GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 8. GOODWILL AND OTHER INTANGIBLE ASSETS

The net carrying values of the Company’s intangible assets for the fiscal years ended June 30, 2025 and June 30, 2024 were as follows:


	As of June 30,
	2025		2024
	(in millions)
Intangible Assets Not Subject to Amortization
Trademarks and tradenames	$	276	$	267
Newspaper mastheads	281		281

Imprints	250		222
Radio broadcast licenses	123		113
Total intangible assets not subject to amortization	930		883
Intangible Assets Subject to Amortization
Publishing rights	267		285
Customer relationships	708		750
Other	25		30
Total intangible assets subject to amortization, net	1,000		1,065
Total Intangible assets, net	$	1,930	$	1,948

Information related to amortizable intangible assets and related accumulated amortization for the fiscal years ended June 30, 2025 and June 30, 2024 is summarized below:


	Useful lives	As of June 30,
		2025						2024
		Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
		(in millions)
Publishing rights(a)	3 to 30 years	$	677	$	410	$	267	$	658	$	373	$	285
Customer relationships(b)	3 to 25 years	1,373		665		708		1,357		607		750
Other(c)	3 to 15 years	125		100		25		125		95		30
Total		$	2,175	$	1,175	$	1,000	$	2,140	$	1,075	$	1,065

(a)The useful lives of publishing rights are primarily based on the weighted-average remaining contractual terms of the underlying publishing contracts and the Company’s estimates of the period within those terms that the asset is expected to generate a majority of its future cash flows.

(b)The useful lives of customer relationships are estimated by applying historical attrition rates and determining the resulting period over which a majority of the accumulated undiscounted cash flows related to the customer relationships are expected to be generated.

(c)The useful lives of other intangible assets represent the periods over which these intangible assets are expected to contribute directly or indirectly to the Company’s future cash flows.

Amortization expense related to amortizable intangible assets was $98 million, $99 million and $106 million for the fiscal years ended June 30, 2025, 2024 and 2023, respectively.

Based on the current amount of amortizable intangible assets, the estimated amortization expense for each of the succeeding five fiscal years is as follows:


	As of June 30, 2025
	(in millions)
Fiscal 2026	$	97
Fiscal 2027	92
Fiscal 2028	88
Fiscal 2029	83
Fiscal 2030	79

The changes in the carrying value of goodwill, by segment, are as follows:


	Dow Jones		Digital Real Estate Services		Book Publishing		News Media		Total Goodwill
	(in millions)
Balance, June 30, 2023	$	2,195	$	1,542	$	413	$	141	$	4,291
Acquisitions	—		60		—		—		60
Impairments	—		—		—		(9)		(9)

Foreign exchange and other	—		2		(7)		(1)		(6)
Balance, June 30, 2024	$	2,195	$	1,604	$	406	$	131	$	4,336
Acquisitions	44		(8)		16		—		52


Foreign exchange and other	—		(21)		2		4		(15)
Balance, June 30, 2025	$	2,239	$	1,575	$	424	$	135	$	4,373

The carrying amount of goodwill as of June 30, 2025 and 2024 both reflected accumulated impairments of $3.9 billion principally relating to impairments at the Dow Jones and News Media segments that were recognized prior to the Company’s separation of its businesses from Twenty-First Century Fox, Inc. (“21st Century Fox”) on June 28, 2013 (the “Separation”).

Annual Impairment Assessments

In accordance with ASC 350, the Company’s goodwill and indefinite-lived intangible assets are tested for impairment annually in the fourth quarter or earlier if events occur or circumstances change that would more likely than not reduce the fair values below their carrying amounts. See Note 2—Summary of Significant Accounting Policies.

Fiscal 2025

The performance of the Company’s annual impairment analysis resulted in no impairments of indefinite-lived intangible assets or goodwill in fiscal 2025. The Company utilized the qualitative assessment for certain of its reporting units and indefinite-lived intangible assets. The qualitative tests performed considered various factors since the performance of the last quantitative test, including, but not limited to, macroeconomic conditions, industry and company-specific trends and parent company share price performance. Significant unobservable inputs utilized in the income approach valuation method for quantitative assessments were discount rates (ranging from 8.0% to 17.0%), long-term growth rates (ranging from 2.0% to 3.0%) and royalty rates (ranging from 0.25% to 5.0%). Significant unobservable inputs utilized in the market approach valuation method for quantitative assessments were EBITDA and revenue multiples from guideline public companies operating in similar industries (ranging from 5.0x to 10.0x and 2.0x to 2.8x, respectively) and control premiums (ranging from 5.0% to 10.0%). Significant increases (decreases) in royalty rates, growth rates, control premiums and multiples, assuming no change in discount rates, would result in a significantly higher (lower) fair value measurement. Significant decreases (increases) in discount rates, assuming no changes in royalty rates, growth rates, control premiums and multiples, would result in a significantly higher (lower) fair value measurement.

Fiscal 2024

The performance of the Company’s annual impairment analysis resulted in impairments of $18 million to an indefinite-lived intangible asset and goodwill in fiscal 2024. Significant unobservable inputs utilized in the income approach valuation method for quantitative assessments were discount rates (ranging from 8.0% to 18.5%), long-term growth rates (ranging from 1.0% to 3.5%) and royalty rates (ranging from 0.25% to 7.0%). Significant unobservable inputs utilized in the market approach valuation method for quantitative assessments were EBITDA and revenue multiples from guideline public companies operating in similar industries (ranging from 5.5x to 11.8x and 2.0x to 2.8x, respectively) and control premiums (ranging from 5.0% to 10.0%). Significant increases (decreases) in royalty rates, growth rates, control premiums and multiples, assuming no change in discount rates, would result in a significantly higher (lower) fair value measurement. Significant decreases (increases) in discount rates, assuming no changes in royalty rates, growth rates, control premiums and multiples, would result in a significantly higher (lower) fair value measurement.

Fiscal 2023

The performance of the Company’s annual impairment analysis resulted in impairments of $2 million to indefinite-lived intangible assets and no impairments to goodwill in fiscal 2023. Significant unobservable inputs utilized in the income approach valuation method for quantitative assessments were discount rates (ranging from 8.5% to 18.0%), long-term growth rates (ranging from 1.0% to 3.5%) and royalty rates (ranging from 0.25% to 7.0%). Significant unobservable inputs utilized in the market approach valuation method for quantitative assessments were EBITDA and revenue multiples from guideline public companies operating in similar industries (ranging from 6.0x to 11.5x and 2.0x to 2.8x, respectively) and control premiums (ranging from 5.0% to 10.0%). Significant increases (decreases) in royalty rates, growth rates, control premiums and multiples, assuming no change in discount rates, would result in a significantly higher (lower) fair value measurement. Significant decreases (increases) in discount rates, assuming no changes in royalty rates, growth rates, control premiums and multiples, would result in a significantly higher (lower) fair value measurement.