What changed in this filing

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Item 1. Financial Statements

2025-05-09 compared with 2025-02-06 · 162 added, 168 removed, 702 unchanged (32% of the section changed)

4 unchanged sentences

For the three months ended

December 31, For the six months ended

March 31, For the nine months ended

Notes 2025 2024 2025 2024

10 unchanged sentences

Equity losses of affiliates 5 — ( 2 ) ( 11 ) ( 5 )

Interest expense, net ( 3 ) ( 7 ) ( 3 ) ( 15 )

Interest income (expense), net 1 ( 3 ) ( 2 ) ( 18 )

Other, net 13 ( 13 ) ( 9 ) 101 ( 26 )

2 unchanged sentences

Net income from continuing operations 107 64 562 312

Net loss from discontinued operations, net of tax 2 ( 23 ) ( 11 ) ( 28 ) ( 7 )

Net income (loss) from discontinued operations, net of tax 2 30 ( 22 ) 2 ( 29 )

Net income 137 42 564 283

Net income attributable to noncontrolling interests from continuing operations ( 26 ) ( 22 ) ( 135 ) ( 86 )

Net loss attributable to noncontrolling interests from discontinued operations 10 7 16 9

Net (income) loss attributable to noncontrolling interests from discontinued operations ( 8 ) 10 8 19

Net income attributable to News Corporation stockholders $ 103 $ 30 $ 437 $ 216

14 unchanged sentences

For the three months ended

December 31, For the six months ended

March 31, For the nine months ended

2025 2024 2025 2024

Net income $ 137 $ 42 $ 564 $ 283

Other comprehensive (loss) income:

Other comprehensive income (loss):

Foreign currency translation adjustments 48 ( 141 ) ( 200 ) ( 71 )

2 unchanged sentences

Benefit plan adjustments, net (b)

10 ( 2 ) 7 13

Other comprehensive (loss) income ( 398 ) 196 ( 247 ) 65

Comprehensive (loss) income ( 115 ) 379 180 306

Other comprehensive income (loss) 42 ( 131 ) ( 205 ) ( 66 )

Comprehensive income (loss) 179 ( 89 ) 359 217

Net income attributable to noncontrolling interests ( 34 ) ( 12 ) ( 127 ) ( 67 )

Other comprehensive loss (income) attributable to noncontrolling interests (c)

Other comprehensive (income) loss attributable to noncontrolling interests (c)

( 10 ) 39 64 21

Comprehensive (loss) income attributable to News Corporation stockholders $ ( 78 ) $ 303 $ 161 $ 233

(a) Net of income tax expense (benefit) of $ 4 million and $( 6 ) million for the three months ended December 31, 2024 and 2023, respectively, and $( 2 ) million and $( 7 ) million for the six months ended December 31, 2024 and 2023, respectively.

(b) Net of income tax expense (benefit) of $ 3 million and $( 1 ) million for the three months ended December 31, 2024 and 2023, respectively, and $ 2 million and $ 4 million for the six months ended December 31, 2024 and 2023, respectively.

Comprehensive income (loss) attributable to News Corporation stockholders $ 135 $ ( 62 ) $ 296 $ 171

(a) Net of income tax expense (benefit) of $( 2 ) million and $ 2 million for the three months ended March 31, 2025 and 2024, respectively, and $( 4 ) million and $( 5 ) million for the nine months ended March 31, 2025 and 2024, respectively.

(b) Net of income tax expense (benefit) of nil and $ 2 million for the three months ended March 31, 2025 and 2024, respectively, and $ 2 million and $ 6 million for the nine months ended March 31, 2025 and 2024, respectively.

3 unchanged sentences

millions, except share and per share amounts)

December 31, 2024 As of

March 31, 2025 As of

June 30, 2024

42 unchanged sentences

Total liabilities and equity $ 16,580 $ 16,684

(a) Class A common stock , $ 0.01 par value per share (“Class A Common Stock”), 1,500,000,000 shares authorized, 378,380,369 and 378,670,671 shares issued and outstanding, net of 27,368,413 treasury shares at par, at December 31, 2024 and June 30, 2024, respectively.

(b) Class B common stock , $ 0.01 par value per share (“Class B Common Stock”), 750,000,000 shares authorized, 189,503,773 and 190,423,250 shares issued and outstanding, net of 78,430,424 treasury shares at par, at December 31, 2024 and June 30, 2024, respectively.

(a) Class A common stock , $ 0.01 par value per share (“Class A Common Stock”), 1,500,000,000 shares authorized, 377,542,384 and 378,670,671 shares issued and outstanding, net of 27,368,413 treasury shares at par, at March 31, 2025 and June 30, 2024, respectively.

(b) Class B common stock , $ 0.01 par value per share (“Class B Common Stock”), 750,000,000 shares authorized, 189,079,514 and 190,423,250 shares issued and outstanding, net of 78,430,424 treasury shares at par, at March 31, 2025 and June 30, 2024, respectively.

The accompanying notes are an integral part of these unaudited consolidated financial statements.

