Fox (FOX) 10-Q 9 May 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Mar. 31, 2023	May 05, 2023
Document And Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-38776
Entity Registrant Name	FOX CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1825597
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	852-7000
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
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001754301
Current Fiscal Year End Date	--06-30
Class A Common Stock
Document And Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, par value $0.01 per share
Trading Symbol	FOXA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		269,056,516
Class B Common Stock
Document And Entity Information [Line Items]
Title of 12(b) Security	Class B Common Stock, par value $0.01 per share
Trading Symbol	FOX
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		235,581,025

UNAUDITED CONSOLIDATED STATEMEN

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenues		$ 4,084	$ 3,455	$ 11,881	$ 10,941
Operating expenses		(2,727)	(2,164)	(7,911)	(7,402)
Selling, general and administrative		(528)	(485)	(1,526)	(1,368)
Depreciation and amortization		(106)	(92)	(308)	(264)
Interest expense, net		(55)	(91)	(183)	(285)
Other, net		(719)	(233)	(722)	(375)
(Loss) income before income tax benefit (expense)		(51)	390	1,231	1,247
Income tax benefit (expense)		1	(100)	(347)	(322)
Net (loss) income		(50)	290	884	925
Less: Net income attributable to noncontrolling interests	[1]	(4)	(7)	(20)	(26)
Net (loss) income attributable to Fox Corporation stockholders		$ (54)	$ 283	$ 864	$ 899
Weighted average shares:
Basic (in shares)		521	563	537	569
Diluted (in shares)		521	567	539	573
Net (loss) income attributable to Fox Corporation stockholders per share:
Basic (in dollars per share)		$ (0.10)	$ 0.50	$ 1.61	$ 1.58
Diluted (in dollars per share)		$ (0.10)	$ 0.50	$ 1.60	$ 1.57
[1]Net income attributable to noncontrolling interests includes $(4) million and $(5) million for the three months ended March 31, 2023 and 2022, respectively, and $(14) million and $(9) million for the nine months ended March 31, 2023 and 2022, respectively, relating to redeemable noncontrolling interests.

UNAUDITED CONSOLIDATED STATEM_2

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income		$ (50)	$ 290	$ 884	$ 925
Other comprehensive income, net of tax:
Benefit plan adjustments and other		6	3	13	17
Other comprehensive income, net of tax		6	3	13	17
Comprehensive (loss) income		(44)	293	897	942
Less: Net income attributable to noncontrolling interests	[1]	(4)	(7)	(20)	(26)
Comprehensive (loss) income attributable to Fox Corporation stockholders		$ (48)	$ 286	$ 877	$ 916
[1]Net income attributable to noncontrolling interests includes $(4) million and $(5) million for the three months ended March 31, 2023 and 2022, respectively, and $(14) million and $(9) million for the nine months ended March 31, 2023 and 2022, respectively, relating to redeemable noncontrolling interests.

UNAUDITED CONSOLIDATED STATEM_3

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income attributable to redeemable noncontrolling interests	$ (4)	$ (5)	$ (14)	$ (9)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Mar. 31, 2023	Jun. 30, 2022
Current assets
Cash and cash equivalents		$ 4,146	$ 5,200
Receivables, net		2,741	2,128
Inventories, net		487	791
Other		349	162
Total current assets		7,723	8,281
Non-current assets
Property, plant and equipment, net		1,675	1,682
Intangible assets, net		3,097	3,157
Goodwill		3,557	3,554
Deferred tax assets		3,199	3,440
Other non-current assets		3,145	2,071
Total assets		22,396	22,185
Current liabilities
Borrowings		1,249	0
Accounts payable, accrued expenses and other current liabilities		3,153	2,296
Total current liabilities		4,402	2,296
Non-current liabilities
Borrowings		5,961	7,206
Other liabilities		1,578	1,120
Redeemable noncontrolling interests		200	188
Commitments and contingencies
Equity
Additional paid-in capital		8,361	9,098
Retained earnings		2,032	2,461
Accumulated other comprehensive loss		(213)	(226)
Total Fox Corporation stockholders’ equity		10,185	11,339
Noncontrolling interests		70	36
Total equity		10,255	11,375
Total liabilities and equity		22,396	22,185
Class A Common Stock
Equity
Common stock	[1]	3	3
Class B Common Stock
Equity
Common stock	[2]	$ 2	$ 3
[1] Class A Common Stock , $0.01 par value per share, 2,000,000,000 shares authorized, 270,539,087 shares and 307,496,876 shares issued and outstanding at par as of March 31, 2023 and June 30, 2022, respectively. Class B Common Stock , $0.01 par value per share, 1,000,000,000 shares authorized, 235,581,025 shares and 243,122,595 shares issued and outstanding at par as of March 31, 2023 and June 30, 2022, respectively.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Jun. 30, 2022
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	2,000,000,000	2,000,000,000
Common stock, shares issued	270,539,087	307,496,876
Common stock, shares outstanding	270,539,087	307,496,876
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	235,581,025	243,122,595
Common stock, shares outstanding	235,581,025	243,122,595

UNAUDITED CONSOLIDATED STATEM_4

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
OPERATING ACTIVITIES
Net (loss) income	$ 884	$ 925
Adjustments to reconcile net income to cash provided by operating activities
Depreciation and amortization	308	264
Amortization of cable distribution investments	12	14
Equity-based compensation	55	75
Other, net	722	375
Deferred income taxes	234	195
Change in operating assets and liabilities, net of acquisitions and dispositions
Receivables and other assets	(692)	(309)
Inventories net of programming payable	222	(156)
Accounts payable and accrued expenses	(200)	(205)
Other changes, net	(238)	(227)
Net cash provided by operating activities	1,307	951
INVESTING ACTIVITIES
Property, plant and equipment	(237)	(191)
Acquisitions, net of cash acquired	0	(243)
Proceeds from dispositions, net	0	82
Purchase of investments	(55)	(28)
Other investing activities, net	(26)	(6)
Net cash used in investing activities	(318)	(386)
FINANCING ACTIVITIES
Repayment of borrowings	0	(750)
Repurchase of shares	(1,750)	(748)
Dividends paid and distributions	(291)	(295)
Sale of subsidiary noncontrolling interest	25	0
Other financing activities, net	(27)	(24)
Net cash used in financing activities	(2,043)	(1,817)
Net decrease in cash and cash equivalents	(1,054)	(1,252)
Cash and cash equivalents, beginning of year	5,200	5,886
Cash and cash equivalents, end of period	$ 4,146	$ 4,634

UNAUDITED CONSOLIDATED STATEM_5

UNAUDITED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Millions, $ in Millions	Total	Total Fox Corporation Stockholders’ Equity	Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests	[1]
Beginning balance (in shares) at Jun. 30, 2021				324	252
Beginning balance at Jun. 30, 2021	$ 11,125	$ 11,123		$ 3	$ 3	$ 9,453	$ 1,982	$ (318)	$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	934	899					899		35
Other comprehensive income	17	17						17
Dividends	(273)	(273)					(273)
Shares repurchased (In shares)				(14)	(6)
Shares repurchased	(748)	(748)				(326)	(422)
Other (in shares)				3
Other	163	182				68	114		(19)
Ending balance (in shares) at Mar. 31, 2022				313	246
Ending balance at Mar. 31, 2022	11,218	11,200		$ 3	$ 3	9,195	2,300	(301)	18
Beginning balance (in shares) at Dec. 31, 2021				317	248
Beginning balance at Dec. 31, 2021	11,290	11,275		$ 3	$ 3	9,265	2,308	(304)	15
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	295	283					283		12
Other comprehensive income	3	3						3
Dividends	(135)	(135)					(135)
Shares repurchased (In shares)				(4)	(2)
Shares repurchased	(251)	(251)				(104)	(147)
Other (in shares)				0
Other	16	25				34	(9)		(9)
Ending balance (in shares) at Mar. 31, 2022				313	246
Ending balance at Mar. 31, 2022	11,218	11,200		$ 3	$ 3	9,195	2,300	(301)	18
Beginning balance (in shares) at Jun. 30, 2022				308	243
Beginning balance at Jun. 30, 2022	11,375	11,339		$ 3	$ 3	9,098	2,461	(226)	36
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	898	864					864		34
Other comprehensive income	13	13						13
Dividends	(265)	(265)					(265)
Shares repurchased (In shares)				(38)	(8)
Shares repurchased	(1,763)	(1,763)				(763)	(1,000)
Other (in shares)					1
Other	(3)	(3)			$ (1)	26	(28)		0
Ending balance (in shares) at Mar. 31, 2023				270	236
Ending balance at Mar. 31, 2023	10,255	10,185		$ 3	$ 2	8,361	2,032	(213)	70
Beginning balance (in shares) at Dec. 31, 2022				298	238
Beginning balance at Dec. 31, 2022	11,676	11,607		$ 3	$ 2	8,836	2,985	(219)	69
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(46)	(54)					(54)		8
Other comprehensive income	6	6						6
Dividends	(128)	(128)					(128)
Shares repurchased (In shares)				(27)	(3)
Shares repurchased	(1,263)	(1,263)				(502)	(761)
Other (in shares)				(1)	1
Other	10	17	$ 0			27	(10)		(7)
Ending balance (in shares) at Mar. 31, 2023				270	236
Ending balance at Mar. 31, 2023	$ 10,255	$ 10,185		$ 3	$ 2	$ 8,361	$ 2,032	$ (213)	$ 70
[1]Excludes Redeemable noncontrolling interests which are reflected in temporary equity (See Note 4—Fair Value under the heading “Redeemable Noncontrolling Interests”).

