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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________
FORM 10-Q
_________________________________________
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 001-35769
_________________________________________
nws-20220331_g1.jpg
NEWS CORPORATION
(Exact name of registrant as specified in its charter)
_________________________________________
Delaware 46-2950970
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
1211 Avenue of the Americas, New York, New York
 10036
(Address of principal executive offices) (Zip Code)
(212) 416-3400
(Registrant’s telephone number, including area code)
_________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
 Symbol(s)
Name of each exchange
 on which registered
Class A Common Stock, par value $0.01 per share NWSA The Nasdaq Global Select Market
Class B Common Stock, par value $0.01 per share NWS The Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
 Accelerated filer
☐
Non-accelerated filer
☐
 Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes ☐ No ☒
As of April 29, 2022, 388,468,625 shares of Class A Common Stock and 197,272,963 shares of Class B Common Stock were outstanding.

NEWS CORPORATION
FORM 10-Q
TABLE OF CONTENTS
Page
2
3
4
5
6

PART I
ITEM 1. FINANCIAL STATEMENTS
NEWS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; millions, except per share amounts)
For the three months ended
March 31,		 For the nine months ended
March 31,
Notes 2022 2021 2022 2021
Revenues:
Circulation and subscription $ 1,099  $ 1,076  $ 3,248  $ 3,108 
Advertising 418  374  1,342  1,154 
Consumer 497  472  1,615  1,436 
Real estate 316  291  988  807 
Other 162  122  518  361 
Total Revenues 2 2,492  2,335  7,711  6,866 
Operating expenses (1,246) (1,186) (3,769) (3,548)
Selling, general and administrative (888) (851) (2,588) (2,255)
Depreciation and amortization (172) (173) (505) (504)
Impairment and restructuring charges 4 (37) (30) (82) (93)
Equity losses of affiliates 5 (4) (5) (10) (9)
Interest expense, net (25) (12) (68) (32)
Other, net 13 13  61  143  132 
Income before income tax expense 133  139  832  557 
Income tax expense 11 (29) (43) (199) (153)
Net income 104  96  633  404 
Less: Net income attributable to noncontrolling interests (22) (17) (120) (60)
Net income attributable to News Corporation stockholders $ 82  $ 79  $ 513  $ 344 
Net income attributable to News Corporation stockholders per share: 9
Basic $ 0.14  $ 0.13  $ 0.87  $ 0.58 
Diluted $ 0.14  $ 0.13  $ 0.86  $ 0.58 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
2
NEWS CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited; millions)
For the three months ended
March 31,		 For the nine months ended
March 31,
2022 2021 2022 2021
Net income $ 104  $ 96  $ 633  $ 404 
Other comprehensive income (loss):
Foreign currency translation adjustments 111  28  (89) 450 
Net change in the fair value of cash flow hedges(a)
 7  —  9  (2)
Benefit plan adjustments, net(b)
 5  1  17  2 
Other comprehensive income (loss) 123  29  (63) 450 
Comprehensive income 227  125  570  854 
Less: Net income attributable to noncontrolling interests (22) (17) (120) (60)
Less: Other comprehensive (income) loss attributable to noncontrolling interests(c)
 (35) (4) 3  (84)
Comprehensive income attributable to News Corporation stockholders $ 170  $ 104  $ 453  $ 710 
(a)    Net of income tax expense of nil for both the three months ended March 31, 2022 and 2021, and income tax expense of $1 million and nil for the nine months ended March 31, 2022 and 2021, respectively.
(b)    Net of income tax expense of $1 million and nil for the three months ended March 31, 2022 and 2021, respectively, and income tax expense of $5 million and nil for the nine months ended March 31, 2022 and 2021, respectively.
(c)    Primarily consists of foreign currency translation adjustment.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
3
NEWS CORPORATION
CONSOLIDATED BALANCE SHEETS
(Millions, except share and per share amounts)
Notes As of
March 31, 2022		 As of
June 30, 2021
(unaudited) (audited)
Assets:
Current assets:
Cash and cash equivalents $ 1,865  $ 2,236 
Receivables, net 13 1,532  1,498 
Inventory, net 308  253 
Other current assets 457  469 
Total current assets 4,162  4,456 
Non-current assets:
Investments 5 564  351 
Property, plant and equipment, net 2,167  2,272 
Operating lease right-of-use assets 976  1,035 
Intangible assets, net 2,651  2,179 
Goodwill 5,174  4,653 
Deferred income tax assets 11 273  378 
Other non-current assets 13 1,452  1,447 
Total assets $ 17,419  $ 16,771 
Liabilities and Equity:
Current liabilities:
Accounts payable $ 317  $ 321 
Accrued expenses 1,285  1,339 
Deferred revenue 2 528  473 
Current borrowings 6 306  28 
Other current liabilities 13 1,091  1,073 
Total current liabilities 3,527  3,234 
Non-current liabilities:
Borrowings 6 2,496  2,285 
Retirement benefit obligations 197  211 
Deferred income tax liabilities 11 230  260 
Operating lease liabilities 1,040  1,116 
Other non-current liabilities 513  519 
Commitments and contingencies 10
Class A common stock(a)
 4  4 
Class B common stock(b)
 2  2 
Additional paid-in capital 11,823  12,057 
Accumulated deficit (2,403) (2,911)
Accumulated other comprehensive loss (1,001) (941)
Total News Corporation stockholders’ equity 8,425  8,211 
Noncontrolling interests 991  935 
Total equity 7 9,416  9,146 
Total liabilities and equity $ 17,419  $ 16,771 
(a)    Class A common stock, $0.01 par value per share (“Class A Common Stock”), 1,500,000,000 shares authorized, 389,442,082 and 391,212,047 shares issued and outstanding, net of 27,368,413 treasury shares at par at March 31, 2022 and June 30, 2021, respectively.
(b)    Class B common stock, $0.01 par value per share (“Class B Common Stock”), 750,000,000 shares authorized, 197,755,081 and 199,630,240 shares issued and outstanding, net of 78,430,424 treasury shares at par at March 31, 2022 and June 30, 2021, respectively.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
4
NEWS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; millions)
For the nine months ended
March 31,
Notes 2022 2021
Operating activities:
Net income $ 633  $ 404 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 505  504 
Operating lease expense 95  96 
Equity losses of affiliates 5 10  9 
Cash distributions received from affiliates 20  14 
Impairment charges 4 15  — 
Other, net 13 (143) (132)
Deferred income taxes and taxes payable 11 69  33 
Change in operating assets and liabilities, net of acquisitions:
Receivables and other assets (62) (67)
Inventories, net (82) (21)
Accounts payable and other liabilities (30) 220 
Net cash provided by operating activities 1,030  1,060 
Investing activities:
Capital expenditures (315) (253)
Acquisitions, net of cash acquired (1,167) (91)
Investments in equity affiliates and other (99) (25)
Proceeds from property, plant and equipment and other asset dispositions (2) 24 
Other, net 29  (1)
Net cash used in investing activities (1,554) (346)
Financing activities:
Borrowings 6 1,157  165 
Repayment of borrowings 6 (662) (326)
Repurchase of shares 7 (125) — 
Dividends paid (114) (104)
Other, net (82) (64)
Net cash provided by (used in) financing activities 174  (329)
Net change in cash and cash equivalents (350) 385 
Cash and cash equivalents, beginning of period 2,236  1,517 
Exchange movement on opening cash balance (21) 72 
Cash and cash equivalents, end of period $ 1,865  $ 1,974 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
5

NEWS CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
News Corporation (together with its subsidiaries, “News Corporation,” “News Corp,” the “Company,” “we” or “us”) is a global diversified media and information services company comprised of businesses across a range of media, including: digital real estate services, subscription video services in Australia, news and information services and book publishing.
Basis of Presentation
The accompanying unaudited consolidated financial statements of the Company, which are referred to herein as the “Consolidated Financial Statements,” have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting only of normal recurring adjustments necessary for a fair presentation have been reflected in these Consolidated Financial Statements. Operating results for the interim period presented are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2022. The preparation of the Company’s Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the Consolidated Financial Statements and accompanying disclosures. Actual results could differ from those estimates.
Intercompany transactions and balances have been eliminated. Equity investments in which the Company exercises significant influence but does not exercise control and is not the primary beneficiary are accounted for using the equity method. Investments in which the Company is not able to exercise significant influence over the investee are measured at fair value, if the fair value is readily determinable. If an investment’s fair value is not readily determinable, the Company will measure the investment at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer.
The consolidated statements of operations are referred to herein as the “Statements of Operations.” The consolidated balance sheets are referred to herein as the “Balance Sheets.” The consolidated statements of cash flows are referred to herein as the “Statements of Cash Flows.”
The accompanying Consolidated Financial Statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021 as filed with the Securities and Exchange Commission (the “SEC”) on August 10, 2021 (the “2021 Form 10-K”).
