News (NWSA) 10-Q 6 Feb 25 2025 Q2 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	6 Months Ended
	Dec. 31, 2024	Jan. 31, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
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	2025
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--06-30
Class A Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, par value $0.01 per share
Trading Symbol	NWSA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		378,055,086
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		189,340,853

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Revenues	$ 2,238	$ 2,135	$ 4,334	$ 4,166
Total Revenues	2,238	2,135	4,334	4,166
Operating expenses	(963)	(970)	(1,915)	(1,948)
Selling, general and administrative	(797)	(765)	(1,616)	(1,544)
Depreciation and amortization	(113)	(110)	(225)	(211)
Impairment and restructuring charges	(16)	(12)	(38)	(49)
Equity losses of affiliates	(8)	(1)	(11)	(3)
Interest expense, net	(3)	(7)	(3)	(15)
Other, net	92	21	114	(17)
Income before income tax expense from continuing operations	430	291	640	379
Income tax expense from continuing operations	(124)	(97)	(185)	(131)
Net income from continuing operations	306	194	455	248
Net loss from discontinued operations, net of tax	(23)	(11)	(28)	(7)
Net income	283	183	427	241
Net income from continuing operations	(78)	(34)	(109)	(64)
Net loss from discontinued operations, net of tax	10	7	16	9
Net income attributable to News Corporation stockholders	$ 215	$ 156	$ 334	$ 186
Basic
Continuing operations (in dollars per share)	$ 0.40	$ 0.28	$ 0.61	$ 0.33
Discontinued operations (in dollars per share)	(0.02)	(0.01)	(0.02)	0
Diluted	0.38	0.27	0.59	0.33
Earnings Per Share, Diluted [Abstract]
Continuing operations (in dollars per share)	0.40	0.28	0.61	0.32
Discontinued operations (in dollars per share)	(0.02)	(0.01)	(0.02)	0
Diluted (in dollars per share)	$ 0.38	$ 0.27	$ 0.59	$ 0.32
Circulation and subscription
Revenues:
Revenues	$ 745	$ 725	$ 1,488	$ 1,449
Advertising
Revenues:
Revenues	385	391	706	723
Consumer
Revenues:
Revenues	572	527	1,093	1,029
Real estate
Revenues:
Revenues	377	327	734	638
Other
Revenues:
Revenues	$ 159	$ 165	$ 313	$ 327

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income		$ 283	$ 183	$ 427	$ 241
Other comprehensive (loss) income:
Foreign currency translation adjustments		(418)	215	(248)	70
Net change in the fair value of cash flow hedges	[1]	10	(17)	(6)	(18)
Benefit plan adjustments, net	[2]	10	(2)	7	13
Other comprehensive (loss) income		(398)	196	(247)	65
Comprehensive (loss) income		(115)	379	180	306
Net income attributable to noncontrolling interests		(68)	(27)	(93)	(55)
Other comprehensive loss (income) attributable to noncontrolling interests	[3]	105	(49)	74	(18)
Comprehensive (loss) income attributable to News Corporation stockholders		$ (78)	$ 303	$ 161	$ 233
[1] Net of income tax expense (benefit) of $4 million and $(6) million for the three months ended December 31, 2024 and 2023, respectively, and $(2) million and $(7) million for the six months ended December 31, 2024 and 2023, respectively. Net of income tax expense (benefit) of $3 million and $(1) million for the three months ended December 31, 2024 and 2023, respectively, and $2 million and $4 million for the six months ended December 31, 2024 and 2023, respectively. Primarily consists of foreign currency translation adjustments.

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net change in the fair value of cash flow hedges, income tax expense (benefit)	$ 4	$ (6)	$ (2)	$ (7)
Pensions plans, income tax expense (benefit)	$ 3	$ (1)	$ 2	$ 4

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Dec. 31, 2024	Jun. 30, 2024
Current assets:
Cash and cash equivalents		$ 1,751	$ 1,872
Receivables, net		1,655	1,420
Inventory, net		296	266
Other current assets		554	474
Current assets held for sale		2,196	340
Total current assets		6,452	4,372
Non-current assets:
Investments		365	429
Property, plant and equipment, net		1,241	1,272
Operating lease right-of-use assets		769	805
Intangible assets, net		1,893	1,948
Goodwill		4,265	4,336
Deferred income tax assets, net		241	332
Other non-current assets		935	957
Non-current assets held for sale		0	2,233
Total assets		16,161	16,684
Current liabilities:
Accounts payable		365	254
Accrued expenses		832	986
Deferred revenue		431	483
Current borrowings		19	9
Other current liabilities		759	772
Current liabilities held for sale		1,324	551
Total current liabilities		3,730	3,055
Non-current liabilities:
Borrowings		1,948	2,093
Retirement benefit obligations		126	125
Deferred income tax liabilities, net		14	21
Operating lease liabilities		872	912
Other non-current liabilities		446	472
Non-current liabilities held for sale		0	995
Commitments and contingencies
Additional paid-in capital		11,141	11,254
Accumulated deficit		(1,574)	(1,889)
Accumulated other comprehensive loss		(1,424)	(1,251)
Total News Corporation stockholders’ equity		8,149	8,120
Noncontrolling interests		876	891
Total equity		9,025	9,011
Total liabilities and equity		16,161	16,684
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, 378,380,369 and 378,670,671 shares issued and outstanding, net of 27,368,413 treasury shares at par, at December 31, 2024 and June 30, 2024, respectively. Class B common stock , $0.01 par value per share (“Class B Common Stock”), 750,000,000 shares authorized, 189,503,773 and 190,423,250 shares issued and outstanding, net of 78,430,424 treasury shares at par, at December 31, 2024 and June 30, 2024, respectively.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Jun. 30, 2024
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)	378,380,369	378,670,671
Common stock, shares outstanding, net of treasury stock (in shares)	378,380,369	378,670,671
Treasury stock (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)	189,503,773	190,423,250
Common stock, shares outstanding, net of treasury stock (in shares)	189,503,773	190,423,250
Treasury stock (in shares)	78,430,424	78,430,424

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Operating activities:
Net income		$ 283	$ 183	$ 427	$ 241
Net loss from discontinued operations, net of tax		23	11	28	7
Net income from continuing operations		306	194	455	248
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities from continuing operations:
Depreciation and amortization		113	110	225	211
Operating lease expense				37	36
Equity losses of affiliates		8	1	11	3
Impairment charges				0	24
Deferred income taxes				80	60
Other, net				(112)	20
Change in operating assets and liabilities, net of acquisitions:
Receivables and other assets				(247)	(79)
Inventories, net				(31)	23
Accounts payable and other liabilities				(140)	(295)
Net cash provided by operating activities from continuing operations				278	251
Investing activities:
Capital expenditures				(157)	(154)
Acquisitions, net of cash acquired				(13)	(20)
Purchases of investments in equity affiliates and other				(107)	(52)
Proceeds from sales of investments in equity affiliates and other				234	30
Other, net				(13)	0
Net cash used in investing activities from continuing operations				(56)	(196)
Financing activities:
Borrowings				61	273
Repayment of borrowings				(196)	(268)
Repurchase of shares				(78)	(56)
Dividends paid				(92)	(85)
Other, net				(37)	(39)
Net cash used in financing activities from continuing operations				(342)	(175)
Cash flows from discontinued operations:
Net cash provided by operating activities from discontinued operations				90	53
Net cash used in investing activities from discontinued operations				(43)	(82)
Net cash (used in) provided by financing activities from discontinued operations				(11)	31
Net cash provided by discontinued operations				36	2
Net change in cash, cash equivalents, and restricted cash				(84)	(118)
Cash, cash equivalents and restricted cash, beginning of year				1,960	1,833
Effect of exchange rate changes on cash, cash equivalents and restricted cash				(30)	9
Cash, cash equivalents and restricted cash, end of period		1,846	1,724	1,846	1,724
Less: Cash and cash equivalents at end of period of discontinued operations		(58)	(17)	(58)	(17)
Less: Restricted cash included in Other current assets	[1]	(37)	0	(37)	0
Cash and cash equivalents		$ 1,751	$ 1,707	$ 1,751	$ 1,707
[1]Represents restricted cash in escrow to fund an acquisition at the Book Publishing segment which closed in the third quarter of fiscal 2025.