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Fox Corporation, a Delaware corporation (“FOX” or the “Company”), is a news, sports and entertainment company, which manages and reports its businesses in the following segments: Cable Network Programming, Television and Other, Corporate and Eliminations. On October 14, 2022, the Company announced that its Board of Directors (the “Board”) had formed a special committee composed of independent members of the Board (the “Special Committee”) to begin exploring a potential combination with News Corporation. On January 24, 2023, the Company announced that the Board had received a letter from K. Rupert Murdoch withdrawing the proposal to explore the potential combination and, as a result of this action, the Special Committee was dissolved. The accompanying Unaudited Consolidated Financial Statements of FOX have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting only of normal recurring adjustments necessary for a fair presentation have been reflected in these Unaudited Consolidated Financial Statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2023. The preparation of the Company’s Unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the Unaudited Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates. These interim Unaudited Consolidated Financial Statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2022 as filed with the Securities and Exchange Commission on August 12, 2022 (the “2022 Form 10-K”). All significant intercompany transactions and accounts within the Company’s consolidated businesses have been eliminated. Investments in and advances to entities or joint ventures in which the Company has significant influence, but less than a controlling financial interest, are accounted for using the equity method. Significant influence generally exists when the Company owns an interest between 20% and 50%. Equity securities in which the Company has no significant influence (generally less than a 20% ownership interest) with readily determinable fair values are accounted for at fair value based on quoted market prices. Equity securities without readily determinable fair values are accounted for either at fair value or using the measurement alternative method, which is at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. All gains and losses on investments in equity securities are recognized in the Unaudited Consolidated Statements of Operations. The Company’s fiscal year ends on June 30 (“fiscal”) of each year. Certain fiscal 2022 amounts have been reclassified to conform to the fiscal 2023 presentation. The unaudited and audited consolidated financial statements are referred to as the “Financial Statements” herein. The unaudited consolidated statements of operations are referred to as the “Statements of Operations” herein. The unaudited and audited consolidated balance sheets are referred to as the “Balance Sheets” herein. Recently Adopted, Recently Issued Accounting Guidance and Other Inflation Reduction Act On August 16, 2022, the U.S. government enacted the Inflation Reduction Act which, among other changes, imposes a 15% corporate alternative minimum tax (“CAMT”) and a 1% excise tax on stock repurchases. Once subject to the CAMT, a taxpayer will compute both its CAMT liability and its regular federal tax liability and pay the higher of the two. To the extent that the CAMT liability exceeds the regular federal tax liability, a taxpayer will receive a credit (“CAMT credit”) which can be used against its regular federal tax liability in the future when the taxpayer is no longer subject to the CAMT. The CAMT credit does not expire. The CAMT is effective for tax years beginning after December 31, 2022, which means it will be applicable to the Company starting in fiscal 2024. The excise tax on stock repurchases applies to stock repurchases occurring after December 31, 2022. The Company continues to evaluate the impact the CAMT will have on its financial statements but expects that, when applicable, the Company will be subject to the CAMT. The CAMT would impact the timing of the cash tax benefit the Company receives from the amortization of the additional tax basis received as a result of the Transaction Tax (as defined in Note 1—Description of Business and Basis of Presentation in the 2022 Form 10-K). This change in timing would result in an increase to its annual cash tax liability which could be material. However, as noted above, if the Company pays CAMT it will receive a CAMT credit that can be carried forward indefinitely and applied against its regular federal tax liability in future years. The Company has been subject to the excise tax on stock repurchases occurring after December 31, 2022, but the impact to the financial statements is not material.

Acquisitions, Disposals and Oth

Acquisitions, Disposals and Other Transactions	9 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions, Disposals and Other Transactions	ACQUISITIONS, DISPOSALS AND OTHER TRANSACTIONSThe Company’s acquisitions support the Company’s strategy to strengthen its core brands, grow its digital businesses and selectively enhance production capabilities for its digital and linear platforms. There were no acquisitions during the three and nine months ended March 31, 2023. During the nine months ended March 31, 2022, the Company made acquisitions, primarily consisting of three entertainment production companies, for total cash consideration of approximately $240 million. The revenues and Segment EBITDA (as defined in Note 10—Segment Information) included within the Company’s consolidated results of operations associated with these companies were not material individually or in the aggregate.

Inventories, Net

Inventories, Net	9 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories, Net	INVENTORIES, NET The Company’s inventories were comprised of the following: As of March 31, As of June 30, (in millions) Licensed programming, including prepaid sports rights $ 733 $ 975 Owned programming 446 337 Total inventories, net 1,179 1,312 Less: current portion of inventories, net (487) (791) Total non-current inventories, net $ 692 $ 521 Owned programming Released $ 252 $ 205 In-process and other 194 132 Total $ 446 $ 337 The following table presents the aggregate amortization expense related to Inventories, net included in Operating expenses in the Statements of Operations: For the three months ended March 31, For the nine months ended March 31, 2023 2022 2023 2022 (in millions) (in millions) Amortization expense $ 1,781 $ 1,150 $ 5,201 $ 4,591