The Company’s fiscal year ends on the Sunday closest to June 30. Fiscal 2022 and fiscal 2021 include 53 and 52 weeks, respectively. All references to the three and nine months ended March 31, 2022 and 2021 relate to the three and nine months ended March 27, 2022 and March 28, 2021, respectively. For convenience purposes, the Company continues to date its Consolidated Financial Statements as of March 31.
Recently Adopted Accounting Pronouncements
In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). The amendments in ASU 2019-12 remove certain exceptions to the general principles in Topic 740 and simplify other areas of Topic 740 including the accounting for and recognition of intraperiod tax allocation, deferred tax liabilities for outside basis differences for certain foreign subsidiaries, year-to-date losses in interim periods, deferred tax assets for goodwill in business combinations and franchise taxes in income tax expense. The Company adopted ASU 2019-12 on a prospective basis as of July 1, 2021 and the adoption did not have a material effect on the Company’s Consolidated Financial Statements.
In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”). The amendments in ASU 2021-08 require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Accounting Standards Codification 606, “Revenue From Contracts with Customers.” The Company elected to early adopt ASU 2021-08 on a prospective basis during the second quarter of fiscal 2022 (which includes retroactive adoptions for any acquisitions in the current fiscal year). The adoption did not have a material effect on the Company’s Consolidated Financial Statements.
6

NEWS CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2. REVENUES
The following tables present the Company’s disaggregated revenues by type and segment for the three and nine months ended March 31, 2022 and 2021:
For the three months ended March 31, 2022
Digital Real
Estate
Services		 Subscription
Video
Services		 Dow Jones Book
Publishing		 News Media Other Total
Revenues
(in millions)
Revenues:
Circulation and subscription $ 3  $ 434  $ 377  $ —  $ 285  $ —  $ 1,099 
Advertising 33  51  102  —  232  —  418 
Consumer —  —  —  497  —  —  497 
Real estate 316  —  —  —  —  —  316 
Other 64  9  8  18  63  —  162 
Total Revenues $ 416  $ 494  $ 487  $ 515  $ 580  $ —  $ 2,492 
For the three months ended March 31, 2021
Digital Real
Estate
Services		 Subscription
Video
Services		 Dow Jones Book
Publishing		 News Media Other Total
Revenues
(in millions)
Revenues:
Circulation and subscription $ 6  $ 469  $ 329  $ —  $ 272  $ —  $ 1,076 
Advertising 31  46  85  —  212  —  374 
Consumer —  —  —  472  —  —  472 
Real estate 291  —  —  —  —  —  291 
Other 23  8  7  18  66  —  122 
Total Revenues $ 351  $ 523  $ 421  $ 490  $ 550  $ —  $ 2,335 
For the nine months ended March 31, 2022
Digital Real
Estate
Services		 Subscription
Video
Services		 Dow Jones Book
Publishing		 News Media Other Total
Revenues
(in millions)
Revenues:
Circulation and subscription $ 9  $ 1,307  $ 1,082  $ —  $ 850  $ —  $ 3,248 
Advertising 99  165  333  —  745  —  1,342 
Consumer —  —  —  1,615  —  —  1,615 
Real estate 988  —  —  —  —  —  988 
Other 202  30  24  63  199  —  518 
Total Revenues $ 1,298  $ 1,502  $ 1,439  $ 1,678  $ 1,794  $ —  $ 7,711 
7

NEWS CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended March 31, 2021
Digital Real
Estate
Services		 Subscription
Video
Services		 Dow Jones Book
Publishing		 News Media Other Total
Revenues
(in millions)
Revenues:
Circulation and subscription $ 22  $ 1,352  $ 959  $ —  $ 775  $ —  $ 3,108 
Advertising 89  151  270  —  644  —  1,154 
Consumer —  —  —  1,436  —  —  1,436 
Real estate 807  —  —  —  —  —  807 
Other 62  27  24  56  191  1  361 
Total Revenues $ 980  $ 1,530  $ 1,253  $ 1,492  $ 1,610  $ 1  $ 6,866 
Contract liabilities and assets
The Company’s deferred revenue balance primarily relates to amounts received from customers for subscriptions paid in advance of the services being provided. The following table presents changes in the deferred revenue balance for the three and nine months ended March 31, 2022 and 2021:
For the three months ended
March 31,		 For the nine months ended
March 31,
2022 2021 2022 2021
(in millions)
Balance, beginning of period $ 462  $ 400  $ 473  $ 398 
Deferral of revenue 900  823  2,574  2,285 
Recognition of deferred revenue(a)
 (841) (780) (2,519) (2,260)
Other 7  6  —  26 
Balance, end of period $ 528  $ 449  $ 528  $ 449 
(a)For the three and nine months ended March 31, 2022, the Company recognized $271 million and $414 million, respectively, of revenue which was included in the opening deferred revenue balance. For the three and nine months ended March 31, 2021, the Company recognized $224 million and $359 million, respectively, of revenue which was included in the opening deferred revenue balance.
Contract assets were immaterial for disclosure as of March 31, 2022 and 2021.
Other revenue disclosures
The Company typically expenses sales commissions to obtain a customer contract as incurred as the amortization period is 12 months or less. These costs are recorded within Selling, general and administrative in the Statements of Operations. The Company also does not capitalize significant financing components when the transfer of the good or service is paid within 12 months or less, or the receipt of consideration is received within 12 months or less of the transfer of the good or service.
For the three and nine months ended March 31, 2022, the Company recognized approximately $107 million and $296 million, respectively, in revenues related to performance obligations that were satisfied or partially satisfied in a prior reporting period. The remaining transaction price related to unsatisfied performance obligations as of March 31, 2022 was approximately $1,127 million, of which approximately $146 million is expected to be recognized over the remainder of fiscal 2022, approximately $377 million is expected to be recognized in fiscal 2023 and approximately $279 million is expected to be recognized in fiscal 2024, with the remainder to be recognized thereafter. These amounts do not include (i) contracts with an expected duration of one year or less, (ii) contracts for which variable consideration is determined based on the customer’s subsequent sale or usage and (iii) variable consideration allocated to performance obligations accounted for under the series guidance that meets the allocation objective under Accounting Standards Codification (“ASC”) 606, “Revenue From Contracts With Customers.”
8

NEWS CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3. ACQUISITIONS
Investor’s Business Daily
In May 2021, the Company acquired Investor’s Business Daily (“IBD”) for $275 million in cash. IBD is a digital-first financial news and research business with unique investing content, analytical products and educational resources, including the Investors.com website. The acquisition expands Dow Jones’s offerings with the addition of proprietary data and tools to help professional and retail investors identify top-performing stocks. IBD is operated by Dow Jones, and its results are included within the Dow Jones segment.
The purchase price allocation has been prepared on a preliminary basis and changes to the preliminary purchase price allocations may occur as additional information concerning asset and liability valuations is finalized. As a result of the acquisition, the Company recorded net tangible liabilities of approximately $16 million primarily related to deferred revenue and approximately $123 million of identifiable intangible assets, consisting primarily of approximately $51 million related to the IBD tradename with an indefinite life, approximately $43 million of subscriber relationships with a useful life of seven years and approximately $20 million related to technology with a useful life of seven years. In accordance with ASC 350, “Intangibles—Goodwill and Other” (“ASC 350”), the excess of the total consideration over the fair values of the net tangible and intangible assets of approximately $166 million was recorded as goodwill on the transaction.
HMH Books & Media
In May 2021, the Company acquired the Books & Media segment of Houghton Mifflin Harcourt (“HMH Books & Media”) for $349 million in cash. HMH Books & Media publishes renowned and awarded children’s, young adult, fiction, non-fiction, culinary and reference titles. The acquisition adds an extensive and successful backlist, a strong frontlist in the lifestyle and children’s segments and a productions business that provides opportunities to expand HarperCollins’s intellectual property across different formats. HMH Books & Media is a subsidiary of HarperCollins and its results are included in the Book Publishing segment.
The purchase price allocation has been prepared on a preliminary basis and changes to the preliminary purchase price allocations may occur as additional information concerning asset and liability valuations is finalized. As a result of the acquisition, the Company recorded net tangible assets of approximately $82 million, primarily consisting of accounts receivable, accounts payable, author advances and royalty payables and inventory. In addition, the Company recorded approximately $141 million of intangible assets, consisting primarily of $104 million of publishing rights for backlist titles with a useful life of nine years and $32 million of publishing licenses with a useful life of nine years. In accordance with ASC 350, the excess of the total consideration over the fair values of the net tangible and intangible assets of approximately $126 million was recorded as goodwill on the transaction.
