View Filing Data

Selling, general and administrative

$ 3,440

$ 2,752

$ 9,885

$ 8,876

Operating expenses

(2,061)

(1,660)

(6,620)

(5,969)

(464)

(336)

(1,247)

(964)

Impairment and restructuring charges

(57)

(58)

(164)

(152)

(14)

(9)

(14)

Interest expense

(89)

(81)

(269)

(112)

Interest income

Other, net

(632)

(345)

(116)

Income before income tax expense

145

706

1,264

1,568

Income tax expense

(55)

(167)

(347)

(390)

Less: Net income attributable to noncontrolling interests

539

917

1,178

^[1]

(12)

(10)

(40)

(37)

Net income attributable to Fox Corporation stockholders

$ 78

$ 529

$ 877

$ 1,141

Weighted average shares

Basic

608

621

615

621

Diluted

612

621

619

621

Net income attributable to Fox Corporation stockholders per share

Basic

$ 0.13

$ 0.85

$ 1.43

$ 1.84

Diluted

$ 0.13

$ 0.85

$ 1.42

$ 1.84

[1]	Net income attributable to noncontrolling interests includes $4 million and $6 million for the three months ended March 31, 2020 and 2019, respectively, and $16 million and $27 million for the nine months ended March 31, 2020 and 2019, respectively, relating to redeemable noncontrolling interests.

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Mar. 31, 2020

Mar. 31, 2019

Statement Of Income And Comprehensive Income [Abstract]

Other comprehensive income, net of tax

$ 90

$ 539

$ 917

$ 1,178

Benefit plan adjustments

Other comprehensive income, net of tax

Comprehensive income

541

934

1,183

Less: Net income attributable to noncontrolling interests

^[1]

(12)

(10)

(40)

(37)

Comprehensive income attributable to Fox Corporation stockholders

$ 83

$ 531

$ 894

$ 1,146

[1]	Net income attributable to noncontrolling interests includes $4 million and $6 million for the three months ended March 31, 2020 and 2019, respectively, and $16 million and $27 million for the nine months ended March 31, 2020 and 2019, respectively, relating to redeemable noncontrolling interests.

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591552-111686

+ Details

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income attributable to redeemable noncontrolling interests	$ 4	$ 6	$ 16	$ 27

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions

Mar. 31, 2020

Jun. 30, 2019

Current assets

Cash and cash equivalents

$ 3,196

$ 3,234

Receivables, net

2,453

1,967

Inventories, net

971

1,129

Property, plant and equipment, net

124

148

Total current assets

6,744

6,478

Non-current assets

1,386

1,313

Intangible assets, net

3,084

2,851

Goodwill

3,089

2,691

Deferred tax assets

4,386

4,651

Other non-current assets

1,548

1,525

Accounts payable, accrued expenses and other current liabilities

20,237

19,509

Current liabilities

1,780

1,712

Non-current liabilities

Borrowings

6,754

6,751

Other liabilities

1,312

899

Commitments and contingencies

258

189

Equity

Additional paid-in capital

9,810

9,891

Retained earnings

589

357

Accumulated other comprehensive loss

(291)

(308)

Total Fox Corporation stockholders' equity

10,114

9,947

Noncontrolling interests

Total equity

10,133

9,958

Total liabilities and equity

20,237

19,509

Equity

^[1]

Equity

^[2]

$ 3

[1]	Class A common stock, $0.01 par value per share, 2,000,000,000 shares authorized, 342,640,682 shares and 354,422,419 shares issued and outstanding at par as of March 31, 2020 and June 30, 2019, respectively.
[2]	Class B common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 261,078,355 shares and 266,173,651 shares issued and outstanding at par as of March 31, 2020 and June 30, 2019, respectively.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Jun. 30, 2019
Class A Common Stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	2,000,000,000	2,000,000,000
Common stock, shares issued	342,640,682	354,422,419
Common stock, shares outstanding	342,640,682	354,422,419
Class B Common Stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	261,078,355	266,173,651
Common stock, shares outstanding	261,078,355	266,173,651

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
OPERATING ACTIVITIES
Net income	$ 917	$ 1,178
Adjustments to reconcile net income to cash provided by operating activities
Depreciation and amortization	164	152
Amortization of cable distribution investments	19	29
Impairment and restructuring charges	9	14
Equity-based compensation	101	5
Other, net	345	116
Deferred income taxes	255	322
Change in operating assets and liabilities, net of acquisitions and dispositions
Receivables and other assets	(299)	(196)
Inventories net of program rights payable	167	137
Accounts payable and other liabilities	(333)	(133)
Net cash provided by operating activities	1,345	1,624
INVESTING ACTIVITIES
Property, plant and equipment	(192)	(147)
Acquisitions, net of cash acquired	(611)	0
Sale of investments	349	0
Purchase of investments	0	(100)
Other investing activities, net	57	(64)
Net cash used in investing activities	(397)	(311)
FINANCING ACTIVITIES
Borrowings	0	6,750
Net transfers to Twenty-First Century Fox, Inc.	0	(1,233)
Net dividend paid to Twenty-First Century Fox, Inc.	0	(6,500)
Repurchase of shares	(600)	0
Dividends paid and distributions	(321)	(33)
Other financing activities, net	(65)	21
Net cash used in financing activities	(986)	(995)
Net (decrease) increase in cash and cash equivalents	(38)	318
Cash and cash equivalents, beginning of year	3,234	2,500
Cash and cash equivalents, end of period	$ 3,196	$ 2,818

UNAUDITED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
shares in Millions, $ in Millions

Total

Class A Common Stock

Class B Common Stock

Common Stock

Class A Common Stock

Common Stock

Class B Common Stock

Twenty-First Century Fox, Inc. Investment

Additional Paid-in Capital

Retained Earnings

Accumulated Other Comprehensive (Loss) Income

Total Fox Corporation Stockholders' Equity

Noncontrolling Interests

^[1]

Beginning Balance at Jun. 30, 2018

$ 9,594

$ 0

$ 9,513

$ 0

$ 81

$ 9,594

$ 0

Beginning Balance (in shares) at Jun. 30, 2018

Adoption of new accounting standards at Jun. 30, 2018

^[2]

$ 0

143

(143)

1,151

1,036

105

1,141

137

$ 0

135

(4)

136

Net decrease in Twenty-First Century Fox, Inc. investment

(2,276)

$ 0

(2,119)

(157)

^[3]

(2,276)

Conversion of Twenty-First Century Fox, Inc. investment

$ 4

$ 3

(8,708)

8,701

Conversion of Twenty-First Century Fox, Inc. investment (in shares)

354

266

Ending Balance at Mar. 31, 2019

8,611

$ 4

$ 3

8,706

101

(214)

8,600

Ending Balance (in shares) at Mar. 31, 2019

354

266

Beginning Balance at Dec. 31, 2018

10,406

$ 0

10,596

(202)

10,394

Beginning Balance (in shares) at Dec. 31, 2018

533

$ 0

424

105

529

(31)

$ 0

(27)

(4)

(26)

(5)

Net decrease in Twenty-First Century Fox, Inc. investment

(2,299)

$ 0

(2,285)

(14)

^[3]

(2,299)

Conversion of Twenty-First Century Fox, Inc. investment

$ 4

$ 3

(8,708)

8,701

Conversion of Twenty-First Century Fox, Inc. investment (in shares)

354

266

Ending Balance at Mar. 31, 2019

8,611

$ 4

$ 3

8,706

101

(214)

8,600

Ending Balance (in shares) at Mar. 31, 2019

354

266

Beginning Balance at Jun. 30, 2019

9,958

$ 4

$ 3

9,891

357

(308)

9,947

Beginning Balance (in shares) at Jun. 30, 2019

354

266

901

$ 0

877

Shares repurchased, shares

Dividends declared

(282)

Shares repurchased

$ (600)

$ (72)

$ (178)

$ (1)

$ 0

(273)

(326)

(600)

(17)

(2)

(5)

(12)

(5)

$ 139

$ 0

192

(37)

155

(16)

Ending Balance at Mar. 31, 2020

10,133

$ 3

9,810

589

(291)

10,114

Ending Balance (in shares) at Mar. 31, 2020

343

261

Beginning Balance at Dec. 31, 2019

10,353

$ 3

9,849

775

(296)

10,334

Beginning Balance (in shares) at Dec. 31, 2019

347

264

$ 0

Shares repurchased, shares

Dividends declared

(139)

Shares repurchased

(173)

$ 0

(79)

(94)

(173)

(4)

(3)

$ 0

(31)

(8)

Ending Balance at Mar. 31, 2020

$ 10,133

$ 3

$ 0

$ 9,810

$ 589

$ (291)

$ 10,114

$ 19

Ending Balance (in shares) at Mar. 31, 2020

343

261

[1]	Excludes Redeemable noncontrolling interests which are reflected in temporary equity (See Note 4—Fair Value under the heading “Redeemable Noncontrolling Interests”).
[2]	Reflects the adoption of ASU 2016-01 and ASU 2018-02 as defined in Note 2—Summary of Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2019 as filed with the Securities and Exchange Commission on August 9, 2019 under the heading “Recently Adopted and Recently Issued Accounting Guidance and U.S. Tax Reform.”
[3]	Represents accumulated other comprehensive loss transferred from Twenty-First Century Fox, Inc. investment related to the pension and postretirement benefit assets and liabilities of the Shared Plans (See Note 14—Pension and Other Postretirement Benefits in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2019 as filed with the Securities and Exchange Commission on August 9, 2019).

Description of Business and Basis of Presentation

9 Months Ended

Mar. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Description of Business and Basis of Presentation

NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Fox Corporation, a Delaware corporation (“FOX” or the “Company”), is a news, sports and entertainment company, which manages and reports its businesses in the following segments: Cable Network Programming, Television and Other, Corporate and Eliminations.

The Distribution

On March 19, 2019, the Company became a standalone publicly traded company through the pro rata distribution by Twenty-First Century Fox, Inc. (now known as TFCF Corporation) (“21CF”) of all of the issued and outstanding common stock of FOX to 21CF stockholders (other than holders that were subsidiaries of 21CF) (the “Distribution”) in accordance with the Amended and Restated Distribution Agreement and Plan of Merger, dated as of June 20, 2018, by and between 21CF and 21CF Distribution Merger Sub, Inc. Following the Distribution, 354 million and 266 million shares of the Company’s Class A Common Stock, par value $0.01 per share (the “Class A Common Stock”), and Class B Common Stock, par value $0.01 per share (the “Class B Common Stock” and, together with the Class A Common Stock, the “Common Stock”), respectively, began trading independently on The Nasdaq Global Select Market (“Nasdaq”). In connection with the Distribution, the Company entered into the Separation and Distribution Agreement, dated as of March 19, 2019 (the “Separation Agreement”), with 21CF, which effected the internal restructuring (the “Separation”) whereby 21CF transferred to FOX a portfolio of 21CF’s news, sports and broadcast businesses, including FOX News Media (consisting of FOX News and FOX Business), FOX Entertainment, FOX Sports, FOX Television Stations, and sports cable networks FS1, FS2, FOX Deportes and Big Ten Network, and certain other assets, and FOX assumed from 21CF the liabilities associated with such businesses and certain other liabilities. The Separation and the Distribution were effected as part of a series of transactions contemplated by the Amended and Restated Merger Agreement and Plan of Merger, dated as of June 20, 2018, by and among 21CF, The Walt Disney Company (“Disney”) and certain subsidiaries of Disney, pursuant to which, among other things, 21CF became a wholly-owned subsidiary of Disney.

In connection with the Separation, the Company entered into several agreements that govern certain aspects of the Company’s relationship with 21CF and Disney following the Separation. These include the Separation Agreement, a tax matters agreement, a transition services agreement, as well as agreements relating to intellectual property licenses, employee matters, commercial arrangements and a studio lot lease (See Note 1—Description of Business and Basis of Presentation in the 2019 Form 10-K, as defined below, for further discussion).

Basis of Presentation

The Unaudited Consolidated Financial Statements of FOX have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting only of normal recurring adjustments necessary for a fair presentation have been reflected in these Unaudited Consolidated Financial Statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2020, due to, among other things, the impact of coronavirus disease 2019 (“COVID-19”) on the Company’s business.

The impact of COVID-19 and measures to prevent its spread are affecting the macroeconomic environment, as well as the business of the Company, in a number of ways. For example, while the Company’s national news ratings remain strong, sporting events for which the Company has broadcast rights have been cancelled or postponed, the production of certain entertainment content the Company acquires has been suspended and demand in local advertising markets has declined. The magnitude of the impacts will depend on the duration and extent of COVID-19 and the effect of governmental actions, consumer behavior and actions taken by the Company’s business partners in response to the pandemic and such governmental actions. The evolving and uncertain nature of this situation makes it challenging for the Company to estimate the future performance of its businesses, particularly over the near to medium term, including the supply and demand for its services, its cash flows and its current and future advertising revenue. However, the impact of COVID-19 could have a material adverse effect on the Company’s business, financial condition or results of operations over the near to medium term.

The preparation of the Company’s Unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the Unaudited Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates. A significant decline in estimated advertising revenue or the expected popularity of the Company’s programming could lead to a downward revision in the fair value of, among other things, the Company’s reporting units, indefinite-lived intangible assets and long-lived assets and result in an impairment and a non-cash charge that is material to the Company’s reported net earnings. An impairment did not exist as of March 31, 2020. The Company will perform its annual impairment review during the fourth quarter of fiscal 2020. In addition, the recoverability of national sports contracts is based on the Company’s best estimates at March 31, 2020 of attributable revenues and costs; such estimates may change in the future and such changes may be significant. Should revenues decline materially from estimates applied at March 31, 2020, amortization of rights may be accelerated.