Fair Value

Fair Value	9 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value	FAIR VALUE Fair value measurements are required to be disclosed using a three-tiered fair value hierarchy which distinguishes market participant assumptions into the following categories: (i) inputs that are quoted prices in active markets (“Level 1”); (ii) inputs other than quoted prices included within Level 1 that are observable, including quoted prices for similar assets or liabilities (“Level 2”); and (iii) inputs that require the entity to use its own assumptions about market participant assumptions (“Level 3”). The following tables present information about financial assets and redeemable noncontrolling interests carried at fair value on a recurring basis: Fair value measurements As of March 31, 2023 Total Level 1 Level 2 Level 3 (in millions) Investments in equity securities $ 806 $ 806 (a) $ — $ — Redeemable noncontrolling interests (200) — — (200) (b) Total $ 606 $ 806 $ — $ (200) Fair value measurements As of June 30, 2022 Total Level 1 Level 2 Level 3 (in millions) Investments in equity securities $ 435 $ 435 (a) $ — $ — Redeemable noncontrolling interests (188) — — (188) (b) Total $ 247 $ 435 $ — $ (188) (a) The investments categorized as Level 1 primarily represent an investment in equity securities of Flutter Entertainment plc (“Flutter”) with a readily determinable fair value (See Note 3—Acquisitions, Disposals and Other Transactions in the 2022 Form 10-K under the heading “Flutter” for additional information). (b) The Company utilizes both the market and income approach valuation techniques for its Level 3 fair value measures. Inputs to such measures could include observable market data obtained from independent sources such as broker quotes and recent market transactions for similar assets. It is the Company’s policy to maximize the use of observable inputs in the measurement of its Level 3 fair value measurements. To the extent observable inputs are not available, the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the redeemable noncontrolling interests. Examples of utilized unobservable inputs are future cash flows and long-term growth rates. In connection with the combination of The Stars Group Inc. and Flutter in May 2020, FOX Sports received the right to acquire an 18.6% equity interest in FanDuel Group (“FanDuel”), a majority-owned subsidiary of Flutter, at a price set forth in the relevant agreement (structured as a 10-year option), which has been the subject of arbitration proceedings. In January 2023, the U.S. District Court for the Southern District of New York confirmed and entered the arbitrator’s ruling affirming FOX Sports’ 10-year call option expiring in December 2030 to acquire 18.6% of FanDuel for $3.72 billion, with a 5% annual escalator. FOX has no obligation to commit capital towards this opportunity unless and until it exercises the option. In addition, Flutter cannot pursue an initial public offering for FanDuel without FOX’s consent or approval from the arbitrator. Redeemable Noncontrolling Interests The redeemable noncontrolling interests recorded are put rights held by minority shareholders in Credible Labs Inc. (“Credible”) and an entertainment production company. The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows: For the three months ended March 31, For the nine months ended March 31, 2023 2022 2023 2022 (in millions) Beginning of period $ (196) $ (172) $ (188) $ (261) Acquisitions (a) — — — (58) Net loss 4 5 14 9 Distributions — — — 3 Accretion and other (b) (8) (8) (26) 132 End of period $ (200) $ (175) $ (200) $ (175) (a) The increase for the nine months ended March 31, 2022 was primarily due to the acquisition of an entertainment production company. (b) As a result of the expiration of the sports network minority shareholder’s final put right during the nine months ended March 31, 2022, approximately $110 million was reclassified into equity. The Credible minority put right will become exercisable in fiscal 2025. The put right held by the entertainment production company’s minority shareholder will become exercisable in fiscal 2027. Financial Instruments The carrying value of the Company’s financial instruments exclusive of borrowings, such as cash and cash equivalents, receivables, payables and investments, accounted for using the measurement alternative method, approximates fair value. As of March 31, As of June 30, (in millions) Borrowings Fair value $ 7,037 $ 7,084 Carrying value $ 7,210 $ 7,206 Fair value is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market (a Level 1 measurement). Concentrations of Credit Risk Cash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and, therefore, bear minimal credit risk. Generally, the Company does not require collateral to secure receivables. As of March 31, 2023 and June 30, 2022, the Company had no customers that accounted for 10% or more of the Company’s receivables.

Borrowings

Borrowings	9 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Borrowings	BORROWINGSBorrowings include senior notes (See Note 9—Borrowings in the 2022 Form 10-K under the heading “Public Debt – Senior Notes Issued”) of which $1.25 billion of 4.030% senior notes are due in January 2024. In addition, the Company is party to a credit agreement providing a $1.0 billion unsecured revolving credit facility with a sub-limit of $150 million available for the issuance of letters of credit and a maturity date of March 2024 (See Note 9—Borrowings in the 2022 Form 10-K under the heading “Revolving Credit Agreement”). As of March 31, 2023, there were no borrowings outstanding under the revolving credit agreement.

