☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 46-2950970 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
1211 Avenue of the Americas, New York, New York
|
10036 | |||||||||||||
(Address of principal executive offices) | (Zip Code) | |||||||||||||
(212) 416-3400
|
||||||||||||||
(Registrant’s telephone number, including area code) |
Title of each class |
Trading
Symbol(s) |
Name of each exchange
on which registered |
||||||
Class A Common Stock, par value $0.01 per share | NWSA | The Nasdaq Global Select Market | ||||||
Class B Common Stock, par value $0.01 per share | NWS | The Nasdaq Global Select Market | ||||||
Class A Preferred Stock Purchase Rights | N/A | The Nasdaq Global Select Market | ||||||
Class B Preferred Stock Purchase Rights | N/A | The Nasdaq Global Select Market |
Large accelerated filer |
☒
|
Accelerated filer |
☐
|
||||||||
Non-accelerated filer |
☐
|
Smaller reporting company |
☐
|
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Emerging growth company |
☐
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Page
|
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For the three months ended
March 31, |
For the nine months ended
March 31, |
|||||||||||||||||||||||||
Notes | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Circulation and subscription | $ | 1,076 | $ | 966 | $ | 3,108 | $ | 2,951 | ||||||||||||||||||
Advertising | 374 | 576 | 1,154 | 1,861 | ||||||||||||||||||||||
Consumer | 472 | 396 | 1,436 | 1,204 | ||||||||||||||||||||||
Real estate | 291 | 209 | 807 | 669 | ||||||||||||||||||||||
Other | 122 | 119 | 361 | 400 | ||||||||||||||||||||||
Total Revenues | 2 | 2,335 | 2,266 | 6,866 | 7,085 | |||||||||||||||||||||
Operating expenses | (1,186) | (1,283) | (3,548) | (3,972) | ||||||||||||||||||||||
Selling, general and administrative | (851) | (741) | (2,255) | (2,295) | ||||||||||||||||||||||
Depreciation and amortization | (173) | (160) | (504) | (484) | ||||||||||||||||||||||
Impairment and restructuring charges | 4 | (30) | (1,125) | (93) | (1,451) | |||||||||||||||||||||
Equity losses of affiliates | 5 | (5) | (7) | (9) | (12) | |||||||||||||||||||||
Interest expense, net | (12) | (9) | (32) | (13) | ||||||||||||||||||||||
Other, net | 13 | 61 | 13 | 132 | 19 | |||||||||||||||||||||
Income (loss) before income tax (expense) benefit | 139 | (1,046) | 557 | (1,123) | ||||||||||||||||||||||
Income tax (expense) benefit | 11 | (43) | 10 | (153) | (21) | |||||||||||||||||||||
Net income (loss) | 96 | (1,036) | 404 | (1,144) | ||||||||||||||||||||||
Less: Net (income) loss attributable to noncontrolling interests | (17) | 306 | (60) | 272 | ||||||||||||||||||||||
Net income (loss) attributable to News Corporation stockholders | $ | 79 | $ | (730) | $ | 344 | $ | (872) | ||||||||||||||||||
Net income (loss) attributable to News Corporation stockholders per share, basic and diluted | 9 | $ | 0.13 | $ | (1.24) | $ | 0.58 | $ | (1.48) |
For the three months ended
March 31, |
For the nine months ended
March 31, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income (loss) | $ | 96 | $ | (1,036) | $ | 404 | $ | (1,144) | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation adjustments | 28 | (484) | 450 | (470) | |||||||||||||||||||
Net change in the fair value of cash flow hedges(a)
|
— | 9 | (2) | (5) | |||||||||||||||||||
Benefit plan adjustments, net(b)
|
1 | 15 | 2 | 13 | |||||||||||||||||||
Other comprehensive income (loss) | 29 | (460) | 450 | (462) | |||||||||||||||||||
Comprehensive income (loss) | 125 | (1,496) | 854 | (1,606) | |||||||||||||||||||
Less: Net (income) loss attributable to noncontrolling interests | (17) | 306 | (60) | 272 | |||||||||||||||||||
Less: Other comprehensive (income) loss attributable to noncontrolling interests(c)
|
(4) | 109 | (84) | 118 | |||||||||||||||||||
Comprehensive income (loss) attributable to News Corporation stockholders | $ | 104 | $ | (1,081) | $ | 710 | $ | (1,216) |
Notes |
As of
March 31, 2021 |
As of
June 30, 2020 |
|||||||||||||||
(unaudited) | (audited) | ||||||||||||||||
Assets: | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 1,974 | $ | 1,517 | |||||||||||||
Receivables, net | 13 | 1,335 | 1,203 | ||||||||||||||
Inventory, net | 246 | 348 | |||||||||||||||
Other current assets | 388 | 393 | |||||||||||||||
Total current assets | 3,943 | 3,461 | |||||||||||||||
Non-current assets: | |||||||||||||||||
Investments | 5 | 391 | 297 | ||||||||||||||
Property, plant and equipment, net | 2,261 | 2,256 | |||||||||||||||
Operating lease right-of-use assets | 1,062 | 1,061 | |||||||||||||||
Intangible assets, net | 1,915 | 1,864 | |||||||||||||||
Goodwill | 4,304 | 3,951 | |||||||||||||||
Deferred income tax assets | 11 | 302 | 332 | ||||||||||||||
Other non-current assets | 13 | 1,219 | 1,039 | ||||||||||||||
Total assets | $ | 15,397 | $ | 14,261 | |||||||||||||
Liabilities and Equity: | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable | $ | 336 | $ | 351 | |||||||||||||
Accrued expenses | 1,249 | 1,019 | |||||||||||||||
Deferred revenue | 2 | 449 | 398 | ||||||||||||||
Current borrowings | 6 | 212 | 76 | ||||||||||||||
Other current liabilities | 13 | 923 | 838 | ||||||||||||||
Total current liabilities | 3,169 | 2,682 | |||||||||||||||
Non-current liabilities: | |||||||||||||||||
Borrowings | 6 | 1,000 | 1,183 | ||||||||||||||
Retirement benefit obligations | 251 | 277 | |||||||||||||||
Deferred income tax liabilities | 11 | 334 | 258 | ||||||||||||||
Operating lease liabilities | 1,146 | 1,146 | |||||||||||||||
Other non-current liabilities | 368 | 326 | |||||||||||||||
Commitments and contingencies | 10 | ||||||||||||||||
Class A common stock(a)
|
4 | 4 | |||||||||||||||
Class B common stock(b)
|
2 | 2 | |||||||||||||||
Additional paid-in capital | 12,044 | 12,148 | |||||||||||||||
Accumulated deficit | (2,897) | (3,241) | |||||||||||||||
Accumulated other comprehensive loss | (965) | (1,331) | |||||||||||||||
Total News Corporation stockholders’ equity | 8,188 | 7,582 | |||||||||||||||
Noncontrolling interests | 941 | 807 | |||||||||||||||
Total equity | 7 | 9,129 | 8,389 | ||||||||||||||
Total liabilities and equity | $ | 15,397 | $ | 14,261 |
For the nine months ended
March 31, |
||||||||||||||
Notes | 2021 | 2020 | ||||||||||||
Operating activities: | ||||||||||||||
Net income (loss) | $ | 404 | $ | (1,144) | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 504 | 484 | ||||||||||||
Operating lease expense | 96 | 128 | ||||||||||||
Equity losses of affiliates | 5 | 9 | 12 | |||||||||||
Cash distributions received from affiliates | 14 | 7 | ||||||||||||
Impairment charges | — | 1,398 | ||||||||||||
Other, net | 13 | (132) | (19) | |||||||||||
Deferred income taxes and taxes payable | 11 | 33 | (67) | |||||||||||
Change in operating assets and liabilities, net of acquisitions: | ||||||||||||||
Receivables and other assets | (67) | (1,593) | ||||||||||||
Inventories, net | (21) | (47) | ||||||||||||
Accounts payable and other liabilities | 220 | 1,303 | ||||||||||||
Net cash provided by operating activities | 1,060 | 462 | ||||||||||||
Investing activities: | ||||||||||||||
Capital expenditures | (253) | (335) | ||||||||||||
Acquisitions, net of cash acquired | (91) | (2) | ||||||||||||
Investments in equity affiliates and other | (25) | 4 | ||||||||||||
Proceeds from property, plant and equipment and other asset dispositions | 24 | 3 | ||||||||||||
Other, net | (1) | 3 | ||||||||||||
Net cash used in investing activities | (346) | (327) | ||||||||||||
Financing activities: | ||||||||||||||
Borrowings | 6 | 165 | 925 | |||||||||||
Repayment of borrowings | 6 | (326) | (1,161) | |||||||||||
Dividends paid | (104) | (100) | ||||||||||||
Other, net | (64) | (5) | ||||||||||||
Net cash used in financing activities | (329) | (341) | ||||||||||||
Net change in cash and cash equivalents, including cash classified within current assets held for sale | 385 | (206) | ||||||||||||
Less: Net change in cash classified within current assets held for sale | — | (10) | ||||||||||||
Cash and cash equivalents, beginning of period | 1,517 | 1,643 | ||||||||||||
Exchange movement on opening cash balance | 72 | (39) | ||||||||||||
Cash and cash equivalents, end of period | $ | 1,974 | $ | 1,388 |
For the three months ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Digital Real
Estate Services |
Subscription
Video Services |
Dow Jones |
Book
Publishing |
News Media | Other |
Total
Revenues |
|||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
Circulation and subscription | $ | 6 | $ | 469 | $ | 329 | $ | — | $ | 272 | $ | — | $ | 1,076 | |||||||||||||||||||||||||||
Advertising | 31 | 46 | 85 | — | 212 | — | 374 | ||||||||||||||||||||||||||||||||||
Consumer | — | — | — | 472 | — | — | 472 | ||||||||||||||||||||||||||||||||||
Real estate | 291 | — | — | — | — | — | 291 | ||||||||||||||||||||||||||||||||||
Other | 23 | 8 | 7 | 18 | 66 | — | 122 | ||||||||||||||||||||||||||||||||||
Total Revenues | $ | 351 | $ | 523 | $ | 421 | $ | 490 | $ | 550 | $ | — | $ | 2,335 |
For the three months ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Digital Real
Estate Services |
Subscription
Video Services |
Dow Jones |
Book
Publishing |
News Media | Other |
Total
Revenues |
|||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
Circulation and subscription | $ | 9 | $ | 414 | $ | 303 | $ | — | $ | 240 | $ | — | $ | 966 | |||||||||||||||||||||||||||
Advertising | 25 | 40 | 84 | — | 427 | — | 576 | ||||||||||||||||||||||||||||||||||
Consumer | — | — | — | 396 | — | — | 396 | ||||||||||||||||||||||||||||||||||
Real estate | 209 | — | — | — | — | — | 209 | ||||||||||||||||||||||||||||||||||
Other | 18 | 8 | 10 | 16 | 66 | 1 | 119 | ||||||||||||||||||||||||||||||||||
Total Revenues | $ | 261 | $ | 462 | $ | 397 | $ | 412 | $ | 733 | $ | 1 | $ | 2,266 |
For the nine months ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Digital Real
Estate Services |
Subscription
Video Services |
Dow Jones |
Book
Publishing |
News Media | Other |
Total
Revenues |
|||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
Circulation and subscription | $ | 22 | $ | 1,352 | $ | 959 | $ | — | $ | 775 | $ | — | $ | 3,108 | |||||||||||||||||||||||||||
Advertising | 89 | 151 | 270 | — | 644 | — | 1,154 | ||||||||||||||||||||||||||||||||||
Consumer | — | — | — | 1,436 | — | — | 1,436 | ||||||||||||||||||||||||||||||||||
Real estate | 807 | — | — | — | — | — | 807 | ||||||||||||||||||||||||||||||||||
Other | 62 | 27 | 24 | 56 | 191 | 1 | 361 | ||||||||||||||||||||||||||||||||||
Total Revenues | $ | 980 | $ | 1,530 | $ | 1,253 | $ | 1,492 | $ | 1,610 | $ | 1 | $ | 6,866 |
For the nine months ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Digital Real
Estate Services |
Subscription
Video Services |
Dow Jones |
Book
Publishing |
News Media | Other |
Total
Revenues |
|||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
Circulation and subscription | $ | 28 | $ | 1,304 | $ | 888 | $ | — | $ | 730 | $ | 1 | $ | 2,951 | |||||||||||||||||||||||||||