Mortgage Choice
In June 2021, REA Group acquired Mortgage Choice Limited (“Mortgage Choice”) for approximately A$244 million in cash (approximately $183 million based on exchange rates as of the closing date), funded by an increase in REA Group’s debt facilities. Control was transferred and the acquisition became effective and binding on Mortgage Choice shareholders on June 18, 2021 upon court approval. Mortgage Choice is a leading Australian mortgage broking business, and the acquisition complements REA Group’s existing Smartline broker footprint and accelerates REA Group’s financial services strategy to establish a leading mortgage broking business with national scale. Mortgage Choice is a subsidiary of REA Group and its results are included in the Digital Real Estate Services segment.
The purchase price allocation has been prepared on a preliminary basis and changes to the preliminary purchase price allocations may occur as additional information concerning asset and liability valuations is finalized. As a result of the acquisition, the Company recorded net tangible assets of A$75 million (US$57 million) consisting primarily of commission contract receivables and payables and approximately A$74 million (US$56 million) of identifiable intangible assets, consisting of A$46 million (US$35 million) related to franchisee relationships with a useful life of 17 years, A$17 million (US$13 million) of software with useful lives ranging from one to five years and A$11 million (US$8 million) primarily related to the Mortgage Choice tradenames with indefinite lives. In accordance with ASC 350, the excess of the total consideration over the fair values of the net tangible and intangible assets of approximately A$95 million (US$72 million) was recorded as goodwill on the transaction.
9

NEWS CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Agreement to acquire Base Chemicals
In December 2021, the Company entered into an agreement to acquire the Base Chemicals business (“Base Chemicals”) from S&P Global Inc. (“S&P”) and IHS Markit Ltd. (“IHS”) for $295 million in cash, subject to customary purchase price adjustments. Base Chemicals provides pricing data, insights, analysis and forecasting for key base chemicals through its leading Market Advisory and World Analysis services. Base Chemicals will be a subsidiary of Dow Jones, and its results will be included in the Dow Jones segment. The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close in the fourth quarter of fiscal 2022.
OPIS
In February 2022, the Company acquired the Oil Price Information Service business and related assets (“OPIS”) from S&P and IHS for $1.15 billion in cash, subject to customary purchase price adjustments. OPIS is a global industry standard for benchmark and reference pricing and news and analytics for the oil, natural gas liquids and biofuels industries. The business also provides pricing and news and analytics for the coal, mining and metals end markets and insights and analytics in renewables and carbon pricing. The acquisition enables Dow Jones to become a leading provider of energy and renewables information and furthers its goal of building the leading global business news and information platform for professionals. OPIS is a subsidiary of Dow Jones, and its results are included in the Dow Jones segment.
The purchase price allocation has been prepared on a preliminary basis and changes to the preliminary purchase price allocations may occur as additional information concerning asset and liability valuations is finalized. As a result of the acquisition, the Company recorded net tangible liabilities of approximately $1 million primarily related to deferred revenue and accounts receivable and $621 million of identifiable intangible assets, consisting primarily of $528 million of customer relationships with a useful life of 20 years, $55 million in tradenames, including $49 million related to the OPIS tradename with an indefinite life and $38 million related to technology with a weighted average useful life of six years. In accordance with ASC 350, the excess of the total consideration over the fair values of the net tangible and intangible assets of $536 million was recorded as goodwill on the transaction.
NOTE 4. IMPAIRMENT AND RESTRUCTURING CHARGES
Fiscal 2022 Impairment
During the three and nine months ended March 31, 2022, the Company recognized non-cash impairment charges of $15 million related to the write-down of fixed assets associated with the shutdown and anticipated sale of certain U.S. printing facilities at the Dow Jones segment.
Fiscal 2022 Restructuring
During the three and nine months ended March 31, 2022, the Company recorded restructuring charges of $22 million and $67 million, respectively, of which $5 million and $29 million, respectively, related to the News Media segment. The restructuring charges recorded in fiscal 2022 primarily related to employee termination benefits.
Fiscal 2021 Restructuring
During the three and nine months ended March 31, 2021, the Company recorded restructuring charges of $30 million and $93 million, respectively, of which $18 million and $61 million, respectively, related to the News Media segment. The restructuring charges recorded in fiscal 2021 primarily related to employee termination benefits and exit costs associated with the closure of the Company’s Bronx print plant.
10

NEWS CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Changes in restructuring program liabilities were as follows:

For the three months ended March 31,
2022 2021
One time
employee
termination
benefits		 Other costs Total One time
employee
termination
benefits		 Other costs Total
(in millions)
Balance, beginning of period $ 23  $ 36  $ 59  $ 32  $ 34  $ 66 
Additions 9  13  22  20  10  30 
Payments (15) (8) (23) (12) (8) (20)
Other (2) —  (2) (2) —  (2)
Balance, end of period $ 15  $ 41  $ 56  $ 38  $ 36  $ 74 
For the nine months ended March 31,
2022 2021
One time
employee
termination
benefits		 Other costs Total One time
employee
termination
benefits		 Other costs Total
(in millions)
Balance, beginning of period $ 51  $ 35  $ 86  $ 64  $ 9  $ 73 
Additions 46  21  67  55  38  93 
Payments (80) (15) (95) (81) (11) (92)
Other (2) —  (2) —  —  — 
Balance, end of period $ 15  $ 41  $ 56  $ 38  $ 36  $ 74 
As of March 31, 2022, restructuring liabilities of approximately $29 million were included in the Balance Sheet in Other current liabilities and $27 million were included in Other non-current liabilities.
NOTE 5. INVESTMENTS
The Company’s investments were comprised of the following:
Ownership Percentage as of March 31, 2022 As of
March 31, 2022		 As of
June 30, 2021
(in millions)
Equity method investments(a)
 various $ 279  $ 71 
Equity securities(b)
 various 285  280 
Total Investments $ 564  $ 351 
(a)In the first quarter of fiscal 2022, REA Group acquired an 18% interest (16.6% on a diluted basis) in PropertyGuru Pte. Ltd. (“PropertyGuru”), a leading digital property technology company operating marketplaces in Southeast Asia, in exchange for all shares of REA Group’s entities in Malaysia and Thailand. During the three months ended March 31, 2022, PropertyGuru completed its merger with Bridgetown 2 Holdings Limited. As a result of the merger and subsequent investments made in connection with the transaction, REA Group’s ownership interest in PropertyGuru was diluted to 17.5% as of March 31, 2022 and a gain of approximately $15 million was recorded in Other, net.
(b)Equity securities are primarily comprised of Tremor, certain investments in China and the Company’s investment in HT&E Limited, which operates a portfolio of Australian radio and outdoor media assets.
The Company has equity securities with quoted prices in active markets as well as equity securities without readily determinable fair market values. Equity securities without readily determinable fair market values are valued at cost, less any impairment, plus or minus changes in fair value resulting from observable price changes in orderly transactions for an identical
11

NEWS CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
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
March 31,		 For the nine months ended
March 31,
2022 2021 2022 2021
(in millions) (in millions)
Total (losses) gains recognized on equity securities $ (18) $ 31  $ 1  $ 73 
Less: Net gains recognized on equity securities sold —  —  —  — 
Unrealized (losses) gains recognized on equity securities held at end of period $ (18) $ 31  $ 1  $ 73 
Equity Losses of Affiliates
The Company’s share of the losses of its equity affiliates was $4 million and $10 million for the three and nine months ended March 31, 2022, respectively, and $5 million and $9 million, respectively, for the corresponding periods of fiscal 2021.
NOTE 6. BORROWINGS
The Company’s total borrowings consist of the following:
Interest rate at March 31, 2022 Maturity at March 31, 2022 As of
March 31, 2022		 As of
June 30, 2021
(in millions)
News Corporation
2022 Senior notes 5.125  % Feb 15, 2032 $ 492  $ — 
2021 Senior notes 3.875  % May 15, 2029 987  985 
Foxtel Group(a)
2019 Credit facility(b)
 2.76  % May 31, 2024 225  232 
2019 Term loan facility 6.25  % Nov 22, 2024 188  190 
2017 Working capital facility(b)
 2.76  % May 31, 2024 —  — 
Telstra Facility 7.87  % Dec 22, 2027 91  60 
2012 US private placement — USD portion — tranche 2(c)
 4.27  % Jul 25, 2022 203  202 
2012 US private placement — USD portion — tranche 3(c)
 4.42  % Jul 25, 2024 152  152 
2012 US private placement — AUD portion 7.04  % Jul 25, 2022 76  78 
REA Group(a)
2021 Bridge facility —  % Jul 31, 2022 —  314 
2022 Credit facility — tranche 1(d)
 1.20  % Sep 16, 2024 301  — 
2022 Credit facility — tranche 2(d)
 1.35  % Sep 16, 2025 9  — 
Finance lease and other liabilities 78  100 
Total borrowings 2,802  2,313 
Less: current portion(e)
 (306) (28)
Long-term borrowings
 $ 2,496  $ 2,285 
(a)These borrowings were incurred by certain subsidiaries of NXE Australia Pty Limited (the “Foxtel Group” and together with such subsidiaries, the “Foxtel Debt Group”) and REA Group and certain of its subsidiaries (REA Group and certain of its subsidiaries, the “REA Debt Group”), consolidated but non wholly-owned subsidiaries of News Corp, and are only guaranteed by the Foxtel Group and REA Group and their respective subsidiaries, as applicable, and are non-recourse to News Corp.
