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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 September 30, 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-20220930_g1.jpg
NEWS CORPORATION
(Exact name of registrant as specified in its charter)
_________________________________________
Delaware46-2950970
(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 shareNWSAThe Nasdaq Global Select Market
Class B Common Stock, par value $0.01 per shareNWSThe 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 November 4, 2022, 382,351,488 shares of Class A Common Stock and 193,276,309 shares of Class B Common Stock were outstanding.


NEWS CORPORATION
FORM 10-Q
TABLE OF CONTENTS
Page


PART I
ITEM 1. FINANCIAL STATEMENTS
NEWS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; millions, except per share amounts)
For the three months ended
September 30,
Notes20222021
Revenues:
Circulation and subscription$1,111 $1,077 
Advertising406 405 
Consumer467 524 
Real estate323 320 
Other171 176 
Total Revenues22,478 2,502 
Operating expenses(1,273)(1,244)
Selling, general and administrative(855)(848)
Depreciation and amortization(179)(165)
Impairment and restructuring charges4(21)(22)
Equity losses of affiliates5(4) 
Interest expense, net(27)(22)
Other, net13(18)137 
Income before income tax expense101 338 
Income tax expense11(35)(71)
Net income66 267 
Less: Net income attributable to noncontrolling interests(26)(71)
Net income attributable to News Corporation stockholders$40 $196 
Net income attributable to News Corporation stockholders per share, basic and diluted9$0.07 $0.33 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
2