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
	Dec. 31, 2024
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: information services and news, digital real estate services and book publishing. During the second quarter of fiscal 2025, the assets and liabilities of the Foxtel Group (“Foxtel”) were classified as held for sale and the results of operations and cash flows have been classified as discontinued operations for all periods presented. Furthermore, upon reclassification of Foxtel’s results, the Subscription Video Services segment ceased to be a reportable segment and the residual results of the segment were aggregated into the News Media segment. Unless indicated otherwise, the information in the notes to the unaudited Consolidated Financial Statements relates to the Company’s continuing operations. See Note 2—Discontinued Operations. 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, 2025. 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, with the exception of those pertaining to Foxtel that are expected to continue after the sale. 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 in fair value 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, 2024 as filed with the Securities and Exchange Commission (the “SEC”) on August 13, 2024 (the “2024 Form 10-K”). The Company’s fiscal year ends on the Sunday closest to June 30. Fiscal 2025 and fiscal 2024 include 52 weeks. All references to the three and six months ended December 31, 2024 and 2023 relate to the three and six months ended December 29, 2024 and December 31, 2023, respectively. For convenience purposes, the Company continues to date its Consolidated Financial Statements as of December 31. Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current fiscal year presentation. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendments in ASU 2023-07 expand public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of other segment items and expanded interim disclosures that align with those required annually, among other provisions. ASU 2023-07 requires the amendments to be applied retrospectively and is effective for the Company’s annual reporting period beginning on July 1, 2024 and interim reporting periods beginning on July 1, 2025, with early adoption permitted. The Company is currently evaluating the impact ASU 2023-07 will have on its financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendments in ASU 2023-09 require disaggregated disclosure of material categories in effective tax rate reconciliations as well as disclosure of income taxes paid by specific domestic and foreign jurisdictions. Additionally, the amendments eliminate certain disclosures currently required under Topic 740. ASU 2023-09 is effective for the Company’s annual reporting period beginning on July 1, 2025, with early adoption permitted. The Company is currently evaluating the impact ASU 2023-09 will have on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). The amendments in ASU 2024-03 require public entities to disclose specified information about certain costs and expenses. ASU 2024-03 is effective for the Company’s annual reporting period beginning on July 1, 2027 and interim reporting periods beginning on July 1, 2028, with early adoption permitted. The Company is currently evaluating the impact ASU 2024-03 will have on its consolidated financial statements.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	6 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	NOTE 2. DISCONTINUED OPERATIONS Foxtel During the second quarter of fiscal 2025, the Company entered into a definitive agreement to sell Foxtel to DAZN Group Limited (“DAZN”), a global sports streaming platform. Under the terms of the agreement, amounts outstanding under Foxtel’s shareholder loans with News Corp (A$574 million of outstanding principal, including capitalized interest, as of December 31, 2024) will be repaid in full in cash at closing. Foxtel’s third-party borrowings will transfer with the business, and News Corp will receive a minority equity interest in DAZN of approximately 6% and hold one seat on its Board of Directors. Telstra Group Ltd will also sell its minority interest in Foxtel. The transaction is expected to close in the second half of fiscal 2025, subject to regulatory approvals and other customary closing conditions. As a result of the progression of the sale process and the discontinuation of further significant business activities in the Subscription Video Services segment, the assets and liabilities of Foxtel were classified as held for sale and the results of operations and cash flows have been classified as discontinued operations for all periods presented in accordance with ASC 205-20, Discontinued Operations (“ASC 205-20”), as the disposition reflects a strategic shift that has, and will have, a major effect on the Company’s operations and financial results. Upon reclassification of Foxtel’s results, the Company determined that the Subscription Video Services segment was no longer a reportable segment and the residual results of the segment were aggregated into the News Media segment. News Media segment results have been recast to reflect this change for all periods presented. See Note 12—Segment Information. In all periods presented, transactions between Foxtel and the continuing operations of the Company that are not expected to continue after the sale are eliminated, whereas those expected to continue are no longer eliminated. The following table summarizes the assets and liabilities of Foxtel classified to held for sale: As of As of Assets held for sale: Current assets: Cash and cash equivalents $ 58 $ 88 Receivables, net 75 83 Inventory, net 5 30 Other current assets 114 139 Total current assets (a) 252 340 Non-current assets: Investments 1 1 Property, plant and equipment, net 516 642 Operating lease right-of-use assets 132 153 Intangible assets, net 322 374 Goodwill 793 850 Other non-current assets 180 213 Total non-current assets (a) 1,944 2,233 Total assets held for sale $ 2,196 $ 2,573 Liabilities held for sale: Current liabilities: Accounts payable $ 20 $ 60 Accrued expenses 188 245 Deferred revenue 60 68 Current borrowings 32 45 Other current liabilities 107 133 Total current liabilities (a) 407 551 Non-current liabilities: Borrowings 712 762 Deferred income tax liabilities, net 83 98 Operating lease liabilities 97 115 Other non-current liabilities (a) 25 20 Total non-current liabilities $ 917 $ 995 Total liabilities held for sale $ 1,324 $ 1,546 (a) The assets and liabilities held for sale are classified as current on the December 31, 2024 balance sheet as the transaction is expected to close within one year of that balance sheet date. The following table summarizes the results of operations from the discontinued operations of Foxtel for the three and six months ended December 31, 2024 and 2023: For the three months ended For the six months ended 2024 2023 2024 2023 Total Revenues $ 462 $ 466 $ 961 $ 950 Operating expenses (314) (321) (638) (629) Selling, general and administrative (83) (72) (168) (158) Depreciation and amortization (79) (69) (156) (139) Impairment and restructuring charges (1) (1) (2) (2) Interest expense, net (17) (18) (35) (33) Other, net (1) 1 — 4 Loss before income tax benefit (33) (14) (38) (7) Income tax benefit 10 3 10 — Net loss (23) (11) (28) (7) Net loss attributable to noncontrolling interests 10 7 16 9 Net (loss) income attributable to News Corporation stockholders (13) (4) (12) 2

REVENUES

REVENUES	6 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
REVENUES	NOTE 3. REVENUES The following tables present the Company’s disaggregated revenues by type and segment for the three and six months ended December 31, 2024 and 2023: For the three months ended December 31, 2024 Dow Jones Digital Real Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 461 $ 2 $ — $ 282 $ — $ 745 Advertising 121 35 — 229 — 385 Consumer — — 572 — — 572 Real estate — 377 — — — 377 Other 18 59 23 59 — 159 Total Revenues $ 600 $ 473 $ 595 $ 570 $ — $ 2,238 For the three months ended December 31, 2023 Dow Jones Digital Real Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 441 $ 2 $ — $ 282 $ — $ 725 Advertising 126 32 — 233 — 391 Consumer — — 527 — — 527 Real estate — 327 — — — 327 Other 17 58 23 67 — 165 Total Revenues $ 584 $ 419 $ 550 $ 582 $ — $ 2,135 For the six months ended December 31, 2024 Dow Jones Digital Real Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 920 $ 4 $ — $ 564 $ — $ 1,488 Advertising 206 73 — 427 — 706 Consumer — — 1,093 — — 1,093 Real estate — 734 — — — 734 Other 26 119 48 120 — 313 Total Revenues $ 1,152 $ 930 $ 1,141 $ 1,111 $ — $ 4,334 For the six months ended December 31, 2023 Dow Jones Digital Real Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 877 $ 5 $ — $ 567 $ — $ 1,449 Advertising 217 67 — 439 — 723 Consumer — — 1,029 — — 1,029 Real estate — 638 — — — 638 Other 27 112 46 142 — 327 Total Revenues $ 1,121 $ 822 $ 1,075 $ 1,148 $ — $ 4,166 Contract Liabilities and Assets The Company’s deferred revenue balance primarily relates to amounts received from customers for subscriptions paid in advance of the services being provided. The following table presents changes in the deferred revenue balance for the three and six months ended December 31, 2024 and 2023: For the three months ended For the six months ended 2024 2023 2024 2023 (in millions) Balance, beginning of period $ 488 $ 556 $ 483 $ 554 Deferral of revenue 810 637 1,597 1,396 Recognition of deferred revenue (a) (855) (754) (1,645) (1,507) Other (12) 7 (4) 3 Balance, end of period $ 431 $ 446 $ 431 $ 446 (a) For the three and six months ended December 31, 2024, the Company recognized $205 million and $378 million, respectively, of revenue which was included in the opening deferred revenue balance. For the three and six months ended December 31, 2023, the Company recognized $266 million and $435 million, respectively, of revenue which was included in the opening deferred revenue balance. Contract assets were immaterial for disclosure as of December 31, 2024 and 2023. Other Revenue Disclosures The Company typically expenses sales commissions to obtain a customer contract as incurred as the amortization period is twelve 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 twelve months or less, or consideration is received within twelve months or less of the transfer of the good or service. For the three and six months ended December 31, 2024, the Company recognized approximately $110 million and $222 million, respectively, in revenues related to performance obligations that were satisfied or partially satisfied in a prior reporting period. The remaining transaction price related to unsatisfied performance obligations as of December 31, 2024 was approximately $1,258 million, of which approximately $256 million is expected to be recognized over the remainder of fiscal 2025, $378 million is expected to be recognized in fiscal 2026 and $254 million is expected to be recognized in fiscal 2027, 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 ASC 606, Revenue from Contracts with Customers .

IMPAIRMENT AND RESTRUCTURING CH

IMPAIRMENT AND RESTRUCTURING CHARGES	6 Months Ended
	Dec. 31, 2024
Restructuring and Related Activities [Abstract]
IMPAIRMENT AND RESTRUCTURING CHARGES	NOTE 4. IMPAIRMENT AND RESTRUCTURING CHARGES Restructuring During the three and six months ended December 31, 2024, the Company recorded restructuring charges of $16 million and $38 million, respectively. During the three and six months ended December 31, 2023, the Company recorded restructuring charges of $9 million and $25 million, respectively. The restructuring charges recorded in fiscal 2025 and 2024 primarily related to employee termination benefits. Fiscal 2024 Impairment During the three and six months ended December 31, 2023, the Company recognized non-cash impairment charges of $1 million and $22 million, respectively, at the News Media segment related to the write-down of fixed assets associated with the combination of News UK’s printing operations with those of DMG Media. Changes in restructuring program liabilities were as follows: For the three months ended December 31, 2024 2023 One time Other costs Total One time Other costs Total (in millions) Balance, beginning of period $ 24 $ 33 $ 57 $ 28 $ 40 $ 68 Additions 15 1 16 9 — 9 Payments (20) (2) (22) (15) (2) (17) Other (1) (1) (2) — — — Balance, end of period $ 18 $ 31 $ 49 $ 22 $ 38 $ 60 For the six months ended December 31, 2024 2023 One time Other costs Total One time Other costs Total (in millions) Balance, beginning of period $ 25 $ 34 $ 59 $ 48 $ 41 $ 89 Additions 36 2 38 25 — 25 Payments (42) (4) (46) (51) (3) (54) Other (1) (1) (2) — — — Balance, end of period $ 18 $ 31 $ 49 $ 22 $ 38 $ 60 As of December 31, 2024, restructuring liabilities of approximately $24 million were included in the Balance Sheet in Other current liabilities and $25 million were included in Other non-current liabilities.

INVESTMENTS

INVESTMENTS	6 Months Ended
	Dec. 31, 2024
Schedule of Investments [Abstract]
INVESTMENTS	NOTE 5. INVESTMENTS The Company’s investments were comprised of the following: Ownership Percentage as of December 31, 2024 As of As of (in millions) Equity method investments (a) various $ 82 $ 215 Equity and other securities (b) various 283 214 Total Investments $ 365 $ 429 (a) Equity method investments are primarily comprised of News UK’s joint venture with DMG Media. In December 2024, REA Group’s interest in PropertyGuru was acquired by a third party. A gain of approximately $87 million was recognized on the sale and recorded in Other, net. See Note 13—Additional Financial Information. (b) Equity and other securities are primarily comprised of certain investments in China, Nexxen International, Ltd., REA Group’s investment in Athena Home Loans and RipJar Ltd., an artificial intelligence-focused data analytics company. The Company has equity securities with quoted prices in active markets as well as equity securities without readily determinable fair market values. Equity securities without readily determinable fair market values are valued at cost, less any impairment, plus or minus changes in fair value resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The components comprising total gains and losses on equity securities are set forth below: For the three months ended For the six months ended 2024 2023 2024 2023 (in millions) (in millions) Total gains (losses) recognized on equity securities $ 18 $ 13 $ 28 $ (10) Less: Net gains (losses) recognized on equity securities sold — — — — Unrealized gains (losses) recognized on equity securities held at end of period $ 18 $ 13 $ 28 $ (10) Equity Losses of Affiliates The Company’s share of the losses of its equity affiliates was $8 million and $11 million for the three and six months ended December 31, 2024, respectively, and $1 million and $3 million for the corresponding periods of fiscal 2024, respectively.