These interim Unaudited Consolidated Financial Statements and notes thereto should be read in conjunction with the audited consolidated and combined financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2019 as filed with the Securities and Exchange Commission on August 9, 2019 (the “2019 Form 10-K”).

The Company’s financial statements for the three and nine months ended March 31, 2020 and 2019 and as of March 31, 2020 and June 30, 2019 are presented on a consolidated basis. The Company’s unaudited consolidated financial statements for the three and nine months ended March 31, 2020 reflect the Company’s results of operations and cash flows as a standalone company, and the Company’s Consolidated Balance Sheets as of March 31, 2020 and June 30, 2019 consist of the Company’s consolidated balances.

Prior to the Distribution, which occurred on March 19, 2019, the Company’s combined financial statements were derived from the unaudited consolidated financial statements and accounting records of 21CF. The Unaudited Consolidated Statements of Operations for the three and nine months ended March 31, 2019 include, for the periods prior to March 19, 2019, allocations for certain support functions that were provided on a centralized basis within 21CF prior to the Distribution and not recorded at the business unit level, such as certain expenses related to finance, legal, insurance, information technology, compliance and human resources management activities, among others. 21CF did not routinely allocate these costs to any of its business units. These expenses were allocated to FOX on the basis of direct usage when identifiable, with the remainder allocated on a pro rata basis of combined revenues, headcount or other relevant measures. Management believes the assumptions underlying the Unaudited Consolidated Financial Statements, including the assumptions regarding allocating general corporate expenses from 21CF, are reasonable. Nevertheless, the Unaudited Consolidated Financial Statements may not include all of the actual expenses that would have been incurred by FOX and may not reflect FOX’s consolidated results of operations and cash flows had it been a standalone company during the entirety of the periods presented. Actual costs that would have been incurred if FOX had been a standalone company would depend on multiple factors, including organizational structure and strategic decisions made in various areas, including information technology and infrastructure.

For purposes of the Company’s financial statements for the period prior to the Distribution, the income tax provision in the Unaudited Consolidated Statements of Operations was calculated as if FOX filed a separate tax return and was operating as a standalone business. Therefore, cash tax payments and items of current and deferred taxes may not be reflective of FOX’s actual tax balances prior to or subsequent to the Distribution. Prior to the Distribution, the Company’s operating results were included in 21CF’s consolidated U.S. federal and state income tax returns.

Intercompany transactions with 21CF or its affiliates and the Company are reflected in the historical Unaudited Consolidated Financial Statements for the period prior to the Distribution. All significant intracompany transactions and accounts within the Company’s consolidated businesses have been eliminated. Investments in and advances to entities or joint ventures in which the Company has significant influence, but less than a controlling financial interest, are accounted for using the equity method. Significant influence generally exists when the Company owns an interest between 20% and 50%. In accordance with Accounting Standards Codification (“ASC”) 321 “Investments—Equity Securities” (“ASC 321”), equity securities in which the Company has no significant influence (generally less than a 20% ownership interest) with readily determinable fair values are accounted for at fair value based on quoted market prices. Equity securities without readily determinable fair values are accounted for either at fair value or using the measurement alternative which is at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. All gains and losses on investments in equity securities are recognized in the Unaudited Consolidated Statements of Operations.

The Company’s fiscal year ends on June 30 of each year. Certain fiscal 2019 amounts have been reclassified to conform to the fiscal 2020 presentation.

The unaudited and audited consolidated financial statements are referred to as the “Financial Statements” herein. The unaudited consolidated statements of operations are referred to as the “Statements of Operations” herein. The unaudited and audited consolidated balance sheets are referred to as the “Balance Sheets” herein. The unaudited consolidated statements of cash flows are referred to as the “Statements of Cash Flows” herein.

Recently Adopted and Recently Issued Accounting Guidance and the CARES Act

Adopted

In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)” (“Topic 842”), as amended. Topic 842 requires recognition of lease liabilities and right-of-use (“ROU”) assets on the balance sheet and disclosure of key information about leasing arrangements. On July 1, 2019, the Company adopted Topic 842 on a modified retrospective basis and recorded operating lease liabilities and ROU assets of approximately $635 million and $585 million, respectively, at the date of adoption (See Note 7—Leases). The difference between the Company’s initial recognition of operating lease liabilities and ROU assets, at the date of adoption, was primarily a result of the reclassification of the deferred rent liability. The adoption of Topic 842 did not have a significant impact on the Statements of Operations. In accordance with the guidance in Topic 842, the Company elected not to reassess (i) whether any existing contracts are or contain leases, (ii) lease classification for existing leases or (iii) capitalization of initial direct costs for existing leases.

During the third quarter of fiscal 2020, the Company early adopted ASU 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”). The objective of ASU 2017-04 is to simplify how an entity is required to test goodwill for impairment. Under previous GAAP, entities were required to test goodwill for impairment using a two-step approach. Under the amendments in ASU 2017-04, an entity performs its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The adoption of ASU 2017-04 did not have an effect on the Company’s Financial Statements.

CARES Act

In March 2020, the U.S. government enacted the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). The CARES Act includes provisions relating to refundable payroll tax credits, deferral of the employer portion of certain payroll taxes, net operating loss carryback periods, modifications to net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The Company does not expect the impact of these changes on the Company’s financial statements will be material.

Acquisitions, Disposals and Other Transactions

9 Months Ended

Mar. 31, 2020

Acquisitions Disposals And Other Transactions [Abstract]

Acquisitions, Disposals and Other Transactions

NOTE 2. ACQUISITIONS, DISPOSALS AND OTHER TRANSACTIONS

The transactions described below support the Company’s strategy to strengthen its core brands and leverage its sports broadcasting rights and expand their reach beyond their traditional linear businesses.

Acquisitions and Disposals

Tubi Acquisition

In April 2020, the Company acquired Tubi, Inc. (“Tubi”), a leading free ad-supported streaming service, for approximately $445 million in net cash consideration at closing (the “Tubi Acquisition”). Potential additional consideration in the form of deferred consideration and unvested options totaling approximately $45 million may be due over a three-year period following the closing of the transaction. The Company financed the Tubi Acquisition principally with the net proceeds from the sale of its investment in Roku, Inc. (“Roku”) discussed below.

Television Stations Acquisition and Divestiture

In March 2020, the Company acquired three television stations (FOX-affiliate KCPQ and MyNetworkTV-affiliate KZJO located in Seattle, Washington and FOX-affiliate WITI located in Milwaukee, Wisconsin) for approximately $350 million in cash from Nexstar Media Group, Inc. (“Nexstar”). As part of this transaction, the Company sold Nexstar two television stations (FOX-affiliate WJZY and MyNetworkTV-affiliate WMYT located in Charlotte, North Carolina) for approximately $45 million in cash. The consideration transferred of approximately $350 million for the stations the Company acquired has been preliminarily allocated, based on a provisional valuation, as follows: approximately $210 million to intangible assets, of which approximately $110 million has been allocated to Federal Communications Commission (“FCC”) licenses with indefinite lives and approximately $100 million to amortizable intangible assets, primarily retransmission agreements with useful lives of approximately eight years; approximately $30 million to property, plant and equipment; and the balance to the goodwill on the transaction. The estimated goodwill, which is tax deductible, reflects the increased synergies and market penetration expected from combining the operations of the three television stations with those of the Company.

Credible Acquisition

In October 2019, the Company acquired 67% of the equity in Credible Labs Inc. (“Credible”), a U.S. consumer finance marketplace, for approximately A$390 million (approximately $260 million) in cash (the “Credible Acquisition”), net of cash acquired. The remaining 33% of Credible not owned by the Company has been recorded at fair value on the acquisition date based on the Company’s valuation of Credible’s business using a market approach (a Level 3 measurement as defined in Note 4—Fair Value). The consideration transferred of approximately $260 million has been preliminarily allocated, based on a provisional valuation of 100% of Credible, as follows: approximately $70 million to intangible assets with useful lives ranging from five to 10 years; approximately $285 million representing goodwill on the transaction; approximately $(110) million to redeemable noncontrolling interests and the remainder to other net assets. The estimated goodwill, which is not tax deductible, reflects the increased market penetration and synergies expected from combining the operations of Credible and the Company.

In addition, the Company has agreed to contribute up to $75 million of capital to Credible over approximately two years following the closing of the Credible Acquisition.

Other Transactions

Roku

In March 2020, the Company sold its investment in Roku for approximately $340 million. The Company recorded losses of approximately $470 million and $210 million for the three and nine months ended March 31, 2020, respectively, related to changes in the fair value of its investment in Roku prior to disposition, which were recorded in Other, net in the Statements of Operations (See Note 14—Additional Financial Information).

The Stars Group

In May 2019, the Company and The Stars Group Inc. (“The Stars Group”) announced plans to launch FOX Bet, a national media and sports wagering partnership in the U.S., which was launched in the first quarter of fiscal 2020. FOX Sports and The Stars Group have entered into a long-term commercial arrangement through which FOX Sports provides The Stars Group with an exclusive license to use certain FOX Sports trademarks. Prior to the tenth anniversary of the commercial agreement, and subject to certain conditions and applicable gaming regulatory approvals, FOX Sports has an option to acquire up to 50% of the equity in The Stars Group’s U.S. business. In addition, the Company invested $236 million to acquire a 4.99% equity interest in The Stars Group. The common shares issued to the Company are subject to certain transfer restrictions for a period ending in May 2021, subject to customary exceptions. The Company accounts for the investment in The Stars Group at fair value (See Note 4—Fair Value).

In October 2019, Flutter Entertainment plc (“Flutter”) and The Stars Group announced that they had reached agreement on the terms of a recommended all-share combination to create a global leader in sports betting and gaming (the “Combination”) and, in early May 2020, the Combination was completed. As part of the agreement, FOX Sports received the right to acquire an approximately 18.5% equity interest in FanDuel Group, a majority-owned subsidiary of Flutter, at its market value in 2021 (structured as a 10-year option from 2021, subject to a carrying value adjustment).

Caffeine and Caffeine Studios

In fiscal 2019, the Company invested, in the aggregate, approximately $100 million in cash for a minority equity interest in Caffeine, Inc. (“Caffeine”), a social broadcasting platform for gaming, entertainment and other creative content, and Caffeine Studio, LLC (“Caffeine Studios”), a newly formed venture that is jointly owned by the Company and Caffeine. The Company accounts for the investments in Caffeine using the measurement alternative in accordance with ASC 321 and Caffeine Studios using the equity method.

Inventories, Net

9 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

Inventories, Net

NOTE 3. INVENTORIES, NET

The Company’s inventories were comprised of the following:

	As of March 31, 2020			As of June 30, 2019
	(in millions)
Sports programming rights	$	745		$	954
Entertainment programming rights		465			380
Total inventories, net		1,210			1,334
Less: current portion of inventories, net		(971	)		(1,129	)
Total non-current inventories, net	$	239		$	205

Fair Value

9 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value

NOTE 4. FAIR VALUE

In accordance with ASC 820, “Fair Value Measurement,” fair value measurements are required to be disclosed using a three-tiered fair value hierarchy which distinguishes market participant assumptions into the following categories: (i) inputs that are quoted prices in active markets (“Level 1”); (ii) inputs other than quoted prices included within Level 1 that are observable, including quoted prices for similar assets or liabilities (“Level 2”); and (iii) inputs that require the entity to use its own assumptions about market participant assumptions (“Level 3”).

The following tables present information about financial assets and liabilities carried at fair value on a recurring basis:

	Fair value measurements
	As of March 31, 2020
	Total			Level 1		Level 2			Level 3
	(in millions)
Assets
Investments in equity securities	$	256		$	-	$	256	^(a)	$	-
Liabilities
Other		(6	)		-		-			(6)	^(b)
Redeemable noncontrolling interests		(258	)		-		-			(258)	^(b)
Total	$	(8	)	$	-	$	256		$	(264)

	Fair value measurements
	As of June 30, 2019
	Total			Level 1			Level 2			Level 3
	(in millions)
Assets
Investments in equity securities	$	761		$	545	^(c)	$	216	^(a)	$	-
Redeemable noncontrolling interests		(189	)		-			-			(189)	^(b)
Total	$	572		$	545		$	216		$	(189)

⁽^a⁾

The investment categorized as Level 2 represents an investment in equity securities of The Stars Group estimated using the quoted market price of The Stars Group common stock less a discount due to a lack of marketability (“DLOM”). The DLOM was derived based on the remaining term of the lock up period and the volatility of The Stars Group common stock (See Note 2—Acquisitions, Disposals and Other Transactions under the heading “The Stars Group” for further discussion).

⁽^b⁾

The Company utilizes the market approach valuation technique for its Level 3 fair value measures. Inputs to such measures could include observable market data obtained from independent sources such as broker quotes and recent market transactions for similar assets. It is the Company’s policy to maximize the use of observable inputs in the measurement of its Level 3 fair value measurements. To the extent observable inputs are not available, the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the liability. Examples of utilized unobservable inputs are future cash flows and long-term growth rates.

⁽^c⁾	The investment categorized as Level 1 represents an investment in equity securities of Roku with a readily determinable fair value, which was sold in March 2020 (See Note 2—Acquisitions, Disposals and Other Transactions under the heading “Roku” for further discussion).

Redeemable Noncontrolling Interests

The Company accounts for redeemable noncontrolling interests in accordance with ASC 480-10-S99-3A, “Distinguishing Liabilities from Equity,” because their exercise is outside the control of the Company. The redeemable noncontrolling interests recorded at fair value are put rights held by minority shareholders in a majority-owned sports network and Credible.

