News (NWS) 10-Q 12 May 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Mar. 31, 2023	May 05, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	2023
Document Fiscal Period Focus	Q3
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		380,948,209
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		192,515,393

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Total Revenues	$ 2,447	$ 2,492	$ 7,446	$ 7,711
Operating expenses	(1,286)	(1,246)	(3,853)	(3,769)
Selling, general and administrative	(841)	(888)	(2,514)	(2,588)
Depreciation and amortization	(183)	(172)	(536)	(505)
Impairment and restructuring charges	(25)	(37)	(65)	(82)
Equity losses of affiliates	(10)	(4)	(43)	(10)
Interest expense, net	(25)	(25)	(78)	(68)
Other, net	14	13	(10)	143
Income before income tax expense	91	133	347	832
Income tax expense	(32)	(29)	(128)	(199)
Net income	59	104	219	633
Less: Net income attributable to noncontrolling interests	(9)	(22)	(62)	(120)
Net income attributable to News Corporation stockholders	$ 50	$ 82	$ 157	$ 513
Net income attributable to News Corporation stockholders per share:
Basic (in dollars per share)	$ 0.09	$ 0.14	$ 0.27	$ 0.87
Diluted (in dollars per share)	$ 0.09	$ 0.14	$ 0.27	$ 0.86
Circulation and subscription
Revenues:
Total Revenues	$ 1,122	$ 1,099	$ 3,318	$ 3,248
Advertising
Revenues:
Total Revenues	393	418	1,263	1,342
Consumer
Revenues:
Total Revenues	495	497	1,474	1,615
Real estate
Revenues:
Total Revenues	272	316	896	988
Other
Revenues:
Total Revenues	$ 165	$ 162	$ 495	$ 518

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income		$ 59	$ 104	$ 219	$ 633
Other comprehensive (loss) income:
Foreign currency translation adjustments		(33)	111	(34)	(89)
Net change in the fair value of cash flow hedges	[1]	(8)	7	5	9
Benefit plan adjustments, net	[2]	0	5	6	17
Other comprehensive (loss) income		(41)	123	(23)	(63)
Comprehensive income		18	227	196	570
Less: Net income attributable to noncontrolling interests		(9)	(22)	(62)	(120)
Less: Other comprehensive (income) loss attributable to noncontrolling interests	[3]	17	(35)	14	3
Comprehensive income attributable to News Corporation stockholders		$ 26	$ 170	$ 148	$ 453
[1]Net of income tax benefit of $2 million and nil for the three months ended March 31, 2023 and 2022, respectively, and income tax expense of $2 million and $1 million for the nine months ended March 31, 2023 and 2022, respectively.[2]Net of income tax expense of nil and $1 million for the three months ended March 31, 2023 and 2022, respectively, and income tax expense of $1 million and $5 million for the nine months ended March 31, 2023 and 2022, 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		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net change in the fair value of cash flow hedges, income tax expense	$ (2)	$ 0	$ 2	$ 1
Benefit plan adjustments, income tax expense (benefit)	$ 0	$ 1	$ 1	$ 5

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions		Mar. 31, 2023	Jun. 30, 2022
Current assets:
Cash and cash equivalents		$ 1,659	$ 1,822
Receivables, net		1,540	1,502
Inventory, net		356	311
Other current assets		477	458
Total current assets		4,032	4,093
Non-current assets:
Investments		506	488
Property, plant and equipment, net		2,017	2,103
Operating lease right-of-use assets		1,022	891
Intangible assets, net		2,542	2,671
Goodwill		5,136	5,169
Deferred income tax assets		368	422
Other non-current assets		1,411	1,384
Total assets		17,034	17,221
Current liabilities:
Accounts payable		407	411
Accrued expenses		1,164	1,236
Deferred revenue		623	604
Current borrowings		27	293
Other current liabilities		983	975
Total current liabilities		3,204	3,519
Non-current liabilities:
Borrowings		2,960	2,776
Retirement benefit obligations		156	155
Deferred income tax liabilities		172	198
Operating lease liabilities		1,093	947
Other non-current liabilities		465	483
Commitments and contingencies
Additional paid-in capital		11,486	11,779
Accumulated deficit		(2,136)	(2,293)
Accumulated other comprehensive loss		(1,279)	(1,270)
Total News Corporation stockholders’ equity		8,077	8,222
Noncontrolling interests		907	921
Total equity		8,984	9,143
Total liabilities and equity		17,034	17,221
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, 381,691,759 and 387,561,850 shares issued and outstanding, net of 27,368,413 treasury shares at par at March 31, 2023 and June 30, 2022, respectively. Class B common stock , $0.01 par value per share (“Class B Common Stock”), 750,000,000 shares authorized, 192,882,224 and 196,808,833 shares issued and outstanding, net of 78,430,424 treasury shares at par at March 31, 2023 and June 30, 2022, respectively.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Jun. 30, 2022
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	381,691,759	387,561,850
Common stock outstanding, net of treasury stock	381,691,759	387,561,850
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	192,882,224	196,808,833
Common stock outstanding, net of treasury stock	192,882,224	196,808,833
Common stock, treasury shares	78,430,424	78,430,424

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities:
Net income	$ 219	$ 633
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	536	505
Operating lease expense	82	95
Equity losses of affiliates	43	10
Cash distributions received from affiliates	7	20
Impairment charges	0	15
Other, net	10	(143)
Deferred income taxes and taxes payable	27	69
Change in operating assets and liabilities, net of acquisitions:
Receivables and other assets	(236)	(62)
Inventories, net	(55)	(82)
Accounts payable and other liabilities	37	(30)
Net cash provided by operating activities	670	1,030
Investing activities:
Capital expenditures	(350)	(315)
Acquisitions, net of cash acquired	(15)	(1,167)
Investments in equity affiliates and other	(105)	(99)
Proceeds from property, plant and equipment and other asset dispositions	51	(2)
Other, net	(21)	29
Net cash used in investing activities	(440)	(1,554)
Financing activities:
Borrowings	434	1,157
Repayment of borrowings	(506)	(662)
Repurchase of shares	(196)	(125)
Dividends paid	(116)	(114)
Other, net	2	(82)
Net cash (used in) provided by financing activities	(382)	174
Net change in cash and cash equivalents	(152)	(350)
Cash and cash equivalents, beginning of period	1,822	2,236
Exchange movement on opening cash balance	(11)	(21)
Cash and cash equivalents, end of period	$ 1,659	$ 1,865

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Description of Business and Basis of Presentation	NOTE 1. 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, 2023. 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, 2022 as filed with the Securities and Exchange Commission (the “SEC”) on August 12, 2022 (the “2022 Form 10-K”). The Company’s fiscal year ends on the Sunday closest to June 30. Fiscal 2023 and fiscal 2022 include 52 and 53 weeks, respectively. All references to the three and nine months ended March 31, 2023 and 2022 relate to the three and nine months ended April 2, 2023 and March 27, 2022, respectively. For convenience purposes, the Company continues to date its Consolidated Financial Statements as of March 31.

Revenues

Revenues	9 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenues	The following tables present the Company’s disaggregated revenues by type and segment for the three and nine months ended March 31, 2023 and 2022: For the three months ended March 31, 2023 Digital Real Subscription Dow Jones Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 3 $ 419 $ 426 $ — $ 274 $ — $ 1,122 Advertising 35 49 88 — 221 — 393 Consumer — — — 495 — — 495 Real estate 272 — — — — — 272 Other 53 9 15 20 68 — 165 Total Revenues $ 363 $ 477 $ 529 $ 515 $ 563 $ — $ 2,447 For the three months ended March 31, 2022 Digital Real Subscription Dow Jones Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 3 $ 434 $ 377 $ — $ 285 $ — $ 1,099 Advertising 33 51 102 — 232 — 418 Consumer — — — 497 — — 497 Real estate 316 — — — — — 316 Other 64 9 8 18 63 — 162 Total Revenues $ 416 $ 494 $ 487 $ 515 $ 580 $ — $ 2,492 For the nine months ended March 31, 2023 Digital Real Subscription Dow Jones Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 9 $ 1,249 $ 1,257 $ — $ 803 $ — $ 3,318 Advertising 103 160 313 — 687 — 1,263 Consumer — — — 1,474 — — 1,474 Real estate 896 — — — — — 896 Other 162 32 37 59 205 — 495 Total Revenues $ 1,170 $ 1,441 $ 1,607 $ 1,533 $ 1,695 $ — $ 7,446 For the nine months ended March 31, 2022 Digital Real Subscription Dow Jones Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 9 $ 1,307 $ 1,082 $ — $ 850 $ — $ 3,248 Advertising 99 165 333 — 745 — 1,342 Consumer — — — 1,615 — — 1,615 Real estate 988 — — — — — 988 Other 202 30 24 63 199 — 518 Total Revenues $ 1,298 $ 1,502 $ 1,439 $ 1,678 $ 1,794 $ — $ 7,711 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 nine months ended March 31, 2023 and 2022: For the three months ended For the nine months ended 2023 2022 2023 2022 (in millions) Balance, beginning of period $ 591 $ 462 $ 604 $ 473 Deferral of revenue 909 900 2,699 2,574 Recognition of deferred revenue (a) (873) (841) (2,686) (2,519) Other (4) 7 6 — Balance, end of period $ 623 $ 528 $ 623 $ 528 (a) For the three and nine months ended March 31, 2023, the Company recognized $340 million and $540 million, respectively, of revenue which was included in the opening deferred revenue balance. For the three and nine months ended March 31, 2022, the Company recognized $271 million and $414 million, respectively, of revenue which was included in the opening deferred revenue balance. Contract assets were immaterial for disclosure as of March 31, 2023 and 2022. Other revenue disclosures The Company typically expenses sales commissions to obtain a customer contract as 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 nine months ended March 31, 2023, the Company recognized approximately $106 million and $292 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 March 31, 2023 was approximately $1,130 million, of which approximately $135 million is expected to be recognized over the remainder of fiscal 2023, approximately $395 million is expected to be recognized in fiscal 2024 and approximately $204 million is expected to be recognized in fiscal 2025, 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	9 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	NOTE 3. ACQUISITIONS OPIS In February 2022, the Company acquired the Oil Price Information Service business and related assets (“OPIS”) from S&P Global Inc. (“S&P”) and IHS Markit Ltd. 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. The acquisition enables Dow Jones to become a leading provider of energy and renewables information and furthers its goal of building the leading global business news and information platform for professionals. OPIS is a subsidiary of Dow Jones, and its results are included in the Dow Jones segment. As a result of the acquisition, the Company recorded net tangible liabilities of $1 million primarily related to deferred revenue and accounts receivable and $620 million of identifiable intangible assets, consisting primarily of $528 million of customer relationships with a useful life of 20 years, $54 million in tradenames, including $48 million related to the OPIS tradename with an indefinite life, and $38 million related to technology with a weighted average useful life of six 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 $538 million was recorded as goodwill on the transaction. Base Chemicals In June 2022, the Company acquired the Base Chemicals (rebranded Chemical Market Analytics, “CMA”) business from S&P for $295 million in cash, subject to customary purchase price adjustments. CMA provides pricing data, insights, analysis and forecasting for key base chemicals through its leading Market Advisory and World Analysis services. The acquisition enables Dow Jones to become a leading provider of base chemicals information and furthers its goal of building the leading global business news and information platform for professionals. CMA is operated by Dow Jones, and its results are included in 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 $22 million primarily related to deferred revenue and accounts receivable and $189 million of identifiable intangible assets, consisting primarily of $145 million of customer relationships with a useful life of 20 years, $31 million related to technology with a weighted average useful life of 14 years and $13 million in tradenames with a useful life of 20 years. In accordance with ASC 350, the excess of the total consideration over the fair values of the net tangible and intangible assets of $121 million was recorded as goodwill on the transaction. UpNest In June 2022, the Company acquired UpNest, Inc. (“UpNest”) for closing cash consideration of $45 million, subject to customary purchase price adjustments, and up to $15 million in future cash consideration based upon the achievement of certain performance objectives over the next two years. The Company recorded an $8 million liability related to the contingent consideration, representing the estimated fair value. Included in the closing cash consideration is $9 million that is being held back to satisfy post-closing claims. UpNest is a real estate agent marketplace that matches home sellers and buyers with top local agents who compete for their business. The UpNest acquisition helps Realtor.com ® further expand its services and support for home sellers and listing agents and brokers. UpNest is a subsidiary of Move, and its results are included within 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 $16 million of identifiable intangible assets, consisting primarily of customer relationships and technology platforms. In accordance with ASC 350, the excess of the total consideration over the fair values of the net tangible and intangible assets of $40 million was recorded as goodwill on the transaction.

