News (NWS) 10-Q 9 Nov 23 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Sep. 30, 2023	Nov. 03, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	2024
Document Fiscal Period Focus	Q1
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		380,669,889
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		191,384,510

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Revenues	$ 2,499	$ 2,478
Total Revenues	2,499	2,478
Operating expenses	(1,273)	(1,273)
Selling, general and administrative	(862)	(855)
Depreciation and amortization	(171)	(179)
Impairment and restructuring charges	(38)	(21)
Equity losses of affiliates	(2)	(4)
Interest expense, net	(23)	(27)
Other, net	(35)	(18)
Income before income tax expense	95	101
Income tax expense	(37)	(35)
Net income	58	66
Less: Net income attributable to noncontrolling interests	(28)	(26)
Net income attributable to News Corporation stockholders	$ 30	$ 40
Net income attributable to News Corporation stockholders per share, basic and diluted
Basic (in dollars per share)	$ 0.05	$ 0.07
Diluted (in dollars per share)	$ 0.05	$ 0.07
Circulation and subscription
Revenues:
Revenues	$ 1,129	$ 1,111
Advertising
Revenues:
Revenues	391	406
Consumer
Revenues:
Revenues	502	467
Real estate
Revenues:
Revenues	311	323
Other
Revenues:
Revenues	$ 166	$ 171

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions		3 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income		$ 58	$ 66
Other comprehensive loss:
Foreign currency translation adjustments		(145)	(280)
Net change in the fair value of cash flow hedges	[1]	(1)	17
Benefit plan adjustments, net	[2]	15	12
Other comprehensive loss		(131)	(251)
Comprehensive loss		(73)	(185)
Less: Net income attributable to noncontrolling interests		(28)	(26)
Less: Other comprehensive loss attributable to noncontrolling interests	[3]	31	56
Comprehensive loss attributable to News Corporation stockholders		$ (70)	$ (155)
[1]Net of income tax (benefit) expense of $(1) million and $6 million for the three months ended September 30, 2023 and 2022, respectively.[2]Net of income tax expense of $5 million and $4 million for the three months ended September 30, 2023 and 2022, respectively.[3]Primarily consists of foreign currency translation adjustments.

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Millions		3 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net change in the fair value of cash flow hedges, income tax expense (benefit)	[1]	$ (1)	$ 6
Pensions plans, income tax (expense) benefit		$ 5	$ 4
[1]Net of income tax (benefit) expense of $(1) million and $6 million for the three months ended September 30, 2023 and 2022, respectively.

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Sep. 30, 2023	Jun. 30, 2023
Current assets:
Cash and cash equivalents		$ 1,529	$ 1,833
Receivables, net		1,559	1,425
Inventory, net		378	311
Other current assets		503	484
Total current assets		3,969	4,053
Non-current assets:
Investments		391	427
Property, plant and equipment, net		1,947	2,042
Operating lease right-of-use assets		998	1,036
Intangible assets, net		2,417	2,489
Goodwill		5,104	5,140
Deferred income tax assets		360	393
Other non-current assets		1,289	1,341
Total assets		16,475	16,921
Current liabilities:
Accounts payable		324	440
Accrued expenses		1,153	1,123
Deferred revenue		624	622
Current borrowings		61	27
Other current liabilities		875	953
Total current liabilities		3,037	3,165
Non-current liabilities:
Borrowings		2,909	2,940
Retirement benefit obligations		134	134
Deferred income tax liabilities		147	163
Operating lease liabilities		1,081	1,128
Other non-current liabilities		431	446
Commitments and contingencies
Additional paid-in capital		11,347	11,449
Accumulated deficit		(2,114)	(2,144)
Accumulated other comprehensive loss		(1,347)	(1,247)
Total News Corporation stockholders’ equity		7,892	8,064
Noncontrolling interests		844	881
Total equity		8,736	8,945
Total liabilities and equity		16,475	16,921
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, 381,060,393 and 379,945,907 shares issued and outstanding, net of 27,368,413 treasury shares at par, at September 30, 2023 and June 30, 2023, respectively. Class B common stock , $0.01 par value per share (“Class B Common Stock”), 750,000,000 shares authorized, 191,564,740 and 192,013,909 shares issued and outstanding, net of 78,430,424 treasury shares at par, at September 30, 2023 and June 30, 2023, respectively.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Jun. 30, 2023
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares issued, net of treasury stock (in shares)	381,060,393	379,945,907
Common stock outstanding, net of treasury stock (in shares)	381,060,393	379,945,907
Treasury stock, shares (in 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 (in shares)	750,000,000	750,000,000
Common stock, shares issued, net of treasury stock (in shares)	191,564,740	192,013,909
Common stock outstanding, net of treasury stock (in shares)	191,564,740	192,013,909
Treasury stock, shares (in shares)	78,430,424	78,430,424

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities:
Net income	$ 58	$ 66
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	171	179
Operating lease expense	24	30
Equity losses of affiliates	2	4
Cash distributions received from affiliates	2	1
Impairment charges	21	0
Other, net	35	18
Deferred income taxes and taxes payable	19	(4)
Change in operating assets and liabilities, net of acquisitions:
Receivables and other assets	(129)	(96)
Inventories, net	(55)	(61)
Accounts payable and other liabilities	(203)	(168)
Net cash used in operating activities	(55)	(31)
Investing activities:
Capital expenditures	(124)	(104)
Acquisitions, net of cash acquired	(20)	(3)
Investments in equity affiliates and other	(15)	(8)
Proceeds from property, plant and equipment and other asset dispositions	0	4
Other, net	0	(19)
Net cash used in investing activities	(159)	(130)
Financing activities:
Borrowings	925	328
Repayment of borrowings	(933)	(337)
Repurchase of shares	(29)	(127)
Dividends paid	(28)	(31)
Other, net	0	18
Net cash used in financing activities	(65)	(149)
Net change in cash and cash equivalents	(279)	(310)
Cash and cash equivalents, beginning of period	1,833	1,822
Exchange movement on opening cash balance	(25)	(54)
Cash and cash equivalents, end of period	$ 1,529	$ 1,458

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Sep. 30, 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, 2024. 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, 2023 as filed with the Securities and Exchange Commission (the “SEC”) on August 15, 2023 (the “2023 Form 10-K”). The Company’s fiscal year ends on the Sunday closest to June 30. Fiscal 2024 and fiscal 2023 include 52 weeks. All references to the three months ended September 30, 2023 and 2022 relate to the three months ended October 1, 2023 and October 2, 2022, respectively. For convenience purposes, the Company continues to date its Consolidated Financial Statements as of September 30.

Revenues

Revenues	3 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenues	NOTE 2. REVENUES The following tables present the Company’s disaggregated revenues by type and segment for the three months ended September 30, 2023 and 2022: For the three months ended September 30, 2023 Digital Real Subscription Dow Jones Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 3 $ 415 $ 436 $ — $ 275 $ — $ 1,129 Advertising 35 62 91 — 203 — 391 Consumer — — — 502 — — 502 Real estate 311 — — — — — 311 Other 54 9 10 23 70 — 166 Total Revenues $ 403 $ 486 $ 537 $ 525 $ 548 $ — $ 2,499 For the three months ended September 30, 2022 Digital Real Subscription Dow Jones Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 3 $ 425 $ 414 $ — $ 269 $ — $ 1,111 Advertising 35 64 94 — 213 — 406 Consumer — — — 467 — — 467 Real estate 323 — — — — — 323 Other 60 13 7 20 71 — 171 Total Revenues $ 421 $ 502 $ 515 $ 487 $ 553 $ — $ 2,478 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 months ended September 30, 2023 and 2022: For the three months ended 2023 2022 (in millions) Balance, beginning of period $ 622 $ 604 Deferral of revenue 937 897 Recognition of deferred revenue (a) (929) (896) Other (6) (13) Balance, end of period $ 624 $ 592 (a) For the three months ended September 30, 2023 and 2022, the Company recognized $393 million and $408 million, respectively, of revenue which was included in the opening deferred revenue balance. Contract assets were immaterial for disclosure as of September 30, 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 months ended September 30, 2023, the Company recognized approximately $104 million 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 September 30, 2023 was approximately $1,313 million, of which approximately $391 million is expected to be recognized over the remainder of fiscal 2024, approximately $349 million is expected to be recognized in fiscal 2025 and approximately $194 million is expected to be recognized in fiscal 2026, 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.”

Impairment and Restructuring Ch

Impairment and Restructuring Charges	3 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Impairment and Restructuring Charges	NOTE 3. IMPAIRMENT AND RESTRUCTURING CHARGES Fiscal 2024 Impairment During the three months ended September 30, 2023, the Company recognized non-cash impairment charges of $21 million at the News Media segment related to the write-down of fixed assets associated with the proposed combination of certain United Kingdom (“U.K.”) printing operations with those of a third party. Fiscal 2024 Restructuring During the three months ended September 30, 2023, the Company recorded restructuring charges of $17 million primarily related to employee termination benefits, of which $6 million related to the News Media segment. The employee termination benefits recorded in the three months ended September 30, 2023 resulted from actions taken by the Company’s businesses in response to the 5% headcount reduction initiative announced in February 2023. Fiscal 2023 Restructuring During the three months ended September 30, 2022, the Company recorded restructuring charges of $21 million primarily related to employee termination benefits, of which $11 million related to the News Media segment. Changes in restructuring program liabilities were as follows: For the three months ended September 30, 2023 2022 One time Other costs Total One time Other costs Total (in millions) Balance, beginning of period $ 53 $ 41 $ 94 $ 25 $ 41 $ 66 Additions 16 1 17 20 1 21 Payments (39) (1) (40) (22) (2) (24) Other (1) — (1) (1) — (1) Balance, end of period $ 29 $ 41 $ 70 $ 22 $ 40 $ 62 As of September 30, 2023, restructuring liabilities of approximately $40 million were included in the Balance Sheet in Other current liabilities and $30 million were included in Other non-current liabilities.