The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows:

	For the three months ended March 31,						For the nine months ended March 31,
	2020			2019			2020				2019
	(in millions)
Beginning of period	$	(216	)	$	(106	)	$	(189	)		$	(275	)
Acquisitions^(a)		-			-			(109	)			-
Net income		(4	)		(6	)		(16	)			(27	)
Distributions		6			6			19				25
Accretion and other		(44	)		(30	)		37		^(b)		141		^(b)
End of period	$	(258	)	$	(136	)	$	(258	)		$	(136	)

^(a)	See Note 2—Acquisitions, Disposals and Other Transactions under the heading “Credible Acquisition.”

⁽^b⁾	As a result of the expiration of a portion of the put rights held by the sports network minority shareholder during the nine months ended March 31, 2020 and 2019, approximately $120 million and $200 million, respectively, was reclassified into equity.

Another portion of the put rights held by the sports network minority shareholder will become exercisable in July 2020 and the remaining portion will become exercisable in July 2021. The put right held by the Credible minority shareholder will become exercisable in fiscal year 2025.

Financial Instruments

The carrying value of the Company’s financial instruments, such as cash and cash equivalents, receivables, payables and investments accounted for using the measurement alternative in accordance with ASC 321, approximates fair value.

	As of March 31, 2020		As of June 30, 2019
	(in millions)
Borrowings
Fair value	$	7,568	$	7,643
Carrying value	$	6,754	$	6,751

Fair value is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market (a Level 1 measurement).

Concentrations of Credit Risk

Cash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and, therefore, bear minimal credit risk.

Generally, the Company does not require collateral to secure receivables. As of March 31, 2020 and June 30, 2019, the Company had no individual customers that accounted for 10% or more of the Company’s receivables.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Goodwill and Intangible Assets, Net

9 Months Ended

Mar. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

NOTE 5. GOODWILL AND INTANGIBLE ASSETS, NET

The changes in the carrying values of the Company’s intangible assets and related accumulated amortization were as follows:

	Intangible assets not subject to amortization
	FCC licenses			Other		Total			Amortizable intangible assets, net^(a)			Total intangible assets, net
	(in millions)
Balance, June 30, 2019	$	2,167		$	642	$	2,809		$	42		$	2,851
Acquisitions^(b)		113			-		113			171			284
Disposals^(b)		(30	)		-		(30	)		-			(30	)
Amortization		-			-		-			(21	)		(21	)
Balance, March 31, 2020	$	2,250		$	642	$	2,892		$	192		$	3,084

^(a)	^{Net of accumulated amortization of $150 million and $129 million as of March 31, 2020 and June 30, 2019, respectively. The average useful life of amortizable intangible assets ranges from five to 20 years.}

⁽^b⁾	See Note 2—Acquisitions, Disposals and Other Transactions under the heading “Acquisitions and Disposals.”

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

	Cable Network Programming		Television			Other, Corporate and Eliminations		Total Goodwill
	(in millions)
Balance, June 30, 2019	$	987	$	1,704		$	-	$	2,691
Acquisitions^(a)		45		142			222		409
Disposals^(a)		-		(11	)		-		(11	)
Balance, March 31, 2020	$	1,032	$	1,835		$	222	$	3,089

⁽^a⁾	See Note 2—Acquisitions, Disposals and Other Transactions under the heading “Acquisitions and Disposals.”

Borrowings

9 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Borrowings

NOTE 6. BORROWINGS

Senior Notes Issued

In April 2020, the Company issued $600 million of 3.05% senior notes due 2025 and $600 million of 3.50% senior notes due 2030.

In January 2019, the Company issued $6.8 billion of senior notes (See Note 9—Borrowings in the 2019 Form 10-K under the heading “Senior Notes Issued Under the January 2019 Indenture”).

Revolving Credit Agreement

The Company is party to a credit agreement providing a $1.0 billion unsecured revolving credit facility with a sub-limit of $150 million available for the issuance of letters of credit and a maturity date of March 2024 (See Note 9—Borrowings in the 2019 Form 10-K under the heading “Revolving Credit Agreement”). In April 2020, the Company entered into an amendment to the credit agreement, which, among other things, deducts cash in excess of $500 million from indebtedness for purposes of calculating the operating income leverage ratio under the agreement. As of March 31, 2020, there were no borrowings outstanding under the revolving credit agreement.

Leases

9 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

NOTE 7. LEASES

Lessee Arrangements

The Company has lease agreements primarily for office facilities, transponder agreements and other equipment leases. At contract inception, the Company determines if a contract is or contains a lease and whether it is an operating or finance lease. The Company does not separate lease components from nonlease components for real estate leases.

For operating leases that have a lease term of greater than one year, the Company initially recognizes operating lease liabilities and ROU assets at the lease commencement date, which is the date that the lessor makes an underlying asset available for use by the Company. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the present value of the Company’s obligation to make lease payments, primarily escalating fixed payments, over the lease term. The discount rate used to determine the present value of the lease payments is generally the Company’s incremental borrowing rate because the rate implicit in the lease is generally not readily determinable. The incremental borrowing rate for the lease term is determined by adjusting the Company’s unsecured borrowing rate for a similar term to approximate a collateralized borrowing rate. The Company's lease terms for each of its leases represents the noncancelable period for which the Company has the right to use an underlying asset, together with all of the following: (i) periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option; (ii) periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option; and (iii) periods covered by an option to extend (or not to terminate) the lease in which exercise of the option is controlled by the lessor. The Company recognizes lease payments as lease expense on a straight-line basis over the lease term.

The Company’s operating ROU assets are included in Other non-current assets and the Company’s current and non-current operating lease liabilities are included in Accounts payable, accrued expenses and other current liabilities and Other liabilities, respectively, in the Company’s Balance Sheet (See Note 14—Additional Financial Information).

The following amounts were recorded in the Company’s Balance Sheet relating to its operating leases and other supplemental information:

	As of March 31, 2020
	(in millions)
ROU assets	$	531
Lease liabilities
Current lease liabilities	$	134
Non-current lease liabilities		431
Total lease liabilities	$	565
Other supplemental information
Weighted average remaining lease term	7 years
Weighted average discount rate		3	%

The following table presents information about the Company’s lease costs and supplemental cash flows information for leases:

	For the three months ended March 31, 2020		For the nine months ended March 31, 2020
	(in millions)
Lease costs
Total lease costs^(a)	$	34	$	95
Supplemental cash flows information
Operating cash flows from operating leases	$	43	$	124
ROU assets obtained in exchange for operating lease liabilities^(b)	$	33	$	45

^(a)	Total lease costs of $34 million and $95 million for the three and nine months ended March 31, 2020, respectively, are net of sublease income of approximately $15 million and $40 million, respectively.

^(b)	^{Primarily related to leases obtained through the Company’s acquisitions (See Note 2—Acquisitions, Disposals and Other Transactions under the heading “Acquisitions and Disposals”).}

The following table presents the lease payments relating to the Company’s operating leases:

	As of March 31, 2020
	(in millions)
Fiscal Year
2020	$	41
2021		132
2022		93
2023		91
2024		87
Thereafter		207
Total lease payments^(a)		651
Less: imputed interest		(86	)
Present value of operating lease liabilities	$	565

^(a)	In addition to the total lease payments presented above, the Company has a lease for an office facility with total lease payments of approximately $55 million that has not yet commenced as of March 31, 2020.

Lessor Arrangements

The Company’s lessor arrangements primarily relate to its owned production and office facilities at the FOX Studios lot, which is located in Los Angeles, California. The Company is responsible for the management of the FOX Studios lot, which includes managing and providing facilities, studio operations, and production services, which until 2026 will predominantly be utilized by Disney productions. The Company leases production and office space on the FOX Studios lot to 21CF for an initial term of seven years, subject to two five-year renewal options exercisable by 21CF. The Company will receive approximately $50 million annually in lease payments over the lease term.

The Company recorded total lease income of approximately $15 million and $40 million for the three and nine months ended March 31, 2020, respectively, which is included in Revenues in the Statements of Operations. The Company recognizes lease payments for operating leases as revenue on a straight-line basis over the lease term and variable lease payments as revenue in the period incurred.

Stockholders' Equity

9 Months Ended

Mar. 31, 2020

Stockholders Equity Note [Abstract]

Stockholders' Equity

NOTE 8. STOCKHOLDERS’ EQUITY

Stock Repurchase Program

On November 6, 2019, the Company announced that its Board of Directors (the “Board”) had authorized a stock repurchase program providing for the repurchase of $2 billion of the Company’s Common Stock. The program has no time limit and may be modified, suspended or discontinued at any time. The Company also announced that it had entered into an accelerated share repurchase (“ASR”) agreement to repurchase $350 million of Class A Common Stock and announced its intention to promptly repurchase $150 million of Class B Common Stock.

In accordance with the ASR agreement in November 2019, the Company paid a third-party financial institution $350 million and received an initial delivery of approximately eight million shares of Class A Common Stock, representing 80% of the shares expected to be repurchased under the ASR agreement, at a price of $34.99 per share, which was the Nasdaq closing share price of the Class A Common Stock on November 11, 2019. Upon settlement of the ASR agreement in January 2020, the Company received a final delivery of approximately two million shares of Class A Common Stock. The final number of shares purchased under the ASR agreement was determined using a price of $36.05 per share (the volume-weighted average market price of the Class A Common Stock during the term of the ASR agreement less a discount). The Company accounted for the ASR agreement as two separate transactions. The initial delivery of Class A Common Stock was accounted for as a treasury stock transaction recorded on the acquisition date. The final settlement of Class A Common Stock was accounted for as a forward contract indexed to the Class A Common Stock and qualified as an equity transaction.

During the nine months ended March 31, 2020, the Company repurchased approximately two million and five million shares of Class A Common Stock and Class B Common Stock, respectively, for $72 million and $178 million, respectively, in the open market.

In total, the Company repurchased approximately 17 million shares of Common Stock for $600 million during the nine months ended March 31, 2020.

Repurchased shares are retired and reduce the number of shares issued and outstanding. The Company allocates the amount of the repurchase price over par value between additional paid-in capital and retained earnings.

As of March 31, 2020, the Company’s remaining stock repurchase authorization was approximately $1.4 billion.

Stockholders Agreement

The Company also announced on November 6, 2019 that it had entered into a stockholders agreement with the Murdoch Family Trust pursuant to which the Company and the Murdoch Family Trust have agreed not to take actions that would result in the Murdoch Family Trust and Murdoch family members together owning more than 44% of the outstanding voting power of the shares of Class B Common Stock or would increase the Murdoch Family Trust’s voting power by more than 1.75% in any rolling twelve-month period. The Murdoch Family Trust would forfeit votes to the extent necessary to ensure that the Murdoch Family Trust and the Murdoch family collectively do not exceed 44% of the outstanding voting power of the Class B shares, except where a Murdoch family member votes their own shares differently from the Murdoch Family Trust on any matter.

Temporary Stockholder Rights Plan

In connection with the Distribution, the Board approved the adoption of a Temporary Stockholder Rights Agreement (as amended, the “Rights Agreement”), effective March 19, 2019 (See Note 10—Stockholders’ Equity in the 2019 Form 10-K under the heading “Temporary Stockholder Rights Plan”). In November 2019, the rights issued pursuant to the Rights Agreement expired in accordance with the terms of the agreement.

Dividends

The following table summarizes the dividends declared per share on both the Company’s Class A Common Stock and Class B Common Stock:

	For the three months ended March 31,				For the nine months ended March 31,
	2020		2019		2020		2019
Cash dividend per share	$	0.23	$	-	$	0.46	$	-

The Company declared a semi-annual dividend of $0.23 per share on both the Class A Common Stock and the Class B Common Stock during the three months ended March 31, 2020, which was paid in April 2020 to stockholders of record on March 4, 2020.

Equity-Based Compensation

9 Months Ended

Mar. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity-Based Compensation

NOTE 9. EQUITY-BASED COMPENSATION

In connection with the Distribution, the Company adopted the Fox Corporation 2019 Shareholder Alignment Plan (the “SAP”), under which equity-based compensation, including stock options, stock appreciation rights, restricted and unrestricted stock, restricted stock units (“RSUs”), performance stock units (“PSUs”) and other types of FOX equity awards may be granted. The Company’s officers, directors and employees are eligible to participate in the SAP.

Performance Stock Units

PSUs are fair valued on the date of grant and expensed over the service period using a straight-line method as the awards cliff vest at the end of the three-year performance period. The Company also estimates the number of shares expected to vest which is based on management’s determination of the probable outcome of the performance conditions, which requires considerable judgment. The Company records a cumulative adjustment in periods that the Company’s estimate of the number of shares expected to vest changes. Additionally, the Company ultimately adjusts the expense recognized to reflect the actual vested shares following the resolution of the performance conditions. The number of shares that will be issued upon vesting of PSUs can range from 0% to 200% of the target award, based on (i) the Company’s average annual adjusted earnings per share growth, (ii) the Company’s average annual adjusted free cash flow growth and (iii) the Company’s three-year total shareholder return (“TSR”) as measured against the three-year TSR of the companies that comprise the Standard and Poor’s 500 Index. The fair value of the TSR condition is determined using a Monte Carlo simulation model.

During the nine months ended March 31, 2020, approximately 1.4 million PSUs were granted, which have a three-year performance measurement period beginning in July 2019. The awards are subject to the achievement of three pre-established objective performance measures determined by the Compensation Committee of the Board (the “Compensation Committee”). The awards issued will be settled in shares of Class A Common Stock upon vesting and are subject to the participants’ continued employment with the Company. Any person who holds PSUs shall have no ownership interest in the shares of Class A Common Stock to which such PSUs relate until and unless shares of Class A Common Stock are delivered to the holder. All shares of Class A Common Stock awards that are cancelled or forfeited become available for future grants. Certain of these awards have a graded vesting provision and the expense recognition is accelerated.

