollins Children’s Books, Avon, Harlequin and Christian publishers Zondervan and Thomas Nelson, and publishes works by well-known authors such as Harper Lee, George Orwell, Agatha Christie and Zora Neale Hurston, as well as global author brands including J.R.R. Tolkien, C.S. Lewis, Daniel Silva, Karin Slaughter and Dr. Martin Luther King, Jr. It is also home to many beloved children’s books and authors and a significant Christian publishing business. • News Media —The News Media segment consists primarily of News Corp Australia, News UK and the New York Post and includes, among other publications, The Australian, The Daily Telegraph, Herald Sun, The Courier Mail and The Advertiser in Australia and The Times, The Sunday Times, The Sun and The Sun on Sunday in the U.K. This segment also includes Wireless Group, operator of talkSPORT, the leading sports radio network in the U.K., and Storyful, a social media content agency. • Other —The Other segment consists primarily of general corporate overhead expenses, costs related to the U.K. Newspaper Matters and transformation costs associated with the Company’s ongoing cost reduction initiatives. Segment EBITDA is defined as revenues less operating expenses and selling, general and administrative expenses. Segment EBITDA does not include: depreciation and amortization, impairment and restructuring charges, equity losses of affiliates, interest (expense) income, net, other, net and income tax (expense) benefit. Segment EBITDA may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what items should be included in the calculation of Segment EBITDA. Segment EBITDA is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources within the Company’s businesses. Segment EBITDA provides management, investors and equity analysts with a measure to analyze the operating performance of each of the Company’s business segments and its enterprise value against historical data and competitors’ data, although historical results may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences). Segment information is summarized as follows: For the three months ended For the six months ended December 31, 2021 2020 2021 2020 (in millions) Revenues: Digital Real Estate Services $ 456 $ 339 $ 882 $ 629 Subscription Video Services 498 511 1,008 1,007 Dow Jones 508 446 952 832 Book Publishing 617 544 1,163 1,002 News Media 638 573 1,214 1,060 Other — 1 — 1 Total revenues $ 2,717 $ 2,414 $ 5,219 $ 4,531 Segment EBITDA: Digital Real Estate Services $ 178 $ 142 $ 316 $ 261 Subscription Video Services 86 124 200 202 Dow Jones 144 109 239 181 Book Publishing 107 104 192 175 News Media 111 66 145 44 Other (40) (48) (96) (98) Depreciation and amortization (168) (167) (333) (331) Impairment and restructuring charges (23) (23) (45) (63) Equity losses of affiliates (6) (3) (6) (4) Interest expense, net (21) (12) (43) (20) Other, net (7) 54 130 71 Income before income tax expense 361 346 699 418 Income tax expense (99) (85) (170) (110) Net income $ 262 $ 261 $ 529 $ 308 As of As of (in millions) Total assets: Digital Real Estate Services $ 3,050 $ 3,146 Subscription Video Services 3,334 3,515 Dow Jones 2,845 2,798 Book Publishing 2,837 2,713 News Media 2,106 2,209 Other (a) 1,843 2,039 Investments 505 351 Total assets $ 16,520 $ 16,771 (a) The Other segment primarily includes Cash and cash equivalents. As of As of (in millions) Goodwill and intangible assets, net: Digital Real Estate Services $ 1,827 $ 1,871 Subscription Video Services 1,506 1,612 Dow Jones 1,986 1,995 Book Publishing 1,017 1,046 News Media 303 308 Total Goodwill and intangible assets, net $ 6,639 $ 6,832

Additional Financial Informatio

Additional Financial Information	6 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Additional Financial Information	ADDITIONAL FINANCIAL INFORMATION Receivables, net Receivables are presented net of allowances, which reflect the Company’s expected credit losses based on historical experience as well as current and expected economic conditions. Receivables, net consist of: As of As of (in millions) Receivables $ 1,738 $ 1,569 Less: allowances (73) (71) Receivables, net $ 1,665 $ 1,498 Other Non-Current Assets The following table sets forth the components of Other non-current assets: As of As of (in millions) Royalty advances to authors $ 398 $ 406 Retirement benefit assets 134 120 Inventory (a) 262 279 News America Marketing deferred consideration 135 128 Other 456 514 Total Other non-current assets $ 1,385 $ 1,447 (a) Primarily consists of the non-current portion of programming rights. Other Current Liabilities The following table sets forth the components of Other current liabilities: As of As of (in millions) Royalties and commissions payable $ 234 $ 206 Current operating lease liabilities 143 143 Allowance for sales returns 210 190 Current tax payable 33 30 Other 380 504 Total Other current liabilities $ 1,000 $ 1,073 Other, net The following table sets forth the components of Other, net: For the three months ended December 31, For the six months ended December 31, 2021 2020 2021 2020 (in millions) Remeasurement of equity securities $ (9) $ 37 $ 19 $ 46 Dividends received from equity security investments 9 1 10 3 (Loss) gain on sale of businesses (a) (9) — 98 — Gain on remeasurement of previously-held interest (b) 3 7 3 7 Other (1) 9 — 15 Total Other, net $ (7) $ 54 $ 130 $ 71 (a) During the six months ended December 31, 2021, REA Group acquired an 18% interest in PropertyGuru in exchange for all shares of REA Group’s entities in Malaysia and Thailand. The Company recognized a gain of $107 million on the disposition of such entities. (b) Relates to the acquisition of Elara in the three and six months ended December 31, 2020. Supplemental Cash Flow Information The following table sets forth the Company’s cash paid for taxes and interest: For the six months ended December 31, 2021 2020 (in millions) Cash paid for interest $ 49 $ 28 Cash paid for taxes $ 92 $ 98

Subsequent Events

Subsequent Events	6 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSIn February 2022, the Company’s Board of Directors declared a semi-annual cash dividend of $0.10 per share for Class A Common Stock and Class B Common Stock. The dividend is payable on April 13, 2022 to stockholders of record as of March 16, 2022.

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements of the Company, which are referred to herein as the “Consolidated Financial Statements,” have been prepared in accordance with generally accepted accounting principles in the United States of America (“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 Consolidated Financial Statements. Operating results for the interim period presented are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2022. 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 could differ from those estimates. Intercompany transactions and balances have been eliminated. Equity investments in which the Company exercises significant influence but does not exercise control and is not the primary beneficiary are accounted for using the equity method. Investments in which the Company is not able to exercise significant influence over the investee are measured at fair value, if the fair value is readily determinable. If an investment’s fair value is not readily determinable, the Company will measure the investment at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The consolidated statements of operations are referred to herein as the “Statements of Operations.” The consolidated balance sheets are referred to herein as the “Balance Sheets.” The consolidated statements of cash flows are referred to herein as the “Statements of Cash Flows.” The accompanying 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, 2021 as filed with the Securities and Exchange Commission (the “SEC”) on August 10, 2021 (the “2021 Form 10-K”). The Company’s fiscal year ends on the Sunday closest to June 30. Fiscal 2022 and fiscal 2021 include 53 and 52 weeks, respectively. All references to the three and six months ended December 31, 2021 and 2020 relate to the three and six months ended December 26, 2021 and December 27, 2020, respectively. For convenience purposes, the Company continues to date its Consolidated Financial Statements as of December 31.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). The amendments in ASU 2019-12 remove certain exceptions to the general principles in Topic 740 and simplify other areas of Topic 740 including the accounting for and recognition of intraperiod tax allocation, deferred tax liabilities for outside basis differences for certain foreign subsidiaries, year-to-date losses in interim periods, deferred tax assets for goodwill in business combinations and franchise taxes in income tax expense. The Company adopted ASU 2019-12 on a prospective basis as of July 1, 2021 and the adoption did not have a material effect on the Company’s Consolidated Financial Statements. In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”). The amendments in ASU 2021-08 require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Accounting Standards Codification 606, “Revenue From Contracts with Customers.” The Company elected to early adopt ASU 2021-08 on a prospective basis during the second quarter of fiscal 2022 (which includes retroactive adoptions for any acquisitions in the current fiscal year). The adoption did not have a material effect on the Company’s Consolidated Financial Statements.