1 unchanged sentence

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the six months ended

For the nine months ended

Notes 2025 2024

1 unchanged sentence

Net income $ 564 $ 283

Net loss from discontinued operations, net of tax 28 7

Net (income) loss from discontinued operations, net of tax ( 2 ) 29

Net income from continuing operations $ 562 $ 312

35 unchanged sentences

Cash and cash equivalents at end of period of discontinued operations ( 76 ) ( 16 )

Restricted cash included in Other current assets (a)

Cash and cash equivalents $ 2,095 $ 1,927

(a) Represents restricted cash in escrow to fund an acquisition at the Book Publishing segment which closed in the third quarter of fiscal 2025.

The accompanying notes are an integral part of these unaudited consolidated financial statements.

4 unchanged sentences

information services and news, digital real estate services and book publishing.

During the second quarter of fiscal 2025, the assets and liabilities of the Foxtel Group (“Foxtel”) were classified as held for sale and the results of operations and cash flows have been classified as discontinued operations for all periods presented.

The assets and liabilities of the Foxtel Group (“Foxtel”) have been classified as held for sale and the results of operations and cash flows have been classified as discontinued operations for all periods presented.

Furthermore, upon reclassification of Foxtel’s results, the Subscription Video Services segment ceased to be a reportable segment and the residual results of the segment were aggregated into the News Media segment.

15 unchanged sentences

Fiscal 2025 and fiscal 2024 include 52 weeks.

All references to the three and six months ended December 31, 2024 and 2023 relate to the three and six months ended December 29, 2024 and December 31, 2023, respectively.

For convenience purposes, the Company continues to date its Consolidated Financial Statements as of December 31.

All references to the three and nine months ended March 31, 2025 and 2024 relate to the three and nine months ended March 30, 2025 and March 31, 2024, respectively.

For convenience purposes, the Company continues to date its Consolidated Financial Statements as of March 31.

Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current fiscal year presentation.

5 unchanged sentences

The amendments in ASU 2023-07 expand public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of other segment items and expanded interim disclosures that align with those required annually, among other provisions.

ASU 2023-07 requires the amendments to be applied retrospectively and is effective for the Company’s annual reporting period beginning on July 1, 2024 and interim reporting periods beginning on July 1, 2025, with early adoption permitted.

The Company is currently evaluating the impact ASU 2023-07 will have on its financial statement disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

10 unchanged sentences

DISCONTINUED OPERATIONS

During the second quarter of fiscal 2025, the Company entered into a definitive agreement to sell Foxtel to DAZN Group Limited (“DAZN”), a global sports streaming platform.

Under the terms of the agreement, amounts outstanding under Foxtel’s shareholder loans with News Corp (A$ 574 million of outstanding principal, including capitalized interest, as of December 31, 2024) will be repaid in full in cash at closing.

Foxtel’s third-party borrowings will transfer with the business, and News Corp will receive a minority equity interest in DAZN of approximately 6 % and hold one seat on its Board of Directors.

Telstra Group Ltd will also sell its minority interest in Foxtel.

The transaction is expected to close in the second half of fiscal 2025, subject to regulatory approvals and other customary closing conditions.

As a result of the progression of the sale process and the discontinuation of further significant business activities in the Subscription Video Services segment, the assets and liabilities of Foxtel were classified as held for sale and the results of operations and cash flows have been classified as discontinued operations for all periods presented in accordance with ASC 205-20, Discontinued Operations (“ASC 205-20”), as the disposition reflects a strategic shift that has, and will have, a major effect on the Company’s operations and financial results.

During the second quarter of fiscal 2025, the Company entered into a definitive agreement to sell Foxtel to DAZN Group Limited (“DAZN”), a global sports streaming platform, which closed on April 2, 2025.

Under the terms of the agreement, all amounts outstanding under Foxtel’s shareholder loans with News Corp (A$ 592 million) were repaid in full in cash at closing.

Foxtel’s third-party borrowings transferred with the business, and News Corp received a minority equity interest in DAZN of approximately 6 % and holds one seat on its Board of Directors.

Telstra Group Ltd also sold its minority interest in Foxtel.

The assets and liabilities of Foxtel have been classified as held for sale and the results of operations and cash flows have been classified as discontinued operations for all periods presented in accordance with ASC 205-20, Discontinued Operations (“ASC 205-20”), as the disposition reflects a strategic shift that has, and will have, a major effect on the Company’s operations and financial results.

Upon reclassification of Foxtel’s results, the Company determined that the Subscription Video Services segment was no longer a reportable segment and the residual results of the segment were aggregated into the News Media segment.

5 unchanged sentences

The following table summarizes the assets and liabilities of Foxtel classified to held for sale:

December 31, 2024 As of

March 31, 2025 As of

June 30, 2024

(in millions)

Assets held for sale:

14 unchanged sentences

Total assets held for sale $ 2,364 $ 2,573

$ 2,196 $ 2,573

Liabilities held for sale:

10 unchanged sentences

Operating lease liabilities 96 115

Other non-current liabilities (a)

Total non-current liabilities

Other non-current liabilities

Total non-current liabilities (a)

Total liabilities held for sale $ 1,431 $ 1,546

$ 1,324 $ 1,546

(a) The assets and liabilities held for sale are classified as current on the December 31, 2024 balance sheet as the transaction is expected to close within one year of that balance sheet date.