Restricted Stock Units

During the nine months ended March 31, 2020, approximately 1.1 million RSUs were granted, which vest in equal annual installments over a three-year period subject to the participants’ continued employment with the Company.

In March 2019, in connection with the Distribution, the Compensation Committee granted approximately 2.4 million RSUs under the SAP, which will primarily vest in two tranches. Approximately 50% of the RSUs will vest on June 15, 2020 and the remaining RSUs will vest on June 15, 2021, in each case, subject to a service requirement through the vesting dates.

Stock Options

During the nine months ended March 31, 2020, approximately 3.8 million stock options were granted, which generally have a term of seven years and vest in equal annual installments over a three-year period subject to the participants’ continued employment with the Company.

In March 2019, in connection with the Distribution, the Compensation Committee granted approximately 3.1 million stock options under the SAP. The stock options will vest 50% on June 15, 2020 and 50% on June 15, 2021, in each case, subject to a service requirement through the vesting dates.

As of March 31, 2020, the Company had approximately 7 million stock options outstanding. For the three and nine months ended March 31, 2020, the computation of diluted earnings per share did not include most of the stock options outstanding during these periods, because their inclusion would have been antidilutive.

The following table summarizes the Company’s equity-based compensation:

	For the three months ended March 31,				For the nine months ended March 31,
	2020		2019		2020		2019
	(in millions)
Equity-based compensation^(a)	$	41	$	38	$	115	$	71
Intrinsic value of all settled equity-based awards	$	2	$	130	$	8	$	240

^(a)	Prior to the Distribution, equity-based compensation included allocated expense for both executive directors and corporate executives of 21CF, allocated using a proportional allocation driver, which management deemed to be reasonable.

The Company’s stock based awards are settled in Class A Common Stock. As of March 31, 2020, the Company’s total estimated compensation cost, not yet recognized, related to non-vested equity awards held by the Company’s employees was approximately $165 million and is expected to be recognized over a weighted average period between one and two years.

Related Party Transactions and Twenty-First Century Fox, Inc. Investment

9 Months Ended

Mar. 31, 2020

NOTE 10. RELATED PARTY TRANSACTIONS AND TWENTY-FIRST CENTURY FOX, INC. INVESTMENT

Related Party Transactions

In the ordinary course of business, the Company enters into transactions with related parties, which prior to the Distribution included subsidiaries and equity affiliates of 21CF.

The following table sets forth the net revenue from related parties included in the Statements of Operations for the three and nine months ended March 31, 2019:

	For the three months ended March 31, 2019			For the nine months ended March 31, 2019
	(in millions)
Related party revenue	$	111		$	289
Related party expense		(33	)		(67	)
Related party revenue, net of expense	$	78		$	222

For the three and nine months ended March 31, 2020, the related party revenue and expense were not material.

Corporate Allocations and Twenty-First Century Fox, Inc. Investment

Prior to the Distribution, 21CF provided services to and funded certain expenses for the Company such as: global real estate and occupancy costs and employee benefits (“Direct Corporate Expenses”). In addition, the Company’s Financial Statements include, for the periods prior to March 19, 2019, general corporate expenses of 21CF which were not historically allocated to the Company for certain support functions that were provided on a centralized basis within 21CF prior to the Distribution and not recorded at the business unit level, such as certain expenses related to finance, legal, insurance, information technology, compliance and human resources management activities, among others (“General Corporate Expenses”). For purposes of the Financial Statements for the three and nine months ended March 31, 2019, the General Corporate Expenses were allocated to the Company. The General Corporate Expenses were included in the Statements of Operations in Selling, general and administrative expenses and Other, net, as appropriate. These expenses were allocated to the Company on the basis of direct usage when identifiable, with the remainder allocated on a pro rata basis of combined revenues, headcount or other relevant measures of the Company. Management believes the assumptions underlying the Financial Statements, including the assumptions regarding allocating General Corporate Expenses from 21CF are reasonable. Nevertheless, the Financial Statements may not include all of the actual expenses that would have been incurred by FOX and may not reflect the Company’s consolidated results of operations and cash flows had it been a standalone company prior to the Distribution. Actual costs that would have been incurred if the Company had been a standalone company would depend on multiple factors, including organizational structure and strategic decisions made in various areas, including information technology and infrastructure. For the purposes of the Statements of Operations, the Company recorded approximately $100 million and $270 million of General Corporate Expenses within Selling, general and administrative expenses for the three and nine months ended March 31, 2019, respectively, and the remaining balance of the Corporate allocations presented in the table below within Other, net for the three and nine months ended March 31, 2019.

Intercompany transactions with 21CF or its affiliates and the Company are reflected in the historical Financial Statements for the period prior to the Distribution. All significant intercompany balances between 21CF and the Company for the period prior to the Distribution have been reflected in the Statement of Cash Flows as a financing activity.

The following table summarizes the components of the net decrease in the Twenty-First Century Fox, Inc. investment for the three and nine months ended March 31, 2019:

	For the three months ended March 31, 2019			For the nine months ended March 31, 2019
	(in millions)
Cash pooling, general financing activities and other^(a)	$	(1,523	)	$	(1,537	)
Corporate allocations		111			291
Net dividend paid to Twenty-First Century Fox, Inc.		(6,500	)		(6,500	)
Taxes payable^(b)		593			593
Deferred taxes on step-up^(c)		5,515			5,515
Other deferred taxes^(c)		(481	)		(481	)
Net decrease in Twenty-First Century Fox, Inc. investment	$	(2,285	)	$	(2,119	)

^(a)	The nature of activities included in the line item ‘Cash pooling, general financing activities and other’ includes financing activities, capital transfers, cash sweeps, other treasury services and Direct Corporate Expenses.

^(b)

For purposes of the Company’s financial statements for the periods prior to the Distribution, the income tax expense in the Statements of Operations has been calculated as if FOX filed a separate tax return and was operating as a standalone business. This amount represents the difference between the separate tax return methodology and the actual tax liabilities attributed to the Company, in accordance with applicable tax law, as of the date of the Distribution.

^(c)

As a result of the Separation and the Distribution, FOX obtained an additional tax basis in its assets equal to their respective fair market values. These amounts represent the additional estimated deferred tax asset recorded as a result of the increased tax basis (See Note 1—Description of Business and Basis of Presentation in the 2019 Form 10-K under the heading “Basis of Presentation”) and other deferred tax adjustments recorded as of the date of the Distribution.

Commitments and Contingencies

9 Months Ended

Mar. 31, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 11. COMMITMENTS AND CONTINGENCIES

Commitments

The Company has commitments under certain firm contractual arrangements (“firm commitments”) to make future payments. These firm commitments secure the future rights to various assets and services to be used in the normal course of operations. The total firm commitments and future debt payments as of March 31, 2020 and June 30, 2019 were approximately $37 billion and $41 billion, respectively. The decrease from June 30, 2019 was primarily due to sports programming rights payments.

Contingencies

Profits Participants Litigation

In November 2015, Wark Entertainment, Inc., Temperance Brennan, L.P., Snooker Doodle Productions, Inc., and Bertha Blue, Inc. filed lawsuits against 21CF, Fox Entertainment Group, Twentieth Century Fox Film Corporation, Twentieth Century Fox Television (“TCFTV”), and Fox Broadcasting Corporation in the Superior Court of Los Angeles. The plaintiffs were profits participants in the Bones television series and alleged that TCFTV, which produced the show, breached its contracts with the plaintiffs and committed fraud concerning certain of those contracts, and that 21CF, Fox Entertainment Group, and Fox Broadcasting Corporation induced TCFTV’s breach of contract and intentionally interfered with the plaintiffs’ contracts with TCFTV. During the quarter ended September 30, 2019, the parties amicably resolved the lawsuits, and the Company contributed $34 million pursuant to a settlement agreement with the plaintiffs and Disney as successor to 21CF, Fox Entertainment Group, Twentieth Century Fox Film Corporation, and TCFTV. During the quarter ended March 31, 2020, Disney reached an amicable settlement with an additional profits participant who came forward. The Company’s portion of this settlement is approximately $20 million.

Profits participation litigation is subject to uncertainty and it is possible that there could be adverse developments in pending or future cases that could involve a FOX subsidiary. As of March 31, 2020, the Company does not believe that it has incurred a probable material loss for any other activities.

FOX News

The Company and certain of its current and former employees have been subject to allegations of sexual harassment and discrimination and racial discrimination relating to alleged misconduct at the Company’s FOX News business. The Company has resolved many of these claims and is contesting other claims in litigation. The Company has also received regulatory and investigative inquiries relating to these matters. To date, none of the amounts paid in settlements or reserved for pending or future claims, is individually or in the aggregate, material to the Company. The amount of liability, if any, that may result from these or related matters cannot be estimated at this time. However, the Company does not currently anticipate that the ultimate resolution of any such pending matters will have a material adverse effect on its business, financial condition, results of operations or cash flows.

U.K. Newspaper Matters Indemnity

In connection with the separation of 21CF and News Corporation in June 2013, 21CF agreed to indemnify News Corporation, on an after-tax basis, for payments made after the separation arising out of civil claims and investigations relating to phone hacking, illegal data access and inappropriate payments to public officials that occurred at subsidiaries of News Corporation, as well as legal and professional fees and expenses paid in connection with the related criminal matters, other than fees, expenses and costs relating to employees who are not (i) directors, officers or certain designated employees or (ii) with respect to civil matters, co-defendants with News Corporation (the “U.K. Newspaper Matters Indemnity”). In accordance with the Separation Agreement, certain costs and liabilities related to the U.K. Newspaper Matters Indemnity were assumed by the Company. The liability recorded in the Balance Sheets related to the indemnity was approximately $65 million and $50 million as of March 31, 2020 and June 30, 2019, respectively.

Other

The Company establishes an accrued liability for legal claims and indemnification claims when the Company determines that a loss is both probable and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. Any fees, expenses, fines, penalties, judgments or settlements which might be incurred by the Company in connection with the various proceedings could affect the Company’s results of operations and financial condition. For the contingencies disclosed above for which there is at least a reasonable possibility that a loss may be incurred, other than the accrual provided, the Company was unable to estimate the amount of loss or range of loss.

The Company’s operations are subject to tax in various domestic jurisdictions and as a matter of course, the Company is regularly audited by federal and state tax authorities. The Company believes it has appropriately accrued for the expected outcome of all pending tax matters and does not currently anticipate that the ultimate resolution of pending tax matters will have a material adverse effect on its consolidated financial condition, future results of operations or liquidity. Each member of the 21CF consolidated group, which includes 21CF, the Company (prior to the Distribution) and 21CF’s other subsidiaries, is jointly and severally liable for the U.S. federal income and, in certain jurisdictions, state tax liabilities of each other member of the consolidated group. Consequently, the Company could be liable in the event any such liability is incurred, and not discharged, by any other member of the 21CF consolidated group. The tax matters agreement requires 21CF and/or Disney to indemnify the Company for any such liability. Disputes or assessments could arise during future audits by the Internal Revenue Service in amounts that the Company cannot quantify.

Pension and Other Postretirement Benefits

9 Months Ended

Mar. 31, 2020

Compensation And Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits

NOTE 12. PENSION AND OTHER POSTRETIREMENT BENEFITS

The Company participates in and/or sponsors various pension, savings and postretirement benefit plans. Pension plans and postretirement benefit plans are closed to new participants with the exception of a small group covered by collective bargaining agreements. The net periodic benefit cost was $14 million and $13 million for the three months ended March 31, 2020 and 2019, respectively, and $41 million and $40 million for the nine months ended March 31, 2020 and 2019, respectively.

Segment Information

9 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Segment Information

NOTE 13. SEGMENT INFORMATION

The Company is a news, sports and entertainment company, which manages and reports its businesses in the following segments:

•

Cable Network Programming, which principally consists of the production and licensing of news and sports content distributed primarily through traditional cable television systems, direct broadcast satellite operators and telecommunication companies (“traditional MVPDs”), and online multi-channel video programming distributors (“digital MVPDs”), primarily in the U.S.

•

Television, which principally consists of the acquisition, marketing and distribution of broadcast network programming nationally under the FOX brand and the operation of 29 full power broadcast television stations, including 11 duopolies, in the U.S. Of these stations, 18 are affiliated with the FOX Network, 10 are affiliated with MyNetworkTV and one is an independent station.

•

Other, Corporate and Eliminations, which principally consists of corporate overhead costs, intracompany eliminations, the FOX Studios lot and Credible. The FOX Studios lot, located in Los Angeles, California, provides television and film production services along with office space, studio operation services and includes all operations of the facility. Credible is a U.S. consumer finance marketplace.

The Company’s operating segments have been determined in accordance with the Company’s internal management structure, which is organized based on operating activities. The Company evaluates performance based upon several factors, of which the primary financial measure is segment operating income before depreciation and amortization, or Segment EBITDA. Due to the integrated nature of these operating segments, estimates and judgments are made in allocating certain assets, revenues and expenses.

Beginning with the announcement of the Company’s financial results for the third quarter of fiscal 2019, the Company has renamed as “Segment EBITDA” the measure that it previously referred to as “Segment OIBDA.” The definition of this measure has not changed: Segment EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Segment EBITDA does not include: Amortization of cable distribution investments, Depreciation and amortization, Impairment and restructuring charges, Interest expense, Interest income, Other, net and Income tax expense. Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company’s business segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources to the Company’s businesses.

