View Filing Data

Selling, general and administrative

$ 12,303

$ 11,389

$ 10,153

Operating expenses

(7,807)

(7,327)

(6,505)

(1,741)

(1,419)

(1,209)

Impairment and restructuring charges

(258)

(212)

(171)

(451)

(26)

(16)

Interest expense

(369)

(203)

(43)

Interest income

Other, net

(248)

(19)

(39)

Income before income tax (expense) benefit

1,464

2,224

2,170

Income tax (expense) benefit

(402)

(581)

Less: Net income attributable to noncontrolling interests

1,062

1,643

2,228

^[1]

(63)

(48)

(41)

Net income attributable to Fox Corporation stockholders

$ 999

$ 1,595

$ 2,187

Net income attributable to Fox Corporation stockholders per share

Basic

$ 1.63

$ 2.57

$ 3.52

Diluted

$ 1.62

$ 2.57

$ 3.52

[1]	Net income attributable to noncontrolling interests includes $33 million, $33 million and $41 million for the fiscal years ended June 30, 2020, 2019 and 2018, respectively, relating to redeemable noncontrolling interests.

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

12 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2018

Statement Of Income And Comprehensive Income [Abstract]

Other comprehensive (loss) income, net of tax

$ 1,062

$ 1,643

$ 2,228

Unrealized holding gains on securities

130

Benefit plan adjustments and other

(109)

(89)

Less: Net income attributable to noncontrolling interests

(109)

(89)

140

Comprehensive income

953

1,554

2,368

^[1]

(63)

(48)

(41)

Comprehensive income attributable to Fox Corporation stockholders

$ 890

$ 1,506

$ 2,327

[1]	Net income attributable to noncontrolling interests includes $33 million, $33 million and $41 million for the fiscal years ended June 30, 2020, 2019 and 2018, respectively, relating to redeemable noncontrolling interests.

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

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Cash and cash equivalents

CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net income attributable to redeemable noncontrolling interests	$ 33	$ 33	$ 41

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions

Jun. 30, 2020

Jun. 30, 2019

Current assets

$ 4,645

$ 3,234

Receivables, net

1,888

1,967

Inventories, net

856

1,129

Property, plant and equipment, net

148

Total current assets

7,486

6,478

Non-current assets

1,498

1,313

Intangible assets, net

3,198

2,851

Goodwill

3,409

2,691

Deferred tax assets

4,358

4,651

Other non-current assets

1,801

1,525

Accounts payable, accrued expenses and other current liabilities

21,750

19,509

Current liabilities

1,906

1,712

Non-current liabilities

Borrowings

7,946

6,751

Other liabilities

1,482

899

Commitments and contingencies

305

189

Equity

Additional paid-in capital

9,831

9,891

Retained earnings

674

357

Accumulated other comprehensive loss

(417)

(308)

Total Fox Corporation stockholders' equity

10,094

9,947

Noncontrolling interests

Total equity

10,111

9,958

Total liabilities and equity

21,750

19,509

Equity

^[1]

Equity

^[2]

$ 3

[1]	Class A common stock, $0.01 par value per share, 2,000,000,000 shares authorized, 343,608,673 shares and 354,422,419 shares issued and outstanding at par as of June 30, 2020 and 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 June 30, 2020 and 2019, respectively.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 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	343,608,673	354,422,419
Common stock, shares outstanding	343,608,673	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

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
OPERATING ACTIVITIES
Net income	$ 1,062	$ 1,643	$ 2,228
Adjustments to reconcile net income to cash provided by operating activities
Depreciation and amortization	258	212	171
Amortization of cable distribution investments	24	38	53
Impairment and restructuring charges, net of termination payments	133	26	16
Equity-based compensation	137	36	0
Other, net	248	19	39
Deferred income taxes	283	386	(603)
Change in operating assets and liabilities, net of acquisitions and dispositions
Receivables and other assets	345	(166)	(166)
Inventories net of program rights payable	181	197	(228)
Accounts payable and other liabilities	(306)	133	(193)
Net cash provided by operating activities	2,365	2,524	1,317
INVESTING ACTIVITIES
Property, plant and equipment	(359)	(235)	(215)
Proceeds from the relinquishment of spectrum	0	0	354
Acquisitions, net of cash acquired	(1,061)	0	0
Sale of investments	349	0	0
Purchase of investments	(103)	(338)	0
Other investing activities, net	74	(64)	(11)
Net cash (used in) provided by investing activities	(1,100)	(637)	128
FINANCING ACTIVITIES
Borrowings	1,191	6,750	0
Net transfers (to) from Twenty-First Century Fox, Inc.	0	(1,233)	1,113
Net dividend paid to Twenty-First Century Fox, Inc.	0	(6,500)	0
Repurchase of shares	(600)	0	0
Dividends paid and distributions	(335)	(188)	(41)
Other financing activities, net	(110)	18	(36)
Net cash provided by (used in) financing activities	146	(1,153)	1,036
Net increase in cash and cash equivalents	1,411	734	2,481
Cash and cash equivalents, beginning of year	3,234	2,500	19
Cash and cash equivalents, end of year	$ 4,645	$ 3,234	$ 2,500

CONSOLIDATED AND COMBINED 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, 2017

$ 6,093

$ 0

$ 6,152

$ 0

$ (59)

$ 6,093

$ 0

Beginning balance (in shares) at Jun. 30, 2017

Other comprehensive income (loss)

2,187

$ 0

2,187

140

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

(121)

1,295

Ending Balance at Jun. 30, 2018

9,594

$ 0

9,513

9,594

Ending balance (in shares) at Jun. 30, 2018

Adoption of new accounting standards

^[2]

$ 0

143

(143)

Other comprehensive income (loss)

1,610

1,036

559

1,595

(89)

Dividends declared

(143)

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

107

135

(59)

111

(4)

(1,121)

(964)

(157)

^[3]

(1,121)

Conversion of Twenty-First Century Fox, Inc. investment

$ 4

$ 3

(9,863)

9,856

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

354

266

Ending Balance at Jun. 30, 2019

9,958

$ 4

$ 3

9,891

357

(308)

9,947

Ending balance (in shares) at Jun. 30, 2019

354

266

Other comprehensive income (loss)

1,029

$ 0

999

(109)

Dividends declared

(282)

Shares repurchased

$ (600)

$ (72)

$ (178)

$ (1)

$ 0

(273)

(326)

(600)

Shares repurchased (in shares)

(17)

(2)

(5)

(12)

(5)

Ending Balance at Jun. 30, 2020

$ 115

$ 0

213

(74)

139

(24)

Other (in shares)

$ 10,111

$ 3

$ 0

$ 9,831

$ 674

$ (417)

$ 10,094

$ 17

Ending balance (in shares) at Jun. 30, 2020

344

261

[1]	Excludes Redeemable noncontrolling interests which are reflected in temporary equity (See Note 6—Fair Value under the heading “Redeemable Noncontrolling Interests”).
[2]	Reflects the adoption of ASU 2016-01 and ASU 2018-02 as defined in Note 11—Stockholders’ Equity under the heading “Accumulated other comprehensive (loss) income.”
[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 as defined in Note 15—Pension and Other Postretirement Benefits.

Description of Business and Basis of Presentation

12 Months Ended

Jun. 30, 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 (the “21CF Disney Merger Agreement”), 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, transition services agreements, as well as agreements relating to intellectual property licenses, employee matters, commercial arrangements and a studio lot lease (See Note 10—Leases under the heading “Lessor Arrangements”).

The Separation Agreement contains the key provisions relating to the Separation and the Distribution. The Separation Agreement identifies the assets that were transferred, the liabilities that were assumed and the contracts that were assigned to each of the Company and 21CF as part of the Separation and describes how these transfers, assumptions and assignments occurred. It also provides for cross-indemnities between the Company and 21CF. Other matters governed by the Separation Agreement include access to financial and other information, confidentiality, access to and provision of records, continued access for the Company to 21CF insurance policies and shared contracts and certain third-party consent provisions. Pursuant to the Separation Agreement, the Company is the owner of all “FOX” brands and related trademarks, as well as all other intellectual property primarily related to the Company’s business. In addition, the Company has entered into certain trademark and other intellectual property license agreements in connection with the use of certain intellectual property by 21CF.

The Company also entered into a tax matters agreement with Disney and 21CF that governs the parties’ respective rights, responsibilities and obligations with respect to certain tax matters. Under the tax matters agreement, 21CF will generally indemnify the Company against any taxes required to be reported on a consolidated or separate tax return of 21CF and/or any of its subsidiaries, including any taxes resulting from the Separation and the Distribution, and the Company will generally indemnify 21CF against any taxes required to be reported on a separate tax return of the Company or any of its subsidiaries. The Company may also be responsible for certain taxes resulting from the anticipated divestitures by Disney of certain assets, primarily the FOX Sports Regional Sports Networks, which were sold by Disney during calendar year 2019. The Transaction Tax (as defined below) included a prepayment of the Company’s share of the estimated tax liabilities resulting from the anticipated divestitures by Disney of these assets in the amount of approximately $700 million (which amount is subject to adjustment in the future, as described below).

In addition, the Company and 21CF entered into transition services agreements under which the Company and 21CF are providing specified services to each other on a transitional basis, including broadcast operations, sports production, information systems and technology, human resources services, finance and accounting, facilities and other corporate services. Generally, the term for the provision of services under the agreement extends for no longer than two years after the Separation, subject to certain rights of the parties to extend the term for an additional three months. To the extent transition services are utilized during the first two years after the Separation, the charges paid by the recipient for the services are generally limited to the cost of providing such services. The Company anticipates that it will generally be in a position to complete the transition of most services on or before the two-year anniversary of the Separation.

The Company also entered into an employee matters agreement with 21CF that governs the parties’ obligations with respect to certain employee-related liabilities and certain employee benefit plans, programs, policies and other related matters for employees of the Company (See Note 12—Equity-Based Compensation and Note 15—Pension and Other Postretirement Benefits).

Basis of Presentation

The Company’s financial statements as of and for the years ended June 30, 2020 and 2019 are presented on a consolidated basis. The Company’s consolidated financial statements for the year ended June 30, 2020 reflect the Company’s results of operations and cash flows as a standalone company, and the Company’s Consolidated Balance Sheets as of June 30, 2020 and 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 prepared on a standalone basis, derived from the consolidated financial statements and accounting records of 21CF. The Company’s financial statements for the year ended June 30, 2018 are presented on a combined basis as the Company was not a separate consolidated group prior to the Distribution. These financial statements reflect the combined historical results of operations, financial position and cash flows of 21CF’s domestic news, national sports and broadcast businesses and certain other assets and liabilities associated with such businesses.

The Consolidated and Combined Statements of Operations for the years ended June 30, 2019 and 2018 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 Consolidated and Combined Financial Statements, including the assumptions regarding allocating general corporate expenses from 21CF, are reasonable. Nevertheless, the Consolidated and Combined 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, financial position 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 periods prior to the Distribution, the income tax provision in the Consolidated and Combined 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. Pursuant to rules promulgated by the Internal Revenue Service and various state taxing authorities, the Company filed its initial U.S. income tax returns for the period March 19, 2019 through June 30, 2019.

The income tax accounts reflected in the Consolidated Balance Sheet as of June 30, 2019 include income taxes payable and deferred taxes attributed to the Company at the time of and subsequent to the Separation (See Note 13—Related Party Transactions and Twenty-First Century Fox, Inc. Investment under the heading “Corporate Allocations and Twenty-First Century Fox, Inc. Investment”). The calculation of the Company’s income taxes involves considerable judgment and the use of both estimates and allocations.

Pursuant to the 21CF Disney Merger Agreement, immediately prior to the Distribution, the Company paid to 21CF a dividend in the amount of $8.5 billion (the “Dividend”). The final determination of the taxes in respect of the Separation and the Distribution for which the Company is responsible pursuant to the 21CF Disney Merger Agreement and a prepayment of the estimated taxes in respect of divestitures (collectively, the “Transaction Tax”) was $6.5 billion. Following the Distribution, on March 20, 2019 the Company received a cash payment in the amount of $2.0 billion from Disney, which had the net effect of reducing the Dividend the Company paid to 21CF. The Transaction Tax included a prepayment of the Company’s share of the estimated tax liabilities resulting from the anticipated divestitures by Disney of certain assets, principally the FOX Sports Regional Sports Networks, which were sold by Disney during calendar year 2019. This prepayment was in the amount of approximately $700 million and is subject to adjustment in the future, when the actual amounts of all such tax liabilities are reported on the federal income tax returns of Disney or a subsidiary of Disney (See Note 22—Subsequent Events).

As a result of the Separation and the Distribution, which was a taxable transaction for which the estimated tax liability of $5.8 billion was included in the Transaction Tax paid by the Company, FOX obtained a tax basis in its assets equal to their respective fair market values. This will result in estimated annual tax deductions of approximately $1.5 billion, principally over the next several years related to the amortization of the additional tax basis. This amortization is estimated to reduce the Company’s annual cash tax liability by approximately $370 million per year at the current combined federal and state applicable tax rate of approximately 25%. Such estimates are subject to revisions, which could be material, based upon the occurrence of future events including, among other things, a refund of the prepayment discussed above.

The consolidated and combined financial statements are referred to as the “Financial Statements” herein. The consolidated and combined statements of operations are referred to as the “Statements of Operations” herein. The consolidated and combined statements of comprehensive income are referred to as the “Statements of Comprehensive Income” herein. The consolidated balance sheets are referred to as the “Balance Sheets” herein. The consolidated and combined statements of cash flows are referred to as the “Statements of Cash Flows” herein. The consolidated and combined statements of equity are referred to as the “Statements of Equity” herein.

Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation and combination

The Financial Statements include the accounts of all majority-owned and controlled subsidiaries. In addition, the Company evaluates its relationships with other entities to identify whether they are variable interest entities as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810-10, “Consolidation” (“ASC 810-10”) and whether the Company is the primary beneficiary. Consolidation is required if both of these criteria are met.

The Financial Statements, for periods prior to the Distribution, include certain assets and liabilities that were historically held at 21CF’s corporate level but are specifically identifiable or otherwise attributable to the Company. All significant intracompany transactions and accounts within the Company’s consolidated and combined businesses have been eliminated.

Intercompany transactions with 21CF or its affiliates and the Company are reflected in the historical Financial Statements for periods prior to the Distribution. All significant intercompany balances between 21CF and the Company, for periods prior to the Distribution, have been included within the Twenty-First Century Fox, Inc. investment in these Financial Statements.

Any change in the Company’s ownership interest in a consolidated subsidiary, where a controlling financial interest is retained, is accounted for as an equity transaction. When the Company ceases to have a controlling financial interest in a consolidated subsidiary, the Company will recognize a gain or loss in net income upon deconsolidation.

The Company’s fiscal year ends on June 30 (“fiscal”) of each year.

Reclassifications and adjustments

Certain fiscal 2019 and 2018 amounts have been reclassified to conform to the fiscal 2020 presentation.

Use of estimates

The preparation of the Company’s Financial Statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts that are reported in the 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.

The outbreak of the coronavirus disease 2019 (“COVID-19”) pandemic has resulted in widespread and continuing negative impacts on the macroeconomic environment and disruption to the Company’s business. Weak economic conditions and increased volatility and disruption in the financial markets pose risks to the Company and its business partners, including advertisers whose expenditures tend to reflect overall economic conditions. The COVID-19 pandemic has caused some of the Company’s advertisers (including, in particular, local market advertisers) to reduce their spending, and future declines in the economic prospects of advertisers or the economy in general could negatively impact their advertising expenditures further. Depending on the duration and severity of the recession, it could lead to changes in consumer behavior, including increasing numbers of consumers canceling or foregoing subscriptions to MVPD services, that adversely affect the Company’s affiliate fee and advertising revenues. In addition, the Company’s business depends on the volume and popularity of the content it distributes, particularly sports content. Following the COVID-19 outbreak, sports events to which the Company has broadcast rights have been cancelled or postponed and the production of certain entertainment content the Company distributes has been suspended. Depending on their duration and severity, these disruptions could materially adversely affect the Company’s future advertising revenues and, over a longer period of time, its future affiliate fee revenues. If there is a significant decline in the Company’s estimated revenues or the expected popularity of its programming, it could lead to a downward revision in the value of, among other things, the Company’s reporting units, indefinite-lived intangible assets, programming rights and long-lived assets and result in a non-cash impairment charge that is material to the Company’s reported net earnings.

Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less.

Receivables

Receivables are presented net of an allowance for doubtful accounts, which is an estimate of amounts that may not be collectible. The allowance for doubtful accounts is estimated based on historical experience, receivable aging, current economic trends and specific identification of certain receivables that are at risk of not being paid.

Receivables, net consist of:

	As of June 30,
	2020			2019
	(in millions)
Total receivables	$	1,981		$	2,007
Allowances for doubtful accounts		(93	)		(35	)
Total receivables, net^(a)	$	1,888		$	1,972

^(a)	Includes $5 million of non-current receivables recorded in Other non-current assets on the Consolidated Balance Sheet as of June 30, 2019.

Inventories

Programming Rights

In accordance with ASC 920, “Entertainment—Broadcasters,” costs incurred in acquiring program rights or producing programs for the Cable Network Programming and Television segments, including advances, are capitalized and amortized over the license period or projected useful life of the programming. Program rights and the related liabilities are recorded at the gross amount of the liabilities when the license period has begun, the cost of the program is determinable and the program is accepted and available for airing. Television broadcast network entertainment

programming, which includes acquired series, co-produced series, movies and other programs, are amortized primarily on an accelerated basis.

The Company has single and multi-year contracts for broadcast rights of programs and sports events. The Company evaluates the recoverability of the unamortized costs associated therewith, using total estimated advertising and other revenues attributable to the program material and considering the Company’s expectations of the usefulness of the program rights. The recoverability of certain sports rights contracts for content broadcast on the FOX Network and the sports channels is assessed on an aggregate basis. Where an evaluation indicates that these multi-year contracts will result in an asset that is not recoverable, amortization of rights is accelerated. The costs of multi-year sports contracts at the FOX Network and the sports channels are primarily amortized based on the ratio of each current period’s attributable revenue for each contract to the estimated total remaining attributable revenue for each contract. Estimates can change and, accordingly, are reviewed periodically and amortization is adjusted as necessary. Such changes in the future could be material.

Investments

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 ASC 321 “Investments—Equity Securities” (“ASC 321”), equity securities 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 Statements of Operations.

Property, plant and equipment

Property, plant and equipment are stated at cost. Depreciation is provided using the straight-line method over an estimated useful life of three to 40 years. Leasehold improvements are amortized using the straight-line method over the shorter of their useful lives or the life of the lease. Costs associated with the repair and maintenance of property are expensed as incurred. Changes in circumstances, such as technological advances, or changes to the Company’s business model or capital strategy, could result in the actual useful lives differing from the Company’s estimates. In those cases where the Company determines that the estimated useful life of property, plant and equipment should be shortened, the Company depreciates the asset over its revised remaining useful life, thereby increasing depreciation expense.