Impairment and Restructuring Ch

Impairment and Restructuring Charges	9 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Impairment and Restructuring Charges	NOTE 4. IMPAIRMENT AND RESTRUCTURING CHARGES Fiscal 2023 Restructuring During the three and nine months ended March 31, 2023, the Company recorded restructuring charges of $25 million and $65 million, respectively, primarily related to employee termination benefits. The employee termination benefits recorded in the three months ended March 31, 2023 mainly resulted from actions taken by the Company’s businesses in response to the headcount reductions announced in February 2023. Fiscal 2022 Impairment During the three and nine months ended March 31, 2022, the Company recognized non-cash impairment charges of $15 million related to the write-down of fixed assets associated with the shutdown and sale of certain U.S. printing facilities at the Dow Jones segment. Fiscal 2022 Restructuring During the three and nine months ended March 31, 2022, the Company recorded restructuring charges of $22 million and $67 million, respectively, of which $5 million and $29 million, respectively, related to the News Media segment. The restructuring charges recorded in fiscal 2022 primarily related to employee termination benefits. Changes in restructuring program liabilities were as follows: For the three months ended March 31, 2023 2022 One time Other costs Total One time Other costs Total (in millions) Balance, beginning of period $ 25 $ 41 $ 66 $ 23 $ 36 $ 59 Additions 24 1 25 9 13 22 Payments (21) (4) (25) (15) (8) (23) Other (1) — (1) (2) — (2) Balance, end of period $ 27 $ 38 $ 65 $ 15 $ 41 $ 56 For the nine months ended March 31, 2023 2022 One time Other costs Total One time Other costs Total (in millions) Balance, beginning of period $ 25 $ 41 $ 66 $ 51 $ 35 $ 86 Additions 60 5 65 46 21 67 Payments (55) (8) (63) (80) (15) (95) Other (3) — (3) (2) — (2) Balance, end of period $ 27 $ 38 $ 65 $ 15 $ 41 $ 56 As of March 31, 2023, restructuring liabilities of approximately $38 million were included in the Balance Sheet in Other current liabilities and $27 million were included in Other non-current liabilities.

Investments

Investments	9 Months Ended
	Mar. 31, 2023
Schedule of Investments [Abstract]
Investments	NOTE 5. INVESTMENTS The Company’s investments were comprised of the following: Ownership Percentage as of March 31, 2023 As of As of (in millions) Equity method investments (a) various $ 279 $ 276 Equity securities (b) various 227 212 Total Investments $ 506 $ 488 (a) Equity method investments are primarily comprised of REA Group’s ownership interest in PropertyGuru Group Ltd. (“PropertyGuru”). (b) Equity securities are primarily comprised of Tremor, certain investments in China, the Company’s investment in HT&E Limited, which operates a portfolio of Australian radio and outdoor media assets, and Dow Jones’ investment in an artificial intelligence-focused data analytics company. 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 nine months ended 2023 2022 2023 2022 (in millions) (in millions) Total (losses) gains recognized on equity securities $ (2) $ (18) $ (16) $ 1 Less: Net gains recognized on equity securities sold — — 2 — Unrealized (losses) gains recognized on equity securities held at end of period $ (2) $ (18) $ (18) $ 1 Equity Losses of Affiliates

Borrowings

Borrowings	9 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Borrowings	NOTE 6. BORROWINGS The Company’s total borrowings consist of the following: Interest rate at March 31, 2023 Maturity at March 31, 2023 As of As of (in millions) News Corporation 2022 Term loan A (a) 6.748 % Mar 31, 2027 $ 500 $ 500 2022 Senior notes 5.125 % Feb 15, 2032 492 492 2021 Senior notes 3.875 % May 15, 2029 989 987 Foxtel Group (b) 2019 Credit facility (c) 6.02 % May 31, 2024 321 68 2019 Term loan facility 6.25 % Nov 22, 2024 167 171 2017 Working capital facility (c) 6.02 % May 31, 2024 — — Telstra facility 11.15 % Dec 22, 2027 110 90 2012 US private placement — USD portion — tranche 2 (d) — % Jul 25, 2022 — 198 2012 US private placement — USD portion — tranche 3 (d) 4.42 % Jul 25, 2024 149 147 2012 US private placement — AUD portion — % Jul 25, 2022 — 68 REA Group (b) 2022 Credit facility — tranche 1 (e) 4.71 % Sep 16, 2024 212 273 2022 Credit facility — tranche 2 (e) 4.86 % Sep 16, 2025 — 8 Finance lease liability 47 67 Total borrowings 2,987 3,069 Less: current portion (f) (27) (293) Long-term borrowings $ 2,960 $ 2,776 (a) The Company entered into an interest rate swap derivative to fix the floating rate interest component of its Term A Loans at 2.083%. For the three months ended March 31, 2023 the Company was paying interest at an effective interest rate of 3.708%. See Note 8—Financial Instruments and Fair Value Measurements. (b) 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. (c) As of March 31, 2023, the Foxtel Debt Group had total undrawn commitments of A$161 million available under these facilities. (d) 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. (e) As of March 31, 2023, REA Group had total undrawn commitments of A$281 million available under this facility. (f) 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.” $27 million and $27 million relates to the current portion of finance lease liabilities as of March 31, 2023 and June 30, 2022, respectively. Foxtel Group Borrowings During the nine months ended March 31, 2023, the Foxtel Group repaid its U.S. private placement senior unsecured notes that matured in July 2022 using capacity under the 2019 Credit Facility. Covenants The Company’s borrowings and those of its consolidated subsidiaries contain customary representations, covenants and events of default, including those discussed in the Company’s 2022 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 March 31, 2023.