12

NEWS CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(b)As of March 31, 2022, the Foxtel Debt Group had undrawn commitments of A$339 million available under these facilities.
(c)The carrying values of the borrowings include any fair value adjustments related to the Company’s fair value hedges. See Note 8—Financial Instruments and Fair Value Measurements.
(d)As of March 31, 2022, REA Group had total undrawn commitments of A$187 million available under the 2022 Credit Facility (as defined below).
(e)The Company classifies the current portion of long term debt as non-current liabilities on the Balance Sheets when it has the intent and ability to refinance the obligation on a long-term basis, in accordance with ASC 470-50 “Debt.” $27 million and $28 million relates to the current portion of finance lease liabilities as of March 31, 2022 and June 30, 2021, respectively.
News Corporation Borrowings
2022 Senior Notes
In February 2022, the Company issued $500 million of senior notes due 2032 (the “2022 Senior Notes”). The 2022 Senior Notes bear interest at a fixed rate of 5.125% per annum, payable in cash semi-annually on February 15 and August 15 of each year, commencing on August 15, 2022. The notes will mature on February 15, 2032.
The 2022 Senior Notes are the senior unsecured obligations of the Company and rank equally in right of payment with the Company’s existing and future senior debt, including the 2021 Senior notes and its Term A Loan (as defined below) and revolving credit facilities, which are described below. The Company may redeem all or a part of the 2022 Senior Notes upon payment of the redemption prices and applicable premiums, if any, set forth in the indenture governing the 2022 Senior Notes (the “Indenture”), plus any accrued and unpaid interest. In addition, prior to February 15, 2025, the Company may redeem up to 40% of the aggregate principal amount of the 2022 Senior Notes with the net cash proceeds of certain equity offerings at the redemption price set forth in the Indenture, plus any accrued and unpaid interest. In the event of specified change in control events, the Company must offer to purchase the outstanding 2022 Senior Notes from the holders at a purchase price equal to 101% of the principal amount, plus any accrued and unpaid interest.
There are no financial maintenance covenants with respect to the 2022 Senior Notes. The Indenture contains other covenants that, among other things and subject to certain exceptions, (i) limit the Company’s ability and the ability of its subsidiaries to incur any liens securing indebtedness for borrowed money and (ii) limit the Company’s ability to consolidate or merge with or into another person or sell or otherwise dispose of all or substantially all of the assets of the Company and its subsidiaries (taken as a whole).
Term Loan A and Revolving Credit Facilities
On March 29, 2022, the Company terminated its existing unsecured $750 million revolving credit facility and entered into a new credit agreement (the “2022 Credit Agreement”) that provides for $1,250 million of unsecured credit facilities comprised of a $500 million unsecured term loan A credit facility (the “Term A Facility” and the loans under the Term A Facility are collectively referred to as “Term A Loans”) and a $750 million unsecured revolving credit facility (the “Revolving Facility” and, together with the Term A Facility, the “Facilities”) that can be used for general corporate purposes. The Revolving Facility has a sublimit of $100 million available for issuances of letters of credit. Under the 2022 Credit Agreement, the Company may request increases with respect to either Facility in an aggregate principal amount not to exceed $250 million.
The Term A Loans will amortize in equal quarterly installments in an aggregate annual amount equal to 0.0%, 2.5%, 2.5%, 5.0% and 5.0%, respectively, of the original principal amount of the Term A Facility for each 12-month period commencing on June 30, 2022. The loans under the Revolving Facility will not amortize. All amounts under the 2022 Credit Agreement with respect to the Facilities are due on March 31, 2027, unless earlier terminated in the circumstances set forth in the 2022 Credit Agreement. The Company may request that the maturity date of the Term A Facility be extended under certain circumstances as set forth in the 2022 Credit Agreement by at least one year. The Company may also request that the maturity date of the revolving credit commitments under the Revolving Facility be extended under certain circumstances as set forth in the 2022 Credit Agreement for up to two additional one-year periods.
Interest on borrowings is based on either (a) an Alternative Currency Term Rate formula, (b) a Term SOFR formula, (c) an Alternative Currency Daily Rate formula ((a) through (c) each, a “Relevant Rate”) or (d) the Base Rate formula, each as set forth in the 2022 Credit Agreement. The applicable margin for borrowings under the Facilities and the commitment fee for
13

NEWS CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
undrawn balances under the Revolving Facility are based on the pricing grid in the 2022 Credit Agreement, which varies based on the Company’s adjusted operating income net leverage ratio. At inception, the Company was paying a commitment fee of 0.20% on any undrawn balance under the Revolving Facility and, with respect to any outstanding borrowings under the Facilities, an applicable margin of 0.375% for a Base Rate borrowing and 1.375% for a Relevant Rate borrowing. The Company entered into an interest rate swap derivative to fix the floating rate interest component of its Term A Loans at 2.083%. Refer to Note 8—Financial Instruments and Fair Value Measurements for further detail.
The Company borrowed the full amount of the Term A Facility on March 31, 2022 (during the fourth quarter of fiscal 2022) and had not borrowed any funds under the Revolving Facility as of that date.
The 2022 Credit Agreement contains certain customary affirmative and negative covenants and events of default with customary exceptions, including limitations on the ability of the Company and the Company’s subsidiaries to engage in transactions with affiliates, incur liens, merge into or consolidate with any other entity, incur subsidiary debt or dispose of all or substantially all of its assets or all or substantially all of the stock of all subsidiaries taken as a whole. In addition, the 2022 Credit Agreement requires the Company to maintain an adjusted operating income net leverage ratio of not more than 3.0 to 1.0, subject to certain adjustments following a material acquisition, and a net interest coverage ratio of not less than 3.0 to 1.0.
REA Group Refinancing
During the nine months ended March 31, 2022, REA Group completed a debt refinancing in which it repaid all amounts outstanding under its 2021 Bridge facility with the proceeds from a new A$600 million unsecured syndicated credit facility (the “2022 Credit Facility”) consisting of two sub-facilities: (i) a three year, A$400 million revolving loan facility (the “2022 Credit facility — tranche 1”) and (ii) a four year, A$200 million revolving loan facility (the “2022 Credit facility — tranche 2”). REA Group may request increases in the amount of the 2022 Credit Facility up to a maximum amount of A$500 million, subject to the terms and limitations set forth in the syndicated facility agreement.
Borrowings under the 2022 Credit facility — tranche 1 accrue interest at a rate of the Australian BBSY plus a margin of between 1.00% and 2.10%, depending on REA Group’s net leverage ratio. Borrowings under the 2022 Credit facility — tranche 2 accrue interest at a rate of the Australian BBSY plus a margin of between 1.15% and 2.25%, depending on REA Group’s net leverage ratio. Both tranches carry a commitment fee of 40% of the applicable margin on any undrawn balance.
The 2022 Credit Facility requires REA Group to maintain (i) a net leverage ratio of not more than 3.5 to 1.0 and (ii) an interest coverage ratio of not less than 3.0 to 1.0. The syndicated facility agreement also contains certain other customary affirmative and negative covenants. Subject to certain exceptions, these covenants restrict or prohibit REA Group and its subsidiaries from, among other things, incurring or guaranteeing debt, disposing of certain properties or assets, merging or consolidating with any other person, making financial accommodation available, entering into certain other financing arrangements, creating or permitting certain liens, engaging in non arms’ length transactions with affiliates, undergoing fundamental business changes and making restricted payments.
Covenants
The Company’s borrowings and those of its consolidated subsidiaries contain customary representations, covenants and events of default, including those discussed above and in the Company’s 2021 Form 10-K. If any of the events of default occur and are not cured within applicable grace periods or waived, any unpaid amounts under the applicable debt agreements may be declared immediately due and payable. The Company was in compliance with all such covenants at March 31, 2022.