BORROWINGS

BORROWINGS	6 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
BORROWINGS	NOTE 6. BORROWINGS The Company’s total borrowings consist of the following: Interest rate at December 31, 2024 Maturity at December 31, 2024 As of As of (in millions) News Corporation 2022 Term loan A (a) 6.204 % Mar 31, 2027 $ 481 $ 484 2022 Senior notes 5.125 % Feb 15, 2032 494 493 2021 Senior notes 3.875 % May 15, 2029 992 991 REA Group (b) 2024 REA credit facility — tranche 1 (c) 5.93 % Sep 15, 2028 — — 2024 REA credit facility — tranche 2 (d) N/A N/A — 79 2024 Subsidiary facility (e) N/A N/A — 55 Total borrowings 1,967 2,102 Less: current portion (f) (19) (9) Long-term borrowings $ 1,948 $ 2,093 (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 December 31, 2024, the Company was paying interest at an effective interest rate of 3.521%. See Note 8—Financial Instruments and Fair Value Measurements. (b) These borrowings were incurred by 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 REA Debt Group and are non-recourse to News Corp. (c) As of December 31, 2024, REA Group had total undrawn commitments of A$400 million available under this facility. (d) This facility was terminated by REA Group during the six months ended December 31, 2024, with the amount outstanding repaid using proceeds from the sale of REA Group’s interest in PropertyGuru. See Note 5—Investments. (e) This facility was terminated by REA Group during the six months ended December 31, 2024, with the amount outstanding repaid using capacity available under the 2024 REA Credit Facility. (f) The current portion of long term debt as of December 31, 2024 and June 30, 2024 relates to required principal repayments on the 2022 Term Loan A. 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 2024 Form 10-K. If any of the events of default occur and are not cured within applicable grace periods or waived, any unpaid amounts under the applicable debt agreements may be declared immediately due and payable. The Company was in compliance with all such covenants at December 31, 2024.

EQUITY

EQUITY	6 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
EQUITY	NOTE 7. EQUITY The following tables summarize changes in equity for the three and six months ended December 31, 2024 and 2023: For the three months ended December 31, 2024 Class A Common Class B Common Additional Accumulated Accumulated Total Non-controlling Total Shares Amount Shares Amount (in millions) Balance, September 30, 2024 379 $ 4 190 $ 2 $ 11,157 $ (1,779) $ (1,131) $ 8,253 $ 913 $ 9,166 Net income — — — — — 215 — 215 68 283 Other comprehensive loss — — — — — — (293) (293) (105) (398) Dividends — — — — — — — — — — Share repurchases (1) — (1) — (30) (10) — (40) — (40) Other — — — — 14 — — 14 — 14 Balance, December 31, 2024 378 $ 4 189 $ 2 $ 11,141 $ (1,574) $ (1,424) $ 8,149 $ 876 $ 9,025 For the three months ended December 31, 2023 Class A Common Class B Common Additional Accumulated Accumulated Total Non-controlling Total Shares Amount Shares Amount (in millions) Balance, September 30, 2023 381 $ 4 192 $ 2 $ 11,347 $ (2,114) $ (1,347) $ 7,892 $ 844 $ 8,736 Net income — — — — — 156 — 156 27 183 Other comprehensive income — — — — — — 147 147 49 196 Dividends — — — — — — — — — — Share repurchases (1) — (1) — (26) — — (26) — (26) Other — — — — 13 — — 13 — 13 Balance, December 31, 2023 380 $ 4 191 $ 2 $ 11,334 $ (1,958) $ (1,200) $ 8,182 $ 920 $ 9,102 For the six months ended December 31, 2024 Class A Common Class B Common Additional Accumulated Accumulated Total Non-controlling Total Shares Amount Shares Amount (in millions) Balance, June 30, 2024 379 $ 4 190 $ 2 $ 11,254 $ (1,889) $ (1,251) $ 8,120 $ 891 $ 9,011 Net income — — — — — 334 — 334 93 427 Other comprehensive loss — — — — — — (173) (173) (74) (247) Dividends — — — — (57) — — (57) (35) (92) Share repurchases (2) — (1) — (59) (19) — (78) — (78) Other 1 — — — 3 — — 3 1 4 Balance, December 31, 2024 378 $ 4 189 $ 2 $ 11,141 $ (1,574) $ (1,424) $ 8,149 $ 876 $ 9,025 For the six months ended December 31, 2023 Class A Class B 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 — — — — — 186 — 186 55 241 Other comprehensive income — — — — — — 47 47 18 65 Dividends — — — — (57) — — (57) (28) (85) Share repurchases (2) — (1) — (55) — — (55) — (55) Other 2 — — — (3) — — (3) (6) (9) Balance, December 31, 2023 380 $ 4 191 $ 2 $ 11,334 $ (1,958) $ (1,200) $ 8,182 $ 920 $ 9,102 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 December 31, 2024, the remaining authorized amount under the Repurchase Program was approximately $382 million. Stock repurchases under the Repurchase Program commenced on November 9, 2021. The following table summarizes the shares repurchased and subsequently retired and the related consideration paid during the three months ended December 31, 2024 and 2023: For the three months ended December 31, 2024 2023 Shares Amount Shares Amount (in millions) Class A Common Stock 1.0 $ 26 0.8 $ 18 Class B Common Stock 0.5 14 0.4 8 Total 1.5 $ 40 1.2 $ 26 For the six months ended December 31, 2024 2023 Shares Amount Shares Amount (in millions) Class A Common Stock 1.9 $ 51 1.8 $ 38 Class B Common Stock 0.9 27 0.8 17 Total 2.8 $ 78 2.6 $ 55 Dividends In August 2024, 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 9, 2024 to stockholders of record as of September 11, 2024. The timing, declaration, amount and payment of future dividends to stockholders, if any, is within the discretion of the Board of Directors. The Board of Directors’ decisions regarding the payment of future dividends will depend on many factors, including the Company’s financial condition, earnings, capital requirements and debt facility covenants, other contractual restrictions, as well as legal requirements, regulatory constraints, industry practice, market volatility and other factors that the Board of Directors deems relevant.

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	6 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	NOTE 8. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS In accordance with ASC 820, Fair Value Measurements (“ASC 820”) fair value measurements are required to be disclosed using a three-tiered fair value hierarchy which distinguishes market participant assumptions into the following categories: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than quoted prices included in Level 1. The Company could value assets and liabilities included in this level using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. For the Company, this primarily includes the use of forecasted financial information and other valuation related assumptions such as discount rates and long term growth rates in the income approach as well as the market approach which utilizes certain market and transaction multiples. Under ASC 820, certain assets and liabilities are required to be remeasured to fair value at the end of each reporting period. The following table summarizes those assets and liabilities, as applicable, measured at fair value on a recurring basis: As of December 31, 2024 As of June 30, 2024 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in millions) Assets: Interest rate derivatives - cash flow hedges $ — $ 21 $ — $ 21 $ — $ 28 $ — $ 28 Equity and other securities 75 45 163 283 53 39 122 214 Total assets $ 75 $ 66 $ 163 $ 304 $ 53 $ 67 $ 122 $ 242 Equity and Other Securities The fair values of equity and other 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 and other 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 and other securities classified as Level 3 is as follows: For the six months ended 2024 2023 (in millions) Balance - beginning of period $ 122 $ 130 Additions (a) 41 3 Returns of capital (5) (4) Measurement adjustments 3 — Foreign exchange and other 2 2 Balance - end of period $ 163 $ 131 (a) The additions for the six months ended December 31, 2024 primarily relate to REA Group’s investment in Athena Home Loans. 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 risk managed by the Company through the use of derivative instruments relates to interest rate risk arising from floating rate News Corporation borrowings. 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 Classification As of As of (in millions) Interest rate derivatives - cash flow hedges Other current assets $ 8 $ 14 Interest rate derivatives - cash flow hedges Other non-current assets 13 14 Cash flow hedges The Company utilizes interest rate derivatives to mitigate interest rate risk in relation to future interest payments. The total notional value of interest rate swap derivatives designated for hedging was approximately $481 million as of December 31, 2024 for News Corporation borrowings. The maximum hedged term over which the Company is hedging exposure to variability in interest payments is to March 2027. As of December 31, 2024, the Company estimates that approximately $10 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 twelve months. The following tables present the impact that changes in the fair values had on Accumulated other comprehensive loss and the Statements of Operations during the three and six months ended December 31, 2024 and 2023 for derivatives designated as cash flow hedges: Gains (losses) recognized in Accumulated other comprehensive loss for the three and six months ended December 31, 2024 and 2023, by derivative instrument: For the three months ended For the six months ended 2024 2023 2024 2023 (in millions) Interest rate derivatives - cash flow hedges $ 10 $ (9) $ — $ (2) (Gains) losses reclassified from Accumulated other comprehensive loss into the Statements of Operations for the three and six months ended December 31, 2024 and 2023, by derivative instrument: Income Statement Classification For the three months ended For the six months ended 2024 2023 2024 2023 (in millions) Interest rate derivatives - cash flow hedges Interest expense, net $ (3) $ (4) $ (7) $ (8) Other Fair Value Measurements As of December 31, 2024, 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	6 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	NOTE 9. EARNINGS (LOSS) PER SHARE The following table sets forth the computation of basic and diluted earnings (loss) per share under ASC 260, Earnings per Share: For the three months ended For the six months ended 2024 2023 2024 2023 (in millions, except per share amounts) Net income from continuing operations $ 306 $ 194 $ 455 $ 248 Net loss from discontinued operations, net of tax (23) (11) (28) (7) Net income 283 183 427 241 Net income from continuing operations attributable to noncontrolling interests (78) (34) (109) (64) Net loss attributable to noncontrolling interests from discontinued operations 10 7 16 9 Net income attributable to News Corporation stockholders $ 215 $ 156 $ 334 $ 186 Weighted-average number of shares of common stock outstanding - basic 568.5 571.9 568.8 572.1 Dilutive effect of equity awards 1.6 1.6 1.9 1.7 Weighted-average number of shares of common stock outstanding - diluted 570.1 573.5 570.7 573.8 Net income (loss) attributable to News Corporation stockholders per share: Basic Continuing operations $ 0.40 $ 0.28 $ 0.61 $ 0.33 Discontinued operations $ (0.02) $ (0.01) $ (0.02) $ — $ 0.38 $ 0.27 $ 0.59 $ 0.33 Diluted Continuing operations $ 0.40 $ 0.28 $ 0.61 $ 0.32 Discontinued operations $ (0.02) $ (0.01) $ (0.02) $ — $ 0.38 $ 0.27 $ 0.59 $ 0.32

