40 unchanged sentences
A change in the market interest rate or yield will only impact the fair market value of fixed-rate debt, while a change in the market interest rate or yield will impact interest expense, as well as the amount of cash required to service variable-rate debt.
−Removed: News Corporation has entered into an interest rate swap cash flow hedge to fix the floating rate interest component of its Term A Loans.
+Added: News Corporation has entered into an interest rate swap cash flow hedge to fix the floating rate interest component of a portion of its 2026 Term A Loans.
As of June 30, 2026, the notional amount of interest rate swap contracts outstanding was approximately $450 million for News Corporation borrowings.
2 unchanged sentences
Derivatives and Hedging
−Removed: As noted above, News Corporation has entered into an interest rate swap cash flow hedge to fix the floating rate interest component of its Term A Loans.
−Removed: As of June 30, 2025, the notional amount of interest rate swap contracts outstanding was
−Removed: approximately $475 million for News Corporation borrowings.
−Removed: Refer to Note 11—Financial Instruments and Fair Value Measurements in the accompanying Consolidated Financial Statements for further detail.
+Added: As noted above, News Corporation has entered into an interest rate swap cash flow hedge to fix the floating rate interest component of a portion of its 2026 Term A Loans.
The derivative instruments in place may create volatility during the fiscal year as they are marked-to-market according to accounting rules which may result in revaluation gains or losses in different periods from when the impacts on the underlying transactions are realized.
−Removed: The table below provides further details of the sensitivity of the Company’s derivative financial instruments which are subject to interest rate risk as of June 30, 2025 (in millions):
+Added: The table below provides further details of the sensitivity of the Company’s derivative financial instruments which are subject to interest rate risk as of June 30, 2026:
Value Fair Value Sensitivity from Adverse 10%
Change in Interest Rates
−Removed: Interest rate derivatives US$ 475 US$ 12 US$ (1)
+Added: (in millions)
+Added: Interest rate derivatives $ 450 $ 6 $ —
Cash and cash equivalents are maintained with multiple financial institutions.
6 unchanged sentences
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.