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NEWS CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 7. EQUITY
The following tables summarize changes in equity for the three and nine months ended March 31, 2022 and 2021:
For the three months ended March 31, 2022
Class A Common
Stock		 Class B Common
Stock		 Additional
Paid-in
Capital		 Accumulated
Deficit		 Accumulated
Other
Comprehensive
Loss		 Total
News
Corp
Equity		 Non-controlling
Interests		 Total
Equity
Shares Amount Shares Amount
(in millions)
Balance, December 31, 2021 392  $ 4  199  $ 2  $ 11,948  $ (2,482) $ (1,089) $ 8,383  $ 964  $ 9,347 
Net income —  —  —  —  —  82  —  82  22  104 
Other comprehensive income —  —  —  —  —  —  88  88  35  123 
Dividends
 —  —  —  —  (59) —  —  (59) (28) (87)
Share repurchases (3) —  (1) —  (78) (3) —  (81) —  (81)
Other
 —  —  —  —  12  —  —  12  (2) 10 
Balance, March 31, 2022 389  $ 4  198  $ 2  $ 11,823  $ (2,403) $ (1,001) $ 8,425  $ 991  $ 9,416 
For the three months ended March 31, 2021
Class A Common
Stock		 Class B Common
Stock		 Additional
Paid-in
Capital		 Accumulated
Deficit		 Accumulated
Other
Comprehensive
Loss		 Total
News
Corp
Equity		 Non-controlling
Interests		 Total
Equity
Shares Amount Shares Amount
(in millions)
Balance, December 31, 2020 391  $ 4  200  $ 2  $ 12,091  $ (2,976) $ (990) $ 8,131  $ 943  $ 9,074 
Net income —  —  —  —  —  79  —  79  17  96 
Other comprehensive income —  —  —  —  —  —  25  25  4  29 
Dividends
 —  —  —  —  (59) —  —  (59) (24) (83)
Other
 —  —  —  —  12  —  —  12  1  13 
Balance, March 31, 2021 391  $ 4  200  $ 2  $ 12,044  $ (2,897) $ (965) $ 8,188  $ 941  $ 9,129 

For the nine months ended March 31, 2022
Class A Common
Stock		 Class B Common
Stock		 Additional
Paid-in
Capital		 Accumulated
Deficit		 Accumulated
Other
Comprehensive
Loss		 Total
News
Corp
Equity		 Non-controlling
Interests		 Total
Equity
Shares Amount Shares Amount
(in millions)
Balance, June 30, 2021 391  $ 4  200  $ 2  $ 12,057  $ (2,911) $ (941) $ 8,211  $ 935  $ 9,146 
Net income —  —  —  —  —  513  —  513  120  633 
Other comprehensive loss —  —  —  —  —  —  (60) (60) (3) (63)
Dividends
 —  —  —  —  (118) —  —  (118) (55) (173)
Share repurchases (4) —  (2) —  (122) (5) —  (127) —  (127)
Other
 2  —  —  —  6  —  —  6  (6) — 
Balance, March 31, 2022 389  $ 4  198  $ 2  $ 11,823  $ (2,403) $ (1,001) $ 8,425  $ 991  $ 9,416 
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NEWS CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended March 31, 2021
Class A
Common Stock		 Class B
Common Stock		 Additional
Paid-in
Capital		 Accumulated
Deficit		 Accumulated
Other
Comprehensive
Loss		 Total
News
Corp
Equity		 Non-controlling
Interests		 Total
Equity
Shares Amount Shares Amount
(in millions)
Balance, June 30, 2020 389  $ 4  200  $ 2  $ 12,148  $ (3,241) $ (1,331) $ 7,582  $ 807  $ 8,389 
Net income —  —  —  —  —  344  —  344  60  404 
Other comprehensive income —  —  —  —  —  —  366  366  84  450 
Dividends
 —  —  —  —  (118) —  —  (118) (45) (163)
Other
 2  —  —  —  14  —  —  14  35  49 
Balance, March 31, 2021 391  $ 4  200  $ 2  $ 12,044  $ (2,897) $ (965) $ 8,188  $ 941  $ 9,129 
Stock Repurchases
On September 22, 2021, the Company announced a new stock repurchase program authorizing the Company to purchase up to $1 billion in the aggregate of its outstanding Class A Common Stock and Class B Common Stock (the “Repurchase Program”). The Repurchase Program replaces the Company’s $500 million Class A Common Stock repurchase program approved by the Company’s Board of Directors (the “Board of Directors”) in May 2013. The manner, timing, number and share price of any repurchases will be determined by the Company at its discretion and will depend upon such factors as the market price of the stock, general market conditions, applicable securities laws, alternative investment opportunities and other factors. The Repurchase Program has no time limit and may be modified, suspended or discontinued at any time. As of March 31, 2022, the remaining authorized amount under the Repurchase Program was approximately $873 million.
Stock repurchases commenced on November 9, 2021. During the three and nine months ended March 31, 2022, the Company repurchased and subsequently retired 2.5 million and 3.9 million shares of Class A Common Stock for approximately $54 million and $85 million, respectively, and 1.2 million and 1.9 million shares of Class B Common Stock for approximately $27 million and $42 million, respectively. The Company did not purchase any of its Class A Common Stock or Class B Common Stock during the nine months ended March 31, 2021.
Stockholder Rights Agreement
On September 21, 2021, the Company amended the Fourth Amended and Restated Rights Agreement (as discussed in the Notes to the Consolidated Financial Statements included in the 2021 Form 10-K) (the “Rights Agreement”) to accelerate the expiration of the rights under the Rights Agreement to 11:59 P.M. (New York City time) on September 21, 2021, thereby terminating the Rights Agreement at such time. On the same date, the Company also entered into a stockholders agreement (the “Stockholders Agreement”) by and between the Company and the Murdoch Family Trust (the “MFT”). Pursuant to the Stockholders Agreement, the MFT and the Company have agreed not to take actions that would result in the MFT and Murdoch family members, including K. Rupert Murdoch, the Company’s Executive Chairman, and Lachlan K. Murdoch, the Company’s Co-Chairman, together owning more than 44% of the outstanding voting power of the shares of the Company’s Class B Common Stock (“Class B Shares”), or would increase the MFT’s voting power by more than 1.75% in any rolling twelve-month period. The MFT would forfeit votes in connection with an annual or special Company stockholders meeting to the extent necessary to ensure that the MFT and the Murdoch family collectively do not exceed 44% of the outstanding voting power of the Class B Shares at such meeting, except where a Murdoch family member votes their own shares differently from the MFT on any matter. The Stockholders Agreement will terminate upon the MFT’s distribution of all or substantially all of its Class B Shares.
Dividends
In February 2022, the Board of Directors declared a semi-annual cash dividend of $0.10 per share for Class A Common Stock and Class B Common Stock. The dividend was paid on April 13, 2022 to stockholders of record as of March 16, 2022. 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.
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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 8. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
In accordance with ASC 820, “Fair Value Measurements” (“ASC 820”) fair value measurements are required to be disclosed using a three-tiered fair value hierarchy which distinguishes market participant assumptions into the following categories: 
•Level 1 — Quoted prices in active markets for identical assets or liabilities.
•Level 2 — Observable inputs other than quoted prices included in Level 1. The Company could value assets and liabilities included in this level using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data.
•Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. For the Company, this primarily includes the use of forecasted financial information and other valuation related assumptions such as discount rates and long term growth rates in the income approach as well as the market approach which utilizes certain market and transaction multiples.
Under ASC 820, certain assets and liabilities are required to be remeasured to fair value at the end of each reporting period.
The following table summarizes those assets and liabilities measured at fair value on a recurring basis:
As of March 31, 2022 As of June 30, 2021
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
(in millions)
Assets:
Interest rate derivatives - cash flow hedges $ —  $ 11  $ —  $ 11  $ —  $ —  $ —  $ — 
Cross-currency interest rate derivatives - fair value hedges —  17  —  17  —  18  —  18 
Cross-currency interest rate derivatives —  70  —  70  —  73  —  73 
Equity securities(a)
 180  —  105  285  164  —  116  280 
Total assets $ 180  $ 98  $ 105  $ 383  $ 164  $ 91  $ 116  $ 371 
Liabilities:
Interest rate derivatives - cash flow hedges $ —  $ 3  $ —  $ 3  $ —  $ 9  $ —  $ 9 
Cross-currency interest rate derivatives —  4  —  4  —  13  —  13 
Total liabilities $ —  $ 7  $ —  $ 7  $ —  $ 22  $ —  $ 22 
(a)See Note 5—Investments.
During the nine months ended March 31, 2022, the Company reclassified its investment in an equity security from Level 3 to Level 1 within the fair value hierarchy as the investment became publicly traded in the first quarter of fiscal 2022.
Equity securities
The fair values of equity securities with quoted prices in active markets are determined based on the closing price at the end of each reporting period. These securities are classified as Level 1 in the fair value hierarchy outlined above. The fair values of equity securities without readily determinable fair market values are determined based on cost, less any impairment, plus or minus changes in fair value resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. These securities are classified as Level 3 in the fair value hierarchy outlined above.