Stockholders Equity

Stockholders Equity	9 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stockholders' Equity	STOCKHOLDERS’ EQUITY Stock Repurchase Program The Board previously authorized a stock repurchase program under which the Company can repurchase $4 billion of Class A Common Stock (the “Class A Common Stock”) and Class B Common Stock (the “Class B Common Stock” and, together with the Class A Common Stock, the “Common Stock”). In February 2023, the Board authorized incremental stock repurchases of an additional $3 billion of Common Stock. With this increase, the Company’s total stock repurchase authorization is now $7 billion. The program has no time limit and may be modified, suspended or discontinued at any time. In February 2023, the Company entered into an accelerated share repurchase (“ASR”) agreement in which the Company paid a third-party financial institution $1 billion and received an initial delivery of approximately 22.5 million shares of Class A Common Stock, representing 80% of the shares expected to be repurchased under the ASR agreement, at a price of $35.54 per share, which was the Nasdaq Global Select Market closing share price of the Class A Common Stock on February 8, 2023. The Company will receive a final delivery of shares of Class A Common Stock, which is determined using the volume-weighted average market price of the Class A Common Stock on the Nasdaq Global Select Market during the term of the ASR agreement less a discount. The Company accounted for the ASR agreement as two separate transactions. The initial delivery of Class A Common Stock was accounted for as a treasury stock transaction recorded on the acquisition date. The final settlement of Class A Common Stock is accounted for as a forward contract indexed to the Class A Common Stock and qualified as an equity transaction. During the nine months ended March 31, 2023, the Company repurchased approximately 46 million shares of Common Stock for approximately $1.8 billion. Repurchased shares are retired and reduce the number of shares issued and outstanding. The Company allocates the amount of the repurchase price over par value between additional paid-in capital and retained earnings. As of March 31, 2023, the Company’s remaining stock repurchase authorization was approximately $2.6 billion. Subsequent to March 31, 2023, the Company repurchased approximately 1.5 million shares of Common Stock for approximately $50 million. (Loss) Earnings Per Share The computation of diluted (loss) earnings per share did not include common stock equivalents during each period presented if their inclusion would have been antidilutive. Dividends The following table summarizes the dividends declared per share on both the Company’s Class A Common Stock and Class B Common Stock: For the three months ended March 31, For the nine months ended March 31, 2023 2022 2023 2022 Cash dividend per share $ 0.25 $ 0.24 $ 0.50 $ 0.48 The Company declared a semi-annual dividend of $0.25 per share on both the Class A Common Stock and the Class B Common Stock during the three months ended March 31, 2023, which was paid on March 29, 2023 to stockholders of record on March 1, 2023.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	EQUITY-BASED COMPENSATION The Company has one equity plan, the Fox Corporation 2019 Shareholder Alignment Plan (See Note 12—Equity-Based Compensation in the 2022 Form 10-K). The following table summarizes the Company’s equity-based compensation: For the three months ended March 31, For the nine months ended March 31, 2023 2022 2023 2022 (in millions) Equity-based compensation $ 23 $ 28 $ 55 $ 75 Intrinsic value of all settled equity-based awards $ 1 $ 2 $ 77 $ 96 Tax benefit on settled equity-based awards $ 1 $ — $ 14 $ 21 The Company’s equity-based awards are settled in Class A Common Stock. As of March 31, 2023, the Company’s total estimated compensation cost, not yet recognized, related to non-vested equity awards held by the Company’s employees was approximately $94 million and is expected to be recognized over a weighted average period between one As of March 31, 2023 and 2022, the Company had approximately 5 million and 6 million stock options outstanding, respectively. Awards Vested and Granted Restricted Stock Units During the nine months ended March 31, 2023 and 2022 , a pproximately 1.5 million and 2.4 million restricted stock units (“RSUs”) vested and approximately 2.1 million and 1.7 million RSUs were granted, respectively. These RSUs generally vest in equal annual installments over a three-year period subject to participants’ continued employment with the Company. Performance-Based Stock Options During the nine months ended March 31, 2023 and 2022, the Company granted approximately 4 million performance-based stock options, in each period, which will vest in full at the end of a three-year performance period if the market condition is met, and have a term of seven years thereafter.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Commitments The Company has commitments under certain firm contractual arrangements (“firm commitments”) to make future payments. These firm commitments secure the future rights to various assets and services to be used in the normal course of operations. The total firm commitments and future debt payments as of March 31, 2023 and June 30, 2022 were approximately $39 billion and $42 billion, respectively. The decrease from June 30, 2022 was primarily due to sports programming rights payments. In December 2022, the Company renewed the operating lease for its corporate headquarters at 1211 Avenue of the Americas in New York through fiscal 2042. In connection with this extension, the Company recorded additional operating lease assets and liabilities of approximately $540 million in December 2022. Contingencies The Company establishes an accrued liability for legal claims and indemnification claims when the Company determines that a loss is both probable and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. Any fees, expenses, fines, penalties, judgments or settlements which might be incurred by the Company in connection with the various proceedings could affect the Company’s results of operations and financial condition. For the contingencies disclosed below for which there is at least a reasonable possibility that a loss may be incurred, other than the accrual provided, the Company was unable to estimate the amount of loss or range of loss. FOX News The Company’s FOX News business and certain of its current and former employees have been subject to allegations of sexual harassment and discrimination on the basis of sex and race. The Company has resolved many of these claims and is contesting other claims in litigation. The Company has also received regulatory and investigative inquiries relating to these matters. To date, none of the amounts paid in settlements or reserved for pending or future claims is material, individually or in the aggregate, to the Company. The amount of additional liability, if any, that may result from these or related matters cannot be estimated at this time. However, the Company does not currently anticipate that the ultimate resolution of any such pending matters will have a material adverse effect on its business, financial condition, results of operations or cash flows. U.K. Newspaper Matters Indemnity In connection with the separation of Twenty-First Century Fox, Inc. (“21CF”) and News Corporation in June 2013 (the “21CF News Corporation Separation”), 21CF agreed to indemnify News Corporation, on an after-tax basis, for payments made after the 21CF News Corporation Separation arising out of civil claims and investigations relating to phone hacking, illegal data access and inappropriate payments to public officials that occurred at subsidiaries of News Corporation before the 21CF News Corporation Separation, as well as legal and professional fees and expenses paid in connection with the related criminal matters, other than fees, expenses and costs relating to employees who are not (i) directors, officers or certain designated employees or (ii) with respect to civil matters, co-defendants with News Corporation (the “U.K. Newspaper Matters Indemnity”). In accordance with the Separation Agreement (as defined in Note 1—Description of Business and Basis of Presentation in the 2022 Form 10-K under the heading “The Distribution”), the Company assumed certain costs and liabilities related to the U.K. Newspaper Matters Indemnity. The liability recorded in the Balance Sheets related to the indemnity was approximately $120 million and $65 million as of March 31, 2023 and June 30, 2022, respectively. The increase in the liability recorded was attributable to an increase in the number of civil claims submitted in advance of the September 30, 2022 cutoff date set by the judge for this phase of the litigation. Defamation and Disparagement Claims From time to time, the Company and its news businesses, including FOX News Media and the FOX Television Stations, and their employees are subject to lawsuits alleging defamation or disparagement. These include lawsuits filed by Smartmatic USA Corp. and certain of its affiliates (collectively, “Smartmatic”) in February 2021 seeking $2.7 billion in damages and Dominion Voting Systems, Inc. and certain of its affiliates (collectively, “Dominion”) in March 2021 seeking $1.6 billion in damages. On March 31, 2023, the court in the Dominion case issued its rulings on summary judgment motions that were unfavorable to the Company. Following these rulings, on April 18, 2023, the Company and its subsidiary, Fox News Network, LLC, entered into a Release and Settlement Agreement with Dominion pursuant to which the parties agreed to resolve the lawsuits among them. The Company paid an aggregate of approximately $800 million to settle this and a related lawsuit in April 2023, which was included in Accounts payable, accrued expenses and other current liabilities in the Consolidated Balance Sheet as of March 31, 2023 and Other, net in the Consolidated Statement of Operations for the three months ended March 31, 2023 (See Note 11—Additional Financial Information under the headings “Accounts Payable, Accrued Expenses and Other Current Liabilities” and Other, net”). The Company continues to believe the Smartmatic and other lawsuits alleging defamation or disparagement are without merit and intends to defend against them vigorously, including through any appeals. Discovery in the Smartmatic case remains ongoing and it is likely that depositions, expert discovery and summary judgment and other key motions will follow. At this time, a trial in the Smartmatic lawsuit is not expected to commence until 2025. The Company is unable to predict the final outcome of these matters and has determined that a loss in the Smartmatic case is neither probable nor reasonably estimable. There can be no assurance that the ultimate resolution of these pending matters will not have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. On April 11, 2023 and April 20, 2023, stockholders of the Company filed derivative lawsuits against certain directors of the Company under the captions Schwarz v. Murdoch et al., C.A. No. 2023-0418 (Del. Ch.) and Greenberg et al. v. Murdoch et al., C.A. No. 2023-0440 (Del. Ch.). The lawsuits each named the Company as a nominal defendant. The complaints allege that members of the Company’s Board breached their fiduciary duties by allowing the Company’s news channel to air programming regarding election fraud in connection with the 2020 U.S. Presidential election, which resulted in significant defamation cases. The plaintiffs seek orders awarding damages in favor of the Company; directing the Company to reform and improve its policies and procedures; and awarding the plaintiffs attorneys' fees and costs. The Company believes the lawsuits are without merit and intends to vigorously defend against them. Other The Company’s operations are subject to tax primarily in various domestic jurisdictions and as a matter of course, the Company is regularly audited by federal and state tax authorities. The Company believes it has appropriately accrued for the expected outcome of all pending tax matters and does not currently anticipate that the ultimate resolution of pending tax matters will have a material adverse effect on its consolidated financial condition, future results of operations or liquidity. Each member of the 21CF consolidated group, which includes 21CF, the Company (prior to the Distribution (as defined in Note 1—Description of Business and Basis of Presentation in the 2022 Form 10-K under the heading “The Distribution”)) and 21CF’s other subsidiaries, is jointly and severally liable for the U.S. federal income and, in certain jurisdictions, state tax liabilities of each other member of the consolidated group. Consequently, the Company could be liable in the event any such liability is incurred, and not discharged, by any other member of the 21CF consolidated group. The tax matters agreement entered into in connection with the Separation (as defined in Note 1—Description of Business and Basis of Presentation in the 2022 Form 10-K under the heading “The Distribution”) requires 21CF and/or The Walt Disney Company to indemnify the Company for any such liability. Disputes or assessments could arise during future audits by the Internal Revenue Service in amounts that the Company cannot quantify.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	9 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits	PENSION AND OTHER POSTRETIREMENT BENEFITSThe Company participates in and/or sponsors various pension, savings and postretirement benefit plans. Pension plans and postretirement benefit plans are closed to new participants with the exception of a small group covered by collective bargaining agreements. The net periodic benefit cost was $16 million and $14 million for the three months ended March 31, 2023 and 2022, respectively, and $48 million and $41 million for the nine months ended March 31, 2023 and 2022, respectively.

Segment Information

Segment Information	9 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION The Company is a news, sports and entertainment company, which manages and reports its businesses in the following segments: • Cable Network Programming , which produces and licenses news and sports content distributed through traditional cable television systems, direct broadcast satellite operators and telecommunication companies (“traditional MVPDs”), virtual multi-channel video programming distributors (“virtual MVPDs”) and other digital platforms, primarily in the U.S. • Television , which produces, acquires, markets and distributes programming through the FOX broadcast network, advertising supported video-on-demand (“AVOD”) service TUBI, 29 full power broadcast television stations, including 11 duopolies, and other digital platforms, primarily in the U.S. Eighteen of the broadcast television stations are affiliated with the FOX Network, 10 are affiliated with MyNetworkTV and one is an independent station. • Other, Corporate and Eliminations , which principally consists of the FOX Studio Lot, Credible, corporate overhead costs and intracompany eliminations. The FOX Studio Lot, located in Los Angeles, California, provides television and film production services along with office space, studio operation services and includes all operations of the facility. Credible is a U.S. consumer finance marketplace. The Company’s operating segments have been determined in accordance with the Company’s internal management structure, which is organized based on operating activities. The Company evaluates performance based upon several factors, of which the primary financial measure is segment operating income before depreciation and amortization, or Segment EBITDA. Due to the integrated nature of these operating segments, estimates and judgments are made in allocating certain assets, revenues and expenses. Segment EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Segment EBITDA does not include: Amortization of cable distribution investments, Depreciation and amortization, Impairment and restructuring charges, Interest expense, net, Other, net and Income tax expense. Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company’s business segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources to the Company’s businesses. The following tables set forth the Company’s Revenues and Segment EBITDA for the three and nine months ended March 31, 2023 and 2022: For the three months ended March 31, For the nine months ended March 31, 2023 2022 2023 2022 (in millions) Revenues Cable Network Programming $ 1,570 $ 1,583 $ 4,633 $ 4,637 Television 2,475 1,820 7,123 6,160 Other, Corporate and Eliminations 39 52 125 144 Total revenues $ 4,084 $ 3,455 $ 11,881 $ 10,941 Segment EBITDA Cable Network Programming $ 792 $ 864 $ 1,887 $ 2,306 Television 117 35 782 121 Other, Corporate and Eliminations (76) (88) (213) (242) Amortization of cable distribution investments (4) (5) (12) (14) Depreciation and amortization (106) (92) (308) (264) Interest expense, net (55) (91) (183) (285) Other, net (719) (233) (722) (375) (Loss) income before income tax benefit (expense) (51) 390 1,231 1,247 Income tax benefit (expense) 1 (100) (347) (322) Net (loss) income (50) 290 884 925 Less: Net income attributable to noncontrolling interests (4) (7) (20) (26) Net (loss) income attributable to Fox Corporation stockholders $ (54) $ 283 $ 864 $ 899 Revenues by Segment by Component For the three months ended March 31, For the nine months ended March 31, 2023 2022 2023 2022 (in millions) Cable Network Programming Affiliate fee $ 1,093 $ 1,097 $ 3,148 $ 3,162 Advertising 316 339 1,083 1,104 Other 161 147 402 371 Total Cable Network Programming revenues 1,570 1,583 4,633 4,637 Television Advertising 1,559 969 4,516 3,742 Affiliate fee 764 700 2,132 1,990 Other 152 151 475 428 Total Television revenues 2,475 1,820 7,123 6,160 Other, Corporate and Eliminations 39 52 125 144 Total revenues $ 4,084 $ 3,455 $ 11,881 $ 10,941 For the three months ended March 31, For the nine months ended March 31, 2023 2022 2023 2022 (in millions) Depreciation and amortization Cable Network Programming $ 18 $ 16 $ 52 $ 43 Television 38 28 97 82 Other, Corporate and Eliminations 50 48 159 139 Total depreciation and amortization $ 106 $ 92 $ 308 $ 264 As of March 31, As of June 30, (in millions) Assets Cable Network Programming $ 2,763 $ 2,682 Television 8,337 7,915 Other, Corporate and Eliminations 10,342 11,010 Investments 954 578 Total assets $ 22,396 $ 22,185