Advertising | 77 | 144 | 288 | — | 1,352 | — | 1,861 | ||||||||||||||||||||||||||||||||||
Consumer | — | — | — | 1,204 | — | — | 1,204 | ||||||||||||||||||||||||||||||||||
Real estate | 669 | — | — | — | — | — | 669 | ||||||||||||||||||||||||||||||||||
Other | 53 | 29 | 33 | 55 | 229 | 1 | 400 | ||||||||||||||||||||||||||||||||||
Total Revenues | $ | 827 | $ | 1,477 | $ | 1,209 | $ | 1,259 | $ | 2,311 | $ | 2 | $ | 7,085 |
For the three months ended
March 31, |
For the nine months ended
March 31, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Balance, beginning of period | $ | 400 | $ | 411 | $ | 398 | $ | 428 | |||||||||||||||
Deferral of revenue | 823 | 851 | 2,285 | 2,426 | |||||||||||||||||||
Recognition of deferred revenue(a)
|
(780) | (807) | (2,260) | (2,398) | |||||||||||||||||||
Other(b)
|
6 | (68) | 26 | (69) | |||||||||||||||||||
Balance, end of period | $ | 449 | $ | 387 | $ | 449 | $ | 387 |
For the three months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
One time
employee termination benefits |
Other costs | Total |
One time
employee termination benefits |
Facility
related costs |
Other costs | Total | |||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 32 | $ | 34 | $ | 66 | $ | 16 | $ | — | $ | 9 | $ | 25 | |||||||||||||||||||||||||||||||||
Additions | 20 | 10 | 30 | 19 | — | — | 19 | ||||||||||||||||||||||||||||||||||||||||
Payments | (12) | (8) | (20) | (17) | — | — | (17) | ||||||||||||||||||||||||||||||||||||||||
Other | (2) | — | (2) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 38 | $ | 36 | $ | 74 | $ | 18 | $ | — | $ | 9 | $ | 27 |
For the nine months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
One time
employee termination benefits |
Other costs | Total |
One time
employee termination benefits |
Facility
related costs |
Other costs | Total | |||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 64 | $ | 9 | $ | 73 | $ | 28 | $ | 2 | $ | 10 | $ | 40 | |||||||||||||||||||||||||||||||||
Additions | 55 | 38 | 93 | 53 | — | — | 53 | ||||||||||||||||||||||||||||||||||||||||
Payments | (81) | (11) | (92) | (63) | — | (1) | (64) | ||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | (2) | — | (2) | ||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 38 | $ | 36 | $ | 74 | $ | 18 | $ | — | $ | 9 | $ | 27 |
Ownership Percentage as of March 31, 2021 |
As of
March 31, 2021 |
As of
June 30, 2020 |
|||||||||||||||
(in millions) | |||||||||||||||||
Equity method investments(a)
|
various | $ | 123 | $ | 120 | ||||||||||||
Equity securities(b)
|
various | 268 | 177 | ||||||||||||||
Total Investments | $ | 391 | $ | 297 |
For the three months ended
March 31, |
For the nine months ended
March 31, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||
Total gains (losses) recognized on equity securities | $ | 31 | $ | (17) | $ | 73 | $ | (22) | |||||||||||||||
Less: Net gains recognized on equity securities sold | — | — | — | — | |||||||||||||||||||
Unrealized gains (losses) recognized on equity securities held at end of period | $ | 31 | $ | (17) | $ | 73 | $ | (22) |
Interest rate at March 31, 2021 | Maturity at March 31, 2021 |
As of
March 31, 2021 |
As of
June 30, 2020 |
||||||||||||||||||||
(in millions)
|
|||||||||||||||||||||||
Foxtel Group
|
|||||||||||||||||||||||
Credit facility 2019(a) (c)
|
2.83 | % | Nov 22, 2022 | $ | 248 | $ | 371 | ||||||||||||||||
Term loan facility 2019(b)
|
6.25 | % | Nov 22, 2024 | 191 | 171 | ||||||||||||||||||
Working capital facility 2017(a) (c)
|
2.83 | % | Nov 22, 2022 | — | — | ||||||||||||||||||
Telstra Facility(d)
|
7.81 | % | Dec 22, 2027 | 50 | 11 | ||||||||||||||||||
US private placement 2012 — USD portion — tranche 2(e)
|
4.27 | % | Jul 25, 2022 | 201 | 200 | ||||||||||||||||||
US private placement 2012 — USD portion — tranche 3(e)
|
4.42 | % | Jul 25, 2024 | 151 | 150 | ||||||||||||||||||
US private placement 2012 — AUD portion
|
7.04 | % | Jul 25, 2022 | 80 | 73 | ||||||||||||||||||
REA Group
|
|||||||||||||||||||||||
Credit facility 2018(f)
|
0.91 | % | Apr 27, 2021 | 53 | 48 | ||||||||||||||||||
Credit facility 2019(g)
|
0.91 | % | Dec 2, 2021 | 130 | 117 | ||||||||||||||||||
Credit facility 2020(h)
|
2.06 | % | Dec 2, 2021 | — | — | ||||||||||||||||||
Finance lease and other liabilities | 108 | 118 | |||||||||||||||||||||
Total borrowings(i)
|
1,212 | 1,259 | |||||||||||||||||||||
Less: current portion(j)
|
(212) | (76) | |||||||||||||||||||||
Long-term borrowings
|
$ | 1,000 | $ | 1,183 |
For the three months ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common
Stock |
Class B Common
Stock |
Additional
Paid-in Capital |
Accumulated
Deficit |
Accumulated
Other Comprehensive Loss |
Total
News Corp Equity |
Non-controlling
Interests |
Total
Equity |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | 391 | $ | 4 | 200 | $ | 2 | $ | 12,091 | $ | (2,976) | $ | (990) | $ | 8,131 | $ | 943 | $ | 9,074 | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 79 | — | 79 | 17 | 96 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 25 | 25 | 4 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends
|
— | — | — | — | (59) | — | — | (59) | (24) | (83) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other
|
— | — | — | — | 12 | — | — | 12 | 1 | 13 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | 391 | $ | 4 | 200 | $ | 2 | $ | 12,044 | $ | (2,897) | $ | (965) | $ | 8,188 | $ | 941 | $ | 9,129 |
For the three months ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common
Stock |
Class B Common
Stock |
Additional
Paid-in Capital |
Accumulated
Deficit |
Accumulated
Other Comprehensive Loss |
Total
News Corp Equity |
Non-controlling
Interests |
Total
Equity |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | 389 | $ | 4 | 200 | $ | 2 | $ | 12,183 | $ | (2,114) | $ | (1,117) | $ | 8,958 | $ | 1,169 | $ | 10,127 | |||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (730) | — | (730) | (306) | (1,036) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (351) | (351) | (109) | (460) | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends
|
— | — | — | — | (59) | — | — | (59) | (19) | (78) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other
|
— | — | — | — | 13 | (1) | 2 | 14 | 1 | 15 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | 389 | $ | 4 | 200 | $ | 2 | $ | 12,137 | $ | (2,845) | $ | (1,466) | $ | 7,832 | $ | 736 | $ | 8,568 |
For the nine months ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common
Stock |
Class B Common
Stock |
Additional
Paid-in Capital |
Accumulated
Deficit |
Accumulated
Other Comprehensive Loss |
Total
News Corp Equity |
Non-controlling
Interests |
Total
Equity |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | 389 | $ | 4 | 200 | $ | 2 | $ | 12,148 | $ | (3,241) | $ | (1,331) | $ | 7,582 | $ | 807 | $ | 8,389 | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 344 | — | 344 | 60 | 404 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 366 | 366 | 84 | 450 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends
|
— | — | — | — | (118) | — | — | (118) | (45) | (163) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other
|
2 | — | — | — | 14 | — | — | 14 | 35 | 49 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | 391 | $ | 4 | 200 | $ | 2 | $ | 12,044 | $ | (2,897) | $ | (965) | $ | 8,188 | $ | 941 | $ | 9,129 |
For the nine months ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A
Common Stock |
Class B
Common Stock |
Additional
Paid-in Capital |
Accumulated
Deficit |
Accumulated
Other Comprehensive Loss |
Total
News Corp Equity |
Non-controlling
Interests |
Total
Equity |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | 386 | $ | 4 | 200 | $ | 2 | $ | 12,243 | $ | (1,979) | $ | (1,126) | $ | 9,144 | $ | 1,167 | $ | 10,311 | |||||||||||||||||||||||||||||||||||||||||
Cumulative impact from adoption of new standards
|
— | — | — | — | — | 6 | 3 | 9 | — | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (872) | — | (872) | (272) | (1,144) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (344) | (344) | (118) | (462) | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends
|
— | — | — | — | (118) | — | — | (118) | (41) | (159) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other
|
3 | — | — | — | 12 | — | 1 | 13 | — | 13 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | 389 | $ | 4 | 200 | $ | 2 | $ | 12,137 | $ | (2,845) | $ | (1,466) | $ | 7,832 | $ | 736 | $ | 8,568 |
As of March 31, 2021 | As of June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Cross-currency interest rate derivatives - fair value hedges | $ | — | $ | 17 | $ | — | $ | 17 | $ | — | $ | 24 | $ | — | $ | 24 | |||||||||||||||||||||||||||||||
Cross-currency interest rate derivatives - cash flow hedges | — | — | — | — | — | 98 | — | 98 | |||||||||||||||||||||||||||||||||||||||
Cross-currency interest rate derivatives (a)
|
— | 71 | — | 71 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Equity securities(b)
|
152 | — | 116 | 268 | 54 | — | 123 | 177 | |||||||||||||||||||||||||||||||||||||||
Total assets | $ | 152 | $ | 88 | $ | 116 | $ | 356 | $ | 54 | $ | 122 | $ | 123 | $ | 299 | |||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency derivatives - cash flow hedges | $ | — | $ | 1 | $ | — | $ | 1 | $ | — | $ | 3 | $ | — | $ | 3 | |||||||||||||||||||||||||||||||
Interest rate derivatives - cash flow hedges | — | 12 | — | 12 | — | 16 | — | 16 | |||||||||||||||||||||||||||||||||||||||
Cross-currency interest rate derivatives - cash flow hedges | — | — | — | — | — | 18 | — | 18 | |||||||||||||||||||||||||||||||||||||||
Cross-currency interest rate derivatives (a)
|
— | 15 | — | 15 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | — | $ | 28 | $ | — | $ | 28 | $ | — | $ | 37 | $ | — | $ | 37 |
For the nine months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
(in millions) | |||||||||||
Balance - beginning of period
|
$ | 123 | $ | 113 | |||||||
Additions(a)
|
10 | 17 | |||||||||
Measurement adjustments | 21 | (3) | |||||||||
Foreign exchange and other(b)
|
(38) | (2) | |||||||||
Balance - end of period | $ | 116 | $ | 125 |
Balance Sheet Location |
As of March 31,
2021 |
As of June 30,
2020 |
|||||||||||||||
(in millions) | |||||||||||||||||
Cross-currency interest rate derivatives - fair value hedges | Other non-current assets | $ | 17 | $ | 24 | ||||||||||||
Cross-currency interest rate derivatives - cash flow hedges | Other non-current assets | — | 98 | ||||||||||||||
Cross-currency interest rate derivatives (a)
|
Other non-current assets | 71 | — | ||||||||||||||
Foreign currency derivatives - cash flow hedges | Other current liabilities | (1) | (3) | ||||||||||||||
Interest rate derivatives - cash flow hedges | Other non-current liabilities | (12) | (16) | ||||||||||||||
Cross-currency interest rate derivatives - cash flow hedges | Other non-current liabilities | — | (18) | ||||||||||||||
Cross-currency interest rate derivatives (a)
|
Other non-current liabilities | (15) | — |