Goodwill and intangible assets

The Company’s intangible assets include goodwill, Federal Communications Commission (“FCC”) licenses, multi-channel video programming distributor (“MVPD”) affiliate agreements and relationships, and trademarks and other copyrighted products. Intangible assets acquired in business combinations are recorded at their estimated fair value at the date of acquisition. Goodwill is recorded as the difference between the consideration transferred to acquire entities and the estimated fair values assigned to their tangible and identifiable intangible net assets. Amounts recorded as goodwill are assigned to more than one reporting unit as of the acquisition date when more than one reporting unit is expected to benefit from the synergies of the combination. In accordance with ASC 350 “Intangibles—Goodwill and Other” (“ASC 350”), the Company’s goodwill and indefinite-lived intangible assets, which primarily consist of FCC licenses, are tested annually for impairment, or earlier, if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. The impairment assessment of indefinite-lived intangibles compares the fair value of the assets to their carrying value. Intangible assets with finite lives are generally amortized over their estimated useful lives. See Note 8—Goodwill and Intangible Assets, net under the heading “Annual Impairment Review” for additional information on the Company’s impairment assessments.

When a business within a reporting unit is disposed of, goodwill is allocated to the disposed business using the relative fair value method.

Leases

The Company has lease agreements primarily for office facilities, transponders and other equipment. 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 right-of-use (“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 21—Additional Financial Information).

Asset impairments

Investments

Equity method investments are reviewed for impairment by comparing their fair value to their respective carrying amounts. The Company determines the fair value of its private company investments by considering available information, including recent investee equity transactions, discounted cash flow analyses, estimates based on comparable public company operating multiples and, in certain situations, balance sheet liquidation values. If the fair value of the investment has dropped below the carrying amount, management considers several factors when determining whether an other-than-temporary decline in market value has occurred, including the length of time and extent to which the market value has been below cost, the financial condition and near-term prospects of the issuer of the security, the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in market value and other factors influencing the fair market value, such as general market conditions.

The Company regularly reviews equity securities not accounted for using the equity method or at fair value for impairment based on a qualitative assessment which includes, but is not limited to (i) significant deterioration in the earnings performance, credit rating, asset quality or business prospects of the investee, (ii) significant adverse changes in the regulatory, economic or technological environment of the investee and (iii) significant adverse changes in the general market condition of either the geographical area or the industry in which the investee operates. If an equity security is impaired, an impairment loss is recognized in the Statements of Operations equal to the difference between the fair value of the investment and its carrying amount.

Long-lived assets

ASC 360, “Property, Plant, and Equipment,” ASC 842, “Leases” and ASC 350 require that the Company periodically review the carrying amounts of its long-lived assets, including property, plant and equipment, ROU assets and finite-lived intangible assets, to determine whether current events or circumstances indicate that such carrying amounts may not be recoverable. If the carrying amount of the asset or asset group is greater than the expected undiscounted cash flows to be generated by such asset or asset group, an impairment adjustment is recognized and is measured as the amount by which the carrying value of such asset or asset group exceeds its fair value. The Company generally measures fair value by considering sale prices for similar assets or by discounting estimated future cash flows using an appropriate discount rate. Considerable management judgment is necessary to estimate the fair value of assets; accordingly, actual results could vary significantly from such estimates. Assets to be disposed of are carried at the lower of their financial statement carrying amount or fair value less their costs to sell.

Revenue recognition

Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company considers the terms of each arrangement to determine the appropriate accounting treatment.

Cable Network Programming and Television

The Company generates advertising revenue from sales of commercial time within the Company’s network programming to be aired by television networks and cable channels, and from sales of broadcast advertising time on the Company’s owned and operated television stations and various digital properties. Advertising revenue from customers, primarily advertising agencies, is recognized as the commercials are aired. Certain of the Company’s advertising contracts have guarantees of a certain number of targeted audience views, referred to as impressions. Revenues for any audience deficiencies are deferred until the guaranteed number of impressions is met, by providing additional advertisements. Advertising contracts, which are generally short-term, are billed monthly for the spots aired during the month, with payments due shortly after the invoice date.

The Company generates affiliate fee revenue from affiliate agreements with traditional and digital MVPDs (as defined in Note 17—Segment Information) for cable network programming and for the broadcast of the Company’s owned and operated television stations. In addition, the Company generates affiliate fee revenue from affiliate agreements with independently owned television stations that are affiliated with the FOX Network and receive retransmission consent fees from traditional and digital MVPDs for their signals. Affiliate fee revenue is recognized at a point in time when the network programming, a functional license of intellectual property, is made available to the customer, which is done on a continuous basis. For contracts with affiliate fees based on the number of the affiliate’s subscribers, revenues are recognized based on the contractual rate multiplied by the estimated number of subscribers each period. For contracts with fixed affiliate fees, revenues are recognized based on the relative standalone selling price of the network programming provided over the contract term, which generally reflects the invoiced amount. Affiliate contracts are generally multi-year contracts with payments due monthly.

The Company classifies the amortization of cable distribution investments (capitalized fees paid to MVPDs to facilitate carriage of a cable network) against affiliate fee revenue in accordance with ASC 606-10-32-25 through 27, “Revenue Recognition—Consideration Payable to a Customer.” The Company defers the cable distribution investments and amortizes the amounts on a straight-line basis over the contract period.

Advertising expenses

The Company expenses advertising costs as incurred in accordance with ASC 720-35, “Other Expenses—Advertising Cost.” Advertising expenses recognized totaled $425 million, $388 million and $392 million for fiscal 2020, 2019 and 2018, respectively.

Income taxes

The Company accounts for income taxes in accordance with ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires an asset and liability approach for financial accounting and reporting for income taxes. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Valuation allowances are established where management determines that it is more likely than not that some portion or all of a deferred tax asset will not be realized.

Earnings per share

Basic earnings per share for the Class A Common Stock and Class B Common Stock is calculated by dividing Net income attributable to Fox Corporation stockholders by the weighted average number of outstanding shares of Class A Common Stock, including vested restricted stock units (“RSUs”), and Class B Common Stock. Diluted earnings per share for the Class A Common Stock and Class B Common Stock is calculated similarly, except that the calculation for the Class A Common Stock includes the dilutive effect of the assumed issuance of the shares issuable under the Company’s equity-based compensation plan.

On March 19, 2019, the date of the Distribution, 621 million shares of the Company’s Common Stock were distributed to 21CF stockholders (other than holders that were subsidiaries of 21CF). These 621 million shares have been utilized for the calculation of basic and diluted earnings per share for all periods presented that ended prior to the date of the Distribution as no shares of common stock or equity-based awards of the Company were outstanding prior to that date (See Note 12—Equity-Based Compensation).

Equity-based compensation

The Company accounts for share-based payments in accordance with ASC 718, “Compensation—Stock Compensation” (“ASC 718”). ASC 718 requires that the cost resulting from all share-based payment transactions be recognized in the Financial Statements. ASC 718 establishes fair value as the measurement objective in accounting for share-based payment arrangements and requires all companies to apply a fair value-based measurement method in accounting for generally all share-based payment transactions with employees. The Company recognizes compensation cost for awards granted that have only service requirements and a graded vesting schedule on a straight-line basis over the requisite service period for the entire award. The Company accounts for forfeitures when they occur.

For periods prior to the Distribution, the Company employees participated in 21CF’s equity-based compensation plans. Equity-based compensation expense was allocated to the Company based on the awards and terms previously granted to the Company employees. In connection with the Distribution, certain 21CF equity awards were converted into new equity awards of the Company (See Note 12—Equity-Based Compensation).

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. The fair value of financial instruments is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market.

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 are put rights held by minority shareholders in a majority-owned sports network and in Credible Labs Inc. (“Credible”). The Company accretes the changes in the redemption value of the redeemable noncontrolling interests over the period of issuance to the earliest redemption date. If a redeemable noncontrolling interest is redeemable at fair value, adjustments to the carrying amount are recorded in retained earnings. If a redeemable noncontrolling interest is redeemable at an amount in excess of fair value, the portion of the adjustment that reflects a redemption in excess of fair value is presented within net income attributable to noncontrolling interests in the Statements of Operations.

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.

The Company’s receivables did not represent significant concentrations of credit risk as of June 30, 2020 or 2019. Generally, the Company does not require collateral to secure receivables. As of June 30, 2020 and 2019, the Company had no individual customers that accounted for 10% or more of the Company’s receivables.

Recently Adopted and Recently Issued Accounting Guidance and the CARES Act

Adopted

In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)” (“Topic 842”), as amended. Topic 842 requires recognition of lease liabilities and 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 10—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 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.

During fiscal 2020, the Company early adopted ASU 2018-14, “Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans” (“ASU 2018-14”). The amendments in ASU 2018-14 modify certain aspects of disclosure about defined benefit pension and other postretirement plans. The adoption of ASU 2018-14 did not have a significant impact on the Company’s Financial Statements.

Issued

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), as amended. The amendments in ASU 2016-13 require, among other things, financial assets measured at amortized cost basis to be presented at the net amount expected to be collected as compared to current GAAP which delays recognition until it is probable a loss has been incurred. ASU 2016-13 is effective for the Company beginning July 1, 2020 on a modified retrospective basis. The Company is currently evaluating the impact ASU 2016-13 will have on its financial statements.

In August 2018, the FASB issued ASU 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” (“ASU 2018-15”). The amendments in ASU 2018-15 require implementation costs incurred in a hosting arrangement that is a service contract to be capitalized using the same guidance for capitalizing implementation costs incurred to develop or obtain internal-use software. In addition, ASU 2018-15 provides guidance over the term to amortize the capitalized implementation costs and requires specific financial statement presentation and disclosures. ASU 2018-15 is effective for the Company beginning July 1, 2020 on a prospective basis. The Company does not expect the adoption of ASU 2018-15 to have a material impact on its financial statements.

In March 2019, the FASB issued ASU 2019-02, “Entertainment—Films—Other Assets—Film Costs (Subtopic 926-20) and Entertainment—Broadcasters—Intangibles—Goodwill and Other (Subtopic 920-350): Improvements to Accounting for Costs of Films and License Agreements for Program Materials” (“ASU 2019-02”). The amendments in ASU 2019-02 align the accounting for production costs of episodic television series with the accounting for production costs of films. In addition, ASU 2019-02 modifies certain aspects of the amortization, impairment, presentation and disclosure requirements in ASC 926-20 and the impairment, presentation and disclosure requirements in ASC 920-350, including eliminating the balance sheet classification guidance. ASU 2019-02 is effective for the Company beginning July 1, 2020 on a prospective basis. The Company does not expect the adoption of ASU 2019-02 to have a material impact on its 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 these changes to have a material impact on its financial statements.

Acquisitions, Disposals and Other Transactions

12 Months Ended

Jun. 30, 2020

Acquisitions Disposals And Other Transactions [Abstract]

Acquisitions, Disposals and Other Transactions

NOTE 3. ACQUISITIONS, DISPOSALS AND OTHER TRANSACTIONS

During fiscal 2020, the Company completed acquisitions as more fully described below. All of the acquisitions were accounted for under ASC 805, “Business Combinations” (“ASC 805”), which requires, among other things, that an acquirer record any noncontrolling interests in an acquiree at their acquisition date fair value. Accordingly, one transaction described below involved the Company acquiring control with an ownership stake of less than 100%. In this instance, the allocation of consideration transferred reflects 100% of the fair value of the acquiree with the noncontrolling interests recorded at fair value.

These acquisitions 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. For these acquisitions, the accounting for the business combination, including consideration transferred, is based on provisional amounts and the allocation of the consideration transferred is not final. The amounts allocated to intangibles and goodwill, the estimates of useful lives and the related amortization expense are subject to changes pending the completion of the final valuations of certain assets and liabilities. A change in the allocation of consideration transferred and any estimates of useful lives could result in a change in the value allocated to the intangible assets that could impact future amortization expense.

For fiscal 2020, the incremental revenues and Segment EBITDA (as defined in Note 17—Segment Information), related to the acquisitions below, included in the Company’s consolidated results of operations were not material individually or in the aggregate.

Fiscal 2020

Acquisitions and Disposals

Tubi Acquisition

In April 2020, the Company acquired Tubi, Inc. (“Tubi”), a free advertising-supported video-on-demand service, for approximately $445 million in cash (the “Tubi Acquisition”), net of cash acquired. The consideration transferred of approximately $470 million has been preliminary allocated, based on a provisional valuation, as follows: approximately $130 million to intangible assets with useful lives ranging from three to 10 years; approximately $320 million representing goodwill; and the remainder to other net assets. The estimated goodwill, which is not tax deductible, reflects the synergies and increased market penetration expected from combining the operations of Tubi and the Company. 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 and will be recognized as compensation expense over that period. The Company financed the Tubi Acquisition principally with the net proceeds from the sale of its investment in Roku, Inc. (“Roku”) as 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 FCC licenses with indefinite lives and approximately $100 million to amortizable intangible assets, primarily retransmission agreements with useful lives of eight years; approximately $30 million to property, plant and equipment; and the balance to goodwill. 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, a U.S. consumer finance marketplace, for approximately $260 million in cash (the “Credible Acquisition”), net of cash acquired. The remaining 33% of Credible not owned by the Company was 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 6—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, primarily tradenames, with useful lives ranging from five to 10 years; approximately $285 million representing goodwill; 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.

Other Transactions

Flutter

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.

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 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). In May 2020, the Company invested an additional approximately $100 million in Flutter, which increased the Company’s equity interest in Flutter to approximately 3%. The Company accounts for the investment in Flutter at fair value (See Note 6—Fair Value).

Roku

In March 2020, the Company sold its investment in Roku for approximately $340 million. The Company recorded a loss of approximately $210 million for fiscal 2020 related to the change in the fair value of its investment in Roku prior to disposition, which was recorded in Other, net in the Statement of Operations (See Note 21—Additional Financial Information). The Company purchased its investment in Roku for approximately $40 million.

Fiscal 2019

Other Transactions

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.

Fiscal 2018

Other Transactions

In March 2017, the FCC concluded a voluntary auction to reclaim television broadcast station spectrum. The Company had three stations’ bids of $354 million to relinquish spectrum accepted by the FCC as part of the auction and received the proceeds in July 2017. As a result, spectrum previously utilized by its television stations in Washington, DC, Charlotte, NC and Chicago, IL designated market areas, in which the Company operates duopolies, was relinquished to the FCC. The Company recorded a pre-tax gain of $12 million and $102 million for the portion of spectrum relinquished to the FCC in fiscal 2019 and 2018, respectively, in Other, net in the Statements of Operations. These television stations will continue broadcasting using the spectrum of the existing FOX Network owned and operated station in those markets.

Restructuring Programs

12 Months Ended

Jun. 30, 2020

Restructuring And Related Activities [Abstract]

Restructuring Programs

NOTE 4. RESTRUCTURING PROGRAMS

Fiscal 2020

During fiscal 2020, the Company recorded restructuring charges at the Cable Network Programming and Television segments of approximately $425 million reflecting contract termination costs related to a programming rights agreement with the United States Golf Association (the “USGA”) for the broadcast of USGA events on the Company’s networks, including the write-off of approximately $75 million of programming rights advances. The Company paid approximately $320 million to the USGA in June 2020 for the contract termination. As a result of the contract termination, the Company no longer has the rights to broadcast future USGA events and has no additional payment obligations to the USGA.

Changes in the restructuring program liabilities were as follows:

	One time termination benefits			Contract termination costs				Total
	(in millions)
Balance, June 30, 2017	$	(93	)	$	-			$	(93	)
Additions		(11	)		-				(11	)
Payments		66			-				66
Other		1			-				1
Balance, June 30, 2018	$	(37	)	$	-			$	(37	)
Additions		(26	)		-				(26	)
Payments		23			-				23
Balance, June 30, 2019	$	(40	)	$	-			$	(40	)
Additions		(24	)		(427	)			(451	)
Payments		26			397		^(a)		423
Balance, June 30, 2020	$	(38	)	$	(30	)		$	(68	)

^(a)	Includes the write-off of approximately $75 million of programming rights advances.

Restructuring charges are recorded in Impairment and restructuring charges in the Statements of Operations. As of June 30, 2020 and 2019, restructuring liabilities of approximately $40 million and $30 million, respectively, were included in Accounts payable, accrued expenses and other current liabilities in the Balance Sheets and the balance of the accrual was included in Non-current Other liabilities in the Balance Sheets.

Inventories, Net

12 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

Inventories, Net

NOTE 5. INVENTORIES, NET

The Company’s inventories were comprised of the following:

	As of June 30,
	2020			2019
	(in millions)
Sports programming rights	$	674		$	954
Entertainment programming rights		384			380
Total inventories, net		1,058			1,334
Less: current portion of inventories, net		(856	)		(1,129	)
Total non-current inventories, net	$	202		$	205

The Company evaluates the recoverability of the unamortized costs associated with the Company’s programming rights using total estimated advertising and other revenues attributable to the program material and considering the Company’s expectations of the usefulness of the program rights. As a result of the evaluation, the Company recognized write-downs of approximately $95 million and $55 million in fiscal 2020 and 2019, respectively, related to sports, entertainment and syndicated programming rights at the Cable Network Programming and Television segments, which were recorded in Operating expenses in the Statements of Operations.

Fair Value

12 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value

NOTE 6. 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 June 30, 2020
	Total			Level 1			Level 2		Level 3
	(in millions)
Assets
Investments in equity securities	$	531		$	531	^(a)	$	-	$	-
Liabilities
Other		(6	)		-			-		(6)	^(b)
Redeemable noncontrolling interests		(305	)		-			-		(305)	^(b)
Total	$	220		$	531		$	-	$	(311)

	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	⁽^d⁾	$	-
Redeemable noncontrolling interests		(189	)		-			-			(189)	^(b)
Total	$	572		$	545		$	216		$	(189)

^(a)	The investment categorized as Level 1 represents an investment in equity securities of Flutter with a readily determinable fair value (See Note 3—Acquisitions, Disposals and Other Transactions under the heading “Flutter” 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 3—Acquisitions, Disposals and Other Transactions under the heading “Roku” for further discussion).

^(d)

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”) as a result of certain transfer restrictions. The DLOM was derived based on the remaining term of the lock up period and the volatility of The Stars Group common stock. The investment in The Stars Group was transferred from Level 2 of the fair value hierarchy to Level 1 during the fourth quarter of fiscal 2020 as a result of The Stars Group equity securities being exchanged for Flutter equity securities upon the completion of the Combination in May 2020 and the removal of the transfer restrictions on the Company’s investment (See Note 3—Acquisitions, Disposals and Other Transactions under the heading “Flutter” for further discussion).

Redeemable Noncontrolling Interests

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

	For the years ended June 30,
	2020				2019				2018
	(in millions)
Beginning of year	$	(189	)		$	(275	)		$	(154	)
Acquisitions^(a)		(109	)			-				-
Net income		(33	)			(33	)			(41	)
Distributions		24				32				41
Accretion and other		2		^(b)		87		^(b)		(121	)
End of year	$	(305	)		$	(189	)		$	(275	)

^(a)	See Note 3—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 fiscal 2020 and 2019, approximately $120 million and $200 million, respectively, was reclassified into equity.

The fair values of the redeemable noncontrolling interests in the sports network and Credible were determined by using discounted cash flow analysis and market-based valuation approach methodologies. Significant unobservable inputs used in the fair value measurements of the Company’s redeemable noncontrolling interests are EBITDA (as defined in Note 17—Segment Information) projections, discount rates and multiples. Significant increases (decreases) in multiples would result in a significantly higher (lower) fair value measurement. Significant increases (decreases) in discount rates, assuming no changes in multiples, would result in a significantly (lower) higher fair value measurement.

Another portion of the put rights held by the sports network minority shareholder became 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 2025.

Financial Instruments

	As of June 30,
	2020		2019
	(in millions)
Borrowings
Fair value	$	9,746	$	7,643
Carrying value	$	7,946	$	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).