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 10. COMMITMENTS AND CONTINGENCIES Commitments The Company has commitments under certain firm contractual arrangements 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. Upon closing of the Company’s sale of Foxtel, certain commitments will no longer be the obligation of the Company. These primarily relate to sports and other programming rights, Foxtel borrowings and certain lease obligations. The Company’s commitments as of December 31, 2024 have not otherwise changed significantly from the disclosures included in the 2024 Form 10-K. Contingencies The Company routinely is involved in various legal proceedings, claims and governmental inspections or investigations, including those discussed below. The outcome of these matters and claims is subject to significant uncertainty, and the Company often cannot predict what the eventual outcome of pending matters will be or the timing of the ultimate resolution of these matters. Fees, expenses, fines, penalties, judgments or settlement costs which might be incurred by the Company in connection with the various proceedings could adversely affect its results of operations and financial condition. The Company establishes an accrued liability for legal claims when it determines that a loss is 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. Dow Jones Beginning in August 2024, a number of purported class action complaints have been filed in the U.S. District Court for the Northern District of Illinois against certain pipe converters, distributors and the Company’s subsidiary, Oil Price Information Service, LLC (“OPIS”), alleging violations of federal and state antitrust laws. The complaints seek treble damages, injunctive relief and attorneys’ fees and costs. While it is not possible at this time to predict with any degree of certainty the ultimate outcome of these actions, OPIS intends to defend itself vigorously. In addition, in January 2025, OPIS received a grand jury subpoena issued by the U.S. District Court for the Northern District of California, from the U.S. Department of Justice Antitrust Division. The subpoena calls for production of documents related to the pricing of PVC pipe and the publication of the PVC and Pipe Weekly Report. OPIS is responding to the subpoena and intends to comply with its obligations under the subpoena. 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 August 2023, the N.Y. District Court dismissed the complaints in one of the cases with prejudice and in March 2024, the court dismissed the complaint against the Publishers in the remaining case with prejudice. However, the plaintiffs’ time to appeal the N.Y. District Court’s decision to dismiss in the latter case does not expire until the complaint against Amazon in that case has been finally determined. While it is not possible at this time to predict with any degree of certainty the ultimate outcome of these actions, HarperCollins believes it has been compliant with applicable laws and intends to defend itself vigorously. U.K. Newspaper Matters Civil claims have been brought against the Company with respect to, among other things, voicemail interception and inappropriate payments to public officials at the Company’s former publication, The News of the World , and at The Sun , and related matters (the “U.K. Newspaper Matters”). The Company has admitted liability in many civil cases and has settled a number of cases. The Company also settled a number of claims through a private compensation scheme which was closed to new claims after April 8, 2013. In connection with the separation of the Company from Twenty-First Century Fox, Inc. (“21st Century Fox”) on June 28, 2013, the Company and 21st Century Fox agreed in the Separation and Distribution Agreement that 21st Century Fox would indemnify the Company for payments made after such date arising out of civil claims and investigations relating to the U.K. Newspaper Matters as well as legal and professional fees and expenses paid in connection with the previously concluded criminal matters, other than fees, expenses and costs relating to employees (i) who are not directors, officers or certain designated employees or (ii) with respect to civil matters, who are not co-defendants with the Company or 21st Century Fox. 21st Century Fox’s indemnification obligations with respect to these matters are settled on an after-tax basis. In March 2019, as part of the separation of FOX Corporation (“FOX”) from 21st Century Fox, the Company, News Corp Holdings UK & Ireland, 21st Century Fox and FOX entered into a Partial Assignment and Assumption Agreement, pursuant to which, among other things, 21st Century Fox assigned, conveyed and transferred to FOX all of its indemnification obligations with respect to the U.K. Newspaper Matters. The net expense related to the U.K. Newspaper Matters in Selling, general and administrative was $4 million and $2 million for the three months ended December 31, 2024 and 2023, respectively, and $6 million and $5 million for the six months ended December 31, 2024 and 2023, respectively. As of December 31, 2024, 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 $55 million. The amount to be indemnified by FOX of approximately $64 million was recorded as a receivable in Other current assets on the Balance Sheet as of December 31, 2024. 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.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 11. INCOME TAXES At the end of each interim period, the Company estimates its annual effective tax rate and applies that rate to ordinary quarterly earnings. The tax expense or benefit related to significant, unusual or extraordinary items that will be separately reported or reported net of their related tax effect are individually computed and recognized in the interim period in which those items occur. In addition, the effects of changes in enacted tax laws or rates or tax status are recognized in the interim period in which the change occurs. For the three months ended December 31, 2024, the Company recorded income tax expense of $124 million on pre-tax income from continuing operations of $430 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 offset by lower taxes on the disposition of REA Group’s interest in PropertyGuru. For the six months ended December 31, 2024, the Company recorded income tax expense of $185 million on pre-tax income from continuing operations of $640 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 offset by lower taxes on the disposition of REA Group’s interest in PropertyGuru. For the three months ended December 31, 2023, the Company recorded income tax expense of $97 million on pre-tax income from continuing operations of $291 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 six months ended December 31, 2023, the Company recorded income tax expense of $131 million on pre-tax income from continuing operations of $379 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 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 Organization for Economic Cooperation and Development (“OECD”) continues to develop detailed rules to assist member states in the implementation of landmark reforms to the international tax system, as agreed in October 2021 by 136 members of the OECD/G20 Inclusive Framework. These rules are intended to address certain tax challenges arising from digitalization of the global economy and ensure that companies pay a global minimum level of taxation in countries where they operate. The OECD’s recommendations call for a global minimum effective tax rate of 15% for multinational groups with annual global revenue exceeding 750 million Euros. In December 2022, European Union (“EU”) member states agreed to adopt the OECD’s minimum tax rules which began going into effect in tax years beginning on or after January 1, 2024. The majority of the EU countries and the U.K. enacted minimum tax legislation in 2023. Australia enacted minimum tax legislation in December 2024. Several other countries have proposed changes to their tax law to implement the OECD’s minimum tax proposal. Global minimum tax legislation will generally be effective for the Company’s financial year beginning on July 1, 2024. The Company has assessed the potential impact of global minimum tax proposals in the jurisdictions where it operates, including available transitional safe harbor relief which provides more simplified measures, on its consolidated financial statements and related disclosures. Based on its assessment, these rules are not expected to have a material impact on the Company’s results of operations. However, the application of the rules continues to evolve, and its outcome may alter aspects of how the Company’s tax obligations are determined in countries in which it does business. The Company continues to evaluate the potential impact of these rules. The Company paid gross income taxes of $108 million and $74 million during the six months ended December 31, 2024 and 2023, respectively, and received tax refunds of $1 million and $9 million, respectively.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 12. SEGMENT INFORMATION The Company manages and reports its businesses in the following five segments: • 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, 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. • 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 , Advantage SM Pro and Listing Toolkit products as well as its referral-based services, ReadyConnect Concierge SM and RealChoice TM Selling. Move also offers online tools and services to do-it-yourself landlords and tenants. • 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 series 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., Talk in the U.K., Australian News Channel, which operates the Sky News Australia network, Australia’s 24-hour multi-channel, multi-platform news service, 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 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 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, income tax (expense) benefit and net income (loss) from discontinued operations, net of tax. 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 provides management, investors and equity analysts with a measure to analyze the operating performance of each of the Company’s business segments and its enterprise value against historical data and competitors’ data, although historical results may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences). Segment information is summarized as follows: For the three months ended For the six months ended December 31, 2024 2023 2024 2023 (in millions) Revenues: Dow Jones $ 600 $ 584 $ 1,152 $ 1,121 Digital Real Estate Services 473 419 930 822 Book Publishing 595 550 1,141 1,075 News Media 570 582 1,111 1,148 Other — — — — Total Revenues $ 2,238 $ 2,135 $ 4,334 $ 4,166 Segment EBITDA: Dow Jones $ 174 $ 163 $ 305 $ 287 Digital Real Estate Services 185 147 325 269 Book Publishing 101 85 182 150 News Media 74 57 92 74 Other (56) (52) (101) (106) Depreciation and amortization (113) (110) (225) (211) Impairment and restructuring charges (16) (12) (38) (49) Equity losses of affiliates (8) (1) (11) (3) Interest expense, net (3) (7) (3) (15) Other, net 92 21 114 (17) Income before income tax expense from continuing operations 430 291 640 379 Income tax expense from continuing operations (124) (97) (185) (131) Net income from continuing operations 306 194 455 248 Net loss from discontinued operations, net of tax (23) (11) (28) (7) Net income $ 283 $ 183 $ 427 $ 241 As of As of (in millions) Total assets: Dow Jones $ 4,140 $ 4,139 Digital Real Estate Services 2,979 3,020 Book Publishing 2,828 2,647 News Media 1,956 2,018 Other (a) 1,697 1,858 Investments 365 429 Assets held for sale (b) 2,196 2,573 Total assets $ 16,161 $ 16,684 (a) The Other segment primarily includes Cash and cash equivalents. (b) See Note 2—Discontinued Operations. As of As of (in millions) Goodwill and intangible assets, net: Dow Jones $ 3,238 $ 3,248 Digital Real Estate Services 1,753 1,828 Book Publishing 881 914 News Media 286 294 Total Goodwill and intangible assets, net $ 6,158 $ 6,284

ADDITIONAL FINANCIAL INFORMATIO

ADDITIONAL FINANCIAL INFORMATION	6 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ADDITIONAL FINANCIAL INFORMATION	NOTE 13. ADDITIONAL FINANCIAL INFORMATION Receivables, net Receivables are presented net of allowances, which reflect the Company’s expected credit losses based on historical experience as well as current and expected economic conditions. Receivables, net consist of: As of As of (in millions) Receivables $ 1,713 $ 1,478 Less: allowances (58) (58) Receivables, net $ 1,655 $ 1,420 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 $ 361 $ 375 Non-current receivables 291 300 Retirement benefit assets 152 147 Other 131 135 Total Other non-current assets $ 935 $ 957 Other Current Liabilities The following table sets forth the components of Other current liabilities: As of As of (in millions) Royalties and commissions payable $ 241 $ 215 Allowance for sales returns 152 141 Current operating lease liabilities 84 89 Other 282 327 Total Other current liabilities $ 759 $ 772 Other, net The following table sets forth the components of Other, net: For the three months ended December 31, For the six months ended December 31, 2024 2023 2024 2023 (in millions) Remeasurement of equity securities $ 18 $ 13 $ 28 $ (10) Gain on sale of investment in PropertyGuru 87 — 87 — Other (13) 8 (1) (7) Total Other, net $ 92 $ 21 $ 114 $ (17) Supplemental Cash Flow Information The following table sets forth the Company’s cash paid for interest and taxes: For the six months ended December 31, 2024 2023 (in millions) Cash paid for interest $ 41 $ 21 Cash paid for taxes $ 108 $ 74

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 14. SUBSEQUENT EVENTS Dividend declaration In February 2025, the Company’s Board of Directors declared a semi-annual cash dividend of $0.10 per share for Class A Common Stock and Class B Common Stock. The dividend is payable on April 9, 2025 to stockholders of record as of March 12, 2025.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 215	$ 156	$ 334	$ 186

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
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)	6 Months Ended
	Dec. 31, 2024
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, 2025. 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, with the exception of those pertaining to Foxtel that are expected to continue after the sale. 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 in fair value 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, 2024 as filed with the Securities and Exchange Commission (the “SEC”) on August 13, 2024 (the “2024 Form 10-K”). The Company’s fiscal year ends on the Sunday closest to June 30. Fiscal 2025 and fiscal 2024 include 52 weeks. All references to the three and six months ended December 31, 2024 and 2023 relate to the three and six months ended December 29, 2024 and December 31, 2023, respectively. For convenience purposes, the Company continues to date its Consolidated Financial Statements as of December 31.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendments in ASU 2023-07 expand public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of other segment items and expanded interim disclosures that align with those required annually, among other provisions. ASU 2023-07 requires the amendments to be applied retrospectively and is effective for the Company’s annual reporting period beginning on July 1, 2024 and interim reporting periods beginning on July 1, 2025, with early adoption permitted. The Company is currently evaluating the impact ASU 2023-07 will have on its financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendments in ASU 2023-09 require disaggregated disclosure of material categories in effective tax rate reconciliations as well as disclosure of income taxes paid by specific domestic and foreign jurisdictions. Additionally, the amendments eliminate certain disclosures currently required under Topic 740. ASU 2023-09 is effective for the Company’s annual reporting period beginning on July 1, 2025, with early adoption permitted. The Company is currently evaluating the impact ASU 2023-09 will have on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). The amendments in ASU 2024-03 require public entities to disclose specified information about certain costs and expenses. ASU 2024-03 is effective for the Company’s annual reporting period beginning on July 1, 2027 and interim reporting periods beginning on July 1, 2028, with early adoption permitted. The Company is currently evaluating the impact ASU 2024-03 will have on its consolidated financial statements.