(a) The assets and liabilities held for sale are classified as current on the March 31, 2025 balance sheet as the transaction closed on April 2, 2025.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The following table summarizes the results of operations from the discontinued operations of Foxtel for the three and six months ended December 31, 2024 and 2023:

The following table summarizes the results of operations from the discontinued operations of Foxtel for the three and nine months ended March 31, 2025 and 2024:

For the three months ended

December 31, For the six months ended

March 31, For the nine months ended

2025 2024 2025 2024

Total Revenues $ 462 $ 466 $ 961 $ 950

(in millions)

Revenues $ 432 $ 455 $ 1,393 $ 1,405

Operating expenses ( 302 ) ( 313 ) ( 940 ) ( 942 )

Selling, general and administrative ( 68 ) ( 79 ) ( 236 ) ( 237 )

Depreciation and amortization ( 79 ) ( 69 ) ( 156 ) ( 139 )

Depreciation and amortization (a)

— ( 78 ) ( 156 ) ( 217 )

Impairment and restructuring charges — — ( 2 ) ( 2 )

1 unchanged sentence

Other, net ( 1 ) ( 1 ) ( 1 ) 3

Loss before income tax benefit ( 33 ) ( 14 ) ( 38 ) ( 7 )

Income tax benefit 10 3 10 —

Net loss ( 23 ) ( 11 ) ( 28 ) ( 7 )

Net loss attributable to noncontrolling interests

Net (loss) income attributable to News Corporation stockholders

Income (loss) before income tax (expense) benefit 45 ( 32 ) 7 ( 39 )

Income tax (expense) benefit ( 15 ) 10 ( 5 ) 10

Net income (loss) 30 ( 22 ) 2 ( 29 )

Net (income) loss attributable to noncontrolling interests

( 8 ) 10 8 19

The following tables present the Company’s disaggregated revenues by type and segment for the three and six months ended December 31, 2024 and 2023:

For the three months ended December 31, 2024

Net income (loss) attributable to News Corporation stockholders

22 ( 12 ) 10 ( 10 )

(a) Depreciation and amortization is not recognized for long lived assets subsequent to their classification as held for sale.

The following tables present the Company’s disaggregated revenues by type and segment for the three and nine months ended March 31, 2025 and 2024:

For the three months ended March 31, 2025

Dow Jones Digital Real

8 unchanged sentences

Total Revenues $ 575 $ 406 $ 514 $ 514 $ — $ 2,009

For the three months ended December 31, 2023

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the three months ended March 31, 2024

Dow Jones Digital Real

8 unchanged sentences

Total Revenues $ 544 $ 388 $ 506 $ 556 $ — $ 1,994

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended December 31, 2024

For the nine months ended March 31, 2025

Dow Jones Digital Real

8 unchanged sentences

Total Revenues $ 1,727 $ 1,336 $ 1,655 $ 1,625 $ — $ 6,343

For the six months ended December 31, 2023

For the nine months ended March 31, 2024

Dow Jones Digital Real

8 unchanged sentences

Total Revenues $ 1,665 $ 1,210 $ 1,581 $ 1,704 $ — $ 6,160

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Contract Liabilities and Assets

The Company’s deferred revenue balance primarily relates to amounts received from customers for subscriptions paid in advance of the services being provided.

The following table presents changes in the deferred revenue balance for the three and six months ended December 31, 2024 and 2023:

The following table presents changes in the deferred revenue balance for the three and nine months ended March 31, 2025 and 2024:

For the three months ended

December 31, For the six months ended

March 31, For the nine months ended

2025 2024 2025 2024

6 unchanged sentences

Balance, end of period $ 501 $ 484 $ 501 $ 484

(a) For the three and six months ended December 31, 2024, the Company recognized $ 205 million and $ 378 million, respectively, of revenue which was included in the opening deferred revenue balance.

For the three and six months ended December 31, 2023, the Company recognized $ 266 million and $ 435 million, respectively, of revenue which was included in the opening deferred revenue balance.

Contract assets were immaterial for disclosure as of December 31, 2024 and 2023.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(a) For the three and nine months ended March 31, 2025, the Company recognized $ 178 million and $ 428 million, respectively, of revenue which was included in the opening deferred revenue balance.

For the three and nine months ended March 31, 2024, the Company recognized $ 153 million and $ 498 million, respectively, of revenue which was included in the opening deferred revenue balance.

Contract assets were immaterial for disclosure as of March 31, 2025 and 2024.

Other Revenue Disclosures

2 unchanged sentences

The Company also does not capitalize significant financing components when the transfer of the good or service is paid within twelve months or less, or consideration is received within twelve months or less of the transfer of the good or service.

For the three and six months ended December 31, 2024, the Company recognized approximately $ 110 million and $ 222 million, respectively, in revenues related to performance obligations that were satisfied or partially satisfied in a prior reporting period.

The remaining transaction price related to unsatisfied performance obligations as of December 31, 2024 was approximately $ 1,258 million, of which approximately $ 256 million is expected to be recognized over the remainder of fiscal 2025, $ 378 million is expected to be recognized in fiscal 2026 and $ 254 million is expected to be recognized in fiscal 2027, with the remainder to be recognized thereafter.