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Summary of Disaggregated Revenue by Type and Segment	The following tables present the Company’s disaggregated revenues by type and segment for the three and six months ended December 31, 2021 and 2020: For the three months ended December 31, 2021 Digital Real Subscription Dow Jones Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 3 $ 433 $ 356 $ — $ 280 $ — $ 1,072 Advertising 33 55 141 — 290 — 519 Consumer — — — 594 — — 594 Real estate 352 — — — — — 352 Other 68 10 11 23 68 — 180 Total Revenues $ 456 $ 498 $ 508 $ 617 $ 638 $ — $ 2,717 For the three months ended December 31, 2020 Digital Real Subscription Dow Jones Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 8 $ 446 $ 319 $ — $ 257 $ — $ 1,030 Advertising 30 55 115 — 248 — 448 Consumer — — — 523 — — 523 Real estate 281 — — — — — 281 Other 20 10 12 21 68 1 132 Total Revenues $ 339 $ 511 $ 446 $ 544 $ 573 $ 1 $ 2,414 For the six months ended December 31, 2021 Digital Real Subscription Dow Jones Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 6 $ 873 $ 705 $ — $ 565 $ — $ 2,149 Advertising 66 114 231 — 513 — 924 Consumer — — — 1,118 — — 1,118 Real estate 672 — — — — — 672 Other 138 21 16 45 136 — 356 Total Revenues $ 882 $ 1,008 $ 952 $ 1,163 $ 1,214 $ — $ 5,219 For the six months ended December 31, 2020 Digital Real Subscription Dow Jones Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 16 $ 883 $ 630 $ — $ 503 $ — $ 2,032 Advertising 58 105 185 — 432 — 780 Consumer — — — 964 — — 964 Real estate 516 — — — — — 516 Other 39 19 17 38 125 1 239 Total Revenues $ 629 $ 1,007 $ 832 $ 1,002 $ 1,060 $ 1 $ 4,531
Summary of Deferred Revenue from Contracts with Customers	The following table presents changes in the deferred revenue balance for the three and six months ended December 31, 2021 and 2020: For the three months ended For the six months ended 2021 2020 2021 2020 (in millions) Balance, beginning of period $ 467 $ 409 $ 473 $ 398 Deferral of revenue 859 755 1,674 1,462 Recognition of deferred revenue (a) (864) (779) (1,678) (1,480) Other — 15 (7) 20 Balance, end of period $ 462 $ 400 $ 462 $ 400 (a) For the three and six months ended December 31, 2021, the Company recognized $182 million and $372 million, respectively, of revenue which was included in the opening deferred revenue balance. For the three and six months ended December 31, 2020, the Company recognized $237 million and $331 million, respectively, of revenue which was included in the opening deferred revenue balance.

Restructuring Programs (Tables)

Restructuring Programs (Tables)	6 Months Ended
	Dec. 31, 2021
Restructuring and Related Activities [Abstract]
Schedule of Changes in Restructuring Program Liabilities	Changes in restructuring program liabilities were as follows: For the three months ended December 31, 2021 2020 One time Other costs Total One time Other costs Total (in millions) Balance, beginning of period $ 28 $ 37 $ 65 $ 34 $ 30 $ 64 Additions 19 4 23 16 7 23 Payments (24) (5) (29) (21) (3) (24) Other — — — 3 — 3 Balance, end of period $ 23 $ 36 $ 59 $ 32 $ 34 $ 66 For the six months ended December 31, 2021 2020 One time Other costs Total One time Other costs Total (in millions) Balance, beginning of period $ 51 $ 35 $ 86 $ 64 $ 9 $ 73 Additions 37 8 45 35 28 63 Payments (65) (7) (72) (69) (3) (72) Other — — — 2 — 2 Balance, end of period $ 23 $ 36 $ 59 $ 32 $ 34 $ 66

Investments (Tables)

Investments (Tables)	6 Months Ended
	Dec. 31, 2021
Schedule of Investments [Abstract]
Schedule of Investments	The Company’s investments were comprised of the following: Ownership Percentage as of December 31, 2021 As of As of (in millions) Equity method investments (a) various $ 215 $ 71 Equity securities (b) various 290 280 Total Investments $ 505 $ 351 (a) During the six months ended December 31, 2021, REA Group acquired an 18% interest (16.6% on a diluted basis) in PropertyGuru Pte. Ltd. (“PropertyGuru”), a leading digital property technology company operating marketplaces in Southeast Asia, in exchange for all shares of REA Group’s entities in Malaysia and Thailand. (b) Equity securities are primarily comprised of Tremor, certain investments in China and the Company’s investment in HT&E Limited, which operates a portfolio of Australian radio and outdoor media assets.
Schedule of Total Gains and Losses on Equity Securities	The components comprising total gains and losses on equity securities are set forth below: For the three months ended For the six months ended 2021 2020 2021 2020 (in millions) (in millions) Total (losses) gains recognized on equity securities $ (9) $ 33 $ 19 $ 42 Less: Net gains recognized on equity securities sold — — — — Unrealized (losses) gains recognized on equity securities held at end of period $ (9) $ 33 $ 19 $ 42

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Borrowings	The Company’s total borrowings consist of the following: Interest rate at December 31, 2021 Maturity at December 31, 2021 As of As of (in millions) News Corporation 2021 Senior notes 3.875 % May 15, 2029 $ 986 $ 985 Foxtel Group (a) 2019 Credit facility (b) 2.36 % May 31, 2024 217 232 2019 Term loan facility 6.25 % Nov 22, 2024 181 190 2017 Working capital facility (b) 2.36 % May 31, 2024 — — Telstra Facility 7.83 % Dec 22, 2027 79 60 2012 US private placement — USD portion — tranche 2 (c) 4.27 % Jul 25, 2022 203 202 2012 US private placement — USD portion — tranche 3 (c) 4.42 % Jul 25, 2024 152 152 2012 US private placement — AUD portion 7.04 % Jul 25, 2022 73 78 REA Group (a) 2021 Bridge facility — % Jul 31, 2022 — 314 2022 Credit facility — tranche 1 (d) 1.12 % Sep 16, 2024 289 — 2022 Credit facility — tranche 2 (d) 1.27 % Sep 16, 2025 8 — Finance lease and other liabilities 82 100 Total borrowings 2,270 2,313 Less: current portion (e) (302) (28) Long-term borrowings $ 1,968 $ 2,285 (a) These borrowings were incurred by certain subsidiaries of NXE Australia Pty Limited (the “Foxtel Group” and together with such subsidiaries, the “Foxtel Debt Group”) and REA Group and certain of its subsidiaries (REA Group and certain of its subsidiaries, the “REA Debt Group”), consolidated but non wholly-owned subsidiaries of News Corp, and are only guaranteed by the Foxtel Group and REA Group and their respective subsidiaries, as applicable, and are non-recourse to News Corp. (b) As of December 31, 2021, the Foxtel Debt Group had undrawn commitments of A$340 million available under these facilities. (c) The carrying values of the borrowings include any fair value adjustments related to the Company’s fair value hedges. See Note 8—Financial Instruments and Fair Value Measurements. (d) As of December 31, 2021, REA Group had total undrawn commitments of A$187 million available under the 2022 Credit Facility (as defined below). (e) The Company classifies the current portion of long term debt as non-current liabilities on the Balance Sheets when it has the intent and ability to refinance the obligation on a long-term basis, in accordance with ASC 470-50 “Debt.” $26 million and $28 million relates to the current portion of finance lease liabilities as of December 31, 2021 and June 30, 2021, respectively.