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Assets and Liabilities of Foxtel and Operations of Foxtel	The following table summarizes the assets and liabilities of Foxtel classified to held for sale: As of As of Assets held for sale: Current assets: Cash and cash equivalents $ 58 $ 88 Receivables, net 75 83 Inventory, net 5 30 Other current assets 114 139 Total current assets (a) 252 340 Non-current assets: Investments 1 1 Property, plant and equipment, net 516 642 Operating lease right-of-use assets 132 153 Intangible assets, net 322 374 Goodwill 793 850 Other non-current assets 180 213 Total non-current assets (a) 1,944 2,233 Total assets held for sale $ 2,196 $ 2,573 Liabilities held for sale: Current liabilities: Accounts payable $ 20 $ 60 Accrued expenses 188 245 Deferred revenue 60 68 Current borrowings 32 45 Other current liabilities 107 133 Total current liabilities (a) 407 551 Non-current liabilities: Borrowings 712 762 Deferred income tax liabilities, net 83 98 Operating lease liabilities 97 115 Other non-current liabilities (a) 25 20 Total non-current liabilities $ 917 $ 995 Total liabilities held for sale $ 1,324 $ 1,546 (a) The assets and liabilities held for sale are classified as current on the December 31, 2024 balance sheet as the transaction is expected to close within one year of that balance sheet date. The following table summarizes the results of operations from the discontinued operations of Foxtel for the three and six months ended December 31, 2024 and 2023: For the three months ended For the six months ended 2024 2023 2024 2023 Total Revenues $ 462 $ 466 $ 961 $ 950 Operating expenses (314) (321) (638) (629) Selling, general and administrative (83) (72) (168) (158) Depreciation and amortization (79) (69) (156) (139) Impairment and restructuring charges (1) (1) (2) (2) Interest expense, net (17) (18) (35) (33) Other, net (1) 1 — 4 Loss before income tax benefit (33) (14) (38) (7) Income tax benefit 10 3 10 — Net loss (23) (11) (28) (7) Net loss attributable to noncontrolling interests 10 7 16 9 Net (loss) income attributable to News Corporation stockholders (13) (4) (12) 2

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated Revenue by Type and Segment	The following tables present the Company’s disaggregated revenues by type and segment for the three and six months ended December 31, 2024 and 2023: For the three months ended December 31, 2024 Dow Jones Digital Real Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 461 $ 2 $ — $ 282 $ — $ 745 Advertising 121 35 — 229 — 385 Consumer — — 572 — — 572 Real estate — 377 — — — 377 Other 18 59 23 59 — 159 Total Revenues $ 600 $ 473 $ 595 $ 570 $ — $ 2,238 For the three months ended December 31, 2023 Dow Jones Digital Real Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 441 $ 2 $ — $ 282 $ — $ 725 Advertising 126 32 — 233 — 391 Consumer — — 527 — — 527 Real estate — 327 — — — 327 Other 17 58 23 67 — 165 Total Revenues $ 584 $ 419 $ 550 $ 582 $ — $ 2,135 For the six months ended December 31, 2024 Dow Jones Digital Real Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 920 $ 4 $ — $ 564 $ — $ 1,488 Advertising 206 73 — 427 — 706 Consumer — — 1,093 — — 1,093 Real estate — 734 — — — 734 Other 26 119 48 120 — 313 Total Revenues $ 1,152 $ 930 $ 1,141 $ 1,111 $ — $ 4,334 For the six months ended December 31, 2023 Dow Jones Digital Real Book News Media Other Total (in millions) Revenues: Circulation and subscription $ 877 $ 5 $ — $ 567 $ — $ 1,449 Advertising 217 67 — 439 — 723 Consumer — — 1,029 — — 1,029 Real estate — 638 — — — 638 Other 27 112 46 142 — 327 Total Revenues $ 1,121 $ 822 $ 1,075 $ 1,148 $ — $ 4,166
Schedule of Changes in the Deferred Revenue Balance	The following table presents changes in the deferred revenue balance for the three and six months ended December 31, 2024 and 2023: For the three months ended For the six months ended 2024 2023 2024 2023 (in millions) Balance, beginning of period $ 488 $ 556 $ 483 $ 554 Deferral of revenue 810 637 1,597 1,396 Recognition of deferred revenue (a) (855) (754) (1,645) (1,507) Other (12) 7 (4) 3 Balance, end of period $ 431 $ 446 $ 431 $ 446 (a) For the three and six months ended December 31, 2024, the Company recognized $205 million and $378 million, respectively, of revenue which was included in the opening deferred revenue balance. For the three and six months ended December 31, 2023, the Company recognized $266 million and $435 million, respectively, of revenue which was included in the opening deferred revenue balance.

IMPAIRMENT AND RESTRUCTURING _2

IMPAIRMENT AND RESTRUCTURING CHARGES (Tables)	6 Months Ended
	Dec. 31, 2024
Restructuring and Related Activities [Abstract]
Schedule of Changes in Restructuring Program Liabilities	Changes in restructuring program liabilities were as follows: For the three months ended December 31, 2024 2023 One time Other costs Total One time Other costs Total (in millions) Balance, beginning of period $ 24 $ 33 $ 57 $ 28 $ 40 $ 68 Additions 15 1 16 9 — 9 Payments (20) (2) (22) (15) (2) (17) Other (1) (1) (2) — — — Balance, end of period $ 18 $ 31 $ 49 $ 22 $ 38 $ 60 For the six months ended December 31, 2024 2023 One time Other costs Total One time Other costs Total (in millions) Balance, beginning of period $ 25 $ 34 $ 59 $ 48 $ 41 $ 89 Additions 36 2 38 25 — 25 Payments (42) (4) (46) (51) (3) (54) Other (1) (1) (2) — — — Balance, end of period $ 18 $ 31 $ 49 $ 22 $ 38 $ 60

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Dec. 31, 2024
Schedule of Investments [Abstract]
Schedule of Investments	The Company’s investments were comprised of the following: Ownership Percentage as of December 31, 2024 As of As of (in millions) Equity method investments (a) various $ 82 $ 215 Equity and other securities (b) various 283 214 Total Investments $ 365 $ 429 (a) Equity method investments are primarily comprised of News UK’s joint venture with DMG Media. In December 2024, REA Group’s interest in PropertyGuru was acquired by a third party. A gain of approximately $87 million was recognized on the sale and recorded in Other, net. See Note 13—Additional Financial Information. (b) Equity and other securities are primarily comprised of certain investments in China, Nexxen International, Ltd., REA Group’s investment in Athena Home Loans and RipJar Ltd., an artificial intelligence-focused data analytics company.
Schedule of Total Gains and Losses on Equity Securities	The components comprising total gains and losses on equity securities are set forth below: For the three months ended For the six months ended 2024 2023 2024 2023 (in millions) (in millions) Total gains (losses) recognized on equity securities $ 18 $ 13 $ 28 $ (10) Less: Net gains (losses) recognized on equity securities sold — — — — Unrealized gains (losses) recognized on equity securities held at end of period $ 18 $ 13 $ 28 $ (10)

BORROWINGS (Tables)

BORROWINGS (Tables)	6 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Borrowings	The Company’s total borrowings consist of the following: Interest rate at December 31, 2024 Maturity at December 31, 2024 As of As of (in millions) News Corporation 2022 Term loan A (a) 6.204 % Mar 31, 2027 $ 481 $ 484 2022 Senior notes 5.125 % Feb 15, 2032 494 493 2021 Senior notes 3.875 % May 15, 2029 992 991 REA Group (b) 2024 REA credit facility — tranche 1 (c) 5.93 % Sep 15, 2028 — — 2024 REA credit facility — tranche 2 (d) N/A N/A — 79 2024 Subsidiary facility (e) N/A N/A — 55 Total borrowings 1,967 2,102 Less: current portion (f) (19) (9) Long-term borrowings $ 1,948 $ 2,093 (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 December 31, 2024, the Company was paying interest at an effective interest rate of 3.521%. See Note 8—Financial Instruments and Fair Value Measurements. (b) These borrowings were incurred by 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 REA Debt Group and are non-recourse to News Corp. (c) As of December 31, 2024, REA Group had total undrawn commitments of A$400 million available under this facility. (d) This facility was terminated by REA Group during the six months ended December 31, 2024, with the amount outstanding repaid using proceeds from the sale of REA Group’s interest in PropertyGuru. See Note 5—Investments. (e) This facility was terminated by REA Group during the six months ended December 31, 2024, with the amount outstanding repaid using capacity available under the 2024 REA Credit Facility. (f) The current portion of long term debt as of December 31, 2024 and June 30, 2024 relates to required principal repayments on the 2022 Term Loan A.

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Schedule of Changes in Equity	The following tables summarize changes in equity for the three and six months ended December 31, 2024 and 2023: For the three months ended December 31, 2024 Class A Common Class B Common Additional Accumulated Accumulated Total Non-controlling Total Shares Amount Shares Amount (in millions) Balance, September 30, 2024 379 $ 4 190 $ 2 $ 11,157 $ (1,779) $ (1,131) $ 8,253 $ 913 $ 9,166 Net income — — — — — 215 — 215 68 283 Other comprehensive loss — — — — — — (293) (293) (105) (398) Dividends — — — — — — — — — — Share repurchases (1) — (1) — (30) (10) — (40) — (40) Other — — — — 14 — — 14 — 14 Balance, December 31, 2024 378 $ 4 189 $ 2 $ 11,141 $ (1,574) $ (1,424) $ 8,149 $ 876 $ 9,025 For the three months ended December 31, 2023 Class A Common Class B Common Additional Accumulated Accumulated Total Non-controlling Total Shares Amount Shares Amount (in millions) Balance, September 30, 2023 381 $ 4 192 $ 2 $ 11,347 $ (2,114) $ (1,347) $ 7,892 $ 844 $ 8,736 Net income — — — — — 156 — 156 27 183 Other comprehensive income — — — — — — 147 147 49 196 Dividends — — — — — — — — — — Share repurchases (1) — (1) — (26) — — (26) — (26) Other — — — — 13 — — 13 — 13 Balance, December 31, 2023 380 $ 4 191 $ 2 $ 11,334 $ (1,958) $ (1,200) $ 8,182 $ 920 $ 9,102 For the six months ended December 31, 2024 Class A Common Class B Common Additional Accumulated Accumulated Total Non-controlling Total Shares Amount Shares Amount (in millions) Balance, June 30, 2024 379 $ 4 190 $ 2 $ 11,254 $ (1,889) $ (1,251) $ 8,120 $ 891 $ 9,011 Net income — — — — — 334 — 334 93 427 Other comprehensive loss — — — — — — (173) (173) (74) (247) Dividends — — — — (57) — — (57) (35) (92) Share repurchases (2) — (1) — (59) (19) — (78) — (78) Other 1 — — — 3 — — 3 1 4 Balance, December 31, 2024 378 $ 4 189 $ 2 $ 11,141 $ (1,574) $ (1,424) $ 8,149 $ 876 $ 9,025 For the six months ended December 31, 2023 Class A Class B 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 — — — — — 186 — 186 55 241 Other comprehensive income — — — — — — 47 47 18 65 Dividends — — — — (57) — — (57) (28) (85) Share repurchases (2) — (1) — (55) — — (55) — (55) Other 2 — — — (3) — — (3) (6) (9) Balance, December 31, 2023 380 $ 4 191 $ 2 $ 11,334 $ (1,958) $ (1,200) $ 8,182 $ 920 $ 9,102
Schedule of Shares Repurchased and Subsequently Retired and the Related Consideration Paid	The following table summarizes the shares repurchased and subsequently retired and the related consideration paid during the three months ended December 31, 2024 and 2023: For the three months ended December 31, 2024 2023 Shares Amount Shares Amount (in millions) Class A Common Stock 1.0 $ 26 0.8 $ 18 Class B Common Stock 0.5 14 0.4 8 Total 1.5 $ 40 1.2 $ 26 For the six months ended December 31, 2024 2023 Shares Amount Shares Amount (in millions) Class A Common Stock 1.9 $ 51 1.8 $ 38 Class B Common Stock 0.9 27 0.8 17 Total 2.8 $ 78 2.6 $ 55