Investments

Investments	3 Months Ended
	Sep. 30, 2023
Schedule of Investments [Abstract]
Investments	NOTE 4. INVESTMENTS The Company’s investments were comprised of the following: Ownership Percentage as of September 30, 2023 As of As of (in millions) Equity method investments (a) various $ 183 $ 192 Equity securities (b) various 208 235 Total Investments $ 391 $ 427 (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 International Ltd., certain investments in China, the Company’s investment in ARN Media Limited, which operates a portfolio of Australian radio 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 2023 2022 (in millions) Total losses recognized on equity securities $ (23) $ (3) Less: Net gains recognized on equity securities sold — — Unrealized losses recognized on equity securities held at end of period $ (23) $ (3) Equity Losses of Affiliates

Borrowings

Borrowings	3 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Borrowings	NOTE 5. BORROWINGS The Company’s total borrowings consist of the following: Interest rate at September 30, 2023 Maturity at September 30, 2023 As of As of (in millions) News Corporation 2022 Term loan A (a) 6.990 % Mar 31, 2027 $ 497 $ 497 2022 Senior notes 5.125 % Feb 15, 2032 492 492 2021 Senior notes 3.875 % May 15, 2029 990 989 Foxtel Group (b) 2024 Foxtel credit facility — tranche 1 (c)(d) 7.04 % Aug 1, 2026 335 — 2024 Foxtel credit facility — USD portion — tranche 2 (e) 8.64 % Aug 1, 2027 49 — 2024 Foxtel credit facility — tranche 3 (d) 7.19 % Aug 1, 2027 200 — 2017 Working capital facility (c) 7.04 % Aug 1, 2026 16 — Telstra facility 12.10 % Dec 22, 2027 99 100 2019 Credit facility (f) — % May 31, 2024 — 320 2019 Term loan facility (f) — % Nov 22, 2024 — 167 2012 US private placement — USD portion — tranche 3 (f) — % Jul 25, 2024 — 149 REA Group (b) 2024 REA credit facility — tranche 1 (g) 5.65 % Sep 15, 2028 76 — 2024 REA credit facility — tranche 2 (g) 5.35 % Sep 16, 2025 129 — 2024 Subsidiary facility (g) 5.57 % Sep 28, 2025 53 — 2022 Credit facility — tranche 1 (f) — % Sep 16, 2024 — 211 2022 Credit facility — tranche 2 (f) — % Sep 16, 2025 — — Finance lease liability 34 42 Total borrowings 2,970 2,967 Less: current portion (h) (61) (27) Long-term borrowings $ 2,909 $ 2,940 (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 September 30, 2023 the Company was paying interest at an effective interest rate of 3.583%. 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 September 30, 2023, the Foxtel Debt Group had total undrawn commitments of A$304 million available under these facilities. (d) The Company entered into A$610 million of interest rate swap derivatives to fix the floating rate interest components of tranche 1 and tranche 3 of its 2024 Foxtel Credit Facility (described below) at approximately 4.30%. For the three months ended September 30, 2023 the Company was paying interest at an effective interest rate of 7.10% and 7.30% for tranche 1 and tranche 3, respectively. See Note 8—Financial Instruments and Fair Value Measurements. (e) The Company entered into a cross-currency interest rate swap derivative to fix the floating rate interest component of tranche 2 of its 2024 Foxtel Credit Facility (described below) at 4.38%. For the three months ended September 30, 2023 the Company was paying interest at an effective interest rate of 7.64%. See Note 8—Financial Instruments and Fair Value Measurements. (f) These borrowings were repaid during the three months ended September 30, 2023 using proceeds from the 2024 Foxtel Credit Facility and 2024 REA Credit Facility (described below), as applicable. (g) As of September 30, 2023, REA Group had total undrawn commitments of A$282 million available under these facilities. (h) The Company classifies the current portion of long term debt as non-current liabilities on the Balance Sheets when it has the intent and ability to refinance the obligation on a long-term basis, in accordance with ASC 470-50 “Debt.” $26 million and $27 million relates to the current portion of finance lease liabilities as of September 30, 2023 and June 30, 2023, respectively, with the remainder as of September 30, 2023 consisting of required principal repayments on the 2022 Term Loan A and 2024 Foxtel Credit Facility — tranches 2 and 3. Foxtel Group Debt Refinancing During the three months ended September 30, 2023, the Foxtel Group refinanced its A$610 million 2019 revolving credit facility, A$250 million term loan facility and tranche 3 of its 2012 U.S. private placement senior unsecured notes with the proceeds of a new A$1.2 billion syndicated credit facility (the “2024 Foxtel Credit Facility”). The 2024 Foxtel Credit Facility consists of three sub-facilities: (i) an A$817.5 million three year revolving credit facility (the “2024 Foxtel Credit Facility — tranche 1”), (ii) a US$48.7 million four year term loan facility (the “2024 Foxtel Credit Facility — tranche 2”) and (iii) an A$311.0 million four year term loan facility (the “2024 Foxtel Credit Facility — tranche 3”). In addition, the Foxtel Group amended its 2017 working capital facility to extend the maturity to August 2026 and modify the pricing. Depending on the Foxtel Group’s net leverage ratio, (i) borrowings under the 2024 Foxtel Credit Facility — tranche 1 and 2017 working capital facility bear interest at a rate of the Australian BBSY plus a margin of between 2.35% and 3.60%; (ii) borrowings under the 2024 Foxtel Credit Facility — tranche 2 bear interest at a rate based on a Term SOFR formula, as set forth in the 2024 Foxtel Credit Agreement, plus a margin of between 2.50% and 3.75%; and (iii) borrowings under the 2024 Foxtel Credit Facility — tranche 3 bear interest at a rate of the Australian BBSY plus a margin of between 2.50% and 3.75%. All tranches carry a commitment fee of 45% of the applicable margin on any undrawn balance during the relevant availability period. Tranches 2 and 3 of the 2024 Foxtel Credit Facility amortize on a proportionate basis in an aggregate annual amount equal to A$35 million in each of the first two years following closing and A$40 million in each of the two years thereafter. The agreements governing the Foxtel Debt Group’s external borrowings contain customary affirmative and negative covenants and events of default, with customary exceptions, including specified financial and non-financial covenants calculated in accordance with Australian International Financial Reporting Standards. Subject to certain exceptions, these covenants restrict or prohibit members of the Foxtel Debt Group from, among other things, undertaking certain transactions, disposing of certain properties or assets (including subsidiary stock), merging or consolidating with any other person, making financial accommodation available, giving guarantees, entering into certain other financing arrangements, creating or permitting certain liens, engaging in transactions with affiliates, making repayments of certain other loans and undergoing fundamental business changes. In addition, the agreements require the Foxtel Debt Group to maintain a ratio of net debt to Earnings Before Interest, Tax, Depreciation and Amortization (“EBITDA”), as adjusted under the applicable agreements, of not more than 3.25 to 1.0. The agreements also require the Foxtel Debt Group to maintain a net interest coverage ratio of not less than 3.5 to 1.0. There are no assets pledged as collateral for any of the borrowings. REA Group Debt REA Group Debt Refinancing During the three months ended September 30, 2023, REA Group entered into a new unsecured syndicated credit facility (the “2024 REA Credit Facility”) which replaces the 2022 Credit Facility and consists of two sub-facilities: (i) a five-year A$400 million revolving loan facility (the “2024 REA Credit Facility—tranche 1”) which was used to refinance tranche 1 of the 2022 Credit Facility and (ii) an A$200 million revolving loan facility representing the continuation of tranche 2 of the 2022 Credit Facility (the “2024 REA Credit Facility—tranche 2”). REA Group may request increases in the amount of the 2024 REA Credit Facility up to a maximum amount of A$500 million, subject to the terms and limitations set forth in the syndicated facility agreement. Borrowings under the 2024 REA Credit Facility — tranche 1 accrue interest at a rate of the Australian BBSY plus a margin of between 1.45% and 2.35%, depending on REA Group’s net leverage ratio. Borrowings under the 2024 REA Credit Facility — tranche 2 continue to accrue interest at a rate of the Australian BBSY plus a margin of between 1.15% and 2.25%, depending on REA Group’s net leverage ratio. Both tranches carry a commitment fee of 40% of the applicable margin on any undrawn balance. The syndicated facility agreement governing the 2024 REA Credit Facility requires REA Group to maintain (i) a net leverage ratio of not more than 3.5 to 1.0 and (ii) an interest coverage ratio of not less than 3.0 to 1.0. The agreement also contains certain other customary affirmative and negative covenants and events of default. Subject to certain exceptions, these covenants restrict or prohibit REA Group and its subsidiaries from, among other things, incurring or guaranteeing debt, disposing of certain properties or assets, merging or consolidating with any other person, making financial accommodation available, entering into certain other financing arrangements, creating or permitting certain liens, engaging in non arms’ length transactions with affiliates, undergoing fundamental business changes and making restricted payments. Subsidiary Financing During the three months ended September 30, 2023, REA Group entered into an A$83 million unsecured bilateral revolving credit facility (the “2024 Subsidiary Facility”). Proceeds of the 2024 Subsidiary Facility will be used to refinance an existing facility at one of its subsidiaries and to fund its business of providing short-term financing to real estate agents and vendors. Borrowings under the 2024 Subsidiary Facility accrue interest at a rate of the Australian BBSY plus a margin of 1.40% and undrawn balances carry a commitment fee of 40% of the applicable margin. The facility agreement governing the 2024 Subsidiary Facility permits the lender to cancel its commitment and declare all outstanding amounts immediately due and payable after a consultation period in specified circumstances, including if certain key operating measures of its subsidiary fall below the budgeted amount for two consecutive quarters. The agreement also contains certain other customary affirmative and negative covenants and events of default that are similar to those governing the 2024 REA 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 2023 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 September 30, 2023.