Equity (Tables)

Equity (Tables)	6 Months Ended
	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Summary of Changes in Equity	The following tables summarize changes in equity for the three and six months ended December 31, 2021 and 2020: For the three months ended December 31, 2021 Class A Common Class B Common Additional Accumulated Accumulated Total Non-controlling Total Shares Amount Shares Amount (in millions) Balance, September 30, 2021 393 $ 4 200 $ 2 $ 11,980 $ (2,715) $ (1,061) $ 8,210 $ 938 $ 9,148 Net income — — — — — 235 — 235 27 262 Other comprehensive loss — — — — — — (28) (28) — (28) Dividends — — — — — — — — — — Share repurchases (1) — (1) — (44) (2) — (46) — (46) Other — — — — 12 — — 12 (1) 11 Balance, December 31, 2021 392 $ 4 199 $ 2 $ 11,948 $ (2,482) $ (1,089) $ 8,383 $ 964 $ 9,347 For the three months ended December 31, 2020 Class A Common Class B Common Additional Accumulated Accumulated Total Non-controlling Total Shares Amount Shares Amount (in millions) Balance, September 30, 2020 391 $ 4 200 $ 2 $ 12,075 $ (3,207) $ (1,235) $ 7,639 $ 815 $ 8,454 Net income — — — — — 231 — 231 30 261 Other comprehensive income — — — — — — 245 245 63 308 Dividends — — — — — — — — (1) (1) Other — — — — 16 — — 16 36 52 Balance, December 31, 2020 391 $ 4 200 $ 2 $ 12,091 $ (2,976) $ (990) $ 8,131 $ 943 $ 9,074 For the six months ended December 31, 2021 Class A Common Class B Common Additional Accumulated Accumulated Total Non-controlling Total Shares Amount Shares Amount (in millions) Balance, June 30, 2021 391 $ 4 200 $ 2 $ 12,057 $ (2,911) $ (941) $ 8,211 $ 935 $ 9,146 Net income — — — — — 431 — 431 98 529 Other comprehensive loss — — — — — — (148) (148) (38) (186) Dividends — — — — (59) — — (59) (27) (86) Share repurchases (1) — (1) — (44) (2) — (46) — (46) Other 2 — — — (6) — — (6) (4) (10) Balance, December 31, 2021 392 $ 4 199 $ 2 $ 11,948 $ (2,482) $ (1,089) $ 8,383 $ 964 $ 9,347 For the six months ended December 31, 2020 Class A Class B Additional Accumulated Accumulated Total Non-controlling Total Shares Amount Shares Amount (in millions) Balance, June 30, 2020 389 $ 4 200 $ 2 $ 12,148 $ (3,241) $ (1,331) $ 7,582 $ 807 $ 8,389 Net income — — — — — 265 — 265 43 308 Other comprehensive income — — — — — — 341 341 80 421 Dividends — — — — (59) — — (59) (21) (80) Other 2 — — — 2 — — 2 34 36 Balance, December 31, 2020 391 $ 4 200 $ 2 $ 12,091 $ (2,976) $ (990) $ 8,131 $ 943 $ 9,074

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	6 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured At Fair Value on Recurring Basis	The following table summarizes those assets and liabilities measured at fair value on a recurring basis: As of December 31, 2021 As of June 30, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in millions) Assets: Foreign currency derivatives - cash flow hedges $ — $ 1 $ — $ 1 $ — $ — $ — $ — Interest rate derivatives - cash flow hedges — 3 — 3 — — — — Cross-currency interest rate derivatives - fair value hedges — 20 — 20 — 18 — 18 Cross-currency interest rate derivatives — 81 — 81 — 73 — 73 Equity securities (a) 187 — 103 290 164 — 116 280 Total assets $ 187 $ 105 $ 103 $ 395 $ 164 $ 91 $ 116 $ 371 Liabilities: Interest rate derivatives - cash flow hedges $ — $ 5 $ — $ 5 $ — $ 9 $ — $ 9 Cross-currency interest rate derivatives — 8 — 8 — 13 — 13 Total liabilities $ — $ 13 $ — $ 13 $ — $ 22 $ — $ 22 (a) See Note 5—Investments.
Summary of Equity Securities Classified as Level 3	A rollforward of the Company’s equity securities classified as Level 3 is as follows: For the six months ended 2021 2020 (in millions) Balance - beginning of period $ 116 $ 123 Additions 15 6 Returns of capital (33) (2) Measurement adjustments 28 21 Foreign exchange and other (a) (23) (31) Balance - end of period $ 103 $ 117 (a) During the six months ended December 31, 2021, the Company reclassified its investment in an equity security from Level 3 to Level 1 within the fair value hierarchy as the investment became publicly traded in the first quarter of fiscal 2022. During the three months ended December 31, 2020, the Company reclassified its investment in Tremor from Level 3 to Level 1 within the fair value hierarchy, as the sale restrictions were expected to lapse within 12 months.
Summary of Hedges Classified as Current or Non-Current in Balance Sheets Based on Maturity Dates	Derivatives are classified as current or non-current in the Balance Sheets based on their maturity dates. Refer to the table below for further details: Balance Sheet Location As of As of (in millions) Foreign currency derivatives - cash flow hedges Other current assets $ 1 $ — Cross currency interest rate derivatives - fair value hedges Other current assets 11 — Cross currency interest rate derivatives Other current assets 45 — Interest rate derivatives - cash flow hedges Other non-current assets 3 — Cross-currency interest rate derivatives - fair value hedges Other non-current assets 9 18 Cross-currency interest rate derivatives Other non-current assets 36 73 Interest rate derivatives - cash flow hedges Other current liabilities (5) (6) Cross-currency interest rate derivatives Other current liabilities (2) — Interest rate derivatives - cash flow hedges Other non-current liabilities — (3) Cross-currency interest rate derivatives Other non-current liabilities (6) (13)
Financial Instruments and Fair Value Measurements - Summary of Derivative Instruments Designated as Cash Flow Hedges	The following tables present the impact that changes in the fair values had on Accumulated other comprehensive loss and the Statements of Operations during the three and six months ended December 31, 2021 and 2020 for both derivatives designated as cash flow hedges that continue to be highly effective and derivatives initially designated as cash flow hedges but for which hedge accounting was discontinued as of December 31, 2020: Gain (loss) recognized in Accumulated Other Comprehensive Loss for the three months ended December 31, (Gain) loss reclassified from Accumulated Other Comprehensive Loss for the three months ended December 31, Income statement 2021 2020 2021 2020 (in millions) Foreign currency derivatives - cash flow hedges $ — $ — $ — $ (1) Operating expenses Cross-currency interest rate derivatives — — (1) — Interest expense, net Interest rate derivatives - cash flow hedges 4 (1) (1) 2 Interest expense, net Total $ 4 $ (1) $ (2) $ 1 Gain (loss) recognized in Accumulated Other Comprehensive Loss for the six months ended December 31, (Gain) loss reclassified from Accumulated Other Comprehensive Loss for the six months ended December 31, Income statement 2021 2020 2021 2020 (in millions) Foreign currency derivatives - cash flow hedges $ 1 $ — $ — $ (1) Operating expenses Cross-currency interest rate derivatives — (15) (2) 13 Interest expense, net Interest rate derivatives - cash flow hedges 6 (1) (2) 3 Interest expense, net Total $ 7 $ (16) $ (4) $ 15
Schedule of Fair Value Hedging Relationship By Balance Sheet	The following sets forth the effect of fair value hedging relationships on hedged items in the Balance Sheets as of December 31, 2021 and June 30, 2021: As of As of (in millions) Borrowings: Carrying amount of hedged item $ 71 $ 71 Cumulative hedging adjustments included in the carrying amount 3 5