FINANCIAL INSTRUMENTS AND FAI_2

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table summarizes those assets and liabilities, as applicable, measured at fair value on a recurring basis: As of December 31, 2024 As of June 30, 2024 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in millions) Assets: Interest rate derivatives - cash flow hedges $ — $ 21 $ — $ 21 $ — $ 28 $ — $ 28 Equity and other securities 75 45 163 283 53 39 122 214 Total assets $ 75 $ 66 $ 163 $ 304 $ 53 $ 67 $ 122 $ 242
Schedule of Equity and Other Securities Classified as Level 3	A rollforward of the Company’s equity and other securities classified as Level 3 is as follows: For the six months ended 2024 2023 (in millions) Balance - beginning of period $ 122 $ 130 Additions (a) 41 3 Returns of capital (5) (4) Measurement adjustments 3 — Foreign exchange and other 2 2 Balance - end of period $ 163 $ 131 (a) The additions for the six months ended December 31, 2024 primarily relate to REA Group’s investment in Athena Home Loans.
Schedule 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 Classification As of As of (in millions) Interest rate derivatives - cash flow hedges Other current assets $ 8 $ 14 Interest rate derivatives - cash flow hedges Other non-current assets 13 14
Schedule of Derivative Instruments Designated as Cash Flow Hedges	The following tables present the impact that changes in the fair values had on Accumulated other comprehensive loss and the Statements of Operations during the three and six months ended December 31, 2024 and 2023 for derivatives designated as cash flow hedges: Gains (losses) recognized in Accumulated other comprehensive loss for the three and six months ended December 31, 2024 and 2023, by derivative instrument: For the three months ended For the six months ended 2024 2023 2024 2023 (in millions) Interest rate derivatives - cash flow hedges $ 10 $ (9) $ — $ (2) (Gains) losses reclassified from Accumulated other comprehensive loss into the Statements of Operations for the three and six months ended December 31, 2024 and 2023, by derivative instrument: Income Statement Classification For the three months ended For the six months ended 2024 2023 2024 2023 (in millions) Interest rate derivatives - cash flow hedges Interest expense, net $ (3) $ (4) $ (7) $ (8)

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	6 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings (Loss) Per Share	The following table sets forth the computation of basic and diluted earnings (loss) per share under ASC 260, Earnings per Share: For the three months ended For the six months ended 2024 2023 2024 2023 (in millions, except per share amounts) Net income from continuing operations $ 306 $ 194 $ 455 $ 248 Net loss from discontinued operations, net of tax (23) (11) (28) (7) Net income 283 183 427 241 Net income from continuing operations attributable to noncontrolling interests (78) (34) (109) (64) Net loss attributable to noncontrolling interests from discontinued operations 10 7 16 9 Net income attributable to News Corporation stockholders $ 215 $ 156 $ 334 $ 186 Weighted-average number of shares of common stock outstanding - basic 568.5 571.9 568.8 572.1 Dilutive effect of equity awards 1.6 1.6 1.9 1.7 Weighted-average number of shares of common stock outstanding - diluted 570.1 573.5 570.7 573.8 Net income (loss) attributable to News Corporation stockholders per share: Basic Continuing operations $ 0.40 $ 0.28 $ 0.61 $ 0.33 Discontinued operations $ (0.02) $ (0.01) $ (0.02) $ — $ 0.38 $ 0.27 $ 0.59 $ 0.33 Diluted Continuing operations $ 0.40 $ 0.28 $ 0.61 $ 0.32 Discontinued operations $ (0.02) $ (0.01) $ (0.02) $ — $ 0.38 $ 0.27 $ 0.59 $ 0.32

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Reconciliation of Revenue and Segment EBITDA from Segments to Consolidated	Segment information is summarized as follows: For the three months ended For the six months ended December 31, 2024 2023 2024 2023 (in millions) Revenues: Dow Jones $ 600 $ 584 $ 1,152 $ 1,121 Digital Real Estate Services 473 419 930 822 Book Publishing 595 550 1,141 1,075 News Media 570 582 1,111 1,148 Other — — — — Total Revenues $ 2,238 $ 2,135 $ 4,334 $ 4,166 Segment EBITDA: Dow Jones $ 174 $ 163 $ 305 $ 287 Digital Real Estate Services 185 147 325 269 Book Publishing 101 85 182 150 News Media 74 57 92 74 Other (56) (52) (101) (106) Depreciation and amortization (113) (110) (225) (211) Impairment and restructuring charges (16) (12) (38) (49) Equity losses of affiliates (8) (1) (11) (3) Interest expense, net (3) (7) (3) (15) Other, net 92 21 114 (17) Income before income tax expense from continuing operations 430 291 640 379 Income tax expense from continuing operations (124) (97) (185) (131) Net income from continuing operations 306 194 455 248 Net loss from discontinued operations, net of tax (23) (11) (28) (7) Net income $ 283 $ 183 $ 427 $ 241
Schedule of Reconciliation of Assets from Segments to Consolidated	As of As of (in millions) Total assets: Dow Jones $ 4,140 $ 4,139 Digital Real Estate Services 2,979 3,020 Book Publishing 2,828 2,647 News Media 1,956 2,018 Other (a) 1,697 1,858 Investments 365 429 Assets held for sale (b) 2,196 2,573 Total assets $ 16,161 $ 16,684 (a) The Other segment primarily includes Cash and cash equivalents. (b) See Note 2—Discontinued Operations.
Schedule of Reconciliation of Goodwill and Intangible Assets from Segments to Consolidated	As of As of (in millions) Goodwill and intangible assets, net: Dow Jones $ 3,238 $ 3,248 Digital Real Estate Services 1,753 1,828 Book Publishing 881 914 News Media 286 294 Total Goodwill and intangible assets, net $ 6,158 $ 6,284

ADDITIONAL FINANCIAL INFORMAT_2

ADDITIONAL FINANCIAL INFORMATION (Tables)	6 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Receivables, Net	Receivables, net consist of: As of As of (in millions) Receivables $ 1,713 $ 1,478 Less: allowances (58) (58) Receivables, net $ 1,655 $ 1,420
Schedule 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 $ 361 $ 375 Non-current receivables 291 300 Retirement benefit assets 152 147 Other 131 135 Total Other non-current assets $ 935 $ 957
Schedule 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 $ 241 $ 215 Allowance for sales returns 152 141 Current operating lease liabilities 84 89 Other 282 327 Total Other current liabilities $ 759 $ 772
Schedule of Other, Net	The following table sets forth the components of Other, net: For the three months ended December 31, For the six months ended December 31, 2024 2023 2024 2023 (in millions) Remeasurement of equity securities $ 18 $ 13 $ 28 $ (10) Gain on sale of investment in PropertyGuru 87 — 87 — Other (13) 8 (1) (7) Total Other, net $ 92 $ 21 $ 114 $ (17)
Schedule of Supplemental Cash Flow Information	The following table sets forth the Company’s cash paid for interest and taxes: For the six months ended December 31, 2024 2023 (in millions) Cash paid for interest $ 41 $ 21 Cash paid for taxes $ 108 $ 74

DISCONTINUED OPERATIONS - Addit

DISCONTINUED OPERATIONS - Additional Information (Details) - Discontinued Operations, Held-for-sale - Foxtel - Forecast $ in Millions	6 Months Ended
	Jun. 30, 2025 AUD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of long-term debt	$ 574
DAZN
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operation, percentage	6%

DISCONTINUED OPERATIONS - Sched

DISCONTINUED OPERATIONS - Schedule of Assets and Liabilities of Foxtel Classified to Held for Sale (Details) - USD ($) $ in Millions	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 58		$ 17
Total current assets	2,196	$ 340
Non-current assets:
Total non-current assets	0	2,233
Total assets	2,196	2,573
Current liabilities:
Total current liabilities	1,324	551
Non-current liabilities:
Total non-current liabilities	0	995
Discontinued Operations, Held-for-sale | Foxtel
Current assets:
Cash and cash equivalents	58	88
Receivables, net	75	83
Inventory, net	5	30
Other current assets	114	139
Total current assets	252	340
Non-current assets:
Investments	1	1
Property, plant and equipment, net	516	642
Operating lease right-of-use assets	132	153
Intangible assets, net	322	374
Goodwill	793	850
Other non-current assets	180	213
Total non-current assets	1,944	2,233
Total assets	2,196	2,573
Current liabilities:
Accounts payable	20	60
Accrued expenses	188	245
Deferred revenue	60	68
Current borrowings	32	45
Other current liabilities	107	133
Total current liabilities	407	551
Non-current liabilities:
Borrowings	712	762
Deferred income tax liabilities, net	83	98
Operating lease liabilities	97	115
Other non-current liabilities	25	20
Total non-current liabilities	917	995
Total liabilities held for sale	$ 1,324	$ 1,546

