UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ________________________________ FORM 10-K ________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2021 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-35769 Title of each classTrading Symbol(s) Name of each exchange on whi ...

News Corporation (NASDAQ:NWSA) Q4 2021 Results Earnings Conference Call August 5, 2021 5:00 PM ET Company Participants Mike Florin - Senior Vice President & Head of Investor Relations Robert Thomson - Chief Executive Officer Susan Panuccio - Chief Financial Officer Conference Call Participants Kane Hannan - Goldman Sachs. Entcho Raykovski - Credit Suisse Darren Leung - Macquarie Brian Han - Morningstar Kane Hannan - Goldman Sachs Operator Good day, and welcome to the News Corp, 4Q Fiscal 2021 Conference Ca ...

News Corporation (NASDAQ:NWSA) Q3 2021 Earnings Conference Call May 6, 2021 5:00 PM ET Company Participants Mike Florin - Senior Vice President & Head of Investor Relations Robert Thomson - Chief Executive Officer Susan Panuccio - Chief Financial Officer Conference Call Participants Alan Gould - Loop Capital Kane Hannan - Goldman Sachs Alexia Quadrani - JPMorgan Entcho Raykovski - Credit Suisse Craig Huber - Huber Research Partners Darren Leung - Macquarie Brian Han - Morningstar Operator Good day, and welc ...

News Corporation (NASDAQ:NWSA) Q2 2021 Results Conference Call February 4, 2021 4:30 PM ET Company Participants Mike Florin - SVP and Head, IR Robert Thomson - CEO Susan Panuccio - CFO Conference Call Participants Zilu Pan - JP Morgan Kane Hannan - Goldman Sachs Entcho Raykovski - Credit Suisse Craig Huber - Huber Research Partners Operator Good day, and welcome to the News Corp. 2Q Fiscal 2021 Conference Call. Today's conference is being recorded. [Operator Instructions] At this time, I would like to turn ...

News Corporation (NASDAQ:NWSA) Q1 2021 Earnings Conference Call November 5, 2020 5:00 PM ET Company Participants Mike Florin - Senior Vice President & Head of Investor Relations Robert Thomson - Chief Executive Officer Susan Panuccio - Chief Financial Officer Conference Call Participants Kane Hannan - Goldman Sachs Entcho Raykovski - Crédit Suisse Craig Huber - Huber Research Partners Brian Han - Morningstar Operator Good day. And welcome to the News Corp 1Q Fiscal 2021 Conference Call. Today's conference i ...

Part I - Financial Information [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited consolidated financial statements for Q1 FY2021 vs Q1 FY2020, detailing operations, balance sheets, cash flows, and notes on segment changes Consolidated Statement of Operations (Unaudited) | (In millions) | Three months ended Sep 30, 2020 | Three months ended Sep 30, 2019 | | :--- | :--- | :--- | | **Total Revenues** | **$2,117** | **$2,340** | | Operating expenses | $(1,164) | $(1,338) | | Selling, general and administrative | $(685) | $(781) | | Impairment and restructuring charges | $(40) | $(297) | | Income (loss) before income tax | $72 | $(232) | | **Net income (loss)** | **$47** | **$(211)** | | **Net income (loss) attributable to News Corporation stockholders** | **$34** | **$(227)** | Consolidated Balance Sheet Highlights | (In millions) | As of Sep 30, 2020 (unaudited) | As of June 30, 2020 (audited) | | :--- | :--- | :--- | | Cash and cash equivalents | $1,539 | $1,517 | | **Total Assets** | **$14,400** | **$14,261** | | Total current liabilities | $2,738 | $2,682 | | Total borrowings | $1,284 | $1,259 | | **Total Liabilities** | **$5,946** | **$5,872** | | **Total Equity** | **$8,454** | **$8,389** | Consolidated Statement of Cash Flows (Unaudited) | (In millions) | Three months ended Sep 30, 2020 | Three months ended Sep 30, 2019 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$155** | **$27** | | Net cash used in investing activities | $(96) | $(118) | | Net cash used in financing activities | $(50) | $(95) | | **Net change in cash and cash equivalents** | **$9** | **$(186)** | - In the fourth quarter of fiscal 2020, the Company disaggregated its **Dow Jones operating segment** as a separate reportable segment, revising historical disclosures to reflect this change[20](index=20&type=chunk) [Note 2. Revenues](index=9&type=section&id=Note%202.%20Revenues) Total revenues decreased to **$2.117 billion** in Q1 FY2021, mainly due to News Media advertising decline, with growth in Book Publishing and Digital Real Estate Services Revenues by Segment (Three months ended Sep 30, 2020 vs 2019) | Segment | 2020 (in millions) | 2019 (in millions) | | :--- | :--- | :--- | | Digital Real Estate Services | $290 | $272 | | Subscription Video Services | $496 | $514 | | Dow Jones | $386 | $382 | | Book Publishing | $458 | $405 | | News Media | $487 | $767 | | **Total Revenues** | **$2,117** | **$2,340** | [Note 3. Restructuring Programs](index=10&type=section&id=Note%203.