Equity

Equity	3 Months Ended
	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Equity	NOTE 6. EQUITY The following tables summarize changes in equity for the three months ended September 30, 2023 and 2022: For the three months ended September 30, 2023 Class A Common Class B Common Additional Accumulated Accumulated Total Non-controlling Total Shares Amount Shares Amount (in millions) Balance, June 30, 2023 380 $ 4 192 $ 2 $ 11,449 $ (2,144) $ (1,247) $ 8,064 $ 881 $ 8,945 Net income — — — — — 30 — 30 28 58 Other comprehensive loss — — — — — — (100) (100) (31) (131) Dividends — — — — (57) — — (57) (28) (85) Share repurchases (1) — — — (29) — — (29) — (29) Other 2 — — — (16) — — (16) (6) (22) Balance, September 30, 2023 381 $ 4 192 $ 2 $ 11,347 $ (2,114) $ (1,347) $ 7,892 $ 844 $ 8,736 For the three months ended September 30, 2022 Class A Class B 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 — — — — — 40 — 40 26 66 Other comprehensive loss — — — — — — (195) (195) (56) (251) Dividends — — — — (58) — — (58) (31) (89) Share repurchases (5) — (3) — (127) — — (127) — (127) Other 1 — — — (10) — — (10) (4) (14) Balance, September 30, 2022 384 $ 4 194 $ 2 $ 11,584 $ (2,253) $ (1,465) $ 7,872 $ 856 $ 8,728 Stock Repurchases The Company’s Board of Directors (the “Board of Directors”) has authorized a repurchase program to purchase up to $1 billion in the aggregate of the Company’s outstanding Class A Common Stock and Class B Common Stock (the “Repurchase Program”). 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 September 30, 2023, the remaining authorized amount under the Repurchase Program was approximately $548 million. During the three months ended September 30, 2023, the Company repurchased and subsequently retired 1.0 million shares of Class A Common Stock for approximately $20 million and 0.4 million shares of Class B Common Stock for approximately $9 million. During the three months ended September 30, 2022, the Company repurchased and subsequently retired 5.0 million shares of Class A Common Stock for approximately $84 million and 2.5 million shares of Class B Common Stock for approximately $43 million. Dividends In August 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 October 11, 2023 to stockholders of record as of September 13, 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	3 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurements	NOTE 7. 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 September 30, 2023 As of June 30, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in millions) Assets: Interest rate derivatives - cash flow hedges $ — $ 38 $ — $ 38 $ — $ 41 $ — $ 41 Foreign currency derivatives - cash flow hedges — 3 — 3 — 2 — 2 Cross-currency interest rate derivatives - fair value hedges — — — — — 9 — 9 Cross-currency interest rate derivatives — — — — — 37 — 37 Equity securities (a) 80 — 128 208 105 — 130 235 Total assets $ 80 $ 41 $ 128 $ 249 $ 105 $ 89 $ 130 $ 324 Liabilities: Cross-currency interest rate derivatives - fair value hedges — — — — — (1) — (1) Cross-currency interest rate derivatives — — — — — (2) — (2) Total liabilities $ — $ — $ — $ — $ — $ (3) $ — $ (3) (a) See Note 4—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 three months ended 2023 2022 (in millions) Balance - beginning of period $ 130 $ 103 Additions — 1 Measurement adjustments — 1 Foreign exchange and other (2) (1) Balance - end of period $ 128 $ 104 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, certain programming rights, product development costs and inventory purchases; and • interest rate risk: arising from fixed and floating rate Foxtel Debt Group and News Corporation borrowings. During the three months ended September 30, 2023, in connection with the 2024 Foxtel Credit Facility, the Company entered into (i) a cross-currency interest rate swap derivative with a notional amount of $49 million to exchange the U.S. dollar-denominated floating rate interest component of its 2024 Foxtel Credit Facility — Tranche 2 for an Australian dollar-denominated fixed rate of 4.375% and (ii) interest rate swap derivatives with notional amounts totaling A$610 million to exchange the floating rate interest component of the remaining tranches to fixed rates ranging from 4.248% to 4.313%. These cross-currency interest rate swap and interest rate swap derivatives are accounted for as cash flow hedges under ASC 815, “Derivatives and Hedging”. During the three months ended September 30, 2023, the Company settled its hedges and derivatives related to the 2019 Credit facility and the 2012 U.S. private placement - USD portion - tranche 3. A gain of $5 million was recognized in Other, net related to the settlement of cross-currency interest rate swap derivatives for which hedge accounting was previously discontinued, and a gain of $7 million was recognized within Interest expense, net related to the remaining net derivative gains in Accumulated other comprehensive loss. The Company formally designates qualifying derivatives as hedge relationships 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 $ 16 $ 21 Foreign currency derivatives - cash flow hedges Other current assets 3 2 Cross currency interest rate derivatives Other current assets — 1 Interest rate derivatives - cash flow hedges Other non-current assets 22 20 Cross-currency interest rate derivatives - fair value hedges Other non-current assets — 9 Cross-currency interest rate derivatives Other non-current assets — 36 Cross-currency interest rate derivatives - fair value hedges Other current liabilities — (1) Cross-currency interest rate derivatives Other current liabilities — (2) Cash flow hedges The Company utilizes a combination of interest rate derivatives, foreign currency derivatives and cross-currency 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, certain programming rights, product development costs and inventory purchases. The total notional value of interest rate swap derivatives designated for hedging was approximately $494 million and A$610 million as of September 30, 2023 for News Corporation and Foxtel Debt Group borrowings, respectively. The maximum hedged term over which the Company is hedging exposure to variability in interest payments is to July 2027. As of September 30, 2023, the Company estimates that approximately $16 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. The total notional value of foreign currency contract derivatives designated for hedging was $58 million as of September 30, 2023. The maximum hedged term over which the Company is hedging exposure to foreign currency fluctuations is less than one year. As of September 30, 2023, the Company estimates that approximately $3 million of net derivative gains 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 cross-currency interest rate swap derivatives designated for hedging was approximately $49 million as of September 30, 2023. The maximum hedged term over which the Company is hedging exposure to variability in interest and principal payments is to July 2027. As of September 30, 2023, the Company estimates that approximately nil 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 months ended September 30, 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 September 30, (Gain) loss reclassified from Accumulated Other Comprehensive Loss for the three months ended September 30, Income statement 2023 2022 2023 2022 (in millions) Interest rate derivatives - cash flow hedges $ 7 $ 22 $ (10) $ — Interest expense, net Foreign currency derivatives - cash flow hedges 2 1 — (1) Operating expenses Cross-currency interest rate derivatives — — (1) — Interest expense, net Total $ 9 $ 23 $ (11) $ (1) The amount 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 $3 million for the three months ended September 30, 2022. Other Fair Value Measurements As of September 30, 2023, the carrying value of the Company’s outstanding borrowings approximates the fair value. The 2022 Senior Notes and the 2021 Senior Notes 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	3 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	NOTE 8. 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 2023 2022 (in millions, except per share amounts) Net income $ 58 $ 66 Less: Net income attributable to noncontrolling interests (28) (26) Net income attributable to News Corporation stockholders $ 30 $ 40 Weighted-average number of shares of common stock outstanding - basic 572.3 581.3 Dilutive effect of equity awards 1.8 1.9 Weighted-average number of shares of common stock outstanding - diluted 574.1 583.2 Net income attributable to News Corporation stockholders per share - basic and diluted $ 0.05 $ 0.07