Equity

Equity	9 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Equity	NOTE 7. EQUITY The following tables summarize changes in equity for the three and nine months ended March 31, 2023 and 2022: For the three months ended March 31, 2023 Class A Common Class B Common Additional Accumulated Accumulated Total Non-controlling Total Shares Amount Shares Amount (in millions) Balance, December 31, 2022 382 $ 4 193 $ 2 $ 11,550 $ (2,186) $ (1,255) $ 8,115 $ 941 $ 9,056 Net income — — — — — 50 — 50 9 59 Other comprehensive loss — — — — — — (24) (24) (17) (41) Dividends — — — — (58) — — (58) (27) (85) Share repurchases (1) — — — (20) — — (20) — (20) Other 1 — — — 14 — — 14 1 15 Balance, March 31, 2023 382 $ 4 193 $ 2 $ 11,486 $ (2,136) $ (1,279) $ 8,077 $ 907 $ 8,984 For the three months ended March 31, 2022 Class A Common Class B Common Additional Accumulated Accumulated Total Non-controlling Total Shares Amount Shares Amount (in millions) Balance, December 31, 2021 392 $ 4 199 $ 2 $ 11,948 $ (2,482) $ (1,089) $ 8,383 $ 964 $ 9,347 Net income — — — — — 82 — 82 22 104 Other comprehensive income — — — — — — 88 88 35 123 Dividends — — — — (59) — — (59) (28) (87) Share repurchases (3) — (1) — (78) (3) — (81) — (81) Other — — — — 12 — — 12 (2) 10 Balance, March 31, 2022 389 $ 4 198 $ 2 $ 11,823 $ (2,403) $ (1,001) $ 8,425 $ 991 $ 9,416 For the nine months ended March 31, 2023 Class A Common Class B Common Additional Accumulated Accumulated Total Non-controlling Total Shares Amount Shares Amount (in millions) Balance, June 30, 2022 388 $ 4 197 $ 2 $ 11,779 $ (2,293) $ (1,270) $ 8,222 $ 921 $ 9,143 Net income — — — — — 157 — 157 62 219 Other comprehensive loss — — — — — — (9) (9) (14) (23) Dividends — — — — (116) — — (116) (58) (174) Share repurchases (8) — (4) — (194) — — (194) — (194) Other 2 — — — 17 — — 17 (4) 13 Balance, March 31, 2023 382 $ 4 193 $ 2 $ 11,486 $ (2,136) $ (1,279) $ 8,077 $ 907 $ 8,984 For the nine months ended March 31, 2022 Class A Class B 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 — — — — — 513 — 513 120 633 Other comprehensive loss — — — — — — (60) (60) (3) (63) Dividends — — — — (118) — — (118) (55) (173) Share repurchases (4) — (2) — (122) (5) — (127) — (127) Other 2 — — — 6 — — 6 (6) — Balance, March 31, 2022 389 $ 4 198 $ 2 $ 11,823 $ (2,403) $ (1,001) $ 8,425 $ 991 $ 9,416 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 March 31, 2023, the remaining authorized amount under the Repurchase Program was approximately $623 million. Stock repurchases commenced on November 9, 2021. During the three and nine months ended March 31, 2023, the Company repurchased and subsequently retired 0.8 million and 7.7 million shares, respectively, of Class A Common Stock for approximately $14 million and $129 million, respectively, and 0.4 million and 3.9 million shares, respectively, of Class B Common Stock for approximately $6 million and $65 million, respectively. During the three and nine months ended March 31, 2022, the Company repurchased and subsequently retired 2.5 million and 3.9 million shares, respectively, of Class A Common Stock for approximately $54 million and $85 million, respectively, and 1.2 million and 1.9 million shares, respectively, of Class B Common Stock for approximately $27 million and $42 million, respectively. Dividends In February 2023, 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. The dividend was paid on April 12, 2023 to stockholders of record as of March 15, 2023. 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	9 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurements	NOTE 8. 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 March 31, 2023 As of June 30, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in millions) Assets: Interest rate derivatives - cash flow hedges $ — $ 33 $ — $ 33 $ — $ 24 $ — $ 24 Foreign currency derivatives - cash flow hedges — 1 — 1 — 1 — 1 Cross-currency interest rate derivatives - fair value hedges — 8 — 8 — 19 — 19 Cross-currency interest rate derivatives — 35 — 35 — 79 — 79 Equity securities (a) 97 — 130 227 109 — 103 212 Total assets $ 97 $ 77 $ 130 $ 304 $ 109 $ 123 $ 103 $ 335 Total liabilities $ — $ — $ — $ — $ — $ — $ — $ — (a) See Note 5—Investments. 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 nine months ended 2023 2022 (in millions) Balance - beginning of period $ 103 $ 116 Additions (a) 31 17 Sales (2) — Returns of capital (5) (33) Measurement adjustments 1 23 Foreign exchange and other (b) 2 (18) Balance - end of period $ 130 $ 105 (a) Primarily relates to Dow Jones’ investment in an artificial intelligence-focused data analytics company during the nine months ended March 31, 2023. (b) During the nine months ended March 31, 2022, 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. 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 and News Corporation 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) Interest rate derivatives - cash flow hedges Other current assets $ 17 $ 4 Foreign currency derivatives - cash flow hedges Other current assets 1 1 Cross currency interest rate derivatives - fair value hedges Other current assets — 11 Cross currency interest rate derivatives Other current assets — 46 Interest rate derivatives - cash flow hedges Other non-current assets 16 20 Cross-currency interest rate derivatives - fair value hedges Other non-current assets 8 8 Cross-currency interest rate derivatives Other non-current assets 35 33 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 $42 million as of March 31, 2023. The maximum hedged term over which the Company is hedging exposure to foreign currency fluctuations is less than one year. As of March 31, 2023, 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$250 million and $500 million as of March 31, 2023 for Foxtel Debt Group and News Corporation borrowings, respectively. The maximum hedged term over which the Company is hedging exposure to variability in interest payments is to March 2027. As of March 31, 2023, the Company estimates that approximately $19 million of net derivative gains 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 $120 million as of March 31, 2023. The maximum hedged term over which the Company is hedging exposure to variability in interest and principal payments is to July 2024. As of March 31, 2023, the Company estimates that approximately $1 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 nine months ended March 31, 2023 and 2022 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 March 31, (Gain) loss reclassified from Accumulated Other Comprehensive Loss for the three months ended March 31, Income statement 2023 2022 2023 2022 (in millions) Foreign currency derivatives - cash flow hedges $ — $ (1) $ 1 $ — Operating expenses Cross-currency interest rate derivatives — — — (1) Interest expense, net Interest rate derivatives - cash flow hedges (6) 11 (5) (1) Interest expense, net Total $ (6) $ 10 $ (4) $ (2) Gain (loss) recognized in Accumulated Other Comprehensive Loss for the nine months ended March 31, (Gain) loss reclassified from Accumulated Other Comprehensive Loss for the nine months ended March 31, Income statement 2023 2022 2023 2022 (in millions) Foreign currency derivatives - cash flow hedges $ (1) $ — $ 1 $ — Operating expenses Cross-currency interest rate derivatives — — (1) (3) Interest expense, net Interest rate derivatives - cash flow hedges 15 17 (8) (3) Interest expense, net Total $ 14 $ 17 $ (8) $ (6) 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 $1 million and $3 million for the three and nine months ended March 31, 2023, respectively, and a loss of approximately $12 million and a gain of approximately $5 million for the three and nine months ended March 31, 2022, respectively. Fair value hedges Borrowings in Australia 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 nine months ended March 31, 2023, such adjustments decreased the carrying value of borrowings by nil. The total notional value of the fair value hedges was approximately $30 million as of March 31, 2023. The maximum hedged term over which the Company is hedging exposure to variability in interest payments is to July 2024. During the three and nine months ended March 31, 2023 and 2022, the amount recognized in the Statements of Operations on derivative instruments designated as fair value hedges related to the ineffective portion was nil 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 March 31, 2023 and June 30, 2022: As of As of (in millions) Borrowings: Carrying amount of hedged item $ 28 $ 68 Cumulative hedging adjustments included in the carrying amount — 2 Other Fair Value Measurements As of March 31, 2023, the carrying value of the Company’s outstanding borrowings approximates the fair value. The 2022 Senior Notes, 2021 Senior Notes and 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	9 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	NOTE 9. 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 nine months ended 2023 2022 2023 2022 (in millions, except per share amounts) Net income $ 59 $ 104 $ 219 $ 633 Less: Net income attributable to noncontrolling interests (9) (22) (62) (120) Net income attributable to News Corporation stockholders $ 50 $ 82 $ 157 $ 513 Weighted-average number of shares of common stock outstanding - basic 575.4 588.8 577.6 590.9 Dilutive effect of equity awards 2.5 3.3 2.0 2.8 Weighted-average number of shares of common stock outstanding - diluted 577.9 592.1 579.6 593.7 Net income attributable to News Corporation stockholders per share - basic $ 0.09 $ 0.14 $ 0.27 $ 0.87 Net income attributable to News Corporation stockholders per share - diluted $ 0.09 $ 0.14 $ 0.27 $ 0.86

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 10. COMMITMENTS AND CONTINGENCIES Commitments The Company has commitments under certain firm contractual arrangements (“firm commitments”) to make future payments. These firm commitments secure the current and future rights to various assets and services to be used in the normal course of operations. During March 2023, the Company amended and extended certain programming rights agreements. As a result, the Company has presented its commitments associated with its programming rights in the table below. The Company’s remaining commitments as of March 31, 2023 have not changed significantly from the disclosures included in the 2022 Form 10-K and the Company’s Form 10-Q for the quarter ended December 31, 2022. As of March 31, 2023 Payments Due by Period Total Less than 1 year 1-3 years 3-5 years More than 5 years (in millions) Programming costs $ 1,461 $ 377 $ 539 $ 396 $ 149 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. In July 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 sought treble damages, injunctive relief and attorneys’ fees and costs. In July 2022, the parties agreed to settle the litigation and Insignia’s claims were dismissed with prejudice. 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 2022, the N.Y. District Court granted Amazon and the Publishers’ motions to dismiss the complaints but gave the plaintiffs leave to amend. The plaintiffs filed amended complaints in both cases in November 2022, and in January 2023, Amazon and the Publishers filed motions to dismiss the amended complaints. 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 March 31, 2023 and 2022, respectively, and $13 million and $9 million for the nine months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, 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 $123 million. The amount to be indemnified by FOX of approximately $122 million was recorded as a receivable in Other current assets on the Balance Sheet as of March 31, 2023. 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	9 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 11. INCOME TAXES At the end of each interim period, the Company estimates its annual effective tax rate and applies that rate to 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 March 31, 2023, the Company recorded income tax expense of $32 million on pre-tax income of $91 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 valuation allowances recorded against tax benefits in certain businesses. For the nine months ended March 31, 2023, the Company recorded income tax expense of $128 million on pre-tax income of $347 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 valuation allowances recorded against tax benefits in certain businesses. For the three months ended March 31, 2022, the Company recorded income tax expense of $29 million on pre-tax income of $133 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, offset by the reversal of valuation allowances related to certain deferred tax assets. For the nine months ended March 31, 2022, the Company recorded income tax expense of $199 million on pre-tax income of $832 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, offset by the reversal of valuation allowances related to certain deferred tax assets and the lower tax impact related to the sale of REA Group’s Malaysia and Thailand businesses. 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 an audit with the Internal Revenue Service for the fiscal year ended June 30, 2018, as well as audits with certain U.S. states and foreign jurisdictions. 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 Inflation Reduction Act (“IRA”) was signed into law on August 16, 2022. The IRA implements a 15% corporate minimum tax on corporations with over $1 billion of financial statement income, a 1% excise tax on stock repurchases and several tax incentives to promote clean energy. On December 27, 2022, the U.S. Treasury Department provided additional guidance on the corporate minimum tax and the excise tax on stock repurchases. The Company is not expected to be subject to the corporate minimum tax and it will be subject to the 1% excise tax on stock repurchases. The 1% stock repurchase excise tax is not expected to have a material impact on the Company’s results of operations. The OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting has agreed on a two-pillar approach to address tax challenges arising from the digitalization of the global economy by (1) allocating profits to market jurisdictions (“Pillar One”) and (2) ensuring multinational enterprises pay a minimum level of tax regardless of where the headquarters are located or the jurisdictions in which the company operates (“Pillar Two”). Pillar One targets multinational groups with global revenue exceeding 20 billion Euros and a profit-to-revenue ratio of more than 10%. Companies subject to Pillar One will be required to allocate profits and pay taxes to market jurisdictions. Based on the current proposed revenue and profit thresholds, the Company does not expect to be subject to tax changes associated with Pillar One. Pillar Two establishes a global minimum effective tax rate of 15% for multinational groups with annual global revenue exceeding 750 million Euros. On December 15, 2022, EU Member States unanimously adopted a directive implementing the global minimum tax rules of Pillar Two requiring members to enact the directive into their national laws by the end of 2023. We are currently evaluating the potential impact of the Pillar Two global minimum tax proposals on our consolidated financial statements and related disclosures. The Company paid gross income taxes of $114 million and $132 million during the nine months ended March 31, 2023 and 2022, respectively, and received tax refunds of $13 million and $3 million, respectively.