Gain (loss) recognized in Accumulated Other Comprehensive Loss for the three months ended March 31, | (Gain) loss reclassified from Accumulated Other Comprehensive Loss for the three months ended March 31, |
Income statement
location |
|||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Foreign currency derivatives - cash flow hedges | $ | 3 | $ | 5 | $ | — | $ | (1) | Operating expenses | ||||||||||||||||||||
Cross-currency interest rate derivatives | — | 43 | (1) | (33) | Interest expense, net | ||||||||||||||||||||||||
Interest rate derivatives - cash flow hedges | — | (3) | 1 | 1 | Interest expense, net | ||||||||||||||||||||||||
Total | $ | 3 | $ | 45 | $ | — | $ | (33) |
Gain (loss) recognized in Accumulated Other Comprehensive Loss for the nine months ended March 31, | (Gain) loss reclassified from Accumulated Other Comprehensive Loss for the nine months ended March 31, |
Income statement
location |
|||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Foreign currency derivatives - cash flow hedges | $ | 3 | $ | 3 | $ | (1) | $ | (3) | Operating expenses | ||||||||||||||||||||
Cross-currency interest rate derivatives | (15) | 35 | 12 | (30) | Interest expense, net | ||||||||||||||||||||||||
Interest rate derivatives - cash flow hedges | (1) | (6) | 4 | (4) | Interest expense, net | ||||||||||||||||||||||||
Total | $ | (13) | $ | 32 | $ | 15 | $ | (37) |
As of March 31, 2021 |
As of June 30,
2020 |
||||||||||
(in millions) | |||||||||||
Borrowings: | |||||||||||
Carrying amount of hedged item | $ | 71 | $ | 71 | |||||||
Cumulative hedging adjustments included in the carrying amount | 5 | 6 |
For the three months ended
March 31, |
For the nine months ended
March 31, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||||||||
Net income (loss) | $ | 96 | $ | (1,036) | $ | 404 | $ | (1,144) | |||||||||||||||
Less: Net (income) loss attributable to noncontrolling interests | (17) | 306 | (60) | 272 | |||||||||||||||||||
Net income (loss) attributable to News Corporation stockholders | $ | 79 | $ | (730) | $ | 344 | $ | (872) | |||||||||||||||
Weighted-average number of shares of common stock outstanding - basic | 590.8 | 588.3 | 590.3 | 587.7 | |||||||||||||||||||
Dilutive effect of equity awards(a)
|
3.7 | — | 2.3 | — | |||||||||||||||||||
Weighted-average number of shares of common stock outstanding - diluted | 594.5 | 588.3 | 592.6 | 587.7 | |||||||||||||||||||
Net income (loss) attributable to News Corporation stockholders per share - basic and diluted | $ | 0.13 | $ | (1.24) | $ | 0.58 | $ | (1.48) |
For the three months ended
March 31, |
For the nine months ended March 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Digital Real Estate Services | $ | 351 | $ | 261 | $ | 980 | $ | 827 | |||||||||||||||
Subscription Video Services | 523 | 462 | 1,530 | 1,477 | |||||||||||||||||||
Dow Jones | 421 | 397 | 1,253 | 1,209 | |||||||||||||||||||
Book Publishing | 490 | 412 | 1,492 | 1,259 | |||||||||||||||||||
News Media | 550 | 733 | 1,610 | 2,311 | |||||||||||||||||||
Other | — | 1 | 1 | 2 | |||||||||||||||||||
Total revenues | $ | 2,335 | $ | 2,266 | $ | 6,866 | $ | 7,085 | |||||||||||||||
Segment EBITDA: | |||||||||||||||||||||||
Digital Real Estate Services | $ | 117 | $ | 74 | $ | 378 | $ | 274 | |||||||||||||||
Subscription Video Services | 91 | 68 | 293 | 219 | |||||||||||||||||||
Dow Jones | 82 | 51 | 263 | 176 | |||||||||||||||||||
Book Publishing | 80 | 55 | 255 | 167 | |||||||||||||||||||
News Media | 8 | 24 | 52 | 97 | |||||||||||||||||||
Other | (80) | (30) | (178) | (115) | |||||||||||||||||||
Depreciation and amortization | (173) | (160) | (504) | (484) | |||||||||||||||||||
Impairment and restructuring charges | (30) | (1,125) | (93) | (1,451) | |||||||||||||||||||
Equity losses of affiliates | (5) | (7) | (9) | (12) | |||||||||||||||||||
Interest expense, net | (12) | (9) | (32) | (13) | |||||||||||||||||||
Other, net | 61 | 13 | 132 | 19 | |||||||||||||||||||
Income (loss) before income tax (expense) benefit | 139 | (1,046) | 557 | (1,123) | |||||||||||||||||||
Income tax (expense) benefit | (43) | 10 | (153) | (21) | |||||||||||||||||||
Net income (loss) | $ | 96 | $ | (1,036) | $ | 404 | $ | (1,144) |
As of March 31, 2021 |
As of June 30,
2020 |
||||||||||
(in millions) | |||||||||||
Total assets: | |||||||||||
Digital Real Estate Services | $ | 2,660 | $ | 2,322 | |||||||
Subscription Video Services | 3,618 | 3,459 | |||||||||
Dow Jones | 2,457 | 2,480 | |||||||||
Book Publishing | 2,386 | 2,212 | |||||||||
News Media | 2,320 | 1,994 | |||||||||
Other(a)
|
1,565 | 1,497 | |||||||||
Investments | 391 | 297 | |||||||||
Total assets | $ | 15,397 | $ | 14,261 |
As of March 31, 2021 |
As of June 30,
2020 |
||||||||||
(in millions) | |||||||||||
Goodwill and intangible assets, net: | |||||||||||
Digital Real Estate Services | $ | 1,778 | $ | 1,555 | |||||||
Subscription Video Services | 1,637 | 1,513 | |||||||||
Dow Jones | 1,713 | 1,722 | |||||||||
Book Publishing | 784 | 748 | |||||||||
News Media | 307 | 277 | |||||||||
Total Goodwill and intangible assets, net | $ | 6,219 | $ | 5,815 |
As of March 31, 2021 |
As of June 30,
2020 |
||||||||||
(in millions) | |||||||||||
Receivables | $ | 1,415 | $ | 1,276 | |||||||
Less: allowances | (80) | (73) | |||||||||
Receivables, net | $ | 1,335 | $ | 1,203 |
As of March 31,
2021 |
As of June 30,
2020 |
||||||||||
(in millions) | |||||||||||
Royalty advances to authors | $ | 363 | $ | 348 | |||||||
Retirement benefit assets | 130 | 94 | |||||||||
Inventory(a)
|
292 | 133 | |||||||||
News America Marketing deferred consideration | 124 | 111 | |||||||||
Other | 310 | 353 | |||||||||
Total Other non-current assets | $ | 1,219 | $ | 1,039 |
As of March 31,
2021 |
As of June 30,
2020 |
||||||||||
(in millions) | |||||||||||
Royalties and commissions payable | $ | 239 | $ | 169 | |||||||
Current operating lease liabilities | 139 | 131 | |||||||||
Allowance for sales returns | 188 | 174 | |||||||||
Current tax payable | 6 | 50 | |||||||||
Other | 351 | 314 | |||||||||
Total Other current liabilities | $ | 923 | $ | 838 |
For the three months ended March 31, | For the nine months ended March 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Remeasurement of equity securities | $ | 33 | $ | (17) | $ | 79 | $ | (22) | |||||||||||||||
Dividends received from equity security investments | 6 | 1 | 9 | 2 | |||||||||||||||||||
Gain on sale of businesses(a)
|
18 | 20 | 18 | 20 | |||||||||||||||||||
Gain on remeasurement of previously-held interest in Elara (Note 3)
|
— | — | 7 | — | |||||||||||||||||||
Other | 4 | 9 | 19 | 19 | |||||||||||||||||||
Total Other, net | $ | 61 | $ | 13 | $ | 132 | $ | 19 |
For the nine months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
(in millions) | |||||||||||
Cash paid for interest | $ | 41 | $ | 43 | |||||||
Cash paid for taxes | $ | 131 | $ | 93 |
For the three months ended March 31, | For the nine months ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | % Change | 2021 | 2020 | Change |
%
Change |
||||||||||||||||||||||||||||||||||||||||
(in millions, except %) | Better/(Worse) | Better/(Worse) | |||||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||
Circulation and subscription | $ | 1,076 | $ | 966 | $ | 110 | 11 | % | $ | 3,108 | $ | 2,951 | $ | 157 | 5 | % | |||||||||||||||||||||||||||||||
Advertising | 374 | 576 | (202) | (35) | % | 1,154 | 1,861 | (707) | (38) | % | |||||||||||||||||||||||||||||||||||||
Consumer | 472 | 396 | 76 | 19 | % | 1,436 | 1,204 | 232 | 19 | % | |||||||||||||||||||||||||||||||||||||
Real estate | 291 | 209 | 82 | 39 | % | 807 | 669 | 138 | 21 | % | |||||||||||||||||||||||||||||||||||||
Other | 122 | 119 | 3 | 3 | % | 361 | 400 | (39) | (10) | % | |||||||||||||||||||||||||||||||||||||
Total Revenues | 2,335 | 2,266 | 69 | 3 | % | 6,866 | 7,085 | (219) | (3) | % | |||||||||||||||||||||||||||||||||||||
Operating expenses | (1,186) | (1,283) | 97 | 8 | % | (3,548) | (3,972) | 424 | 11 | % | |||||||||||||||||||||||||||||||||||||
Selling, general and administrative | (851) | (741) | (110) | (15) | % | (2,255) | (2,295) | 40 | 2 | % | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (173) | (160) | (13) | (8) | % | (504) | (484) | (20) | (4) | % | |||||||||||||||||||||||||||||||||||||
Impairment and restructuring charges | (30) | (1,125) | 1,095 | 97 | % | (93) | (1,451) | 1,358 | 94 | % | |||||||||||||||||||||||||||||||||||||
Equity losses of affiliates | (5) | (7) | 2 | 29 | % | (9) | (12) | 3 | 25 | % | |||||||||||||||||||||||||||||||||||||
Interest expense, net | (12) | (9) | (3) | (33) | % | (32) | (13) | (19) | ** | ||||||||||||||||||||||||||||||||||||||
Other, net | 61 | 13 | 48 | ** | 132 | 19 | 113 | ** | |||||||||||||||||||||||||||||||||||||||
Income (loss) before income tax (expense) benefit | 139 | (1,046) | 1,185 | ** | 557 | (1,123) | 1,680 | ** | |||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (43) | 10 | (53) | ** | (153) | (21) | (132) | ** | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | 96 | (1,036) | 1,132 | ** | 404 | (1,144) | 1,548 | ** | |||||||||||||||||||||||||||||||||||||||
Less: Net (income) loss attributable to noncontrolling interests | (17) | 306 | (323) | ** | (60) | 272 | (332) | ** | |||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to News Corporation stockholders | $ | 79 | $ | (730) | $ | 809 | ** | $ | 344 | $ | (872) | $ | 1,216 | ** |
For the three months ended March 31, | For the nine months ended March 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net income (loss) | $ | 96 | $ | (1,036) | $ | 404 | $ | (1,144) | |||||||||||||||
Add: | |||||||||||||||||||||||
Income tax expense (benefit) | 43 | (10) | 153 | 21 | |||||||||||||||||||
Other, net | (61) | (13) | (132) | (19) | |||||||||||||||||||
Interest expense, net | 12 | 9 | 32 | 13 | |||||||||||||||||||
Equity losses of affiliates | 5 | 7 | 9 | 12 | |||||||||||||||||||
Impairment and restructuring charges | 30 | 1,125 | 93 | 1,451 | |||||||||||||||||||
Depreciation and amortization | 173 | 160 | 504 | 484 | |||||||||||||||||||
Total Segment EBITDA | $ | 298 | $ | 242 | $ | 1,063 | $ | 818 |
For the three months ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(in millions) | Revenues |
Segment
EBITDA |
Revenues |
Segment
EBITDA |
|||||||||||||||||||
Digital Real Estate Services | $ | 351 | $ | 117 | $ | 261 | $ | 74 | |||||||||||||||
Subscription Video Services | 523 | 91 | 462 | 68 | |||||||||||||||||||
Dow Jones | 421 | 82 | 397 | 51 | |||||||||||||||||||
Book Publishing | 490 | 80 | 412 | 55 | |||||||||||||||||||
News Media | 550 | 8 | 733 | 24 | |||||||||||||||||||
Other | — | (80) | 1 | (30) | |||||||||||||||||||
Total | $ | 2,335 | $ | 298 | $ | 2,266 | $ | 242 |
For the nine months ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(in millions) | Revenues |
Segment
EBITDA |
Revenues |
Segment
EBITDA |
|||||||||||||||||||
Digital Real Estate Services | $ | 980 | $ | 378 | $ | 827 | $ | 274 | |||||||||||||||
Subscription Video Services | 1,530 | 293 | 1,477 | 219 | |||||||||||||||||||