Additional Financial Informatio

Additional Financial Information	9 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Additional Financial Information	ADDITIONAL FINANCIAL INFORMATION Interest Expense, net The following table sets forth the components of Interest expense, net included in the Statements of Operations: For the three months ended March 31, For the nine months ended March 31, 2023 2022 2023 2022 (in millions) Interest expense $ (86) $ (92) $ (262) $ (287) Interest income 31 1 79 2 Total interest expense, net $ (55) $ (91) $ (183) $ (285) Other, net The following table sets forth the components of Other, net included in the Statements of Operations: For the three months ended March 31, For the nine months ended March 31, 2023 2022 2023 2022 (in millions) Legal settlement costs (a) $ (850) $ — $ (850) $ — Net gains (losses) on investments in equity securities (b) 182 (191) 317 (293) U.K. Newspaper Matters Indemnity (a) (24) (22) (106) (71) Transaction costs (17) (17) (45) (41) Other (10) (3) (38) 30 Total other, net $ (719) $ (233) $ (722) $ (375) (a) See Note 8—Commitments and Contingencies under the headings “Defamation and Disparagement Claims” and “U.K. Newspaper Matters Indemnity.” (b) Net gains (losses) on investments in equity securities includes the gains (losses) related to the change in fair value of the Company’s investment in Flutter (See Note 4—Fair Value). Other Non-Current Assets The following table sets forth the components of Other non-current assets included in the Balance Sheets: As of March 31, As of June 30, (in millions) Operating lease assets (a) $ 965 $ 477 Investments (b) 954 578 Inventories, net 692 521 Grantor Trust 269 270 Other 265 225 Total other non-current assets $ 3,145 $ 2,071 (a) See Note 8—Commitments and Contingencies under the heading “Commitments.” (b) Includes investments accounted for at fair value on a recurring basis of $806 million and $435 million as of March 31, 2023 and June 30, 2022, respectively (See Note 4—Fair Value). Accounts Payable, Accrued Expenses and Other Current Liabilities The following table sets forth the components of Accounts payable, accrued expenses and other current liabilities included in the Balance Sheets: As of March 31, As of June 30, (in millions) Accrued expenses (a) $ 1,662 $ 992 Programming payable 836 686 Deferred revenue 186 209 Operating lease liabilities 77 107 Other current liabilities 392 302 Total accounts payable, accrued expenses and other current liabilities $ 3,153 $ 2,296 (a) See Note 8—Commitments and Contingencies under the heading “Defamation and Disparagement Claims.” Other Liabilities The following table sets forth the components of Other liabilities included in the Balance Sheets: As of March 31, As of June 30, (in millions) Non-current operating lease liabilities (a) $ 930 $ 405 Accrued non-current pension/postretirement liabilities 426 447 Other non-current liabilities 222 268 Total other liabilities $ 1,578 $ 1,120 (a) See Note 8—Commitments and Contingencies under the heading “Commitments.” Future Performance Obligations As of March 31, 2023, approximately $4.0 billion of revenues are expected to be recognized primarily over the next one to three years. The Company’s most significant remaining performance obligations relate to affiliate contracts, sports advertising contracts and content licensing contracts with fixed fees. The amount disclosed does not include (i) revenues related to performance obligations that are part of a contract whose original expected duration is one year or less, (ii) revenues that are in the form of sales- or usage-based royalties and (iii) revenues related to performance obligations for which the Company elects to recognize revenue in the amount it has a right to invoice. Supplemental Information For the nine months ended March 31, 2023 2022 (in millions) Supplemental cash flows information Cash paid for interest $ (324) $ (363) Cash paid for income taxes $ (239) $ (204) Supplemental information on acquisitions Fair value of assets acquired, excluding cash $ — $ 348 Cash acquired — 7 Liabilities assumed — (47) Redeemable noncontrolling interests issued — (5) Cash paid — (250) Fair value of equity instruments issued as consideration to third parties (a) — 53 Issuance of subsidiary common units — (53) Fair value of equity instruments consideration $ — $ — (a) Includes Redeemable noncontrolling interests.

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	9 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	The preparation of the Company’s Unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the Unaudited Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates.
Principles of Consolidation	All significant intercompany transactions and accounts within the Company’s consolidated businesses have been eliminated. Investments in and advances to entities or joint ventures in which the Company has significant influence, but less than a controlling financial interest, are accounted for using the equity method. Significant influence generally exists when the Company owns an interest between 20% and 50%. Equity securities in which the Company has no significant influence (generally less than a 20% ownership interest) with readily determinable fair values are accounted for at fair value based on quoted market prices. Equity securities without readily determinable fair values are accounted for either at fair value or using the measurement alternative method, which is at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. All gains and losses on investments in equity securities are recognized in the Unaudited Consolidated Statements of Operations.
Reclassifications and Adjustments	The Company’s fiscal year ends on June 30 (“fiscal”) of each year. Certain fiscal 2022 amounts have been reclassified to conform to the fiscal 2023 presentation.
Recently Adopted, Recently Issued Accounting Guidance and Other	Recently Adopted, Recently Issued Accounting Guidance and Other Inflation Reduction Act On August 16, 2022, the U.S. government enacted the Inflation Reduction Act which, among other changes, imposes a 15% corporate alternative minimum tax (“CAMT”) and a 1% excise tax on stock repurchases. Once subject to the CAMT, a taxpayer will compute both its CAMT liability and its regular federal tax liability and pay the higher of the two. To the extent that the CAMT liability exceeds the regular federal tax liability, a taxpayer will receive a credit (“CAMT credit”) which can be used against its regular federal tax liability in the future when the taxpayer is no longer subject to the CAMT. The CAMT credit does not expire. The CAMT is effective for tax years beginning after December 31, 2022, which means it will be applicable to the Company starting in fiscal 2024. The excise tax on stock repurchases applies to stock repurchases occurring after December 31, 2022. The Company continues to evaluate the impact the CAMT will have on its financial statements but expects that, when applicable, the Company will be subject to the CAMT. The CAMT would impact the timing of the cash tax benefit the Company receives from the amortization of the additional tax basis received as a result of the Transaction Tax (as defined in Note 1—Description of Business and Basis of Presentation in the 2022 Form 10-K). This change in timing would result in an increase to its annual cash tax liability which could be material. However, as noted above, if the Company pays CAMT it will receive a CAMT credit that can be carried forward indefinitely and applied against its regular federal tax liability in future years. The Company has been subject to the excise tax on stock repurchases occurring after December 31, 2022, but the impact to the financial statements is not material.
Concentrations of Credit Risk	Concentrations of Credit Risk Cash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and, therefore, bear minimal credit risk. Generally, the Company does not require collateral to secure receivables. As of March 31, 2023 and June 30, 2022, the Company had no customers that accounted for 10% or more of the Company’s receivables.