%20Restructuring%20Programs) Restructuring charges of **$40 million** were recorded in Q1 FY2021, mainly for exit costs related to the planned Bronx print plant closure - Restructuring charges of **$40 million** were recorded in Q1 FY2021, with **$31 million** related to the News Media segment, primarily for exit costs associated with the planned closure of the Bronx print plant in Q3 FY2021[39](index=39&type=chunk) [Note 5. Borrowings](index=11&type=section&id=Note%205.%20Borrowings) Total borrowings were **$1.284 billion** as of September 30, 2020, mainly non-recourse debt of subsidiaries, supplemented by an undrawn **$750 million** revolving credit facility - Outstanding borrowings are primarily incurred by the **Foxtel Debt Group** and **REA Group**, with this debt being non-recourse to News Corp[47](index=47&type=chunk) - The Company has access to an unsecured **$750 million** revolving credit facility, which was undrawn as of September 30, 2020[47](index=47&type=chunk) [Note 9. Commitments and Contingencies](index=17&type=section&id=Note%209.%20Commitments%20and%20Contingencies) The company faces legal proceedings, including retained liabilities from News America Marketing sale and U.K. Newspaper Matters, with a **$54 million** accrual for U.K. matters indemnified by FOX - The Company retained liabilities from the sale of its **News America Marketing business**, including ongoing antitrust lawsuits with **Insignia Systems, Inc.** and **Valassis Communications, Inc.**[79](index=79&type=chunk)[80](index=80&type=chunk)[82](index=82&type=chunk) - For the **U.K. Newspaper Matters**, the Company is indemnified by FOX for payments related to civil claims, with an accrued liability of approximately **$54 million** and a corresponding receivable from FOX of approximately **$61 million** as of September 30, 2020[85](index=85&type=chunk)[86](index=86&type=chunk) [Note 11. Segment Information](index=20&type=section&id=Note%2011.%20Segment%20Information) Details performance of six reporting segments, highlighting strong Segment EBITDA growth in Digital Real Estate Services, Dow Jones, and Book Publishing, despite a News Media loss Segment EBITDA (Three months ended Sep 30) | Segment (in millions) | 2020 | 2019 | | :--- | :--- | :--- | | Digital Real Estate Services | $119 | $82 | | Subscription Video Services | $78 | $81 | | Dow Jones | $72 | $49 | | Book Publishing | $71 | $49 | | News Media | $(22) | $7 | | Other | $(50) | $(47) | | **Total Segment EBITDA** | **$268** | **$221** | [Note 13. Subsequent Events](index=24&type=section&id=Note%2013.%20Subsequent%20Events) In October 2020, REA Group and News Corp agreed to increase their ownership in Elara Technologies, resulting in a combined controlling interest upon completion - In October 2020, **REA Group** agreed to increase its ownership in **Elara**, with News Corp also increasing its interest for **$34.5 million**, leading to a consolidated combined interest of **86.1% to 100%** in Elara[117](index=117&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a **10%** revenue decrease to **$2.12 billion**, improved net income to **$47 million**, and **21%** Segment EBITDA growth to **$268 million**, highlighting segment performance, COVID-19 impacts, and liquidity [Overview of the Company's Businesses](index=26&type=section&id=Overview%20of%20the%20Company%27s%20Businesses) Outlines the company's six segments and key developments, focusing on COVID-19's mixed impact on real estate and advertising versus digital subscriptions, and notes increased investment in Elara - The **COVID-19 pandemic** negatively impacted real estate markets and print advertising volumes, but also led to increases in **digital paid subscribers** and audience gains for **online news properties**[128](index=128&type=chunk)[129](index=129&type=chunk) - Sports programming costs in the Subscription Video Services segment were negatively impacted by the deferral of approximately **$36 million** in costs from fiscal 2020 into Q1 FY2021 due to postponed sporting events[130](index=130&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Consolidated revenues fell **10%** to **$2.117 billion** in Q1 FY2021, net income swung to a **$47 million** profit, and Total Segment EBITDA increased **21%** to **$268 million**, driven by strong segment performance Segment Performance (Q1 FY2021 vs Q1 FY2020) | Segment (in millions) | Revenues 2020 | Revenues 2019 | Segment EBITDA 2020 | Segment EBITDA 2019 | | :--- | :--- | :--- | :--- | :--- | | Digital Real Estate Services | $290 | $272 | $119 | $82 | | Subscription Video Services | $496 | $514 | $78 | $81 | | Dow Jones | $386 | $382 | $72 | $49 | | Book Publishing | $458 | $405 | $71 | $49 | | News Media | $487 | $767 | $(22) | $7 | | **Total** | **$2,117** | **$2,340** | **$268** | **$221** | - Digital revenues at the Dow Jones