For the three and nine months ended March 31, 2025, the Company recognized approximately $ 112 million and $ 334 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, 2025 was approximately $ 1,184 million, of which approximately $ 126 million is expected to be recognized over the remainder of fiscal 2025, $ 405 million is expected to be recognized in fiscal 2026 and $ 272 million is expected to be recognized in fiscal 2027, with the remainder to be recognized thereafter.

These amounts do not include (i) contracts with an expected duration of one year or less, (ii) contracts for which variable consideration is determined based on the customer’s subsequent sale or usage and (iii) variable consideration allocated to performance obligations accounted for under the series guidance that meets the allocation objective under ASC 606, Revenue from Contracts with Customers .

1 unchanged sentence

Restructuring

During the three and six months ended December 31, 2024, the Company recorded restructuring charges of $ 16 million and $ 38 million, respectively.

During the three and six months ended December 31, 2023, the Company recorded restructuring charges of $ 9 million and $ 25 million, respectively.

During the three and nine months ended March 31, 2025, the Company recorded restructuring charges of $ 11 million and $ 49 million, respectively.

During the three and nine months ended March 31, 2024, the Company recorded restructuring charges of $ 35 million and $ 60 million, respectively.

The restructuring charges recorded in fiscal 2025 and 2024 primarily related to employee termination benefits.

Fiscal 2024 Impairment

During the three and six months ended December 31, 2023, the Company recognized non-cash impairment charges of $ 1 million and $ 22 million, respectively, at the News Media segment related to the write-down of fixed assets associated with the combination of News UK’s printing operations with those of DMG Media.

During the nine months ended March 31, 2024, the Company recognized non-cash impairment charges of $ 22 million at the News Media segment related to the write-down of fixed assets associated with the combination of News UK’s printing operations with those of DMG Media.

NEWS CORPORATION

1 unchanged sentence

Changes in restructuring program liabilities were as follows:

For the three months ended December 31,

For the three months ended March 31,

benefits Other costs Total One time

6 unchanged sentences

Balance, end of period $ 16 $ 29 $ 45 $ 31 $ 38 $ 69

For the six months ended December 31,

For the nine months ended March 31,

benefits Other costs Total One time

6 unchanged sentences

Balance, end of period $ 16 $ 29 $ 45 $ 31 $ 38 $ 69

As of December 31, 2024, restructuring liabilities of approximately $ 24 million were included in the Balance Sheet in Other current liabilities and $ 25 million were included in Other non-current liabilities.

As of March 31, 2025, restructuring liabilities of approximately $ 21 million were included in the Balance Sheet in Other current liabilities and $ 24 million were included in Other non-current liabilities.

The Company’s investments were comprised of the following:

Ownership Percentage as of December 31, 2024 As of

December 31, 2024 As of

Ownership Percentage as of March 31, 2025 As of

March 31, 2025 As of

June 30, 2024

5 unchanged sentences

Total Investments $ 354 $ 429

(a) Equity method investments are primarily comprised of News UK’s joint venture with DMG Media.

(a) Equity method investments include News UK’s joint venture with DMG Media.

In December 2024, REA Group’s interest in PropertyGuru was acquired by a third party.

8 unchanged sentences

For the three months ended

December 31, For the six months ended

March 31, For the nine months ended

2025 2024 2025 2024

2 unchanged sentences

Net gains (losses) recognized on equity securities sold

( 1 ) — ( 1 ) —

Unrealized gains (losses) recognized on equity securities held at end of period $ ( 11 ) $ ( 1 ) $ 17 $ ( 11 )

Equity Losses of Affiliates

The Company’s share of the losses of its equity affiliates was $ 8 million and $ 11 million for the three and six months ended December 31, 2024, respectively, and $ 1 million and $ 3 million for the corresponding periods of fiscal 2024, respectively.

The Company’s share of the losses of its equity affiliates was nil and $ 11 million for the three and nine months ended March 31, 2025, respectively, and $ 2 million and $ 5 million for the corresponding periods of fiscal 2024, respectively.

The Company’s total borrowings consist of the following:

Interest rate at December 31, 2024 Maturity at December 31, 2024 As of

December 31, 2024 As of

Interest rate at March 31, 2025 Maturity at March 31, 2025 As of

March 31, 2025 As of

June 30, 2024

15 unchanged sentences

(a) The Company entered into an interest rate swap derivative to fix the floating rate interest component of its Term A Loans at 2.083 %.

For the three months ended December 31, 2024, the Company was paying interest at an effective interest rate of 3.521 %.

For the three months ended March 31, 2025, the Company was paying interest at an effective interest rate of 3.521 %.

See Note 8—Financial Instruments and Fair Value Measurements.

(b) These borrowings were incurred by REA Group and certain of its subsidiaries (REA Group and certain of its subsidiaries, the “REA Debt Group”), consolidated but non wholly-owned subsidiaries of News Corp, and are only guaranteed by the REA Debt Group and are non-recourse to News Corp.

(d) This facility was terminated by REA Group during the six months ended December 31, 2024, with the amount outstanding repaid using proceeds from the sale of REA Group’s interest in PropertyGuru.