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NEWS CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
A rollforward of the Company’s equity securities classified as Level 3 is as follows:
For the nine months ended
March 31,
2022 2021
(in millions)
Balance - beginning of period
 $ 116  $ 123 
Additions 17  10 
Returns of capital (33) (7)
Measurement adjustments 23  21 
Foreign exchange and other(a)
 (18) (31)
Balance - end of period $ 105  $ 116 
(a)    During the nine months ended March 31, 2022, the Company reclassified its investment in an equity security from Level 3 to Level 1 within the fair value hierarchy as the investment became publicly traded in the first quarter of fiscal 2022. During the three months ended December 31, 2020, the Company reclassified its investment in Tremor from Level 3 to Level 1 within the fair value hierarchy, as the sale restrictions were expected to lapse within 12 months.
Derivative Instruments
The Company is directly and indirectly affected by risks associated with changes in certain market conditions. When deemed appropriate, the Company uses derivative instruments to mitigate the potential impact of these market risks. The primary market risks managed by the Company through the use of derivative instruments include:
•foreign currency exchange rate risk: arising primarily through Foxtel Debt Group borrowings denominated in United States (“U.S.”) dollars, payments for customer premise equipment and certain programming rights; and
•interest rate risk: arising from fixed and floating rate Foxtel Debt Group and News Corporation borrowings.
During the three months ended March 31, 2022, the Company entered into an interest rate swap derivative with a $500 million notional amount to exchange the floating rate interest component of its Term A Loans for a fixed rate of 2.083%. This interest rate swap derivative will be accounted for as a cash flow hedge under ASC 815, “Derivatives and Hedging”.
The Company formally designates qualifying derivatives as hedge relationships (“hedges”) and applies hedge accounting when considered appropriate. The Company does not use derivative financial instruments for trading or speculative purposes.
Derivatives are classified as current or non-current in the Balance Sheets based on their maturity dates. Refer to the table below for further details:
Balance Sheet Location As of
March 31, 2022		 As of
June 30, 2021
(in millions)
Cross currency interest rate derivatives - fair value hedges Other current assets $ 10  $ — 
Cross currency interest rate derivatives Other current assets 40  — 
Interest rate derivatives - cash flow hedges Other non-current assets 11  — 
Cross-currency interest rate derivatives - fair value hedges Other non-current assets 7  18 
Cross-currency interest rate derivatives Other non-current assets 30  73 
Interest rate derivatives - cash flow hedges Other current liabilities (3) (6)
Cross-currency interest rate derivatives Other current liabilities (1) — 
Interest rate derivatives - cash flow hedges Other non-current liabilities —  (3)
Cross-currency interest rate derivatives Other non-current liabilities (3) (13)
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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Cash flow hedges
The Company utilizes a combination of foreign currency derivatives and interest rate derivatives to mitigate currency exchange rate risk and interest rate risk in relation to future interest and principal payments and payments for customer premise equipment and certain programming rights.
The total notional value of foreign currency contract derivatives designated for hedging was $32 million as of March 31, 2022. The maximum hedged term over which the Company is hedging exposure to foreign currency fluctuations is less than one year. As of March 31, 2022, the Company estimates that approximately $1 million of net derivative losses related to its foreign currency contract derivative cash flow hedges included in Accumulated other comprehensive loss will be reclassified into the Statements of Operations within the next 12 months.
The total notional value of interest rate swap derivatives designated for hedging was approximately A$550 million and $500 million as of March 31, 2022 for Foxtel Group and News Corporation borrowings, respectively. The maximum hedged term over which the Company is hedging exposure to variability in interest payments is to March 2027. As of March 31, 2022, the Company estimates that approximately $2 million of net derivative losses related to its interest rate swap derivative cash flow hedges included in Accumulated other comprehensive loss will be reclassified into the Statements of Operations within the next 12 months.
Cash flow derivatives
The Company utilizes cross-currency interest rate derivatives to mitigate currency exchange and interest rate risk in relation to future interest and principal payments. The Company determined that these cash flow hedges no longer qualified as highly effective as of December 31, 2020 primarily due to changes in foreign exchange and interest rates. Amounts recognized in Accumulated other comprehensive loss during the periods the hedges were considered highly effective will continue to be reclassified out of Accumulated other comprehensive loss over the remaining term of the derivatives. Changes in the fair values of these derivatives will be recognized within Other, net in the Statements of Operations on a prospective basis.
The total notional value of cross-currency interest rate swaps for which the Company discontinued hedge accounting was approximately $280 million as of March 31, 2022. The maximum hedged term over which the Company is hedging exposure to variability in interest and principal payments is to July 2024. As of March 31, 2022, the Company estimates that approximately $2 million of net derivative gains related to its cross-currency interest rate swap derivative cash flow hedges included in Accumulated other comprehensive loss will be reclassified into the Statements of Operations within the next 12 months.
The following tables present the impact that changes in the fair values had on Accumulated other comprehensive loss and the Statements of Operations during the three and nine months ended March 31, 2022 and 2021 for both derivatives designated as cash flow hedges that continue to be highly effective and derivatives initially designated as cash flow hedges but for which hedge accounting was discontinued as of December 31, 2020:
Gain (loss) recognized in Accumulated Other Comprehensive Loss for the three months ended March 31, (Gain) loss reclassified from Accumulated Other Comprehensive Loss for the three months ended March 31, Income statement
location
2022 2021 2022 2021
(in millions)
Foreign currency derivatives - cash flow hedges $ (1) $ 3  $ —  $ —  Operating expenses
Cross-currency interest rate derivatives —  —  (1) (1) Interest expense, net
Interest rate derivatives - cash flow hedges 11  —  (1) 1  Interest expense, net
Total $ 10  $ 3  $ (2) $ — 
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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Gain (loss) recognized in Accumulated Other Comprehensive Loss for the nine months ended March 31, (Gain) loss reclassified from Accumulated Other Comprehensive Loss for the nine months ended March 31, Income statement
location
2022 2021 2022 2021
(in millions)
Foreign currency derivatives - cash flow hedges $ —  $ 3  $ —  $ (1) Operating expenses
Cross-currency interest rate derivatives —  (15) (3) 12  Interest expense, net
Interest rate derivatives - cash flow hedges 17  (1) (3) 4  Interest expense, net
Total $ 17  $ (13) $ (6) $ 15 
The amounts recognized in Other, net in the Statements of Operations resulting from the changes in fair value of cross-currency interest rate derivatives that were discontinued as cash flow hedges due to hedge ineffectiveness as of December 31, 2020 was a loss of approximately $12 million and a gain of approximately $5 million for the three and nine months ended March 31, 2022, respectively, and a gain of approximately $5 million and $7 million for the three and nine months ended March 31, 2021, respectively.
Fair value hedges
Borrowings issued at fixed rates and in U.S. dollars expose the Company to fair value interest rate risk and currency exchange rate risk. The Company manages fair value interest rate risk and currency exchange rate risk through the use of cross-currency interest rate swaps under which the Company exchanges fixed interest payments equivalent to the interest payments on the U.S. dollar denominated debt for floating rate Australian dollar denominated interest payments. The changes in fair value of derivatives designated as fair value hedges and the offsetting changes in fair value of the hedged items are recognized in Other, net. For the nine months ended March 31, 2022, such adjustments decreased the carrying value of borrowings by nil.
The total notional value of the fair value hedges was approximately $70 million as of March 31, 2022. The maximum hedged term over which the Company is hedging exposure to variability in interest payments is to July 2024.
During the nine months ended March 31, 2022 and 2021, the amount recognized in the Statements of Operations on derivative instruments designated as fair value hedges related to the ineffective portion was nil and $1 million, respectively, and the Company excluded the currency basis from the changes in fair value of the derivative instruments from the assessment of hedge effectiveness.
The following sets forth the effect of fair value hedging relationships on hedged items in the Balance Sheets as of March 31, 2022 and June 30, 2021:
As of
March 31, 2022		 As of
June 30, 2021
(in millions)
Borrowings:
Carrying amount of hedged item $ 70  $ 71 
Cumulative hedging adjustments included in the carrying amount 3  5 
Other Fair Value Measurements
As of March 31, 2022, the carrying value of the Company’s outstanding borrowings approximates the fair value. The 2022 Senior Notes, 2021 Senior Notes and U.S. private placement borrowings are classified as Level 2 and the remaining borrowings are classified as Level 3 in the fair value hierarchy.