The following tables set forth the Company’s Revenues and Segment EBITDA for the three and nine months ended March 31, 2020 and 2019:

	For the three months ended March 31,						For the nine months ended March 31,
	2020			2019			2020			2019
	(in millions)
Revenues
Cable Network Programming	$	1,467		$	1,383		$	4,221		$	4,082
Television		1,926			1,370			5,548			4,796
Other, Corporate and Eliminations		47			(1	)		116			(2	)
Total revenues	$	3,440		$	2,752		$	9,885		$	8,876
Segment EBITDA
Cable Network Programming	$	792		$	741		$	2,032		$	1,893
Television		224			99			261			256
Other, Corporate and Eliminations		(96	)		(74	)		(256	)		(177	)
Amortization of cable distribution investments		(5	)		(10	)		(19	)		(29	)
Depreciation and amortization		(57	)		(58	)		(164	)		(152	)
Impairment and restructuring charges		-			(14	)		(9	)		(14	)
Interest expense		(89	)		(81	)		(269	)		(112	)
Interest income		8			19			33			19
Other, net		(632	)		84			(345	)		(116	)
Income before income tax expense		145			706			1,264			1,568
Income tax expense		(55	)		(167	)		(347	)		(390	)
Net income		90			539			917			1,178
Less: Net income attributable to noncontrolling interests		(12	)		(10	)		(40	)		(37	)
Net income attributable to Fox Corporation stockholders	$	78		$	529		$	877		$	1,141

Revenues by Segment by Component

	For the three months ended March 31,					For the nine months ended March 31,
	2020		2019			2020		2019
	(in millions)
Cable Network Programming
Affiliate fee	$	1,006	$	968		$	2,902	$	2,845
Advertising		304		276			895		893
Other		157		139			424		344
Total Cable Network Programming revenues		1,467		1,383			4,221		4,082
Television
Advertising		1,266		812			3,726		3,245
Affiliate fee		553		452			1,487		1,257
Other		107		106			335		294
Total Television revenues		1,926		1,370			5,548		4,796
Other, Corporate and Eliminations		47		(1	)		116		(2	)
Total revenues	$	3,440	$	2,752		$	9,885	$	8,876

Future Performance Obligations

As of March 31, 2020, approximately $5.3 billion of revenues are expected to be recognized primarily over the next one to three years. The Company’s most significant remaining performance obligations relate to affiliate contracts and content licensing contracts with fixed fees. The amount disclosed does not include (i) revenues related to performance obligations that are part of a contract whose original expected duration is one year or less, (ii) revenues that are in the form of sales- or usage-based royalties and (iii) revenues related to performance obligations for which the Company elects to recognize revenue in the amount it has a right to invoice.

	For the three months ended March 31,				For the nine months ended March 31,
	2020		2019		2020		2019
	(in millions)
Depreciation and amortization
Cable Network Programming	$	15	$	12	$	44	$	35
Television		17		28		46		80
Other, Corporate and Eliminations		25		18		74		37
Total depreciation and amortization	$	57	$	58	$	164	$	152

	As of March 31, 2020		As of June 30, 2019
	(in millions)
Assets
Cable Network Programming	$	2,714	$	2,584
Television		7,226		6,598
Other, Corporate and Eliminations		9,950		9,462
Investments		347		865
Total assets	$	20,237	$	19,509

	As of March 31, 2020		As of June 30, 2019
	(in millions)
Goodwill and intangible assets, net
Cable Network Programming	$	1,288	$	1,246
Television		4,193		3,891
Other, Corporate and Eliminations		692		405
Total goodwill and intangible assets, net	$	6,173	$	5,542

Additional Financial Information

9 Months Ended

Mar. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Additional Financial Information

NOTE 14. ADDITIONAL FINANCIAL INFORMATION

Other, net

The following table sets forth the components of Other, net included in the Statements of Operations:

	For the three months ended March 31,						For the nine months ended March 31,
	2020			2019			2020			2019
	(in millions)
Net (losses) gains on investments in equity securities^(a)	$	(567	)	$	211		$	(185	)	$	132
Transaction costs^(b)		(29	)		(106	)		(72	)		(184	)
U.K. Newspaper Matters Indemnity^(c)		(18	)		(15	)		(62	)		(45	)
Other		(18	)		(6	)		(26	)		(19	)
Total other, net	$	(632	)	$	84		$	(345	)	$	(116	)

^(a)

Net (losses) gains on investments in equity securities for the three and nine months ended March 31, 2020 included the losses related to changes in fair value of the Company’s investment in Roku which was sold in March 2020 (See Note 2—Acquisitions, Disposals and Other Transactions under the heading “Roku”).

⁽^b⁾

The transaction costs for the three and nine months ended March 31, 2020 and 2019 are primarily related to the Separation and the Distribution and include retention related costs and for the three and nine months ended March 31, 2020 also include costs associated with the profits participants litigation (See Note 11—Commitments and Contingencies under the heading “Profits Participants Litigation”). The transaction costs for the nine months ended March 31, 2020 were offset by an adjustment to the receivables from Disney pursuant to the Separation and Distribution Agreement.

⁽^c⁾	See Note 11—Commitments and Contingencies under the heading “U.K. Newspaper Matters Indemnity.”

Other Non-Current Assets

The following table sets forth the components of Other non-current assets included in the Balance Sheets:

	As of March 31, 2020		As of June 30, 2019
	(in millions)
Operating lease ROU assets	$	531	$	-
Investments^(a)		347		865
Inventories, net		239		205
Other^(b)		431		455
Total other non-current assets	$	1,548	$	1,525

^(a)	Includes investments accounted for at fair value on a recurring basis of $256 million and $761 million as of March 31, 2020 and June 30, 2019, respectively (See Note 4—Fair Value).

^(b)	Includes $223 million and $249 million of assets in the Grantor Trust (as defined in Note 14—Pension and Other Postretirement Benefits in the 2019 Form 10-K) as of March 31, 2020 and June 30, 2019, respectively.

Accounts Payable, Accrued Expenses and Other Current Liabilities

The following table sets forth the components of Accounts payable, accrued expenses and other current liabilities included in the Balance Sheets:

	As of March 31, 2020		As of June 30, 2019
	(in millions)
Accrued expenses	$	764	$	835
Program rights payable		533		514
Deferred revenue		149		169
Operating lease liabilities		134		-
Other current liabilities		200		194
Total accounts payable, accrued expenses and other current liabilities	$	1,780	$	1,712

Other Liabilities

The following table sets forth the components of Other liabilities included in the Balance Sheets:

	As of March 31, 2020		As of June 30, 2019
	(in millions)
Accrued non-current pension/postretirement liabilities	$	550	$	543
Non-current operating lease liabilities		431		-
Other non-current liabilities		331		356
Total other liabilities	$	1,312	$	899

Supplemental Information

	For the nine months ended March 31,
	2020			2019
	(in millions)
Supplemental cash flows information
Cash paid for interest	$	(355	)	$	(39	)
Cash paid for income taxes	$	(75	)	$	-

Supplemental information on acquisitions
Fair value of assets acquired, excluding cash	$	773		$	-
Cash acquired		15			-
Liabilities assumed		(53	)		-
Noncontrolling interests		(109	)		-
Cash paid		(626	)		-
Fair value of equity instruments consideration	$	-		$	-

Description of Business and Basis of Presentation (Policies)	9 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Use of Estimates	The preparation of the Company’s Unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the Unaudited Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates. A significant decline in estimated advertising revenue or the expected popularity of the Company’s programming could lead to a downward revision in the fair value of, among other things, the Company’s reporting units, indefinite-lived intangible assets and long-lived assets and result in an impairment and a non-cash charge that is material to the Company’s reported net earnings. An impairment did not exist as of March 31, 2020. The Company will perform its annual impairment review during the fourth quarter of fiscal 2020. In addition, the recoverability of national sports contracts is based on the Company’s best estimates at March 31, 2020 of attributable revenues and costs; such estimates may change in the future and such changes may be significant. Should revenues decline materially from estimates applied at March 31, 2020, amortization of rights may be accelerated.
Principles of Consolidation and Combination	Intercompany transactions with 21CF or its affiliates and the Company are reflected in the historical Unaudited Consolidated Financial Statements for the period prior to the Distribution. All significant intracompany transactions and accounts within the Company’s consolidated businesses have been eliminated. Investments in and advances to entities or joint ventures in which the Company has significant influence, but less than a controlling financial interest, are accounted for using the equity method. Significant influence generally exists when the Company owns an interest between 20% and 50%. In accordance with Accounting Standards Codification (“ASC”) 321 “Investments—Equity Securities” (“ASC 321”), equity securities in which the Company has no significant influence (generally less than a 20% ownership interest) with readily determinable fair values are accounted for at fair value based on quoted market prices. Equity securities without readily determinable fair values are accounted for either at fair value or using the measurement alternative which is at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. All gains and losses on investments in equity securities are recognized in the Unaudited Consolidated Statements of Operations.
Reclassifications and Adjustments	The Company’s fiscal year ends on June 30 of each year. Certain fiscal 2019 amounts have been reclassified to conform to the fiscal 2020 presentation.
Recently Adopted and Recently Issued Accounting Guidance and the CARES Act	Recently Adopted and Recently Issued Accounting Guidance and the CARES Act Adopted In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)” (“Topic 842”), as amended. Topic 842 requires recognition of lease liabilities and right-of-use (“ROU”) assets on the balance sheet and disclosure of key information about leasing arrangements. On July 1, 2019, the Company adopted Topic 842 on a modified retrospective basis and recorded operating lease liabilities and ROU assets of approximately $635 million and $585 million, respectively, at the date of adoption (See Note 7—Leases). The difference between the Company’s initial recognition of operating lease liabilities and ROU assets, at the date of adoption, was primarily a result of the reclassification of the deferred rent liability. The adoption of Topic 842 did not have a significant impact on the Statements of Operations. In accordance with the guidance in Topic 842, the Company elected not to reassess (i) whether any existing contracts are or contain leases, (ii) lease classification for existing leases or (iii) capitalization of initial direct costs for existing leases. During the third quarter of fiscal 2020, the Company early adopted ASU 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”). The objective of ASU 2017-04 is to simplify how an entity is required to test goodwill for impairment. Under previous GAAP, entities were required to test goodwill for impairment using a two-step approach. Under the amendments in ASU 2017-04, an entity performs its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The adoption of ASU 2017-04 did not have an effect on the Company’s Financial Statements. CARES Act In March 2020, the U.S. government enacted the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). The CARES Act includes provisions relating to refundable payroll tax credits, deferral of the employer portion of certain payroll taxes, net operating loss carryback periods, modifications to net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The Company does not expect the impact of these changes on the Company’s financial statements will be material.
Concentrations of Credit Risk	Concentrations of Credit Risk Cash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and, therefore, bear minimal credit risk. Generally, the Company does not require collateral to secure receivables. As of March 31, 2020 and June 30, 2019, the Company had no individual customers that accounted for 10% or more of the Company’s receivables.

Inventories, Net (Tables)

9 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

Schedule of Inventories, Net

The Company’s inventories were comprised of the following

	As of March 31, 2020			As of June 30, 2019
	(in millions)
Sports programming rights	$	745		$	954
Entertainment programming rights		465			380
Total inventories, net		1,210			1,334
Less: current portion of inventories, net		(971	)		(1,129	)
Total non-current inventories, net	$	239		$	205

Fair Value (Tables)

9 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets (Liabilities) and the Level Used to Measure Them

The following tables present information about financial assets and liabilities carried at fair value on a recurring basis:

	Fair value measurements
	As of March 31, 2020
	Total			Level 1		Level 2			Level 3
	(in millions)
Assets
Investments in equity securities	$	256		$	-	$	256	^(a)	$	-
Liabilities
Other		(6	)		-		-			(6)	^(b)
Redeemable noncontrolling interests		(258	)		-		-			(258)	^(b)
Total	$	(8	)	$	-	$	256		$	(264)

	Fair value measurements
	As of June 30, 2019
	Total			Level 1			Level 2			Level 3
	(in millions)
Assets
Investments in equity securities	$	761		$	545	^(c)	$	216	^(a)	$	-
Redeemable noncontrolling interests		(189	)		-			-			(189)	^(b)
Total	$	572		$	545		$	216		$	(189)

⁽^a⁾

⁽^b⁾

⁽^c⁾	The investment categorized as Level 1 represents an investment in equity securities of Roku with a readily determinable fair value, which was sold in March 2020 (See Note 2—Acquisitions, Disposals and Other Transactions under the heading “Roku” for further discussion).

Changes in Fair Value of Financial Liabilities on a Recurring Basis Using Level 3

The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows:

	For the three months ended March 31,						For the nine months ended March 31,
	2020			2019			2020				2019
	(in millions)
Beginning of period	$	(216	)	$	(106	)	$	(189	)		$	(275	)
Acquisitions^(a)		-			-			(109	)			-
Net income		(4	)		(6	)		(16	)			(27	)
Distributions		6			6			19				25
Accretion and other		(44	)		(30	)		37		^(b)		141		^(b)
End of period	$	(258	)	$	(136	)	$	(258	)		$	(136	)

^(a)	See Note 2—Acquisitions, Disposals and Other Transactions under the heading “Credible Acquisition.”

⁽^b⁾	As a result of the expiration of a portion of the put rights held by the sports network minority shareholder during the nine months ended March 31, 2020 and 2019, approximately $120 million and $200 million, respectively, was reclassified into equity.