Dow Jones | 1,253 | 263 | 1,209 | 176 | |||||||||||||||||||
Book Publishing | 1,492 | 255 | 1,259 | 167 | |||||||||||||||||||
News Media | 1,610 | 52 | 2,311 | 97 | |||||||||||||||||||
Other | 1 | (178) | 2 | (115) | |||||||||||||||||||
Total | $ | 6,866 | $ | 1,063 | $ | 7,085 | $ | 818 |
For the three months ended March 31, | For the nine months ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | % Change | 2021 | 2020 | Change | % Change | ||||||||||||||||||||||||||||||||||||||||
(in millions, except %) | Better/(Worse) | Better/(Worse) | |||||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||
Circulation and subscription | $ | 6 | $ | 9 | $ | (3) | (33) | % | $ | 22 | $ | 28 | $ | (6) | (21) | % | |||||||||||||||||||||||||||||||
Advertising | 31 | 25 | 6 | 24 | % | 89 | 77 | 12 | 16 | % | |||||||||||||||||||||||||||||||||||||
Real estate | 291 | 209 | 82 | 39 | % | 807 | 669 | 138 | 21 | % | |||||||||||||||||||||||||||||||||||||
Other | 23 | 18 | 5 | 28 | % | 62 | 53 | 9 | 17 | % | |||||||||||||||||||||||||||||||||||||
Total Revenues | 351 | 261 | 90 | 34 | % | 980 | 827 | 153 | 19 | % | |||||||||||||||||||||||||||||||||||||
Operating expenses | (46) | (44) | (2) | (5) | % | (134) | (131) | (3) | (2) | % | |||||||||||||||||||||||||||||||||||||
Selling, general and administrative | (188) | (143) | (45) | (31) | % | (468) | (422) | (46) | (11) | % | |||||||||||||||||||||||||||||||||||||
Segment EBITDA | $ | 117 | $ | 74 | $ | 43 | 58 | % | $ | 378 | $ | 274 | $ | 104 | 38 | % |
For the three months ended March 31, | For the nine months ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | % Change | 2021 | 2020 | Change | % Change | ||||||||||||||||||||||||||||||||||||||||
(in millions, except %) | Better/(Worse) | Better/(Worse) | |||||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||
Circulation and subscription | $ | 469 | $ | 414 | $ | 55 | 13 | % | $ | 1,352 | $ | 1,304 | $ | 48 | 4 | % | |||||||||||||||||||||||||||||||
Advertising | 46 | 40 | 6 | 15 | % | 151 | 144 | 7 | 5 | % | |||||||||||||||||||||||||||||||||||||
Other | 8 | 8 | — | — | % | 27 | 29 | (2) | (7) | % | |||||||||||||||||||||||||||||||||||||
Total Revenues | 523 | 462 | 61 | 13 | % | 1,530 | 1,477 | 53 | 4 | % | |||||||||||||||||||||||||||||||||||||
Operating expenses | (333) | (312) | (21) | (7) | % | (971) | (997) | 26 | 3 | % | |||||||||||||||||||||||||||||||||||||
Selling, general and administrative | (99) | (82) | (17) | (21) | % | (266) | (261) | (5) | (2) | % | |||||||||||||||||||||||||||||||||||||
Segment EBITDA | $ | 91 | $ | 68 | $ | 23 | 34 | % | $ | 293 | $ | 219 | $ | 74 | 34 | % |
As of March 31, | |||||||||||
2021 | 2020 | ||||||||||
(in 000's) | |||||||||||
Broadcast Subscribers | |||||||||||
Residential(a)
|
1,711 | 1,942 | |||||||||
Commercial(b)
|
235 | 266 | |||||||||
OTT Subscribers (Total (Paid)) | |||||||||||
Foxtel Now(c)
|
238 (228 paid) | 338 (317 paid) | |||||||||
Kayo(d)
|
914 (851 paid) | 444 (408 paid) | |||||||||
Binge(e)
|
679 (516 paid) | — | |||||||||
Total Paid Subscribers | 3,541 | 2,933 |
For the three months ended March 31, | For the nine months ended March 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Broadcast ARPU(f)
|
A$80 (US$62) | A$79 (US$52) | A$80 (US$59) | A$78 (US$53) | |||||||||||||||||||
Broadcast Subscriber Churn(g)
|
20.1% | 17.5% | 17.3% | 16.0% |
For the three months ended March 31, | For the nine months ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | % Change | 2021 | 2020 | Change | % Change | ||||||||||||||||||||||||||||||||||||||||
(in millions, except %) | Better/(Worse) | Better/(Worse) | |||||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||
Circulation and subscription | $ | 329 | $ | 303 | $ | 26 | 9 | % | $ | 959 | $ | 888 | $ | 71 | 8 | % | |||||||||||||||||||||||||||||||
Advertising | 85 | 84 | 1 | 1 | % | 270 | 288 | (18) | (6) | % | |||||||||||||||||||||||||||||||||||||
Other | 7 | 10 | (3) | (30) | % | 24 | 33 | (9) | (27) | % | |||||||||||||||||||||||||||||||||||||
Total Revenues | 421 | 397 | 24 | 6 | % | 1,253 | 1,209 | 44 | 4 | % | |||||||||||||||||||||||||||||||||||||
Operating expenses | (187) | (195) | 8 | 4 | % | (571) | (578) | 7 | 1 | % | |||||||||||||||||||||||||||||||||||||
Selling, general and administrative | (152) | (151) | (1) | (1) | % | (419) | (455) | 36 | 8 | % | |||||||||||||||||||||||||||||||||||||
Segment EBITDA | $ | 82 | $ | 51 | $ | 31 | 61 | % | $ | 263 | $ | 176 | $ | 87 | 49 | % |
For the three months ended March 31, | For the nine months ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | % Change | 2021 | 2020 | Change | % Change | ||||||||||||||||||||||||||||||||||||||||
(in millions, except %) | Better/(Worse) | Better/(Worse) | |||||||||||||||||||||||||||||||||||||||||||||
Circulation and subscription revenues: | |||||||||||||||||||||||||||||||||||||||||||||||
Circulation and other | $ | 204 | $ | 188 | $ | 16 | 9 | % | $ | 604 | $ | 549 | $ | 55 | 10 | % | |||||||||||||||||||||||||||||||
Professional information business | 125 | 115 | 10 | 9 | % | 355 | 339 | 16 | 5 | % | |||||||||||||||||||||||||||||||||||||
Total circulation and subscription revenues | $ | 329 | $ | 303 | $ | 26 | 9 | % | $ | 959 | $ | 888 | $ | 71 | 8 | % |
For the three months ended March 31, | |||||||||||||||||||||||
2021 | 2020 | Change | % Change | ||||||||||||||||||||
(in thousands, except %) | Better/(Worse) | ||||||||||||||||||||||
The Wall Street Journal | |||||||||||||||||||||||
Digital-only subscriptions(c)
|
2,625 | 2,041 | 584 | 29 | % | ||||||||||||||||||
Total subscriptions | 3,382 | 2,805 | 577 | 21 | % | ||||||||||||||||||
Barron’s | |||||||||||||||||||||||
Digital-only subscriptions(c)
|
535 | 413 | 122 | 30 | % | ||||||||||||||||||
Total subscriptions | 745 | 667 | 78 | 12 | % | ||||||||||||||||||
Total Consumer(d)
|
|||||||||||||||||||||||
Digital-only subscriptions(c)
|
3,299 | 2,559 | 740 | 29 | % | ||||||||||||||||||
Total subscriptions | 4,269 | 3,581 | 688 | 19 | % |
For the three months ended March 31, | For the nine months ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | % Change | 2021 | 2020 | Change | % Change | ||||||||||||||||||||||||||||||||||||||||
(in millions, except %) | Better/(Worse) | Better/(Worse) | |||||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer | $ | 472 | $ | 396 | $ | 76 | 19 | % | $ | 1,436 | $ | 1,204 | $ | 232 | 19 | % | |||||||||||||||||||||||||||||||
Other | 18 | 16 | 2 | 13 | % | 56 | 55 | 1 | 2 | % | |||||||||||||||||||||||||||||||||||||
Total Revenues | 490 | 412 | 78 | 19 | % | 1,492 | 1,259 | 233 | 19 | % | |||||||||||||||||||||||||||||||||||||
Operating expenses | (309) | (276) | (33) | (12) | % | (960) | (852) | (108) | (13) | % | |||||||||||||||||||||||||||||||||||||
Selling, general and administrative | (101) | (81) | (20) | (25) | % | (277) | (240) | (37) | (15) | % | |||||||||||||||||||||||||||||||||||||
Segment EBITDA | $ | 80 | $ | 55 | $ | 25 | 45 | % | $ | 255 | $ | 167 | $ | 88 | 53 | % |
For the three months ended March 31, | For the nine months ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | % Change | 2021 | 2020 | Change | % Change | ||||||||||||||||||||||||||||||||||||||||
(in millions, except %) | Better/(Worse) | Better/(Worse) | |||||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||
Circulation and subscription | $ | 272 | $ | 240 | $ | 32 | 13 | % | $ | 775 | $ | 730 | $ | 45 | 6 | % | |||||||||||||||||||||||||||||||
Advertising | 212 | 427 | (215) | (50) | % | 644 | 1,352 | (708) | (52) | % | |||||||||||||||||||||||||||||||||||||
Other | 66 | 66 | — | — | % | 191 | 229 | (38) | (17) | % | |||||||||||||||||||||||||||||||||||||
Total Revenues | 550 | 733 | (183) | (25) | % | 1,610 | 2,311 | (701) | (30) | % | |||||||||||||||||||||||||||||||||||||
Operating expenses | (311) | (456) | 145 | 32 | % | (912) | (1,414) | 502 | 36 | % | |||||||||||||||||||||||||||||||||||||
Selling, general and administrative | (231) | (253) | 22 | 9 | % | (646) | (800) | 154 | 19 | % | |||||||||||||||||||||||||||||||||||||
Segment EBITDA | $ | 8 | $ | 24 | $ | (16) | (67) | % | $ | 52 | $ | 97 | $ | (45) | (46) | % | |||||||||||||||||||||||||||||||
For the nine months ended March 31, | 2021 | 2020 | |||||||||
Net cash provided by operating activities | $ | 1,060 | $ | 462 |
For the nine months ended March 31, | 2021 | 2020 | |||||||||
Net cash used in investing activities | $ | (346) | $ | (327) |
For the nine months ended March 31, | 2021 | 2020 | |||||||||
Net cash used in financing activities | $ | (329) | $ | (341) |
For the nine months ended
March 31, |
|||||||||||
2021 | 2020 | ||||||||||
(in millions) | |||||||||||
Net cash provided by operating activities | $ | 1,060 | $ | 462 | |||||||
Less: Capital expenditures | (253) | (335) | |||||||||
807 | 127 | ||||||||||
Less: REA Group free cash flow | (114) | (129) | |||||||||
Plus: Cash dividends received from REA Group | 69 | 65 | |||||||||
Free cash flow available to News Corporation | $ | 762 | $ | 63 |
4.1 | ||||||||
4.2 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4 | ||||||||
10.5 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
101 |
The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 formatted in Inline XBRL: (i) Consolidated Statements of Operations for the three and nine months ended March 31, 2021 and 2020 (unaudited); (ii) Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended March 31, 2021 and 2020 (unaudited); (iii) Consolidated Balance Sheets as of March 31, 2021 (unaudited) and June 30, 2020 (audited); (iv) Consolidated Statements of Cash Flows for the nine months ended March 31, 2021 and 2020 (unaudited); and (v) Notes to the Unaudited Consolidated Financial Statements.*
|
|||||||
104 |
The cover page from News Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, formatted in Inline XBRL (included as Exhibit 101).*
|
NEWS CORPORATION
(Registrant)
|
||||||||
By:
|
/s/ Susan Panuccio
|
|||||||
Susan Panuccio
Chief Financial Officer
|
||||||||
Date: May 7, 2021 |
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5.1Novation
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10.4Information
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Net Debt to EBITDA
|
Margin | ||||
above 3.0 | 3.25% p.a. | ||||
above 2.5 but ≤ 3.0 | 2.75% p.a. | ||||
above 2.0 but ≤ 2.5 | 2.50% p.a. | ||||
above 1.5 but ≤ 2.0 | 2.25% p.a. | ||||
≤ 1.5 | 2.00% p.a. |
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Account Name:
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Agency Group Corporate Finance
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||||
Bank:
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Commonwealth Bank of Australia
|
||||
Account Number:
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1050 7262
|
||||
BSB:
|
06 4000
|
||||
Swift Code:
|
CTBAAU2S
|
||||
Reference:
|
Foxtel
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ME_182017808_2 | |||||
ME_182017808_2 |
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Name |