Inventories, Net (Tables)

Inventories, Net (Tables)	9 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories, Net	The Company’s inventories were comprised of the following: As of March 31, As of June 30, (in millions) Licensed programming, including prepaid sports rights $ 733 $ 975 Owned programming 446 337 Total inventories, net 1,179 1,312 Less: current portion of inventories, net (487) (791) Total non-current inventories, net $ 692 $ 521 Owned programming Released $ 252 $ 205 In-process and other 194 132 Total $ 446 $ 337
Schedule of Inventories Aggregate Amortization Expense	The following table presents the aggregate amortization expense related to Inventories, net included in Operating expenses in the Statements of Operations: For the three months ended March 31, For the nine months ended March 31, 2023 2022 2023 2022 (in millions) (in millions) Amortization expense $ 1,781 $ 1,150 $ 5,201 $ 4,591

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets (Liabilities) and the Level Used to Measure Them	The following tables present information about financial assets and redeemable noncontrolling interests carried at fair value on a recurring basis: Fair value measurements As of March 31, 2023 Total Level 1 Level 2 Level 3 (in millions) Investments in equity securities $ 806 $ 806 (a) $ — $ — Redeemable noncontrolling interests (200) — — (200) (b) Total $ 606 $ 806 $ — $ (200) Fair value measurements As of June 30, 2022 Total Level 1 Level 2 Level 3 (in millions) Investments in equity securities $ 435 $ 435 (a) $ — $ — Redeemable noncontrolling interests (188) — — (188) (b) Total $ 247 $ 435 $ — $ (188) (a) The investments categorized as Level 1 primarily represent an investment in equity securities of Flutter Entertainment plc (“Flutter”) with a readily determinable fair value (See Note 3—Acquisitions, Disposals and Other Transactions in the 2022 Form 10-K under the heading “Flutter” for additional information). (b) The Company utilizes both the market and income approach valuation techniques for its Level 3 fair value measures. Inputs to such measures could include observable market data obtained from independent sources such as broker quotes and recent market transactions for similar assets. It is the Company’s policy to maximize the use of observable inputs in the measurement of its Level 3 fair value measurements. To the extent observable inputs are not available, the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the redeemable noncontrolling interests. Examples of utilized unobservable inputs are future cash flows and long-term growth rates.
Changes in Fair Value of Financial Liabilities on a Recurring Basis Using Level 3	The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows: For the three months ended March 31, For the nine months ended March 31, 2023 2022 2023 2022 (in millions) Beginning of period $ (196) $ (172) $ (188) $ (261) Acquisitions (a) — — — (58) Net loss 4 5 14 9 Distributions — — — 3 Accretion and other (b) (8) (8) (26) 132 End of period $ (200) $ (175) $ (200) $ (175) (a) The increase for the nine months ended March 31, 2022 was primarily due to the acquisition of an entertainment production company. (b) As a result of the expiration of the sports network minority shareholder’s final put right during the nine months ended March 31, 2022, approximately $110 million was reclassified into equity.
Schedule of Fair Value and Carrying Value of Borrowings	As of March 31, As of June 30, (in millions) Borrowings Fair value $ 7,037 $ 7,084 Carrying value $ 7,210 $ 7,206

Stockholders Equity (Tables)

Stockholders Equity (Tables)	9 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Dividends Declared	The following table summarizes the dividends declared per share on both the Company’s Class A Common Stock and Class B Common Stock: For the three months ended March 31, For the nine months ended March 31, 2023 2022 2023 2022 Cash dividend per share $ 0.25 $ 0.24 $ 0.50 $ 0.48

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Equity-Based Compensation	The following table summarizes the Company’s equity-based compensation: For the three months ended March 31, For the nine months ended March 31, 2023 2022 2023 2022 (in millions) Equity-based compensation $ 23 $ 28 $ 55 $ 75 Intrinsic value of all settled equity-based awards $ 1 $ 2 $ 77 $ 96 Tax benefit on settled equity-based awards $ 1 $ — $ 14 $ 21

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Reconciliation of Revenues and Segment EBITDA from Segments to Consolidated	The following tables set forth the Company’s Revenues and Segment EBITDA for the three and nine months ended March 31, 2023 and 2022: For the three months ended March 31, For the nine months ended March 31, 2023 2022 2023 2022 (in millions) Revenues Cable Network Programming $ 1,570 $ 1,583 $ 4,633 $ 4,637 Television 2,475 1,820 7,123 6,160 Other, Corporate and Eliminations 39 52 125 144 Total revenues $ 4,084 $ 3,455 $ 11,881 $ 10,941 Segment EBITDA Cable Network Programming $ 792 $ 864 $ 1,887 $ 2,306 Television 117 35 782 121 Other, Corporate and Eliminations (76) (88) (213) (242) Amortization of cable distribution investments (4) (5) (12) (14) Depreciation and amortization (106) (92) (308) (264) Interest expense, net (55) (91) (183) (285) Other, net (719) (233) (722) (375) (Loss) income before income tax benefit (expense) (51) 390 1,231 1,247 Income tax benefit (expense) 1 (100) (347) (322) Net (loss) income (50) 290 884 925 Less: Net income attributable to noncontrolling interests (4) (7) (20) (26) Net (loss) income attributable to Fox Corporation stockholders $ (54) $ 283 $ 864 $ 899
Summary of Revenues by Segment by Component to Consolidated	Revenues by Segment by Component For the three months ended March 31, For the nine months ended March 31, 2023 2022 2023 2022 (in millions) Cable Network Programming Affiliate fee $ 1,093 $ 1,097 $ 3,148 $ 3,162 Advertising 316 339 1,083 1,104 Other 161 147 402 371 Total Cable Network Programming revenues 1,570 1,583 4,633 4,637 Television Advertising 1,559 969 4,516 3,742 Affiliate fee 764 700 2,132 1,990 Other 152 151 475 428 Total Television revenues 2,475 1,820 7,123 6,160 Other, Corporate and Eliminations 39 52 125 144 Total revenues $ 4,084 $ 3,455 $ 11,881 $ 10,941
Reconciliation of Depreciation and Amortization from Segments to Consolidated	For the three months ended March 31, For the nine months ended March 31, 2023 2022 2023 2022 (in millions) Depreciation and amortization Cable Network Programming $ 18 $ 16 $ 52 $ 43 Television 38 28 97 82 Other, Corporate and Eliminations 50 48 159 139 Total depreciation and amortization $ 106 $ 92 $ 308 $ 264
Reconciliation of Assets from Segments to Consolidated	As of March 31, As of June 30, (in millions) Assets Cable Network Programming $ 2,763 $ 2,682 Television 8,337 7,915 Other, Corporate and Eliminations 10,342 11,010 Investments 954 578 Total assets $ 22,396 $ 22,185