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings per Share	The following tables set forth the computation of basic and diluted earnings (loss) per share under ASC 260, “Earnings per Share”: For the three months ended For the six months ended 2021 2020 2021 2020 (in millions, except per share amounts) Net income $ 262 $ 261 $ 529 $ 308 Less: Net income attributable to noncontrolling interests (27) (30) (98) (43) Net income attributable to News Corporation stockholders $ 235 $ 231 $ 431 $ 265 Weighted-average number of shares of common stock outstanding - basic 592.1 590.7 591.9 590.1 Dilutive effect of equity awards 2.6 1.9 2.7 1.6 Weighted-average number of shares of common stock outstanding - diluted 594.7 592.6 594.6 591.7 Net income attributable to News Corporation stockholders per share - basic $ 0.40 $ 0.39 $ 0.73 $ 0.45 Net income attributable to News Corporation stockholders per share -diluted $ 0.40 $ 0.39 $ 0.72 $ 0.45

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Reconciliation of Revenue and Segment EBITDA from Segments to Consolidated	Segment information is summarized as follows: For the three months ended For the six months ended December 31, 2021 2020 2021 2020 (in millions) Revenues: Digital Real Estate Services $ 456 $ 339 $ 882 $ 629 Subscription Video Services 498 511 1,008 1,007 Dow Jones 508 446 952 832 Book Publishing 617 544 1,163 1,002 News Media 638 573 1,214 1,060 Other — 1 — 1 Total revenues $ 2,717 $ 2,414 $ 5,219 $ 4,531 Segment EBITDA: Digital Real Estate Services $ 178 $ 142 $ 316 $ 261 Subscription Video Services 86 124 200 202 Dow Jones 144 109 239 181 Book Publishing 107 104 192 175 News Media 111 66 145 44 Other (40) (48) (96) (98) Depreciation and amortization (168) (167) (333) (331) Impairment and restructuring charges (23) (23) (45) (63) Equity losses of affiliates (6) (3) (6) (4) Interest expense, net (21) (12) (43) (20) Other, net (7) 54 130 71 Income before income tax expense 361 346 699 418 Income tax expense (99) (85) (170) (110) Net income $ 262 $ 261 $ 529 $ 308
Reconciliation of Assets from Segments to Consolidated	As of As of (in millions) Total assets: Digital Real Estate Services $ 3,050 $ 3,146 Subscription Video Services 3,334 3,515 Dow Jones 2,845 2,798 Book Publishing 2,837 2,713 News Media 2,106 2,209 Other (a) 1,843 2,039 Investments 505 351 Total assets $ 16,520 $ 16,771 (a) The Other segment primarily includes Cash and cash equivalents.
Reconciliation of Goodwill and Intangible Assets from Segments to Consolidated	As of As of (in millions) Goodwill and intangible assets, net: Digital Real Estate Services $ 1,827 $ 1,871 Subscription Video Services 1,506 1,612 Dow Jones 1,986 1,995 Book Publishing 1,017 1,046 News Media 303 308 Total Goodwill and intangible assets, net $ 6,639 $ 6,832

Additional Financial Informat_2

Additional Financial Information (Tables)	6 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Components of Receivables, Net	Receivables, net consist of: As of As of (in millions) Receivables $ 1,738 $ 1,569 Less: allowances (73) (71) Receivables, net $ 1,665 $ 1,498
Components of Other Non-Current Assets	The following table sets forth the components of Other non-current assets: As of As of (in millions) Royalty advances to authors $ 398 $ 406 Retirement benefit assets 134 120 Inventory (a) 262 279 News America Marketing deferred consideration 135 128 Other 456 514 Total Other non-current assets $ 1,385 $ 1,447
Components of Other Current Liabilities	The following table sets forth the components of Other current liabilities: As of As of (in millions) Royalties and commissions payable $ 234 $ 206 Current operating lease liabilities 143 143 Allowance for sales returns 210 190 Current tax payable 33 30 Other 380 504 Total Other current liabilities $ 1,000 $ 1,073
Components of Other, Net	The following table sets forth the components of Other, net: For the three months ended December 31, For the six months ended December 31, 2021 2020 2021 2020 (in millions) Remeasurement of equity securities $ (9) $ 37 $ 19 $ 46 Dividends received from equity security investments 9 1 10 3 (Loss) gain on sale of businesses (a) (9) — 98 — Gain on remeasurement of previously-held interest (b) 3 7 3 7 Other (1) 9 — 15 Total Other, net $ (7) $ 54 $ 130 $ 71 (a) During the six months ended December 31, 2021, REA Group acquired an 18% interest in PropertyGuru in exchange for all shares of REA Group’s entities in Malaysia and Thailand. The Company recognized a gain of $107 million on the disposition of such entities. (b) Relates to the acquisition of Elara in the three and six months ended December 31, 2020.
Summary of Supplemental Cash Flow Information	The following table sets forth the Company’s cash paid for taxes and interest: For the six months ended December 31, 2021 2020 (in millions) Cash paid for interest $ 49 $ 28 Cash paid for taxes $ 92 $ 98

Revenues - Summary of Disaggreg

Revenues - Summary of Disaggregated Revenue by Type and by Segment (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 2,717	$ 2,414	$ 5,219	$ 4,531
Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	1,072	1,030	2,149	2,032
Advertising
Disaggregation of Revenue [Line Items]
Revenues	519	448	924	780
Consumer
Disaggregation of Revenue [Line Items]
Revenues	594	523	1,118	964
Real estate
Disaggregation of Revenue [Line Items]
Revenues	352	281	672	516
Other
Disaggregation of Revenue [Line Items]
Revenues	180	132	356	239
Digital Real Estate Services
Disaggregation of Revenue [Line Items]
Revenues	456	339	882	629
Digital Real Estate Services | Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	3	8	6	16
Digital Real Estate Services | Advertising
Disaggregation of Revenue [Line Items]
Revenues	33	30	66	58
Digital Real Estate Services | Consumer
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Digital Real Estate Services | Real estate
Disaggregation of Revenue [Line Items]
Revenues	352	281	672	516
Digital Real Estate Services | Other
Disaggregation of Revenue [Line Items]
Revenues	68	20	138	39
Subscription Video Services
Disaggregation of Revenue [Line Items]
Revenues	498	511	1,008	1,007
Subscription Video Services | Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	433	446	873	883
Subscription Video Services | Advertising
Disaggregation of Revenue [Line Items]
Revenues	55	55	114	105
Subscription Video Services | Consumer
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Subscription Video Services | Real estate
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Subscription Video Services | Other
Disaggregation of Revenue [Line Items]
Revenues	10	10	21	19
Dow Jones
Disaggregation of Revenue [Line Items]
Revenues	508	446	952	832
Dow Jones | Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	356	319	705	630
Dow Jones | Advertising
Disaggregation of Revenue [Line Items]
Revenues	141	115	231	185
Dow Jones | Consumer
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Dow Jones | Real estate
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Dow Jones | Other
Disaggregation of Revenue [Line Items]
Revenues	11	12	16	17
Book Publishing
Disaggregation of Revenue [Line Items]
Revenues	617	544	1,163	1,002
Book Publishing | Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Book Publishing | Advertising
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Book Publishing | Consumer
Disaggregation of Revenue [Line Items]
Revenues	594	523	1,118	964
Book Publishing | Real estate
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Book Publishing | Other
Disaggregation of Revenue [Line Items]
Revenues	23	21	45	38
News Media
Disaggregation of Revenue [Line Items]
Revenues	638	573	1,214	1,060
News Media | Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	280	257	565	503
News Media | Advertising
Disaggregation of Revenue [Line Items]
Revenues	290	248	513	432
News Media | Consumer
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
News Media | Real estate
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
News Media | Other
Disaggregation of Revenue [Line Items]
Revenues	68	68	136	125
Other
Disaggregation of Revenue [Line Items]
Revenues	0	1	0	1
Other | Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Other | Advertising
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Other | Consumer
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Other | Real estate
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Other | Other
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 1	$ 0	$ 1