Segment Information

Segment Information	9 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	NOTE 12. 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, property.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, ReadyConnect Concierge SM . Move also offers online tools and services to do-it-yourself landlords and tenants. • 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. Its Foxtel pay-TV service provides approximately 200 live channels and video on demand covering sports, general entertainment, movies, documentaries, music, children’s programming and news. Foxtel and the Group’s 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’s other streaming services include BINGE , its entertainment streaming service, and Foxtel Now, a streaming service that provides access across Foxtel’s live and on-demand content. 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, mobile apps, 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 , Barron’s , MarketWatch, Investor’s Business Daily, Factiva, Dow Jones Risk & Compliance, Dow Jones Newswires and OPIS. • 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, Mariner, 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., the Company’s recently launched TalkTV 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 expenses associated with the Company’s 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 nine months ended March 31, 2023 2022 2023 2022 (in millions) Revenues: Digital Real Estate Services $ 363 $ 416 $ 1,170 $ 1,298 Subscription Video Services 477 494 1,441 1,502 Dow Jones 529 487 1,607 1,439 Book Publishing 515 515 1,533 1,678 News Media 563 580 1,695 1,794 Other — — — — Total revenues $ 2,447 $ 2,492 $ 7,446 $ 7,711 Segment EBITDA: Digital Real Estate Services $ 102 $ 137 $ 349 $ 453 Subscription Video Services 68 79 269 279 Dow Jones 109 88 361 327 Book Publishing 61 67 151 259 News Media 34 39 111 184 Other (54) (52) (162) (148) Depreciation and amortization (183) (172) (536) (505) Impairment and restructuring charges (25) (37) (65) (82) Equity losses of affiliates (10) (4) (43) (10) Interest expense, net (25) (25) (78) (68) Other, net 14 13 (10) 143 Income before income tax expense 91 133 347 832 Income tax expense (32) (29) (128) (199) Net income $ 59 $ 104 $ 219 $ 633 As of As of (in millions) Total assets: Digital Real Estate Services $ 2,887 $ 2,989 Subscription Video Services 2,871 3,082 Dow Jones 4,275 4,368 Book Publishing 2,720 2,651 News Media 2,182 2,115 Other (a) 1,593 1,528 Investments 506 488 Total assets $ 17,034 $ 17,221 (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 $ 1,785 $ 1,823 Subscription Video Services 1,328 1,394 Dow Jones 3,310 3,346 Book Publishing 952 973 News Media 303 304 Total Goodwill and intangible assets, net $ 7,678 $ 7,840

Additional Financial Informatio

Additional Financial Information	9 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Additional Financial Information	NOTE 13. 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 $ 1,601 $ 1,569 Less: allowances (61) (67) Receivables, net $ 1,540 $ 1,502 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 $ 391 $ 403 Retirement benefit assets 150 133 Inventory (a) 273 268 News America Marketing deferred consideration 153 142 Other 444 438 Total Other non-current assets $ 1,411 $ 1,384 (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 $ 255 $ 215 Current operating lease liabilities 113 139 Allowance for sales returns 154 173 Current tax payable 14 18 Other 447 430 Total Other current liabilities $ 983 $ 975 Other, net The following table sets forth the components of Other, net: For the three months ended March 31, For the nine months ended March 31, 2023 2022 2023 2022 (in millions) Remeasurement of equity securities $ (2) $ (19) $ (16) $ — Dividends received from equity security investments 2 8 6 18 Gain on sale of businesses (a) — — — 98 Gain on remeasurement of previously-held interest — — — 3 Gain on dilution of PropertyGuru investment (b) — 15 — 15 Other 14 9 — 9 Total Other, net $ 14 $ 13 $ (10) $ 143 (a) During the nine months ended March 31, 2022, 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) During the three months ended March 31, 2022, PropertyGuru completed its merger with Bridgetown 2 Holdings Limited. REA Group recognized a gain of approximately $15 million resulting from its ownership dilution in the transaction. At March 31, 2022, REA Group held an ownership interest of 17.5% in PropertyGuru. Supplemental Cash Flow Information The following table sets forth the Company’s cash paid for taxes and interest: For the nine months ended March 31, 2023 2022 (in millions) Cash paid for interest $ 69 $ 63 Cash paid for taxes $ 114 $ 132

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	9 Months Ended
	Mar. 31, 2023
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, 2023. 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, 2022 as filed with the Securities and Exchange Commission (the “SEC”) on August 12, 2022 (the “2022 Form 10-K”). The Company’s fiscal year ends on the Sunday closest to June 30. Fiscal 2023 and fiscal 2022 include 52 and 53 weeks, respectively. All references to the three and nine months ended March 31, 2023 and 2022 relate to the three and nine months ended April 2, 2023 and March 27, 2022, respectively. For convenience purposes, the Company continues to date its Consolidated Financial Statements as of March 31.

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Summary of Disaggregated Revenue by Type and Segment	NOTE 2. REVENUES The following tables present the Company’s disaggregated revenues by type and segment for the three and nine months ended March 31, 2023 and 2022: For the three months ended March 31, 2023 Digital Real Subscription Dow Jones Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 3 $ 419 $ 426 $ — $ 274 $ — $ 1,122 Advertising 35 49 88 — 221 — 393 Consumer — — — 495 — — 495 Real estate 272 — — — — — 272 Other 53 9 15 20 68 — 165 Total Revenues $ 363 $ 477 $ 529 $ 515 $ 563 $ — $ 2,447 For the three months ended March 31, 2022 Digital Real Subscription Dow Jones Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 3 $ 434 $ 377 $ — $ 285 $ — $ 1,099 Advertising 33 51 102 — 232 — 418 Consumer — — — 497 — — 497 Real estate 316 — — — — — 316 Other 64 9 8 18 63 — 162 Total Revenues $ 416 $ 494 $ 487 $ 515 $ 580 $ — $ 2,492 For the nine months ended March 31, 2023 Digital Real Subscription Dow Jones Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 9 $ 1,249 $ 1,257 $ — $ 803 $ — $ 3,318 Advertising 103 160 313 — 687 — 1,263 Consumer — — — 1,474 — — 1,474 Real estate 896 — — — — — 896 Other 162 32 37 59 205 — 495 Total Revenues $ 1,170 $ 1,441 $ 1,607 $ 1,533 $ 1,695 $ — $ 7,446 For the nine months ended March 31, 2022 Digital Real Subscription Dow Jones Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 9 $ 1,307 $ 1,082 $ — $ 850 $ — $ 3,248 Advertising 99 165 333 — 745 — 1,342 Consumer — — — 1,615 — — 1,615 Real estate 988 — — — — — 988 Other 202 30 24 63 199 — 518 Total Revenues $ 1,298 $ 1,502 $ 1,439 $ 1,678 $ 1,794 $ — $ 7,711
Summary of Deferred Revenue from Contracts with Customers	The following table presents changes in the deferred revenue balance for the three and nine months ended March 31, 2023 and 2022: For the three months ended For the nine months ended 2023 2022 2023 2022 (in millions) Balance, beginning of period $ 591 $ 462 $ 604 $ 473 Deferral of revenue 909 900 2,699 2,574 Recognition of deferred revenue (a) (873) (841) (2,686) (2,519) Other (4) 7 6 — Balance, end of period $ 623 $ 528 $ 623 $ 528 (a) For the three and nine months ended March 31, 2023, the Company recognized $340 million and $540 million, respectively, of revenue which was included in the opening deferred revenue balance. For the three and nine months ended March 31, 2022, the Company recognized $271 million and $414 million, respectively, of revenue which was included in the opening deferred revenue balance.