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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 9. EARNINGS (LOSS) PER SHARE
The following tables set forth the computation of basic and diluted earnings (loss) per share under ASC 260, “Earnings per Share”:
For the three months ended
March 31,		 For the nine months ended
March 31,
2022 2021 2022 2021
(in millions, except per share amounts)
Net income $ 104  $ 96  $ 633  $ 404 
Less: Net income attributable to noncontrolling interests (22) (17) (120) (60)
Net income attributable to News Corporation stockholders $ 82  $ 79  $ 513  $ 344 
Weighted-average number of shares of common stock outstanding - basic 588.8  590.8  590.9  590.3 
Dilutive effect of equity awards 3.3  3.7  2.8  2.3 
Weighted-average number of shares of common stock outstanding - diluted 592.1  594.5  593.7  592.6 
Net income attributable to News Corporation stockholders per share - basic $ 0.14  $ 0.13  $ 0.87  $ 0.58 
Net income attributable to News Corporation stockholders per share - diluted $ 0.14  $ 0.13  $ 0.86  $ 0.58 
NOTE 10. COMMITMENTS AND CONTINGENCIES
Commitments
The Company has commitments under certain firm contractual arrangements (“firm commitments”) to make future payments. These firm commitments secure the current and future rights to various assets and services to be used in the normal course of operations. As a result of the issuance of the 2022 Senior Notes during the three months ended March 31, 2022, the Company has presented its commitments associated with its borrowings and the related interest payments in the table below. See Note 6—Borrowings. The Company’s remaining commitments as of March 31, 2022 have not changed significantly from the disclosures included in the 2021 Form 10-K.
As of March 31, 2022
Payments Due by Period
Total
Less than 1
year
1-3 years
3-5 years
More than 5
years
(in millions)
Borrowings(a)
 2,740  276  864  9  1,591 
Interest payments on borrowings(b)
 657  104  180  143  230 
Total commitments and contractual obligations
 $ 3,397  $ 380  $ 1,044  $ 152  $ 1,821 
________________________
(a)See Note 6—Borrowings. The table above does not include amounts related to the Company’s Term A Loan, as the amounts were drawn during the fourth quarter of fiscal 2022.
(b)Reflects the Company’s expected future interest payments based on borrowings outstanding and interest rates applicable at March 31, 2022. Such rates are subject to change in future periods. See Note 6—Borrowings.
Contingencies
The Company routinely is involved in various legal proceedings, claims and governmental inspections or investigations, including those discussed below. The outcome of these matters and claims is subject to significant uncertainty, and the Company often cannot predict what the eventual outcome of pending matters will be or the timing of the ultimate resolution of these matters. Fees, expenses, fines, penalties, judgments or settlement costs which might be incurred by the Company in connection with the various proceedings could adversely affect its results of operations and financial condition.
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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
The Company establishes an accrued liability for legal claims when it determines that a loss is both probable and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. Legal fees associated with litigation and similar proceedings are expensed as incurred. Except as otherwise provided below, for the contingencies disclosed for which there is at least a reasonable possibility that a loss may be incurred, the Company was unable to estimate the amount of loss or range of loss. The Company recognizes gain contingencies when the gain becomes realized or realizable.
News America Marketing
In May 2020, the Company sold its News America Marketing business. In the transaction, the Company retained certain liabilities, including those arising from the legal proceedings with Insignia Systems, Inc. (“Insignia”) and Valassis Communications, Inc. (“Valassis”) described below.
Insignia Systems, Inc.
On July 11, 2019, Insignia filed a complaint in the U.S. District Court for the District of Minnesota against News America Marketing FSI L.L.C. (“NAM FSI”), News America Marketing In-Store Services L.L.C. (“NAM In-Store”) and News Corporation (together, the “NAM Parties”) alleging violations of federal and state antitrust laws and common law business torts. The complaint seeks treble damages, injunctive relief and attorneys’ fees and costs. On August 14, 2019, the NAM Parties answered the complaint and asserted a counterclaim against Insignia for breach of contract, alleging that Insignia violated a prior settlement agreement between NAM In-Store and Insignia. On July 10, 2020, the NAM Parties filed a motion for summary judgment on the counterclaim, which was granted in part and denied in part on December 7, 2020. The court found that Insignia had breached the prior settlement agreement and struck the allegations in Insignia’s complaint that violated the agreement. On August 27, 2021, the NAM Parties filed a motion for summary judgment dismissing the case, which Insignia has opposed. While it is not possible at this time to predict with any degree of certainty the ultimate outcome of this action, the NAM Parties believe they have been compliant with applicable laws and intend to defend themselves vigorously.
Valassis Communications, Inc.
In November 2013, Valassis filed a complaint in the U.S. District Court for the Eastern District of Michigan against the NAM Parties and News America Incorporated, which was subsequently transferred to the U.S. District Court for the Southern District of New York (the “N.Y. District Court”). The complaint alleged violations of federal and state antitrust laws and common law business torts and sought treble damages, injunctive relief and attorneys’ fees and costs. The trial began on June 29, 2021, and in July 2021, the parties agreed to settle the litigation and Valassis’s claims were dismissed with prejudice.
HarperCollins
Beginning in February 2021, a number of purported class action complaints have been filed in the N.Y. District Court against Amazon.com, Inc. (“Amazon”) and certain publishers, including the Company’s subsidiary, HarperCollins Publishers, L.L.C. (“HarperCollins” and together with the other publishers, the “Publishers”), alleging violations of antitrust and competition laws. The complaints seek treble damages, injunctive relief and attorneys’ fees and costs. In September 2021, Amazon and the Publishers filed motions to dismiss the complaints, which the plaintiffs have opposed. While it is not possible at this time to predict with any degree of certainty the ultimate outcome of these actions, HarperCollins believes it has been compliant with applicable laws and intends to defend itself vigorously.
U.K. Newspaper Matters
Civil claims have been brought against the Company with respect to, among other things, voicemail interception and inappropriate payments to public officials at the Company’s former publication, The News of the World, and at The Sun, and related matters (the “U.K. Newspaper Matters”). The Company has admitted liability in many civil cases and has settled a number of cases. The Company also settled a number of claims through a private compensation scheme which was closed to new claims after April 8, 2013.
In connection with the separation of the Company from Twenty-First Century Fox, Inc. (“21st Century Fox”) on June 28, 2013, the Company and 21st Century Fox agreed in the Separation and Distribution Agreement that 21st Century Fox would indemnify the Company for payments made after such date arising out of civil claims and investigations relating to the U.K.
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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Newspaper Matters as well as legal and professional fees and expenses paid in connection with the previously concluded criminal matters, other than fees, expenses and costs relating to employees (i) who are not directors, officers or certain designated employees or (ii) with respect to civil matters, who are not co-defendants with the Company or 21st Century Fox. 21st Century Fox’s indemnification obligations with respect to these matters are settled on an after-tax basis. In March 2019, as part of the separation of FOX Corporation (“FOX”) from 21st Century Fox, the Company, News Corp Holdings UK & Ireland, 21st Century Fox and FOX entered into a Partial Assignment and Assumption Agreement, pursuant to which, among other things, 21st Century Fox assigned, conveyed and transferred to FOX all of its indemnification obligations with respect to the U.K. Newspaper Matters.
The net expense related to the U.K. Newspaper Matters in Selling, general and administrative was $3 million for both the three months ended March 31, 2022 and 2021 and $9 million and $8 million for the nine months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, 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 $63 million. The amount to be indemnified by FOX of approximately $66 million was recorded as a receivable in Other current assets on the Balance Sheet as of March 31, 2022. It is not possible to estimate the liability or corresponding receivable for any additional claims that may be filed given the information that is currently available to the Company. If more claims are filed and additional information becomes available, the Company will update the liability provision and corresponding receivable for such matters.
The Company is not able to predict the ultimate outcome or cost of the civil claims. It is possible that these proceedings and any adverse resolution thereof could damage its reputation, impair its ability to conduct its business and adversely affect its results of operations and financial condition.
Other
The Company’s tax returns are subject to on-going review and examination by various tax authorities. Tax authorities may not agree with the treatment of items reported in the Company’s tax returns, and therefore the outcome of tax reviews and examinations can be unpredictable.
The Company believes it has appropriately accrued for the expected outcome of uncertain tax matters and believes such liabilities represent a reasonable provision for taxes ultimately expected to be paid; however, these liabilities may need to be adjusted as new information becomes known and as tax examinations continue to progress, or as settlements or litigations occur.
NOTE 11. INCOME TAXES
At the end of each interim period, the Company estimates the annual effective tax rate and applies that rate to its ordinary quarterly earnings. The tax expense or benefit related to significant, unusual or extraordinary items that will be separately reported or reported net of their related tax effect are individually computed and recognized in the interim period in which those items occur. In addition, the effects of changes in enacted tax laws or rates or tax status are recognized in the interim period in which the change occurs.
For the three months ended March 31, 2022, the Company recorded income tax expense of $29 million on pre-tax income of $133 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates, offset by the reversal of valuation allowances related to certain deferred tax assets.
For the nine months ended March 31, 2022, the Company recorded income tax expense of $199 million on pre-tax income of $832 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The tax rate was impacted by foreign operations which are subject to higher tax rates, offset by the reversal of valuation allowances related to certain deferred tax assets and the lower tax impact related to the sale of REA Group’s Malaysia and Thailand businesses.