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 9. COMMITMENTS AND CONTINGENCIES Commitments The Company has commitments under certain firm contractual arrangements (“firm commitments”) to make future payments. These firm commitments secure the current and future rights to various assets and services to be used in the normal course of operations. As a result of entering into the 2024 Foxtel Credit Facility, the 2024 REA Credit Facility and the 2024 Subsidiary Facility during the three months ended September 30, 2023, the Company has presented its commitments associated with its borrowings and the related interest payments in the table below. See Note 5—Borrowings. The Company’s other commitments as of September 30, 2023 have not changed significantly from the disclosures included in the 2023 Form 10-K. As of September 30, 2023 Payments Due by Period Total Less than 1 year 1-3 years 3-5 years More than 5 years (in millions) Borrowings (a) $ 2,954 $ 35 $ 622 $ 797 $ 1,500 Interest payments on borrowings (b) 712 151 266 167 128 (a) See Note 5—Borrowings. (b) Reflects the Company’s expected future interest payments based on borrowings outstanding and interest rates applicable at September 30, 2023. Such rates are subject to change in future periods. See Note 5—Borrowings. 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 proceeding with Insignia Systems, Inc. (“Insignia”). 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., News America Marketing In-Store Services L.L.C. and News Corporation 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. HarperCollins Beginning in February 2021, a number of purported class action complaints have been filed in the U.S. District Court for the Southern District of New York (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. In August 2023, the N.Y. District Court dismissed the complaints in one of the cases with prejudice. 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 $3 million and $6 million for the three months ended September 30, 2023 and 2022, respectively. As of September 30, 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 $101 million. The amount to be indemnified by FOX of approximately $101 million was recorded as a receivable in Other current assets on the Balance Sheet as of September 30, 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	3 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 10. 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 September 30, 2023, the Company recorded income tax expense of $37 million on pre-tax income of $95 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 September 30, 2022, the Company recorded income tax expense of $35 million on pre-tax income of $101 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. 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 certain deferred tax assets 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”), which was signed into law on August 16, 2022, imposes a 15% corporate minimum tax on corporations with over $1 billion of financial statement income. The Company has evaluated the relevant provisions of IRA along with guidance issued by the U.S. Treasury Department and is not expected to be subject to the corporate minimum tax. The Organization for Economic Co-operation and Development’s (“OECD”) Inclusive Framework on Base Erosion and Profit Shifting (“BEPS”) has been working to develop an agreement on a two-pillar approach to help address tax challenges arising from taxation of the digital economy. The two-pillar approach seeks to (1) allocate profits to market jurisdictions (“Pillar One”), and (2) ensure multinational enterprises pay a minimum level of tax regardless of where they are headquartered or where they operate (“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 their 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 Pillar One taxes. 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, European Union 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 which are expected to begin going into effect for tax years beginning on or after January 1, 2024. The Company is currently evaluating the potential impact of the Pillar Two global minimum tax proposals on its consolidated financial statements and related disclosures. The Company paid gross income taxes of $25 million and $40 million during the three months ended September 30, 2023 and 2022, respectively, and received tax refunds of $8 million and $1 million, respectively.

Segment Information

Segment Information	3 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Information	NOTE 11. 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 a 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 services, ReadyConnect Concierge SM and UpNest. 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 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 whose products target individual consumers and enterprise customers and are distributed through a variety of media channels including newspapers, newswires, websites, mobile apps, newsletters, magazines, proprietary databases, live journalism, video and podcasts. Dow Jones’s consumer products include premier brands such as The Wall Street Journal , Barron’s , MarketWatch and Investor’s Business Daily . Dow Jones’s professional information products, which target enterprise customers, include Dow Jones Risk & Compliance, a leading provider of data solutions to help customers identify and manage regulatory, corporate and reputational risk with tools focused on financial crime, sanctions, trade and other compliance requirements, Dow Jones Energy (which includes OPIS), a leading provider of pricing data, news, insights, analysis and other information for energy commodities and key base chemicals, Factiva, a leading provider of global business content, and Dow Jones Newswires, which distributes real-time business news, information and analysis to financial professionals and investors. • Book Publishing —The Book Publishing segment consists of HarperCollins, the second largest consumer book publisher in the world, with operations in 15 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 The Australian, The Daily Telegraph, Herald Sun, The Courier Mail, The Advertiser and the news.com.au website in Australia, The Times, The Sunday Times, The Sun, The Sun on Sunday and thesun.co.uk in the U.K. and the-sun.com in the U.S. This segment also includes Wireless Group, operator of talkSPORT, the leading sports radio network in the U.K., TalkTV in the U.K. and Storyful, a social media content agency. • Other —The Other segment consists primarily of general corporate overhead expenses, strategy costs and costs related to the U.K. Newspaper Matters. 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 September 30, 2023 2022 (in millions) Revenues: Digital Real Estate Services $ 403 $ 421 Subscription Video Services 486 502 Dow Jones 537 515 Book Publishing 525 487 News Media 548 553 Other — — Total revenues $ 2,499 $ 2,478 Segment EBITDA: Digital Real Estate Services $ 122 $ 119 Subscription Video Services 93 111 Dow Jones 124 113 Book Publishing 65 39 News Media 14 18 Other (54) (50) Depreciation and amortization (171) (179) Impairment and restructuring charges (38) (21) Equity losses of affiliates (2) (4) Interest expense, net (23) (27) Other, net (35) (18) Income before income tax expense 95 101 Income tax expense (37) (35) Net income $ 58 $ 66 As of As of (in millions) Total assets: Digital Real Estate Services $ 2,915 $ 2,942 Subscription Video Services 2,634 2,812 Dow Jones 4,237 4,305 Book Publishing 2,648 2,629 News Media 1,949 2,023 Other (a) 1,701 1,783 Investments 391 427 Total assets $ 16,475 $ 16,921 (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 $ 1,779 $ 1,779 Subscription Video Services 1,230 1,288 Dow Jones 3,286 3,298 Book Publishing 932 958 News Media 294 306 Total Goodwill and intangible assets, net $ 7,521 $ 7,629

Additional Financial Informatio

Additional Financial Information	3 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Additional Financial Information	NOTE 12. 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 $ 1,621 $ 1,482 Less: allowances (62) (57) Receivables, net $ 1,559 $ 1,425 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 $ 375 $ 376 Retirement benefit assets 132 134 Inventory (a) 241 267 News America Marketing deferred consideration 160 157 Other 381 407 Total Other non-current assets $ 1,289 $ 1,341 (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 $ 242 $ 206 Current operating lease liabilities 107 112 Allowance for sales returns 149 154 Current tax payable 10 16 Other 367 465 Total Other current liabilities $ 875 $ 953 Other, net The following table sets forth the components of Other, net: For the three months ended September 30, 2023 2022 (in millions) Remeasurement of equity securities $ (23) $ (3) Dividends received from equity security investments 2 2 Gain on remeasurement of previously-held interest 4 — Other (18) (17) Total Other, net $ (35) $ (18) Supplemental Cash Flow Information The following table sets forth the Company’s cash paid for taxes and interest: For the three months ended September 30, 2023 2022 (in millions) Cash paid for interest $ 19 $ 28 Cash paid for taxes $ 25 $ 40

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 30	$ 40

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Sep. 30, 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, 2024. 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, 2023 as filed with the Securities and Exchange Commission (the “SEC”) on August 15, 2023 (the “2023 Form 10-K”). The Company’s fiscal year ends on the Sunday closest to June 30. Fiscal 2024 and fiscal 2023 include 52 weeks. All references to the three months ended September 30, 2023 and 2022 relate to the three months ended October 1, 2023 and October 2, 2022, respectively. For convenience purposes, the Company continues to date its Consolidated Financial Statements as of September 30.

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Summary of Disaggregated Revenue by Type and Segment	The following tables present the Company’s disaggregated revenues by type and segment for the three months ended September 30, 2023 and 2022: For the three months ended September 30, 2023 Digital Real Subscription Dow Jones Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 3 $ 415 $ 436 $ — $ 275 $ — $ 1,129 Advertising 35 62 91 — 203 — 391 Consumer — — — 502 — — 502 Real estate 311 — — — — — 311 Other 54 9 10 23 70 — 166 Total Revenues $ 403 $ 486 $ 537 $ 525 $ 548 $ — $ 2,499 For the three months ended September 30, 2022 Digital Real Subscription Dow Jones Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 3 $ 425 $ 414 $ — $ 269 $ — $ 1,111 Advertising 35 64 94 — 213 — 406 Consumer — — — 467 — — 467 Real estate 323 — — — — — 323 Other 60 13 7 20 71 — 171 Total Revenues $ 421 $ 502 $ 515 $ 487 $ 553 $ — $ 2,478
Summary of Deferred Revenue from Contracts with Customers	The following table presents changes in the deferred revenue balance for the three months ended September 30, 2023 and 2022: For the three months ended 2023 2022 (in millions) Balance, beginning of period $ 622 $ 604 Deferral of revenue 937 897 Recognition of deferred revenue (a) (929) (896) Other (6) (13) Balance, end of period $ 624 $ 592

Impairment and Restructuring _2

Impairment and Restructuring Charges (Tables)	3 Months Ended
	Sep. 30, 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 September 30, 2023 2022 One time Other costs Total One time Other costs Total (in millions) Balance, beginning of period $ 53 $ 41 $ 94 $ 25 $ 41 $ 66 Additions 16 1 17 20 1 21 Payments (39) (1) (40) (22) (2) (24) Other (1) — (1) (1) — (1) Balance, end of period $ 29 $ 41 $ 70 $ 22 $ 40 $ 62

Investments (Tables)

Investments (Tables)	3 Months Ended
	Sep. 30, 2023
Schedule of Investments [Abstract]
Schedule of Investments	The Company’s investments were comprised of the following: Ownership Percentage as of September 30, 2023 As of As of (in millions) Equity method investments (a) various $ 183 $ 192 Equity securities (b) various 208 235 Total Investments $ 391 $ 427 (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 International Ltd., certain investments in China, the Company’s investment in ARN Media Limited, which operates a portfolio of Australian radio 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 2023 2022 (in millions) Total losses recognized on equity securities $ (23) $ (3) Less: Net gains recognized on equity securities sold — — Unrealized losses recognized on equity securities held at end of period $ (23) $ (3)