Impairment and Restructuring _2

Impairment and Restructuring Charges (Tables)	9 Months Ended
	Mar. 31, 2023
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 March 31, 2023 2022 One time Other costs Total One time Other costs Total (in millions) Balance, beginning of period $ 25 $ 41 $ 66 $ 23 $ 36 $ 59 Additions 24 1 25 9 13 22 Payments (21) (4) (25) (15) (8) (23) Other (1) — (1) (2) — (2) Balance, end of period $ 27 $ 38 $ 65 $ 15 $ 41 $ 56 For the nine months ended March 31, 2023 2022 One time Other costs Total One time Other costs Total (in millions) Balance, beginning of period $ 25 $ 41 $ 66 $ 51 $ 35 $ 86 Additions 60 5 65 46 21 67 Payments (55) (8) (63) (80) (15) (95) Other (3) — (3) (2) — (2) Balance, end of period $ 27 $ 38 $ 65 $ 15 $ 41 $ 56

Investments (Tables)

Investments (Tables)	9 Months Ended
	Mar. 31, 2023
Schedule of Investments [Abstract]
Schedule of Investments	The Company’s investments were comprised of the following: Ownership Percentage as of March 31, 2023 As of As of (in millions) Equity method investments (a) various $ 279 $ 276 Equity securities (b) various 227 212 Total Investments $ 506 $ 488 (a) Equity method investments are primarily comprised of REA Group’s ownership interest in PropertyGuru Group Ltd. (“PropertyGuru”). (b) Equity securities are primarily comprised of Tremor, certain investments in China, the Company’s investment in HT&E Limited, which operates a portfolio of Australian radio and outdoor media assets, and Dow Jones’ investment in an artificial intelligence-focused data analytics company.
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 nine months ended 2023 2022 2023 2022 (in millions) (in millions) Total (losses) gains recognized on equity securities $ (2) $ (18) $ (16) $ 1 Less: Net gains recognized on equity securities sold — — 2 — Unrealized (losses) gains recognized on equity securities held at end of period $ (2) $ (18) $ (18) $ 1

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Borrowings	The Company’s total borrowings consist of the following: Interest rate at March 31, 2023 Maturity at March 31, 2023 As of As of (in millions) News Corporation 2022 Term loan A (a) 6.748 % Mar 31, 2027 $ 500 $ 500 2022 Senior notes 5.125 % Feb 15, 2032 492 492 2021 Senior notes 3.875 % May 15, 2029 989 987 Foxtel Group (b) 2019 Credit facility (c) 6.02 % May 31, 2024 321 68 2019 Term loan facility 6.25 % Nov 22, 2024 167 171 2017 Working capital facility (c) 6.02 % May 31, 2024 — — Telstra facility 11.15 % Dec 22, 2027 110 90 2012 US private placement — USD portion — tranche 2 (d) — % Jul 25, 2022 — 198 2012 US private placement — USD portion — tranche 3 (d) 4.42 % Jul 25, 2024 149 147 2012 US private placement — AUD portion — % Jul 25, 2022 — 68 REA Group (b) 2022 Credit facility — tranche 1 (e) 4.71 % Sep 16, 2024 212 273 2022 Credit facility — tranche 2 (e) 4.86 % Sep 16, 2025 — 8 Finance lease liability 47 67 Total borrowings 2,987 3,069 Less: current portion (f) (27) (293) Long-term borrowings $ 2,960 $ 2,776 (a) The Company entered into an interest rate swap derivative to fix the floating rate interest component of its Term A Loans at 2.083%. For the three months ended March 31, 2023 the Company was paying interest at an effective interest rate of 3.708%. See Note 8—Financial Instruments and Fair Value Measurements. (b) 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. (c) As of March 31, 2023, the Foxtel Debt Group had total undrawn commitments of A$161 million available under these facilities. (d) 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. (e) As of March 31, 2023, REA Group had total undrawn commitments of A$281 million available under this facility. (f) 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.” $27 million and $27 million relates to the current portion of finance lease liabilities as of March 31, 2023 and June 30, 2022, respectively.

Equity (Tables)

Equity (Tables)	9 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Summary of Changes in Equity	The following tables summarize changes in equity for the three and nine months ended March 31, 2023 and 2022: For the three months ended March 31, 2023 Class A Common Class B Common Additional Accumulated Accumulated Total Non-controlling Total Shares Amount Shares Amount (in millions) Balance, December 31, 2022 382 $ 4 193 $ 2 $ 11,550 $ (2,186) $ (1,255) $ 8,115 $ 941 $ 9,056 Net income — — — — — 50 — 50 9 59 Other comprehensive loss — — — — — — (24) (24) (17) (41) Dividends — — — — (58) — — (58) (27) (85) Share repurchases (1) — — — (20) — — (20) — (20) Other 1 — — — 14 — — 14 1 15 Balance, March 31, 2023 382 $ 4 193 $ 2 $ 11,486 $ (2,136) $ (1,279) $ 8,077 $ 907 $ 8,984 For the three months ended March 31, 2022 Class A Common Class B Common Additional Accumulated Accumulated Total Non-controlling Total Shares Amount Shares Amount (in millions) Balance, December 31, 2021 392 $ 4 199 $ 2 $ 11,948 $ (2,482) $ (1,089) $ 8,383 $ 964 $ 9,347 Net income — — — — — 82 — 82 22 104 Other comprehensive income — — — — — — 88 88 35 123 Dividends — — — — (59) — — (59) (28) (87) Share repurchases (3) — (1) — (78) (3) — (81) — (81) Other — — — — 12 — — 12 (2) 10 Balance, March 31, 2022 389 $ 4 198 $ 2 $ 11,823 $ (2,403) $ (1,001) $ 8,425 $ 991 $ 9,416 For the nine months ended March 31, 2023 Class A Common Class B Common Additional Accumulated Accumulated Total Non-controlling Total Shares Amount Shares Amount (in millions) Balance, June 30, 2022 388 $ 4 197 $ 2 $ 11,779 $ (2,293) $ (1,270) $ 8,222 $ 921 $ 9,143 Net income — — — — — 157 — 157 62 219 Other comprehensive loss — — — — — — (9) (9) (14) (23) Dividends — — — — (116) — — (116) (58) (174) Share repurchases (8) — (4) — (194) — — (194) — (194) Other 2 — — — 17 — — 17 (4) 13 Balance, March 31, 2023 382 $ 4 193 $ 2 $ 11,486 $ (2,136) $ (1,279) $ 8,077 $ 907 $ 8,984 For the nine months ended March 31, 2022 Class A Class B 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 — — — — — 513 — 513 120 633 Other comprehensive loss — — — — — — (60) (60) (3) (63) Dividends — — — — (118) — — (118) (55) (173) Share repurchases (4) — (2) — (122) (5) — (127) — (127) Other 2 — — — 6 — — 6 (6) — Balance, March 31, 2022 389 $ 4 198 $ 2 $ 11,823 $ (2,403) $ (1,001) $ 8,425 $ 991 $ 9,416

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	9 Months Ended
	Mar. 31, 2023
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 March 31, 2023 As of June 30, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in millions) Assets: Interest rate derivatives - cash flow hedges $ — $ 33 $ — $ 33 $ — $ 24 $ — $ 24 Foreign currency derivatives - cash flow hedges — 1 — 1 — 1 — 1 Cross-currency interest rate derivatives - fair value hedges — 8 — 8 — 19 — 19 Cross-currency interest rate derivatives — 35 — 35 — 79 — 79 Equity securities (a) 97 — 130 227 109 — 103 212 Total assets $ 97 $ 77 $ 130 $ 304 $ 109 $ 123 $ 103 $ 335 Total liabilities $ — $ — $ — $ — $ — $ — $ — $ — (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 nine months ended 2023 2022 (in millions) Balance - beginning of period $ 103 $ 116 Additions (a) 31 17 Sales (2) — Returns of capital (5) (33) Measurement adjustments 1 23 Foreign exchange and other (b) 2 (18) Balance - end of period $ 130 $ 105 (a) Primarily relates to Dow Jones’ investment in an artificial intelligence-focused data analytics company during the nine months ended March 31, 2023. (b) During the nine months ended March 31, 2022, 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.
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) Interest rate derivatives - cash flow hedges Other current assets $ 17 $ 4 Foreign currency derivatives - cash flow hedges Other current assets 1 1 Cross currency interest rate derivatives - fair value hedges Other current assets — 11 Cross currency interest rate derivatives Other current assets — 46 Interest rate derivatives - cash flow hedges Other non-current assets 16 20 Cross-currency interest rate derivatives - fair value hedges Other non-current assets 8 8 Cross-currency interest rate derivatives Other non-current assets 35 33
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 nine months ended March 31, 2023 and 2022 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 March 31, (Gain) loss reclassified from Accumulated Other Comprehensive Loss for the three months ended March 31, Income statement 2023 2022 2023 2022 (in millions) Foreign currency derivatives - cash flow hedges $ — $ (1) $ 1 $ — Operating expenses Cross-currency interest rate derivatives — — — (1) Interest expense, net Interest rate derivatives - cash flow hedges (6) 11 (5) (1) Interest expense, net Total $ (6) $ 10 $ (4) $ (2) Gain (loss) recognized in Accumulated Other Comprehensive Loss for the nine months ended March 31, (Gain) loss reclassified from Accumulated Other Comprehensive Loss for the nine months ended March 31, Income statement 2023 2022 2023 2022 (in millions) Foreign currency derivatives - cash flow hedges $ (1) $ — $ 1 $ — Operating expenses Cross-currency interest rate derivatives — — (1) (3) Interest expense, net Interest rate derivatives - cash flow hedges 15 17 (8) (3) Interest expense, net Total $ 14 $ 17 $ (8) $ (6)
Summary 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 March 31, 2023 and June 30, 2022: As of As of (in millions) Borrowings: Carrying amount of hedged item $ 28 $ 68 Cumulative hedging adjustments included in the carrying amount — 2

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Mar. 31, 2023
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 nine months ended 2023 2022 2023 2022 (in millions, except per share amounts) Net income $ 59 $ 104 $ 219 $ 633 Less: Net income attributable to noncontrolling interests (9) (22) (62) (120) Net income attributable to News Corporation stockholders $ 50 $ 82 $ 157 $ 513 Weighted-average number of shares of common stock outstanding - basic 575.4 588.8 577.6 590.9 Dilutive effect of equity awards 2.5 3.3 2.0 2.8 Weighted-average number of shares of common stock outstanding - diluted 577.9 592.1 579.6 593.7 Net income attributable to News Corporation stockholders per share - basic $ 0.09 $ 0.14 $ 0.27 $ 0.87 Net income attributable to News Corporation stockholders per share - diluted $ 0.09 $ 0.14 $ 0.27 $ 0.86

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	9 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contractual Obligation, Fiscal Year Maturity	As of March 31, 2023 Payments Due by Period Total Less than 1 year 1-3 years 3-5 years More than 5 years (in millions) Programming costs $ 1,461 $ 377 $ 539 $ 396 $ 149