DISCONTINUED OPERATIONS - Sch_2

DISCONTINUED OPERATIONS - Schedule of Results of Operations from the Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net loss	$ (23)	$ (11)	$ (28)	$ (7)
Net income from continuing operations	(10)	(7)	(16)	(9)
Net income attributable to News Corporation stockholders	(23)	(11)	(28)	(7)
Discontinued Operations, Held-for-sale | Foxtel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total Revenues	462	466	961	950
Operating expenses	(314)	(321)	(638)	(629)
Selling, general and administrative	(83)	(72)	(168)	(158)
Depreciation and amortization	(79)	(69)	(156)	(139)
Impairment and restructuring charges	(1)	(1)	(2)	(2)
Interest expense, net	(17)	(18)	(35)	(33)
Other, net		1	0	4
Other, net	(1)
Income before income tax expense from continuing operations	(33)	(14)	(38)	(7)
Income tax benefit	10	3	10	0
Net loss	(23)	(11)	(28)	(7)
Net income from continuing operations	(10)	(7)	(16)	(9)
Net income attributable to News Corporation stockholders	$ (13)	$ (4)	$ (12)	$ 2

REVENUES - Schedule of Disaggre

REVENUES - Schedule of Disaggregated Revenue by Type and by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 2,238	$ 2,135	$ 4,334	$ 4,166
Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	745	725	1,488	1,449
Advertising
Disaggregation of Revenue [Line Items]
Revenues	385	391	706	723
Consumer
Disaggregation of Revenue [Line Items]
Revenues	572	527	1,093	1,029
Real estate
Disaggregation of Revenue [Line Items]
Revenues	377	327	734	638
Other
Disaggregation of Revenue [Line Items]
Revenues	159	165	313	327
Dow Jones
Disaggregation of Revenue [Line Items]
Revenues	600	584	1,152	1,121
Dow Jones | Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	461	441	920	877
Dow Jones | Advertising
Disaggregation of Revenue [Line Items]
Revenues	121	126	206	217
Dow Jones | Consumer
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Dow Jones | Real estate
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Dow Jones | Other
Disaggregation of Revenue [Line Items]
Revenues	18	17	26	27
Digital Real Estate Services
Disaggregation of Revenue [Line Items]
Revenues	473	419	930	822
Digital Real Estate Services | Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	2	2	4	5
Digital Real Estate Services | Advertising
Disaggregation of Revenue [Line Items]
Revenues	35	32	73	67
Digital Real Estate Services | Consumer
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Digital Real Estate Services | Real estate
Disaggregation of Revenue [Line Items]
Revenues	377	327	734	638
Digital Real Estate Services | Other
Disaggregation of Revenue [Line Items]
Revenues	59	58	119	112
Book Publishing
Disaggregation of Revenue [Line Items]
Revenues	595	550	1,141	1,075
Book Publishing | Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Book Publishing | Advertising
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Book Publishing | Consumer
Disaggregation of Revenue [Line Items]
Revenues	572	527	1,093	1,029
Book Publishing | Real estate
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Book Publishing | Other
Disaggregation of Revenue [Line Items]
Revenues	23	23	48	46
News Media
Disaggregation of Revenue [Line Items]
Revenues	570	582	1,111	1,148
News Media | Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	282	282	564	567
News Media | Advertising
Disaggregation of Revenue [Line Items]
Revenues	229	233	427	439
News Media | Consumer
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
News Media | Real estate
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
News Media | Other
Disaggregation of Revenue [Line Items]
Revenues	59	67	120	142
Other
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Other | Circulation and subscription
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Other | Advertising
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Other | Consumer
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Other | Real estate
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Other | Other
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 0	$ 0	$ 0

REVENUES - Schedule of Changes

REVENUES - Schedule of Changes in the Deferred Revenue Balance (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Contract with Customer, Liability [Roll Forward]
Balance, beginning of period	$ 488	$ 556	$ 483	$ 554
Deferral of revenue	810	637	1,597	1,396
Recognition of deferred revenue	(855)	(754)	(1,645)	(1,507)
Other	(12)	7	(4)	3
Balance, end of period	431	446	431	446
Deferred revenue recognized	$ 205	$ 266	$ 378	$ 435

REVENUES - Additional Informati

REVENUES - Additional Information (Details) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation satisfied in previous period	$ 110	$ 222
Remaining unsatisfied performance obligations	1,258	1,258
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 256	$ 256
Expected timing of satisfaction	6 months	6 months
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	$ 378	$ 378
Expected timing of satisfaction	1 year	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining unsatisfied performance obligations	$ 254	$ 254
Expected timing of satisfaction	1 year	1 year

IMPAIRMENT AND RESTRUCTURING _3

IMPAIRMENT AND RESTRUCTURING CHARGES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Additions	$ 16	$ 9	$ 38	$ 25
Impairment charges			0	24
Other Current Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring reserve, current	24		24
Other Noncurrent Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring reserve, noncurrent	$ 25		$ 25
News and Information Segment
Restructuring Cost and Reserve [Line Items]
Impairment charges		$ 1		$ 22

IMPAIRMENT AND RESTRUCTURING _4

IMPAIRMENT AND RESTRUCTURING CHARGES - Schedule of Changes in Restructuring Program Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Restructuring Reserve [Roll Forward]
Balance, beginning of period	$ 57	$ 68	$ 59	$ 89
Additions	16	9	38	25
Payments	(22)	(17)	(46)	(54)
Other	(2)	0	(2)	0
Balance, end of period	49	60	49	60
One time employee termination benefits
Restructuring Reserve [Roll Forward]
Balance, beginning of period	24	28	25	48
Additions	15	9	36	25
Payments	(20)	(15)	(42)	(51)
Other	(1)	0	(1)	0
Balance, end of period	18	22	18	22
Other costs
Restructuring Reserve [Roll Forward]
Balance, beginning of period	33	40	34	41
Additions	1	0	2	0
Payments	(2)	(2)	(4)	(3)
Other	(1)	0	(1)	0
Balance, end of period	$ 31	$ 38	$ 31	$ 38

INVESTMENTS - Schedule of Inves

INVESTMENTS - Schedule of Investments (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2024	Jun. 30, 2024
Schedule of Investments [Abstract]
Equity method investments	$ 82	$ 215
Equity and other securities	283	214
Total Investments	365	$ 429
Gain on sale of investment in PropertyGuru	$ 87

INVESTMENTS - Schedule of Total

INVESTMENTS - Schedule of Total Gains and Losses on Equity Securities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Schedule of Investments [Abstract]
Total gains (losses) recognized on equity securities	$ 18	$ 13	$ 28	$ (10)
Less: Net gains (losses) recognized on equity securities sold	0	0	0	0
Unrealized gains (losses) recognized on equity securities held at end of period	$ 18	$ 13	$ 28	$ (10)

INVESTMENTS - Additional Inform

INVESTMENTS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Schedule of Investments [Abstract]
Equity losses of affiliates	$ 8	$ 1	$ 11	$ 3

BORROWINGS (Details)

BORROWINGS (Details) $ in Millions, $ in Millions	Dec. 31, 2024 USD ($)	Dec. 31, 2024 AUD ($)	Jun. 30, 2024 USD ($)
Debt and Financial Instruments [Line Items]
Total borrowings	$ 1,967		$ 2,102
Less: current portion	(19)		(9)
Long-term borrowings	$ 1,948		2,093
2022 Term loan A | News Corporation Borrowings
Debt and Financial Instruments [Line Items]
Interest rate	6.204%	6.204%
Total borrowings	$ 481		484
Derivative interest rate	2.083%	2.083%
Effective interest rate	3.521%	3.521%
2022 Senior notes | News Corporation Borrowings
Debt and Financial Instruments [Line Items]
Interest rate	5.125%	5.125%
Total borrowings	$ 494		493
2021 Senior notes | News Corporation Borrowings
Debt and Financial Instruments [Line Items]
Interest rate	3.875%	3.875%
Total borrowings	$ 992		991
2024 REA credit facility — tranche 1 | REA Group
Debt and Financial Instruments [Line Items]
Interest rate	5.93%	5.93%
Total borrowings	$ 0		0
Amount of unused borrowing capacity		$ 400
2024 REA credit facility — tranche 2 | REA Group
Debt and Financial Instruments [Line Items]
Total borrowings	0		79
2024 Subsidiary facility | REA Group
Debt and Financial Instruments [Line Items]
Total borrowings	$ 0		$ 55

EQUITY - Schedule of Changes in

EQUITY - Schedule of Changes in Equity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 9,166	$ 8,736	$ 9,011	$ 8,945
Net income	283	183	427	241
Other comprehensive (loss) income	(398)	196	(247)	65
Dividends	$ 0	$ 0	$ (92)	$ (85)
Share repurchases (in shares)	(1,500,000)	(1,200,000)	(2,800,000)	(2,600,000)
Share repurchases	$ (40)	$ (26)	$ (78)	$ (55)
Other	14	13	4	(9)
Ending balance	$ 9,025	$ 9,102	$ 9,025	$ 9,102
Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			378,670,671
Share repurchases (in shares)	(1,000,000)	(800,000)	(1,900,000)	(1,800,000)
Ending balance (in shares)	378,380,369		378,380,369
Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			190,423,250
Share repurchases (in shares)	(500,000)	(400,000)	(900,000)	(800,000)
Ending balance (in shares)	189,503,773		189,503,773
Total News Corp Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 8,253	$ 7,892	$ 8,120	$ 8,064
Net income	215	156	334	186
Other comprehensive (loss) income	(293)	147	(173)	47
Dividends	0		(57)	(57)
Share repurchases	(40)	(26)	(78)	(55)
Other	14	13	3	(3)
Ending balance	$ 8,149	$ 8,182	$ 8,149	$ 8,182
Common Stock | Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	379,000,000	381,000,000	379,000,000	380,000,000
Beginning balance	$ 4	$ 4	$ 4	$ 4
Share repurchases (in shares)	(1,000,000)	(1,000,000)	(2,000,000)	(2,000,000)
Other (in shares)	0		1,000,000	2,000,000
Ending balance (in shares)	378,000,000	380,000,000	378,000,000	380,000,000
Ending balance	$ 4	$ 4	$ 4	$ 4
Common Stock | Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	190,000,000	192,000,000	190,000,000	192,000,000
Beginning balance	$ 2	$ 2	$ 2	$ 2
Share repurchases (in shares)	(1,000,000)	(1,000,000)	(1,000,000)	(1,000,000)
Ending balance (in shares)	189,000,000	191,000,000	189,000,000	191,000,000
Ending balance	$ 2	$ 2	$ 2	$ 2
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	11,157	11,347	11,254	11,449
Dividends	0		(57)	(57)
Share repurchases	(30)	(26)	(59)	(55)
Other	14	13	3	(3)
Ending balance	11,141	11,334	11,141	11,334
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,779)	(2,114)	(1,889)	(2,144)
Net income	215	156	334	186
Share repurchases	(10)		(19)
Ending balance	(1,574)	(1,958)	(1,574)	(1,958)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,131)	(1,347)	(1,251)	(1,247)
Other comprehensive (loss) income	(293)	147	(173)	47
Ending balance	(1,424)	(1,200)	(1,424)	(1,200)
Non-controlling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	913	844	891	881
Net income	68	27	93	55
Other comprehensive (loss) income	(105)	49	(74)	18
Dividends	0		(35)	(28)
Other	0		1	(6)
Ending balance	$ 876	$ 920	$ 876	$ 920