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

The Company’s assets measured at fair value on a nonrecurring basis include investments accounted for using the equity method and the measurement alternative in accordance with ASC 321, long-lived assets, indefinite-lived intangible assets and goodwill. The Company reviews the carrying amounts of such assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable or at least annually for indefinite-lived intangible assets and goodwill. Any resulting asset impairment would require that the asset be recorded at its fair value. The resulting fair value measurements of the assets are considered to be Level 3 measurements. In addition, investments accounted for using the measurement alternative in accordance with ASC 321 are recorded at fair value as a result of observable price changes in orderly transactions for the identical or a similar investment of the same issuer.

Property Plant And Equipment [Abstract]

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

Property, Plant and Equipment, Net

12 Months Ended

Jun. 30, 2020

Property, Plant and Equipment, Net

NOTE 7. PROPERTY, PLANT AND EQUIPMENT, NET

		As of June 30,
	Useful lives	2020			2019
		(in millions)
Land		$	126		$	123
Buildings and leaseholds	3 to 40 years		1,300			1,319
Machinery and equipment	3 to 10 years		1,575			1,516
			3,001			2,958
Less: accumulated depreciation and amortization			(1,813	)		(1,767	)
			1,188			1,191
Construction in progress			310			122
Total property, plant and equipment, net		$	1,498		$	1,313

Depreciation and amortization related to Property, plant and equipment was $222 million, $197 million and $157 million for fiscal 2020, 2019 and 2018, respectively.

Goodwill and Intangible Assets, Net

12 Months Ended

Jun. 30, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

NOTE 8. 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			300			413
Disposals^(b)		(30	)		-		(30	)		-			(30	)
Amortization		-			-		-			(36	)		(36	)
Balance, June 30, 2020	$	2,250		$	642	$	2,892		$	306		$	3,198

^(a)	Net of accumulated amortization of $165 million and $129 million as of June 30, 2020 and 2019, respectively. The average useful life of amortizable intangible assets ranges from three to 20 years.

⁽^b⁾	See Note 3—Acquisitions, Disposals and Other Transactions under the heading “Acquisitions and Disposals.”

Amortization related to finite-lived intangible assets was $36 million, $15 million and $14 million for fiscal 2020, 2019 and 2018, respectively.

Based on the current balance of finite-lived intangible assets, the estimated amortization expense for each of the succeeding five fiscal years is as follows:

	For the years ending June 30,
	2021		2022		2023		2024		2025
	(in millions)
Estimated amortization expense^(a)	$	61	$	52	$	48	$	31	$	26

^(a)	These amounts may vary as acquisitions and dispositions occur in the future.

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		462			222		729
Disposals^(a)		-		(11	)		-		(11	)
Balance, June 30, 2020	$	1,032	$	2,155		$	222	$	3,409

⁽^a⁾	See Note 3—Acquisitions, Disposals and Other Transactions under the heading “Acquisitions and Disposals.”

The carrying amount of Television segment goodwill was net of accumulated impairments of $371 million as of June 30, 2020 and 2019.

Annual Impairment Review

Goodwill

If the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount after a qualitative assessment, the Company performs a quantitative impairment test to calculate the fair value of the reporting unit and compare it with its carrying amount, including goodwill. In performing the quantitative assessment, the Company determines the fair value of a reporting unit primarily by using discounted cash flow analysis and market-based valuation approach methodologies. Determining fair value requires the exercise of significant judgments, including judgments about appropriate discount rates, long-term growth rates, company earnings multiples and relevant comparable transactions, as applicable, and the amount and timing of expected future cash flows. The cash flows employed in the analyses are based on the Company’s estimated outlook and various growth rates have been assumed for years beyond the long-term business plan period. Discount rate assumptions are based on an assessment of the risk inherent in the future cash flows of the respective reporting units. In assessing the reasonableness of its determined fair values, the Company evaluates its results against other value indicators, such as comparable public company trading values. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.

FCC licenses

The Company performs impairment reviews consisting of a comparison of the estimated fair value of the Company’s FCC licenses with their carrying amount on a station-by-station basis using a discounted cash flow valuation method, assuming a hypothetical start-up scenario for a broadcast station in each of the markets the Company operates in. The significant assumptions used are the discount rate and terminal growth rates and operating margins, as well as industry data on future advertising revenues in the markets where the Company owns television stations. These assumptions are based on actual third-party historical performance and estimates of future performance in each market.

Fiscal 2020 and 2019

During fiscal 2020 and 2019, the Company determined that the goodwill and indefinite-lived intangible assets included in the Balance Sheets as of June 30, 2020 and 2019, respectively, were not impaired.

Borrowings

12 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Borrowings

NOTE 9. BORROWINGS

	Outstanding as of June 30,
	2020			2019
	(in millions)
Public debt
3.666% senior notes due 2022	$	750		$	750
4.030% senior notes due 2024		1,250			1,250
3.050% senior notes due 2025		600			-
4.709% senior notes due 2029		2,000			2,000
3.500% senior notes due 2030		600			-
5.476% senior notes due 2039		1,250			1,250
5.576% senior notes due 2049		1,550			1,550
Total public debt		8,000			6,800
Less: unamortized discount and debt issuance costs		(54	)		(49	)
Total borrowings	$	7,946		$	6,751

Public Debt - Senior Notes Issued

The Company issued senior notes (as summarized above) (the “Notes”) under an Indenture, dated as of January 25, 2019, by and between the Company and The Bank of New York Mellon, as Trustee (the “2019 Indenture”). The Notes are direct unsecured obligations of the Company and rank pari passu with all other senior indebtedness of the Company, including the indebtedness under the Revolving Credit Agreement described below. Redemption may occur, at the option of the holders, at 101% of the principal amount plus an accrued interest amount in certain circumstances where a change of control is deemed to have occurred. The Notes are subject to certain covenants, which, among other things, limit the Company’s ability and the ability of the Company’s subsidiaries, to create liens and engage in merger, sale or consolidation transactions. The 2019 Indenture does not contain any financial maintenance covenants. Under the 2019 Indenture, the Company had the following issuances:

In April 2020, the Company issued $1.2 billion of senior notes and used the net proceeds for general corporate purposes.

In January 2019, the Company issued $6.8 billion of senior notes and used the net proceeds, together with available cash on its balance sheet, to fund the Dividend and to pay fees and expenses incurred in connection with the issuance of such notes and the Separation and the Distribution.

Revolving Credit Agreement

On March 15, 2019, the Company entered into a credit agreement (the “Revolving Credit Agreement”) among the Company, as Borrower, the initial lenders named therein, the initial issuing banks named therein, Citibank, N.A., as Administrative Agent, Deutsche Bank Securities Inc. and Goldman Sachs Bank USA, as Co-Syndication Agents, JPMorgan Chase Bank, N.A. and Morgan Stanley Bank, N.A., as Co-Documentation Agents, and the other parties party thereto. The Revolving Credit Agreement provides for 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. Under the Revolving Credit Agreement, the Company may request an increase in the amount of the credit facility commitments up to a maximum facility amount of $1.5 billion and the Company may request that the maturity date be extended for up to two additional one-year periods. The material terms of the Revolving Credit Agreement include the requirement that the Company maintain specific leverage ratios and limitations on indebtedness. In April 2020, the Company entered into an amendment to the Revolving 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. The interest rates and fees under the Revolving Credit Agreement are based on the Company’s long-term senior unsecured non-credit enhanced debt ratings. Given the current credit ratings, the interest rate on borrowings under the Revolving Credit Agreement would be London Interbank Offered Rate (“LIBOR”) plus 1.1% and the facility fee is 0.15%. As of June 30, 2020, there were no borrowings outstanding under the Revolving Credit Agreement.

Bridge Credit Agreement

In December 2017, 21st Century Fox America, Inc. (“21CFA”), a wholly owned subsidiary of 21CF, entered into a commitment letter on behalf of FOX with the financial institutions party thereto for borrowings of up to $9 billion to provide FOX with financing in connection with the Dividend. FOX paid a commitment fee of 0.125%. Upon the issuance of the $6.8 billion of senior notes in January 2019, the commitment letter was reduced to $1.7 billion. In anticipation of the payment of the Dividend, the Company entered into a $1.7 billion 364-Day Bridge Term Loan Agreement (the “Bridge Credit Agreement”) on March 15, 2019 with the initial lenders named therein, Goldman Sachs Bank USA, as Administrative Agent, Sole Lead Arranger and Sole Bookrunner, and Citibank, N.A. and Deutsche Bank Securities Inc., as Co-Syndication Agents. The Company did not request any borrowings under the Bridge Credit Agreement and, as permitted under the terms of the agreement, terminated the agreement on March 20, 2019. In connection with such termination, all accrued and unpaid fees thereunder were paid in full and all commitments thereunder were terminated.

Leases

12 Months Ended

Jun. 30, 2020

Leases [Abstract]

Leases

Note 10. LEASES

Lessee Arrangements

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

	As of June 30, 2020
	(in millions)
ROU assets	$	539
Lease liabilities
Current lease liabilities	$	122
Non-current lease liabilities		452
Total lease liabilities	$	574
Other supplemental information
Weighted average remaining lease term	8 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 year ended June 30, 2020
	(in millions)
Lease costs
Total lease costs^(a)	$	126
Supplemental cash flows information
Operating cash flows from operating leases	$	166
ROU assets obtained in exchange for operating lease liabilities^(b)	$	87

⁽^a)	Total lease costs of $126 million for the year ended June 30, 2020 are net of sublease income of approximately $50 million, of which approximately $40 million relates to office facilities that have been subleased to News Corporation.

^(b)	^{Primarily related to leases obtained through the Company’s acquisitions (See Note 3—Acquisitions, Disposals and Other Transactions under the heading “Acquisitions and Disposals”) and the commencement of a lease.}

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

	As of June 30, 2020
	(in millions)
Fiscal Year
2021^(a)	$	135
2022		95
2023		95
2024		91
2025		83
Thereafter		169
Total lease payments		668
Less: imputed interest		(94	)
Present value of operating lease liabilities	$	574

^(a)	Included in the fiscal 2021 lease payments presented above are approximately $15 million for office facilities that have been subleased through November 2020 to News Corporation.

In accordance with GAAP in effect prior to the adoption of Topic 842, total operating lease expense, including corporate allocations, was approximately $100 million and $105 million for fiscal 2019 and 2018, respectively.

Lessor Arrangements

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

The Company recorded total lease income of approximately $55 million for the year ended June 30, 2020, 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

12 Months Ended

Jun. 30, 2020

Stockholders Equity Note [Abstract]

Stockholders' Equity

Note 11. STOCKHOLDERS’ Equity

Common Stock and Preferred Stock

The Company has two classes of common stock that are authorized and outstanding: Class A Common Stock and Class B Common Stock. As a general matter, holders of Class B Common Stock are entitled to one vote per share on all matters on which stockholders have the right to vote, including director elections. Holders of Class A Common Stock are entitled to vote only in the limited circumstances set forth in the Company’s Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”).

As of June 30, 2020, there were approximately 18,500 holders of record of shares of Class A Common Stock and approximately 4,900 holders of record of shares of Class B Common Stock.

In the event of a liquidation or dissolution or winding up of the Company, after distribution in full of the preferential and/or other amounts to be distributed to the holders of shares of any outstanding series of preferred stock or series common stock, holders of Class A Common Stock and Class B Common Stock, to the extent fixed by the Board of Directors (the “Board”) with respect thereto, are entitled to receive all of the remaining assets of the Company available for distribution to its stockholders, ratably in proportion to the number of shares held by Class A Common Stock holders and Class B Common Stock holders, respectively. In the event of any merger or consolidation with or into another entity, the holders of Class A Common Stock and the holders of Class B Common Stock generally are entitled to receive substantially identical per share consideration.

Under the Certificate of Incorporation, the Board is authorized to issue shares of preferred stock or common stock at any time, without stockholder approval, and to determine all the terms of those shares, including the following:

(i) the voting rights, if any, except that the issuance of preferred stock or series common stock which entitles holders thereof to more than one vote per share requires the affirmative vote of the holders of a majority of the combined voting power of the then outstanding shares of the Company’s capital stock entitled to vote generally in the election of directors;

(ii) the dividend rate and preferences, if any, which that preferred stock or common stock will have compared to any other class; and

(iii) the redemption and liquidation rights and preferences, if any, which that preferred stock or common stock will have compared to any other class.

Any decision by the Board to issue preferred stock or common stock must, however, be taken in accordance with the Board’s fiduciary duty to act in the best interests of the Company’s stockholders. The Company is authorized to issue 35,000,000 shares of preferred stock, par value $0.01 per share and 35,000,000 shares of series common stock, par value $0.01 per share. The Board has the authority, without any further vote or action by the stockholders, to issue preferred stock and series common stock in one or more series and to fix the number of shares, designations, relative rights (including voting rights), preferences, qualifications and limitations of such series to the full extent permitted by Delaware law.

Stock Repurchase Program

On November 6, 2019, the Company announced that 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.

In addition to the shares purchased under the ASR agreement, during fiscal 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 fiscal 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 June 30, 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.

Dividends

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

	For the years ended June 30,
	2020		2019		2018
Cash dividend per share	$	0.46	$	0.23	$	-

Comprehensive Income

Comprehensive income is reported in the Statements of Comprehensive Income and consists of Net income and Other comprehensive (loss) income, including unrealized holding gains and losses on securities and benefit plan adjustments, which affect stockholders’ equity, and under GAAP, are excluded from Net income.

The following tables summarize the activity within Other comprehensive (loss) income:

	For the year ended June 30, 2020
	Before tax			Tax benefit (provision)			Net of tax
	(in millions)
Benefit plan adjustments
Unrealized losses	$	(175	)	$	44		$	(131	)
Reclassifications realized in net income^(a)		29			(7	)		22
Other comprehensive loss	$	(146	)	$	37		$	(109	)

	For the year ended June 30, 2019
	Before tax			Tax benefit (provision)			Net of tax
	(in millions)
Benefit plan adjustments and other
Unrealized losses	$	(133	)	$	35		$	(98	)
Reclassifications realized in net income^(a)		12			(3	)		9
Other comprehensive loss	$	(121	)	$	32		$	(89	)

	For the year ended June 30, 2018
	Before tax		Tax provision			Net of tax
	(in millions)
Gains on securities
Unrealized gains	$	222	$	(92	)	$	130
Other comprehensive income	$	222	$	(92	)	$	130
Benefit plan adjustments
Unrealized gains	$	5	$	(1	)	$	4
Reclassifications realized in net income^(a)		8		(2	)		6
Other comprehensive income	$	13	$	(3	)	$	10

^(a)	Reclassifications of amounts related to benefit plan adjustments are included in Other, net in the Statements of Operations (See Note 15—Pension and Other Postretirement Benefits for additional information).

Accumulated other comprehensive (loss) income

The following table summarizes the components of Accumulated other comprehensive (loss) income, net of tax:

	As of June 30,
	2020			2019				2018
	(in millions)
Unrealized holding gains on securities	$	-		$	-		^(a)	$	130
Benefit plan adjustments and other		(417	)		(308	)	^(b)		(49	)
Accumulated other comprehensive (loss) income, net of tax	$	(417	)	$	(308	)		$	81

^(a)

On July 1, 2018, the Company adopted ASU 2016-01, “Financial Instruments––Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”) on a modified retrospective basis and recorded a cumulative effect adjustment of $130 million to reclassify unrealized holding gains on investments in equity securities within Accumulated other comprehensive (loss) income to Twenty-First Century Fox, Inc. investment (See Statements of Equity). Subsequent to the adoption of ASU 2016-01, the Company accounts for investments in equity securities not accounted for under the equity method in accordance with ASC 321 (See Note 2—Summary of Significant Accounting Policies under the heading “Investments” for additional information).

^(b)

The increase in the accumulated other comprehensive loss for Benefit plan adjustments and other includes a reclassification of $13 million as a result of the adoption of ASU 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”) to eliminate the stranded tax effects resulting from the Tax Act (as defined in Note 16—Income Taxes) and $157 million related to the Shared Plans (as defined in Note 15—Pension and Other Postretirement Benefits”) allocable to the Company’s employees that was transferred to the Company in fiscal 2019 (See Statements of Equity).

Equity-Based Compensation

12 Months Ended

Jun. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity-Based Compensation

NOTE 12. EQUITY-BASED COMPENSATION

Prior to the Distribution, the Company’s employees participated in 21CF’s equity plans. 21CF had plans authorized to grant equity awards of 21CF stock to the Company’s employees. The equity-based compensation expense recorded by the Company, in the periods prior to March 19, 2019, includes the expense associated with the employees historically attributable to the Company’s operations, as well as the expense associated with the allocation of equity-based compensation expense for corporate employees.

2019 Shareholder Alignment Plan

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, 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. The maximum number of shares of Class A Common Stock that may be issued under the SAP is 65 million shares. As of June 30, 2020, the remaining number of shares of Class A Common Stock available for issuance under the SAP was approximately 54 million.

Awards granted under the SAP (other than stock options or stock appreciation rights) entitle the holder to receive Dividend Equivalents (as defined in the SAP) for each regular cash dividend on the common stock underlying the award paid by the Company during the award period. Dividend equivalents granted with respect to equity awards will be accrued during the applicable award period and such dividend equivalents will vest and be paid only if and when the underlying award vests.

The fair value of equity-based compensation under the SAP was calculated according to the type of award issued.

Restricted Stock Units

RSUs are awards that represent the potential to receive shares of Class A Common Stock at the end of the applicable vesting period, subject to the terms and conditions of the SAP, the applicable award documents and such other terms and conditions as the Compensation Committee of the Board (the “Compensation Committee”) may establish. RSUs awarded under the SAP are fair valued based upon the fair market value of Class A Common Stock on the grant date. Any person who holds RSUs has no ownership interest in the shares of Class A Common Stock to which such RSUs relate until and unless shares of Class A Common Stock are delivered to the holder.

During fiscal 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 primarily vest in two tranches. Approximately 50% of the RSUs vested on June 15, 2020 and 50% will vest on June 15, 2021 subject to a service requirement through the vesting date.

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 in which 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 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 and other performance measures. The fair value of the TSR condition is determined using a Monte Carlo simulation model.

During fiscal 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. 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 underlying 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.

21CF RSUs and PSUs

The Company participated in 21CF’s 2013 Long-Term Incentive Plan (the “2013 Plan”), under which RSUs and PSUs were granted. The Company’s employees were eligible to participate in the 2013 Plan prior to the Distribution. The Compensation Committee of 21CF’s Board of Directors (“21CF’s Compensation Committee”) determined the recipients, type of award to be granted and amounts of awards to be granted under the 2013 Plan. In connection with the Distribution, certain of the 21CF RSU and PSU awards were converted into FOX RSUs using a formula designed to preserve the value of the awards immediately prior to the Distribution. All of the converted FOX RSUs were granted under the SAP and the approximately 5.5 million shares of Class A Common Stock underlying the converted FOX RSUs do not count against the maximum number of shares that may be issued under the SAP described above.