ABN/ACN/ARBN
|
||||
Australia and New Zealand Banking Group Limited | 11 005 357 522 | ||||
Commonwealth Bank of Australia |
48 123 123 124
|
||||
National Australia Bank Limited |
12 004 044 937
|
||||
Westpac Banking Corporation |
33 007 457 141
|
Name |
ABN/ACN/ARBN
|
||||
Australia and New Zealand Banking Group Limited | 11 005 357 522 | ||||
Commonwealth Bank of Australia |
48 123 123 124
|
||||
The Hongkong and Shanghai Banking Corporation Limited, Sydney Branch | 65 117 925 970 | ||||
National Australia Bank Limited |
12 004 044 937
|
||||
Westpac Banking Corporation |
33 007 457 141
|
Name and address |
ABN/ACN/ARBN
|
||||
Commonwealth Bank of Australia | 48 123 123 124 | ||||
Australia and New Zealand Banking Group Limited | 11 005 357 522 | ||||
National Australia Bank Limited |
12 004 044 937
|
||||
Westpac Banking Corporation |
33 007 457 141
|
||||
The Hongkong and Shanghai Banking Corporation Limited, Sydney Branch | 65 117 925 970 | ||||
Bank of America, N.A., Australian Branch | 064 874 531 | ||||
Deutsche Bank AG, Sydney Branch | 13 064 165 162 | ||||
Citicorp North America, Inc. | |||||
JPMorgan Chase Bank, N.A., Sydney Branch | 43 074 112 011 |
Name and address |
ABN/ACN/ARBN
|
||||
Bank of China Limited, Sydney Branch | 29 002 979 955 |
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Name | ABN/ACN/ARBN | Address and Notice details | |||||||||
Australia and New Zealand Banking Group Limited | 11 005 357 522 |
Address:
Attention:
Email:
|
Level 19, 242 Pitt Street
Sydney NSW 2000
Paul Brickell
Paul.Brickell@anz.com.au
|
||||||||
Commonwealth Bank of Australia |
48 123 123 124
|
Address:
Attention:
Email:
|
Level 21, 201 Sussex Street
Sydney NSW 2000
Tim Bates
batesti@cba.com.au
|
||||||||
National Australia Bank Limited |
12 004 044 937
|
Address:
Attention:
Email:
|
Level 22, 255 George Street
Sydney NSW 2000
Andrew Ting
Andrew.Ting@nab.com.au
|
||||||||
Westpac Banking Corporation |
33 007 457 141
|
Address:
Attention:
Email:
|
Level 3, Westpac Place, 275 Kent Street
Sydney NSW 2000
Robert Cameron
robertcameron@westpac.com.au
|
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Name and address | ABN/ACN/ARBN | Commitment | ||||||
Commonwealth Bank
of Australia
Level 22, 201 Sussex Street, Sydney NSW
2000
|
48 123 123 124 | A$120,000,000 | ||||||
Australia and New Zealand Banking
Group Limited
Level 20, 242 Pitt Street, Sydney NSW 2000
|
11 005 357 522 | A$100,000,000 | ||||||
National Australia
Bank Limited
Level 22, 255 George Street, Sydney NSW
2000
|
12 004 044 937
|
A$100,000,000 | ||||||
Westpac Banking Corporation
Level 3, Westpac Place, 275 Kent Street, Sydney NSW 2000
|
33 007 457 141
|
A$100,000,000 | ||||||
The Hongkong and Shanghai Banking Corporation Limited, Sydney Branch
Level 36, Tower 1 – International Towers Sydney, 100 Barangaroo Avenue, Sydney NSW 2000
|
65 117 925 970 | A$90,000,000 | ||||||
Bank of America, N.A., Australian Branch
Level 34 Governor Phillip Tower, 1 Farrer Place, Sydney NSW 2000
|
064 874 531 | A$32,500,000 | ||||||
Citicorp North
America, Inc.
388 Greenwich Street, New York NY 10013
|
A$22,500,000 |
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||||
ME_182017808_2 | |||||
ME_182017808_2 |
Amendment Agreement |
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Name and address | ABN/ACN/ARBN | Commitment | ||||||
Deutsche Bank AG, Sydney Branch
Level 16, Deutsche Bank Place, 126 Phillip Street, Sydney NSW 2000
|
13 064 165 162 | A$22,500,000 | ||||||
JPMorgan Chase Bank, N.A., Sydney Branch
85 Castlereagh Street, Sydney NSW 2000
|
43 074 112 011 | A$22,500,000 | ||||||
TOTAL | A$610,000,000 |
Name | ABN/ACN/ARBN | Address and Notice details | |||||||||
Australia and New Zealand Banking Group Limited | 11 005 357 522 |
Address:
Attention:
Email:
|
Level 19, 242 Pitt Street
Sydney NSW 2000
Paul Brickell
Paul.Brickell@anz.com.au
|
||||||||
Commonwealth Bank of Australia |
48 123 123 124
|
Address:
Attention:
Email:
|
Level 21, 201 Sussex Street
Sydney NSW 2000
Tim Bates
batesti@cba.com.au
|
||||||||
The Hongkong and Shanghai Banking Corporation Limited, Sydney Branch |
65 117 925 970
|
Address:
|
Level 36, Tower 1 - International Towers
Sydney, 100 Barangaroo Avenue,
Sydney NSW 2000
|
||||||||
Attention:
Email:
|
Michael Rossiter
michaelrossiter@hsbc.com.au
|
||||||||||
National Australia Bank Limited |
12 004 044 937
|
Address:
Attention:
Email:
|
Level 22, 255 George Street
Sydney NSW 2000
Andrew Ting
Andrew.Ting@nab.com.au
|
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ME_182017808_2 | |||||
ME_182017808_2 |
Amendment Agreement |
|
Westpac Banking Corporation |
33 007 457 141
|
Address:
Attention:
Email:
|
Level 3, Westpac Place, 275 Kent Street
Sydney NSW 2000
Robert Cameron
robertcameron@westpac.com.au
|
||||||||
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ME_182017808_2 | |||||
ME_182017808_2 |
Amendment Agreement |
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Column 1 | Column 2 | Column 3 | Column 4 | ||||||||||||||
Substituted Commitment | |||||||||||||||||
Continuing Financier or Departing FInancier | Substitute Financier | Substitution Commitment | Substitution Amount | Commitment under the Amended Facility Agreement* |
Total Payment
Amount |
||||||||||||
Commonwealth Bank of Australia | N/A | N/A | N/A | A$120,000,000 | N/A | ||||||||||||
Australia and New Zealand Banking Group Limited | N/A | N/A | N/A | A$100,000,000 | N/A | ||||||||||||
National Australia Bank
Limited |
N/A | N/A | N/A | A$100,000,000 | N/A | ||||||||||||
Westpac Banking Corporation | N/A | N/A | N/A | A$100,000,000 | N/A | ||||||||||||
The Hongkong and Shanghai Banking Corporation Limited, Sydney Branch | N/A | N/A | N/A | A$90,000,000 | N/A | ||||||||||||
Bank of China Limited,
Sydney Branch |
The Hongkong and Shanghai Banking Corporation Limited, Sydney Branch | A$30,000,000 | A$15,983,606.55 | N/A | A$15,983,606.55 | ||||||||||||
Bank of America, N.A., Australian Branch | The Hongkong and Shanghai Banking Corporation Limited, Sydney Branch | A$2,500,000 | A$1,331,967.21 | A$32,500,000 | A$1,331,967.21 |
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ME_182017808_2 | |||||
ME_182017808_2 |
Amendment Agreement |
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Citicorp North America, Inc. | The Hongkong and Shanghai Banking Corporation Limited, Sydney Branch | A$2,500,000 | A$1,331,967.21 | A$22,500,000 | A$1,331,967.21 | ||||||||||||
Deutsche Bank AG, Sydney Branch | The Hongkong and Shanghai Banking Corporation Limited, Sydney Branch | A$2,500,000 | A$1,331,967.21 | A$22,500,000 | A$1,331,967.21 | ||||||||||||
JPMorgan Chase Bank, N.A., Sydney Branch | The Hongkong and Shanghai Banking Corporation Limited, Sydney Branch | A$2,500,000 | A$1,331,967.21 | A$22,500,000 | A$1,331,967.21 |
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ME_182017808_2 | |||||
ME_182017808_2 |
Amendment Agreement |
|
Executed in accordance with section 127 of the Corporations Act 2001 (Cth) by Foxtel Management Pty Limited:
|
||||||||
/s/ Patrick Delany | /s/ Lynette Ireland | |||||||
Director Signature |
Director/Secretary Signature
|
|||||||
Patrick Delany | Lynette Ireland | |||||||
Print Name | Print Name |
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ME_182017808_2 | |||||
ME_182017808_2 |
Amendment Agreement |
|
Signed by
|
||||||||
Armin Hosseinipour | ||||||||
as attorney for Australia and New Zealand Banking Group Limited under power of attorney dated 10 August 2020
in the presence of:
|
||||||||
/s/ Alison Clark | /s/ Armin Hosseinipour | |||||||
Witness Signature | Attorney Signature | |||||||
Alison Clark | Armin Hosseinipour | |||||||
Print Name | Print Name |
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||||
ME_182017808_2 | |||||
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Amendment Agreement |
|
Signed for and on behalf of Commonwealth Bank of Australia by
|
||||||||
Tim Bates | ||||||||
its attorney under power of attorney dated
24 June 2013 who declares that he or she is |
||||||||
an Executive Director | ||||||||
of Commonwealth Bank of Australia in the presence of: | ||||||||
/s/ Laiken Gladwell | /s/ Tim Bates | |||||||
Witness Signature | Attorney Signature | |||||||
Laiken Gladwell | ||||||||
Print Name |
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ME_182017808_2 | |||||
ME_182017808_2 |
Amendment Agreement |
|
Signed by
|
||||||||
Archit Goradia | ||||||||
as attorney for National Australia Bank Limited under power of attorney dated 1 March 2007 in the presence of:
|
||||||||
/s/ Lisa Yan | /s/ Archit Goradia | |||||||
Witness Signature | Attorney Signature | |||||||
Lisa Yan | Archit Goradia | |||||||
Print Name | Print Name |
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ME_182017808_2 | |||||
ME_182017808_2 |
Amendment Agreement |
|
Signed by
|
||||||||
Edward Wright | ||||||||
as attorney for Westpac Banking Corporation under power of attorney dated
17 January 2001 in the presence of:
|
||||||||
/s/ Matthew Parry | /s/ Edward Wright | |||||||
Witness Signature | Attorney Signature | |||||||
Matthew Parry | Edward Wright, Tier Three Attorney | |||||||
Print Name | Print Name |
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ME_182017808_2 |
Amendment Agreement |
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Signed by
|
||||||||
Steve Fitts | ||||||||
as attorney for THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, SYDNEY BRANCH under power
of attorney dated 18 January 2021
in the presence of:
|
||||||||
/s/ Hugo Bell | /s/ Steve Fitts | |||||||
Witness Signature | Attorney Signature | |||||||
Hugo Bell | Steve Fitts, Head of Institutional Client Group Coverage Australia | |||||||
Print Name | Print Name |
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ME_182017808_2 | |||||
ME_182017808_2 |
Amendment Agreement |
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Signed for Bank of America, N.A., Australian Branch by its attorney in the presence of:
|
||||||||
/s/ Deiane Todovic | /s/ Jonathan Boyd | |||||||
Witness Signature | Attorney Signature | |||||||
Deiane Todovic | Jonathan Boyd, Managing Director, Bank of America, N.A. Australian Branch | |||||||
Print Name | Print Name |
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ME_182017808_2 | |||||
ME_182017808_2 |
Amendment Agreement |
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Signed for and on behalf of Bank of China Limited, Sydney Branch ABN 29 002 979 955 by its attorney under power of attorney dated 01 May 2018
in the presence of:
|
||||||||
/s/ Danchen Huang | /s/ Zhibin Xie | |||||||
Witness Signature | Attorney Signature | |||||||
Danchen Huang, Bank of China Limited, Sydney Branch | Zhibin Xie, Assistant General Manager, Bank of China Limited, Sydney Branch | |||||||
Print Name | Print Name |
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ME_182017808_2 |
Amendment Agreement |
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CITICORP NORTH AMERICA, INC.