(d) This facility was terminated by REA Group during the nine months ended March 31, 2025, with the amount outstanding repaid using proceeds from the sale of REA Group’s interest in PropertyGuru.

See Note 5—Investments.

(e) This facility was terminated by REA Group during the six months ended December 31, 2024, with the amount outstanding repaid using capacity available under the 2024 REA Credit Facility.

(f) The current portion of long term debt as of December 31, 2024 and June 30, 2024 relates to required principal repayments on the 2022 Term Loan A.

(e) This facility was terminated by REA Group during the nine months ended March 31, 2025, with the amount outstanding repaid using capacity available under the 2024 REA Credit Facility.

(f) The current portion of long term debt as of March 31, 2025 and June 30, 2024 relates to required principal repayments on the 2022 Term Loan A.

The Company’s borrowings and those of its consolidated subsidiaries contain customary representations, covenants and events of default, including those discussed in the Company’s 2024 Form 10-K.

If any of the events of default occur and are not cured

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The Company’s borrowings and those of its consolidated subsidiaries contain customary representations, covenants and events of default, including those discussed in the Company’s 2024 Form 10-K.

If any of the events of default occur and are not cured within applicable grace periods or waived, any unpaid amounts under the applicable debt agreements may be declared immediately due and payable.

The Company was in compliance with all such covenants at December 31, 2024.

The following tables summarize changes in equity for the three and six months ended December 31, 2024 and 2023:

For the three months ended December 31, 2024

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, 2025.

The following tables summarize changes in equity for the three and nine months ended March 31, 2025 and 2024:

For the three months ended March 31, 2025

Class A Common

8 unchanged sentences

(in millions)

Balance, September 30, 2024 379 $ 4 190 $ 2 $ 11,157 $ ( 1,779 ) $ ( 1,131 ) $ 8,253 $ 913 $ 9,166

Balance, December 31, 2024 378 $ 4 189 $ 2 $ 11,141 $ ( 1,574 ) $ ( 1,424 ) $ 8,149 $ 876 $ 9,025

Net income — — — — — 103 — 103 34 137

Other comprehensive loss — — — — — — ( 293 ) ( 293 ) ( 105 ) ( 398 )

Other comprehensive income — — — — — — 32 32 10 42

Dividends — — — — ( 57 ) — — ( 57 ) ( 36 ) ( 93 )

1 unchanged sentence

Other — — — — 14 ( 1 ) — 13 ( 6 ) 7

Balance, December 31, 2024 378 $ 4 189 $ 2 $ 11,141 $ ( 1,574 ) $ ( 1,424 ) $ 8,149 $ 876 $ 9,025

For the three months ended December 31, 2023

Balance, March 31, 2025 377 $ 4 189 $ 2 $ 11,070 $ ( 1,481 ) $ ( 1,392 ) $ 8,203 $ 878 $ 9,081

For the three months ended March 31, 2024

Class A Common

8 unchanged sentences

(in millions)

Balance, September 30, 2023 381 $ 4 192 $ 2 $ 11,347 $ ( 2,114 ) $ ( 1,347 ) $ 7,892 $ 844 $ 8,736

Balance, December 31, 2023 380 $ 4 191 $ 2 $ 11,334 $ ( 1,958 ) $ ( 1,200 ) $ 8,182 $ 920 $ 9,102

Net income — — — — — 30 — 30 12 42

Other comprehensive income — — — — — — 147 147 49 196

Other comprehensive loss — — — — — — ( 92 ) ( 92 ) ( 39 ) ( 131 )

Dividends — — — — ( 57 ) — — ( 57 ) ( 29 ) ( 86 )

1 unchanged sentence

1 — 1 — 15 — — 15 ( 7 ) 8

Balance, December 31, 2023 380 $ 4 191 $ 2 $ 11,334 $ ( 1,958 ) $ ( 1,200 ) $ 8,182 $ 920 $ 9,102

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended December 31, 2024

Balance, March 31, 2024 380 $ 4 191 $ 2 $ 11,270 $ ( 1,933 ) $ ( 1,292 ) $ 8,051 $ 857 $ 8,908

For the nine months ended March 31, 2025

Class A Common

14 unchanged sentences

Other 1 — — — 17 ( 1 ) — 16 ( 5 ) 11

Balance, December 31, 2024 378 $ 4 189 $ 2 $ 11,141 $ ( 1,574 ) $ ( 1,424 ) $ 8,149 $ 876 $ 9,025

For the six months ended December 31, 2023

Balance, March 31, 2025 377 $ 4 189 $ 2 $ 11,070 $ ( 1,481 ) $ ( 1,392 ) $ 8,203 $ 878 $ 9,081

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the nine months ended March 31, 2024

Common Stock Class B

9 unchanged sentences

Net income — — — — — 216 — 216 67 283

Other comprehensive income — — — — — — 47 47 18 65

Other comprehensive loss — — — — — — ( 45 ) ( 45 ) ( 21 ) ( 66 )

Dividends — — — — ( 114 ) — — ( 114 ) ( 57 ) ( 171 )

1 unchanged sentence

Other 3 — — — 12 — — 12 ( 13 ) ( 1 )

Balance, December 31, 2023 380 $ 4 191 $ 2 $ 11,334 $ ( 1,958 ) $ ( 1,200 ) $ 8,182 $ 920 $ 9,102

Balance, March 31, 2024 380 $ 4 191 $ 2 $ 11,270 $ ( 1,933 ) $ ( 1,292 ) $ 8,051 $ 857 $ 8,908

Stock Repurchases

2 unchanged sentences

The Repurchase Program has no time limit and may be modified, suspended or discontinued at any time.