The following table summarizes the activity related to RSUs and target PSUs granted to the Company’s employees to be settled in stock (RSUs and PSUs in thousands):

	Fiscal 2020					Fiscal 2019						Fiscal 2018
	Number of shares			Weighted average grant- date fair value		Number of shares				Weighted average grant- date fair value^(a)		Number of shares				Weighted average grant- date fair value^(a)
RSUs and PSUs
Unvested units at beginning of the year		7,660		$	32.27		10,896			$	29.77		7,102			$	28.62
Granted		2,499			32.44		1,565		^(b)		46.11		5,698		⁽^c⁾		32.21
Vested		(1,862	)		43.07		(5,070	)	⁽^d⁾		30.07		(1,112	)			34.59
Cancelled		(254	)		27.14		(3,166	)			29.72		(792	)			30.28
Net units granted in conversion as a result of the Separation		-			-		1,011		^(b)^, ⁽^c⁾	N/A			-				-
Granted after conversion		-			-		2,424				40.11		-				-
Unvested units at the end of the year⁽^e⁾		8,043		$	29.98		7,660			$	32.27		10,896			$	29.77

^(a)

^{The weighted average grant date fair value prior to the Distribution represents the fair value of awards granted with respect to 21CF class A common stock prior to the conversion of the awards to FOX equity awards. The weighted average grant date fair value of the unvested units after the conversion in fiscal 2019 represents the fair value of awards using the applicable conversion ratio.}

^(b)	^{In fiscal 2019, 21CF’s Compensation Committee granted approximately 1.6 million 21CF RSUs to certain employees of the Company that converted into FOX RSUs that will generally vest in August 2021.}

⁽^c⁾

^{In fiscal 2018, 21CF’s Compensation Committee granted approximately 3.1 million 21CF PSUs to certain employees of the Company that converted into FOX RSUs that will vest in August 2020. In addition, 21CF’s Compensation Committee made a special grant of approximately 2.6 million 21CF restricted stock units (“Retention RSUs”) to certain of the Company’s senior executives, including 21CF named executive officers. Approximately 50% of the Retention RSUs were paid out in shares of 21CF class A common stock and the remaining 50% were converted into FOX RSUs and Disney RSUs on the same pro rata basis accorded to shareholders of 21CF common stock in the mergers contemplated by the 21CF Disney Merger Agreement and vested in fiscal 2020.}

⁽^d⁾	^{The 21CF PSUs scheduled to vest in 2019 were accelerated and paid out and 50% of the Retention RSUs were paid out in shares of 21CF class A common stock in connection with the Distribution.}

⁽^e⁾	^{The intrinsic value of unvested RSUs and target PSUs as of June 30, 2020 was approximately $215 million.}

Stock Options

Stock options are awards that entitle the holder to purchase a specified number of shares of Class A Common Stock at a specified price for a specified period of time and become exercisable over time, subject to the terms and conditions of the SAP, the applicable award documents and such other terms and conditions as the Compensation Committee may establish. Stock Options granted under the SAP were fair valued using a Black-Scholes option valuation model that uses the following assumptions: (i) expected volatility was generally based on historical volatility of the Company, 21CF and the Company’s peer group over the expected term of the stock options; (ii) expected term of stock options granted was generally determined by analyzing historical data of the Company’s peer group and represented the period of time that stock options granted were expected to be outstanding; (iii) risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award; and (iv) expected dividend yield.

The following table summarizes information about the Company’s stock options granted under the SAP during fiscal 2020 and 2019 (options in thousands).

	Fiscal 2020						Fiscal 2019
	Number of options				Weighted average exercise price		Number of options				Weighted average exercise price

Outstanding at the beginning of the year		3,113			$	40.25		-			$	-
Granted		3,838		^(a)		30.87		3,118		⁽^b⁾		40.25
Cancelled		(142	)			33.37		(5	)			40.26
Outstanding at the end of the year⁽^c⁾		6,809			$	35.11		3,113			$	40.25
Exercisable at the end of the year⁽^d⁾		1,626			$	39.30		-			$	-
Weighted average grant-date fair value of options granted					$	6.87					$	8.67
Weighted average remaining contractual term of options outstanding at the end of the year					5.98 years						6.72 years
Weighted average remaining contractual term of options exercisable at the end of the year					5.50 years						N/A

^(a)	^{The stock options granted in fiscal 2020 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.}

^(b)

^{In connection with the Distribution, the Compensation Committee granted stock options in March 2019. Approximately 50% of the stock options vested on June 15, 2020 and 50% will vest on June 15, 2021 subject to a service requirement through the vesting date. The options will expire approximately seven years from the grant date.}

⁽^c⁾	^{The intrinsic value of options outstanding as of June 30, 2020 and 2019 was $2.8 million and nil, respectively.}

⁽^d⁾	The intrinsic value of options exercisable as of June 30, 2020 and 2019 was $0.7 million and nil, respectively.

The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions used for grants during fiscal 2020 and 2019:

	For the years ended June 30,
	2020			2019
Expected volatility		26.66	%		26.50	%
Risk-free interest rate		1.43	%		2.41	%
Expected dividend yield		1.46	%		1.12	%
Expected term of stock options	3.83 years			3.84 years

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

	For the years ended June 30,
	2020		2019		2018
	(in millions)
Equity-based compensation^(a)	$	156	$	103	$	100
Intrinsic value of all settled equity-based awards	$	47	$	247	$	31
Tax benefit on settled equity-based awards	$	6	$	47	$	9

^(a)	Prior to the Distribution in March 2019, equity-based compensation included allocated expense for both executive directors and corporate executives of 21CF, allocated using a proportional allocation driver, which management has deemed to be reasonable.

As of June 30, 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 $125 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

12 Months Ended

Jun. 30, 2020

NOTE 13. 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 to buy and/or sell programming and purchase and/or sell advertising.

The following table sets forth the net revenue from related parties included in the Statements of Operations:

	For the years ended June 30,
	2019			2018
	(in millions)
Related party revenue	$	302		$	254
Related party expense		(57	)		(108	)
Related party revenue, net of expense	$	245		$	146

For the year ended June 30, 2020, the related party revenue and expense were not material (See Note 10—Leases for information related to office facilities that have been subleased to News Corporation).

The following table sets forth the amounts due to related parties on the Balance Sheets:

	As of June 30,
	2020		2019
	(in millions)
Due to related parties	$	67	$	50

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 fiscal 2019 and 2018, 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 $270 million and $310 million of General Corporate Expenses within Selling, general and administrative expenses for fiscal 2019 and 2018, respectively, and the remaining balance of the Corporate allocations presented in the table below within Other, net for fiscal 2019 and 2018.

Intercompany transactions with 21CF or its affiliates and the Company are reflected in the historical Financial Statements for the periods prior to the Distribution. All significant intercompany balances between 21CF and the Company, for the periods prior to the Distribution, have been reflected in the Statements of Cash Flows as a financing activity and in the Statements of Equity as a Twenty-First Century Fox, Inc. investment.

The following table summarizes the components of the net (decrease) increase in the Twenty-First Century Fox, Inc. investment for fiscal 2019 and 2018:

	For the years ended June 30,
	2019			2018
	(in millions)
Cash pooling, general financing activities and other^(a)	$	(1,502	)	$	961
Corporate allocations		291			334
Net dividend paid to Twenty-First Century Fox, Inc.		(6,500	)		-
Taxes payable^(b)		821			-
Deferred taxes on step-up^(c)		5,836			-
Other deferred taxes^(c)		90			-
Net (decrease) increase in Twenty-First Century Fox, Inc. investment	$	(964	)	$	1,295

^(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. As part of this activity and prior to December 31, 2017, the majority of the cash balances were swept to 21CF on a daily basis and the Company received capital from 21CF for the Company’s cash needs. Effective January 1, 2018, the Company ceased participating in 21CF’s capital and cash management accounts.

^(b)

For purposes of the Company’s financial statements for the periods prior to the Distribution, the income tax (expense) benefit 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 under the heading “Basis of Presentation”) and other deferred tax adjustments recorded as of the date of the Distribution.

Commitments and Contingencies

12 Months Ended

Jun. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 14. COMMITMENTS AND CONTINGENCIES

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 following table summarizes the Company’s material firm commitments as of June 30, 2020:

	As of June 30, 2020
	Payments due by period
	Total		1 year		2 - 3 years		4 - 5 years		After 5 years
	(in millions)
Operating leases	$	668	$	135	$	190	$	174	$	169
Borrowings		8,000		-		750		1,850		5,400
Sports programming rights		27,146		4,136		9,043		4,201		9,766
Entertainment programming rights		706		511		140		55		-
Other commitments and contractual obligations		812		224		347		99		142
Total commitments, borrowings and contractual obligations	$	37,332	$	5,006	$	10,470	$	6,379	$	15,477

Operating leases

For additional information on operating leases, see Note 2—Summary of Significant Accounting Policies under the heading “Leases” and Note 10—Leases.

Sports programming rights

Under the Company’s contracts with the National Football League (“NFL”), the remaining future minimum payments for program rights to broadcast certain football games are payable over the remaining term of the contract through the 2022 NFL season.

The Company’s contract with Major League Baseball (“MLB”) gives the Company rights to broadcast certain regular season and post-season games, as well as exclusive rights to broadcast MLB’s World Series and All-Star Game through the 2028 MLB season.

The Company’s contracts with the National Association of Stock Car Auto Racing (“NASCAR”) give the Company rights to broadcast certain races and ancillary content through calendar year 2024.

The Company’s contract with WWE gives the Company rights to broadcast WWE Friday Night SmackDown through September 2024.

Under the Company’s contracts with certain collegiate conferences, remaining future minimum payments for program rights to broadcast certain sports events are payable over the remaining terms of the contracts.

Other commitments and contractual obligations

Primarily includes obligations relating to television rating services agreements and multi-media rights agreements.

Pension and other postretirement benefits

In accordance with ASC 715, “Compensation—Retirement Benefits” (“ASC 715”), the total accrued net benefit liability for pension and other postretirement benefit plans recognized as of June 30, 2020 was $725 million (See Note 15—Pension and Other Postretirement Benefits). This amount is affected by, among other items, statutory funding levels, changes in plan demographics and assumptions and investment returns on plan assets. Because of the current overall funded status of the Company’s material plans, the accrued liability does not represent expected near-term liquidity needs and, accordingly, this amount is not included in the contractual obligations table.

Contingencies

Profits Participants Litigation

In November 2015, profits participants in the Bones television series filed lawsuits against 21CF, Fox Entertainment Group, Twentieth Century Fox Film Corporation, Twentieth Century Fox Television (“TCFTV”), and Fox Broadcasting Corporation, alleging improprieties relating to profits participation payments for the show. During the fiscal year ended June 30, 2020, Disney as successor to 21CF, Fox Entertainment Group, Twentieth Century Fox Film Corporation, and TCFTV, settled with the plaintiffs and with other non-party profits participants, and the Company contributed approximately $58 million to those settlements.

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 June 30, 2020, the Company does not believe that it has incurred a probable material loss for any other activities.

Shareholder Litigation

On November 20, 2017, a stockholder of 21CF filed a derivative action in the Court of Chancery of the State of Delaware captioned City of Monroe Employees’ Retirement System v. Rupert Murdoch, et al., C.A. No. 2017-0833-AGB. The plaintiff claimed breach of fiduciary duty and unjust enrichment against Roger Ailes and his estate, and alleged that the directors of 21CF breached their fiduciary duties by failing to oversee the work environment at FOX News. The parties agreed to settle the lawsuit and filed a Stipulation and Agreement of Settlement, Compromise, and Release with the Court (the “Settlement Agreement”). In addition to certain governance enhancements, the Settlement Agreement provided that the director defendants and the Ailes Estate would cause their insurers to pay $90 million to 21CF, less approximately $22 million of attorneys’ fees and expenses awarded by the Court to the plaintiff’s counsel. The defendants and their liability insurers agreed to the payment as insurance proceeds, subject to a claims release. The Court approved the settlement and entered a final order and judgment on February 9, 2018. Accordingly, 21CF received a cash payment and a net settlement of $68 million was recorded in Other, net in the Company’s Statement of Operations for fiscal 2018.

FOX News

The Company’s FOX News business and certain of its current and former employees have been subject to allegations of sexual harassment and discrimination on the basis of sex and race. 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 material, individually or in the aggregate, 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 (the “21CF News Corporation Separation”), 21CF agreed to indemnify News Corporation, on an after-tax basis, for payments made after the 21CF News Corporation 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 before the 21CF News Corporation Separation, 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 June 30, 2020 and 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

12 Months Ended

Jun. 30, 2020

Compensation And Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits

NOTE 15. 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 Company has a legally enforceable obligation to contribute to some plans and is not required to contribute to others. The plans include both defined benefit pension plans and employee non-contributory and employee contributory accumulation plans covering all eligible employees. The Company makes contributions in accordance with applicable laws or contract terms.

Plans that are sponsored by the Company (“Direct Plans”) are accounted for as defined benefit pension plans. Accordingly, the funded and unfunded position of each Direct Plan is recorded in the Balance Sheets. Actuarial gains and losses that have not yet been recognized through income are recorded in Accumulated other comprehensive loss net of taxes, and they are systematically amortized as a component of net periodic benefit cost in accordance with ASC 715. The Company’s benefit obligation for Direct Plans is calculated using assumptions which the Company reviews on a regular basis. The funded status of the Direct Plans can change from year to year, but the assets of the funded plans have been sufficient to pay all benefits that came due in each of fiscal 2020, 2019 and 2018.

Prior to the Distribution, certain of the Company’s employees participated in defined benefit pension and postretirement plans sponsored by 21CF (“Shared Plans”), which include participants of other 21CF subsidiaries. Shared Plans were accounted for as multiemployer benefit plans. Therefore, no asset or liability was recorded to recognize the funded status. The related pension expenses allocated to the Company were based primarily on benefits earned by active employees and accounted for in a manner similar to a defined contribution plan. In contemplation of the Separation, the pension and postretirement benefit assets and liabilities of the Shared Plans allocable to the Company’s employees were transferred to the Company in fiscal 2019. Assets of $630 million, projected benefit obligations of $765 million and $188 million of accumulated other comprehensive loss ($143 million, net of tax) were recorded for pension benefits transferred from 21CF. Projected benefit obligations of $98 million and $18 million of accumulated other comprehensive loss ($14 million, net of tax) were recorded for postretirement benefits transferred from 21CF.

The Company uses a June 30 measurement date for all Direct Plans. The following table sets forth the change in the projected benefit obligation, change in the fair value of plan assets and funded status for the Company’s Direct Plans:

	Pension benefits						Postretirement benefits
	As of June 30,
	2020			2019			2020			2019
	(in millions)
Projected benefit obligation, beginning of the year	$	1,255		$	322		$	103		$	-
Service cost		35			19			2			1
Interest cost		39			30			3			2
Benefits paid		(21	)		(17	)		(3	)		(1	)
Settlements^(a)		(45	)		(16	)		-			-
Actuarial losses (gains)^(b)		145			148			(1	)		4
Liabilities assumed from 21CF		-			765			-			98
Other		1			4			-			(1	)
Projected benefit obligation, end of the year		1,409			1,255			104			103
Change in the fair value of plan assets for the Company's benefit plans:
Fair value of plan assets, beginning of the year		800			70			-			-
Actual return on plan assets		24			50			-			-
Employer contributions		30			83			3			1
Benefits paid		(21	)		(17	)		(3	)		(1	)
Settlements^(a)		(45	)		(16	)		-			-
Assets received from 21CF		-			630			-			-
Fair value of plan assets, end of the year		788			800			-			-
Funded status^(c)	$	(621	)	$	(455	)	$	(104	)	$	(103	)
Grantor Trust assets^(c)	$	247		$	249		$	-		$	-

^(a)	Represents the full settlement of former employees deferred pension benefit obligations through lump sum payments.

^(b)	The actuarial losses (gains) for June 30, 2020 and 2019 were mainly due to a change in the discount rate assumption utilized in measuring plan obligations.

^(c)

The Company has established an irrevocable grantor trust (the “Grantor Trust”), administered by an independent trustee, with the intention of making cash contributions to the Trust to fund certain future pension benefit obligations of the Company. The assets in the Grantor Trust are unsecured funds of the Company and can be used to satisfy the Company’s obligations in the event of bankruptcy or insolvency.

Amounts recognized in the Balance Sheets consist of:

	Pension benefits						Postretirement benefits
	As of June 30,
	2020			2019			2020			2019
	(in millions)
Accrued pension liabilities	$	(621	)	$	(455	)	$	(104	)	$	(103	)
Net amount recognized	$	(621	)	$	(455	)	$	(104	)	$	(103	)

Amounts recognized in Accumulated other comprehensive loss, before tax, consist of:

	Pension benefits				Postretirement benefits
	As of June 30,
	2020		2019		2020		2019
	(in millions)
Actuarial losses	$	533	$	385	$	20	$	22
Prior service cost		3		3		-		-
Net amounts recognized	$	536	$	388	$	20	$	22

Accumulated pension benefit obligations as of June 30, 2020 and 2019 were $1,273 million and $1,113 million, respectively. For the funded plans, the projected benefit obligation and accumulated benefit obligation exceeds the fair value of the plan assets. Information about funded and unfunded pension plans is presented below:

	Funded plans				Unfunded plans
	As of June 30,
	2020		2019		2020			2019
	(in millions)
Projected benefit obligation	$	1,096	$	976	$	313		$	279
Accumulated benefit obligation		971		842		302			271
Fair value of plan assets		788		800		-	^(a)		-	^(a)

^(a)	The fair value of the assets in the Grantor Trust as of June 30, 2020 and 2019 was $247 million and $249 million, respectively.

The components of periodic benefit costs were as follows:

	Pension benefits									Postretirement benefits
	For the years ended June 30,
	2020			2019			2018			2020		2019			2018
	(in millions)
Service cost benefits earned during the period	$	35		$	19		$	2		$	2	$	1		$	-
Interest costs on projected benefit obligations		39			30			10			3		2			-
Expected return on plan assets		(55	)		(30	)		(5	)		-		-			-
Amortization of deferred losses		28			11			3			1		1			-
Other		1			7			1			-		(1	)		-
Net periodic benefit costs- Direct plans		48			37			11			6		3			-
Shared Plans		-			14			33			-		4			7
Net periodic benefit costs- Total		48			51			44			6		7			7
Settlement loss
Direct Plans		-			-			4			-		-			-
Shared Plans		-			-			49			-		-			-
Total periodic benefit costs	$	48		$	51		$	97		$	6	$	7		$	7

The components of net periodic benefit costs other than the service cost component are included in Other, net in the Statements of Operations.

	Pension benefits									Postretirement benefits
	For the years ended June 30,
	2020			2019			2018			2020			2019			2018
Additional information
Weighted-average assumptions used to determine benefit obligations
Discount rate		2.8	%		3.6	%		4.2	%		2.8	%		3.6	%	N/A
Weighted-average assumptions used to determine net periodic benefit costs
Discount rate for service cost		3.7	%		4.6	%		4.1	%		3.8	%		4.4	%	N/A
Discount rate for interest cost		3.2	%		4.1	%		3.1	%		3.2	%		3.9	%	N/A
Expected return on plan assets		7.0	%		7.0	%		7.0	%	N/A			N/A			N/A

N/A – not applicable.

The Company utilizes a full yield curve approach in the estimation of the service and interest components of net periodic benefit costs for pension and postretirement benefits by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to their underlying projected cash flows. The Company utilizes the latest mortality table released by the Society of Actuaries.

The following assumed health care cost trend rates as of June 30 were also used in accounting for postretirement benefits:

	Postretirement benefits
	Fiscal 2020			Fiscal 2019
Health care cost trend rate		7.3	%		7.8	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		4.5	%		4.5	%
Year that the rate reaches the ultimate trend rate	2039			2039

The following table sets forth the estimated benefit payments and estimated settlements for the next five fiscal years and in aggregate for the five fiscal years thereafter. These payments are estimated based on the same assumptions used to measure the Company’s benefit obligation at the end of the fiscal year and include benefits attributable to estimated future employee service:

	Expected benefit payments
	Pension benefits		Postretirement benefits
	(in millions)
Fiscal year
2021	$	61	$	4
2022		58		5
2023		58		5
2024		60		5
2025		62		5
2026-2030		346		26

The above table shows expected benefits payments for the postretirement benefits net of a nominal amount of U.S. Medicare subsidy receipts per year.