Revenues - Summary of Deferred

Revenues - Summary of Deferred Revenue from Contract with Customers (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Contract with Customer, Liability [Roll Forward]
Balance, beginning of period	$ 467	$ 409	$ 473	$ 398
Deferral of revenue	859	755	1,674	1,462
Recognition of deferred revenue	(864)	(779)	(1,678)	(1,480)
Other	0	15	(7)	20
Balance, end of period	462	400	462	400
Deferred Revenue
Contract with Customer, Liability [Roll Forward]
Deferred revenue recognized	$ 182	$ 237	$ 372	$ 331

Revenues - Revenue Remaining Pe

Revenues - Revenue Remaining Performance Obligation (Details) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Performance obligation satisfied in previous period	$ 88	$ 189
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	1,005	1,005
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 186	$ 186
Expected timing of satisfaction	6 months	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 308	$ 308
Expected timing of satisfaction	1 year	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 225	$ 225
Expected timing of satisfaction	1 year	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) $ in Millions, $ in Millions	1 Months Ended				6 Months Ended
	Jul. 31, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2021AUD ($)	May 31, 2021USD ($)	Jun. 30, 2022USD ($)	Dec. 31, 2021USD ($)	Jun. 30, 2021AUD ($)
Schedule Of Business Acquisitions And Divestitures [Line Items]
Goodwill		$ 4,653				$ 4,557
Oil Price Information Services
Schedule Of Business Acquisitions And Divestitures [Line Items]
Consideration transferred	$ 1,150
HMH Books and Media
Schedule Of Business Acquisitions And Divestitures [Line Items]
Identifiable intangible assets				$ 141
Goodwill				126
Cash payments to acquire additional interests				349
Business combination purchase price allocation, receivables				82
HMH Books and Media | Backlist Titles
Schedule Of Business Acquisitions And Divestitures [Line Items]
Acquired finite-lived intangibles				$ 104
Weighted average useful life				9 years
HMH Books and Media | Publishing Licenses
Schedule Of Business Acquisitions And Divestitures [Line Items]
Acquired finite-lived intangibles				$ 32
Weighted average useful life				9 years
Mortgage Choice Limited | REA Group
Schedule Of Business Acquisitions And Divestitures [Line Items]
Identifiable intangible assets		56					$ 74
Indefinite-lived intangible assets		8					11
Goodwill		72					95
Cash payments to acquire additional interests		183	$ 244
Net assets acquired		57					75
Mortgage Choice Limited | Franchise Rights | REA Group
Schedule Of Business Acquisitions And Divestitures [Line Items]
Acquired finite-lived intangibles		$ 35					46
Weighted average useful life		17 years	17 years
Mortgage Choice Limited | Computer Software, Intangible Asset | REA Group
Schedule Of Business Acquisitions And Divestitures [Line Items]
Acquired finite-lived intangibles		$ 13					$ 17
Mortgage Choice Limited | Computer Software, Intangible Asset | REA Group | Minimum
Schedule Of Business Acquisitions And Divestitures [Line Items]
Weighted average useful life		1 year	1 year
Mortgage Choice Limited | Computer Software, Intangible Asset | REA Group | Maximum
Schedule Of Business Acquisitions And Divestitures [Line Items]
Weighted average useful life		5 years	5 years
Investor's Business Daily
Schedule Of Business Acquisitions And Divestitures [Line Items]
Consideration transferred				$ 275
Deferred revenue				16
Identifiable intangible assets				123
Indefinite-lived intangible assets				51
Goodwill				166
Investor's Business Daily | Subscriber Relationships
Schedule Of Business Acquisitions And Divestitures [Line Items]
Acquired finite-lived intangibles				$ 43
Weighted average useful life				7 years
Investor's Business Daily | Technology
Schedule Of Business Acquisitions And Divestitures [Line Items]
Acquired finite-lived intangibles				$ 20
Weighted average useful life				7 years
Base Chemicals | Forecast
Schedule Of Business Acquisitions And Divestitures [Line Items]
Cash payments to acquire additional interests					$ 295

Restructuring Programs - Additi

Restructuring Programs - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Additions	$ 23	$ 23	$ 45	$ 63
News Media
Restructuring Cost and Reserve [Line Items]
Additions	12	$ 12	24	$ 43
Other Current Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring liabilities, current	31		31
Other Noncurrent Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring liabilities, non-current	$ 28		$ 28

Restructuring Programs - Schedu

Restructuring Programs - Schedule of Changes in Restructuring Program Liabilities (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Restructuring Reserve [Roll Forward]
Balance, beginning of period	$ 65	$ 64	$ 86	$ 73
Additions	23	23	45	63
Payments	(29)	(24)	(72)	(72)
Other	0	3	0	2
Balance, end of period	59	66	59	66
One time employee termination benefits
Restructuring Reserve [Roll Forward]
Balance, beginning of period	28	34	51	64
Additions	19	16	37	35
Payments	(24)	(21)	(65)	(69)
Other	0	3	0	2
Balance, end of period	23	32	23	32
Other costs
Restructuring Reserve [Roll Forward]
Balance, beginning of period	37	30	35	9
Additions	4	7	8	28
Payments	(5)	(3)	(7)	(3)
Other	0	0	0	0
Balance, end of period	$ 36	$ 34	$ 36	$ 34

Investments - Schedule of Inves

Investments - Schedule of Investments (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Jun. 30, 2021
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 215	$ 71
Equity securities	290	280
Total Investments	$ 505	$ 351
PropertyGuru Pte. Ltd. | REA Group
Schedule of Equity Method Investments [Line Items]
Ownership percentage	18.00%
Equity method investment, diluted ownership percentage	16.60%

Investments - Schedule of Total

Investments - Schedule of Total Gains and Losses on Equity Securities (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Schedule of Investments [Abstract]
Total (losses) gains recognized on equity securities	$ (9)	$ 33	$ 19	$ 42
Less: Net gains recognized on equity securities sold	0	0	0	0
Unrealized (losses) gains recognized on equity securities held at end of period	$ (9)	$ 33	$ 19	$ 42

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Schedule of Investments [Abstract]
Equity losses of affiliates	$ 6	$ 3	$ 6	$ 4