Additional Financial Informat_2

Additional Financial Information (Tables)	9 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest Income and Interest Expense Disclosure	The following table sets forth the components of Interest expense, net included in the Statements of Operations: For the three months ended March 31, For the nine months ended March 31, 2023 2022 2023 2022 (in millions) Interest expense $ (86) $ (92) $ (262) $ (287) Interest income 31 1 79 2 Total interest expense, net $ (55) $ (91) $ (183) $ (285)
Components of Other, net	The following table sets forth the components of Other, net included in the Statements of Operations: For the three months ended March 31, For the nine months ended March 31, 2023 2022 2023 2022 (in millions) Legal settlement costs (a) $ (850) $ — $ (850) $ — Net gains (losses) on investments in equity securities (b) 182 (191) 317 (293) U.K. Newspaper Matters Indemnity (a) (24) (22) (106) (71) Transaction costs (17) (17) (45) (41) Other (10) (3) (38) 30 Total other, net $ (719) $ (233) $ (722) $ (375) (a) See Note 8—Commitments and Contingencies under the headings “Defamation and Disparagement Claims” and “U.K. Newspaper Matters Indemnity.” (b) Net gains (losses) on investments in equity securities includes the gains (losses) related to the change in fair value of the Company’s investment in Flutter (See Note 4—Fair Value).
Components of Other Non-current Assets	The following table sets forth the components of Other non-current assets included in the Balance Sheets: As of March 31, As of June 30, (in millions) Operating lease assets (a) $ 965 $ 477 Investments (b) 954 578 Inventories, net 692 521 Grantor Trust 269 270 Other 265 225 Total other non-current assets $ 3,145 $ 2,071 (a) See Note 8—Commitments and Contingencies under the heading “Commitments.” (b) Includes investments accounted for at fair value on a recurring basis of $806 million and $435 million as of March 31, 2023 and June 30, 2022, respectively (See Note 4—Fair Value).
Components of Accounts Payable, Accrued Expenses and Other Current Liabilities	The following table sets forth the components of Accounts payable, accrued expenses and other current liabilities included in the Balance Sheets: As of March 31, As of June 30, (in millions) Accrued expenses (a) $ 1,662 $ 992 Programming payable 836 686 Deferred revenue 186 209 Operating lease liabilities 77 107 Other current liabilities 392 302 Total accounts payable, accrued expenses and other current liabilities $ 3,153 $ 2,296 (a) See Note 8—Commitments and Contingencies under the heading “Defamation and Disparagement Claims.”
Components of Other Liabilities	The following table sets forth the components of Other liabilities included in the Balance Sheets: As of March 31, As of June 30, (in millions) Non-current operating lease liabilities (a) $ 930 $ 405 Accrued non-current pension/postretirement liabilities 426 447 Other non-current liabilities 222 268 Total other liabilities $ 1,578 $ 1,120 (a) See Note 8—Commitments and Contingencies under the heading “Commitments.”
Schedule of Supplemental Information	For the nine months ended March 31, 2023 2022 (in millions) Supplemental cash flows information Cash paid for interest $ (324) $ (363) Cash paid for income taxes $ (239) $ (204) Supplemental information on acquisitions Fair value of assets acquired, excluding cash $ — $ 348 Cash acquired — 7 Liabilities assumed — (47) Redeemable noncontrolling interests issued — (5) Cash paid — (250) Fair value of equity instruments issued as consideration to third parties (a) — 53 Issuance of subsidiary common units — (53) Fair value of equity instruments consideration $ — $ — (a) Includes Redeemable noncontrolling interests.

Acquisitions, Disposals and O_2

Acquisitions, Disposals and Other Transactions - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2023 business	Mar. 31, 2023 business	Mar. 31, 2022 USD ($) business
Business Combination and Asset Acquisition [Abstract]
Number of businesses acquired | business	0	0	3
Consideration transferred | $			$ 240

Inventories, Net - Schedule of

Inventories, Net - Schedule of Inventories, Net (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Jun. 30, 2022
Inventory [Line Items]
Licensed programming, including prepaid sports rights	$ 733	$ 975
Owned programming	446	337
Total inventories, net	1,179	1,312
Less: current portion of inventories, net	(487)	(791)
Total non-current inventories, net	692	521
Owned programming
Total	446	337
Released
Owned programming
Released	252	205
In-process and other
Owned programming
In-process and other	$ 194	$ 132

Inventories, Net - Amortization

Inventories, Net - Amortization (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Inventory Disclosure [Abstract]
Amortization expense	$ 1,781	$ 1,150	$ 5,201	$ 4,591

Fair Value - Schedule of Financ

Fair Value - Schedule of Financial Assets and Liabilities Carried at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Jun. 30, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in equity securities	$ 806	$ 435
Redeemable noncontrolling interests	(200)	(188)
Fair value measurements recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in equity securities	806	435
Redeemable noncontrolling interests	(200)	(188)
Total	606	247
Fair value measurements recurring | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in equity securities	806	435
Redeemable noncontrolling interests	0	0
Total	806	435
Fair value measurements recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in equity securities	0	0
Redeemable noncontrolling interests	0	0
Total	0	0
Fair value measurements recurring | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments in equity securities	0	0
Redeemable noncontrolling interests	(200)	(188)
Total	$ (200)	$ (188)

Fair Value - Narrative (Detail)

Fair Value - Narrative (Detail) - FanDuel - USD ($) $ in Millions	1 Months Ended
	Jan. 31, 2023	May 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Percentage of ownership interest that can be acquired in the future	18.60%	18.60%
Option term to acquire an equity interest	10 years	10 years
Open option contracts written, at fair value	$ 3,720
Call option exercise price annual escalator	5%

Fair Value - Liabilities Measur

Fair Value - Liabilities Measured on Recurring Basis (Detail) - Redeemable Noncontrolling Interests - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Amounts reclassified into equity as a result of the expiration of a put arrangement				$ 110
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	$ (196)	$ (172)	$ (188)	(261)
Acquisitions	0	0	0	(58)
Net loss	4	5	14	9
Distributions	0	0	0	3
Accretion and other	(8)	(8)	(26)	132
End of period	$ (200)	$ (175)	$ (200)	$ (175)

Fair Value - Borrowings (Detail

Fair Value - Borrowings (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair value	$ 7,037	$ 7,084
Carrying value	$ 7,210	$ 7,206

Borrowings - Narrative (Detail)

Borrowings - Narrative (Detail)	Mar. 31, 2023 USD ($)
Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount	$ 1,250,000,000
Debt instrument interest rate	4.03%
Revolving Credit Agreement
Debt Instrument [Line Items]
Limit on revolving credit facility	$ 1,000,000,000
Sub-limit for maximum amount of letters of credit issuable under revolving credit facility	150,000,000
Borrowings outstanding	$ 0

Stockholders Equity - Narrative

Stockholders Equity - Narrative (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		1 Months Ended		3 Months Ended		9 Months Ended
	Feb. 08, 2023	May 09, 2023	Feb. 28, 2023	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Stockholders Equity [Line Items]
Stock repurchase program, authorized amount			$ 4,000	$ 7,000		$ 7,000
Stock repurchase program, additional authorized amount			3,000
Shares repurchased				$ 1,263	$ 251	$ 1,763	$ 748
Class A Common Stock
Stockholders Equity [Line Items]
Cash dividend per share (in dollars per share)				$ 0.25	$ 0.24	$ 0.50	$ 0.48
Class A and Class B Common Stock
Stockholders Equity [Line Items]
Shares repurchased						46
Shares repurchased						$ 1,800
Remaining buyback authorization amount				$ 2,600		$ 2,600
Class A and Class B Common Stock | Subsequent Event
Stockholders Equity [Line Items]
Shares repurchased		1.5
Shares repurchased		$ 50
Class B Common Stock
Stockholders Equity [Line Items]
Cash dividend per share (in dollars per share)				$ 0.25	$ 0.24	$ 0.50	$ 0.48
Accelerated Share Repurchase | Class A Common Stock
Stockholders Equity [Line Items]
Accelerated share repurchases, amount of payment to third party financial institution			$ 1,000
Shares repurchased			22.5
Percentage of accelerated share repurchases of shares expected to be repurchased			80%
Accelerated share repurchases, initial price paid per share	$ 35.54

Stockholders Equity - Schedule

Stockholders Equity - Schedule of Dividends Declared (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Class A Common Stock
Dividends Payable [Line Items]
Cash dividend per share (in dollars per share)	$ 0.25	$ 0.24	$ 0.50	$ 0.48
Class B Common Stock
Dividends Payable [Line Items]
Cash dividend per share (in dollars per share)	$ 0.25	$ 0.24	$ 0.50	$ 0.48

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Detail) $ in Millions	9 Months Ended
	Mar. 31, 2023 USD ($) plan shares	Mar. 31, 2022 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of equity plans | plan	1
Total estimated compensation cost, not yet recognized, related to non-vested equity awards | $	$ 94
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options outstanding (in shares)	5,000,000	6,000,000
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock units vested (in shares)	1,500,000	2,400,000
Stock units granted (in shares)	2,100,000	1,700,000
Vesting period	3 years
Performance-Based Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Stock units granted (in shares)	4,000,000	4,000,000
Stock options expiration period	7 years
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average future period unrecognized compensation cost related to equity based awards is expected to be recognized	1 year
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average future period unrecognized compensation cost related to equity based awards is expected to be recognized	2 years