Plan Assets and Grantor Trust

The Company applies the provisions of ASC 715, which requires disclosures including: (i) investment policies and strategies; (ii) the major categories of plan assets; (iii) the inputs and valuation techniques used to measure plan assets; (iv) the effect of fair value measurements using significant unobservable inputs on changes in plan assets for the period; and (v) significant concentrations of risk within plan assets.

The Company has established the Grantor Trust to satisfy the Company’s unfunded pension obligations. The table below presents the Company’s plan assets and the Grantor Trust assets by level within the fair value hierarchy, as described in Note 6—Fair Value, as of June 30, 2020 and 2019:

	As of June 30, 2020
			Fair value measurements at reporting date using					Assets measured
	Total		Level 1			Level 2		at NAV^(a)
	(in millions)
PENSION PLAN ASSETS
Pooled funds^(b)
Money market funds	$	33	$	-		$	33	$	-
Domestic equity funds		73		73			-		-
Domestic fixed income funds		3		3			-		-
International equity funds		119		119			-		-
International fixed income funds		29		1			-		28
Balanced funds		181		114			-		67
Common stocks^(c)
U.S. common stocks		144		144			-		-
Government and Agency obligations^(d)
Domestic government obligations		19		-			19		-
Domestic agency obligations		24		-			24		-
Corporate obligations^(d)		50		-			50		-
Partnership interests		13		-			-		13
Exchange traded funds^(c)		70		70			-		-
Other^(e)		30		(10	)		40		-
Total fair value of plan assets	$	788	$	514		$	166	$	108

GRANTOR TRUST ASSETS
Balanced funds^(b)	$	214	$	214		$	-	$	-
Partnership interests		13		-			-		13
Other^(e)		20		20			-		-
Total fair value of Grantor Trust assets	$	247	$	234		$	-	$	13

	As of June 30, 2019
			Fair value measurements at reporting date using					Assets measured
	Total		Level 1			Level 2		at NAV^(a)
	(in millions)
PENSION PLAN ASSETS
Pooled funds^(b)
Money market funds	$	83	$	-		$	83	$	-
Domestic equity funds		72		72			-		-
International equity funds		132		132			-		-
International fixed income funds		39		-			-		39
Balanced funds		198		136			-		62
Common stocks^(c)
U.S. common stocks		131		131			-		-
Government and Agency obligations^(d)
Domestic government obligations		17		-			17		-
Domestic agency obligations		12		-			12		-
Corporate obligations^(d)		44		-			44		-
Partnership interests		13		-			-		13
Exchange traded funds^(c)		32		32			-		-
Other^(e)		27		(3	)		30		-
Total fair value of plan assets	$	800	$	500		$	186	$	114

GRANTOR TRUST ASSETS
Balanced funds^(b)	$	213	$	213		$	-	$	-
Partnership interests		15		-			-		15
Other^(e)		21		21			-		-
Total fair value of Grantor Trust assets	$	249	$	234		$	-	$	15

^(a)	As a practical expedient, pooled funds are valued at the net asset value (“NAV”) provided by the fund issuer and partnership interests are based on the fair value obtained from the general partner.

^(b)	Open-ended pooled funds that are registered and/or available to the general public are valued at the daily published NAV.

^(c)	Common stock investments that are publicly traded and exchange traded funds are valued at the closing price reported on active markets in which the securities are traded.

^(d)	The fair value of corporate, government and agency obligations are valued based on a compilation of primary observable market information or a broker quote in a non-active market.

⁽^e⁾	Includes cash and cash equivalents, plan receivables and payables and certain other fixed income investments.

The Company’s investment strategy for its pension plans is to maximize the long-term rate of return on plan assets within an acceptable level of risk in order to minimize the cost of providing pension benefits while maintaining adequate funding levels. The Company’s practice is to conduct a periodic review of its asset allocation. The Company’s current broad strategic targets are to have a pension asset portfolio comprising of 50% equity securities, 25% fixed income securities and 25% in other investments. In developing the expected long-term rate of return, the Company considered the pension asset portfolio’s future return expectations of the various asset classes. A portion of the other allocation is reserved in short-term cash to provide for expected benefits to be paid in the short-term. The Company’s equity portfolios are managed in such a way as to achieve optimal diversity. The Company’s fixed income portfolio is investment grade in the aggregate. The Company does not manage any assets internally.

The Company’s benefit plan weighted-average asset allocations, by asset category, are as follows:

	Pension benefits
	As of June 30,
	2020			2019
Asset Category
Equity securities		51	%		47	%
Fixed income securities		21			18
Other, including cash		28			35
Total		100	%		100	%

Required pension plan contributions for the next fiscal year are not expected to be material; however, actual contributions may be affected by pension asset and liability valuation changes during the year. The Company will continue to make voluntary contributions as necessary to improve funded status.

Defined Contribution Plans

The Company has defined contribution plans for the benefit of substantially all employees meeting certain eligibility requirements. Employer contributions to such plans were $44 million, $39 million and $38 million for fiscal 2020, 2019 and 2018, respectively.

Income Taxes

12 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 16. INCOME TAXES

For purposes of the Company’s Financial Statements for the periods prior to the Distribution, the income tax provision in the 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.

Income before income tax (expense) benefit was attributable to the U.S. jurisdiction. Significant components of the Company’s provision for income taxes were as follows:

	For the years ended June 30,
	2020		2019		2018
	(in millions)
U.S.
Federal	$	110	$	127	$	481
State, local and other		9		68		64
Total current		119		195		545
Deferred		283		386		(603	)
Provision for income taxes	$	402	$	581	$	(58	)

The reconciliation of income tax computed at the statutory rate to income tax (expense) benefit was:

	For the years ended June 30,
	2020				2019			2018
U.S. federal income tax rate		21		%		21	%		28		%
Impact of U.S. tax reform^(a)		-				-			(28	)
State and local taxes		4				4			4
Nondeductible compensation		2				-			-
Valuation allowance movements		1				-			(3	)
Adjustments for tax matters, net		(1	)			-			(1	)
Domestic production activities deduction		-				-			(2	)
Other		-				1			(1	)
Effective tax rate		27		%		26	%		(3	)	%

^(a)

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”) which, among other things, lowered the U.S corporate income tax rates. Since the Company has a June 30 fiscal year-end, the lower corporate income tax rate was phased in, resulting in a U.S. statutory federal rate of approximately 28% for fiscal 2018, and 21% for subsequent fiscal years. As of June 30, 2018, the Company recorded a provisional net tax benefit of $607 million to adjust its net deferred tax liability position to reflect the new federal statutory rate of 21% (35% prior to the Tax Act). In fiscal 2019, in accordance with SEC guidance, the Company finalized its analysis and did not materially modify the provisional amounts previously recorded in the financial statements.

The following is a summary of the components of the deferred tax accounts:

	As of June 30,
	2020			2019
	(in millions)
Deferred tax assets
Basis difference^(a)	$	4,176		$	4,574
Operating lease liabilities		140			-
Pension benefit obligations		93			50
Equity-based compensation		31			17
Accrued liabilities		31			5
Net operating loss carryforwards		28			107
Other		120			68
Total deferred tax assets		4,619			4,821
Deferred tax liabilities
Operating lease ROU assets		(133	)		-
Sports rights contracts		(110	)		(164	)
Total deferred tax liabilities		(243	)		(164	)
Net deferred tax asset before valuation allowance		4,376			4,657
Less: valuation allowance		(20	)		(6	)
Total net deferred tax assets^(b)	$	4,356		$	4,651

^(a)

^(b)	Includes a $2 million deferred tax liability recorded in Other liabilities on the Consolidated Balance Sheet as of June 30, 2020.

As of June 30, 2020, the Company had $28 million of tax attributes from net operating loss carryforwards available to offset future taxable income. A substantial portion of these losses can be carried forward indefinitely. The Company also had $10 million of tax attributes from capital loss carry forwards available to offset future capital gains. These capital losses can be carried forward five years.

The net increase in the valuation allowance to $20 million as of June 30, 2020 was primarily due to the capital loss generated by the sale of the Company’s investment in Roku in March 2020.

The following table sets forth the change in the uncertain tax positions, excluding interest and penalties:

	For the years ended June 30,
	2020				2019			2018
	(in millions)
Balance, beginning of year	$	94			$	91		$	110
Additions for prior year tax positions		1				7			1
Additions for current year tax positions		2				9			-
Reduction for prior year tax positions		(24	)	^(a)		(13	)		(20	)
Balance, end of year	$	73			$	94		$	91

^(a)	The reduction for prior year tax positions in fiscal 2020 includes $21 million from the expiration of statutes of limitations.

The Company recognizes interest and penalty charges related to uncertain tax positions as income tax (expense) benefit. The Company recorded liabilities for accrued interest of $22 million and $26 million as of June 30, 2020 and 2019, respectively, and the amounts of interest income/expense recorded in each of the three fiscal years 2020, 2019 and 2018 were not material.

The Company is subject to tax in various domestic jurisdictions and, as a matter of ordinary 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 anticipate that the resolution of these pending tax matters will have a material adverse effect on its combined financial condition, future results of operations or liquidity. The net decrease to the balance of uncertain tax positions in fiscal 2020 is primarily attributable to state matters. The Company does not expect significant changes to these positions over the next 12 months. As of June 30, 2020 and 2019, $58 million and $74 million, respectively, would affect the Company’s effective income tax rate if the Company’s position with respect to the uncertainties is sustained.

Segment Information

12 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Segment Information

NOTE 17. 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. The Television segment also includes Tubi, a free advertising-supported video-on-demand service.

•

Other, Corporate and Eliminations, which principally consists of the FOX Studio Lot, Credible, corporate overhead costs and intracompany eliminations. The FOX Studio 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.

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) benefit. 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 fiscal 2020, 2019 and 2018:

	For the years ended June 30,
	2020			2019			2018
	(in millions)
Revenues
Cable Network Programming	$	5,492		$	5,381		$	5,049
Television		6,661			5,979			5,106
Other, Corporate and Eliminations		150			29			(2	)
Total revenues	$	12,303		$	11,389		$	10,153
Segment EBITDA
Cable Network Programming	$	2,706		$	2,495		$	2,308
Television		430			470			379
Other, Corporate and Eliminations		(357	)		(284	)		(195	)
Amortization of cable distribution investments		(24	)		(38	)		(53	)
Depreciation and amortization		(258	)		(212	)		(171	)
Impairment and restructuring charges		(451	)		(26	)		(16	)
Interest expense		(369	)		(203	)		(43	)
Interest income		35			41			-
Other, net		(248	)		(19	)		(39	)
Income before income tax (expense) benefit		1,464			2,224			2,170
Income tax (expense) benefit		(402	)		(581	)		58
Net income		1,062			1,643			2,228
Less: Net income attributable to noncontrolling interests		(63	)		(48	)		(41	)
Net income attributable to Fox Corporation stockholders	$	999		$	1,595		$	2,187

Revenues by Segment by Component

	For the years ended June 30,
	2020		2019		2018
	(in millions)
Cable Network Programming
Affiliate fee	$	3,870	$	3,804	$	3,541
Advertising		1,164		1,184		1,120
Other		458		393		388
Total Cable Network Programming revenues		5,492		5,381		5,049
Television
Advertising		4,169		3,872		3,478
Affiliate fee		2,038		1,708		1,382
Other		454		399		246
Total Television revenues		6,661		5,979		5,106
Other, Corporate and Eliminations		150		29		(2	)
Total revenues	$	12,303	$	11,389	$	10,153

For fiscal 2020, the Company had no individual customers that accounted for 10% or more of Revenues. For fiscal 2019 and 2018, the Company had one customer that represented approximately 11% and 10% of Revenues, respectively.

Future Performance Obligations

As of June 30, 2020, approximately $5.2 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 years ended June 30,
	2020		2019		2018
	(in millions)
Depreciation and amortization
Cable Network Programming	$	59	$	48	$	38
Television		73		96		112
Other, Corporate and Eliminations		126		68		21
Total depreciation and amortization	$	258	$	212	$	171

	For the years ended June 30,
	2020		2019		2018
	(in millions)
Capital expenditures
Cable Network Programming	$	43	$	83	$	64
Television		72		71		89
Other, Corporate and Eliminations		244		81		62
Total capital expenditures	$	359	$	235	$	215

	As of June 30,
	2020		2019
	(in millions)
Assets
Cable Network Programming	$	2,591	$	2,584
Television		7,054		6,598
Other, Corporate and Eliminations		11,487		9,462
Investments		618		865
Total assets	$	21,750	$	19,509

	As of June 30,
	2020		2019
	(in millions)
Goodwill and intangible assets, net
Cable Network Programming	$	1,287	$	1,246
Television		4,630		3,891
Other, Corporate and Eliminations		690		405
Total goodwill and intangible assets, net	$	6,607	$	5,542

Earnings Per Share

12 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 18. EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share under ASC 260, “Earnings per Share”:

	For the years ended June 30,
	2020		2019		2018
	(in millions, except per share amounts)
Net income attributable to Fox Corporation stockholders	$	999	$	1,595	$	2,187

Weighted average shares - basic^(a)		613		621		621
Shares issuable under equity-based compensation plans^(b)		3		-		-
Weighted average shares - diluted^(a)		616		621		621

Net income attributable to Fox Corporation stockholders per share - basic	$	1.63	$	2.57	$	3.52

Net income attributable to Fox Corporation stockholders per share - diluted	$	1.62	$	2.57	$	3.52

^(a)

^{For all periods presented that ended prior to the date of the Distribution, 621 million shares have been utilized for the calculation of basic and diluted earnings per share as no shares of common stock or equity-based awards of the Company were outstanding prior to that date (See Note 2—Summary of Significant Accounting Policies under the heading “Earnings per share” for additional information).}

^(b)	^{Weighted average common shares include the incremental shares that would be issued upon the assumed vesting of RSUs, PSUs and stock options if the effect is dilutive (See Note 12—Equity-Based Compensation).}

Quarterly Data (Unaudited)

12 Months Ended

Jun. 30, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Data (Unaudited)

NOTE 19. QUARTERLY DATA (UNAUDITED)

	For the three months ended
	September 30,		December 31,		March 31,		June 30,
	(in millions, except per share amounts)
FISCAL 2020
Revenues	$	2,667	$	3,778	$	3,440	$	2,418
Net income attributable to Fox Corporation stockholders^(a)	$	499	$	300	$	78	$	122
Net income attributable to Fox Corporation stockholders per share - basic	$	0.80	$	0.49	$	0.13	$	0.20
Net income attributable to Fox Corporation stockholders - diluted	$	0.80	$	0.48	$	0.13	$	0.20
Stock prices^(b)
Class A - High	$	37.82	$	37.57	$	39.34	$	32.48
Class A - Low	$	31.44	$	30.06	$	20.20	$	22.30
Class B - High	$	37.85	$	36.80	$	38.58	$	31.68
Class B - Low	$	31.44	$	30.04	$	19.81	$	21.57

FISCAL 2019
Revenues	$	2,541	$	3,583	$	2,752	$	2,513
Net income attributable to Fox Corporation stockholders^(a)	$	604	$	8	$	529	$	454
Net income attributable to Fox Corporation stockholders per share - basic and diluted^(c)	$	0.97	$	0.01	$	0.85	$	0.73
Stock prices^(b)
Class A - High	$	-	$	-	$	41.70	$	39.40
Class A - Low	$	-	$	-	$	36.40	$	34.01
Class B - High	$	-	$	-	$	41.02	$	38.74
Class B - Low	$	-	$	-	$	35.67	$	33.68

^(a⁾

See Note 5—Inventories, net and Note 21—Additional Financial Information under the heading “Other, net” for details of infrequent items recorded during the fiscal year. In addition, the Company recorded impairment and restructuring charges of $442 million, or $0.73 per basic and diluted share, during the fourth quarter of fiscal 2020 (See Note 4—Restructuring Programs for additional information).

^(b)	The stock prices reflect the reported high and low sales prices for the Class A Common Stock and Class B Common Stock, as reported on Nasdaq under the symbols “FOXA” and “FOX,” respectively, since March 13, 2019, the date that the Company’s Common Stock began "when-issued" trading.

^(c)

For all periods presented that ended prior to the date of the Distribution, 621 million shares have been utilized for the calculation of basic and diluted earnings per share as no shares of common stock or equity-based awards of the Company were outstanding prior to that date (See Note 2—Summary of Significant Accounting Policies under the heading “Earnings per share” for additional information).

Valuation and Qualifying Accounts

12 Months Ended

Jun. 30, 2020

Valuation And Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts

NOTE 20. VALUATION AND QUALIFYING ACCOUNTS

	Balance as of beginning of year			Additions			Utilization		Other			Balance as of end of year
	(in millions)
FISCAL 2020
Allowances for doubtful accounts	$	(35	)	$	(63	)	$	5	$	-		$	(93	)
Deferred tax valuation allowance		(6	)		(19	)		5		-			(20	)

FISCAL 2019
Allowances for doubtful accounts	$	(28	)	$	(15	)	$	8	$	-		$	(35	)
Deferred tax valuation allowance		(45	)		(10	)		-		49	^(a)		(6	)

FISCAL 2018
Allowances for doubtful accounts	$	(68	)	$	-		$	40	$	-		$	(28	)
Deferred tax valuation allowance		(143	)		(11	)		109		-			(45	)

^(a)	^{Represents the allocation of the deferred tax valuation allowance between 21CF and the Company in accordance with the Distribution (See Note 1—Description of Business and Basis of Presentation under the heading “Basis of Presentation”).}

Additional Financial Information

12 Months Ended

Jun. 30, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Additional Financial Information

NOTE 21. ADDITIONAL FINANCIAL INFORMATION

Other, net

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

	For the years ended June 30,
	2020			2019			2018
	(in millions)
Transaction costs^(a)	$	(125	)	$	(199	)	$	(103	)
U.K. Newspaper Matters Indemnity^(b)		(90	)		(58	)		(29	)
Net gains on investments in equity securities^(c)		14			268			9
Settlement loss related to pension plans^(d)		-			-			(53	)
Gain on spectrum relinquishment^(e)		-			12			102
Shareholder litigation settlement^(f)		-			-			68
Other		(47	)		(42	)		(33	)
Total other, net	$	(248	)	$	(19	)	$	(39	)

^(a)

The transaction costs are primarily related to the Separation and the Distribution which includes retention related costs and for fiscal 2020 include costs associated with the profits participants litigation (See Note 14—Commitments and Contingencies under the heading “Profits Participants Litigation”).

⁽^b⁾	See Note 14—Commitments and Contingencies under the heading “U.K. Newspaper Matters Indemnity.”

^(c)	Net gains on investments in equity securities for fiscal 2020 included the loss related to the change in fair value of the Company’s investment in Roku, which was sold in March 2020 (See Note 3—Acquisitions, Disposals and Other Transactions under the heading “Roku”).

^(d)	The settlement loss was primarily related to the legacy plans (See Note 15—Pension and Other Postretirement Benefits).

^(e)	See Note 3—Acquisitions, Disposals and Other Transactions under the heading “Fiscal 2018.”

^(f)	See Note 14—Commitments and Contingencies under the heading “Shareholder Litigation.”

Other Non-Current Assets

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

	As of June 30,
	2020		2019
	(in millions)
Investments^(a)	$	618	$	865
Operating lease ROU assets		539		-
Grantor Trust		247		249
Inventories, net		202		205
Other		195		206
Total other non-current assets	$	1,801	$	1,525

^(a)	Includes investments accounted for at fair value on a recurring basis of $531 million and $761 million as of June 30, 2020 and 2019, respectively (See Note 6—Fair Value).