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Borrowings	The Company’s total borrowings consist of the following: Interest rate at September 30, 2023 Maturity at September 30, 2023 As of As of (in millions) News Corporation 2022 Term loan A (a) 6.990 % Mar 31, 2027 $ 497 $ 497 2022 Senior notes 5.125 % Feb 15, 2032 492 492 2021 Senior notes 3.875 % May 15, 2029 990 989 Foxtel Group (b) 2024 Foxtel credit facility — tranche 1 (c)(d) 7.04 % Aug 1, 2026 335 — 2024 Foxtel credit facility — USD portion — tranche 2 (e) 8.64 % Aug 1, 2027 49 — 2024 Foxtel credit facility — tranche 3 (d) 7.19 % Aug 1, 2027 200 — 2017 Working capital facility (c) 7.04 % Aug 1, 2026 16 — Telstra facility 12.10 % Dec 22, 2027 99 100 2019 Credit facility (f) — % May 31, 2024 — 320 2019 Term loan facility (f) — % Nov 22, 2024 — 167 2012 US private placement — USD portion — tranche 3 (f) — % Jul 25, 2024 — 149 REA Group (b) 2024 REA credit facility — tranche 1 (g) 5.65 % Sep 15, 2028 76 — 2024 REA credit facility — tranche 2 (g) 5.35 % Sep 16, 2025 129 — 2024 Subsidiary facility (g) 5.57 % Sep 28, 2025 53 — 2022 Credit facility — tranche 1 (f) — % Sep 16, 2024 — 211 2022 Credit facility — tranche 2 (f) — % Sep 16, 2025 — — Finance lease liability 34 42 Total borrowings 2,970 2,967 Less: current portion (h) (61) (27) Long-term borrowings $ 2,909 $ 2,940 (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 September 30, 2023 the Company was paying interest at an effective interest rate of 3.583%. 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 September 30, 2023, the Foxtel Debt Group had total undrawn commitments of A$304 million available under these facilities. (d) The Company entered into A$610 million of interest rate swap derivatives to fix the floating rate interest components of tranche 1 and tranche 3 of its 2024 Foxtel Credit Facility (described below) at approximately 4.30%. For the three months ended September 30, 2023 the Company was paying interest at an effective interest rate of 7.10% and 7.30% for tranche 1 and tranche 3, respectively. See Note 8—Financial Instruments and Fair Value Measurements. (e) The Company entered into a cross-currency interest rate swap derivative to fix the floating rate interest component of tranche 2 of its 2024 Foxtel Credit Facility (described below) at 4.38%. For the three months ended September 30, 2023 the Company was paying interest at an effective interest rate of 7.64%. See Note 8—Financial Instruments and Fair Value Measurements. (f) These borrowings were repaid during the three months ended September 30, 2023 using proceeds from the 2024 Foxtel Credit Facility and 2024 REA Credit Facility (described below), as applicable. (g) As of September 30, 2023, REA Group had total undrawn commitments of A$282 million available under these facilities. (h) The Company classifies the current portion of long term debt as non-current liabilities on the Balance Sheets when it has the intent and ability to refinance the obligation on a long-term basis, in accordance with ASC 470-50 “Debt.” $26 million and $27 million relates to the current portion of finance lease liabilities as of September 30, 2023 and June 30, 2023, respectively, with the remainder as of September 30, 2023 consisting of required principal repayments on the 2022 Term Loan A and 2024 Foxtel Credit Facility — tranches 2 and 3.

Equity (Tables)

Equity (Tables)	3 Months Ended
	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Summary of Changes in Equity	The following tables summarize changes in equity for the three months ended September 30, 2023 and 2022: For the three months ended September 30, 2023 Class A Common Class B Common Additional Accumulated Accumulated Total Non-controlling Total Shares Amount Shares Amount (in millions) Balance, June 30, 2023 380 $ 4 192 $ 2 $ 11,449 $ (2,144) $ (1,247) $ 8,064 $ 881 $ 8,945 Net income — — — — — 30 — 30 28 58 Other comprehensive loss — — — — — — (100) (100) (31) (131) Dividends — — — — (57) — — (57) (28) (85) Share repurchases (1) — — — (29) — — (29) — (29) Other 2 — — — (16) — — (16) (6) (22) Balance, September 30, 2023 381 $ 4 192 $ 2 $ 11,347 $ (2,114) $ (1,347) $ 7,892 $ 844 $ 8,736 For the three months ended September 30, 2022 Class A Class B 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 — — — — — 40 — 40 26 66 Other comprehensive loss — — — — — — (195) (195) (56) (251) Dividends — — — — (58) — — (58) (31) (89) Share repurchases (5) — (3) — (127) — — (127) — (127) Other 1 — — — (10) — — (10) (4) (14) Balance, September 30, 2022 384 $ 4 194 $ 2 $ 11,584 $ (2,253) $ (1,465) $ 7,872 $ 856 $ 8,728

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	3 Months Ended
	Sep. 30, 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 September 30, 2023 As of June 30, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in millions) Assets: Interest rate derivatives - cash flow hedges $ — $ 38 $ — $ 38 $ — $ 41 $ — $ 41 Foreign currency derivatives - cash flow hedges — 3 — 3 — 2 — 2 Cross-currency interest rate derivatives - fair value hedges — — — — — 9 — 9 Cross-currency interest rate derivatives — — — — — 37 — 37 Equity securities (a) 80 — 128 208 105 — 130 235 Total assets $ 80 $ 41 $ 128 $ 249 $ 105 $ 89 $ 130 $ 324 Liabilities: Cross-currency interest rate derivatives - fair value hedges — — — — — (1) — (1) Cross-currency interest rate derivatives — — — — — (2) — (2) Total liabilities $ — $ — $ — $ — $ — $ (3) $ — $ (3) (a) See Note 4—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 three months ended 2023 2022 (in millions) Balance - beginning of period $ 130 $ 103 Additions — 1 Measurement adjustments — 1 Foreign exchange and other (2) (1) Balance - end of period $ 128 $ 104
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 $ 16 $ 21 Foreign currency derivatives - cash flow hedges Other current assets 3 2 Cross currency interest rate derivatives Other current assets — 1 Interest rate derivatives - cash flow hedges Other non-current assets 22 20 Cross-currency interest rate derivatives - fair value hedges Other non-current assets — 9 Cross-currency interest rate derivatives Other non-current assets — 36 Cross-currency interest rate derivatives - fair value hedges Other current liabilities — (1) Cross-currency interest rate derivatives Other current liabilities — (2)
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 months ended September 30, 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 September 30, (Gain) loss reclassified from Accumulated Other Comprehensive Loss for the three months ended September 30, Income statement 2023 2022 2023 2022 (in millions) Interest rate derivatives - cash flow hedges $ 7 $ 22 $ (10) $ — Interest expense, net Foreign currency derivatives - cash flow hedges 2 1 — (1) Operating expenses Cross-currency interest rate derivatives — — (1) — Interest expense, net Total $ 9 $ 23 $ (11) $ (1)

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Sep. 30, 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 2023 2022 (in millions, except per share amounts) Net income $ 58 $ 66 Less: Net income attributable to noncontrolling interests (28) (26) Net income attributable to News Corporation stockholders $ 30 $ 40 Weighted-average number of shares of common stock outstanding - basic 572.3 581.3 Dilutive effect of equity awards 1.8 1.9 Weighted-average number of shares of common stock outstanding - diluted 574.1 583.2 Net income attributable to News Corporation stockholders per share - basic and diluted $ 0.05 $ 0.07

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Commitments by Fiscal Year Maturity	The Company’s other commitments as of September 30, 2023 have not changed significantly from the disclosures included in the 2023 Form 10-K. As of September 30, 2023 Payments Due by Period Total Less than 1 year 1-3 years 3-5 years More than 5 years (in millions) Borrowings (a) $ 2,954 $ 35 $ 622 $ 797 $ 1,500 Interest payments on borrowings (b) 712 151 266 167 128 (a) See Note 5—Borrowings. (b) Reflects the Company’s expected future interest payments based on borrowings outstanding and interest rates applicable at September 30, 2023. Such rates are subject to change in future periods. See Note 5—Borrowings.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Sep. 30, 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 September 30, 2023 2022 (in millions) Revenues: Digital Real Estate Services $ 403 $ 421 Subscription Video Services 486 502 Dow Jones 537 515 Book Publishing 525 487 News Media 548 553 Other — — Total revenues $ 2,499 $ 2,478 Segment EBITDA: Digital Real Estate Services $ 122 $ 119 Subscription Video Services 93 111 Dow Jones 124 113 Book Publishing 65 39 News Media 14 18 Other (54) (50) Depreciation and amortization (171) (179) Impairment and restructuring charges (38) (21) Equity losses of affiliates (2) (4) Interest expense, net (23) (27) Other, net (35) (18) Income before income tax expense 95 101 Income tax expense (37) (35) Net income $ 58 $ 66
Reconciliation of Assets from Segments to Consolidated	As of As of (in millions) Total assets: Digital Real Estate Services $ 2,915 $ 2,942 Subscription Video Services 2,634 2,812 Dow Jones 4,237 4,305 Book Publishing 2,648 2,629 News Media 1,949 2,023 Other (a) 1,701 1,783 Investments 391 427 Total assets $ 16,475 $ 16,921 (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 $ 1,779 $ 1,779 Subscription Video Services 1,230 1,288 Dow Jones 3,286 3,298 Book Publishing 932 958 News Media 294 306 Total Goodwill and intangible assets, net $ 7,521 $ 7,629

Additional Financial Informat_2

Additional Financial Information (Tables)	3 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Components of Receivables, Net	Receivables, net consist of: As of As of (in millions) Receivables $ 1,621 $ 1,482 Less: allowances (62) (57) Receivables, net $ 1,559 $ 1,425
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 $ 375 $ 376 Retirement benefit assets 132 134 Inventory (a) 241 267 News America Marketing deferred consideration 160 157 Other 381 407 Total Other non-current assets $ 1,289 $ 1,341
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 $ 242 $ 206 Current operating lease liabilities 107 112 Allowance for sales returns 149 154 Current tax payable 10 16 Other 367 465 Total Other current liabilities $ 875 $ 953
Components of Other, Net	The following table sets forth the components of Other, net: For the three months ended September 30, 2023 2022 (in millions) Remeasurement of equity securities $ (23) $ (3) Dividends received from equity security investments 2 2 Gain on remeasurement of previously-held interest 4 — Other (18) (17) Total Other, net $ (35) $ (18)
Summary of Supplemental Cash Flow Information	The following table sets forth the Company’s cash paid for taxes and interest: For the three months ended September 30, 2023 2022 (in millions) Cash paid for interest $ 19 $ 28 Cash paid for taxes $ 25 $ 40