segment represented **73%** of its total revenues for the quarter, up from **65%** in the prior year[157](index=157&type=chunk) Dow Jones Digital-Only Subscriptions (Average Daily) | Publication | Q1 FY2021 (thousands) | Q1 FY2020 (thousands) | % Change | | :--- | :--- | :--- | :--- | | The Wall Street Journal | 2,354 | 1,854 | +27% | | Barron's | 458 | 321 | +43% | | **Total Consumer** | **2,914** | **2,259** | **+29%** | - The News Media segment's revenue decline of **$280 million** was primarily driven by a **$200 million** impact from the sale of **News America Marketing**[166](index=166&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) The company ended the quarter with **$1.5 billion** in cash, with net cash from operating activities increasing to **$155 million**, and free cash flow available to News Corp improving to **$65 million**, ensuring sufficient liquidity - The company's principal source of liquidity is internally generated funds and cash on hand, which stood at **$1.5 billion** as of September 30, 2020[170](index=170&type=chunk) Reconciliation of Free Cash Flow Available to News Corporation | (in millions) | Three months ended Sep 30, 2020 | Three months ended Sep 30, 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $155 | $27 | | Less: Capital expenditures | $(93) | $(117) | | Free cash flow | $62 | $(90) | | Less: REA Group free cash flow | $(29) | $(28) | | Plus: Cash dividends received from REA Group | $32 | $35 | | **Free cash flow available to News Corporation** | **$65** | **$(83)** | - In August 2020, the Board of Directors declared a semi-annual cash dividend of **$0.10 per share**, paid in October 2020[174](index=174&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material change in the company's sensitivity to market risk has been reported since the fiscal year ended June 30, 2020 - There has been **no material change** in the Company's assessment of its sensitivity to market risk since its presentation in the 2020 Form 10-K[189](index=189&type=chunk) [Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including CEO and CFO, deemed disclosure controls and procedures effective as of September 30, 2020, with no material changes in internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were **effective** as of the end of the reporting period[191](index=191&type=chunk) - **No changes** in the Company's internal control over financial reporting occurred during the first quarter of fiscal 2021 that materially affected, or are reasonably likely to materially affect, these controls[192](index=192&type=chunk) Part II - Other Information [Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) This section refers readers to **Note 9—Commitments and Contingencies** of the Consolidated Financial Statements for details on the company's legal proceedings - For details on legal proceedings, the report refers to **Note 9—Commitments and Contingencies** in the financial statements[194](index=194&type=chunk) [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) Updates risk factors, noting that FCC rules and the agreement with FOX may restrict the company's ability to acquire certain U.S. media assets, particularly where FOX owns broadcast stations - **FCC's Broadcast Ownership Rules** and **Program Access Rules**, combined with the **Murdoch Family Trust's ownership** in both **News Corp** and **FOX**, may restrict the Company from acquiring certain U.S. media assets, such as a newspaper in a market where FOX owns a television station[196](index=196&type=chunk)[197](index=197&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported **no unregistered sales of equity securities or use of proceeds** during the period - **None reported**[198](index=198&type=chunk) [Defaults Upon Senior Securities](index=41&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section is **not applicable** - **Not applicable**[198](index=198&type=chunk) [Mine Safety Disclosures](index=41&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is **not applicable** - **Not applicable**[198](index=198&type=chunk) [Other Information](index=41&type=section&id=Item%205.%20Other%20Information) This section is **not applicable** - **Not applicable**[198](index=198&type=chunk) [Exhibits](index=42&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with the quarterly report, including **CEO and CFO certifications** and financial data in **Inline XBRL format** - Exhibits filed include **CEO/CFO certifications** (31.1, 31.2, 32.1) and financial statements in **Inline XBRL format** (101, 104)[200](index=200&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ________________________________ FORM 10-K ________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2020 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-35769 ________________________________ NEWS CORPORATI ...