Borrowings - Schedule of Borrow

Borrowings - Schedule of Borrowings (Detail) $ in Millions, $ in Millions	Dec. 31, 2021USD ($)	Dec. 31, 2021AUD ($)	Jun. 30, 2021USD ($)
Debt and Financial Instruments [Line Items]
Total borrowings	$ 2,270		$ 2,313
Finance lease and other liabilities	82		100
Less: current portion	(302)		(28)
Long-term borrowings	1,968		2,285
Finance lease liabilities, current	26		28
Credit facility 2019 | Foxtel
Debt and Financial Instruments [Line Items]
Total borrowings	$ 217		232
Interest rate	2.36%	2.36%
Term loan facility 2019 | Foxtel
Debt and Financial Instruments [Line Items]
Total borrowings	$ 181		190
Interest rate	6.25%	6.25%
Working Capital Facility 2017 | Foxtel
Debt and Financial Instruments [Line Items]
Debt instrument unused borrowing capacity		$ 340
Working Capital Facility 2017 | New Foxtel
Debt and Financial Instruments [Line Items]
Total borrowings	$ 0		0
Interest rate	2.36%	2.36%
Telstra Facility | Foxtel
Debt and Financial Instruments [Line Items]
Total borrowings	$ 79		60
Interest rate	7.83%	7.83%
US Private Placement 2012 - USD Portion -Tranche 2 | New Foxtel
Debt and Financial Instruments [Line Items]
Total borrowings	$ 203		202
Interest rate	4.27%	4.27%
US Private Placement 2012 - USD Portion -Tranche 3 | New Foxtel
Debt and Financial Instruments [Line Items]
Total borrowings	$ 152		152
Interest rate	4.42%	4.42%
US Private Placement 2012 - AUD Portion | New Foxtel
Debt and Financial Instruments [Line Items]
Total borrowings	$ 73		78
Interest rate	7.04%	7.04%
Bridge Facility 2021 | REA Group
Debt and Financial Instruments [Line Items]
Total borrowings	$ 0		314
Interest rate	0.00%	0.00%
2022 Credit Facility | REA Group
Debt and Financial Instruments [Line Items]
Debt instrument unused borrowing capacity		$ 187
2022 Credit facility — tranche 1 | REA Group
Debt and Financial Instruments [Line Items]
Total borrowings	$ 289		0
Interest rate	1.12%	1.12%
2022 Credit facility — tranche 2 | REA Group
Debt and Financial Instruments [Line Items]
Total borrowings	$ 8		0
Interest rate	1.27%	1.27%
2021 Senior notes
Debt and Financial Instruments [Line Items]
Total borrowings	$ 986		$ 985
Interest rate	3.875%	3.875%

Borrowings - Narrative (Details

Borrowings - Narrative (Details) $ in Millions, $ in Millions	3 Months Ended
	Dec. 31, 2021USD ($)facility	Dec. 31, 2021AUD ($)facility
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	$ 750
REA Group | Maximum
Debt Instrument [Line Items]
Unused capacity commitment fee percentage	40.00%
2022 Credit Facilities | REA Group
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		$ 600
Number of sub facilities | facility	2	2
Increase to maximum borrowing capacity		$ 500
Operating income leverage ratio	350.00%
Interest coverage ratio	300.00%
2022 Credit facility — tranche 1 | REA Group
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		400
Debt instrument term	3 years
2022 Credit facility — tranche 1 | Australian BBSY | REA Group | Maximum
Debt Instrument [Line Items]
Interest rate margin	2.10%
2022 Credit facility — tranche 1 | Australian BBSY | REA Group | Minimum
Debt Instrument [Line Items]
Interest rate margin	1.00%
2022 Credit facility — tranche 2 | REA Group
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		$ 200
Debt instrument term	4 years
2022 Credit facility — tranche 2 | Australian BBSY | REA Group | Maximum
Debt Instrument [Line Items]
Interest rate margin	2.25%
2022 Credit facility — tranche 2 | Australian BBSY | REA Group | Minimum
Debt Instrument [Line Items]
Interest rate margin	1.15%

Equity - Summary of Changes in

Equity - Summary of Changes in Equity (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Beginning balance	$ 9,148	$ 8,454	$ 9,146	$ 8,389
Net income	262	261	529	308
Other comprehensive loss	(28)	308	(186)	421
Dividends	0	(1)	(86)	(80)
Share repurchases	(46)		(46)
Other	11	52	(10)	36
Ending balance	$ 9,347	9,074	$ 9,347	9,074
Class A Common Stock
Class of Stock [Line Items]
Beginning balance, shares			391,212,047
Share repurchases (in shares)	(1,400,000)		(1,400,000)
Ending balance, shares	391,879,191		391,879,191
Class B Common Stock
Class of Stock [Line Items]
Beginning balance, shares			199,630,240
Share repurchases (in shares)	(700,000)		(700,000)
Ending balance, shares	198,985,085		198,985,085
Common Stock | Class A Common Stock
Class of Stock [Line Items]
Beginning balance	$ 4	$ 4	$ 4	$ 4
Beginning balance, shares	393,000,000	391,000,000	391,000,000	389,000,000
Share repurchases (in shares)	(1,000,000)		(1,000,000)
Other, shares	0	0	2,000,000	2,000,000
Ending balance	$ 4	$ 4	$ 4	$ 4
Ending balance, shares	392,000,000	391,000,000	392,000,000	391,000,000
Common Stock | Class B Common Stock
Class of Stock [Line Items]
Beginning balance	$ 2	$ 2	$ 2	$ 2
Beginning balance, shares	200,000,000	200,000,000	200,000,000	200,000,000
Share repurchases (in shares)	(1,000,000)		(1,000,000)
Ending balance	$ 2	$ 2	$ 2	$ 2
Ending balance, shares	199,000,000	200,000,000	199,000,000	200,000,000
Additional Paid-in Capital
Class of Stock [Line Items]
Beginning balance	$ 11,980	$ 12,075	$ 12,057	$ 12,148
Dividends	0	0	(59)	(59)
Share repurchases	(44)		(44)
Other	12	16	(6)	2
Ending balance	11,948	12,091	11,948	12,091
Accumulated Deficit
Class of Stock [Line Items]
Beginning balance	(2,715)	(3,207)	(2,911)	(3,241)
Net income	235	231	431	265
Share repurchases	(2)		(2)
Ending balance	(2,482)	(2,976)	(2,482)	(2,976)
Accumulated Other Comprehensive Loss
Class of Stock [Line Items]
Beginning balance	(1,061)	(1,235)	(941)	(1,331)
Other comprehensive loss	(28)	245	(148)	341
Ending balance	(1,089)	(990)	(1,089)	(990)
Total News Corp Equity
Class of Stock [Line Items]
Beginning balance	8,210	7,639	8,211	7,582
Net income	235	231	431	265
Other comprehensive loss	(28)	245	(148)	341
Dividends	0	0	(59)	(59)
Share repurchases	(46)		(46)
Other	12	16	(6)	2
Ending balance	8,383	8,131	8,383	8,131
Non-controlling Interests
Class of Stock [Line Items]
Beginning balance	938	815	935	807
Net income	27	30	98	43
Other comprehensive loss	0	63	(38)	80
Dividends	0	(1)	(27)	(21)
Other	(1)	36	(4)	34
Ending balance	$ 964	$ 943	$ 964	$ 943

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Aug. 31, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Sep. 22, 2021	Sep. 21, 2021	May 31, 2013
Class of Stock [Line Items]
Majority shareholder ownership percentage						44.00%
Class A Common Stock
Class of Stock [Line Items]
Stock repurchase program authorized amount					$ 1,000,000,000		$ 500,000,000
Remaining authorized repurchase amount		$ 954,000,000	$ 954,000,000
Stock repurchased and retired (in shares)		1,400,000	1,400,000
Stock repurchased and retired		$ 31,000,000	$ 31,000,000
Shares repurchased during period (in shares)			0	0
Cash dividends declared per share of common stock (in usd per share)	$ 0.10
Class B Common Stock
Class of Stock [Line Items]
Stock repurchased and retired (in shares)		700,000	700,000
Stock repurchased and retired		$ 15,000,000	$ 15,000,000
Shares repurchased during period (in shares)			0	0
Ownership agreement, majority shareholder increase in voting power						1.75%
Cash dividends declared per share of common stock (in usd per share)	$ 0.10
Class B Common Stock | Maximum
Class of Stock [Line Items]
Majority shareholder ownership percentage						44.00%

