v3.25.2
SEGMENT INFORMATION
 12 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 20. SEGMENT INFORMATION
The Company manages and reports its businesses in the following five segments:
•Dow Jones—The Dow Jones segment consists of Dow Jones, a global provider of news and business information whose products target individual consumers and enterprise customers and are distributed through a variety of media channels including websites, mobile apps, newspapers, newswires, newsletters, magazines, proprietary databases, live journalism, video and podcasts. Dow Jones’s consumer products include premier brands such as The Wall Street Journal, Barron’s, MarketWatch and Investor’s Business Daily. Dow Jones’s professional information products, which target enterprise customers, include Dow Jones Risk & Compliance, a leading provider of data and other solutions to help customers identify and manage regulatory, corporate, geopolitical, security and reputational risk with tools focused on financial crime, sanctions, trade and other risks and compliance requirements, Dow Jones Energy, a leading provider of pricing data, news, insights, analysis and other information for energy commodities and key base chemicals, Factiva, a leading provider of global business content, and Dow Jones Newswires, which distributes real-time business news, information and analysis to financial professionals and investors.
•Digital Real Estate Services—The Digital Real Estate Services segment consists of the Company’s 61.4% interest in REA Group and 80% interest in Move. The remaining 20% interest in Move is held by REA Group. REA Group is a market-leading digital media business specializing in property and is listed on the Australian Securities Exchange (“ASX”) (ASX: REA). REA Group advertises property and property-related services on its websites and mobile apps, including Australia’s leading residential, commercial and share property websites, realestate.com.au, realcommercial.com.au and Flatmates.com.au, property.com.au and property portals in India. In addition, REA Group provides property-related data to the financial sector and financial services through a digital property search and financing experience and a mortgage broking offering.
Move is a leading provider of digital real estate services in the U.S. and primarily operates Realtor.com®, a premier real estate information, advertising and services platform. Move offers real estate advertising solutions to agents and brokers, including its RealPRO SelectSM (formerly Market VIPSM), ConnectionsSM Plus and Listing Toolkit products as well as its referral-based services, ReadyConnect ConciergeSM and RealChoiceTM Selling. Move also offers online tools and services to do-it-yourself landlords and tenants.
•Book Publishing—The Book Publishing segment consists of HarperCollins, the second largest consumer book publisher in the world, with operations in 15 countries and particular strengths in general fiction, nonfiction, children’s and religious publishing. HarperCollins owns more than 120 branded publishing imprints, including Harper, William Morrow, Mariner, HarperCollins Children’s Books, Avon, Harlequin and Christian publishers Zondervan and Thomas Nelson, and publishes works by well-known authors such as Harper Lee, George Orwell, Agatha Christie and Zora Neale Hurston, as well as global author brands including J.R.R. Tolkien, C.S. Lewis, Daniel Silva, Karin Slaughter and Dr. Martin Luther King, Jr. It is home to many beloved children’s books and series and a significant Christian publishing business.
•News Media—The News Media segment consists primarily of News Corp Australia, News UK and the New York Post and includes The Australian, The Daily Telegraph, Herald Sun, The Courier Mail, The Advertiser and the news.com.au website in Australia, The Times, The Sunday Times, The Sun, The Sun on Sunday and thesun.co.uk in the U.K. and the-sun.com in the U.S. This segment also includes Wireless Group, operator of talkSPORT, the leading sports radio network in the U.K., Talk in the U.K., Australian News Channel, which operates the Sky News Australia network, Australia’s 24-hour multi-channel, multi-platform news service, and Storyful, a social media content agency.
•Other—The Other segment consists primarily of general corporate overhead expenses, strategy costs and costs related to the U.K. Newspaper Matters.
The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer. Segment EBITDA is the primary measure used by the Company’s CODM to evaluate the performance of, and allocate resources within, the Company’s businesses. The CODM uses Segment EBITDA to compare actual results to budget and uses this information to, among other things, allocate resources such as incentive compensation to segment managers. Segment EBITDA is defined as revenues less operating expenses and selling, general and administrative expenses. Segment EBITDA does not include: depreciation and amortization, impairment and restructuring charges, equity losses of affiliates, interest (expense) income, net, other, net, income tax (expense) benefit and net income (loss) from discontinued operations, net of tax. Segment EBITDA may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what items should be included in the calculation of Segment EBITDA. Segment EBITDA provides management, investors and equity analysts with a measure to analyze the operating performance of each of the Company’s business segments and its enterprise value against historical data and competitors’ data, although historical results may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).