Schedule of Fair Value and Carrying Value of Borrowings

	As of March 31, 2020		As of June 30, 2019
	(in millions)
Borrowings
Fair value	$	7,568	$	7,643
Carrying value	$	6,754	$	6,751

Goodwill and Intangible Assets, Net (Tables)

9 Months Ended

Mar. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Changes in Carrying Values of Intangible Assets and Related Accumulated Amortization

The changes in the carrying values of the Company’s intangible assets and related accumulated amortization were as follows:

	Intangible assets not subject to amortization
	FCC licenses			Other		Total			Amortizable intangible assets, net^(a)			Total intangible assets, net
	(in millions)
Balance, June 30, 2019	$	2,167		$	642	$	2,809		$	42		$	2,851
Acquisitions^(b)		113			-		113			171			284
Disposals^(b)		(30	)		-		(30	)		-			(30	)
Amortization		-			-		-			(21	)		(21	)
Balance, March 31, 2020	$	2,250		$	642	$	2,892		$	192		$	3,084

^(a)	^{Net of accumulated amortization of $150 million and $129 million as of March 31, 2020 and June 30, 2019, respectively. The average useful life of amortizable intangible assets ranges from five to 20 years.}

⁽^b⁾	See Note 2—Acquisitions, Disposals and Other Transactions under the heading “Acquisitions and Disposals.”

Schedule of Carrying Value of Goodwill, by Segment

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

	Cable Network Programming		Television			Other, Corporate and Eliminations		Total Goodwill
	(in millions)
Balance, June 30, 2019	$	987	$	1,704		$	-	$	2,691
Acquisitions^(a)		45		142			222		409
Disposals^(a)		-		(11	)		-		(11	)
Balance, March 31, 2020	$	1,032	$	1,835		$	222	$	3,089

⁽^a⁾	See Note 2—Acquisitions, Disposals and Other Transactions under the heading “Acquisitions and Disposals.”

Leases (Tables)

9 Months Ended

Mar. 31, 2020

Leases [Abstract]

Schedule of Lessee Operating Lease Components of Balance Sheet and Other Supplemental Information

The following amounts were recorded in the Company’s Balance Sheet relating to its operating leases and other supplemental information:

	As of March 31, 2020
	(in millions)
ROU assets	$	531
Lease liabilities
Current lease liabilities	$	134
Non-current lease liabilities		431
Total lease liabilities	$	565
Other supplemental information
Weighted average remaining lease term	7 years
Weighted average discount rate		3	%

Summary of Lease Costs and Supplemental Cash Flows Information

The following table presents information about the Company’s lease costs and supplemental cash flows information for leases:

	For the three months ended March 31, 2020		For the nine months ended March 31, 2020
	(in millions)
Lease costs
Total lease costs^(a)	$	34	$	95
Supplemental cash flows information
Operating cash flows from operating leases	$	43	$	124
ROU assets obtained in exchange for operating lease liabilities^(b)	$	33	$	45

^(a)	Total lease costs of $34 million and $95 million for the three and nine months ended March 31, 2020, respectively, are net of sublease income of approximately $15 million and $40 million, respectively.

^(b)	^{Primarily related to leases obtained through the Company’s acquisitions (See Note 2—Acquisitions, Disposals and Other Transactions under the heading “Acquisitions and Disposals”).}

Schedule of lease payments relating to the Company’s operating leases

The following table presents the lease payments relating to the Company’s operating leases:

	As of March 31, 2020
	(in millions)
Fiscal Year
2020	$	41
2021		132
2022		93
2023		91
2024		87
Thereafter		207
Total lease payments^(a)		651
Less: imputed interest		(86	)
Present value of operating lease liabilities	$	565

^(a)	In addition to the total lease payments presented above, the Company has a lease for an office facility with total lease payments of approximately $55 million that has not yet commenced as of March 31, 2020.

Stockholders' Equity (Tables)

9 Months Ended

Mar. 31, 2020

Stockholders Equity Note [Abstract]

Schedule of Dividends Declared

The following table summarizes the dividends declared per share on both the Company’s Class A Common Stock and Class B Common Stock:

	For the three months ended March 31,				For the nine months ended March 31,
	2020		2019		2020		2019
Cash dividend per share	$	0.23	$	-	$	0.46	$	-

Equity-Based Compensation (Tables)

9 Months Ended

Mar. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Equity-Based Compensation

The following table summarizes the Company’s equity-based compensation:

	For the three months ended March 31,				For the nine months ended March 31,
	2020		2019		2020		2019
	(in millions)
Equity-based compensation^(a)	$	41	$	38	$	115	$	71
Intrinsic value of all settled equity-based awards	$	2	$	130	$	8	$	240

^(a)	Prior to the Distribution, equity-based compensation included allocated expense for both executive directors and corporate executives of 21CF, allocated using a proportional allocation driver, which management deemed to be reasonable.

Related Party Transactions and Twenty-First Century Fox, Inc. Investment (Tables)

9 Months Ended

Mar. 31, 2020

Schedule of Net Revenue from Related Parties

The following table sets forth the net revenue from related parties included in the Statements of Operations for the three and nine months ended March 31, 2019:

	For the three months ended March 31, 2019			For the nine months ended March 31, 2019
	(in millions)
Related party revenue	$	111		$	289
Related party expense		(33	)		(67	)
Related party revenue, net of expense	$	78		$	222

Schedule of Components of Net Decrease in Twenty-First Century Fox, Inc. Investment

The following table summarizes the components of the net decrease in the Twenty-First Century Fox, Inc. investment for the three and nine months ended March 31, 2019:

	For the three months ended March 31, 2019			For the nine months ended March 31, 2019
	(in millions)
Cash pooling, general financing activities and other^(a)	$	(1,523	)	$	(1,537	)
Corporate allocations		111			291
Net dividend paid to Twenty-First Century Fox, Inc.		(6,500	)		(6,500	)
Taxes payable^(b)		593			593
Deferred taxes on step-up^(c)		5,515			5,515
Other deferred taxes^(c)		(481	)		(481	)
Net decrease in Twenty-First Century Fox, Inc. investment	$	(2,285	)	$	(2,119	)

^(a)	The nature of activities included in the line item ‘Cash pooling, general financing activities and other’ includes financing activities, capital transfers, cash sweeps, other treasury services and Direct Corporate Expenses.

^(b)

^(c)

Segment Information (Tables)

9 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Reconciliation of Revenues and Segment EBITDA from Segments to Consolidated

The following tables set forth the Company’s Revenues and Segment EBITDA for the three and nine months ended March 31, 2020 and 2019:

	For the three months ended March 31,						For the nine months ended March 31,
	2020			2019			2020			2019
	(in millions)
Revenues
Cable Network Programming	$	1,467		$	1,383		$	4,221		$	4,082
Television		1,926			1,370			5,548			4,796
Other, Corporate and Eliminations		47			(1	)		116			(2	)
Total revenues	$	3,440		$	2,752		$	9,885		$	8,876
Segment EBITDA
Cable Network Programming	$	792		$	741		$	2,032		$	1,893
Television		224			99			261			256
Other, Corporate and Eliminations		(96	)		(74	)		(256	)		(177	)
Amortization of cable distribution investments		(5	)		(10	)		(19	)		(29	)
Depreciation and amortization		(57	)		(58	)		(164	)		(152	)
Impairment and restructuring charges		-			(14	)		(9	)		(14	)
Interest expense		(89	)		(81	)		(269	)		(112	)
Interest income		8			19			33			19
Other, net		(632	)		84			(345	)		(116	)
Income before income tax expense		145			706			1,264			1,568
Income tax expense		(55	)		(167	)		(347	)		(390	)
Net income		90			539			917			1,178
Less: Net income attributable to noncontrolling interests		(12	)		(10	)		(40	)		(37	)
Net income attributable to Fox Corporation stockholders	$	78		$	529		$	877		$	1,141

Summary of Revenues by Segment by Component to Consolidated

Revenues by Segment by Component

	For the three months ended March 31,					For the nine months ended March 31,
	2020		2019			2020		2019
	(in millions)
Cable Network Programming
Affiliate fee	$	1,006	$	968		$	2,902	$	2,845
Advertising		304		276			895		893
Other		157		139			424		344
Total Cable Network Programming revenues		1,467		1,383			4,221		4,082
Television
Advertising		1,266		812			3,726		3,245
Affiliate fee		553		452			1,487		1,257
Other		107		106			335		294
Total Television revenues		1,926		1,370			5,548		4,796
Other, Corporate and Eliminations		47		(1	)		116		(2	)
Total revenues	$	3,440	$	2,752		$	9,885	$	8,876

Reconciliation of Depreciation and Amortization from Segments to Consolidated

	For the three months ended March 31,				For the nine months ended March 31,
	2020		2019		2020		2019
	(in millions)
Depreciation and amortization
Cable Network Programming	$	15	$	12	$	44	$	35
Television		17		28		46		80
Other, Corporate and Eliminations		25		18		74		37
Total depreciation and amortization	$	57	$	58	$	164	$	152

Reconciliation of Assets from Segments to Consolidated

	As of March 31, 2020		As of June 30, 2019
	(in millions)
Assets
Cable Network Programming	$	2,714	$	2,584
Television		7,226		6,598
Other, Corporate and Eliminations		9,950		9,462
Investments		347		865
Total assets	$	20,237	$	19,509

Reconciliation of Goodwill and Intangible Assets, Net from Segments to Consolidated

	As of March 31, 2020		As of June 30, 2019
	(in millions)
Goodwill and intangible assets, net
Cable Network Programming	$	1,288	$	1,246
Television		4,193		3,891
Other, Corporate and Eliminations		692		405
Total goodwill and intangible assets, net	$	6,173	$	5,542

Additional Financial Information (Tables)

9 Months Ended

Mar. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Components of Other, net

The following table sets forth the components of Other, net included in the Statements of Operations:

	For the three months ended March 31,						For the nine months ended March 31,
	2020			2019			2020			2019
	(in millions)
Net (losses) gains on investments in equity securities^(a)	$	(567	)	$	211		$	(185	)	$	132
Transaction costs^(b)		(29	)		(106	)		(72	)		(184	)
U.K. Newspaper Matters Indemnity^(c)		(18	)		(15	)		(62	)		(45	)
Other		(18	)		(6	)		(26	)		(19	)
Total other, net	$	(632	)	$	84		$	(345	)	$	(116	)

^(a)

⁽^b⁾

⁽^c⁾	See Note 11—Commitments and Contingencies under the heading “U.K. Newspaper Matters Indemnity.”

Components of Other Non-current Assets

The following table sets forth the components of Other non-current assets included in the Balance Sheets:

	As of March 31, 2020		As of June 30, 2019
	(in millions)
Operating lease ROU assets	$	531	$	-
Investments^(a)		347		865
Inventories, net		239		205
Other^(b)		431		455
Total other non-current assets	$	1,548	$	1,525

^(a)	Includes investments accounted for at fair value on a recurring basis of $256 million and $761 million as of March 31, 2020 and June 30, 2019, respectively (See Note 4—Fair Value).

^(b)	Includes $223 million and $249 million of assets in the Grantor Trust (as defined in Note 14—Pension and Other Postretirement Benefits in the 2019 Form 10-K) as of March 31, 2020 and June 30, 2019, respectively.

Components of Accounts Payable, Accrued Expenses and Other Current Liabilities

The following table sets forth the components of Accounts payable, accrued expenses and other current liabilities included in the Balance Sheets:

	As of March 31, 2020		As of June 30, 2019
	(in millions)
Accrued expenses	$	764	$	835
Program rights payable		533		514
Deferred revenue		149		169
Operating lease liabilities		134		-
Other current liabilities		200		194
Total accounts payable, accrued expenses and other current liabilities	$	1,780	$	1,712

Components of Other Liabilities

The following table sets forth the components of Other liabilities included in the Balance Sheets:

	As of March 31, 2020		As of June 30, 2019
	(in millions)
Accrued non-current pension/postretirement liabilities	$	550	$	543
Non-current operating lease liabilities		431		-
Other non-current liabilities		331		356
Total other liabilities	$	1,312	$	899

Supplemental Information

	For the nine months ended March 31,
	2020			2019
	(in millions)
Supplemental cash flows information
Cash paid for interest	$	(355	)	$	(39	)
Cash paid for income taxes	$	(75	)	$	-

Supplemental information on acquisitions
Fair value of assets acquired, excluding cash	$	773		$	-
Cash acquired		15			-
Liabilities assumed		(53	)		-
Noncontrolling interests		(109	)		-
Cash paid		(626	)		-
Fair value of equity instruments consideration	$	-		$	-

Description of Business and Basis of Presentation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 31, 2020	Jul. 01, 2019	Jun. 30, 2019	Mar. 19, 2019
Disclosure Basis Of Presentation Details [Line Items]
Operating lease liabilities	$ 565
ROU assets	$ 531		$ 0
Accounting Standards Update 2016-02
Disclosure Basis Of Presentation Details [Line Items]
Operating lease liabilities		$ 635
ROU assets		$ 585
Class A Common Stock
Disclosure Basis Of Presentation Details [Line Items]
Common stock, shares outstanding	342,640,682		354,422,419	354,000,000
Common stock, par value	$ 0.01		$ 0.01	$ 0.01
Class B Common Stock
Disclosure Basis Of Presentation Details [Line Items]
Common stock, shares outstanding	261,078,355		266,173,651	266,000,000
Common stock, par value	$ 0.01		$ 0.01	$ 0.01