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Equity-Based Compensation (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Equity-based compensation	$ 23	$ 28	$ 55	$ 75
Intrinsic value of all settled equity-based awards	1	2	77	96
Tax benefit on settled equity-based awards	$ 1	$ 0	$ 14	$ 21

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Detail) - USD ($) $ in Millions	1 Months Ended				3 Months Ended		9 Months Ended
	Apr. 30, 2023	Dec. 31, 2022	Mar. 31, 2021	Feb. 28, 2021	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022
Loss Contingencies [Line Items]
Total firm commitments and future debt payments					$ 39,000		$ 39,000		$ 42,000
Right-of-use asset obtained in exchange for operating lease liability		$ 540
Legal settlement costs					850	$ 0	850	$ 0
Smartmatic
Loss Contingencies [Line Items]
Loss contingency, damages sought, value				$ 2,700
Dominion
Loss Contingencies [Line Items]
Loss contingency, damages sought, value			$ 1,600
Subsequent Event | Dominion
Loss Contingencies [Line Items]
Legal settlement costs	$ 800
U.K. Newspaper Matters Indemnity
Loss Contingencies [Line Items]
Liability related to indemnity					$ 120		$ 120		$ 65

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Net periodic benefit cost	$ 16	$ 14	$ 48	$ 41

Segment Information - Narrative

Segment Information - Narrative (Detail) - Television - US	9 Months Ended
	Mar. 31, 2023 tvStation duopoly
Segment Reporting Information [Line Items]
Full power broadcast television stations	29
Duopolies | duopoly	11
FOX Network
Segment Reporting Information [Line Items]
Full power broadcast television stations	18
MyNetworkTV
Segment Reporting Information [Line Items]
Full power broadcast television stations	10
Independent Station
Segment Reporting Information [Line Items]
Full power broadcast television stations	1

Segment Information - Reconcili

Segment Information - Reconciliation of Revenues and Segment EBITDA from Segments to Consolidated (Detail) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenues		$ 4,084	$ 3,455	$ 11,881	$ 10,941
Amortization of cable distribution investments		(4)	(5)	(12)	(14)
Depreciation and amortization		(106)	(92)	(308)	(264)
Interest expense, net		(55)	(91)	(183)	(285)
Other, net		(719)	(233)	(722)	(375)
(Loss) income before income tax benefit (expense)		(51)	390	1,231	1,247
Income tax benefit (expense)		1	(100)	(347)	(322)
Net (loss) income		(50)	290	884	925
Less: Net income attributable to noncontrolling interests	[1]	(4)	(7)	(20)	(26)
Net (loss) income attributable to Fox Corporation stockholders		(54)	283	864	899
Cable Network Programming
Segment Reporting Information [Line Items]
Revenues		1,570	1,583	4,633	4,637
Segment EBITDA		792	864	1,887	2,306
Depreciation and amortization		(18)	(16)	(52)	(43)
Television
Segment Reporting Information [Line Items]
Revenues		2,475	1,820	7,123	6,160
Segment EBITDA		117	35	782	121
Depreciation and amortization		(38)	(28)	(97)	(82)
Other, Corporate and Eliminations
Segment Reporting Information [Line Items]
Revenues		39	52	125	144
Segment EBITDA		(76)	(88)	(213)	(242)
Depreciation and amortization		$ (50)	$ (48)	$ (159)	$ (139)
[1]Net income attributable to noncontrolling interests includes $(4) million and $(5) million for the three months ended March 31, 2023 and 2022, respectively, and $(14) million and $(9) million for the nine months ended March 31, 2023 and 2022, respectively, relating to redeemable noncontrolling interests.

Segment Information - Summary o

Segment Information - Summary of Revenues by Segment by Component to Consolidated (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Disaggregation Of Revenue [Line Items]
Revenues	$ 4,084	$ 3,455	$ 11,881	$ 10,941
Cable Network Programming
Disaggregation Of Revenue [Line Items]
Revenues	1,570	1,583	4,633	4,637
Cable Network Programming | Affiliate fee
Disaggregation Of Revenue [Line Items]
Revenues	1,093	1,097	3,148	3,162
Cable Network Programming | Advertising
Disaggregation Of Revenue [Line Items]
Revenues	316	339	1,083	1,104
Cable Network Programming | Other
Disaggregation Of Revenue [Line Items]
Revenues	161	147	402	371
Television
Disaggregation Of Revenue [Line Items]
Revenues	2,475	1,820	7,123	6,160
Television | Affiliate fee
Disaggregation Of Revenue [Line Items]
Revenues	764	700	2,132	1,990
Television | Advertising
Disaggregation Of Revenue [Line Items]
Revenues	1,559	969	4,516	3,742
Television | Other
Disaggregation Of Revenue [Line Items]
Revenues	152	151	475	428
Other, Corporate and Eliminations
Disaggregation Of Revenue [Line Items]
Revenues	$ 39	$ 52	$ 125	$ 144

Segment Information - Reconci_2

Segment Information - Reconciliation of Depreciation and Amortization from Segments to Consolidated (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 106	$ 92	$ 308	$ 264
Cable Network Programming
Segment Reporting Information [Line Items]
Depreciation and amortization	18	16	52	43
Television
Segment Reporting Information [Line Items]
Depreciation and amortization	38	28	97	82
Other, Corporate and Eliminations
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 50	$ 48	$ 159	$ 139

Segment Information - Reconci_3

Segment Information - Reconciliation of Assets from Segments to Consolidated (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Total assets	$ 22,396	$ 22,185
Investments	954	578
Cable Network Programming
Segment Reporting Information [Line Items]
Total assets	2,763	2,682
Television
Segment Reporting Information [Line Items]
Total assets	8,337	7,915
Other, Corporate and Eliminations
Segment Reporting Information [Line Items]
Total assets	$ 10,342	$ 11,010

Additional Financial Informat_3

Additional Financial Information - Interest Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest expense	$ (86)	$ (92)	$ (262)	$ (287)
Interest income	31	1	79	2
Interest expense, net	$ (55)	$ (91)	$ (183)	$ (285)

Additional Financial Informat_4

Additional Financial Information - Components of Other, Net (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Legal settlement costs	$ (850)	$ 0	$ (850)	$ 0
Net gains (losses) on investments in equity securities	182	(191)	317	(293)
U.K Newspaper Matters Indemnity	(24)	(22)	(106)	(71)
Transaction costs	(17)	(17)	(45)	(41)
Other	(10)	(3)	(38)	30
Total other, net	$ (719)	$ (233)	$ (722)	$ (375)

Additional Financial Informat_5

Additional Financial Information - Components of Other Non-current Assets (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating lease assets	$ 965	$ 477
Investments	954	578
Inventories, net	692	521
Grantor Trust	269	270
Other	265	225
Total other non-current assets	3,145	2,071
Investments, fair value	$ 806	$ 435

Additional Financial Informat_6

Additional Financial Information - Components of Accounts Payable, Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued expenses	$ 1,662	$ 992
Programming payable	836	686
Deferred revenue	186	209
Operating lease liabilities	77	107
Other current liabilities	392	302
Total accounts payable, accrued expenses and other current liabilities	$ 3,153	$ 2,296

Additional Financial Informat_7

Additional Financial Information - Schedule of Other Liabilities (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Non-current operating lease liabilities	$ 930	$ 405
Accrued non-current pension/postretirement liabilities	426	447
Other non-current liabilities	222	268
Total other liabilities	$ 1,578	$ 1,120

Additional Financial Informat_8

Additional Financial Information - Narrative (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01 $ in Billions	Mar. 31, 2023 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue, remaining performance obligation, amount	$ 4
Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future performance obligation, expected timing of satisfaction, period	1 year
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future performance obligation, expected timing of satisfaction, period	3 years

Additional Financial Informat_9

Additional Financial Information - Supplemental Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental cash flows information
Cash paid for interest	$ (324)	$ (363)
Cash paid for income taxes	(239)	(204)
Supplemental information on acquisitions
Fair value of assets acquired, excluding cash	0	348
Cash acquired	0	7
Liabilities assumed	0	(47)
Redeemable noncontrolling interests issued	0	(5)
Cash paid	0	(250)
Fair value of equity instruments issued as consideration to third parties(a)	0	53
Issuance of subsidiary common units	0	(53)
Fair value of equity instruments consideration	$ 0	$ 0