NEWS CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Unaudited; millions)
For the three months ended
September 30,
20222021
Net income$66 $267 
Other comprehensive loss:
Foreign currency translation adjustments(280)(164)
Net change in the fair value of cash flow hedges(a)
17 1 
Benefit plan adjustments, net(b)
12 5 
Other comprehensive loss(251)(158)
Comprehensive (loss) income(185)109 
Less: Net income attributable to noncontrolling interests(26)(71)
Less: Other comprehensive loss attributable to noncontrolling interests(c)
56 38 
Comprehensive (loss) income attributable to News Corporation stockholders$(155)$76 
(a)    Net of income tax expense of $6 million and nil for the three months ended September 30, 2022 and 2021, respectively.
(b)    Net of income tax expense of $4 million and $2 million for the three months ended September 30, 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)
NotesAs of
September 30, 2022
As of
June 30, 2022
(unaudited)(audited)
Assets:
Current assets:
Cash and cash equivalents$1,458 $1,822 
Receivables, net131,473 1,502 
Inventory, net373 311 
Other current assets450 458 
Total current assets3,754 4,093 
Non-current assets:
Investments5470 488 
Property, plant and equipment, net1,971 2,103 
Operating lease right-of-use assets841 891 
Intangible assets, net2,563 2,671 
Goodwill5,041 5,169 
Deferred income tax assets11390 422 
Other non-current assets131,357 1,384 
Total assets$16,387 $17,221 
Liabilities and Equity:
Current liabilities:
Accounts payable$348 $411 
Accrued expenses1,101 1,236 
Deferred revenue2592 604 
Current borrowings623 293 
Other current liabilities13949 975 
Total current liabilities3,013 3,519 
Non-current liabilities:
Borrowings62,977 2,776 
Retirement benefit obligations152 155 
Deferred income tax liabilities11167 198 
Operating lease liabilities888 947 
Other non-current liabilities462 483 
Commitments and contingencies10
Class A common stock(a)
4 4 
Class B common stock(b)
2 2 
Additional paid-in capital11,584 11,779 
Accumulated deficit(2,253)(2,293)
Accumulated other comprehensive loss(1,465)(1,270)
Total News Corporation stockholders’ equity7,872 8,222 
Noncontrolling interests856 921 
Total equity78,728 9,143 
Total liabilities and equity$16,387 $17,221 
(a)    Class A common stock, $0.01 par value per share (“Class A Common Stock”), 1,500,000,000 shares authorized, 384,404,733 and 387,561,850 shares issued and outstanding, net of 27,368,413 treasury shares at par at September 30, 2022 and June 30, 2022, respectively.
(b)    Class B common stock, $0.01 par value per share (“Class B Common Stock”), 750,000,000 shares authorized, 194,304,974 and 196,808,833 shares issued and outstanding, net of 78,430,424 treasury shares at par at September 30, 2022 and June 30, 2022, 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 three months ended
September 30,
Notes20222021
Operating activities:
Net income$66 $267 
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization179 165 
Operating lease expense30 32 
Equity losses of affiliates54  
Cash distributions received from affiliates1 4 
Other, net1318 (137)
Deferred income taxes and taxes payable11(4)27 
Change in operating assets and liabilities, net of acquisitions:
Receivables and other assets(96)9 
Inventories, net(61)(59)
Accounts payable and other liabilities(168)(240)
Net cash (used in) provided by operating activities(31)68 
Investing activities:
Capital expenditures(104)(101)
Acquisitions, net of cash acquired(3) 
Investments in equity affiliates and other(8)(16)
Proceeds from property, plant and equipment and other asset dispositions4 (2)
Other, net(19)24 
Net cash used in investing activities(130)(95)
Financing activities:
Borrowings6328 378 
Repayment of borrowings6(337)(383)
Repurchase of shares7(127) 
Dividends paid(31)(27)
Other, net18 (53)
Net cash used in financing activities(149)(85)
Net change in cash and cash equivalents(310)(112)
Cash and cash equivalents, beginning of period1,822 2,236 
Exchange movement on opening cash balance(54)(24)
Cash and cash equivalents, end of period$1,458 $2,100 
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, 2023. 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, 2022 as filed with the Securities and Exchange Commission (the “SEC”) on August 12, 2022 (the “2022 Form 10-K”).
The Company’s fiscal year ends on the Sunday closest to June 30. Fiscal 2023 and fiscal 2022 include 52 and 53 weeks, respectively. All references to the three months ended September 30, 2022 and 2021 relate to the three months ended October 2, 2022 and September 26, 2021, respectively. For convenience purposes, the Company continues to date its Consolidated Financial Statements as of September 30.
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 months ended September 30, 2022 and 2021:
For the three months ended September 30, 2022
Digital Real
Estate
Services
Subscription
Video
Services
Dow JonesBook
Publishing
News MediaOtherTotal
Revenues
(in millions)
Revenues:
Circulation and subscription$3 $425 $414 $ $269 $ $1,111 
Advertising35 64 94  213  406 
Consumer   467   467 
Real estate323      323 
Other60 13 7 20 71  171 
Total Revenues$421 $502 $515 $487 $553 $ $2,478 
For the three months ended September 30, 2021
Digital Real
Estate
Services
Subscription
Video
Services
Dow JonesBook
Publishing
News MediaOtherTotal
Revenues
(in millions)
Revenues:
Circulation and subscription$3 $440 $349 $ $285 $ $1,077 
Advertising33 59 90  223  405 
Consumer   524   524 
Real estate320      320 
Other70 11 5 22 68  176 
Total Revenues$426 $510 $444 $546 $576 $ $2,502 
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 months ended September 30, 2022 and 2021:
For the three months ended
September 30,
20222021
(in millions)
Balance, beginning of period$604 $473 
Deferral of revenue897 815 
Recognition of deferred revenue(a)
(896)(814)
Other(13)(7)
Balance, end of period$592 $467 
(a)For the three months ended September 30, 2022 and 2021, the Company recognized $408 million and $298 million, respectively, of revenue which was included in the opening deferred revenue balance.
Contract assets were immaterial for disclosure as of September 30, 2022 and 2021.
7


NEWS CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
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 months ended September 30, 2022, the Company recognized approximately $98 million 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 September 30, 2022 was approximately $1,169 million, of which approximately $320 million is expected to be recognized over the remainder of fiscal 2023, approximately $322 million is expected to be recognized in fiscal 2024 and approximately $165 million is expected to be recognized in fiscal 2025, 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.”
NOTE 3. ACQUISITIONS
OPIS
In February 2022, the Company acquired the Oil Price Information Service business and related assets (“OPIS”) from S&P Global Inc. (“S&P”) and IHS Markit Ltd. 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 $1 million primarily related to deferred revenue and accounts receivable and $620 million of identifiable intangible assets, consisting primarily of $528 million of customer relationships with a useful life of 20 years, $54 million in tradenames, including $48 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, “Intangibles—Goodwill and Other” (“ASC 350”), the excess of the total consideration over the fair values of the net tangible and intangible assets of $538 million was recorded as goodwill on the transaction.
Base Chemicals
In June 2022, the Company acquired the Base Chemicals (rebranded Chemical Market Analytics, “CMA”) business from S&P for $295 million in cash, subject to customary purchase price adjustments. CMA provides pricing data, insights, analysis and forecasting for key base chemicals through its leading Market Advisory and World Analysis services. The acquisition enables Dow Jones to become a leading provider of base chemicals information and furthers its goal of building the leading global business news and information platform for professionals. CMA is operated by 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 $22 million primarily related to deferred revenue and accounts receivable and $189 million of identifiable intangible assets, consisting primarily of $145 million of customer relationships with a useful life of 20 years, $31 million related to technology with a weighted average useful life of 14 years and $13 million in tradenames with a useful life of 20 years. In accordance with ASC 350, the excess of the total consideration over the fair values of the net tangible and intangible assets of $121 million was recorded as goodwill on the transaction.
8


NEWS CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
UpNest
In June 2022, the Company acquired UpNest, Inc. (“UpNest”) for closing cash consideration of $45 million, subject to customary purchase price adjustments, and up to $15 million in future cash consideration based upon the achievement of certain performance objectives over the next two years. The Company recorded an $8 million liability related to the contingent consideration, representing the estimated fair value. Included in the closing cash consideration is $9 million that is being held back to satisfy post-closing claims. UpNest is a real estate agent marketplace that matches home sellers and buyers with top local agents who compete for their business. The UpNest acquisition helps Realtor.com® further expand its services and support for home sellers and listing agents and brokers. UpNest is a subsidiary of Move, and its results are included within 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 $16 million of identifiable intangible assets, consisting primarily of customer relationships and technology platforms. In accordance with ASC 350, the excess of the total consideration over the fair values of the net tangible and intangible assets of $40 million was recorded as goodwill on the transaction.
NOTE 4. RESTRUCTURING PROGRAMS
During the three months ended September 30, 2022 and 2021, the Company recorded restructuring charges of $21 million and $22 million, respectively, of which $11 million and $12 million, respectively, related to the News Media segment. The restructuring charges recorded in fiscal 2023 and 2022 primarily related to employee termination benefits.
Changes in restructuring program liabilities were as follows:
For the three months ended September 30,
20222021
One time
employee
termination
benefits
Other costsTotalOne time
employee
termination
benefits
Other costsTotal
(in millions)
Balance, beginning of period$25 $41 $66 $51 $35 $86 
Additions20 1 21 18 4 22 
Payments(22)(2)(24)(41)(2)(43)
Other(1) (1)   
Balance, end of period$22 $40 $62 $28 $37 $65 
As of September 30, 2022, restructuring liabilities of approximately $38 million were included in the Balance Sheet in Other current liabilities and $24 million were included in Other non-current liabilities.
NOTE 5. INVESTMENTS
The Company’s investments were comprised of the following:
Ownership Percentage as of September 30, 2022As of
September 30, 2022
As of
June 30, 2022
(in millions)
Equity method investments(a)
various$262 $276 
Equity securities(b)
various208 212 
Total Investments$470 $488 
(a)Equity method investments are primarily comprised of REA Group’s ownership interest in PropertyGuru Pte. Ltd. (“PropertyGuru”).
(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.
9


NEWS CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
The Company has equity securities with quoted prices in active markets as well as equity securities without readily determinable fair market values. Equity securities without readily determinable fair market values are valued at cost, less any impairment, plus or minus changes in fair value resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The components comprising total gains and losses on equity securities are set forth below:
For the three months ended
September 30,
20222021
(in millions)
Total (losses) gains recognized on equity securities$(3)$28 
Less: Net gains recognized on equity securities sold  
Unrealized (losses) gains recognized on equity securities held at end of period$(3)$28 
Equity Losses of Affiliates
The Company’s share of the losses of its equity affiliates was $4 million and nil for the three months ended September 30, 2022 and 2021, respectively.
NOTE 6. BORROWINGS
The Company’s total borrowings consist of the following:
Interest rate at September 30, 2022Maturity at September 30, 2022As of
September 30, 2022
As of
June 30, 2022
(in millions)
News Corporation
2022 Term loan A5.028 %Mar 31, 2027$500 $500 
2022 Senior notes5.125 %Feb 15, 2032492 492 
2021 Senior notes3.875 %May 15, 2029988 987 
Foxtel Group(a)
2019 Credit facility(b)
5.36 %May 31, 2024307 68 
2019 Term loan facility6.25 %Nov 22, 2024160 171 
2017 Working capital facility(b)
5.36 %May 31, 2024  
Telstra facility9.95 %Dec 22, 202791 90 
2012 US private placement — USD portion — tranche 2(c)
 %Jul 25, 2022 198 
2012 US private placement — USD portion — tranche 3(c)
4.42 %Jul 25, 2024143 147 
2012 US private placement — AUD portion %Jul 25, 2022 68 
REA Group(a)
2022 Credit facility — tranche 1(d)
3.85 %Sep 16, 2024256 273 
2022 Credit facility — tranche 2(d)
4.00 %Sep 16, 20258 8 
Finance lease liability55 67 
Total borrowings3,000 3,069 
Less: current portion(e)
(23)(293)
Long-term borrowings
$2,977 $2,776 
(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
10


NEWS CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
guaranteed by the Foxtel Group and REA Group and their respective subsidiaries, as applicable, and are non-recourse to News Corp.
(b)As of September 30, 2022, the Foxtel Debt Group had total undrawn commitments of A$159 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 September 30, 2022, REA Group had total undrawn commitments of A$187 million available under this facility.
(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.” $23 million and $27 million relates to the current portion of finance lease liabilities as of September 30, 2022 and June 30, 2022, respectively.
Foxtel Group Borrowings
During the three months ended September 30, 2022, the Foxtel Group repaid its U.S. private placement senior unsecured notes that matured in July 2022 using capacity under the 2019 Credit Facility.
Covenants
The Company’s borrowings and those of its consolidated subsidiaries contain customary representations, covenants and events of default, including those discussed in the Company’s 2022 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 September 30, 2022.
NOTE 7. EQUITY
The following tables summarize changes in equity for the three months ended September 30, 2022 and 2021:
For the three months ended September 30, 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
SharesAmountSharesAmount
(in millions)
Balance, June 30, 2022388 $4 197 $2 $11,779 $(2,293)$(1,270)$8,222 $921 $9,143 
Net income— — — — — 40 — 40 26 66 
Other comprehensive loss— — — — — — (195)(195)(56)(251)
Dividends
— — — — (58)— — (58)(31)(89)
Share repurchases(5)— (3)— (127)— — (127)— (127)
Other
1 — — — (10)— — (10)(4)(14)
Balance, September 30, 2022384 $4 194 $2 $11,584 $(2,253)$(1,465)$7,872 $856 $8,728 
11


NEWS CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
For the three months ended September 30, 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
SharesAmountSharesAmount
(in millions)
Balance, June 30, 2021391 $4 200 $2 $12,057 $(2,911)$(941)$8,211 $935 $9,146 
Net income— — — — — 196 — 196 71 267 
Other comprehensive loss— — — — — — (120)(120)(38)(158)
Dividends
— — — — (59)— — (59)(27)(86)
Other
2 — — — (18)— — (18)(3)(21)
Balance, September 30, 2021393 $4 200 $2 $11,980 $(2,715)$(1,061)$8,210 $938 $9,148 
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 September 30, 2022, the remaining authorized amount under the Repurchase Program was approximately $690 million.
Stock repurchases commenced on November 9, 2021. During the three months ended September 30, 2022, the Company repurchased and subsequently retired 5.0 million shares of Class A Common Stock for approximately $84 million and 2.5 million shares of Class B Common Stock for approximately $43 million. The Company did not purchase any of its Class A Common Stock or Class B Common Stock during the three months ended September 30, 2021.
Dividends
In August 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 October 12, 2022 to stockholders of record as of September 14, 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.
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.
12


NEWS CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
The following table summarizes those assets and liabilities measured at fair value on a recurring basis:
As of September 30, 2022As of June 30, 2022
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
(in millions)
Assets:
Interest rate derivatives - cash flow hedges$ $46 $ $46 $ $24 $ $24 
Foreign currency derivatives - cash flow hedges 2  2  1  1 
Cross-currency interest rate derivatives - fair value hedges 8  8  19  19 
Cross-currency interest rate derivatives  34  34  79  79 
Equity securities(a)
104  104 208 109  103 212 
Total assets$104 $90 $104 $298 $109 $123 $103 $335 
Total liabilities$ $ $ $ $ $ $ $ 
(a)See Note 5—Investments.
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.
A rollforward of the Company’s equity securities classified as Level 3 is as follows:
For the three months ended
September 30,
20222021
(in millions)
Balance - beginning of period
$103 $116 
Additions1 1 
Returns of capital (24)
Measurement adjustments1 24 
Foreign exchange and other(a)
(