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 June 30,
	2020		2019
	(in millions)
Accrued expenses	$	907	$	835
Program rights payable		485		514
Deferred revenue		152		169
Operating lease liabilities		122		-
Other current liabilities		240		194
Total accounts payable, accrued expenses and other current liabilities	$	1,906	$	1,712

Other Liabilities

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

	As of June 30,
	2020		2019
	(in millions)
Accrued non-current pension/postretirement liabilities	$	709	$	543
Non-current operating lease liabilities		452		-
Other non-current liabilities		321		356
Total other liabilities	$	1,482	$	899

Supplemental Information

	For the years ended June 30,
	2020			2019			2018
	(in millions)
Supplemental cash flows information
Cash paid for interest	$	(355	)	$	(39	)	$	(28	)
Cash paid for income taxes	$	(88	)	$	(4	)	$	-

Supplemental information on acquisitions
Fair value of assets acquired, excluding cash	$	1,254		$	-		$	-
Cash acquired		41			-			-
Liabilities assumed		(84	)		-			-
Noncontrolling interests		(109	)		-			-
Cash paid		(1,102	)		-			-
Fair value of equity instruments consideration	$	-		$	-		$	-

Subsequent Events

12 Months Ended

Jun. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

NOTE 22. SUBSEQUENT EVENTS

In August 2020, the Company and Disney reached an agreement and the Company received $490 million from Disney primarily related to the reimbursement of the Company’s prepayment of its share of the tax liabilities resulting from Disney’s divestiture of the FOX Sports Regional Sports Networks (See Note 1—Description of Business and Basis of Presentation under the heading “Basis of Presentation”).

Subsequent to June 30, 2020, 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. The dividend declared is payable on October 7, 2020 with a record date for determining dividend entitlements of September 2, 2020.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Principles of Consolidation and Combination

Principles of consolidation and combination

The Company’s fiscal year ends on June 30 (“fiscal”) of each year.

Reclassifications and Adjustments

Reclassifications and adjustments

Certain fiscal 2019 and 2018 amounts have been reclassified to conform to the fiscal 2020 presentation.

Use of Estimates

Use of estimates

Cash and Cash Equivalents

Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less.

Receivables

Receivables, net consist of:

	As of June 30,
	2020			2019
	(in millions)
Total receivables	$	1,981		$	2,007
Allowances for doubtful accounts		(93	)		(35	)
Total receivables, net^(a)	$	1,888		$	1,972

^(a)	Includes $5 million of non-current receivables recorded in Other non-current assets on the Consolidated Balance Sheet as of June 30, 2019.

Inventories

Programming Rights

programming, which includes acquired series, co-produced series, movies and other programs, are amortized primarily on an accelerated basis.

Investments

Property, Plant and Equipment

Property, plant and equipment

Goodwill and Intangible Assets

Goodwill and intangible assets

When a business within a reporting unit is disposed of, goodwill is allocated to the disposed business using the relative fair value method.

Leases

Asset Impairments

Asset impairments

Investments

Long-lived assets

Revenue Recognition

Revenue recognition

Cable Network Programming and Television

Advertising Expenses

Advertising expenses

Income Taxes

Income taxes

Earnings per Share

Earnings per share

Equity-Based Compensation

Equity-based compensation

Financial Instruments

Financial instruments

Redeemable Noncontrolling Interest

Redeemable noncontrolling interests

Concentrations of Credit Risk

Concentrations of credit risk

Recently Adopted and Recently Issued Accounting Guidance and the CARES Act

Adopted

Issued

CARES Act

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Schedule of Receivables, Net

Receivables, net consist of:

	As of June 30,
	2020			2019
	(in millions)
Total receivables	$	1,981		$	2,007
Allowances for doubtful accounts		(93	)		(35	)
Total receivables, net^(a)	$	1,888		$	1,972

^(a)	Includes $5 million of non-current receivables recorded in Other non-current assets on the Consolidated Balance Sheet as of June 30, 2019.

Restructuring Programs (Tables)

12 Months Ended

Jun. 30, 2020

Restructuring And Related Activities [Abstract]

Schedule of Changes in Restructuring Program Liabilities

Changes in the restructuring program liabilities were as follows:

	One time termination benefits			Contract termination costs				Total
	(in millions)
Balance, June 30, 2017	$	(93	)	$	-			$	(93	)
Additions		(11	)		-				(11	)
Payments		66			-				66
Other		1			-				1
Balance, June 30, 2018	$	(37	)	$	-			$	(37	)
Additions		(26	)		-				(26	)
Payments		23			-				23
Balance, June 30, 2019	$	(40	)	$	-			$	(40	)
Additions		(24	)		(427	)			(451	)
Payments		26			397		^(a)		423
Balance, June 30, 2020	$	(38	)	$	(30	)		$	(68	)

^(a)	Includes the write-off of approximately $75 million of programming rights advances.

Inventories, Net (Tables)

12 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

Schedule of Inventories, Net

The Company’s inventories were comprised of the following:

	As of June 30,
	2020			2019
	(in millions)
Sports programming rights	$	674		$	954
Entertainment programming rights		384			380
Total inventories, net		1,058			1,334
Less: current portion of inventories, net		(856	)		(1,129	)
Total non-current inventories, net	$	202		$	205

Fair Value (Tables)

12 Months Ended

Jun. 30, 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 June 30, 2020
	Total			Level 1			Level 2		Level 3
	(in millions)
Assets
Investments in equity securities	$	531		$	531	^(a)	$	-	$	-
Liabilities
Other		(6	)		-			-		(6)	^(b)
Redeemable noncontrolling interests		(305	)		-			-		(305)	^(b)
Total	$	220		$	531		$	-	$	(311)

	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	⁽^d⁾	$	-
Redeemable noncontrolling interests		(189	)		-			-			(189)	^(b)
Total	$	572		$	545		$	216		$	(189)

^(a)	The investment categorized as Level 1 represents an investment in equity securities of Flutter with a readily determinable fair value (See Note 3—Acquisitions, Disposals and Other Transactions under the heading “Flutter” for further discussion).

^(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 3—Acquisitions, Disposals and Other Transactions under the heading “Roku” for further discussion).

^(d)

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 years ended June 30,
	2020				2019				2018
	(in millions)
Beginning of year	$	(189	)		$	(275	)		$	(154	)
Acquisitions^(a)		(109	)			-				-
Net income		(33	)			(33	)			(41	)
Distributions		24				32				41
Accretion and other		2		^(b)		87		^(b)		(121	)
End of year	$	(305	)		$	(189	)		$	(275	)

^(a)	See Note 3—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 fiscal 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 June 30,
	2020		2019
	(in millions)
Borrowings
Fair value	$	9,746	$	7,643
Carrying value	$	7,946	$	6,751

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Jun. 30, 2020

Property Plant And Equipment [Abstract]

Property, Plant and Equipment, Net

		As of June 30,
	Useful lives	2020			2019
		(in millions)
Land		$	126		$	123
Buildings and leaseholds	3 to 40 years		1,300			1,319
Machinery and equipment	3 to 10 years		1,575			1,516
			3,001			2,958
Less: accumulated depreciation and amortization			(1,813	)		(1,767	)
			1,188			1,191
Construction in progress			310			122
Total property, plant and equipment, net		$	1,498		$	1,313

Goodwill and Intangible Assets, Net (Tables)

12 Months Ended

Jun. 30, 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			300			413
Disposals^(b)		(30	)		-		(30	)		-			(30	)
Amortization		-			-		-			(36	)		(36	)
Balance, June 30, 2020	$	2,250		$	642	$	2,892		$	306		$	3,198

^(a)	Net of accumulated amortization of $165 million and $129 million as of June 30, 2020 and 2019, respectively. The average useful life of amortizable intangible assets ranges from three to 20 years.

⁽^b⁾	See Note 3—Acquisitions, Disposals and Other Transactions under the heading “Acquisitions and Disposals.”

Schedule of Finite-Lived Intangible Assets, Estimated Amortization Expense

Based on the current balance of finite-lived intangible assets, the estimated amortization expense for each of the succeeding five fiscal years is as follows:

	For the years ending June 30,
	2021		2022		2023		2024		2025
	(in millions)
Estimated amortization expense^(a)	$	61	$	52	$	48	$	31	$	26

^(a)	These amounts may vary as acquisitions and dispositions occur in the future.

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		462			222		729
Disposals^(a)		-		(11	)		-		(11	)
Balance, June 30, 2020	$	1,032	$	2,155		$	222	$	3,409

⁽^a⁾	See Note 3—Acquisitions, Disposals and Other Transactions under the heading “Acquisitions and Disposals.”

Borrowings (Tables)

12 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of Senior Notes

	Outstanding as of June 30,
	2020			2019
	(in millions)
Public debt
3.666% senior notes due 2022	$	750		$	750
4.030% senior notes due 2024		1,250			1,250
3.050% senior notes due 2025		600			-
4.709% senior notes due 2029		2,000			2,000
3.500% senior notes due 2030		600			-
5.476% senior notes due 2039		1,250			1,250
5.576% senior notes due 2049		1,550			1,550
Total public debt		8,000			6,800
Less: unamortized discount and debt issuance costs		(54	)		(49	)
Total borrowings	$	7,946		$	6,751

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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

Leases (Tables)

12 Months Ended

Jun. 30, 2020

Leases [Abstract]

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

	As of June 30, 2020
	(in millions)
ROU assets	$	539
Lease liabilities
Current lease liabilities	$	122
Non-current lease liabilities		452
Total lease liabilities	$	574
Other supplemental information
Weighted average remaining lease term	8 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 year ended June 30, 2020
	(in millions)
Lease costs
Total lease costs^(a)	$	126
Supplemental cash flows information
Operating cash flows from operating leases	$	166
ROU assets obtained in exchange for operating lease liabilities^(b)	$	87

⁽^a)	Total lease costs of $126 million for the year ended June 30, 2020 are net of sublease income of approximately $50 million, of which approximately $40 million relates to office facilities that have been subleased to News Corporation.

^(b)	^{Primarily related to leases obtained through the Company’s acquisitions (See Note 3—Acquisitions, Disposals and Other Transactions under the heading “Acquisitions and Disposals”) and the commencement of a lease.}

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 June 30, 2020
	(in millions)
Fiscal Year
2021^(a)	$	135
2022		95
2023		95
2024		91
2025		83
Thereafter		169
Total lease payments		668
Less: imputed interest		(94	)
Present value of operating lease liabilities	$	574

^(a)	Included in the fiscal 2021 lease payments presented above are approximately $15 million for office facilities that have been subleased through November 2020 to News Corporation.

Stockholders' Equity (Tables)

12 Months Ended

Jun. 30, 2020

Stockholders Equity Note [Abstract]

Schedule of Dividends Declared

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

	For the years ended June 30,
	2020		2019		2018
Cash dividend per share	$	0.46	$	0.23	$	-

Schedule of Activity within Other Comprehensive (Loss) Income

The following tables summarize the activity within Other comprehensive (loss) income:

	For the year ended June 30, 2020
	Before tax			Tax benefit (provision)			Net of tax
	(in millions)
Benefit plan adjustments
Unrealized losses	$	(175	)	$	44		$	(131	)
Reclassifications realized in net income^(a)		29			(7	)		22
Other comprehensive loss	$	(146	)	$	37		$	(109	)

	For the year ended June 30, 2019
	Before tax			Tax benefit (provision)			Net of tax
	(in millions)
Benefit plan adjustments and other
Unrealized losses	$	(133	)	$	35		$	(98	)
Reclassifications realized in net income^(a)		12			(3	)		9
Other comprehensive loss	$	(121	)	$	32		$	(89	)

	For the year ended June 30, 2018
	Before tax		Tax provision			Net of tax
	(in millions)
Gains on securities
Unrealized gains	$	222	$	(92	)	$	130
Other comprehensive income	$	222	$	(92	)	$	130
Benefit plan adjustments
Unrealized gains	$	5	$	(1	)	$	4
Reclassifications realized in net income^(a)		8		(2	)		6
Other comprehensive income	$	13	$	(3	)	$	10

^(a)	Reclassifications of amounts related to benefit plan adjustments are included in Other, net in the Statements of Operations (See Note 15—Pension and Other Postretirement Benefits for additional information).

Summary of Components of Accumulated Other Comprehensive (Loss) Income, Net of Tax

The following table summarizes the components of Accumulated other comprehensive (loss) income, net of tax:

	As of June 30,
	2020			2019				2018
	(in millions)
Unrealized holding gains on securities	$	-		$	-		^(a)	$	130
Benefit plan adjustments and other		(417	)		(308	)	^(b)		(49	)
Accumulated other comprehensive (loss) income, net of tax	$	(417	)	$	(308	)		$	81

^(a)

^(b)

Equity-Based Compensation (Tables)

12 Months Ended

Jun. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Restricted Stock Units and Target Performance Stock Units Granted to be Settled in Stock

The following table summarizes the activity related to RSUs and target PSUs granted to the Company’s employees to be settled in stock (RSUs and PSUs in thousands):

	Fiscal 2020					Fiscal 2019						Fiscal 2018
	Number of shares			Weighted average grant- date fair value		Number of shares				Weighted average grant- date fair value^(a)		Number of shares				Weighted average grant- date fair value^(a)
RSUs and PSUs
Unvested units at beginning of the year		7,660		$	32.27		10,896			$	29.77		7,102			$	28.62
Granted		2,499			32.44		1,565		^(b)		46.11		5,698		⁽^c⁾		32.21
Vested		(1,862	)		43.07		(5,070	)	⁽^d⁾		30.07		(1,112	)			34.59
Cancelled		(254	)		27.14		(3,166	)			29.72		(792	)			30.28
Net units granted in conversion as a result of the Separation		-			-		1,011		^(b)^, ⁽^c⁾	N/A			-				-
Granted after conversion		-			-		2,424				40.11		-				-
Unvested units at the end of the year⁽^e⁾		8,043		$	29.98		7,660			$	32.27		10,896			$	29.77

^(a)

^(b)	^{In fiscal 2019, 21CF’s Compensation Committee granted approximately 1.6 million 21CF RSUs to certain employees of the Company that converted into FOX RSUs that will generally vest in August 2021.}

⁽^c⁾

⁽^d⁾	^{The 21CF PSUs scheduled to vest in 2019 were accelerated and paid out and 50% of the Retention RSUs were paid out in shares of 21CF class A common stock in connection with the Distribution.}

⁽^e⁾	^{The intrinsic value of unvested RSUs and target PSUs as of June 30, 2020 was approximately $215 million.}

Summary of Stock Options Granted under SAP

The following table summarizes information about the Company’s stock options granted under the SAP during fiscal 2020 and 2019 (options in thousands).

	Fiscal 2020						Fiscal 2019
	Number of options				Weighted average exercise price		Number of options				Weighted average exercise price

Outstanding at the beginning of the year		3,113			$	40.25		-			$	-
Granted		3,838		^(a)		30.87		3,118		⁽^b⁾		40.25
Cancelled		(142	)			33.37		(5	)			40.26
Outstanding at the end of the year⁽^c⁾		6,809			$	35.11		3,113			$	40.25
Exercisable at the end of the year⁽^d⁾		1,626			$	39.30		-			$	-
Weighted average grant-date fair value of options granted					$	6.87					$	8.67
Weighted average remaining contractual term of options outstanding at the end of the year					5.98 years						6.72 years
Weighted average remaining contractual term of options exercisable at the end of the year					5.50 years						N/A

^(a)	^{The stock options granted in fiscal 2020 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.}

^(b)

⁽^c⁾	^{The intrinsic value of options outstanding as of June 30, 2020 and 2019 was $2.8 million and nil, respectively.}

⁽^d⁾	The intrinsic value of options exercisable as of June 30, 2020 and 2019 was $0.7 million and nil, respectively.

Weighted Average Assumptions Used for Estimated Fair Value of Stock Option Grants

	For the years ended June 30,
	2020			2019
Expected volatility		26.66	%		26.50	%
Risk-free interest rate		1.43	%		2.41	%
Expected dividend yield		1.46	%		1.12	%
Expected term of stock options	3.83 years			3.84 years

Summary of Equity-Based Compensation

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

	For the years ended June 30,
	2020		2019		2018
	(in millions)
Equity-based compensation^(a)	$	156	$	103	$	100
Intrinsic value of all settled equity-based awards	$	47	$	247	$	31
Tax benefit on settled equity-based awards	$	6	$	47	$	9

^(a)	Prior to the Distribution in March 2019, equity-based compensation included allocated expense for both executive directors and corporate executives of 21CF, allocated using a proportional allocation driver, which management has deemed to be reasonable.

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

12 Months Ended

Jun. 30, 2020

Schedule of Related Parties

The following table sets forth the net revenue from related parties included in the Statements of Operations:

	For the years ended June 30,
	2019			2018
	(in millions)
Related party revenue	$	302		$	254
Related party expense		(57	)		(108	)
Related party revenue, net of expense	$	245		$	146

The following table sets forth the amounts due to related parties on the Balance Sheets:

	As of June 30,
	2020		2019
	(in millions)
Due to related parties	$	67	$	50

Schedule of Components of Net (Decrease) Increase in 21CF Investment

The following table summarizes the components of the net (decrease) increase in the Twenty-First Century Fox, Inc. investment for fiscal 2019 and 2018:

	For the years ended June 30,
	2019			2018
	(in millions)
Cash pooling, general financing activities and other^(a)	$	(1,502	)	$	961
Corporate allocations		291			334
Net dividend paid to Twenty-First Century Fox, Inc.		(6,500	)		-
Taxes payable^(b)		821			-
Deferred taxes on step-up^(c)		5,836			-
Other deferred taxes^(c)		90			-
Net (decrease) increase in Twenty-First Century Fox, Inc. investment	$	(964	)	$	1,295

^(a)

^(b)

^(c)

Commitments and Contingencies (Tables)

12 Months Ended

Jun. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Schedule of Material Firm Commitments

The following table summarizes the Company’s material firm commitments as of June 30, 2020:

	As of June 30, 2020
	Payments due by period
	Total		1 year		2 - 3 years		4 - 5 years		After 5 years
	(in millions)
Operating leases	$	668	$	135	$	190	$	174	$	169
Borrowings		8,000		-		750		1,850		5,400
Sports programming rights		27,146		4,136		9,043		4,201		9,766
Entertainment programming rights		706		511		140		55		-
Other commitments and contractual obligations		812		224		347		99		142
Total commitments, borrowings and contractual obligations	$	37,332	$	5,006	$	10,470	$	6,379	$	15,477

Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Jun. 30, 2020

Compensation And Retirement Disclosure [Abstract]

Schedule of Projected Benefit Obligation, Changes in Fair Value of Plan Assets and Funded Status

	Pension benefits						Postretirement benefits
	As of June 30,
	2020			2019			2020			2019
	(in millions)
Projected benefit obligation, beginning of the year	$	1,255		$	322		$	103		$	-
Service cost		35			19			2			1
Interest cost		39			30			3			2
Benefits paid		(21	)		(17	)		(3	)		(1	)
Settlements^(a)		(45	)		(16	)		-			-
Actuarial losses (gains)^(b)		145			148			(1	)		4
Liabilities assumed from 21CF		-			765			-			98
Other		1			4			-			(1	)
Projected benefit obligation, end of the year		1,409			1,255			104			103
Change in the fair value of plan assets for the Company's benefit plans:
Fair value of plan assets, beginning of the year		800			70			-			-
Actual return on plan assets		24			50			-			-
Employer contributions		30			83			3			1
Benefits paid		(21	)		(17	)		(3	)		(1	)
Settlements^(a)		(45	)		(16	)		-			-
Assets received from 21CF		-			630			-			-
Fair value of plan assets, end of the year		788			800			-			-
Funded status^(c)	$	(621	)	$	(455	)	$	(104	)	$	(103	)
Grantor Trust assets^(c)	$	247		$	249		$	-		$	-

^(a)	Represents the full settlement of former employees deferred pension benefit obligations through lump sum payments.