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Summary of Assets and Liabilities Measured At Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Jun. 30, 2021
Assets:
Equity securities	$ 290	$ 280
Fair Value, Recurring
Assets:
Equity securities	290	280
Total assets	395	371
Liabilities:
Total liabilities	13	22
Fair Value, Recurring | Foreign currency derivatives | Cash Flow Hedging
Assets:
Derivative assets	1	0
Fair Value, Recurring | Interest rate derivatives | Cash Flow Hedging
Assets:
Derivative assets	3	0
Liabilities:
Derivative liabilities	5	9
Fair Value, Recurring | Cross currency interest rate derivatives
Assets:
Derivative assets	81	73
Liabilities:
Derivative liabilities	8	13
Fair Value, Recurring | Cross currency interest rate derivatives | Fair Value Hedging
Assets:
Derivative assets	20	18
Fair Value, Recurring | Level 1
Assets:
Equity securities	187	164
Total assets	187	164
Liabilities:
Total liabilities	0	0
Fair Value, Recurring | Level 1 | Foreign currency derivatives | Cash Flow Hedging
Assets:
Derivative assets	0	0
Fair Value, Recurring | Level 1 | Interest rate derivatives | Cash Flow Hedging
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	0	0
Fair Value, Recurring | Level 1 | Cross currency interest rate derivatives
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	0	0
Fair Value, Recurring | Level 1 | Cross currency interest rate derivatives | Fair Value Hedging
Assets:
Derivative assets	0	0
Fair Value, Recurring | Level 2
Assets:
Equity securities	0	0
Total assets	105	91
Liabilities:
Total liabilities	13	22
Fair Value, Recurring | Level 2 | Foreign currency derivatives | Cash Flow Hedging
Assets:
Derivative assets	1	0
Fair Value, Recurring | Level 2 | Interest rate derivatives | Cash Flow Hedging
Assets:
Derivative assets	3	0
Liabilities:
Derivative liabilities	5	9
Fair Value, Recurring | Level 2 | Cross currency interest rate derivatives
Assets:
Derivative assets	81	73
Liabilities:
Derivative liabilities	8	13
Fair Value, Recurring | Level 2 | Cross currency interest rate derivatives | Fair Value Hedging
Assets:
Derivative assets	20	18
Fair Value, Recurring | Level 3
Assets:
Equity securities	103	116
Total assets	103	116
Liabilities:
Total liabilities	0	0
Fair Value, Recurring | Level 3 | Foreign currency derivatives | Cash Flow Hedging
Assets:
Derivative assets	0	0
Fair Value, Recurring | Level 3 | Interest rate derivatives | Cash Flow Hedging
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	0	0
Fair Value, Recurring | Level 3 | Cross currency interest rate derivatives
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	0	0
Fair Value, Recurring | Level 3 | Cross currency interest rate derivatives | Fair Value Hedging
Assets:
Derivative assets	$ 0	$ 0

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Summary of Equity Securities Classified as Level 3 (Detail) - Equity Securities - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - beginning of period	$ 116	$ 123
Additions	15	6
Returns of capital	(33)	(2)
Measurement adjustments	28	21
Foreign exchange and other	(23)	(31)
Balance - end of period	$ 103	$ 117

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurements - Summary of Hedges Classified as Current or Non-Current in Balance Sheets Based on Maturity Dates (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Jun. 30, 2021
Foreign currency derivatives | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, reported under other current assets	$ 1	$ 0
Cross currency interest rate derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, reported under other current assets	45	0
Derivatives, reported under other non-current assets	36	73
Derivatives, reported under other current liabilities	(2)	0
Derivatives, reported under other non-current liabilities	(6)	(13)
Cross currency interest rate derivatives | Fair Value Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, reported under other current assets	11	0
Derivatives, reported under other non-current assets	9	18
Interest rate derivatives | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, reported under other non-current assets	3	0
Derivatives, reported under other current liabilities	(5)	(6)
Derivatives, reported under other non-current liabilities	$ 0	$ (3)

Financial Instruments and Fai_6

Financial Instruments and Fair Value Measurements - Summary of Derivative Instruments Designated as Cash Flow Hedges (Detail) - Cash Flow Hedging - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) recognized in Accumulated Other Comprehensive Loss	$ 4	$ (1)	$ 7	$ (16)
(Gain) loss reclassified from Accumulated Other Comprehensive Loss	(2)	1	(4)	15
Foreign currency derivatives | Operating expenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) recognized in Accumulated Other Comprehensive Loss	0	0	1	0
(Gain) loss reclassified from Accumulated Other Comprehensive Loss	0	(1)	0	(1)
Cross currency interest rate derivatives | Interest expense, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) recognized in Accumulated Other Comprehensive Loss	0	0	0	(15)
(Gain) loss reclassified from Accumulated Other Comprehensive Loss	(1)	0	(2)	13
Interest rate derivatives | Interest expense, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) recognized in Accumulated Other Comprehensive Loss	4	(1)	6	(1)
(Gain) loss reclassified from Accumulated Other Comprehensive Loss	$ (1)	$ 2	$ (2)	$ 3

Financial Instruments and Fai_7

Financial Instruments and Fair Value Measurements - Schedule of Fair Value Hedging Relationship By Balance Sheet (Detail) - Borrowings - USD ($) $ in Millions	Dec. 31, 2021	Jun. 30, 2021
Carrying amount of hedged item	$ 71	$ 71
Cumulative hedging adjustments included in the carrying amount	$ 3	$ 5

Financial Instruments and Fai_8

Financial Instruments and Fair Value Measurements - Additional Information (Detail) $ in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2021AUD ($)
Foreign Exchange Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimates of net derivative gain (loss) related to cash flow hedges included in Accumulated other comprehensive loss	$ 0		$ 0
Cross currency interest rate derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional value of derivative	280		280
Estimates of net derivative gain (loss) related to cash flow hedges included in Accumulated other comprehensive loss	3		3
Cross currency interest rate derivatives | Other , net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) from discontinued cash flow hedges	8	$ (2)	17	$ (2)
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimates of net derivative gain (loss) related to cash flow hedges included in Accumulated other comprehensive loss	(3)		(3)
Cash Flow Hedging | Foreign Exchange Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional value of derivative	28		$ 28
Cash Flow Hedging | Foreign Exchange Contract | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term of contract			1 year
Cash Flow Hedging | Interest Rate Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional value of derivative					$ 550
Fair Value Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional value of derivative	70		$ 70
Fair Value Hedging | Accounting Standards Update 2017-12
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Adjustments increased the carrying value of long-term debt	0		0
Amount recognized in earnings for ineffective portion of derivative instruments designated as cash flow hedges	$ 0	$ 0	$ 1	$ 1