As of December 31, 2024, the remaining authorized amount under the Repurchase Program was approximately $ 382 million.

As of March 31, 2025, the remaining authorized amount under the Repurchase Program was approximately $ 345 million.

Stock repurchases under the Repurchase Program commenced on November 9, 2021.

The following table summarizes the shares repurchased and subsequently retired and the related consideration paid during the three months ended December 31, 2024 and 2023:

For the three months ended December 31,

The following tables summarize the shares repurchased and subsequently retired and the related consideration paid during the three and nine months ended March 31, 2025 and 2024:

For the three months ended March 31,

(in millions)

3 unchanged sentences

1.2 $ 37 1.0 $ 27

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended December 31,

For the nine months ended March 31,

Shares Amount Shares Amount

5 unchanged sentences

4.0 $ 115 3.6 $ 82

In August 2024, the Board of Directors declared a semi-annual cash dividend of $ 0.10 per share for Class A Common Stock and Class B Common Stock.

The dividend was paid on October 9, 2024 to stockholders of record as of September 11, 2024.

In February 2025, 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 9, 2025 to stockholders of record as of March 12, 2025.

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.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

7 unchanged sentences

The following table summarizes those assets and liabilities, as applicable, measured at fair value on a recurring basis:

As of December 31, 2024 As of June 30, 2024

As of March 31, 2025 As of June 30, 2024

Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total

9 unchanged sentences

These securities are classified as Level 3 in the fair value hierarchy outlined above.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

A rollforward of the Company’s equity and other securities classified as Level 3 is as follows:

For the six months ended

For the nine months ended

(in millions)

5 unchanged sentences

Balance - end of period $ 164 $ 132

(a) The additions for the six months ended December 31, 2024 primarily relate to REA Group’s investment in Athena Home Loans.

(a) The additions for the nine months ended March 31, 2025 primarily relate to REA Group’s investment in Athena Home Loans.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Derivative Instruments

7 unchanged sentences

Balance Sheet Classification

December 31, 2024 As of

March 31, 2025 As of

June 30, 2024

4 unchanged sentences

The Company utilizes interest rate derivatives to mitigate interest rate risk in relation to future interest payments.

The total notional value of interest rate swap derivatives designated for hedging was approximately $ 481 million as of December 31, 2024 for News Corporation borrowings.

The total notional value of interest rate swap derivatives designated for hedging was approximately $ 478 million as of March 31, 2025 for News Corporation borrowings.

The maximum hedged term over which the Company is hedging exposure to variability in interest payments is to March 2027.

As of December 31, 2024, the Company estimates that approximately $ 10 million of net derivative gains related to its interest rate swap derivative cash flow hedges included in Accumulated other comprehensive loss will be reclassified into the Statements of Operations within the next twelve months.

The following tables present the impact that changes in the fair values had on Accumulated other comprehensive loss and the Statements of Operations during the three and six months ended December 31, 2024 and 2023 for derivatives designated as cash flow hedges:

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Gains (losses) recognized in Accumulated other comprehensive loss for the three and six months ended December 31, 2024 and 2023, by derivative instrument:

As of March 31, 2025, the Company estimates that approximately $ 9 million of net derivative gains related to its interest rate swap derivative cash flow hedges included in Accumulated other comprehensive loss will be reclassified into the Statements of Operations within the next twelve months.

The following tables present the impact that changes in the fair values had on Accumulated other comprehensive loss and the Statements of Operations during the three and nine months ended March 31, 2025 and 2024 for derivatives designated as cash flow hedges:

Gains (losses) recognized in Accumulated other comprehensive loss for the three and nine months ended March 31, 2025 and 2024, by derivative instrument:

For the three months ended

December 31, For the six months ended

March 31, For the nine months ended

2025 2024 2025 2024

1 unchanged sentence

Interest rate derivatives - cash flow hedges $ ( 3 ) $ 9 $ ( 3 ) $ 7

(Gains) losses reclassified from Accumulated other comprehensive loss into the Statements of Operations for the three and six months ended December 31, 2024 and 2023, by derivative instrument:

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(Gains) losses reclassified from Accumulated other comprehensive loss into the Statements of Operations for the three and nine months ended March 31, 2025 and 2024, by derivative instrument:

Income Statement

1 unchanged sentence

For the three months ended

December 31, For the six months ended

March 31, For the nine months ended

2025 2024 2025 2024

(in millions)

Interest rate derivatives - cash flow hedges Interest expense, net $ ( 3 ) $ ( 4 ) $ ( 7 ) $ ( 8 )

Interest rate derivatives - cash flow hedges Interest income (expense), net $ ( 3 ) $ ( 5 ) $ ( 10 ) $ ( 13 )

Other Fair Value Measurements

As of December 31, 2024, the carrying value of the Company’s outstanding borrowings approximates the fair value.