^(b)	The actuarial losses (gains) for June 30, 2020 and 2019 were mainly due to a change in the discount rate assumption utilized in measuring plan obligations.

^(c)

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the Balance Sheets consist of:

	Pension benefits						Postretirement benefits
	As of June 30,
	2020			2019			2020			2019
	(in millions)
Accrued pension liabilities	$	(621	)	$	(455	)	$	(104	)	$	(103	)
Net amount recognized	$	(621	)	$	(455	)	$	(104	)	$	(103	)

Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss

Amounts recognized in Accumulated other comprehensive loss, before tax, consist of:

	Pension benefits				Postretirement benefits
	As of June 30,
	2020		2019		2020		2019
	(in millions)
Actuarial losses	$	533	$	385	$	20	$	22
Prior service cost		3		3		-		-
Net amounts recognized	$	536	$	388	$	20	$	22

Schedule of Accumulated and Projected Benefit Obligations

	Funded plans				Unfunded plans
	As of June 30,
	2020		2019		2020			2019
	(in millions)
Projected benefit obligation	$	1,096	$	976	$	313		$	279
Accumulated benefit obligation		971		842		302			271
Fair value of plan assets		788		800		-	^(a)		-	^(a)

^(a)	The fair value of the assets in the Grantor Trust as of June 30, 2020 and 2019 was $247 million and $249 million, respectively.

Schedule of Components of Periodic Benefit Costs

The components of periodic benefit costs were as follows:

	Pension benefits									Postretirement benefits
	For the years ended June 30,
	2020			2019			2018			2020		2019			2018
	(in millions)
Service cost benefits earned during the period	$	35		$	19		$	2		$	2	$	1		$	-
Interest costs on projected benefit obligations		39			30			10			3		2			-
Expected return on plan assets		(55	)		(30	)		(5	)		-		-			-
Amortization of deferred losses		28			11			3			1		1			-
Other		1			7			1			-		(1	)		-
Net periodic benefit costs- Direct plans		48			37			11			6		3			-
Shared Plans		-			14			33			-		4			7
Net periodic benefit costs- Total		48			51			44			6		7			7
Settlement loss
Direct Plans		-			-			4			-		-			-
Shared Plans		-			-			49			-		-			-
Total periodic benefit costs	$	48		$	51		$	97		$	6	$	7		$	7

Schedule of Assumptions Used

	Pension benefits									Postretirement benefits
	For the years ended June 30,
	2020			2019			2018			2020			2019			2018
Additional information
Weighted-average assumptions used to determine benefit obligations
Discount rate		2.8	%		3.6	%		4.2	%		2.8	%		3.6	%	N/A
Weighted-average assumptions used to determine net periodic benefit costs
Discount rate for service cost		3.7	%		4.6	%		4.1	%		3.8	%		4.4	%	N/A
Discount rate for interest cost		3.2	%		4.1	%		3.1	%		3.2	%		3.9	%	N/A
Expected return on plan assets		7.0	%		7.0	%		7.0	%	N/A			N/A			N/A

N/A – not applicable.

Schedule of Assumed Health Care Cost Trend Rates

The following assumed health care cost trend rates as of June 30 were also used in accounting for postretirement benefits:

	Postretirement benefits
	Fiscal 2020			Fiscal 2019
Health care cost trend rate		7.3	%		7.8	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		4.5	%		4.5	%
Year that the rate reaches the ultimate trend rate	2039			2039

Schedule of Expected Estimated Benefit Payments

	Expected benefit payments
	Pension benefits		Postretirement benefits
	(in millions)
Fiscal year
2021	$	61	$	4
2022		58		5
2023		58		5
2024		60		5
2025		62		5
2026-2030		346		26

Schedule of Plan Assets and Grantor Trust Assets by Level within Fair Value Hierarchy

	As of June 30, 2020
			Fair value measurements at reporting date using					Assets measured
	Total		Level 1			Level 2		at NAV^(a)
	(in millions)
PENSION PLAN ASSETS
Pooled funds^(b)
Money market funds	$	33	$	-		$	33	$	-
Domestic equity funds		73		73			-		-
Domestic fixed income funds		3		3			-		-
International equity funds		119		119			-		-
International fixed income funds		29		1			-		28
Balanced funds		181		114			-		67
Common stocks^(c)
U.S. common stocks		144		144			-		-
Government and Agency obligations^(d)
Domestic government obligations		19		-			19		-
Domestic agency obligations		24		-			24		-
Corporate obligations^(d)		50		-			50		-
Partnership interests		13		-			-		13
Exchange traded funds^(c)		70		70			-		-
Other^(e)		30		(10	)		40		-
Total fair value of plan assets	$	788	$	514		$	166	$	108

GRANTOR TRUST ASSETS
Balanced funds^(b)	$	214	$	214		$	-	$	-
Partnership interests		13		-			-		13
Other^(e)		20		20			-		-
Total fair value of Grantor Trust assets	$	247	$	234		$	-	$	13

	As of June 30, 2019
			Fair value measurements at reporting date using					Assets measured
	Total		Level 1			Level 2		at NAV^(a)
	(in millions)
PENSION PLAN ASSETS
Pooled funds^(b)
Money market funds	$	83	$	-		$	83	$	-
Domestic equity funds		72		72			-		-
International equity funds		132		132			-		-
International fixed income funds		39		-			-		39
Balanced funds		198		136			-		62
Common stocks^(c)
U.S. common stocks		131		131			-		-
Government and Agency obligations^(d)
Domestic government obligations		17		-			17		-
Domestic agency obligations		12		-			12		-
Corporate obligations^(d)		44		-			44		-
Partnership interests		13		-			-		13
Exchange traded funds^(c)		32		32			-		-
Other^(e)		27		(3	)		30		-
Total fair value of plan assets	$	800	$	500		$	186	$	114

GRANTOR TRUST ASSETS
Balanced funds^(b)	$	213	$	213		$	-	$	-
Partnership interests		15		-			-		15
Other^(e)		21		21			-		-
Total fair value of Grantor Trust assets	$	249	$	234		$	-	$	15

^(a)	As a practical expedient, pooled funds are valued at the net asset value (“NAV”) provided by the fund issuer and partnership interests are based on the fair value obtained from the general partner.

^(b)	Open-ended pooled funds that are registered and/or available to the general public are valued at the daily published NAV.

^(c)	Common stock investments that are publicly traded and exchange traded funds are valued at the closing price reported on active markets in which the securities are traded.

^(d)	The fair value of corporate, government and agency obligations are valued based on a compilation of primary observable market information or a broker quote in a non-active market.

⁽^e⁾	Includes cash and cash equivalents, plan receivables and payables and certain other fixed income investments.

Schedule of Weighted Average Asset Allocations by Asset Category

The Company’s benefit plan weighted-average asset allocations, by asset category, are as follows:

	Pension benefits
	As of June 30,
	2020			2019
Asset Category
Equity securities		51	%		47	%
Fixed income securities		21			18
Other, including cash		28			35
Total		100	%		100	%

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

Income before income tax (expense) benefit was attributable to the U.S. jurisdiction. Significant components of the Company’s provision for income taxes were as follows:

	For the years ended June 30,
	2020		2019		2018
	(in millions)
U.S.
Federal	$	110	$	127	$	481
State, local and other		9		68		64
Total current		119		195		545
Deferred		283		386		(603	)
Provision for income taxes	$	402	$	581	$	(58	)

Effective Income Tax Rate Reconciliation

The reconciliation of income tax computed at the statutory rate to income tax (expense) benefit was:

	For the years ended June 30,
	2020				2019			2018
U.S. federal income tax rate		21		%		21	%		28		%
Impact of U.S. tax reform^(a)		-				-			(28	)
State and local taxes		4				4			4
Nondeductible compensation		2				-			-
Valuation allowance movements		1				-			(3	)
Adjustments for tax matters, net		(1	)			-			(1	)
Domestic production activities deduction		-				-			(2	)
Other		-				1			(1	)
Effective tax rate		27		%		26	%		(3	)	%

^(a)

Schedule of Components of Deferred Tax Assets and Liabilities

The following is a summary of the components of the deferred tax accounts:

	As of June 30,
	2020			2019
	(in millions)
Deferred tax assets
Basis difference^(a)	$	4,176		$	4,574
Operating lease liabilities		140			-
Pension benefit obligations		93			50
Equity-based compensation		31			17
Accrued liabilities		31			5
Net operating loss carryforwards		28			107
Other		120			68
Total deferred tax assets		4,619			4,821
Deferred tax liabilities
Operating lease ROU assets		(133	)		-
Sports rights contracts		(110	)		(164	)
Total deferred tax liabilities		(243	)		(164	)
Net deferred tax asset before valuation allowance		4,376			4,657
Less: valuation allowance		(20	)		(6	)
Total net deferred tax assets^(b)	$	4,356		$	4,651

^(a)

^(b)	Includes a $2 million deferred tax liability recorded in Other liabilities on the Consolidated Balance Sheet as of June 30, 2020.

Change in the Accrual for Uncertain Tax Positions

The following table sets forth the change in the uncertain tax positions, excluding interest and penalties:

	For the years ended June 30,
	2020				2019			2018
	(in millions)
Balance, beginning of year	$	94			$	91		$	110
Additions for prior year tax positions		1				7			1
Additions for current year tax positions		2				9			-
Reduction for prior year tax positions		(24	)	^(a)		(13	)		(20	)
Balance, end of year	$	73			$	94		$	91

^(a)	The reduction for prior year tax positions in fiscal 2020 includes $21 million from the expiration of statutes of limitations.

Segment Information (Tables)

12 Months Ended

Jun. 30, 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 fiscal 2020, 2019 and 2018:

	For the years ended June 30,
	2020			2019			2018
	(in millions)
Revenues
Cable Network Programming	$	5,492		$	5,381		$	5,049
Television		6,661			5,979			5,106
Other, Corporate and Eliminations		150			29			(2	)
Total revenues	$	12,303		$	11,389		$	10,153
Segment EBITDA
Cable Network Programming	$	2,706		$	2,495		$	2,308
Television		430			470			379
Other, Corporate and Eliminations		(357	)		(284	)		(195	)
Amortization of cable distribution investments		(24	)		(38	)		(53	)
Depreciation and amortization		(258	)		(212	)		(171	)
Impairment and restructuring charges		(451	)		(26	)		(16	)
Interest expense		(369	)		(203	)		(43	)
Interest income		35			41			-
Other, net		(248	)		(19	)		(39	)
Income before income tax (expense) benefit		1,464			2,224			2,170
Income tax (expense) benefit		(402	)		(581	)		58
Net income		1,062			1,643			2,228
Less: Net income attributable to noncontrolling interests		(63	)		(48	)		(41	)
Net income attributable to Fox Corporation stockholders	$	999		$	1,595		$	2,187

Summary of Revenues by Segment by Component to Consolidated

Revenues by Segment by Component

	For the years ended June 30,
	2020		2019		2018
	(in millions)
Cable Network Programming
Affiliate fee	$	3,870	$	3,804	$	3,541
Advertising		1,164		1,184		1,120
Other		458		393		388
Total Cable Network Programming revenues		5,492		5,381		5,049
Television
Advertising		4,169		3,872		3,478
Affiliate fee		2,038		1,708		1,382
Other		454		399		246
Total Television revenues		6,661		5,979		5,106
Other, Corporate and Eliminations		150		29		(2	)
Total revenues	$	12,303	$	11,389	$	10,153

Reconciliation of Depreciation and Amortization from Segments to Consolidated and Reconciliation of Capital Expenditures from Segments to Consolidated

	For the years ended June 30,
	2020		2019		2018
	(in millions)
Depreciation and amortization
Cable Network Programming	$	59	$	48	$	38
Television		73		96		112
Other, Corporate and Eliminations		126		68		21
Total depreciation and amortization	$	258	$	212	$	171

	For the years ended June 30,
	2020		2019		2018
	(in millions)
Capital expenditures
Cable Network Programming	$	43	$	83	$	64
Television		72		71		89
Other, Corporate and Eliminations		244		81		62
Total capital expenditures	$	359	$	235	$	215

Reconciliation of Assets from Segments to Consolidated

	As of June 30,
	2020		2019
	(in millions)
Assets
Cable Network Programming	$	2,591	$	2,584
Television		7,054		6,598
Other, Corporate and Eliminations		11,487		9,462
Investments		618		865
Total assets	$	21,750	$	19,509

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

	As of June 30,
	2020		2019
	(in millions)
Goodwill and intangible assets, net
Cable Network Programming	$	1,287	$	1,246
Television		4,630		3,891
Other, Corporate and Eliminations		690		405
Total goodwill and intangible assets, net	$	6,607	$	5,542

Earnings Per Share (Tables)

12 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share under ASC 260, “Earnings per Share”:

	For the years ended June 30,
	2020		2019		2018
	(in millions, except per share amounts)
Net income attributable to Fox Corporation stockholders	$	999	$	1,595	$	2,187

Weighted average shares - basic^(a)		613		621		621
Shares issuable under equity-based compensation plans^(b)		3		-		-
Weighted average shares - diluted^(a)		616		621		621

Net income attributable to Fox Corporation stockholders per share - basic	$	1.63	$	2.57	$	3.52

Net income attributable to Fox Corporation stockholders per share - diluted	$	1.62	$	2.57	$	3.52

^(a)

^(b)	^{Weighted average common shares include the incremental shares that would be issued upon the assumed vesting of RSUs, PSUs and stock options if the effect is dilutive (See Note 12—Equity-Based Compensation).}

Quarterly Data (Unaudited) (Tables)

12 Months Ended

Jun. 30, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

	For the three months ended
	September 30,		December 31,		March 31,		June 30,
	(in millions, except per share amounts)
FISCAL 2020
Revenues	$	2,667	$	3,778	$	3,440	$	2,418
Net income attributable to Fox Corporation stockholders^(a)	$	499	$	300	$	78	$	122
Net income attributable to Fox Corporation stockholders per share - basic	$	0.80	$	0.49	$	0.13	$	0.20
Net income attributable to Fox Corporation stockholders - diluted	$	0.80	$	0.48	$	0.13	$	0.20
Stock prices^(b)
Class A - High	$	37.82	$	37.57	$	39.34	$	32.48
Class A - Low	$	31.44	$	30.06	$	20.20	$	22.30
Class B - High	$	37.85	$	36.80	$	38.58	$	31.68
Class B - Low	$	31.44	$	30.04	$	19.81	$	21.57

FISCAL 2019
Revenues	$	2,541	$	3,583	$	2,752	$	2,513
Net income attributable to Fox Corporation stockholders^(a)	$	604	$	8	$	529	$	454
Net income attributable to Fox Corporation stockholders per share - basic and diluted^(c)	$	0.97	$	0.01	$	0.85	$	0.73
Stock prices^(b)
Class A - High	$	-	$	-	$	41.70	$	39.40
Class A - Low	$	-	$	-	$	36.40	$	34.01
Class B - High	$	-	$	-	$	41.02	$	38.74
Class B - Low	$	-	$	-	$	35.67	$	33.68

^(a⁾

^(b)	The stock prices reflect the reported high and low sales prices for the Class A Common Stock and Class B Common Stock, as reported on Nasdaq under the symbols “FOXA” and “FOX,” respectively, since March 13, 2019, the date that the Company’s Common Stock began "when-issued" trading.

^(c)

Valuation and Qualifying Accounts (Tables)

12 Months Ended

Jun. 30, 2020

Valuation And Qualifying Accounts [Abstract]

Schedule of Valuation and Qualifying Accounts

	Balance as of beginning of year			Additions			Utilization		Other			Balance as of end of year
	(in millions)
FISCAL 2020
Allowances for doubtful accounts	$	(35	)	$	(63	)	$	5	$	-		$	(93	)
Deferred tax valuation allowance		(6	)		(19	)		5		-			(20	)

FISCAL 2019
Allowances for doubtful accounts	$	(28	)	$	(15	)	$	8	$	-		$	(35	)
Deferred tax valuation allowance		(45	)		(10	)		-		49	^(a)		(6	)

FISCAL 2018
Allowances for doubtful accounts	$	(68	)	$	-		$	40	$	-		$	(28	)
Deferred tax valuation allowance		(143	)		(11	)		109		-			(45	)

^(a)	^{Represents the allocation of the deferred tax valuation allowance between 21CF and the Company in accordance with the Distribution (See Note 1—Description of Business and Basis of Presentation under the heading “Basis of Presentation”).}

Additional Financial Information (Tables)

12 Months Ended

Jun. 30, 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 years ended June 30,
	2020			2019			2018
	(in millions)
Transaction costs^(a)	$	(125	)	$	(199	)	$	(103	)
U.K. Newspaper Matters Indemnity^(b)		(90	)		(58	)		(29	)
Net gains on investments in equity securities^(c)		14			268			9
Settlement loss related to pension plans^(d)		-			-			(53	)
Gain on spectrum relinquishment^(e)		-			12			102
Shareholder litigation settlement^(f)		-			-			68
Other		(47	)		(42	)		(33	)
Total other, net	$	(248	)	$	(19	)	$	(39	)

^(a)

⁽^b⁾	See Note 14—Commitments and Contingencies under the heading “U.K. Newspaper Matters Indemnity.”

^(c)	Net gains on investments in equity securities for fiscal 2020 included the loss related to the change in fair value of the Company’s investment in Roku, which was sold in March 2020 (See Note 3—Acquisitions, Disposals and Other Transactions under the heading “Roku”).

^(d)	The settlement loss was primarily related to the legacy plans (See Note 15—Pension and Other Postretirement Benefits).

^(e)	See Note 3—Acquisitions, Disposals and Other Transactions under the heading “Fiscal 2018.”

^(f)	See Note 14—Commitments and Contingencies under the heading “Shareholder Litigation.”

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 June 30,
	2020		2019
	(in millions)
Investments^(a)	$	618	$	865
Operating lease ROU assets		539		-
Grantor Trust		247		249
Inventories, net		202		205
Other		195		206
Total other non-current assets	$	1,801	$	1,525

^(a)	Includes investments accounted for at fair value on a recurring basis of $531 million and $761 million as of June 30, 2020 and 2019, respectively (See Note 6—Fair Value).