|
|||||
/s/ Robert Parr | |||||
Name: Robert F. Parr | |||||
Title: Managing Director & Vice President |
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ME_182017808_2 | |||||
ME_182017808_2 |
Amendment Agreement |
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Signed by Deutsche Bank AG, Sydney Branch by its attorney under power of
attorney dated 12 October 2020:
|
||||||||
/s/ Ben Porter | /s/ David Barber | |||||||
Signature of attorney | Signature of attorney | |||||||
Ben Porter | David Barber | |||||||
Name of attorney (print) | Name of attorney (print) |
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ME_182017808_2 | |||||
ME_182017808_2 |
Amendment Agreement |
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SIGNED by
|
) | |||||||||||||
James A. Bruce | ) | |||||||||||||
as authrorised signatory for
JPMORGAN CHASE BANK, N.A.
SYDNEY BRANCH in the presence of:
|
) | |||||||||||||
) | ||||||||||||||
) | ||||||||||||||
/s/ Rohan Jain | ) | |||||||||||||
) | ||||||||||||||
) | ||||||||||||||
Signature of witness | ) | |||||||||||||
Rohan Jain | ) | |||||||||||||
) | /s/ James A. Bruce | |||||||||||||
) |
By executing this agreement the
signatory warrants that the signatory is
duly authorised to execute this
agreement on behalf of JPMORGAN
CHASE BANK, N.A. SYDNEY
BRANCH
|
|||||||||||||
Name of witness (block letters) | ) | |||||||||||||
) | ||||||||||||||
) | ||||||||||||||
) | ||||||||||||||
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ME_182017808_2 | |||||
ME_182017808_2 |
Amendment Agreement |
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Signed for and on behalf of Commonwealth Bank of Australia by
|
||||||||
Tim Bates | ||||||||
its attorney under power of attorney dated
24 June 2013 who declares that he or she is |
||||||||
an Executive Director | ||||||||
of Commonwealth Bank of Australia in the presence of: | ||||||||
/s/ Laiken Gladwell | /s/ Tim Bates | |||||||
Witness Signature | Attorney Signature | |||||||
Laiken Gladwell | ||||||||
Print Name |
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ME_182017808_2 | |||||
ME_182017808_2 |
Amendment Agreement |
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ME_182017808_2 |
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1.1Definitions
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6 |
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ME_182201093_1
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This Deed is made on
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8 April 2021 |
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ME_182201093_1
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Net Debt to EBITDA
|
Margin
|
||||
above 3.0 | 3.25% p.a. | ||||
above 2.5 but ≤ 3.0
|
2.75% p.a. | ||||
above 2.0 but ≤ 2.5
|
2.50% p.a. | ||||
above 1.5 but ≤ 2.0
|
2.25% p.a. | ||||
≤1.5 | 2.00% p.a. |
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Name
|
ABN/ACN/ARBN | Address and Notice details | |||||||||
Foxtel Management Pty Limited | 65 068 671 938 | Address: |
5 Thomas Holt Drive,
North Ryde NSW 2113 |
||||||||
Attention: | Chief Operating Officer | ||||||||||
Facisimile: | (02) 9813 7606 | ||||||||||
Austar Entertainment Pty Limited
|
068 104 530 | As above | |||||||||
Austar United Communications Pty Limited
|
087 695 707 | As above | |||||||||
Customer Services Pty Limited
|
069 272 117 | As above | |||||||||
Foxtel Finance Pty Limited
|
151 691 897 | As above | |||||||||
Foxtel Australia Pty Limited
|
151 691 753 | As above | |||||||||
XYZnetworks Pty Limited
|
066 812 119 | As above |
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ME_182201093_1
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Deed of Amendment |
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/s/ Patrick Delany | /s/ Lynette Ireland | |||||||
Director Signature |
Director/Secretary Signature
|
|||||||
Patrick Delany | Lynette Ireland | |||||||
Print Name | Print Name |
/s/ Patrick Delany | /s/ Lynette Ireland | |||||||
Director Signature |
Director/Secretary Signature
|
|||||||
Patrick Delany | Lynette Ireland | |||||||
Print Name | Print Name |
/s/ Patrick Delany | /s/ Lynette Ireland | |||||||
Director Signature |
Director/Secretary Signature
|
|||||||
Patrick Delany | Lynette Ireland | |||||||
Print Name | Print Name |
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ME_182201093_1
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Deed of Amendment |
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/s/ Patrick Delany | /s/ Lynette Ireland | |||||||
Director Signature |
Director/Secretary Signature
|
|||||||
Patrick Delany | Lynette Ireland | |||||||
Print Name | Print Name |
/s/ Patrick Delany | /s/ Lynette Ireland | |||||||
Director Signature |
Director/Secretary Signature
|
|||||||
Patrick Delany | Lynette Ireland | |||||||
Print Name | Print Name |
/s/ Patrick Delany | /s/ Lynette Ireland | |||||||
Director Signature |
Director/Secretary Signature
|
|||||||
Patrick Delany | Lynette Ireland | |||||||
Print Name | Print Name |
/s/ Patrick Delany | /s/ Lynette Ireland | |||||||
Director Signature |
Director/Secretary Signature
|
|||||||
Patrick Delany | Lynette Ireland | |||||||
Print Name | Print Name |
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/s/ Patrick Delany | /s/ Lynette Ireland | |||||||
Director Signature |
Director/Secretary Signature
|
|||||||
Patrick Delany | Lynette Ireland | |||||||
Print Name | Print Name |
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ME_182201093_1
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Deed of Amendment |
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/s/ Laiken Gladwell | /s/ Tim Bates | |||||||
Witness Signature | Attorney Signature | |||||||
Laiken Gladwell | Tim Bates | |||||||
Print Name | Print Name |
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ME_182201093_1
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Additional Guarantor | Multi Channel Network Pty Ltd (ACN 077 436 974) | ||||
of: 5 Thomas Holt Drive, North Ryde NSW 2113 | |||||
Fax no: (02) 9813 7606 | |||||
Attention: Chief Operating Officer | |||||
/s/ Patrick Delany | /s/ Lynette Ireland | |||||||
Director Signature |
Director/Secretary Signature
|
|||||||
Patrick Delany | Lynette Ireland | |||||||
Print Name | Print Name |
News Corporation 2013 Long-Term Incentive Plan
|
(Cash) | |||||||
RESTRICTED STOCK UNIT TERMS AND CONDITIONS NOTICE
|
Award of Restricted Stock Units
|
News Corporation, a Delaware corporation (“News Corp”), has awarded you the number of cash-settled restricted stock units (“RSUs”) relating to shares of its Class A Common Stock, par value $0.01 per share (the “NWSA Shares”), as set forth in your Summary of RSU Award (collectively, the “RSU Award”). The terms and conditions of the RSU Award are set forth in this RSU Terms and Conditions Notice, including any terms and conditions applicable to your country set forth in Appendix A attached hereto and incorporated by reference herein (collectively, this “RSU Terms and Conditions Notice”) and in the News Corporation 2013 Long-Term Incentive Plan, as amended and restated (the “2013 LTIP”).
The terms of the 2013 LTIP are incorporated herein by reference. All capitalized terms that are not defined in this RSU Terms and Conditions Notice have the meaning set forth in the 2013 LTIP. By accepting the RSU Award, you agree to all of the terms and conditions described in this RSU Terms and Conditions Notice (including in Appendix A attached hereto) and in the 2013 LTIP. You acknowledge that you have carefully reviewed the 2013 LTIP and agree that the terms of the 2013 LTIP will control in the case of any conflict between this RSU Terms and Conditions Notice and the 2013 LTIP.
Subject to the terms and conditions set forth herein, RSUs represent the potential to receive, following the applicable vesting period, the cash value of a number of NWSA Shares (the “RSU Program”).
|
||||
Conversion of Restricted Stock Units
|
Unless otherwise provided in this RSU Terms and Conditions Notice, your RSUs will convert to the cash value of NWSA Shares according to the vesting schedule set forth in the RSU Award; provided that you remain employed by News Corp from the date of the RSU Award through the relevant vesting dates, as set forth in the Summary of RSU Award and with the exceptions set forth below.