Acquisitions, Disposals and Other Transactions (Narrative) (Details) $ in Millions, $ in Millions	1 Months Ended					3 Months Ended	9 Months Ended		12 Months Ended
	Apr. 30, 2020 USD ($)	Mar. 31, 2020 USD ($) TelevisionStation	Oct. 31, 2019 USD ($)	Oct. 31, 2019 AUD ($)	May 31, 2019 USD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)	Jun. 30, 2019 USD ($)
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired							$ 611	$ 0
Cash paid to acquire businesses							626	0
Consideration transferred preliminarily allocated to goodwill		$ 3,089				$ 3,089	3,089		$ 2,691
Sale of investments							349	$ 0
Roku
Business Acquisition [Line Items]
Sale of investments		$ 340
Change in fair value, loss						470	$ 210
The Stars Group
Business Acquisition [Line Items]
Payments to acquire investments					$ 236
Percentage of ownership of equity interest					4.99%
Transfer restrictions period					2021-05
Caffeine and Caffeine Studios
Business Acquisition [Line Items]
Payments to acquire investments									$ 100
FanDuel Group
Business Acquisition [Line Items]
Percentage of ownership interest that can be acquired in the future			18.50%
Option term to acquire an equity interest			10 years	10 years
Minimum
Business Acquisition [Line Items]
Consideration transferred preliminarily allocated to amortizable intangible assets, useful life							5 years
Maximum
Business Acquisition [Line Items]
Consideration transferred preliminarily allocated to amortizable intangible assets, useful life							20 years
Maximum \| The Stars Group's U.S. business
Business Acquisition [Line Items]
Percentage of ownership interest that can be acquired in the future					50.00%
WJZY and WMYT Television Stations \| Disposal
Business Acquisition [Line Items]
Number of television stations sold \| TelevisionStation		2
Disposition, cash received		$ 45
KCPQ, KZJO and WITI Television Stations
Business Acquisition [Line Items]
Number of television stations acquired \| TelevisionStation		3
Cash paid to acquire businesses		$ 350
Consideration transferred		350
Consideration transferred preliminarily allocated to intangible assets		210				210	$ 210
Consideration transferred preliminarily allocated to amortizable intangible assets		100				100	100
Consideration transferred preliminarily allocated to property, plant and equipment		$ 30				30	30
KCPQ, KZJO and WITI Television Stations \| Retransmission Agreements
Business Acquisition [Line Items]
Consideration transferred preliminarily allocated to amortizable intangible assets, useful life		8 years
KCPQ, KZJO and WITI Television Stations \| FCC licenses
Business Acquisition [Line Items]
Consideration transferred preliminarily allocated to intangible assets with indefinite lives		$ 110				$ 110	$ 110
Credible
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired			$ 260	$ 390
Consideration transferred			260
Consideration transferred preliminarily allocated to amortizable intangible assets			$ 70
Business acquisition, percentage of equity acquired			67.00%
Provisional valuation, percentage of acquired business			100.00%	100.00%
Consideration transferred preliminarily allocated to goodwill			$ 285
Consideration transferred preliminarily allocated to redeemable noncontrolling interests			(110)
Maximum capital to be contributed			$ 75
Period over which capital will be contributed			2 years	2 years
Credible \| Credible
Business Acquisition [Line Items]
Remaining percentage of equity not acquired by parent			33.00%
Credible \| Minimum
Business Acquisition [Line Items]
Consideration transferred preliminarily allocated to amortizable intangible assets, useful life			5 years	5 years
Credible \| Maximum
Business Acquisition [Line Items]
Consideration transferred preliminarily allocated to amortizable intangible assets, useful life			10 years	10 years
Subsequent Event \| Tubi Inc
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired	$ 445
Additional consideration to be transferred	$ 45

Inventories, Net (Schedule of Inventories, Net) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Jun. 30, 2019
Inventory Disclosure [Abstract]
Sports programming rights	$ 745	$ 954
Entertainment programming rights	465	380
Total inventories, net	1,210	1,334
Less: current portion of inventories, net	(971)	(1,129)
Total non-current inventories, net	$ 239	$ 205

Fair Value (Schedule of Financial Assets and Liabilities Carried at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Millions

Mar. 31, 2020

Jun. 30, 2019

Assets

$ 256

$ 761

Fair value measurements recurring

(258)

(189)

Assets

256

761

(6)

(258)

(189)

Fair value measurements recurring | Level 1

(8)

572

Assets

545

^[1]

Fair value measurements recurring | Level 2

545

Assets

^[2]

256

216

Fair value measurements recurring | Level 3

256

216

Assets

^[3]

(6)

^[3]

(258)

(189)

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

$ (264)

$ (189)

[1]	The investment categorized as Level 1 represents an investment in equity securities of Roku with a readily determinable fair value, which was sold in March 2020 (See Note 2—Acquisitions, Disposals and Other Transactions under the heading “Roku” for further discussion).
[2]	The investment categorized as Level 2 represents an investment in equity securities of The Stars Group estimated using the quoted market price of The Stars Group common stock less a discount due to a lack of marketability (“DLOM”). The DLOM was derived based on the remaining term of the lock up period and the volatility of The Stars Group common stock (See Note 2—Acquisitions, Disposals and Other Transactions under the heading “The Stars Group” for further discussion).
[3]	The Company utilizes the market approach valuation technique for its Level 3 fair value measures. Inputs to such measures could include observable market data obtained from independent sources such as broker quotes and recent market transactions for similar assets. It is the Company’s policy to maximize the use of observable inputs in the measurement of its Level 3 fair value measurements. To the extent observable inputs are not available, the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the liability. Examples of utilized unobservable inputs are future cash flows and long-term growth rates.

Fair Value (Liabilities Measured on Recurring Basis) (Details) - Redeemable Noncontrolling Interests - Level 3 - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Mar. 31, 2020

Mar. 31, 2019

Beginning of period

$ (216)

$ (106)

$ (189)

$ (275)

^[1]

(109)

Intangible assets not subject to amortization, beginning

(4)

(6)

(16)

(27)

Distributions

Accretion and other

(44)

(30)

^[2]

141

^[2]

End of period

$ (258)

$ (136)

$ (258)

$ (136)

[1]	See Note 2—Acquisitions, Disposals and Other Transactions under the heading “Credible Acquisition.”
[2]	As a result of the expiration of a portion of the put rights held by the sports network minority shareholder during the nine months ended March 31, 2020 and 2019, approximately $120 million and $200 million, respectively, was reclassified into equity.

Fair Value (Liabilities Measured on Recurring Basis) (Parenthetical) (Details) - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Redeemable Noncontrolling Interests
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amounts reclassified into equity as a result of the expiration of a put arrangement	$ 120	$ 200

Fair Value (Borrowings) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair value	$ 7,568	$ 7,643
Carrying value	$ 6,754	$ 6,751

Fair Value (Narrative) (Details) - Receivables - Credit Concentration Risk - Customer	9 Months Ended	12 Months Ended
	Mar. 31, 2020	Jun. 30, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Concentration risk percentage	10.00%	10.00%
Number of major customers	0	0

Goodwill and Intangible Assets, Net (Changes in Carrying Values of Intangible Assets and Related Accumulated Amortization) (Details)
$ in Millions

9 Months Ended

Mar. 31, 2020

USD ($)

Intangible Assets [Line Items]

$ 2,809

Intangible assets not subject to amortization, acquisitions

113

^[1]

Intangible assets not subject to amortization, disposals

(30)

^[1]

Intangible assets not subject to amortization, ending

2,892

Amortizable intangible assets, net, beginning

^[2]

Amortizable intangible assets, net, acquisitions

171

^[1],[2]

Amortizable intangible assets, net, disposals

^[1],[2]

Amortizable intangible assets, net, amortization

(21)

^[2]

Amortizable intangible assets, net, ending

192

^[2]

Total intangible assets, net, beginning

2,851

Total intangible assets, net, acquisitions

284

^[1]

Total intangible assets, net, disposals

(30)

^[1]

Total intangible assets, net, ending

3,084

FCC licenses

Intangible Assets [Line Items]

Intangible assets not subject to amortization, beginning

2,167

Intangible assets not subject to amortization, acquisitions

113

^[1]

Intangible assets not subject to amortization, disposals

(30)

^[1]

Intangible assets not subject to amortization, ending

2,250

Intangible assets not subject to amortization, beginning

Intangible Assets [Line Items]

642

Intangible assets not subject to amortization, ending

$ 642

[1]	See Note 2—Acquisitions, Disposals and Other Transactions under the heading “Acquisitions and Disposals.”
[2]	Net of accumulated amortization of $150 million and $129 million as of March 31, 2020 and June 30, 2019, respectively. The average useful life of amortizable intangible assets ranges from five to 20 years.

Goodwill and Intangible Assets, Net (Changes in Carrying Values of Intangible Assets and Related Accumulated Amortization) (Parenthetical) (Details) - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2020	Jun. 30, 2019
Intangible Assets [Line Items]
Accumulated amortization of amortizable intangible assets	$ 150	$ 129
Minimum
Intangible Assets [Line Items]
Useful life of amortizable intangible assets	5 years
Maximum
Intangible Assets [Line Items]
Useful life of amortizable intangible assets	20 years

Goodwill and Intangible Assets, Net (Schedule of Carrying Value of Goodwill, by Segment) (Details)
$ in Millions

9 Months Ended

Mar. 31, 2020

USD ($)

$ 2,691

409

^[1]

(11)

^[1]

Operating Segments | Cable Network Programming Segment

3,089

987

^[1]

^[1]

Operating Segments | Television Segment

1,032

1,704

142

^[1]

(11)

^[1]

Operating Segments | Other, Corporate and Eliminations Segment

1,835

222

^[1]

^[1]

Operating cash flows from operating leases

$ 222

[1]	See Note 2—Acquisitions, Disposals and Other Transactions under the heading “Acquisitions and Disposals.”

Borrowings (Narrative) (Details) - USD ($)	1 Months Ended		9 Months Ended
Borrowings (Narrative) (Details) - USD ($)	Apr. 30, 2020	Jan. 31, 2019	Mar. 31, 2020
Revolving Credit Agreement
Debt Instrument [Line Items]
Limit on revolving credit facility			$ 1,000,000,000.0
Sub-limit for maximum amount of letters of credit issuable under revolving credit facility			$ 150,000,000
Credit facility, maturity date			Mar. 31, 2024
Borrowings outstanding			$ 0
Subsequent Event \| Revolving Credit Agreement
Debt Instrument [Line Items]
Cash in excess of amount will be deducted from indebtedness for purposes of calculating operating income leverage ratio	$ 500,000,000
Senior notes
Debt Instrument [Line Items]
Net proceeds from issuance of senior notes		$ 6,800,000,000
Senior notes \| 3.05% senior notes due 2025 \| Subsequent Event
Debt Instrument [Line Items]
Senior notes	$ 600,000,000
Stated interest rate of debt instrument	3.05%
Senior notes, maturity year	Apr. 30, 2025
Senior notes \| 3.50% senior notes due 2030 \| Subsequent Event
Debt Instrument [Line Items]
Senior notes	$ 600,000,000
Stated interest rate of debt instrument	3.50%
Senior notes, maturity year	Apr. 30, 2030

Leases (Summary of Operating Lease Components of Balance Sheet and Other Supplemental Information) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Jun. 30, 2019
Leases [Abstract]
ROU assets	$ 531	$ 0
Lease liabilities
Current lease liabilities	134	0
Non-current lease liabilities	431	$ 0
Total lease liabilities	$ 565
Other supplemental information
Weighted average remaining lease term	7 years
Weighted average discount rate	3.00%

Leases (Summary of Lease Costs and Supplemental Cash Flows Information) (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Mar. 31, 2020

Lease costs

Total lease costs

^[1]

$ 34

$ 95

Supplemental cash flows information

124

ROU assets obtained in exchange for operating lease liabilities

^[2]

$ 33

$ 45

[1]	Total lease costs of $34 million and $95 million for the three and nine months ended March 31, 2020, respectively, are net of sublease income of approximately $15 million and $40 million, respectively.
[2]	Primarily related to leases obtained through the Company’s acquisitions (See Note 2—Acquisitions, Disposals and Other Transactions under the heading “Acquisitions and Disposals”).

Leases (Summary of Lease Costs and Supplemental Cash Flows Information) (Parenthetical) (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Mar. 31, 2020

Lease Costs [Abstract]

Lease costs

^[1]

$ 34

$ 95

Sublease income

$ 15

$ 40

[1]	Total lease costs of $34 million and $95 million for the three and nine months ended March 31, 2020, respectively, are net of sublease income of approximately $15 million and $40 million, respectively.

Leases (Summary of Operating Lease Liabilities) (Details)
$ in Millions

Mar. 31, 2020

USD ($)

Fiscal Year

$ 41

132

207

651

^[1]

Less: imputed interest

(86)

Present value of operating lease liabilities

$ 565

[1]	In addition to the total lease payments presented above, the Company has a lease for an office facility with total lease payments of approximately $55 million that has not yet commenced as of March 31, 2020.