Financial Data and Key Metrics Changes - Total revenues for Q4 2020 were approximately $1.9 billion, down 22% year-over-year, reflecting the impacts of COVID-19 and the divestment of News America Marketing [33] - Total segment EBITDA was $195 million, down 28% year-over-year, with adjusted revenues falling 13% and adjusted total segment EBITDA decreasing 10% [33] - The net loss per share was $0.67 compared to a net loss per share of $0.09 in the prior year, including $292 million of non-cash impairment charges [33] Business Line Data and Key Metrics Changes - Dow Jones revenues for Q4 were $381 million, down 4% year-over-year, with digital revenues accounting for a record 71% of total revenues [34] - News Media segment revenues were $490 million, down 41% year-over-year, with advertising revenue falling 58% [37] - Digital Real Estate Services revenues decreased 16% to $238 million, primarily due to a decline in listings related to COVID-19 [40] Market Data and Key Metrics Changes - Digital advertising at Dow Jones was down only 7% in the quarter, while print advertising was down 43% [36] - Unique visitors across Dow Jones Digital platforms more than doubled in the quarter compared to the prior year [36] - The New York Post digital network reached 177 million monthly unique users during Q4 [23] Company Strategy and Development Direction - The company is focusing on digital transformation, with significant cost reductions and restructuring efforts across its publishing business [30][31] - A shared service program is being launched to centralize functions and reduce costs, expected to have a materially positive impact on the bottom line [12][13] - The creation of the Dow Jones segment allows for better performance comparison with peers, highlighting its growth potential [32] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by COVID-19 but expressed confidence in the company's ability to adapt and thrive in a digital-first environment [7][8] - The company expects continued growth in digital subscriptions and is taking steps to stabilize the News Media segment through aggressive cost targets [32][39] - Management noted that the advertising environment is expected to improve gradually, with strong digital trends observed [51] Other Important Information - The company reported a cash balance increase of $129 million to over $1.5 billion as of June 30 [8] - Digital subscriptions across News Corp Australia rose 25% to nearly 650,000 by the end of the fiscal year [22] - The company plans to hold an Investor Day in mid-September to provide more insights into Dow Jones' potential [21] Q&A Session Summary Question: Cost program for Foxtel and simplification agenda - Management confirmed that the $100 million in savings includes sports rights savings and emphasized that simplification is an ongoing process [56][58] Question: COVID-19 impact on revenue - Management clarified that the COVID-19 impact is net of all potential costs and revenue impacts, and noted that advertising trends at Dow Jones have improved since May [61][65] Question: Digital advertising trends at Dow Jones - Management attributed strong digital advertising performance to a unique media property structure and a growing subscription funnel [66][69] Question: Revenue impact from Australian newspaper closures - Management indicated that the closure of 112 mastheads in Australia represented about $20 million in revenue impact for Q4 [71][72] Question: Binge subscriber numbers and Telstra - Management confirmed that Telstra's sales channel numbers are included in Binge's subscriber counts [75][76]