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Mar. 31, 2023
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 nine months ended March 31, 2023 2022 2023 2022 (in millions) Revenues: Digital Real Estate Services $ 363 $ 416 $ 1,170 $ 1,298 Subscription Video Services 477 494 1,441 1,502 Dow Jones 529 487 1,607 1,439 Book Publishing 515 515 1,533 1,678 News Media 563 580 1,695 1,794 Other — — — — Total revenues $ 2,447 $ 2,492 $ 7,446 $ 7,711 Segment EBITDA: Digital Real Estate Services $ 102 $ 137 $ 349 $ 453 Subscription Video Services 68 79 269 279 Dow Jones 109 88 361 327 Book Publishing 61 67 151 259 News Media 34 39 111 184 Other (54) (52) (162) (148) Depreciation and amortization (183) (172) (536) (505) Impairment and restructuring charges (25) (37) (65) (82) Equity losses of affiliates (10) (4) (43) (10) Interest expense, net (25) (25) (78) (68) Other, net 14 13 (10) 143 Income before income tax expense 91 133 347 832 Income tax expense (32) (29) (128) (199) Net income $ 59 $ 104 $ 219 $ 633
Reconciliation of Assets from Segments to Consolidated	As of As of (in millions) Total assets: Digital Real Estate Services $ 2,887 $ 2,989 Subscription Video Services 2,871 3,082 Dow Jones 4,275 4,368 Book Publishing 2,720 2,651 News Media 2,182 2,115 Other (a) 1,593 1,528 Investments 506 488 Total assets $ 17,034 $ 17,221 (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 $ 1,785 $ 1,823 Subscription Video Services 1,328 1,394 Dow Jones 3,310 3,346 Book Publishing 952 973 News Media 303 304 Total Goodwill and intangible assets, net $ 7,678 $ 7,840

Additional Financial Informat_2

Additional Financial Information (Tables)	9 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Components of Receivables, Net	Receivables, net consist of: As of As of (in millions) Receivables $ 1,601 $ 1,569 Less: allowances (61) (67) Receivables, net $ 1,540 $ 1,502
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 $ 391 $ 403 Retirement benefit assets 150 133 Inventory (a) 273 268 News America Marketing deferred consideration 153 142 Other 444 438 Total Other non-current assets $ 1,411 $ 1,384
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 $ 255 $ 215 Current operating lease liabilities 113 139 Allowance for sales returns 154 173 Current tax payable 14 18 Other 447 430 Total Other current liabilities $ 983 $ 975
Components of Other, Net	The following table sets forth the components of Other, net: For the three months ended March 31, For the nine months ended March 31, 2023 2022 2023 2022 (in millions) Remeasurement of equity securities $ (2) $ (19) $ (16) $ — Dividends received from equity security investments 2 8 6 18 Gain on sale of businesses (a) — — — 98 Gain on remeasurement of previously-held interest — — — 3 Gain on dilution of PropertyGuru investment (b) — 15 — 15 Other 14 9 — 9 Total Other, net $ 14 $ 13 $ (10) $ 143 (a) During the nine months ended March 31, 2022, 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) During the three months ended March 31, 2022, PropertyGuru completed its merger with Bridgetown 2 Holdings Limited. REA Group recognized a gain of approximately $15 million resulting from its ownership dilution in the transaction. At March 31, 2022, REA Group held an ownership interest of 17.5% in PropertyGuru.
Summary of Supplemental Cash Flow Information	The following table sets forth the Company’s cash paid for taxes and interest: For the nine months ended March 31, 2023 2022 (in millions) Cash paid for interest $ 69 $ 63 Cash paid for taxes $ 114 $ 132

Revenues - Summary of Disaggreg

Revenues - Summary of Disaggregated Revenue by Type and by Segment (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 2,447	$ 2,492	$ 7,446	$ 7,711
Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	1,122	1,099	3,318	3,248
Advertising
Disaggregation of Revenue [Line Items]
Revenues	393	418	1,263	1,342
Consumer
Disaggregation of Revenue [Line Items]
Revenues	495	497	1,474	1,615
Real estate
Disaggregation of Revenue [Line Items]
Revenues	272	316	896	988
Other
Disaggregation of Revenue [Line Items]
Revenues	165	162	495	518
Digital Real Estate Services
Disaggregation of Revenue [Line Items]
Revenues	363	416	1,170	1,298
Digital Real Estate Services | Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	3	3	9	9
Digital Real Estate Services | Advertising
Disaggregation of Revenue [Line Items]
Revenues	35	33	103	99
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	272	316	896	988
Digital Real Estate Services | Other
Disaggregation of Revenue [Line Items]
Revenues	53	64	162	202
Subscription Video Services
Disaggregation of Revenue [Line Items]
Revenues	477	494	1,441	1,502
Subscription Video Services | Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	419	434	1,249	1,307
Subscription Video Services | Advertising
Disaggregation of Revenue [Line Items]
Revenues	49	51	160	165
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	9	9	32	30
Dow Jones
Disaggregation of Revenue [Line Items]
Revenues	529	487	1,607	1,439
Dow Jones | Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	426	377	1,257	1,082
Dow Jones | Advertising
Disaggregation of Revenue [Line Items]
Revenues	88	102	313	333
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	15	8	37	24
Book Publishing
Disaggregation of Revenue [Line Items]
Revenues	515	515	1,533	1,678
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	495	497	1,474	1,615
Book Publishing | Real estate
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Book Publishing | Other
Disaggregation of Revenue [Line Items]
Revenues	20	18	59	63
News Media
Disaggregation of Revenue [Line Items]
Revenues	563	580	1,695	1,794
News Media | Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	274	285	803	850
News Media | Advertising
Disaggregation of Revenue [Line Items]
Revenues	221	232	687	745
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	63	205	199
Other
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
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	$ 0	$ 0	$ 0

Revenues - Summary of Deferred

Revenues - Summary of Deferred Revenue from Contract with Customers (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Contract with Customer, Liability [Roll Forward]
Balance, beginning of period	$ 591	$ 462	$ 604	$ 473
Deferral of revenue	909	900	2,699	2,574
Recognition of deferred revenue	(873)	(841)	(2,686)	(2,519)
Other	(4)	7	6	0
Balance, end of period	623	528	623	528
Deferred Revenue
Contract with Customer, Liability [Roll Forward]
Deferred revenue recognized	$ 340	$ 271	$ 540	$ 414

Revenues - Revenue Remaining Pe

Revenues - Revenue Remaining Performance Obligation (Details) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Performance obligation satisfied in previous period	$ 106	$ 292
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation satisfied in previous period	106	292
Remaining unsatisfied performance obligations	1,130	1,130
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 135	$ 135
Expected timing of satisfaction	3 months	3 months
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	$ 395	$ 395
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]
Remaining unsatisfied performance obligations	$ 204	$ 204
Expected timing of satisfaction	1 year	1 year

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended		9 Months Ended
	Jun. 30, 2022	Feb. 28, 2022	Mar. 31, 2023	Mar. 31, 2022
Schedule Of Business Acquisitions And Divestitures [Line Items]
Goodwill	$ 5,169		$ 5,136
Cash consideration			$ 15	$ 1,167
Oil Price Information Services
Schedule Of Business Acquisitions And Divestitures [Line Items]
Consideration transferred		$ 1,150
Deferred revenue		1
Identifiable intangible assets		620
Goodwill		538
Oil Price Information Services | Trade names
Schedule Of Business Acquisitions And Divestitures [Line Items]
Indefinite-lived intangible assets		48
Oil Price Information Services | Customer Relationships
Schedule Of Business Acquisitions And Divestitures [Line Items]
Acquired finite-lived intangibles		$ 528
Weighted average useful life		20 years
Oil Price Information Services | Trade names
Schedule Of Business Acquisitions And Divestitures [Line Items]
Indefinite-lived intangible assets		$ 54
Oil Price Information Services | Technology
Schedule Of Business Acquisitions And Divestitures [Line Items]
Acquired finite-lived intangibles		$ 38
Weighted average useful life		6 years
Base Chemicals
Schedule Of Business Acquisitions And Divestitures [Line Items]
Deferred revenue	22
Identifiable intangible assets	189
Goodwill	121
Cash payments to acquire additional interests	295
Base Chemicals | Customer Relationships
Schedule Of Business Acquisitions And Divestitures [Line Items]
Acquired finite-lived intangibles	$ 145
Weighted average useful life	20 years
Base Chemicals | Trade names
Schedule Of Business Acquisitions And Divestitures [Line Items]
Acquired finite-lived intangibles	$ 13
Weighted average useful life	20 years
Base Chemicals | Technology
Schedule Of Business Acquisitions And Divestitures [Line Items]
Weighted average useful life	14 years
Indefinite-lived intangible assets	$ 31
Up Nest Inc
Schedule Of Business Acquisitions And Divestitures [Line Items]
Goodwill	40
Cash consideration	45
Earn-out liability	$ 15
Consideration liability performance objective period	2 years
Contingent liability	$ 8
Transferred restricted cash	9
Up Nest Inc | Customer Relationship And Technology Platforms
Schedule Of Business Acquisitions And Divestitures [Line Items]
Acquired finite-lived intangibles	$ 16

Impairment and Restructuring _3

Impairment and Restructuring Charges - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Additions	$ 25	$ 22	$ 65	$ 67
Impairment charges		15	0	15
Other Current Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring liabilities, current	38		38
Other Noncurrent Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring liabilities, non-current	$ 27		$ 27
News Media
Restructuring Cost and Reserve [Line Items]
Additions		$ 5		$ 29

Impairment and Restructuring _4

Impairment and Restructuring Charges - Schedule of Changes in Restructuring Program Liabilities (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Restructuring Reserve [Roll Forward]
Balance, beginning of period	$ 66	$ 59	$ 66	$ 86
Additions	25	22	65	67
Payments	(25)	(23)	(63)	(95)
Other	(1)	(2)	(3)	(2)
Balance, end of period	65	56	65	56
One time employee termination benefits
Restructuring Reserve [Roll Forward]
Balance, beginning of period	25	23	25	51
Additions	24	9	60	46
Payments	(21)	(15)	(55)	(80)
Other	(1)	(2)	(3)	(2)
Balance, end of period	27	15	27	15
Other costs
Restructuring Reserve [Roll Forward]
Balance, beginning of period	41	36	41	35
Additions	1	13	5	21
Payments	(4)	(8)	(8)	(15)
Other	0	0	0	0
Balance, end of period	$ 38	$ 41	$ 38	$ 41