As soon as is reasonably practicable following the vesting date set forth on the Summary of RSU Award (but in no event beyond December 31 of the calendar year in which the applicable vesting date occurs), the cash value of NWSA Shares payable with respect to the vested RSUs will be paid to you. Upon settlement, your RSUs shall be extinguished and such RSUs will no longer be considered to be held by you for any purpose.
|
||||
Dividend Equivalents
|
Dividend Equivalents will be credited on each RSU granted to you under your RSU Award in the manner set forth below. If News Corp declares one or more regular cash dividends (each, a “Dividend”) on the NWSA Shares with a record date occurring during the period commencing on the Date of Grant of your RSU Award and ending on and including the day immediately preceding the day the RSUs are settled, then, on the date each such Dividend is paid to holders of NWSA Shares, you will be credited with Dividend Equivalents based on the amount of such Dividend that would have been payable to you if you held, as of the record date for such Dividend, a number of NWSA Shares equal to (i) the number of RSUs granted to you on the Date of Grant that have not previously vested and been converted to NWSA Shares plus (ii) the number of NWSA Shares that any Dividend Equivalents previously credited to you under this RSU Terms and Conditions Notice were deemed to have been reinvested in pursuant to the next succeeding sentence. Each Dividend Equivalent will be deemed to have been reinvested in NWSA Shares as of the Dividend payment date based on the Fair Market Value of an NWSA Share on the day immediately preceding such Dividend payment date. Dividend Equivalents will be payable in cash. The foregoing does not obligate News Corp to pay dividends on NWSA Shares and nothing in the 2013 LTIP or in this RSU Terms and Conditions Notice shall be interpreted as creating such an obligation.
|
RSU (Cash) Terms and Conditions Notice |
1
|
Any Dividend Equivalents credited to you will be subject to all of the provisions of this RSU Terms and Conditions Notice which apply to the RSUs with respect to which they have been credited and will be payable in cash, if at all, at the time and to the extent that the underlying RSUs on which the Dividend Equivalents have been credited become payable. For example, if your RSUs vest in three equal increments, the cash you receive following your first vesting date will include cash representing Dividend Equivalents on one-third of the initial number of RSUs granted with respect to Dividends paid based on record dates before such date and after the date the RSUs were granted.
|
|||||
Withholding Taxes
|
You agree, as a condition of the RSU Award, that any applicable Federal, state, provincial, local or foreign tax or withholding payment (including, without limitation, social security contributions or social taxes, if applicable) that may be due as a result of vesting and/or payment of your RSUs (including in respect of any Dividend Equivalents credited to you hereunder) shall be satisfied by News Corp or any Affiliate, as the case may be, by withholding such amounts from cash that would otherwise be paid to you under the RSU Award and any Dividend Equivalents credited to you hereunder.
|
||||
Employment with News Corp or an Affiliate
|
Except as provided herein, your eligibility to receive the cash value of NWSA Shares is subject to the condition that you remain employed by News Corp or an Affiliate from the date hereof through the dates on which the RSUs are paid out in the cash value of NWSA Shares, subject to the terms of your RSU Award and with the exceptions set forth below.
Subject to the exceptions set forth below, in the event your employment terminates before your RSUs vest, you shall forfeit your RSU Award and neither you, nor your beneficiary or estate, shall be entitled to receive any payment under your RSU Award.
In the event your employment terminates due to your Retirement or Permanent Disability before your RSUs vest, your RSUs shall continue to vest, to the extent not already vested, for a period of three years following such termination. At the end of the three-year period, you shall forfeit any remaining unvested RSUs and neither you, nor your beneficiary or estate, shall be entitled to receive any payment under your RSU Award.
In the event of your termination due to your death, RSUs not previously vested shall immediately become vested.
In the event that your employment during the applicable vesting period transfers from one business group, including corporate groups, which participates in the RSU Program to another business group that also participates in the RSU Program, you will remain eligible to receive payment under your RSU Award. If your business entity is merged with another entity within News Corp or is sold outside of News Corp, the Committee may, in its sole discretion, make such adjustments to your RSU Award as it deems appropriate. All determinations that the Committee makes shall be conclusive and binding on all persons for all purposes. The Committee need not treat all RSU awards in the same manner.
|
||||
Leaves of Absence
|
For purposes of the RSU Award, your Service does not terminate when you go on a bona fide employee leave of absence that was approved by News Corp or an Affiliate in writing, if the terms of such leave provide for continued Service crediting, or when continued Service crediting is required by applicable law. However, your Service will be treated as terminating three months after the commencement of such leave, unless your right to return to active work is guaranteed by law or by a contract. Your Service terminates in any event when the approved leave ends unless you immediately return to active employee work.
|
RSU (Cash) Terms and Conditions Notice |
2
|
The Committee shall determine, in its sole discretion, which leaves shall count for this purpose, and when your Service terminates for all purposes under the 2013 LTIP.
|
|||||
Current Market Price of Class A Common Stock
|
You can at any time find out the current market price of NWSA Shares on NASDAQ at http://www.nasdaq.com/quotes by using the code “NWSA.” Also, News Corp undertakes to provide you the current market price of NWSA Shares on NASDAQ within a reasonable period of you making such a request by email to EquityPlanAdmin@newscorp.com.
|
||||
No Vested Right in Future Awards
|
You acknowledge and agree (by accepting the RSU Award and receiving this RSU Terms and Conditions Notice) that the eligibility to receive RSUs is made on a fully discretionary basis by the Committee and that the RSU Award does not lead to a vested right to receive any cash value of NWSA Shares, any additional RSUs or any other equity incentive awards in the future.
Further, the RSU Award set forth in the Summary of RSU Award constitutes a non-recurring benefit and the terms of this RSU Terms and Conditions Notice are only applicable to the RSU Award distributed subject to this RSU Terms and Conditions Notice.
|
||||
Employment Agreements
|
This RSU Terms and Conditions Notice shall not be applied or interpreted in a manner which would decrease the rights held by, or the payments owing to, you under any employment agreement with News Corp or any Affiliate and, if there is any conflict between the terms of such employment agreement and the terms hereof, the employment agreement shall control, except with respect to the forfeiture and recoupment provisions set forth below which shall control.
|
||||
Forfeiture; Recoupment
|
Notwithstanding anything to the contrary in this RSU Terms and Conditions Notice, you acknowledge and agree that the Committee shall have the right to cause you to forfeit any gain realized by you with respect to the RSU Award and any Dividend Equivalents credited to you hereunder, as the Committee in its discretion shall determine, on account of actions taken by, or failed to be taken by, you in violation or breach of or in conflict with any (i) employment agreement, (ii) non-competition agreement, (iii) agreement prohibiting solicitation of employees or clients of News Corp or any Affiliate, (iv) confidentiality obligation with respect to News Corp or any Affiliate, (v) News Corp policy or procedure including, without limitation, News Corp’s Standards of Business Conduct, (vi) other agreement or (vii) any other obligation to News Corp or any Affiliate. In addition, the RSU Award and any cash issued pursuant thereto are subject to any applicable News Corp clawback policy as in effect from time-to-time.
|
||||
Confidentiality
|
You acknowledge that you have read and understand News Corp’s policies on confidentiality as set forth in the News Corp Standards of Business Conduct and the News Corp Insider Trading and Confidentiality Policy (collectively, the “Confidentiality Policies”) and hereby agree that during the course of your employment with News Corp or any Affiliate and any time after your employment with News Corp or any Affiliate is terminated, you will continue to abide by the terms of the Confidentiality Policies, including with respect to any materials or information you receive in connection with your RSU Award.
|
RSU (Cash) Terms and Conditions Notice |
3
|
Retention and Other Rights
|
The RSU Award does not give you the right to be retained or employed by News Corp or any Affiliate in any capacity for any given period or upon any specific terms of employment.
You waive any and all rights to compensation or damages for the termination of your office or employment with News Corp or any Affiliate for any reason (including unlawful termination of employment) insofar as those rights arise from you ceasing to have rights in relation to the RSU Award as a result of that termination or from the loss or diminution in value of such rights.
|
||||
Stockholder Rights
|
You, your estate and your heirs do not have and will not have any of the rights of a stockholder of News Corp with respect to the RSUs granted to you pursuant to this RSU Award.
|
||||
RSU Award Transferability
|
Your RSUs may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, whether by operation of law or otherwise, nor may your RSUs be made subject to execution, attachment or similar process.
|
||||
Applicable Law and Forum
|
This RSU Terms and Conditions Notice will be interpreted and enforced under the laws of the State of New York.
By accepting the RSU Award, you expressly consent to the exclusive jurisdiction of the federal or state courts serving New York, New York for all lawsuits and actions arising out of or relating to this RSU Terms and Conditions Notice, and you expressly waive any defense that such courts lack personal jurisdiction over you. All such lawsuits and actions shall be tried in the federal or state courts serving New York, New York to the exclusion of all other courts.
|
||||
Severability
|
In the event that any provision of this RSU Terms and Conditions Notice shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of this RSU Terms and Conditions Notice, and this RSU Terms and Conditions Notice shall be construed and enforced as if the illegal or invalid provision had not been included.
|
||||
Data Privacy
|
News Corp and its Affiliates may collect, hold, use and process personal data about you in which News Corp. and its Affiliates have a legitimate interest in order to administer the 2013 LTIP. Such data includes, but are not limited to, the information about you contained in the Summary of RSU Award, other personal and financial data about you, such as your Social Security or tax identification number, equity grant number, home address, business address and other contact information, payroll information, and any other information that might be deemed appropriate by News Corp and its Affiliates to facilitate the administration of the 2013 LTIP (collectively, “Personal Data”).
News Corp and its Affiliates will use reasonable administrative, technical and physical measures to safeguard your Personal Data in its possession against loss, theft and unauthorized use, disclosure or modification. News Corp and its Affiliates will retain Personal Data for no longer than is necessary for sound business and record retention purposes. You have a right to access your Personal Data and a right to ask for the correction or deletion of any inaccurate data held by News Corp and its Affiliates concerning yourself. You also have the right to request that the processing of your Personal Data be restricted or to object to such processing. Please note that if you elect to restrict or otherwise object to the processing of your Personal Data, News Corp and its Affiliates may not be able to administer your RSU Award. Where applicable, you have the right to receive your Personal Data in a structured, commonly used and machine-readable format and to transmit such
|
RSU (Cash) Terms and Conditions Notice |
4
|
RSU (Cash) Terms and Conditions Notice |
5
|
otherwise be payable and benefits that would otherwise be provided pursuant to the RSU Award during the six-month period immediately following your “separation from service” within the meaning of Section 409A of the Code (a “Separation from Service”) will instead be paid on the first payroll date after the six-month anniversary of your Separation from Service (or your death, if earlier). Notwithstanding anything to the contrary in this RSU Terms and Conditions Notice, for purposes of any provision of this RSU Terms and Conditions Notice providing for the settlement of any NWSA Shares upon or following a termination of employment or a termination of Service that are considered “deferred compensation” under Section 409A of the Code, references to your “termination of employment” or “termination of Service” (and corollary terms) with News Corp or any Affiliate shall be construed to refer to your Separation from Service.
|
RSU (Cash) Terms and Conditions Notice |
6
|
News Corporation 2013 Long-Term Incentive Plan
|
(Stock) | |||||||
RESTRICTED STOCK UNIT TERMS AND CONDITIONS NOTICE
|
Award of Restricted Stock Units
|
News Corporation, a Delaware corporation (“News Corp”), has awarded you the number of restricted stock units (“RSUs”) relating to shares of its Class A Common Stock, par value $0.01 per share (the “NWSA Shares”), as set forth in your Summary of RSU Award (collectively, the “RSU Award”). The terms and conditions of the RSU Award are set forth in this RSU Terms and Conditions Notice, including any terms and conditions applicable to your country set forth in Appendix A attached hereto and incorporated by reference herein (collectively, this “RSU Terms and Conditions Notice”) and in the News Corporation 2013 Long-Term Incentive Plan, as amended and restated (the “2013 LTIP”).
The terms of the 2013 LTIP are incorporated herein by reference. All capitalized terms that are not defined in this RSU Terms and Conditions Notice have the meaning set forth in the 2013 LTIP. By accepting the RSU Award, you agree to all of the terms and conditions described in this RSU Terms and Conditions Notice (including in Appendix A attached hereto) and in the 2013 LTIP. You acknowledge that you have carefully reviewed the 2013 LTIP and agree that the terms of the 2013 LTIP will control in the case of any conflict between this RSU Terms and Conditions Notice and the 2013 LTIP.
Subject to the terms and conditions set forth herein, RSUs represent the potential to receive, following the conclusion of the applicable vesting period, a number of NWSA Shares (the “RSU Program”).
The NWSA Shares that you receive, if any, will be fully vested and may be immediately available for sale, subject to News Corp’s Insider Trading and Confidentiality Policy.
|
||||
Conversion of Restricted Stock Units
|
Unless otherwise provided in this RSU Terms and Conditions Notice, your RSUs will convert to NWSA Shares according to the vesting schedule set forth in the RSU Award; provided that you remain employed by News Corp from the date of the RSU Award through the relevant vesting dates, as set forth in the Summary of RSU Award and with the exceptions set forth below.