Leases (Summary of Operating Lease Liabilities) (Parenthetical) (Details) $ in Millions	Mar. 31, 2020 USD ($)
Office Facility
Lessee Lease Description [Line Items]
Total lease payments for an operating lease that has not yet commenced	$ 55

Leases (Narrative) (Details) $ in Millions	3 Months Ended	9 Months Ended
Leases (Narrative) (Details) $ in Millions	Mar. 31, 2020 USD ($) Option	Mar. 31, 2020 USD ($) Option
Lessor Lease Description [Line Items]
Total lease income	$ 15	$ 40
Production and Office Space
Lessor Lease Description [Line Items]
Initial term of lease arrangements	7 years	7 years
Lease arrangements renewal term	5 years	5 years
Number of renewal options \| Option	2	2
Annual lease payments to be received	$ 50	$ 50

Stockholders Equity (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions			1 Months Ended		3 Months Ended		9 Months Ended
	Nov. 11, 2019	Nov. 06, 2019	Jan. 31, 2020	Nov. 30, 2019	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Stockholders Equity [Line Items]
Stock repurchase program, number of shares repurchased during the period							17
Stock repurchase program, value of shares repurchased during the period					$ 173,000,000		$ 600,000,000
Stock repurchase program, remaining buyback authorization amount					$ 1,400,000,000		$ 1,400,000,000
Class A and Class B Common Stock
Stockholders Equity [Line Items]
Stock repurchase program, authorized amount		$ 2,000,000,000
Class A Common Stock
Stockholders Equity [Line Items]
Accelerated share repurchases agreement, amount		350,000,000
Accelerated share repurchases, amount of payment to third party financial institution				$ 350,000,000
Stock repurchase program, number of shares repurchased during the period			2	8			2
Accelerated share repurchases, percentage of shares expected to be repurchased				80.00%
Accelerated share repurchases, initial price paid per share	$ 34.99
Accelerated share repurchases, final price paid per share			$ 36.05
Stock repurchase program, value of shares repurchased during the period							$ 72,000,000
Cash dividend per share					$ 0.23	$ 0	$ 0.46	$ 0
Class A Common Stock \| Semi Annual Dividend
Stockholders Equity [Line Items]
Cash dividend per share					$ 0.23
Dividend payable period, month and year					2020-04		2020-04
Dividend record date					Mar. 04, 2020
Class B Common Stock
Stockholders Equity [Line Items]
Share repurchase program, amount intended to promptly repurchase		$ 150,000,000
Stock repurchase program, number of shares repurchased during the period							5
Stock repurchase program, value of shares repurchased during the period							$ 178,000,000
Cash dividend per share					$ 0.23	$ 0	$ 0.46	$ 0
Class B Common Stock \| Semi Annual Dividend
Stockholders Equity [Line Items]
Cash dividend per share					$ 0.23
Dividend payable period, month and year					2020-04		2020-04
Dividend record date					Mar. 04, 2020
Class B Common Stock \| Maximum \| Stockholders Agreement \| Murdoch Family Trust
Stockholders Equity [Line Items]
Outstanding voting power, percentage		44.00%
Percentage of voting power increase in any rolling twelve-month period		1.75%

Stockholders Equity (Schedule of Dividends Declared) (Details) - $ / shares	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Class A Common Stock
Dividends Payable [Line Items]
Cash dividend per share	$ 0.23	$ 0	$ 0.46	$ 0
Class B Common Stock
Dividends Payable [Line Items]
Cash dividend per share	$ 0.23	$ 0	$ 0.46	$ 0

Equity-Based Compensation (Narrative) (Details) shares in Millions, $ in Millions	9 Months Ended
	Mar. 31, 2020 USD ($) shares	Mar. 31, 2019 Tranche shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total estimated compensation cost, not yet recognized, related to non-vested equity awards \| $	$ 165
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average future period unrecognized compensation cost related to equity based awards is expected to be recognized	1 year
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average future period unrecognized compensation cost related to equity based awards is expected to be recognized	2 years
Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Stock units granted	1.4
Performance Stock Units \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Payout range as a percentage of the target award	0.00%
Performance Stock Units \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Payout range as a percentage of the target award	200.00%
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Stock units granted	1.1	2.4
Number of tranches \| Tranche		2
Restricted Stock Units \| Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity awards vested, percentage		50.00%
Equity awards vesting date		Jun. 15, 2020
Restricted Stock Units \| Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity awards vesting date		Jun. 15, 2021
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Stock options granted	3.8	3.1
Stock options expiration period	7 years
Stock options outstanding	7.0
Stock Options \| Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity awards vested, percentage		50.00%
Equity awards vesting date		Jun. 15, 2020
Stock Options \| Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity awards vested, percentage		50.00%
Equity awards vesting date		Jun. 15, 2021

Equity-Based Compensation (Summary of Equity-Based Compensation) (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Mar. 31, 2020

Mar. 31, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity-based compensation

^[1]

$ 41

$ 38

$ 115

$ 71

Intrinsic value of all settled equity-based awards

$ 2

$ 130

$ 8

$ 240

[1]	Prior to the Distribution, equity-based compensation included allocated expense for both executive directors and corporate executives of 21CF, allocated using a proportional allocation driver, which management deemed to be reasonable.

Related Party Transactions and Twenty-First Century Fox, Inc. Investment (Net Revenue from Related Parties) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2019	Mar. 31, 2019
Related Party Transactions [Abstract]
Related party revenue	$ 111	$ 289
Related party expense	(33)	(67)
Related party revenue, net of expense	$ 78	$ 222

Related Party Transactions and Twenty-First Century Fox, Inc. Investment (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2019	Mar. 31, 2019
Selling, General and Administrative Expenses [Member]
Related Party Transaction [Line Items]
General Corporate Expenses	$ 100	$ 270

Related Party Transactions and Twenty-First Century Fox, Inc. Investment (Components of the Net Decrease in Twenty-First Century Fox, Inc. Investment) (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Mar. 31, 2019

Net decrease in Twenty-First Century Fox, Inc. investment

$ (2,299)

$ (2,276)

Twenty-First Century Fox, Inc. Investment

Cash pooling, general financing activities and other

^[1]

(1,523)

(1,537)

Corporate allocations

111

291

Net dividend paid to Twenty-First Century Fox, Inc.

(6,500)

Taxes payable

^[2]

593

Deferred taxes on step-up

^[3]

5,515

Other deferred taxes

^[3]

(481)

Net decrease in Twenty-First Century Fox, Inc. investment

$ (2,285)

$ (2,119)

[1]	The nature of activities included in the line item ‘Cash pooling, general financing activities and other’ includes financing activities, capital transfers, cash sweeps, other treasury services and Direct Corporate Expenses.
[2]	For purposes of the Company’s financial statements for the periods prior to the Distribution, the income tax expense in the Statements of Operations has been calculated as if FOX filed a separate tax return and was operating as a standalone business. This amount represents the difference between the separate tax return methodology and the actual tax liabilities attributed to the Company, in accordance with applicable tax law, as of the date of the Distribution.
[3]	As a result of the Separation and the Distribution, FOX obtained an additional tax basis in its assets equal to their respective fair market values. These amounts represent the additional estimated deferred tax asset recorded as a result of the increased tax basis (See Note 1—Description of Business and Basis of Presentation in the 2019 Form 10-K under the heading “Basis of Presentation”) and other deferred tax adjustments recorded as of the date of the Distribution.

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019
Loss Contingencies [Line Items]
Total firm commitments and future debt payments	$ 37,000		$ 41,000
U.K. Newspaper Matters Indemnity
Loss Contingencies [Line Items]
Liability related to indemnity	65		$ 50
Profits Participants Litigation
Loss Contingencies [Line Items]
Litigation settlement	$ 20	$ 34

Pension and Other Postretirement Benefits (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Compensation And Retirement Disclosure [Abstract]
Net periodic benefit cost	$ 14	$ 13	$ 41	$ 40

Segment Information (Narrative) (Details) - Television Segment - US	9 Months Ended
	Mar. 31, 2020 Fullpowertvstation Duopoly
Segment Reporting Information [Line Items]
Full power broadcast television stations	29
Duopolies \| Duopoly	11
FOX Network
Segment Reporting Information [Line Items]
Full power broadcast television stations	18
MyNetworkTV
Segment Reporting Information [Line Items]
Full power broadcast television stations	10
Independent Station
Segment Reporting Information [Line Items]
Full power broadcast television stations	1

Segment Information (Reconciliation of Revenues and Segment EBITDA from Segments to Consolidated) (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Mar. 31, 2020

Mar. 31, 2019

Amortization of cable distribution investments

$ 3,440

$ 2,752

$ 9,885

$ 8,876

(5)

(10)

(19)

(29)

Impairment and restructuring charges

(57)

(58)

(164)

(152)

(14)

(9)

(14)

Interest expense

(89)

(81)

(269)

(112)

Interest income

Other, net

(632)

(345)

(116)

Income before income tax expense

145

706

1,264

1,568

Income tax expense

(55)

(167)

(347)

(390)

Less: Net income attributable to noncontrolling interests

539

917

1,178

^[1]

(12)

(10)

(40)

(37)

Net income attributable to Fox Corporation stockholders

529

877

1,141

Operating Segments | Cable Network Programming Segment

1,467

1,383

4,221

4,082

Segment EBITDA

792

741

2,032

1,893

Operating Segments | Television Segment

(15)

(12)

(44)

(35)

1,926

1,370

5,548

4,796

Segment EBITDA

224

261

256

Operating Segments | Other, Corporate and Eliminations Segment

(17)

(28)

(46)

(80)

(1)

116

(2)

Segment EBITDA

(96)

(74)

(256)

(177)

$ (25)

$ (18)

$ (74)

$ (37)

[1]	Net income attributable to noncontrolling interests includes $4 million and $6 million for the three months ended March 31, 2020 and 2019, respectively, and $16 million and $27 million for the nine months ended March 31, 2020 and 2019, respectively, relating to redeemable noncontrolling interests.

Segment Information (Summary of Revenues by Segment by Component to Consolidated) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Disaggregation Of Revenue [Line Items]
Revenues	$ 3,440	$ 2,752	$ 9,885	$ 8,876
Operating Segments \| Cable Network Programming Segment
Disaggregation Of Revenue [Line Items]
Revenues	1,467	1,383	4,221	4,082
Operating Segments \| Cable Network Programming Segment \| Affiliate Fee
Disaggregation Of Revenue [Line Items]
Revenues	1,006	968	2,902	2,845
Operating Segments \| Cable Network Programming Segment \| Advertising
Disaggregation Of Revenue [Line Items]
Revenues	304	276	895	893
Operating Segments \| Cable Network Programming Segment \| Other
Disaggregation Of Revenue [Line Items]
Revenues	157	139	424	344
Operating Segments \| Television Segment
Disaggregation Of Revenue [Line Items]
Revenues	1,926	1,370	5,548	4,796
Operating Segments \| Television Segment \| Affiliate Fee
Disaggregation Of Revenue [Line Items]
Revenues	553	452	1,487	1,257
Operating Segments \| Television Segment \| Advertising
Disaggregation Of Revenue [Line Items]
Revenues	1,266	812	3,726	3,245
Operating Segments \| Television Segment \| Other
Disaggregation Of Revenue [Line Items]
Revenues	107	106	335	294
Operating Segments \| Other, Corporate and Eliminations Segment
Disaggregation Of Revenue [Line Items]
Revenues	$ 47	$ (1)	$ 116	$ (2)

Segment Information (Narrative) (Details1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-04-01 $ in Billions	9 Months Ended
	Mar. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation	revenues are expected to be recognized primarily over the next one to three years.
Revenue, Remaining Performance Obligation, Amount	$ 5.3
Minimum
Segment Reporting Information [Line Items]
Future Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Maximum
Segment Reporting Information [Line Items]
Future Performance Obligation, Expected Timing of Satisfaction, Period	3 years

Segment Information (Reconciliation of Depreciation and Amortization from Segments to Consolidated) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 57	$ 58	$ 164	$ 152
Operating Segments \| Cable Network Programming Segment
Segment Reporting Information [Line Items]
Depreciation and amortization	15	12	44	35
Operating Segments \| Television Segment
Segment Reporting Information [Line Items]
Depreciation and amortization	17	28	46	80
Operating Segments \| Other, Corporate and Eliminations Segment
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 25	$ 18	$ 74	$ 37

Segment Information (Reconciliation of Assets from Segments to Consolidated) (Details) - USD ($)
$ in Millions

Mar. 31, 2020

Jun. 30, 2019

Operating Segments | Cable Network Programming Segment

$ 20,237

$ 19,509

Investments

^[1]

347

865

Operating Segments | Television Segment

2,714

2,584

Operating Segments | Other, Corporate and Eliminations Segment

7,226

6,598

Organization Consolidation And Presentation Of Financial Statements [Abstract]

$ 9,950

$ 9,462

[1]	Includes investments accounted for at fair value on a recurring basis of $256 million and $761 million as of March 31, 2020 and June 30, 2019, respectively (See Note 4—Fair Value).

Segment Information (Reconciliation of Goodwill and Intangible Assets, Net from Segments to Consolidated) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Goodwill and intangible assets, net	$ 6,173	$ 5,542
Operating Segments \| Cable Network Programming Segment
Segment Reporting Information [Line Items]
Goodwill and intangible assets, net	1,288	1,246
Operating Segments \| Television Segment
Segment Reporting Information [Line Items]
Goodwill and intangible assets, net	4,193	3,891
Operating Segments \| Other, Corporate and Eliminations Segment
Segment Reporting Information [Line Items]
Goodwill and intangible assets, net	$ 692	$ 405

Additional Financial Information (Components of Other, Net) (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Mar. 31, 2020

Mar. 31, 2019

Net (losses) gains on investments in equity securities

^[1]

$ (567)

$ 211

$ (185)

$ 132

Transaction costs

^[2]

(29)

(106)

(72)

(184)

U.K. Newspaper Matters Indemnity

^[3]

(18)

(15)

(62)

(45)

Organization Consolidation And Presentation Of Financial Statements [Abstract]

(18)

(6)

(26)

(19)

Total other, net

$ (632)

$ 84

$ (345)

$ (116)

[1]	Net (losses) gains on investments in equity securities for the three and nine months ended March 31, 2020 included the losses related to changes in fair value of the Company’s investment in Roku which was sold in March 2020 (See Note 2—Acquisitions, Disposals and Other Transactions under the heading “Roku”).
[2]	The transaction costs for the three and nine months ended March 31, 2020 and 2019 are primarily related to the Separation and the Distribution and include retention related costs and for the three and nine months ended March 31, 2020 also include costs associated with the profits participants litigation (See Note 11—Commitments and Contingencies under the heading “Profits Participants Litigation”). The transaction costs for the nine months ended March 31, 2020 were offset by an adjustment to the receivables from Disney pursuant to the Separation and Distribution Agreement.
[3]	See Note 11—Commitments and Contingencies under the heading “U.K. Newspaper Matters Indemnity.”

Additional Financial Information (Components of Other Non-current Assets) (Details) - USD ($)
$ in Millions

Mar. 31, 2020

Jun. 30, 2019

Operating lease ROU assets

$ 531

$ 0

Investments

^[1]

347

865

Inventories, net

239

205