Revenues - Summary of Disaggreg

Revenues - Summary of Disaggregated Revenue by Type and by Segment (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 2,499	$ 2,478
Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	1,129	1,111
Advertising
Disaggregation of Revenue [Line Items]
Revenues	391	406
Consumer
Disaggregation of Revenue [Line Items]
Revenues	502	467
Real estate
Disaggregation of Revenue [Line Items]
Revenues	311	323
Other
Disaggregation of Revenue [Line Items]
Revenues	166	171
Digital Real Estate Services
Disaggregation of Revenue [Line Items]
Revenues	403	421
Digital Real Estate Services | Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	3	3
Digital Real Estate Services | Advertising
Disaggregation of Revenue [Line Items]
Revenues	35	35
Digital Real Estate Services | Consumer
Disaggregation of Revenue [Line Items]
Revenues	0	0
Digital Real Estate Services | Real estate
Disaggregation of Revenue [Line Items]
Revenues	311	323
Digital Real Estate Services | Other
Disaggregation of Revenue [Line Items]
Revenues	54	60
Subscription Video Services
Disaggregation of Revenue [Line Items]
Revenues	486	502
Subscription Video Services | Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	415	425
Subscription Video Services | Advertising
Disaggregation of Revenue [Line Items]
Revenues	62	64
Subscription Video Services | Consumer
Disaggregation of Revenue [Line Items]
Revenues	0	0
Subscription Video Services | Real estate
Disaggregation of Revenue [Line Items]
Revenues	0	0
Subscription Video Services | Other
Disaggregation of Revenue [Line Items]
Revenues	9	13
Dow Jones
Disaggregation of Revenue [Line Items]
Revenues	537	515
Dow Jones | Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	436	414
Dow Jones | Advertising
Disaggregation of Revenue [Line Items]
Revenues	91	94
Dow Jones | Consumer
Disaggregation of Revenue [Line Items]
Revenues	0	0
Dow Jones | Real estate
Disaggregation of Revenue [Line Items]
Revenues	0	0
Dow Jones | Other
Disaggregation of Revenue [Line Items]
Revenues	10	7
Book Publishing
Disaggregation of Revenue [Line Items]
Revenues	525	487
Book Publishing | Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	0	0
Book Publishing | Advertising
Disaggregation of Revenue [Line Items]
Revenues	0	0
Book Publishing | Consumer
Disaggregation of Revenue [Line Items]
Revenues	502	467
Book Publishing | Real estate
Disaggregation of Revenue [Line Items]
Revenues	0	0
Book Publishing | Other
Disaggregation of Revenue [Line Items]
Revenues	23	20
News Media
Disaggregation of Revenue [Line Items]
Revenues	548	553
News Media | Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	275	269
News Media | Advertising
Disaggregation of Revenue [Line Items]
Revenues	203	213
News Media | Consumer
Disaggregation of Revenue [Line Items]
Revenues	0	0
News Media | Real estate
Disaggregation of Revenue [Line Items]
Revenues	0	0
News Media | Other
Disaggregation of Revenue [Line Items]
Revenues	70	71
Other
Disaggregation of Revenue [Line Items]
Revenues	0	0
Other | Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	0	0
Other | Advertising
Disaggregation of Revenue [Line Items]
Revenues	0	0
Other | Consumer
Disaggregation of Revenue [Line Items]
Revenues	0	0
Other | Real estate
Disaggregation of Revenue [Line Items]
Revenues	0	0
Other | Other
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 0

Revenues - Summary of Deferred

Revenues - Summary of Deferred Revenue from Contract with Customers (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Contract with Customer, Liability [Roll Forward]
Balance, beginning of period	$ 622	$ 604
Deferral of revenue	937	897
Recognition of deferred revenue	(929)	(896)
Other	(6)	(13)
Balance, end of period	624	592
Deferred Revenue
Contract with Customer, Liability [Roll Forward]
Deferred revenue recognized	$ 393	$ 408

Revenues - Revenue Remaining Pe

Revenues - Revenue Remaining Performance Obligation (Details) $ in Millions	3 Months Ended
	Sep. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation satisfied in previous period	$ 104
Remaining unsatisfied performance obligations	1,313
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 391
Expected timing of satisfaction	9 months
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	$ 349
Expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 194
Expected timing of satisfaction	1 year

Impairment and Restructuring _3

Impairment and Restructuring Charges - Additional Information (Detail) $ in Millions	3 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Impairment charges	$ 21	$ 0
Additions	$ 17	21
Expected number of positions to be reduced, percent	0.05
Other Current Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring liabilities, current	$ 40
Other Noncurrent Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring liabilities, non-current	30
News Media
Restructuring Cost and Reserve [Line Items]
Additions	$ 6	$ 11

Impairment and Restructuring _4

Impairment and Restructuring Charges - Schedule of Changes in Restructuring Program Liabilities (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Restructuring Reserve [Roll Forward]
Balance, beginning of period	$ 94	$ 66
Additions	17	21
Payments	(40)	(24)
Other	(1)	(1)
Balance, end of period	70	62
One time employee termination benefits
Restructuring Reserve [Roll Forward]
Balance, beginning of period	53	25
Additions	16	20
Payments	(39)	(22)
Other	(1)	(1)
Balance, end of period	29	22
Other costs
Restructuring Reserve [Roll Forward]
Balance, beginning of period	41	41
Additions	1	1
Payments	(1)	(2)
Other	0	0
Balance, end of period	$ 41	$ 40

Investments - Schedule of Inves

Investments - Schedule of Investments (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023
Schedule of Investments [Abstract]
Equity method investments	$ 183	$ 192
Equity securities	208	235
Total Investments	$ 391	$ 427

Investments - Schedule of Total

Investments - Schedule of Total Gains and Losses on Equity Securities (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Schedule of Investments [Abstract]
Total losses recognized on equity securities	$ (23)	$ (3)
Less: Net gains recognized on equity securities sold	0	0
Unrealized losses recognized on equity securities held at end of period	$ (23)	$ (3)

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Schedule of Investments [Abstract]
Equity losses of affiliates	$ 2	$ 4

Borrowings - Schedule of Borrow

Borrowings - Schedule of Borrowings (Detail) $ in Millions, $ in Millions	Sep. 30, 2023 USD ($)	Sep. 30, 2023 AUD ($)	Jun. 30, 2023 USD ($)
Debt and Financial Instruments [Line Items]
Total borrowings	$ 2,970		$ 2,967
Finance lease liability	34		42
Less: current portion	(61)		(27)
Long-term borrowings	2,909		2,940
Finance lease liabilities, current	$ 26		27
2024 Foxtel credit facility — tranche 1 | Foxtel
Debt and Financial Instruments [Line Items]
Interest rate	7.04%	7.04%
Total borrowings	$ 335		0
2024 Foxtel credit facility — USD portion — tranche 2 | Foxtel
Debt and Financial Instruments [Line Items]
Interest rate	8.64%	8.64%
Total borrowings	$ 49		0
2024 Foxtel credit facility — tranche 3 | Foxtel
Debt and Financial Instruments [Line Items]
Interest rate	7.19%	7.19%
Total borrowings	$ 200		0
2017 Working capital facility | Foxtel | Unsecured Revolving Credit Facility
Debt and Financial Instruments [Line Items]
Debt instrument unused borrowing capacity		$ 304
2017 Working capital facility | New Foxtel
Debt and Financial Instruments [Line Items]
Interest rate	7.04%	7.04%
Total borrowings	$ 16		0
Telstra facility | Foxtel
Debt and Financial Instruments [Line Items]
Interest rate	12.10%	12.10%
Total borrowings	$ 99		100
2019 Credit facility | Foxtel
Debt and Financial Instruments [Line Items]
Interest rate	0%	0%
Total borrowings	$ 0		320
2019 Term loan facility | Foxtel
Debt and Financial Instruments [Line Items]
Interest rate	0%	0%
Total borrowings	$ 0		167
2012 US private placement — USD portion — tranche 3 | New Foxtel
Debt and Financial Instruments [Line Items]
Interest rate	0%	0%
Total borrowings	$ 0		149
2024 REA credit facility — tranche 1 | REA Group
Debt and Financial Instruments [Line Items]
Interest rate	5.65%	5.65%
Total borrowings	$ 76		0
2024 REA credit facility — tranche 2 | REA Group
Debt and Financial Instruments [Line Items]
Interest rate	5.35%	5.35%
Total borrowings	$ 129		0
2024 Subsidiary facility | REA Group
Debt and Financial Instruments [Line Items]
Interest rate	5.57%	5.57%
Total borrowings	$ 53		0
Debt instrument unused borrowing capacity		$ 282
2022 Credit facility — tranche 1 | REA Group
Debt and Financial Instruments [Line Items]
Interest rate	0%	0%
Total borrowings	$ 0		211
2022 Credit facility — tranche 2 | REA Group
Debt and Financial Instruments [Line Items]
Interest rate	0%	0%
Total borrowings	$ 0		0
News Corporation Borrowings | 2022 Term loan A
Debt and Financial Instruments [Line Items]
Interest rate	6.99%	6.99%
Total borrowings	$ 497		497
Fixed interest rate of derivative	2.083%	2.083%
Effective interest rate	3.583%	3.583%
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	$ 990		$ 989
News Corporation Borrowings | 2024 Foxtel credit facility — tranche 1
Debt and Financial Instruments [Line Items]
Fixed interest rate of derivative	4.30%	4.30%
Effective interest rate	7.10%	7.10%
News Corporation Borrowings | 2024 Foxtel credit facility — USD portion — tranche 2
Debt and Financial Instruments [Line Items]
Fixed interest rate of derivative	4.38%	4.38%
Effective interest rate	7.64%	7.64%
News Corporation Borrowings | 2024 Foxtel credit facility — tranche 3
Debt and Financial Instruments [Line Items]
Fixed interest rate of derivative	4.30%	4.30%
Effective interest rate	7.30%	7.30%

