v3.25.2
INVESTMENTS
 12 Months Ended
Jun. 30, 2025
Schedule of Investments [Abstract]  
Investments
NOTE 6. INVESTMENTS
The Company’s investments were comprised of the following:
Ownership Percentage as of June 30, 2025As of June 30,
20252024
(in millions)
Equity method investments(a)
various$85 $215 
Equity and other securities(b)
various931 214 
Total Investments
$1,016 $429 
(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. A gain of approximately $87 million was recognized on the sale and recorded in Other, net. See Note 21—Additional Financial Information.
(b)Equity and other securities are primarily comprised of the Company’s interest in DAZN, certain investments in China, Nexxen International, Ltd., REA Group’s investment in Athena Home Loans and RipJar Ltd., an artificial intelligence-focused data analytics company. During fiscal 2025, the Company received an equity interest in DAZN of approximately 6%, recorded at $648 million, in connection with the sale of Foxtel. Refer to Note 3—Discontinued Operations for further discussion.
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 fiscal years ended June 30,
202520242023
(in millions)
Total gains (losses) recognized on equity securities
$21 $(13)$(9)
Less: Net gains (losses) recognized on equity securities sold or impaired— — 2 
Unrealized gains (losses) recognized on equity securities held at end of period
$21 $(13)$(11)
Equity Losses of Affiliates
The Company’s share of the losses of its equity affiliates was $15 million, $6 million and $127 million for the fiscal years ended June 30, 2025, 2024 and 2023, respectively. In fiscal 2023, the losses primarily reflect the non-cash write-down of REA Group’s investment in PropertyGuru of approximately $81 million and losses from an investment in an Australian sports wagering venture.