Segment information is summarized as follows:
For the fiscal year ended June 30, 2025
Dow JonesDigital Real Estate ServicesBook PublishingNews MediaOtherTotal
(in millions)
Segment information:
Revenues$2,331 $1,802 $2,149 $2,170 $— $8,452 
Significant segment expenses:
Operating expenses(958)(186)(1,450)(1,142)— (3,736)
Selling, general and administrative(785)(1,015)(403)(875)(223)(3,301)
Segment EBITDA$588 $601 $296 $153 $(223)$1,415 
Depreciation and amortization(459)
Impairment and restructuring charges(132)
Equity losses of affiliates(15)
Interest income, net3 
Other, net111 
Income before income tax expense from continuing operations923 
Income tax expense from continuing operations(275)
Net income from continuing operations648 
Net income from discontinued operations, net of tax692 
Net income$1,340 
For the fiscal year ended June 30, 2024
Dow JonesDigital Real Estate ServicesBook PublishingNews MediaOtherTotal
(in millions)
Segment information:
Revenues$2,231 $1,658 $2,093 $2,270 $— $8,252 
Significant segment expenses:
Operating expenses(919)(190)(1,441)(1,264)— (3,814)
Selling, general and administrative(770)(960)(383)(873)(211)(3,197)
Segment EBITDA$542 $508 $269 $133 $(211)$1,241 
Depreciation and amortization(440)
Impairment and restructuring charges(133)
Equity losses of affiliates(6)
Interest expense, net(18)
Other, net(59)
Income before income tax expense from continuing operations585 
Income tax expense from continuing operations(206)
Net income from continuing operations379 
Net loss from discontinued operations, net of tax(25)
Net income$354 
For the fiscal year ended June 30, 2023
Dow JonesDigital Real Estate ServicesBook PublishingNews MediaOtherTotal
(in millions)
Segment information:
Revenues$2,153 $1,539 $1,979 $2,341 $— $8,012 
Significant segment expenses:
Operating expenses(934)(201)(1,469)(1,307)— (3,911)
Selling, general and administrative(725)(881)(343)(861)(202)(3,012)
Segment EBITDA$494 $457 $167 $173 $(202)$1,089 
Depreciation and amortization(415)
Impairment and restructuring charges(121)
Equity losses of affiliates(127)
Interest expense, net(49)
Other, net3 
Income before income tax expense from continuing operations380 
Income tax expense from continuing operations(152)
Net income from continuing operations228 
Net loss from discontinued operations, net of tax(41)
Net income$187 
For the fiscal years ended June 30,
202520242023
(in millions)
Depreciation and amortization:
Dow Jones$156 $153 $152 
Digital Real Estate Services146 137 123 
Book Publishing54 54 49 
News Media99 91 84 
Other4 5 7 
Total Depreciation and amortization$459 $440 $415 
For the fiscal years ended June 30,
202520242023
(in millions)
Capital expenditures:
Dow Jones$130 $100 $91 
Digital Real Estate Services154 131 130 
Book Publishing17 32 42 
News Media103 93 83 
Other3 1 1 
Total Capital expenditures$407 $357 $347 
As of June 30,
20252024
(in millions)
Total assets:
Dow Jones$4,134 $4,139 
Digital Real Estate Services3,202 3,020 
Book Publishing2,767 2,647 
News Media2,102 2,018 
Other(a)
2,283 1,858 
Investments1,016 429 
Assets from discontinued operations(b)
— 2,573 
Total assets$15,504 $16,684 
(a)The Other segment primarily includes Cash and cash equivalents.
(b)See Note 3—Discontinued Operations
As of June 30,
20252024
(in millions)
Goodwill and intangible assets, net:
Dow Jones$3,256 $3,248 
Digital Real Estate Services1,798 1,828 
Book Publishing941 914 
News Media308 294 
Other— — 
Total Goodwill and intangible assets, net$6,303 $6,284 
Geographic Segments
For the fiscal years ended June 30,
202520242023
(in millions)
Revenues:(a)
U.S. and Canada(b)
$4,121 $4,004 $3,965 
Europe(c)
1,710 1,734 1,666 
Australasia and Other(d)
2,621 2,514 2,381 
Total Revenues
$8,452 $8,252 $8,012 
(a)Revenues are attributed to region based on location of customer.
(b)Revenues include approximately $4.0 billion for fiscal 2025, $3.9 billion for fiscal 2024 and $3.8 billion for fiscal 2023 from customers in the U.S.
(c)Revenues include approximately $1.2 billion for fiscal 2025, $1.3 billion for fiscal 2024 and $1.2 billion for fiscal 2023 from customers in the U.K.
(d)Australasia comprises Australia, Asia, Papua New Guinea and New Zealand. Revenues include approximately $2.2 billion for fiscal 2025, $2.1 billion for fiscal 2024 and $2.0 billion for fiscal 2023 from customers in Australia.
As of June 30,
20252024
(in millions)
Long-lived assets:(a)
U.S. and Canada$1,415 $1,414 
Europe924 858 
Australasia and Other781 762 
Total long-lived assets
$3,120 $3,034 
(a)Reflects total assets less current assets, goodwill, intangible assets, investments and deferred income tax assets.
There is no material reliance on any single customer. Revenues are attributed to countries based on location of customers.