For the three months ended March 31, 2021, the Company recorded income tax expense of $43 million on pre-tax income of $139 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The higher tax rate was primarily due to valuation allowances being recorded against tax benefits in certain foreign jurisdictions with operating losses and the impact of foreign operations which are subject to higher tax rates.
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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended March 31, 2021, the Company recorded income tax expense of $153 million on pre-tax income of $557 million, resulting in an effective tax rate that was higher than the U.S. statutory tax rate. The higher tax rate was primarily due to valuation allowances being recorded against tax benefits in certain foreign jurisdictions with operating losses and the impact of foreign operations which are subject to higher tax rates, offset by a remeasurement of deferred taxes in the U.K.
Management assesses available evidence to determine whether sufficient future taxable income will be generated to permit the use of existing deferred tax assets. Based on management’s assessment of available evidence, it has been determined that it is more likely than not that deferred tax assets in certain foreign jurisdictions may not be realized and therefore, a valuation allowance has been established against those tax assets.
The Company’s tax returns are subject to on-going review and examination by various tax authorities. Tax authorities may not agree with the treatment of items reported in the Company’s tax returns, and therefore the outcome of tax reviews and examinations can be unpredictable. The Company is currently undergoing tax examinations in various U.S. state and foreign jurisdictions. The Company is currently undergoing an audit with the Internal Revenue Service for the fiscal year ended June 30, 2018. The Company believes it has appropriately accrued for the expected outcome of uncertain tax matters and believes such liabilities represent a reasonable provision for taxes ultimately expected to be paid. However, the Company may need to accrue additional income tax expense and its liability may need to be adjusted as new information becomes known and as these tax examinations continue to progress, or as settlements or litigations occur.
The Company paid gross income taxes of $132 million and $131 million during the nine months ended March 31, 2022 and 2021, respectively, and received tax refunds of $3 million and $11 million, respectively.
NOTE 12. SEGMENT INFORMATION
The Company manages and reports its businesses in the following six segments:
•Digital Real Estate Services—The Digital Real Estate Services segment consists of the Company’s 61.4% interest in REA Group and 80% interest in Move. The remaining 20% interest in Move is held by REA Group. REA Group is a market-leading digital media business specializing in property and is listed on the Australian Securities Exchange (“ASX”) (ASX: REA). REA Group advertises property and property-related services on its websites and mobile apps, including Australia’s leading residential, commercial and share property websites, realestate.com.au, realcommercial.com.au and Flatmates.com.au, property.com.au and property portals in India. In addition, REA Group provides property-related data to the financial sector and financial services through an end-to-end digital property search and financing experience and a mortgage broking offering.
Move is a leading provider of digital real estate services in the U.S. and primarily operates realtor.com®, a premier real estate information, advertising and services platform. Move offers real estate advertising solutions to agents and brokers, including its ConnectionsSM Plus, Market VIPSM and AdvantageSM Pro products as well as its referral-based service, ReadyConnect ConciergeSM. Move also offers online tools and services to do-it-yourself landlords and tenants, as well as professional software and services products.
•Subscription Video Services—The Company’s Subscription Video Services segment provides sports, entertainment and news services to pay-TV and streaming subscribers and other commercial licensees, primarily via cable, satellite and internet distribution, and consists of (i) the Company’s 65% interest in the Foxtel Group (with the remaining 35% interest held by Telstra, an ASX-listed telecommunications company) and (ii) Australian News Channel (“ANC”). The Foxtel Group is the largest Australian-based subscription television provider, with nearly 200 channels covering sports, general entertainment, movies, documentaries, music, children’s programming and news. Foxtel and the Kayo Sports streaming service offer the leading sports programming content in Australia, with broadcast rights to live sporting events including: National Rugby League, Australian Football League, Cricket Australia and various motorsports programming. The Foxtel Group also operates BINGE, its on-demand entertainment streaming service, and Foxtel Now, a streaming service that provides access across Foxtel’s live and on-demand content. In October 2021, the Foxtel Group launched Flash, a news aggregation streaming service.
ANC operates the SKY NEWS network, Australia’s 24-hour multi-channel, multi-platform news service. ANC channels are distributed throughout Australia and New Zealand and available on Foxtel and Sky Network Television NZ. ANC also owns and operates the international Australia Channel IPTV service and offers content across a variety of digital media platforms, including web, mobile and third-party providers.
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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
•Dow Jones—The Dow Jones segment consists of Dow Jones, a global provider of news and business information, which distributes its content and data through a variety of media channels including newspapers, newswires, websites, applications, or apps, for mobile devices, tablets and e-book readers, newsletters, magazines, proprietary databases, live journalism, video and podcasts. The Dow Jones segment’s products, which target individual consumers and enterprise customers, include The Wall Street Journal, Factiva, Dow Jones Risk & Compliance, Dow Jones Newswires, Barron’s, MarketWatch, Investor’s Business Daily and, since February 2022, OPIS.
•Book Publishing—The Book Publishing segment consists of HarperCollins, the second largest consumer book publisher in the world, with operations in 17 countries and particular strengths in general fiction, nonfiction, children’s and religious publishing. HarperCollins owns more than 120 branded publishing imprints, including Harper, William Morrow, HarperCollins Children’s Books, Avon, Harlequin and Christian publishers Zondervan and Thomas Nelson, and publishes works by well-known authors such as Harper Lee, George Orwell, Agatha Christie and Zora Neale Hurston, as well as global author brands including J.R.R. Tolkien, C.S. Lewis, Daniel Silva, Karin Slaughter and Dr. Martin Luther King, Jr. It is also home to many beloved children’s books and authors and a significant Christian publishing business.
•News Media—The News Media segment consists primarily of News Corp Australia, News UK and the New York Post and includes, among other publications, The Australian, The Daily Telegraph, Herald Sun, The Courier Mail and The Advertiser in Australia and The Times, The Sunday Times, The Sun and The Sun on Sunday in the U.K. This segment also includes Wireless Group, operator of talkSPORT, the leading sports radio network in the U.K., and Storyful, a social media content agency.
•Other—The Other segment consists primarily of general corporate overhead expenses, costs related to the U.K. Newspaper Matters and transformation costs associated with the Company’s ongoing cost reduction initiatives.
Segment EBITDA is defined as revenues less operating expenses and selling, general and administrative expenses. Segment EBITDA does not include: depreciation and amortization, impairment and restructuring charges, equity losses of affiliates, interest (expense) income, net, other, net and income tax (expense) benefit. Segment EBITDA may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what items should be included in the calculation of Segment EBITDA.
Segment EBITDA is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources within the Company’s businesses. Segment EBITDA provides management, investors and equity analysts with a measure to analyze the operating performance of each of the Company’s business segments and its enterprise value against historical data and competitors’ data, although historical results may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).
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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Segment information is summarized as follows:
For the three months ended
March 31,		 For the nine months ended March 31,
2022 2021 2022 2021
(in millions)
Revenues:
Digital Real Estate Services $ 416  $ 351  $ 1,298  $ 980 
Subscription Video Services 494  523  1,502  1,530 
Dow Jones 487  421  1,439  1,253 
Book Publishing 515  490  1,678  1,492 
News Media 580  550  1,794  1,610 
Other —  —  —  1 
Total revenues $ 2,492  $ 2,335  $ 7,711  $ 6,866 
Segment EBITDA:
Digital Real Estate Services $ 137  $ 117  $ 453  $ 378 
Subscription Video Services 79  91  279  293 
Dow Jones 88  82  327  263 
Book Publishing 67  80  259  255 
News Media 39  8  184  52 
Other (52) (80) (148) (178)
Depreciation and amortization (172) (173) (505) (504)
Impairment and restructuring charges (37) (30) (82) (93)
Equity losses of affiliates (4) (5) (10) (9)
Interest expense, net (25) (12) (68) (32)
Other, net 13  61  143  132 
Income before income tax expense 133  139  832  557 
Income tax expense (29) (43) (199) (153)
Net income $ 104  $ 96  $ 633  $ 404 

As of
March 31, 2022		 As of
June 30, 2021
(in millions)
Total assets:
Digital Real Estate Services $ 3,069  $ 3,146 
Subscription Video Services 3,514  3,515 
Dow Jones 3,963  2,798 
Book Publishing 2,784  2,713 
News Media 2,198  2,209 
Other(a)
 1,327  2,039 
Investments 564  351 
Total assets $ 17,419  $ 16,771 
(a)The Other segment primarily includes Cash and cash equivalents.
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NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
As of
March 31, 2022		 As of
June 30, 2021
(in millions)
Goodwill and intangible assets, net:
Digital Real Estate Services $ 1,862  $ 1,871 
Subscription Video Services 1,552  1,612 
Dow Jones 3,097  1,995 
Book Publishing 1,011  1,046 
News Media 303  308 
Total Goodwill and intangible assets, net $ 7,825  $ 6,832 
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.