As soon as is reasonably practicable following the vesting date set forth in the Summary of RSU Award (but in no event beyond December 31 of the calendar year in which the applicable vesting date occurs), the NWSA Shares payable with respect to the vested RSUs will be issued and evidenced in such manner as the Committee in its discretion shall deem appropriate, including, without limitation, book-entry, registration or issuance of one or more stock certificates. Upon issuance, your RSUs shall be extinguished and such RSUs will no longer be considered to be held by you for any purpose.
|
||||
Dividend Equivalents
|
Dividend Equivalents will be credited on each RSU granted to you under your RSU Award in the manner set forth below. If News Corp declares one or more regular cash dividends (each, a “Dividend”) on the NWSA Shares with a record date occurring during the period commencing on the Date of Grant of your RSU Award and ending on and including the day immediately preceding the day the NWSA Shares subject to the RSUs are issued to you, then, on the date each such Dividend is paid to holders of NWSA Shares, you will be credited with Dividend Equivalents based on the amount of such Dividend that would have been payable to you if you held, as of the record date for such Dividend, a number of NWSA Shares equal to (i) the number of RSUs granted to you on the Date of Grant that have not previously vested and been converted to NWSA Shares plus (ii) the number of NWSA Shares that any Dividend Equivalents previously credited to you under this RSU Terms and Conditions Notice were deemed to have been reinvested in pursuant to the next succeeding sentence. Each Dividend Equivalent will be deemed to have been reinvested in NWSA Shares as of the Dividend payment date based on the Fair Market Value of an NWSA Share
|
RSU (Stock) Terms and Conditions Notice |
1
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on the day immediately preceding such Dividend payment date. Dividend Equivalents will be payable in NWSA Shares. The foregoing does not obligate News Corp to pay dividends on NWSA Shares and nothing in the Plan or in this RSU Terms and Conditions Notice shall be interpreted as creating such an obligation.
Any Dividend Equivalents credited to you will be subject to all of the provisions of this RSU Terms and Conditions Notice which apply to the RSUs with respect to which they have been credited and will be payable, if at all, at the time and to the extent that the underlying RSUs on which the Dividend Equivalents have been credited become payable. For example, if your RSUs vest in three equal increments, the NWSA Shares you receive following your first vesting date will include NWSA Shares representing Dividend Equivalents on one-third of the initial number of RSUs granted with respect to Dividends paid based on record dates before such date and after the date the RSUs were granted.
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Withholding Taxes
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You agree, as a condition of the RSU Award, that you will make acceptable arrangements to pay any withholding or other taxes (including, without limitation, social security contributions or social taxes, if applicable) that may be due as a result of granting or vesting of your RSUs or your acquisition of NWSA Shares relating to the RSU Award. In the event that News Corp or any Affiliate, as the case may be, determines that any applicable Federal, state, provincial, local or foreign tax or withholding payment (including, without limitation, social security contributions or social taxes, if applicable) is required relating to the RSU Award or acquisition of NWSA Shares related thereto, News Corp, or any Affiliate, as the case may be, will have the right to: (i) require that you arrange to make such payments to News Corp or any Affiliate; (ii) withhold such amounts from other payments due to you from News Corp or any Affiliate; or (iii) allow for the surrender of the number of NWSA Shares relating to the RSU Award in an amount equal to the withholding or other taxes due (for this purpose, surrendered NWSA Shares will be valued using the closing price of the NWSA Shares on the NASDAQ Global Select Market or other principal stock exchange on which the NWSA Shares are listed on the trading date immediately prior to the vesting date); provided that the NWSA Shares so withheld will have an aggregate Fair Market Value not exceeding the minimum amount of tax required to be withheld by applicable law.
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Employment with News Corp or an Affiliate
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Except as provided herein, your eligibility to receive NWSA Shares is subject to the condition that you remain employed by News Corp or an Affiliate from the date hereof through the dates on which the RSUs vest, subject to the terms of your RSU Award and with the exceptions set forth below.
Subject to the exceptions set forth below, in the event your employment terminates before your RSUs vest, you shall forfeit your RSU Award and neither you, nor your beneficiary or estate, shall be entitled to receive any payment under your RSU Award.
In the event your employment terminates due to your Retirement or Permanent Disability before your RSUs vest, your RSUs shall continue to vest, to the extent not already vested, for a period of three years following such termination. At the end of the three-year period, you shall forfeit any remaining unvested RSUs and neither you, nor your beneficiary or estate, shall be entitled to receive any payment under your RSU Award.
In the event of your termination due to your death, RSUs not previously vested shall immediately become vested.
In the event that your employment during the applicable vesting period transfers from one business group, including corporate groups, which participates in the RSU Program to another business group that also participates in the RSU Program, you will remain eligible to receive payment under your RSU Award. If your business entity is merged with another entity within News Corp or is sold outside of News Corp, the Committee may, in its sole
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discretion, make such adjustments to your RSU Award as it deems appropriate. All determinations that the Committee makes shall be conclusive and binding on all persons for all purposes. The Committee need not treat all RSU awards in the same manner.
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Leaves of Absence
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For purposes of the RSU Award, your Service does not terminate when you go on a bona fide employee leave of absence that was approved by News Corp or an Affiliate in writing, if the terms of such leave provide for continued Service crediting, or when continued Service crediting is required by applicable law. However, your Service will be treated as terminating three months after the commencement of such leave, unless your right to return to active work is guaranteed by law or by a contract. Your Service terminates in any event when the approved leave ends unless you immediately return to active employee work.
The Committee shall determine, in its sole discretion, which leaves shall count for this purpose, and when your Service terminates for all purposes under the 2013 LTIP.
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Current Market Price of Class A Common Stock
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You can at any time find out the current market price of NWSA Shares on NASDAQ at http://www.nasdaq.com/quotes by using the code “NWSA.” Also, News Corp undertakes to provide you the current market price of NWSA Shares on NASDAQ within a reasonable period of you making such a request by email to EquityPlanAdmin@newscorp.com.
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No Vested Right in Future Awards
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You acknowledge and agree (by accepting the RSU Award and receiving this RSU Terms and Conditions Notice) that the eligibility to receive RSUs is made on a fully discretionary basis by the Committee and that the RSU Award does not lead to a vested right to receive any NWSA Shares, any additional RSUs or any other equity incentive awards in the future.
Further, the RSU Award set forth in the Summary of RSU Award constitutes a non-recurring benefit and the terms of this RSU Terms and Conditions Notice are only applicable to the RSU Award distributed subject to this RSU Terms and Conditions Notice.
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Employment Agreements
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This RSU Terms and Conditions Notice shall not be applied or interpreted in a manner which would decrease the rights held by, or the payments owing to, you under any employment agreement with News Corp or any Affiliate and, if there is any conflict between the terms of such employment agreement and the terms hereof, the employment agreement shall control, except with respect to the forfeiture and recoupment provisions set forth below which shall control.
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Forfeiture; Recoupment
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Notwithstanding anything to the contrary in this RSU Terms and Conditions Notice, you acknowledge and agree that the Committee shall have the right to cause you to forfeit any gain realized by you with respect to the RSU Award, as the Committee in its discretion shall determine, on account of actions taken by, or failed to be taken by, you in violation or breach of or in conflict with any (i) employment agreement, (ii) non-competition agreement, (iii) agreement prohibiting solicitation of employees or clients of News Corp or any Affiliate, (iv) confidentiality obligation with respect to News Corp or any Affiliate, (v) News Corp policy or procedure including, without limitation, News Corp’s Standards of Business Conduct, (vi) other agreement or (vii) any other obligation to News Corp or any Affiliate. In addition, the RSU Award and any NWSA shares issued pursuant thereto are subject to any applicable News Corp clawback policy as in effect from time-to-time.
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Confidentiality
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You acknowledge that you have read and understand News Corp’s policies on confidentiality as set forth in the News Corp Standards of Business Conduct and the News Corp Insider Trading and Confidentiality Policy (collectively, the “Confidentiality Policies”) and hereby agree that during the course of your employment with News Corp or any
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Affiliate and any time after your employment with News Corp or any Affiliate is terminated, you will continue to abide by the terms of the Confidentiality Policies, including with respect to any materials or information you receive in connection with your RSU Award.
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Retention and Other Rights
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The RSU Award does not give you the right to be retained or employed by News Corp or any Affiliate in any capacity for any given period or upon any specific terms of employment.
You waive any and all rights to compensation or damages for the termination of your office or employment with News Corp or any Affiliate for any reason (including unlawful termination of employment) insofar as those rights arise from you ceasing to have rights in relation to the RSU Award as a result of that termination or from the loss or diminution in value of such rights.
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Stockholder Rights
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You, your estate and your heirs do not have any of the rights of a stockholder of News Corp, including, without limitation, any right to receive dividends declared or paid on the NWSA Shares (but Dividend Equivalents may be awarded as described above), unless and until any RSUs are paid out into NWSA Shares and a certificate for such NWSA Shares has been issued or an appropriate book entry has been made.
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RSU Award Transferability
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Your RSUs may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, whether by operation of law or otherwise, nor may your RSUs be made subject to execution, attachment or similar process.
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Applicable Law and Forum
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This RSU Terms and Conditions Notice will be interpreted and enforced under the laws of the State of Delaware.
By accepting the RSU Award, you expressly consent to the exclusive jurisdiction of the federal or state courts serving New York, New York for all lawsuits and actions arising out of or relating to this RSU Terms and Conditions Notice, and you expressly waive any defense that such courts lack personal jurisdiction over you. All such lawsuits and actions shall be tried in the federal or state courts serving New York, New York to the exclusion of all other courts.
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Severability
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In the event that any provision of this RSU Terms and Conditions Notice shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of this RSU Terms and Conditions Notice, and this RSU Terms and Conditions Notice shall be construed and enforced as if the illegal or invalid provision had not been included.
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Data Privacy
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News Corp and its Affiliates may collect, hold, use and process personal data about you in which News Corp. and its Affiliates have a legitimate interest in order to administer the 2013 LTIP. Such data includes, but are not limited to, the information about you contained in the Summary of RSU Award, other personal and financial data about you, such as your Social Security or tax identification number, equity grant number, home address, business address and other contact information, payroll information and any other information that might be deemed appropriate by News Corp and its Affiliates to facilitate the administration of the 2013 LTIP (collectively, “Personal Data”).
News Corp and its Affiliates will use reasonable administrative, technical and physical measures to safeguard your Personal Data in its possession against loss, theft and unauthorized use, disclosure or modification. News Corp and its Affiliates will retain Personal Data for no longer than is necessary for sound business and record retention purposes. You have a right to access your Personal Data and a right to ask for the correction or deletion of any inaccurate data held by News Corp and its Affiliates concerning yourself.
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amended to the minimum extent necessary to avoid application of such additional taxes or penalties. The nature of any such amendment shall be finally determined by News Corp.
Notwithstanding anything to the contrary in this RSU Terms and Conditions Notice or the 2013 LTIP, to the extent required to avoid accelerated taxation and penalties under Section 409A of the Code, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the RSU Award during the six-month period immediately following your “separation from service” within the meaning of Section 409A of the Code (a “Separation from Service”) will instead be paid on the first payroll date after the six-month anniversary of your Separation from Service (or your death, if earlier). Notwithstanding anything to the contrary in this RSU Terms and Conditions Notice, for purposes of any provision of this RSU Terms and Conditions Notice providing for the settlement of any NWSA Shares upon or following a termination of employment or a termination of Service that are considered “deferred compensation” under Section 409A of the Code, references to your “termination of employment” or “termination of Service” (and corollary terms) with News Corp or any Affiliate shall be construed to refer to your Separation from Service.
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May 7, 2021 | ||||||||
By:
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/s/ Robert J. Thomson
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Robert J. Thomson
Chief Executive Officer and Director
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May 7, 2021 | ||||||||
By:
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/s/ Susan Panuccio
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Susan Panuccio
Chief Financial Officer
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May 7, 2021 | ||||||||
By:
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/s/ Robert J. Thomson
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Robert J. Thomson
Chief Executive Officer and Director
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By:
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/s/ Susan Panuccio
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Susan Panuccio
Chief Financial Officer
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