Investments - Schedule of Inves

Investments - Schedule of Investments (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Jun. 30, 2022
Schedule of Investments [Abstract]
Equity method investments	$ 279	$ 276
Equity securities	227	212
Total Investments	$ 506	$ 488

Investments - Schedule of Total

Investments - Schedule of Total Gains and Losses on Equity Securities (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Schedule of Investments [Abstract]
Total (losses) gains recognized on equity securities	$ (2)	$ (18)	$ (16)	$ 1
Less: Net gains recognized on equity securities sold	0	0	2	0
Unrealized (losses) gains recognized on equity securities held at end of period	$ (2)	$ (18)	$ (18)	$ 1

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Schedule of Investments [Abstract]
Equity losses of affiliates	$ 10	$ 4	$ 43	$ 10

Borrowings - Schedule of Borrow

Borrowings - Schedule of Borrowings (Details) $ in Millions, $ in Millions	Mar. 31, 2023 USD ($)	Mar. 31, 2023 AUD ($)	Jun. 30, 2022 USD ($)
Debt and Financial Instruments [Line Items]
Total borrowings	$ 2,987		$ 3,069
Finance lease liability	47		67
Less: current portion	(27)		(293)
Long-term borrowings	2,960		2,776
Finance lease liabilities, current	$ 27		27
Credit facility 2019 | Foxtel
Debt and Financial Instruments [Line Items]
Interest rate	6.02%	6.02%
Total borrowings	$ 321		68
Term loan facility 2019 | Foxtel
Debt and Financial Instruments [Line Items]
Interest rate	6.25%	6.25%
Total borrowings	$ 167		171
Working Capital Facility 2017 | Foxtel
Debt and Financial Instruments [Line Items]
Debt instrument unused borrowing capacity		$ 161
Working Capital Facility 2017 | New Foxtel
Debt and Financial Instruments [Line Items]
Interest rate	6.02%	6.02%
Total borrowings	$ 0		0
Telstra Facility | Foxtel
Debt and Financial Instruments [Line Items]
Interest rate	11.15%	11.15%
Total borrowings	$ 110		90
US Private Placement 2012 - USD Portion -Tranche 2 | New Foxtel
Debt and Financial Instruments [Line Items]
Interest rate	0%	0%
Total borrowings	$ 0		198
US Private Placement 2012 - USD Portion -Tranche 3 | New Foxtel
Debt and Financial Instruments [Line Items]
Interest rate	4.42%	4.42%
Total borrowings	$ 149		147
US Private Placement 2012 - AUD Portion | New Foxtel
Debt and Financial Instruments [Line Items]
Interest rate	0%	0%
Total borrowings	$ 0		68
2022 Credit Facility | REA Group
Debt and Financial Instruments [Line Items]
Debt instrument unused borrowing capacity		$ 281
2022 Credit facility — tranche 1 | REA Group
Debt and Financial Instruments [Line Items]
Interest rate	4.71%	4.71%
Total borrowings	$ 212		273
2022 Credit facility — tranche 2 | REA Group
Debt and Financial Instruments [Line Items]
Interest rate	4.86%	4.86%
Total borrowings	$ 0		8
News Corporation Borrowings | 2022 Term loan A(a)
Debt and Financial Instruments [Line Items]
Interest rate	6.748%	6.748%
Total borrowings	$ 500		500
Fixed interest rate of derivative	2.083%	2.083%
Effective interest rate	3.708%	3.708%
News Corporation Borrowings | 2022 Senior notes
Debt and Financial Instruments [Line Items]
Interest rate	5.125%	5.125%
Total borrowings	$ 492		492
News Corporation Borrowings | 2021 Senior notes
Debt and Financial Instruments [Line Items]
Interest rate	3.875%	3.875%
Total borrowings	$ 989		$ 987

Equity - Summary of Changes in

Equity - Summary of Changes in Equity (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 9,056	$ 9,347	$ 9,143	$ 9,146
Net income	59	104	219	633
Other comprehensive loss	(41)	123	(23)	(63)
Dividends	(85)	(87)	(174)	(173)
Share repurchases	(20)	(81)	(194)	(127)
Other	15	10	13	0
Ending balance	$ 8,984	$ 9,416	$ 8,984	$ 9,416
Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			387,561,850
Share repurchases (in shares)	(800,000)	(2,500,000)	(7,700,000)	(3,900,000)
Ending balance, shares	381,691,759		381,691,759
Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares			196,808,833
Share repurchases (in shares)	(400,000)	(1,200,000)	(3,900,000)	(1,900,000)
Ending balance, shares	192,882,224		192,882,224
Total News Corp Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 8,115	$ 8,383	$ 8,222	$ 8,211
Net income	50	82	157	513
Other comprehensive loss	(24)	88	(9)	(60)
Dividends	(58)	(59)	(116)	(118)
Share repurchases	(20)	(81)	(194)	(127)
Other	14	12	17	6
Ending balance	$ 8,077	$ 8,425	$ 8,077	$ 8,425
Common Stock | Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	382,000,000	392,000,000	388,000,000	391,000,000
Beginning balance	$ 4	$ 4	$ 4	$ 4
Share repurchases (in shares)	(1,000,000)	(3,000,000)	(8,000,000)	(4,000,000)
Other (in shares)	1,000,000	0	2,000,000	2,000,000
Ending balance, shares	382,000,000	389,000,000	382,000,000	389,000,000
Ending balance	$ 4	$ 4	$ 4	$ 4
Common Stock | Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	193,000,000	199,000,000	197,000,000	200,000,000
Beginning balance	$ 2	$ 2	$ 2	$ 2
Share repurchases (in shares)		(1,000,000)	(4,000,000)	(2,000,000)
Ending balance, shares	193,000,000	198,000,000	193,000,000	198,000,000
Ending balance	$ 2	$ 2	$ 2	$ 2
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	11,550	11,948	11,779	12,057
Dividends	(58)	(59)	(116)	(118)
Share repurchases	(20)	(78)	(194)	(122)
Other	14	12	17	6
Ending balance	11,486	11,823	11,486	11,823
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(2,186)	(2,482)	(2,293)	(2,911)
Net income	50	82	157	513
Share repurchases		(3)		(5)
Ending balance	(2,136)	(2,403)	(2,136)	(2,403)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,255)	(1,089)	(1,270)	(941)
Other comprehensive loss	(24)	88	(9)	(60)
Ending balance	(1,279)	(1,001)	(1,279)	(1,001)
Non-controlling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	941	964	921	935
Net income	9	22	62	120
Other comprehensive loss	(17)	35	(14)	(3)
Dividends	(27)	(28)	(58)	(55)
Other	1	(2)	(4)	(6)
Ending balance	$ 907	$ 991	$ 907	$ 991

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2023	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Sep. 22, 2021	May 31, 2013
Class of Stock [Line Items]
Stock repurchase program authorized amount						$ 1,000,000,000
Remaining authorized repurchase amount		$ 623,000,000		$ 623,000,000
Class A Common Stock
Class of Stock [Line Items]
Stock repurchase program authorized amount							$ 500,000,000
Stock repurchased and retired (in shares)		0.8	2.5	7.7	3.9
Stock repurchased and retired		$ 14,000,000	$ 54,000,000	$ 129,000,000	$ 85,000,000
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)		0.4	1.2	3.9	1.9
Stock repurchased and retired		$ 6,000,000	$ 27,000,000	$ 65,000,000	$ 42,000,000
Cash dividends declared per share of common stock (in usd per share)	$ 0.10

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	Mar. 31, 2023	Jun. 30, 2022
Assets:
Equity securities	$ 227	$ 212
Fair Value, Recurring
Assets:
Equity securities	227	212
Total assets	304	335
Liabilities:
Total liabilities	0	0
Fair Value, Recurring | Interest rate derivatives | Cash Flow Hedging
Assets:
Derivative assets	33	24
Fair Value, Recurring | Foreign currency derivatives | Cash Flow Hedging
Assets:
Derivative assets	1	1
Fair Value, Recurring | Cross currency interest rate derivatives
Assets:
Derivative assets	35	79
Fair Value, Recurring | Cross currency interest rate derivatives | Fair Value Hedging
Assets:
Derivative assets	8	19
Fair Value, Recurring | Level 1
Assets:
Equity securities	97	109
Total assets	97	109
Liabilities:
Total liabilities	0	0
Fair Value, Recurring | Level 1 | Interest rate derivatives | Cash Flow Hedging
Assets:
Derivative assets	0	0
Fair Value, Recurring | Level 1 | Foreign currency derivatives | Cash Flow Hedging
Assets:
Derivative assets	0	0
Fair Value, Recurring | Level 1 | Cross currency interest rate derivatives
Assets:
Derivative assets	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	77	123
Liabilities:
Total liabilities	0	0
Fair Value, Recurring | Level 2 | Interest rate derivatives | Cash Flow Hedging
Assets:
Derivative assets	33	24
Fair Value, Recurring | Level 2 | Foreign currency derivatives | Cash Flow Hedging
Assets:
Derivative assets	1	1
Fair Value, Recurring | Level 2 | Cross currency interest rate derivatives
Assets:
Derivative assets	35	79
Fair Value, Recurring | Level 2 | Cross currency interest rate derivatives | Fair Value Hedging
Assets:
Derivative assets	8	19
Fair Value, Recurring | Level 3
Assets:
Equity securities	130	103
Total assets	130	103
Liabilities:
Total liabilities	0	0
Fair Value, Recurring | Level 3 | Interest rate derivatives | Cash Flow Hedging
Assets:
Derivative assets	0	0
Fair Value, Recurring | Level 3 | Foreign currency derivatives | Cash Flow Hedging
Assets:
Derivative assets	0	0
Fair Value, Recurring | Level 3 | Cross currency interest rate derivatives
Assets:
Derivative assets	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	9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - beginning of period	$ 103	$ 116
Additions	31	17
Sales	(2)	0
Returns of capital	(5)	(33)
Measurement adjustments	1	23
Foreign exchange and other	2	(18)
Balance - end of period	$ 130	$ 105