As of March 31, 2025, the carrying value of the Company’s outstanding borrowings approximates the fair value.

The 2022 Senior Notes and the 2021 Senior Notes are classified as Level 2 and the remaining borrowings are classified as Level 3 in the fair value hierarchy.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

EARNINGS (LOSS) PER SHARE

1 unchanged sentence

For the three months ended

December 31, For the six months ended

March 31, For the nine months ended

2025 2024 2025 2024

1 unchanged sentence

Net income from continuing operations $ 107 $ 64 $ 562 $ 312

Net loss from discontinued operations, net of tax ( 23 ) ( 11 ) ( 28 ) ( 7 )

Net income (loss) from discontinued operations, net of tax 30 ( 22 ) 2 ( 29 )

Net income 137 42 564 283

Net income from continuing operations attributable to noncontrolling interests ( 78 ) ( 34 ) ( 109 ) ( 64 )

Net loss attributable to noncontrolling interests from discontinued operations 10 7 16 9

Net income attributable to noncontrolling interests from continuing operations ( 26 ) ( 22 ) ( 135 ) ( 86 )

Net (income) loss attributable to noncontrolling interests from discontinued operations ( 8 ) 10 8 19

Net income attributable to News Corporation stockholders $ 103 $ 30 $ 437 $ 216

9 unchanged sentences

$ 0.18 $ 0.05 $ 0.77 $ 0.38

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

COMMITMENTS AND CONTINGENCIES

1 unchanged sentence

These firm commitments secure the current and future rights to various assets and services to be used in the normal course of operations.

Upon closing of the Company’s sale of Foxtel, certain commitments will no longer be the obligation of the Company.

Upon closing of the Company’s sale of Foxtel on April 2, 2025, certain commitments are no longer the obligation of the Company.

These primarily relate to sports and other programming rights, Foxtel borrowings and certain lease obligations.

The Company’s commitments as of December 31, 2024 have not otherwise changed significantly from the disclosures included in the 2024 Form 10-K.

The Company’s commitments as of March 31, 2025 have not otherwise changed significantly from the disclosures included in the 2024 Form 10-K.

Contingencies

2 unchanged sentences

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.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The Company establishes an accrued liability for legal claims when it determines that a loss is probable and the amount of the loss can be reasonably estimated.

7 unchanged sentences

The complaints seek treble damages, injunctive relief and attorneys’ fees and costs.

While it is not possible at this time to predict with any degree of certainty the ultimate outcome of these actions, OPIS intends to defend itself vigorously.

In addition, in January 2025, OPIS received a grand jury subpoena issued by the U.S.

In May 2025, the Company entered into a settlement which would resolve the complaints, subject to court approval.

In addition, (i) in January 2025, OPIS received a grand jury subpoena issued by the U.S.

District Court for the Northern District of California, from the U.S.

Department of Justice Antitrust Division.

The subpoena calls for production of documents related to the pricing of PVC pipe and the publication of the PVC and Pipe Weekly Report.

OPIS is responding to the subpoena and intends to comply with its obligations under the subpoena.

Department of Justice Antitrust Division, and (ii) in April 2025, OPIS received a civil investigative demand (“CID”) from a state attorney general.

Both the subpoena and the CID call for production of documents related to PVC pipe, including documents relating to the publication of the PVC and Pipe Weekly Report.

OPIS intends to comply with its obligations under the subpoena and CID.

HarperCollins

10 unchanged sentences

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.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Newspaper Matters

9 unchanged sentences

Newspaper Matters.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The net expense related to the U.K.

Newspaper Matters in Selling, general and administrative was $ 4 million and $ 2 million for the three months ended December 31, 2024 and 2023, respectively, and $ 6 million and $ 5 million for the six months ended December 31, 2024 and 2023, respectively.

As of December 31, 2024, the Company has provided for its best estimate of the liability for the claims that have been filed and costs incurred, including liabilities associated with employment taxes, and has accrued approximately $ 55 million.

The amount to be indemnified by FOX of approximately $ 64 million was recorded as a receivable in Other current assets on the Balance Sheet as of December 31, 2024.

Newspaper Matters in Selling, general and administrative was $ 4 million and $ 2 million for the three months ended March 31, 2025 and 2024, respectively, and $ 10 million and $ 7 million for the nine months ended March 31, 2025 and 2024, respectively.

As of March 31, 2025, 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 $ 27 million.

The amount to be indemnified by FOX of approximately $ 44 million was recorded as a receivable in Other current assets on the Balance Sheet as of March 31, 2025.

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.

5 unchanged sentences

In addition, the effects of changes in enacted tax laws or rates or tax status are recognized in the interim period in which the change occurs.

For the three months ended December 31, 2024, the Company recorded income tax expense of $ 124 million on pre-tax income from continuing operations of $ 430 million, resulting in an effective tax rate that was higher than the U.S.

For the three months ended March 31, 2025, the Company recorded income tax expense of $ 44 million on pre-tax income from continuing operations of $ 151 million, resulting in an effective tax rate that was higher than the U.S.

statutory tax rate.

The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses offset by lower taxes on the disposition of REA Group’s interest in PropertyGuru.