Borrowings - Additional Informa

Borrowings - Additional Information (Detail)		3 Months Ended
	Aug. 14, 2023 AUD ($)	Sep. 30, 2023 AUD ($) facility	Sep. 30, 2023 USD ($) facility
Foxtel Group Debt Refinancing
Debt Instrument [Line Items]
Debt instrument covenant earning before interest tax depreciation and amortization		3.25
Debt instrument covenant interest coverage ratio		3.5
Line of Credit | Foxtel Group Debt Refinancing
Debt Instrument [Line Items]
Line of credit, number of sub-facilities | facility		3	3
Line of Credit | Foxtel Group Debt Refinancing | Credit Facility Fiscal Two Thousand And Nineteen
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		$ 250,000,000
Line of Credit | Foxtel Group Debt Refinancing | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		1,200,000,000
Credit Facility Fiscal Two Thousand And Nineteen | Line of Credit | Foxtel Group Debt Refinancing
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		610,000,000
Credit Facility Fiscal 2024 Tranche One | Line of Credit | Foxtel Group Debt Refinancing
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		$ 817,500,000
Debt instrument term		3 years
Unused capacity commitment fee percentage	45%
Credit Facility Fiscal 2024 Tranche One | Line of Credit | Foxtel Group Debt Refinancing | Minimum | Australian BBSY Plus
Debt Instrument [Line Items]
Interest rate range	2.35%
Credit Facility Fiscal 2024 Tranche One | Line of Credit | Foxtel Group Debt Refinancing | Maximum | Australian BBSY Plus
Debt Instrument [Line Items]
Interest rate range	3.60%
Credit Facility Fiscal 2024 Tranche Two | Line of Credit | Foxtel Group Debt Refinancing
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity			$ 48,700,000
Debt instrument term		4 years
Annual amortization amount, period one	$ 35,000,000
Annual amortization amount, period two	$ 40,000,000
Credit Facility Fiscal 2024 Tranche Two | Line of Credit | Foxtel Group Debt Refinancing | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Interest rate range	2.50%
Credit Facility Fiscal 2024 Tranche Two | Line of Credit | Foxtel Group Debt Refinancing | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Interest rate range	3.75%
Credit Facility Fiscal 2024 Tranche Three | Line of Credit | Foxtel Group Debt Refinancing
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		$ 311,000,000
Debt instrument term		4 years
Annual amortization amount, period one	$ 35,000,000
Annual amortization amount, period two	$ 40,000,000
Credit Facility Fiscal 2024 Tranche Three | Line of Credit | Foxtel Group Debt Refinancing | Minimum | Australian BBSY Plus
Debt Instrument [Line Items]
Interest rate range	2.50%
Credit Facility Fiscal 2024 Tranche Three | Line of Credit | Foxtel Group Debt Refinancing | Maximum | Australian BBSY Plus
Debt Instrument [Line Items]
Interest rate range	3.75%
2024 REA credit facility — tranche 1 | REA Group Debt
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		$ 400,000,000
Debt instrument term		5 years
2024 REA credit facility — tranche 1 | REA Group Debt | Minimum | Australian BBSY Plus
Debt Instrument [Line Items]
Interest rate range		1.45%
2024 REA credit facility — tranche 1 | REA Group Debt | Maximum | Australian BBSY Plus
Debt Instrument [Line Items]
Interest rate range		2.35%
2024 REA credit facility — tranche 2 | REA Group Debt
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		$ 200,000,000
2024 REA credit facility — tranche 2 | REA Group Debt | Minimum | Australian BBSY Plus
Debt Instrument [Line Items]
Interest rate range		1.15%
2024 REA credit facility — tranche 2 | REA Group Debt | Maximum | Australian BBSY Plus
Debt Instrument [Line Items]
Interest rate range		2.25%
2024 REA Credit Facility
Debt Instrument [Line Items]
Unused capacity commitment fee percentage		40%
2024 REA Credit Facility | REA Group Debt
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity		$ 500,000,000
Line of credit, number of sub-facilities | facility		2	2
Operating income leverage ratio		3.5
Interest coverage ratio		3
2024 REA Credit Facility | Subsidiary Financing
Debt Instrument [Line Items]
Unused capacity commitment fee percentage		40%
Purchase price		$ 83,000,000
2024 REA Credit Facility | Subsidiary Financing | Australian BBSY Plus
Debt Instrument [Line Items]
Interest rate range		1.40%

Equity - Summary of Changes in

Equity - Summary of Changes in Equity (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 8,945	$ 9,143
Net income	58	66
Other comprehensive loss	(131)	(251)
Dividends	(85)	(89)
Share repurchases	(29)	(127)
Other	(22)	(14)
Ending balance	$ 8,736	$ 8,728
Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	379,945,907
Share repurchases (in shares)	(1,000,000)	(5,000,000)
Ending balance, shares	381,060,393
Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	192,013,909
Share repurchases (in shares)	(400,000)	(2,500,000)
Ending balance, shares	191,564,740
Total News Corp Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 8,064	$ 8,222
Net income	30	40
Other comprehensive loss	(100)	(195)
Dividends	(57)	(58)
Share repurchases	(29)	(127)
Other	(16)	(10)
Ending balance	$ 7,892	$ 7,872
Common Stock | Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	380,000,000	388,000,000
Beginning balance	$ 4	$ 4
Share repurchases (in shares)	(1,000,000)	(5,000,000)
Other (in shares)	2,000,000	1,000,000
Ending balance, shares	381,000,000	384,000,000
Ending balance	$ 4	$ 4
Common Stock | Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, shares	192,000,000	197,000,000
Beginning balance	$ 2	$ 2
Share repurchases (in shares)	0	(3,000,000)
Ending balance, shares	192,000,000	194,000,000
Ending balance	$ 2	$ 2
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	11,449	11,779
Dividends	(57)	(58)
Share repurchases	(29)	(127)
Other	(16)	(10)
Ending balance	11,347	11,584
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(2,144)	(2,293)
Net income	30	40
Share repurchases		0
Ending balance	(2,114)	(2,253)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,247)	(1,270)
Other comprehensive loss	(100)	(195)
Ending balance	(1,347)	(1,465)
Non-controlling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	881	921
Net income	28	26
Other comprehensive loss	(31)	(56)
Dividends	(28)	(31)
Other	(6)	(4)
Ending balance	$ 844	$ 856

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended	3 Months Ended
	Aug. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 22, 2021
Class of Stock [Line Items]
Stock repurchase program authorized amount				$ 1,000,000,000
Remaining authorized repurchase amount		$ 548,000,000
Class A Common Stock
Class of Stock [Line Items]
Stock repurchased and retired (in shares)		1	5
Stock repurchased and retired		$ 20,000,000	$ 84,000,000
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	2.5
Stock repurchased and retired		$ 9,000,000	$ 43,000,000
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	Sep. 30, 2023	Jun. 30, 2023
Assets:
Equity securities	$ 208	$ 235
Fair Value, Recurring
Assets:
Equity securities	208	235
Total assets	249	324
Liabilities:
Total liabilities	0	(3)
Fair Value, Recurring | Interest rate derivatives - cash flow hedges | Cash Flow Hedging
Assets:
Derivative assets	38	41
Fair Value, Recurring | Foreign currency derivatives - cash flow hedges | Cash Flow Hedging
Assets:
Derivative assets	3	2
Fair Value, Recurring | Cross currency interest rate derivatives
Assets:
Derivative assets	0	37
Liabilities:
Derivative liabilities	0	(2)
Fair Value, Recurring | Cross currency interest rate derivatives | Fair Value Hedging
Assets:
Derivative assets	0	9
Liabilities:
Derivative liabilities	0	(1)
Fair Value, Recurring | Level 1
Assets:
Equity securities	80	105
Total assets	80	105
Liabilities:
Total liabilities	0	0
Fair Value, Recurring | Level 1 | Interest rate derivatives - cash flow hedges | Cash Flow Hedging
Assets:
Derivative assets	0	0
Fair Value, Recurring | Level 1 | Foreign currency derivatives - cash flow hedges | Cash Flow Hedging
Assets:
Derivative assets	0	0
Fair Value, Recurring | Level 1 | Cross currency interest rate derivatives
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	0	0
Fair Value, Recurring | Level 1 | Cross currency interest rate derivatives | Fair Value Hedging
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	0	0
Fair Value, Recurring | Level 2
Assets:
Equity securities	0	0
Total assets	41	89
Liabilities:
Total liabilities	0	(3)
Fair Value, Recurring | Level 2 | Interest rate derivatives - cash flow hedges | Cash Flow Hedging
Assets:
Derivative assets	38	41
Fair Value, Recurring | Level 2 | Foreign currency derivatives - cash flow hedges | Cash Flow Hedging
Assets:
Derivative assets	3	2
Fair Value, Recurring | Level 2 | Cross currency interest rate derivatives
Assets:
Derivative assets	0	37
Liabilities:
Derivative liabilities	0	(2)
Fair Value, Recurring | Level 2 | Cross currency interest rate derivatives | Fair Value Hedging
Assets:
Derivative assets	0	9
Liabilities:
Derivative liabilities	0	(1)
Fair Value, Recurring | Level 3
Assets:
Equity securities	128	130
Total assets	128	130
Liabilities:
Total liabilities	0	0
Fair Value, Recurring | Level 3 | Interest rate derivatives - cash flow hedges | Cash Flow Hedging
Assets:
Derivative assets	0	0
Fair Value, Recurring | Level 3 | Foreign currency derivatives - cash flow hedges | Cash Flow Hedging
Assets:
Derivative assets	0	0
Fair Value, Recurring | Level 3 | Cross currency interest rate derivatives
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	0	0
Fair Value, Recurring | Level 3 | Cross currency interest rate derivatives | Fair Value Hedging
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	$ 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	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - beginning of period	$ 130	$ 103
Additions	0	1
Measurement adjustments	0	1
Foreign exchange and other	(2)	(1)
Balance - end of period	$ 128	$ 104