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	Mar. 31, 2023	Jun. 30, 2022
Interest rate derivatives | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, reported under other current assets	$ 17	$ 4
Derivatives, reported under other non-current assets	16	20
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	1
Cross currency interest rate derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, reported under other current assets	0	46
Derivatives, reported under other non-current assets	35	33
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	0	11
Derivatives, reported under other non-current assets	$ 8	$ 8

Financial Instruments and Fai_6

Financial Instruments and Fair Value Measurements - Additional Information (Detail) $ in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023 AUD ($)
Foreign Exchange Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimates of net derivative losses (gains) related to cash flow hedges included in Accumulated other comprehensive loss	$ 0		$ 0
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimates of net derivative losses (gains) related to cash flow hedges included in Accumulated other comprehensive loss	19		19
Cross currency interest rate derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional value of derivative	120		120
Estimates of net derivative losses (gains) related to cash flow hedges included in Accumulated other comprehensive loss	1		1
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	1	$ (12)	3	$ 5
Cash Flow Hedging | Foreign Exchange Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional value of derivative	42		$ 42
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	500		$ 500
Cash Flow Hedging | Interest Rate Contract | Foxtel
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional value of derivative					$ 250
Fair Value Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional value of derivative	30		30
Fair Value Hedging | Accounting Standards Update 2017-12
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Adjustments decreased 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	$ 0	$ 0

Financial Instruments and Fai_7

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		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) recognized in Accumulated Other Comprehensive Loss	$ (6)	$ 10	$ 14	$ 17
(Gain) loss reclassified from Accumulated Other Comprehensive Loss	(4)	(2)	(8)	(6)
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	(1)	(1)	0
(Gain) loss reclassified from Accumulated Other Comprehensive Loss	1	0	1	0
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	0
(Gain) loss reclassified from Accumulated Other Comprehensive Loss	0	(1)	(1)	(3)
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	(6)	11	15	17
(Gain) loss reclassified from Accumulated Other Comprehensive Loss	$ (5)	$ (1)	$ (8)	$ (3)

Financial Instruments and Fai_8

Financial Instruments and Fair Value Measurements - Schedule of Fair Value Hedging Relationship By Balance Sheet (Detail) - Borrowings - USD ($) $ in Millions	Mar. 31, 2023	Jun. 30, 2022
Carrying amount of hedged item	$ 28	$ 68
Cumulative hedging adjustments included in the carrying amount	$ 0	$ 2

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		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income	$ 59	$ 104	$ 219	$ 633
Less: Net income attributable to noncontrolling interests	(9)	(22)	(62)	(120)
Net income attributable to News Corporation stockholders	$ 50	$ 82	$ 157	$ 513
Weighted-average number of shares of common stock outstanding - basic (in shares)	575.4	588.8	577.6	590.9
Dilutive effect of equity awards (in shares)	2.5	3.3	2	2.8
Weighted-average number of shares of common stock outstanding - diluted (in shares)	577.9	592.1	579.6	593.7
Net income attributable to News Corporation stockholders per share - basic (in dollars per share)	$ 0.09	$ 0.14	$ 0.27	$ 0.87
Net income attributable to News Corporation stockholders per share - diluted (in dollars per share)	$ 0.09	$ 0.14	$ 0.27	$ 0.86

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Commitments by Fiscal Year Maturity (Detail) - Sports programming rights $ in Millions	Mar. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Sports programming rights, Total	$ 1,461
Sports programming rights, Payments due Less than 1 year	377
Sports programming rights, Payments due 1-3 years	539
Sports programming rights, Payments due 3-5 years	396
Sports programming rights, Payments due More than 5 years	$ 149

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022
Loss Contingencies [Line Items]
Other current assets	$ 477		$ 477		$ 458
U.K. Newspaper Matters
Loss Contingencies [Line Items]
Selling, general and administrative expenses, net	4	$ 3	13	$ 9
Litigation liability accrued	123		123
U.K. Newspaper Matters Indemnification | 21st Century Fox
Loss Contingencies [Line Items]
Other current assets	$ 122		$ 122

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 32	$ 29	$ 128	$ 199
Income before income tax expense	$ 91	$ 133	347	832
Gross income tax paid			114	132
Income tax refunds			$ 13	$ 3
PropertyGuru Pte. Ltd. | REA Group
Tax Credit Carryforward [Line Items]
Ownership percentage		17.50%		17.50%

Segment Information - Additiona

Segment Information - Additional Information (Detail)	9 Months Ended
	Mar. 31, 2023 segment channel country brand
Segment Reporting Information [Line Items]
Number of reportable segments | segment	6
Digital Real Estate Services | REA Group
Segment Reporting Information [Line Items]
Company ownership percentage	61.40%
Digital Real Estate Services | Move
Segment Reporting Information [Line Items]
Company ownership percentage	80%
Digital Real Estate Services | Move | REA Group
Segment Reporting Information [Line Items]
Ownership interest held by minority interest	20%
Subscription Video Services | Foxtel
Segment Reporting Information [Line Items]
Company ownership percentage	65%
Subscription Video Services | Foxtel | Telstra
Segment Reporting Information [Line Items]
Ownership interest held by minority interest	35%
Subscription Video Services | Minimum | Foxtel
Segment Reporting Information [Line Items]
Number of channels | channel	200
Book Publishing | Minimum
Segment Reporting Information [Line Items]
Number of countries | country	17
Number of branded publishing imprints | brand	120

Segment Information - Reconcili

Segment Information - Reconciliation of Revenue and Segment EBITDA from Segments to Consolidated (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 2,447	$ 2,492	$ 7,446	$ 7,711
Depreciation and amortization	(183)	(172)	(536)	(505)
Impairment and restructuring charges	(25)	(37)	(65)	(82)
Equity losses of affiliates	(10)	(4)	(43)	(10)
Interest expense, net	(25)	(25)	(78)	(68)
Other, net	14	13	(10)	143
Income before income tax expense	91	133	347	832
Income tax expense	(32)	(29)	(128)	(199)
Net income	59	104	219	633
Digital Real Estate Services
Segment Reporting Information [Line Items]
Revenues	363	416	1,170	1,298
Total Segment EBITDA	102	137	349	453
Subscription Video Services
Segment Reporting Information [Line Items]
Revenues	477	494	1,441	1,502
Total Segment EBITDA	68	79	269	279
Dow Jones
Segment Reporting Information [Line Items]
Revenues	529	487	1,607	1,439
Total Segment EBITDA	109	88	361	327
Book Publishing
Segment Reporting Information [Line Items]
Revenues	515	515	1,533	1,678
Total Segment EBITDA	61	67	151	259
News Media
Segment Reporting Information [Line Items]
Revenues	563	580	1,695	1,794
Total Segment EBITDA	34	39	111	184
Other
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Total Segment EBITDA	$ (54)	$ (52)	$ (162)	$ (148)

Segment Information - Reconci_2

Segment Information - Reconciliation of Assets from Segments to Consolidated (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Jun. 30, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Investments	$ 506	$ 488
Total assets	17,034	17,221
Digital Real Estate Services
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,887	2,989
Subscription Video Services
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,871	3,082
Dow Jones
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	4,275	4,368
Book Publishing
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,720	2,651
News Media
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,182	2,115
Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 1,593	$ 1,528

Segment Information - Reconci_3

Segment Information - Reconciliation of Goodwill and Intangible Assets from Segments to Consolidated (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	$ 7,678	$ 7,840
Digital Real Estate Services
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	1,785	1,823
Subscription Video Services
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	1,328	1,394
Dow Jones
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	3,310	3,346
Book Publishing
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	952	973
News Media
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	$ 303	$ 304

Additional Financial Informat_3

Additional Financial Information - Components of Receivables, Net (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Jun. 30, 2022
Receivables [Abstract]
Receivables	$ 1,601	$ 1,569
Less: allowances	(61)	(67)
Receivables, net	$ 1,540	$ 1,502

Additional Financial Informat_4

Additional Financial Information - Components of Other Non-Current Assets (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Jun. 30, 2022
Assets, Noncurrent [Abstract]
Royalty advances to authors	$ 391	$ 403
Retirement benefit assets	150	133
Inventory	273	268
News America Marketing deferred consideration	153	142
Other	444	438
Total Other non-current assets	$ 1,411	$ 1,384

Additional Financial Informat_5

Additional Financial Information - Components of Other Current Liabilities (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Jun. 30, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current operating lease liabilities	$ 113	$ 139
Total Other current liabilities	983	975
Other Current Liabilities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Royalties and commissions payable	255	215
Allowance for sales returns	154	173
Current tax payable	14	18
Other	447	430
Total Other current liabilities	$ 983	$ 975

Additional Financial Informat_6

Additional Financial Information - Components of Other, Net Included in Statement of Operations (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Other Income and Expenses [Line Items]
Remeasurement of equity securities	$ (2)	$ (18)	$ (16)	$ 1
Total Other, net	14	13	(10)	143
PropertyGuru Pte. Ltd. | REA Group
Other Income and Expenses [Line Items]
Gain on sale of businesses		$ 15		$ 107
Ownership percentage		17.50%		17.50%
Nonoperating Income (Expense)
Other Income and Expenses [Line Items]
Remeasurement of equity securities	(2)	$ (19)	(16)	$ 0
Dividends received from equity security investments	2	8	6	18
Gain on sale of businesses	0	0	0	98
Gain on remeasurement of previously-held interest	0	0	0	3
Gain on dilution of PropertyGuru investment	0	15	0	15
Other	14	9	0	9
Total Other, net	$ 14	$ 13	$ (10)	$ 143

Additional Financial Informat_7

Additional Financial Information - Summary of Supplemental Cash Flow Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental Cash Flow Information [Abstract]
Cash paid for interest	$ 69	$ 63
Cash paid for taxes	$ 114	$ 132