EQUITY - Additional Information

EQUITY - Additional Information (Details) - USD ($)	Dec. 31, 2024	Sep. 22, 2021
Class of Stock [Line Items]
Stock repurchase program authorized amount		$ 1,000,000,000
Remaining authorized repurchase amount	$ 382,000,000

EQUITY - Schedule of Shares Rep

EQUITY - Schedule of Shares Repurchased and Subsequently Retired and the Related Consideration Paid (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Shares (in shares)	1,500	1,200	2,800	2,600
Amount	$ 40	$ 26	$ 78	$ 55
Class A Common Stock
Class of Stock [Line Items]
Shares (in shares)	1,000	800	1,900	1,800
Amount	$ 26	$ 18	$ 51	$ 38
Class B Common Stock
Class of Stock [Line Items]
Shares (in shares)	500	400	900	800
Amount	$ 14	$ 8	$ 27	$ 17

FINANCIAL INSTRUMENTS AND FAI_3

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2024	Jun. 30, 2024
Assets:
Equity and other securities	$ 283	$ 214
Fair Value, Recurring
Assets:
Equity and other securities	283	214
Total assets	304	242
Fair Value, Recurring | Interest rate derivatives - cash flow hedges | Cash Flow Hedging
Assets:
Derivative assets	21	28
Fair Value, Recurring | Level 1
Assets:
Equity and other securities	75	53
Total assets	75	53
Fair Value, Recurring | Level 1 | Interest rate derivatives - cash flow hedges | Cash Flow Hedging
Assets:
Derivative assets	0	0
Fair Value, Recurring | Level 2
Assets:
Equity and other securities	45	39
Total assets	66	67
Fair Value, Recurring | Level 2 | Interest rate derivatives - cash flow hedges | Cash Flow Hedging
Assets:
Derivative assets	21	28
Fair Value, Recurring | Level 3
Assets:
Equity and other securities	163	122
Total assets	163	122
Fair Value, Recurring | Level 3 | Interest rate derivatives - cash flow hedges | Cash Flow Hedging
Assets:
Derivative assets	$ 0	$ 0

FINANCIAL INSTRUMENTS AND FAI_4

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Equity and Other Securities Classified as Level 3 (Details) - Equity Securities - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - beginning of period	$ 122	$ 130
Additions	41	3
Returns of capital	(5)	(4)
Measurement adjustments	3	0
Foreign exchange and other	2	2
Balance - end of period	$ 163	$ 131

FINANCIAL INSTRUMENTS AND FAI_5

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Hedges Classified as Current or Non-current in Balance Sheets Based on Maturity Dates (Details) - Interest Rate Contract - Cash Flow Hedging - USD ($) $ in Millions	Dec. 31, 2024	Jun. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, reported under other current assets	$ 8	$ 14
Derivatives, reported under other non-current assets	$ 13	$ 14

FINANCIAL INSTRUMENTS AND FAI_6

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Additional Information (Details) $ in Millions	Dec. 31, 2024 USD ($)
Interest Rate Contract | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional value of derivative	$ 481
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimates of net derivative gains related to cash flow hedges included in AOCL	$ 10

FINANCIAL INSTRUMENTS AND FAI_7

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Schedule of Derivative Instruments Designated as Cash Flow Hedges (Details) - Cash Flow Hedging - Interest rate derivatives - cash flow hedges - Interest expense, net - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) recognized in accumulated other comprehensive loss	$ 10	$ (9)	$ 0	$ (2)
(Gain) loss reclassified from accumulated other comprehensive loss	$ (3)	$ (4)	$ (7)	$ (8)

EARNINGS (LOSS) PER SHARE (Deta

EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net income from continuing operations	$ 306	$ 194	$ 455	$ 248
Net loss from discontinued operations, net of tax	(23)	(11)	(28)	(7)
Net income	283	183	427	241
Net income from continuing operations attributable to noncontrolling interests	(78)	(34)	(109)	(64)
Net loss attributable to noncontrolling interests from discontinued operations	10	7	16	9
Net income attributable to News Corporation stockholders	$ 215	$ 156	$ 334	$ 186
Weighted-average number of shares of common stock outstanding - basic (in shares)	568.5	571.9	568.8	572.1
Dilutive effect of equity awards (in shares)	1.6	1.6	1.9	1.7
Weighted-average number of shares of common stock outstanding - diluted (in shares)	570.1	573.5	570.7	573.8
Basic
Continuing operations (in dollars per share)	$ 0.40	$ 0.28	$ 0.61	$ 0.33
Discontinued operations (in dollars per share)	(0.02)	(0.01)	(0.02)	0
Diluted	0.38	0.27	0.59	0.33
Earnings Per Share, Diluted [Abstract]
Continuing operations (in dollars per share)	0.40	0.28	0.61	0.32
Discontinued operations (in dollars per share)	(0.02)	(0.01)	(0.02)	0
Diluted (in dollars per share)	$ 0.38	$ 0.27	$ 0.59	$ 0.32

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024
Loss Contingencies [Line Items]
Other current assets	$ 554		$ 554		$ 474
U.K. Newspaper Matters
Loss Contingencies [Line Items]
Selling, general and administrative expenses, net	4	$ 2	6	$ 5
Litigation liability accrued	55		55
U.K. Newspaper Matters Indemnification | 21st Century Fox
Loss Contingencies [Line Items]
Other current assets	$ 64		$ 64

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 124	$ 97	$ 185	$ 131
Income before income tax expense	$ 430	$ 291	640	379
Gross income tax paid			108	74
Income tax refunds			$ 1	$ 9

SEGMENT INFORMATION - Additiona

SEGMENT INFORMATION - Additional Information (Details)	6 Months Ended
	Dec. 31, 2024 country segment brand
Segment Reporting Information [Line Items]
Number of reportable segments | segment	5
Book Publishing | Minimum
Segment Reporting Information [Line Items]
Number of countries | country	15
Number of branded publishing imprints | brand	120
REA Group | Digital Real Estate Services
Segment Reporting Information [Line Items]
Company ownership percentage	61.40%
Move | Digital Real Estate Services
Segment Reporting Information [Line Items]
Company ownership percentage	80%
Move | Digital Real Estate Services | REA Group
Segment Reporting Information [Line Items]
Ownership interest held by minority interest	20%

SEGMENT INFORMATION - Schedule

SEGMENT INFORMATION - Schedule of Reconciliation of Revenue and Segment EBITDA from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 2,238	$ 2,135	$ 4,334	$ 4,166
Total Revenues	2,238	2,135	4,334	4,166
Depreciation and amortization	(113)	(110)	(225)	(211)
Impairment and restructuring charges	(16)	(12)	(38)	(49)
Equity losses of affiliates	(8)	(1)	(11)	(3)
Interest expense, net	(3)	(7)	(3)	(15)
Other, net	92	21	114	(17)
Income before income tax expense from continuing operations	430	291	640	379
Income tax expense from continuing operations	(124)	(97)	(185)	(131)
Net income from continuing operations	306	194	455	248
Net loss from discontinued operations, net of tax	(23)	(11)	(28)	(7)
Net income	283	183	427	241
Dow Jones
Segment Reporting Information [Line Items]
Revenues	600	584	1,152	1,121
Total segment EBITDA	174	163	305	287
Digital Real Estate Services
Segment Reporting Information [Line Items]
Revenues	473	419	930	822
Total segment EBITDA	185	147	325	269
Book Publishing
Segment Reporting Information [Line Items]
Revenues	595	550	1,141	1,075
Total segment EBITDA	101	85	182	150
News Media
Segment Reporting Information [Line Items]
Revenues	570	582	1,111	1,148
Total segment EBITDA	74	57	92	74
Other
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Total segment EBITDA	$ (56)	$ (52)	$ (101)	$ (106)

SEGMENT INFORMATION - Schedul_2

SEGMENT INFORMATION - Schedule of Reconciliation of Assets from Segments to Consolidated (Details) - USD ($) $ in Millions	Dec. 31, 2024	Jun. 30, 2024
Segment Reporting, Asset Reconciling Item [Line Items]
Investments	$ 365	$ 429
Assets held for sale	2,196	2,573
Total assets	16,161	16,684
Dow Jones
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	4,140	4,139
Digital Real Estate Services
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,979	3,020
Book Publishing
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,828	2,647
News Media
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,956	2,018
Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 1,697	$ 1,858

SEGMENT INFORMATION - Schedul_3

SEGMENT INFORMATION - Schedule of Reconciliation of Goodwill and Intangible Assets from Segments to Consolidated (Details) - USD ($) $ in Millions	Dec. 31, 2024	Jun. 30, 2024
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	$ 6,158	$ 6,284
Dow Jones
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	3,238	3,248
Digital Real Estate Services
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	1,753	1,828
Book Publishing
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	881	914
News Media
Segment Reporting Information [Line Items]
Total Goodwill and intangible assets, net	$ 286	$ 294

ADDITIONAL FINANCIAL INFORMAT_3

ADDITIONAL FINANCIAL INFORMATION - Schedule of Receivables, Net (Details) - USD ($) $ in Millions	Dec. 31, 2024	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Receivables	$ 1,713	$ 1,478
Less: allowances	(58)	(58)
Receivables, net	$ 1,655	$ 1,420

ADDITIONAL FINANCIAL INFORMAT_4

ADDITIONAL FINANCIAL INFORMATION - Schedule of Other Non-current Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Royalty advances to authors	$ 361	$ 375
Non-current receivables	291	300
Retirement benefit assets	152	147
Other	131	135
Total Other non-current assets	$ 935	$ 957

ADDITIONAL FINANCIAL INFORMAT_5

ADDITIONAL FINANCIAL INFORMATION - Schedule of Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Royalties and commissions payable	$ 241	$ 215
Allowance for sales returns	152	141
Current operating lease liabilities	$ 84	$ 89
Operating lease, liability, current, statement of financial position [extensible enumeration]	Total Other current liabilities	Total Other current liabilities
Other	$ 282	$ 327
Total Other current liabilities	$ 759	$ 772

ADDITIONAL FINANCIAL INFORMAT_6

ADDITIONAL FINANCIAL INFORMATION - Schedule of Other, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Other Income and Expenses [Line Items]
Remeasurement of equity securities	$ 18	$ 13	$ 28	$ (10)
Gain on sale of investment in PropertyGuru			87
Total Other, net	92	21	114	(17)
Nonoperating Income (Expense)
Other Income and Expenses [Line Items]
Remeasurement of equity securities	18	13	28	(10)
Gain on sale of investment in PropertyGuru	87	0	87	0
Other	$ (13)	$ 8	$ (1)	$ (7)

ADDITIONAL FINANCIAL INFORMAT_7

ADDITIONAL FINANCIAL INFORMATION - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash paid for interest	$ 41	$ 21
Cash paid for taxes	$ 108	$ 74

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event	6 Months Ended
	Jun. 30, 2025 $ / shares
Class A Common Stock
Subsequent Event [Line Items]
Common stock, cash dividends declared (in dollars per share)	$ 0.10
Class B Common Stock
Subsequent Event [Line Items]
Common stock, cash dividends declared (in dollars per share)	$ 0.10