For the six months ended December 31, 2024, the Company recorded income tax expense of $ 185 million on pre-tax income from continuing operations of $ 640 million, resulting in an effective tax rate that was higher than the U.S.

The tax rate was impacted by foreign operations which are subject to higher tax rates and by valuation allowances recorded against tax benefits in certain businesses.

For the nine months ended March 31, 2025, the Company recorded income tax expense of $ 229 million on pre-tax income from continuing operations of $ 791 million, resulting in an effective tax rate that was higher than the U.S.

statutory tax rate.

For the three months ended December 31, 2023, the Company recorded income tax expense of $ 97 million on pre-tax income from continuing operations of $ 291 million, resulting in an effective tax rate that was higher than the U.S.

For the three months ended March 31, 2024, the Company recorded income tax expense of $ 32 million on pre-tax income from continuing operations of $ 96 million, resulting in an effective tax rate that was higher than the U.S.

statutory tax rate.

The tax rate was impacted by foreign operations which are subject to higher tax rates, and by valuation allowances recorded against tax benefits in certain businesses.

For the six months ended December 31, 2023, the Company recorded income tax expense of $ 131 million on pre-tax income from continuing operations of $ 379 million, resulting in an effective tax rate that was higher than the U.S.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the nine months ended March 31, 2024, the Company recorded income tax expense of $ 163 million on pre-tax income from continuing operations of $ 475 million, resulting in an effective tax rate that was higher than the U.S.

statutory tax rate.

8 unchanged sentences

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.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The Organization for Economic Cooperation and Development (“OECD”) continues to develop detailed rules to assist member states in the implementation of landmark reforms to the international tax system, as agreed in October 2021 by 136 members of the OECD/G20 Inclusive Framework.

11 unchanged sentences

The Company continues to evaluate the potential impact of these rules.

The Company paid gross income taxes of $ 108 million and $ 74 million during the six months ended December 31, 2024 and 2023, respectively, and received tax refunds of $ 1 million and $ 9 million, respectively.

The Company paid gross income taxes of $ 150 million and $ 110 million during the nine months ended March 31, 2025 and 2024, respectively, and received tax refunds of $ 2 million and $ 9 million, respectively.

SEGMENT INFORMATION

3 unchanged sentences

Dow Jones’s professional information products, which target enterprise customers, include Dow Jones Risk & Compliance, a leading provider of data solutions to help customers identify and manage regulatory, corporate and reputational risk with tools focused on financial crime, sanctions, trade and other compliance requirements, Dow Jones Energy, a leading provider of pricing data, news, insights, analysis and other information for energy commodities and key base chemicals, Factiva, a leading provider of global business content, and Dow Jones Newswires, which distributes real-time business news, information and analysis to financial professionals and investors.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

• 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.

7 unchanged sentences

Move also offers online tools and services to do-it-yourself landlords and tenants.

NEWS CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

• Book Publishing —The Book Publishing segment consists of HarperCollins, the second largest consumer book publisher in the world, with operations in 15 countries and particular strengths in general fiction, nonfiction, children’s and religious publishing.

19 unchanged sentences

For the three months ended

December 31, For the six months ended December 31,

March 31, For the nine months ended March 31,

2025 2024 2025 2024

15 unchanged sentences

Equity losses of affiliates — ( 2 ) ( 11 ) ( 5 )

Interest expense, net ( 3 ) ( 7 ) ( 3 ) ( 15 )

Interest income (expense), net 1 ( 3 ) ( 2 ) ( 18 )

Other, net ( 13 ) ( 9 ) 101 ( 26 )

2 unchanged sentences

Net income from continuing operations 107 64 562 312

Net loss from discontinued operations, net of tax ( 23 ) ( 11 ) ( 28 ) ( 7 )

Net income (loss) from discontinued operations, net of tax 30 ( 22 ) 2 ( 29 )

Net income $ 137 $ 42 $ 564 $ 283

December 31, 2024 As of

March 31, 2025 As of

June 30, 2024

12 unchanged sentences

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2024 As of

March 31, 2025 As of

June 30, 2024

10 unchanged sentences

Receivables, net consist of:

December 31, 2024 As of

March 31, 2025 As of

June 30, 2024

5 unchanged sentences

The following table sets forth the components of Other non-current assets:

December 31, 2024 As of

March 31, 2025 As of

June 30, 2024

7 unchanged sentences

The following table sets forth the components of Other current liabilities:

December 31, 2024 As of

March 31, 2025 As of

June 30, 2024

8 unchanged sentences

The following table sets forth the components of Other, net:

For the three months ended December 31, For the six months ended December 31,

For the three months ended March 31, For the nine months ended March 31,

2025 2024 2025 2024

6 unchanged sentences

The following table sets forth the Company’s cash paid for interest and taxes:

For the six months ended December 31,

For the nine months ended March 31,

(in millions)

1 unchanged sentence

Cash paid for taxes $ 150 $ 110

SUBSEQUENT EVENTS

Dividend declaration

In February 2025, the Company’s Board of Directors declared a semi-annual cash dividend of $ 0.10 per share for Class A Common Stock and Class B Common Stock.

The dividend is payable on April 9, 2025 to stockholders of record as of March 12, 2025.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements