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DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
12 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
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: information services and news, digital real estate services and book publishing.
As described below, on April 2, 2025, the Company completed the sale of the Foxtel Group (“Foxtel”). The assets and liabilities, results of operations and cash flows of Foxtel 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. Unless indicated otherwise, the information in the notes to the Consolidated Financial Statements relates to the Company’s continuing operations. See Note 3—Discontinued Operations.
Basis of Presentation
The accompanying 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”). The Company’s financial statements as of June 30, 2025 and 2024 and for the three fiscal years ended June 30, 2025 are presented on a consolidated basis.
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 Company maintains a 52-53 week fiscal year ending on the Sunday closest to June 30 in each year. Fiscal 2025, fiscal 2024 and fiscal 2023 each included 52 weeks. All references to the fiscal years ended June 30, 2025, 2024 and 2023 relate to the fiscal years ended June 29, 2025, June 30, 2024 and July 2, 2023, respectively. For convenience purposes, the Company continues to date its consolidated financial statements as of June 30.