Earnings (Loss) Per Share - Com

Earnings (Loss) Per Share - Computation of Basic And Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income	$ 262	$ 261	$ 529	$ 308
Less: Net income attributable to noncontrolling interests	(27)	(30)	(98)	(43)
Net income attributable to News Corporation stockholders	$ 235	$ 231	$ 431	$ 265
Weighted-average number of shares of common stock outstanding - basic (in shares)	592.1	590.7	591.9	590.1
Dilutive effect of equity awards (in shares)	2.6	1.9	2.7	1.6
Weighted-average number of shares of common stock outstanding - diluted	594.7	592.6	594.6	591.7
Net income attributable to News Corporation stockholders per share - basic (in dollars per share)	$ 0.40	$ 0.39	$ 0.73	$ 0.45
Net income attributable to News Corporation stockholders per share - diluted (in dollars per share)	$ 0.40	$ 0.39	$ 0.72	$ 0.45

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
Loss Contingencies [Line Items]
Other current assets	$ 502		$ 502		$ 469
U.K. Newspaper Matters
Loss Contingencies [Line Items]
Selling, general and administrative expenses, net	4	$ 3	6	$ 5
Litigation liability accrued	46		46
U.K. Newspaper Matters Indemnification | 21st Century Fox
Loss Contingencies [Line Items]
Other current assets	$ 59		$ 59

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Income tax expense	$ 99	$ 85	$ 170	$ 110
Income before income tax benefit (loss)	$ 361	$ 346	699	418
Gross income tax paid			92	98
Income tax refunds			$ 1	$ 9
PropertyGuru Pte. Ltd. | REA Group
Schedule of Equity Method Investments [Line Items]
Ownership percentage	18.00%		18.00%

Segment Information - Additiona

Segment Information - Additional Information (Detail)	6 Months Ended
	Dec. 31, 2021segmentchannelbrandcountry
Segment Reporting Information [Line Items]
Number of reportable segments | segment	6
Digital Real Estate Services | Move
Segment Reporting Information [Line Items]
Company ownership percentage	80.00%
Digital Real Estate Services | Move | REA Group
Segment Reporting Information [Line Items]
Ownership interest held by minority interest	20.00%
Digital Real Estate Services | REA Group
Segment Reporting Information [Line Items]
Company ownership percentage	61.40%
Book Publishing | Minimum
Segment Reporting Information [Line Items]
Number of countries | country	17
Number of branded publishing imprints | brand	120
Subscription Video Services | Foxtel
Segment Reporting Information [Line Items]
Company ownership percentage	65.00%
Subscription Video Services | Foxtel | Telstra
Segment Reporting Information [Line Items]
Ownership interest held by minority interest	35.00%
Subscription Video Services | Minimum | Foxtel
Segment Reporting Information [Line Items]
Number of channels | channel	200

Segment Information - Reconcili

Segment Information - Reconciliation of Revenue and Segment EBITDA from Segments to Consolidated (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 2,717	$ 2,414	$ 5,219	$ 4,531
Depreciation and amortization	(168)	(167)	(333)	(331)
Impairment and restructuring charges	(23)	(23)	(45)	(63)
Equity losses of affiliates	(6)	(3)	(6)	(4)
Interest expense, net	(21)	(12)	(43)	(20)
Other, net	(7)	54	130	71
Income before income tax expense	361	346	699	418
Income tax expense	(99)	(85)	(170)	(110)
Net income	262	261	529	308
Digital Real Estate Services
Segment Reporting Information [Line Items]
Revenues	456	339	882	629
Total Segment EBITDA	178	142	316	261
Subscription Video Services
Segment Reporting Information [Line Items]
Revenues	498	511	1,008	1,007
Total Segment EBITDA	86	124	200	202
Dow Jones
Segment Reporting Information [Line Items]
Revenues	508	446	952	832
Total Segment EBITDA	144	109	239	181
Book Publishing
Segment Reporting Information [Line Items]
Revenues	617	544	1,163	1,002
Total Segment EBITDA	107	104	192	175
News Media
Segment Reporting Information [Line Items]
Revenues	638	573	1,214	1,060
Total Segment EBITDA	111	66	145	44
Other
Segment Reporting Information [Line Items]
Revenues	0	1	0	1
Total Segment EBITDA	$ (40)	$ (48)	$ (96)	$ (98)

Segment Information - Reconci_2

Segment Information - Reconciliation of Assets from Segments to Consolidated (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Jun. 30, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Investments	$ 505	$ 351
Total assets	16,520	16,771
Digital Real Estate Services
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	3,050	3,146
Subscription Video Services
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	3,334	3,515
Dow Jones
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,845	2,798
Book Publishing
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,837	2,713
News Media
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,106	2,209
Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 1,843	$ 2,039

Segment Information - Reconci_3

Segment Information - Reconciliation of Goodwill and Intangible Assets from Segments to Consolidated (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Jun. 30, 2021
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	$ 6,639	$ 6,832
Digital Real Estate Services
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	1,827	1,871
Subscription Video Services
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	1,506	1,612
Dow Jones
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	1,986	1,995
Book Publishing
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	1,017	1,046
News Media
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	$ 303	$ 308

Additional Financial Informat_3

Additional Financial Information - Components of Receivables, Net (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Jun. 30, 2021
Receivables [Abstract]
Receivables	$ 1,738	$ 1,569
Less: allowances	(73)	(71)
Receivables, net	$ 1,665	$ 1,498

Additional Financial Informat_4

Additional Financial Information - Components of Other Non-Current Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Jun. 30, 2021
Assets, Noncurrent [Abstract]
Royalty advances to authors	$ 398	$ 406
Retirement benefit assets	134	120
Inventory	262	279
News America Marketing deferred consideration	135	128
Other	456	514
Total Other non-current assets	$ 1,385	$ 1,447

Additional Financial Informat_5

Additional Financial Information - Components of Other Current Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Jun. 30, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Other current liabilities	$ 1,000	$ 1,073
Other Current Liabilities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Royalties and commissions payable	234	206
Current operating lease liabilities	143	143
Allowance for sales returns	210	190
Current tax payable	33	30
Other	380	504
Total Other current liabilities	$ 1,000	$ 1,073

Additional Financial Informat_6

Additional Financial Information - Components of Other, Net Included in Statement of Operations (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Other Income and Expenses [Line Items]
Remeasurement of equity securities	$ (9)	$ 33	$ 19	$ 42
Total Other, net	$ (7)	54	130	71
PropertyGuru Pte. Ltd. | REA Group
Other Income and Expenses [Line Items]
(Loss) gain on sale of businesses			$ 107
Ownership percentage	18.00%		18.00%
Nonoperating Income (Expense)
Other Income and Expenses [Line Items]
Remeasurement of equity securities	$ (9)	37	$ 19	46
Dividends received from equity security investments	9	1	10	3
(Loss) gain on sale of businesses	(9)	0	98	0
Gain on remeasurement of previously-held interest	3	7	3	7
Other	(1)	9	0	15
Total Other, net	$ (7)	$ 54	$ 130	$ 71

Additional Financial Informat_7

Additional Financial Information - Summary of Supplemental Cash Flow Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Information [Abstract]
Cash paid for interest	$ 49	$ 28
Cash paid for taxes	$ 92	$ 98

Subsequent Events- Additional I

Subsequent Events- Additional Information (Detail) - $ / shares	Feb. 04, 2022	Aug. 31, 2021
Class A Common Stock
Subsequent Event [Line Items]
Cash dividends declared per share of common stock (in usd per share)		$ 0.10
Class B Common Stock
Subsequent Event [Line Items]
Cash dividends declared per share of common stock (in usd per share)		$ 0.10
Subsequent Event | Class A Common Stock
Subsequent Event [Line Items]
Cash dividends declared per share of common stock (in usd per share)	$ 0.10
Subsequent Event | Class B Common Stock
Subsequent Event [Line Items]
Cash dividends declared per share of common stock (in usd per share)	$ 0.10