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, and the transaction closed on April 2, 2025. Under the terms of the agreement, all amounts outstanding under Foxtel’s shareholder loans with News Corp (approximately $380 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%, recorded at $648 million, and holds one seat on its Board of Directors. See Note 6—Investments. Telstra Group Ltd also sold its minority interest in Foxtel. The Company recorded a pre-tax gain of $716 million within Net income (loss) from discontinued operations, net of tax, in the fiscal year ended June 30, 2025 as a result of the sale.

The assets and liabilities, results of operations and cash flows of Foxtel 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. News Media segment results have been recast to reflect this change for all periods presented. See Note 20—Segment Information.

In all periods presented, transactions between Foxtel and the continuing operations of the Company that are not expected to continue after the sale are eliminated, whereas those expected to continue are no longer eliminated.


	For the fiscal years ended June 30,
	2025		2024		2023
	(in millions)






Revenues	$	1,393	$	1,908	$	1,928
Operating expenses	(940)		(1,285)		(1,259)
Selling, general and administrative	(236)		(325)		(338)
Depreciation and amortization(a)	(156)		(294)		(299)
Impairment and restructuring charges	(2)		(5)		(29)

Interest expense, net	(51)		(67)		(51)
Other, net(b)	721		29		(2)
Income (loss) before income tax (expense) benefit	729		(39)		(50)
Income tax (expense) benefit	(37)		14		9
Net income (loss)	692		(25)		(41)
Net loss attributable to noncontrolling interests	8		22		27
Net income (loss) attributable to News Corporation stockholders	$	700	$	(3)	$	(14)


	As of June 30, 2024
	(in millions)
Assets:
Current assets:
Cash and cash equivalents	$	88
Receivables, net	83
Inventory, net	30
Other current assets	139
Total current assets	340
Non-current assets:
Investments	1
Property, plant and equipment, net	642
Operating lease right-of-use assets	153
Intangible assets, net	374
Goodwill	850

Other non-current assets	213
Total non-current assets	$	2,233
Total assets	$	2,573

Liabilities:
Current liabilities:
Accounts payable	$	60
Accrued expenses	245
Deferred revenue	68
Current borrowings	45
Other current liabilities	133
Total current liabilities	551
Non-current liabilities:
Borrowings	762
Deferred income tax liabilities, net	98
Operating lease liabilities	115
Other non-current liabilities	20
Total non-current liabilities	$	995
Total liabilities	$	1,546