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurements - Additional Information (Detail) $ in Millions, $ in Millions	3 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 AUD ($)
Cross currency interest rate derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative gain, net	$ 5
Estimates of net derivative loss related to cash flow hedges included in Accumulated other comprehensive loss	0
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		$ 3
Cross currency interest rate derivatives | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional value of derivative	49
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative gain, net	7
Estimates of net derivative gains related to cash flow hedges included in Accumulated other comprehensive loss	16
Interest Rate Contract | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional value of derivative	494
Interest Rate Contract | Cash Flow Hedging | Foxtel
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional value of derivative			$ 610
Foreign Exchange Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimates of net derivative loss related to cash flow hedges included in Accumulated other comprehensive loss	3
Foreign Exchange Contract | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional value of derivative	$ 58
Foreign Exchange Contract | Cash Flow Hedging | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term of contract	1 year
Foxtel | Cash Flow Hedging | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed interest rate of derivative	4.248%		4.248%
Foxtel | Cash Flow Hedging | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed interest rate of derivative	4.313%		4.313%
Foxtel | Cross currency interest rate derivatives | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, notional amount	$ 49
Fixed interest rate of derivative	4.375%		4.375%
Foxtel | Interest Rate Swap | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, notional amount			$ 610

Financial Instruments and Fai_6

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	Sep. 30, 2023	Jun. 30, 2023
Interest rate derivatives - cash flow hedges | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, reported under other current assets	$ 16	$ 21
Derivatives, reported under other non-current assets	22	20
Foreign currency derivatives - cash flow hedges | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, reported under other current assets	3	2
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	1
Derivatives, reported under other non-current assets	0	36
Derivatives, reported under other current liability	0	(2)
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 non-current assets	0	9
Derivatives, reported under other current liability	$ 0	$ (1)

Financial Instruments and Fai_7

Financial Instruments and Fair Value Measurements - Summary of Derivative Instruments Designated as Cash Flow Hedges (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) recognized in Accumulated Other Comprehensive Loss	$ 9	$ 23
(Gain) loss reclassified from Accumulated Other Comprehensive Loss	(11)	(1)
Interest rate derivatives - cash flow hedges | Cash Flow Hedging | Interest expense, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) recognized in Accumulated Other Comprehensive Loss	7	22
(Gain) loss reclassified from Accumulated Other Comprehensive Loss	(10)	0
Foreign currency derivatives - cash flow hedges | Cash Flow Hedging | Operating expenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) recognized in Accumulated Other Comprehensive Loss	2	1
(Gain) loss reclassified from Accumulated Other Comprehensive Loss	0	(1)
Cross currency interest rate derivatives | Interest expense, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) recognized in Accumulated Other Comprehensive Loss	0	0
(Gain) loss reclassified from Accumulated Other Comprehensive Loss	$ (1)	$ 0

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
	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income	$ 58	$ 66
Less: Net income attributable to noncontrolling interests	(28)	(26)
Net income attributable to News Corporation stockholders	$ 30	$ 40
Weighted-average number of shares of common stock outstanding - basic (in shares)	572.3	581.3
Dilutive effect of equity awards (in shares)	1.8	1.9
Weighted-average number of shares of common stock outstanding - diluted (in shares)	574.1	583.2
Net income attributable to News Corporation stockholders per share - basic (in dollars per share)	$ 0.05	$ 0.07
Net income attributable to News Corporation stockholders per share - diluted (in dollars per share)	$ 0.05	$ 0.07

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Commitments by Fiscal Year Maturity (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023
Loss Contingencies [Line Items]
Total borrowings	$ 2,970	$ 2,967
Borrowings
Loss Contingencies [Line Items]
Total borrowings	2,954
Borrowings, payments due Less than 1 year	35
Borrowings, Payments due 1-3 years	622
Borrowings, Payments due 3-5 years	797
Borrowings, Payments due More than 5 years	1,500
Interest payments on borrowings
Loss Contingencies [Line Items]
Interest payments on borrowings, Total	712
Interest payments on borrowings, Payments due Less than 1 year	151
Interest payments on borrowings, Payments due 1-3 years	266
Interest payments on borrowings, Payments due 3-5 years	167
Interest payments on borrowings, Payments due More than 5 years	$ 128

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
Loss Contingencies [Line Items]
Other current assets	$ 503		$ 484
U.K. Newspaper Matters
Loss Contingencies [Line Items]
Selling, general and administrative expenses, net	3	$ 6
Litigation liability accrued	101
U.K. Newspaper Matters Indemnification | 21st Century Fox
Loss Contingencies [Line Items]
Other current assets	$ 101

Income Taxes (Detail)

Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 37	$ 35
Income before income tax expense	95	101
Gross income tax paid	25	40
Income tax refunds	$ 8	$ 1

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Sep. 30, 2023 brand segment channel country
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	15
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
	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 2,499	$ 2,478
Depreciation and amortization	(171)	(179)
Impairment and restructuring charges	(38)	(21)
Equity losses of affiliates	(2)	(4)
Interest expense, net	(23)	(27)
Other, net	(35)	(18)
Income before income tax expense	95	101
Income tax expense	(37)	(35)
Net income	58	66
Digital Real Estate Services
Segment Reporting Information [Line Items]
Revenues	403	421
Total Segment EBITDA	122	119
Subscription Video Services
Segment Reporting Information [Line Items]
Revenues	486	502
Total Segment EBITDA	93	111
Dow Jones
Segment Reporting Information [Line Items]
Revenues	537	515
Total Segment EBITDA	124	113
Book Publishing
Segment Reporting Information [Line Items]
Revenues	525	487
Total Segment EBITDA	65	39
News Media
Segment Reporting Information [Line Items]
Revenues	548	553
Total Segment EBITDA	14	18
Other
Segment Reporting Information [Line Items]
Revenues	0	0
Total Segment EBITDA	$ (54)	$ (50)

Segment Information - Reconci_2

Segment Information - Reconciliation of Assets from Segments to Consolidated (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Investments	$ 391	$ 427
Total assets	16,475	16,921
Digital Real Estate Services
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,915	2,942
Subscription Video Services
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,634	2,812
Dow Jones
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	4,237	4,305
Book Publishing
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,648	2,629
News Media
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,949	2,023
Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 1,701	$ 1,783

Segment Information - Reconci_3

Segment Information - Reconciliation of Goodwill and Intangible Assets from Segments to Consolidated (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	$ 7,521	$ 7,629
Digital Real Estate Services
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	1,779	1,779
Subscription Video Services
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	1,230	1,288
Dow Jones
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	3,286	3,298
Book Publishing
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	932	958
News Media
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	$ 294	$ 306

Additional Financial Informat_3

Additional Financial Information - Components of Receivables, Net (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Receivables	$ 1,621	$ 1,482
Less: allowances	(62)	(57)
Receivables, net	$ 1,559	$ 1,425

Additional Financial Informat_4

Additional Financial Information - Components of Other Non-Current Assets (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Royalty advances to authors	$ 375	$ 376
Retirement benefit assets	132	134
Inventory	241	267
News America Marketing deferred consideration	160	157
Other	381	407
Total Other non-current assets	$ 1,289	$ 1,341

Additional Financial Informat_5

Additional Financial Information - Components of Other Current Liabilities (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Royalties and commissions payable	$ 242	$ 206
Current operating lease liabilities	107	112
Allowance for sales returns	149	154
Current tax payable	10	16
Other	367	465
Total Other current liabilities	$ 875	$ 953
Operating lease, liability, current, statement of financial position [extensible enumeration]	Total Other current liabilities	Total Other current liabilities

Additional Financial Informat_6

Additional Financial Information - Components of Other, Net Included in Statement of Operations (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Other Income and Expenses [Line Items]
Remeasurement of equity securities	$ (23)	$ (3)
Total Other, net	(35)	(18)
Nonoperating Income (Expense)
Other Income and Expenses [Line Items]
Remeasurement of equity securities	(23)	(3)
Dividends received from equity security investments	2	2
Gain on remeasurement of previously-held interest	4	0
Other	(18)	(17)
Total Other, net	$ (35)	$ (18)

Additional Financial Informat_7

Additional Financial Information - Summary of Supplemental Cash Flow Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash paid for interest	$ 19	$ 28
Cash paid for taxes	$ 25	$ 40