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 June 30,
	2020		2019
	(in millions)
Accrued expenses	$	907	$	835
Program rights payable		485		514
Deferred revenue		152		169
Operating lease liabilities		122		-
Other current liabilities		240		194
Total accounts payable, accrued expenses and other current liabilities	$	1,906	$	1,712

Components of Other Liabilities

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

	As of June 30,
	2020		2019
	(in millions)
Accrued non-current pension/postretirement liabilities	$	709	$	543
Non-current operating lease liabilities		452		-
Other non-current liabilities		321		356
Total other liabilities	$	1,482	$	899

Supplemental Information

	For the years ended June 30,
	2020			2019			2018
	(in millions)
Supplemental cash flows information
Cash paid for interest	$	(355	)	$	(39	)	$	(28	)
Cash paid for income taxes	$	(88	)	$	(4	)	$	-

Supplemental information on acquisitions
Fair value of assets acquired, excluding cash	$	1,254		$	-		$	-
Cash acquired		41			-			-
Liabilities assumed		(84	)		-			-
Noncontrolling interests		(109	)		-			-
Cash paid		(1,102	)		-			-
Fair value of equity instruments consideration	$	-		$	-		$	-

Description of Business and Basis of Presentation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Mar. 20, 2019	Mar. 19, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Disclosure Basis Of Presentation Details [Line Items]
Estimated annual tax deductions resulting from the Separation and the Distribution, amount		$ 1,500
Estimated reduction to the annual cash tax liability resulting from the Separation and the Distribution, amount		$ 370
Federal and state applicable tax rate		25.00%	27.00%	26.00%	(3.00%)
Separation And Distribution Agreement
Disclosure Basis Of Presentation Details [Line Items]
Prepayment of the Company's share of the estimated taxes resulting from the anticipated divestitures by Disney of certain assets		$ 700
Dividend paid immediately prior to the Distribution		8,500
Amount of taxes in respect of the Separation and the Distribution and a prepayment of the estimated taxes in respect of divestitures (collectively, the Transaction Tax)		6,500
Amount of cash payment received, which had the net effect of reducing the Dividend	$ 2,000
Estimated tax liability included in Transaction Tax paid		$ 5,800
Class A Common Stock
Disclosure Basis Of Presentation Details [Line Items]
Common stock, shares outstanding		354,000,000	343,608,673	354,422,419
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		266,000,000	261,078,355	266,173,651
Common stock, par value		$ 0.01	$ 0.01	$ 0.01

Summary of Significant Accounting Policies (Schedule of Receivables, Net) (Details) - USD ($)
$ in Millions

Jun. 30, 2020

Jun. 30, 2019

Receivables [Abstract]

Total receivables

$ 1,981

$ 2,007

Allowances for doubtful accounts

(93)

(35)

Total receivables, net

^[1]

$ 1,888

$ 1,972

[1]	Includes $5 million of non-current receivables recorded in Other non-current assets on the Consolidated Balance Sheet as of June 30, 2019.

Summary of Significant Accounting Policies (Schedule of Receivables, Net) (Parenthetical) (Details) $ in Millions	Jun. 30, 2019 USD ($)
Receivables [Abstract]
Non-current receivables	$ 5

Summary of Significant Accounting Policies (Narrative) (Details) shares in Millions, $ in Millions		12 Months Ended
	Mar. 19, 2019 shares	Jun. 30, 2020 USD ($) Customer	Jun. 30, 2019 USD ($) Customer	Jun. 30, 2018 USD ($)	Jul. 01, 2019 USD ($)
Marketing and Advertising Expense [Abstract]
Advertising expense		$ 425	$ 388	$ 392
Shares distributed to stockholders of the Parent \| shares	621
Concentrations of Credit Risk [Abstract]
Operating lease liabilities		574
ROU assets		$ 539
Accounting Standards Update 2016-02
Concentrations of Credit Risk [Abstract]
Operating lease liabilities					$ 635
ROU assets					$ 585
Receivables \| Credit Concentration Risk
Concentrations of Credit Risk [Abstract]
Number of major customers \| Customer		0	0
Concentration of risk, Accounts receivable		$ 0	$ 0
Leasehold Improvements
Property, Plant and Equipment [Abstract]
Property, plant and equipment, estimated useful lives		straight-line method over the shorter of their useful lives or the life of the lease
Minimum
Property, Plant and Equipment [Abstract]
Property, plant and equipment, useful life		3 years
Minimum \| Receivables \| Credit Concentration Risk
Concentrations of Credit Risk [Abstract]
Concentration Risk, Percentage		10.00%	10.00%
Maximum
Property, Plant and Equipment [Abstract]
Property, plant and equipment, useful life		40 years

Acquisitions, Disposals and Other Transactions (Narrative) (Details)	Jun. 30, 2020 Transaction
Business Acquisition [Line Items]
Number of transactions involved in acquiring control with ownership stake of less than 100%	1
The percentage of the allocation of consideration transferred reflected in the fair value of the acquiree	100.00%
Maximum
Business Acquisition [Line Items]
Business acquisition, percentage of equity acquired	100.00%

Acquisitions, Disposals and Other Transactions (Fiscal 2020) (Narrative) (Details) $ in Millions	1 Months Ended					12 Months Ended
	May 31, 2020 USD ($)	Apr. 30, 2020 USD ($)	Mar. 31, 2020 USD ($) TelevisionStation	Oct. 31, 2019 USD ($)	May 31, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired						$ 1,061	$ 0	$ 0
Consideration transferred preliminarily allocated to goodwill						3,409	2,691
Cash paid to acquire businesses						1,102	0	0
Sale of investments						349	$ 0	$ 0
The Stars Group Inc.
Business Acquisition [Line Items]
Payments to acquire investments					$ 236
Percentage of ownership of equity interest					4.99%
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
Flutter Entertainment plc
Business Acquisition [Line Items]
Payments to acquire investments	$ 100
Percentage of ownership of equity interest	3.00%
Roku, Inc.
Business Acquisition [Line Items]
Payments to acquire investments			$ 40
Sale of investments			$ 340
Change in fair value, loss						$ 210
WJZY and WMYT Television Stations \| Disposal
Business Acquisition [Line Items]
Number of television stations sold \| TelevisionStation			2
Disposition, cash received			$ 45
Minimum
Business Acquisition [Line Items]
Consideration transferred preliminarily allocated to amortizable intangible assets, useful life						3 years
Maximum
Business Acquisition [Line Items]
Consideration transferred preliminarily allocated to amortizable intangible assets, useful life						20 years
Business acquisition, percentage of equity acquired						100.00%
Maximum \| The Stars Group Inc.'s U S Business
Business Acquisition [Line Items]
Percentage of ownership interest that can be acquired in the future					50.00%
Tubi, Inc.
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired		$ 445
Consideration transferred		470
Consideration transferred preliminarily allocated to amortizable intangible assets		130
Consideration transferred preliminarily allocated to goodwill		320
Potential additional consideration to be recognized as compensation expense		$ 45
Tubi, Inc. \| Minimum
Business Acquisition [Line Items]
Consideration transferred preliminarily allocated to amortizable intangible assets, useful life		3 years
Tubi, Inc. \| Maximum
Business Acquisition [Line Items]
Consideration transferred preliminarily allocated to amortizable intangible assets, useful life		10 years
KCPQ, KZJO and WITI Television Stations
Business Acquisition [Line Items]
Consideration transferred			350
Consideration transferred preliminarily allocated to amortizable intangible assets			$ 100
Number of television stations acquired \| TelevisionStation			3
Cash paid to acquire businesses			$ 350
Consideration transferred preliminarily allocated to intangible assets			210
Consideration transferred preliminarily allocated to property, plant and equipment			$ 30
KCPQ, KZJO and WITI Television Stations \| RetransmissionAgreements [Member]
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
Credible Labs Inc.
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired				$ 260
Consideration transferred				260
Consideration transferred preliminarily allocated to amortizable intangible assets				70
Consideration transferred preliminarily allocated to goodwill				$ 285
Business acquisition, percentage of equity acquired				67.00%
Provisional valuation, percentage of acquired business				100.00%
Consideration transferred preliminarily allocated to redeemable noncontrolling interests				$ (110)
Credible Labs Inc. \| Credible Labs Inc.
Business Acquisition [Line Items]
Remaining percentage of equity not acquired by parent				33.00%
Credible Labs Inc. \| Minimum
Business Acquisition [Line Items]
Consideration transferred preliminarily allocated to amortizable intangible assets, useful life				5 years
Credible Labs Inc. \| Maximum
Business Acquisition [Line Items]
Consideration transferred preliminarily allocated to amortizable intangible assets, useful life				10 years

Acquisitions, Disposals and Other Transactions (Fiscal 2019) (Narrative) (Details) $ in Millions	12 Months Ended
	Jun. 30, 2019 USD ($)
Caffeine and Caffeine Studios
Investment Holdings [Line Items]
Payments to acquire investments	$ 100

Acquisitions, Disposals and Other Transactions (Fiscal 2018) (Narrative) (Details)
$ in Millions

1 Months Ended

12 Months Ended

Jul. 31, 2017

USD ($)

Mar. 31, 2017

TelevisionStation

Jun. 30, 2020

USD ($)

Jun. 30, 2019

USD ($)

Jun. 30, 2018

USD ($)

Disposals

Proceeds from the relinquishment of spectrum

$ 0

$ 354

Television Broadcast Station Spectrum

Disposals

Proceeds from the relinquishment of spectrum

$ 354

Number of television stations with bids to relinquish spectrum accepted by the FCC as part of the auction | TelevisionStation

Pre-tax gain on disposals

^[1]

$ 0

$ 12

$ 102

[1]	See Note 3—Acquisitions, Disposals and Other Transactions under the heading “Fiscal 2018.”

Restructuring Programs (Narrative) (Details) - USD ($)

12 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2018

Restructuring Cost And Reserve [Line Items]

Restructuring charges

$ 451,000,000

$ 26,000,000

$ 11,000,000

Payment for contract termination

423,000,000

23,000,000

66,000,000

Sports programming rights

674,000,000

954,000,000

Restructuring reserve, current

40,000,000

30,000,000

Contract Termination Costs

Restructuring Cost And Reserve [Line Items]

Restructuring charges

427,000,000

Payment for contract termination

397,000,000

^[1]

$ 0

Cable Network Programming And Television Segments | USGA Programming Rights | Contract Termination Costs

Restructuring Cost And Reserve [Line Items]

Restructuring charges

425,000,000

Write-off of programming rights advances

75,000,000

Payment for contract termination

320,000,000

Sports programming rights

Program rights obligations

$ 0

[1]	Includes the write-off of approximately $75 million of programming rights advances.

Restructuring Programs (Schedule of Changes in Restructuring Program Liabilities) (Details) - USD ($)
$ in Millions

12 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2018

Restructuring Reserve [Roll Forward]

Restructuring liabilities, beginning balance

$ (40)

$ (37)

$ (93)

(451)

(26)

(11)

Payments

423

Restructuring liabilities, ending balance

(68)

(40)

(37)

One-time Termination Benefits

Restructuring Reserve [Roll Forward]

Restructuring liabilities, beginning balance

(40)

(37)

(93)

(24)

(26)

(11)

Payments

Restructuring liabilities, ending balance

(38)

(40)

(37)

Contract Termination Costs

Restructuring Reserve [Roll Forward]

Restructuring liabilities, beginning balance

(427)

Payments

397

^[1]

Restructuring liabilities, ending balance

$ (30)

$ 0

[1]	Includes the write-off of approximately $75 million of programming rights advances.

Restructuring Programs (Schedule of Changes in Restructuring Program Liabilities) (Parenthetical) (Details) $ in Millions	12 Months Ended
	Jun. 30, 2020 USD ($)
Cable Network Programming And Television Segments \| USGA Programming Rights \| Contract Termination Costs
Restructuring Cost And Reserve [Line Items]
Write-off of programming rights advances	$ 75

Inventories, Net (Schedule of Inventories, Net) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019
Inventory Disclosure [Abstract]
Sports programming rights	$ 674	$ 954
Entertainment programming rights	384	380
Total inventories, net	1,058	1,334
Less: current portion of inventories, net	(856)	(1,129)
Total non-current inventories, net	$ 202	$ 205

Inventories, Net (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cable Network Programming And Television Segments \| Operating Expenses \| Sports Programming Rights and Entertainment Programming Rights
Inventory [Line Items]
Inventory Write-down	$ 95	$ 55

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

Jun. 30, 2020

Jun. 30, 2019

Assets

$ 531

$ 761

Fair value measurements recurring

(305)

(189)

Assets

531

761

(6)

(305)

(189)

Fair value measurements recurring | Level 1

220

572

Assets

531

^[1]

545

^[2]

Fair value measurements recurring | Level 2

531

545

Assets

216

^[3]

Fair value measurements recurring | Level 3

216

Assets

^[4]

(6)

^[4]

(305)

(189)

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

$ (311)

$ (189)

[1]	The investment categorized as Level 1 represents an investment in equity securities of Flutter with a readily determinable fair value (See Note 3—Acquisitions, Disposals and Other Transactions under the heading “Flutter” for further discussion).
[2]	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 3—Acquisitions, Disposals and Other Transactions under the heading “Roku” for further discussion).
[3]	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”) as a result of certain transfer restrictions. The DLOM was derived based on the remaining term of the lock up period and the volatility of The Stars Group common stock. The investment in The Stars Group was transferred from Level 2 of the fair value hierarchy to Level 1 during the fourth quarter of fiscal 2020 as a result of The Stars Group equity securities being exchanged for Flutter equity securities upon the completion of the Combination in May 2020 and the removal of the transfer restrictions on the Company’s investment (See Note 3—Acquisitions, Disposals and Other Transactions under the heading “Flutter” for further discussion).
[4]	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

12 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2018

Beginning of year

$ (189)

$ (275)

$ (154)

^[1]

(109)

Intangible assets not subject to amortization, beginning

(33)

(41)

Distributions

Accretion and other

^[2]

(121)

End of year

$ (305)

$ (189)

$ (275)

[1]	See Note 3—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 fiscal 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	12 Months Ended
	Jun. 30, 2020	Jun. 30, 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	Jun. 30, 2020	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair value	$ 9,746	$ 7,643
Carrying value	$ 7,946	$ 6,751

Property, Plant and Equipment, Net (Schedule of Property, Plant and Equipment, Net) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 3,001	$ 2,958
Less: accumulated depreciation and amortization	(1,813)	(1,767)
Property, plant and equipment, net before construction in progress	1,188	1,191
Construction in progress	310	122
Total property, plant and equipment, net	$ 1,498	1,313
Minimum
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Maximum
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	40 years
Land
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 126	123
Buildings and leaseholds
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 1,300	1,319
Buildings and leaseholds \| Minimum
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Buildings and leaseholds \| Maximum
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	40 years
Machinery and equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 1,575	$ 1,516
Machinery and equipment \| Minimum
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Machinery and equipment \| Maximum
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	10 years

Property, Plant and Equipment, Net (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Property Plant And Equipment [Line Items]
Depreciation and amortization	$ 258	$ 212	$ 171
Property, Plant and Equipment
Property Plant And Equipment [Line Items]
Depreciation and amortization	$ 222	$ 197	$ 157

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

12 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2018

Intangible Assets [Line Items]

$ 2,809

Intangible assets not subject to amortization, acquisitions

^[1]

113

Intangible assets not subject to amortization, disposals

^[1]

(30)

Intangible assets not subject to amortization, ending

2,892

$ 2,809

Amortizable intangible assets, net, beginning

^[2]

Amortizable intangible assets, net, acquisitions

^[1],[2]

300

Amortizable intangible assets, net, disposals

^[1],[2]

Amortizable intangible assets, net, amortization

(36)

^[2]

(15)

$ (14)

Amortizable intangible assets, net, ending

^[2]

306

Total intangible assets, net, beginning

2,851

Total intangible assets, net, acquisitions

^[1]

413

Total intangible assets, net, disposals

^[1]

(30)

Total intangible assets, net, ending

3,198

2,851

FCC licenses

Intangible Assets [Line Items]

Intangible assets not subject to amortization, beginning

2,167

Intangible assets not subject to amortization, acquisitions

^[1]

113

Intangible assets not subject to amortization, disposals

^[1]

(30)

Intangible assets not subject to amortization, ending

2,250

2,167

Intangible assets not subject to amortization, beginning

Intangible Assets [Line Items]

642

Intangible assets not subject to amortization, acquisitions

^[1]

Intangible assets not subject to amortization, disposals

^[1]

Intangible assets not subject to amortization, ending

$ 642

[1]	See Note 3—Acquisitions, Disposals and Other Transactions under the heading “Acquisitions and Disposals.”
[2]	Net of accumulated amortization of $165 million and $129 million as of June 30, 2020 and 2019, respectively. The average useful life of amortizable intangible assets ranges from three to 20 years.

Goodwill and Intangible Assets, Net (Changes in Carrying Values of Intangible Assets and Related Accumulated Amortization) (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Intangible Assets [Line Items]
Accumulated amortization of amortizable intangible assets	$ 165	$ 129
Minimum
Intangible Assets [Line Items]
Useful life of amortizable intangible assets	3 years
Maximum
Intangible Assets [Line Items]
Useful life of amortizable intangible assets	20 years

Goodwill and Intangible Assets, Net (Narrative) (Details) - USD ($)
$ in Millions

12 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2018

Indefinite Lived Intangible Assets By Major Class [Line Items]

Amortization of finite-lived intangible assets

$ 36

^[1]

$ 15

$ 14

Television Segment | Operating Segments

Indefinite Lived Intangible Assets By Major Class [Line Items]

Accumulated impairment loss, goodwill

$ 371

[1]	Net of accumulated amortization of $165 million and $129 million as of June 30, 2020 and 2019, respectively. The average useful life of amortizable intangible assets ranges from three to 20 years.

Goodwill and Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets, Estimated Amortization Expense) (Details)
$ in Millions

Jun. 30, 2020

USD ($)

^[1]

Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]

Estimated amortization expense in fiscal 2021

$ 61

Estimated amortization expense in fiscal 2022

Estimated amortization expense in fiscal 2023

Estimated amortization expense in fiscal 2024

Estimated amortization expense in fiscal 2025

$ 26

[1]	These amounts may vary as acquisitions and dispositions occur in the future.

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

12 Months Ended

Jun. 30, 2020

USD ($)

$ 2,691

729

^[1]

(11)

^[1]

Operating Segments | Cable Network Programming Segment

3,409

987

^[1]

^[1]

Operating Segments | Television Segment

1,032

1,704

462

^[1]

(11)

^[1]

Operating Segments | Other, Corporate and Eliminations Segment

2,155

222

^[1]

^[1]

Operating cash flows from operating leases

$ 222

[1]	See Note 3—Acquisitions, Disposals and Other Transactions under the heading “Acquisitions and Disposals.”

Borrowings (Schedule of Senior notes) (Details) - USD ($)	Jun. 30, 2020	Jun. 30, 2019
Debt Instrument [Line Items]
Senior notes	$ 8,000,000,000	$ 6,800,000,000
Less: unamortized discount and debt issuance costs	(54,000,000)	(49,000,000)
Total borrowings	7,946,000,000	6,751,000,000
Senior notes \| 3.666% senior notes due 2022
Debt Instrument [Line Items]
Senior notes	750,000,000	750,000,000
Senior notes \| 4.030% senior notes due 2024
Debt Instrument [Line Items]
Senior notes	1,250,000,000	1,250,000,000
Senior notes \| 3.050% senior notes due 2025
Debt Instrument [Line Items]
Senior notes	600,000,000	0
Senior notes \| 4.709% senior notes due 2029
Debt Instrument [Line Items]
Senior notes	2,000,000,000	2,000,000,000
Senior notes \| 3.500% senior notes due 2030
Debt Instrument [Line Items]
Senior notes	600,000,000	0
Senior notes \| 5.476% senior notes due 2039
Debt Instrument [Line Items]
Senior notes	1,250,000,000	1,250,000,000
Senior notes \| 5.576% senior notes due 2049
Debt Instrument [Line Items]
Senior notes	$ 1,550,000,000	$ 1,550,000,000

Borrowings (Schedule of Senior notes) (Parenthetical) (Details) - Senior notes	12 Months Ended
	Jun. 30, 2020
3.666% senior notes due 2022
Debt Instrument [Line Items]
Stated interest rate of debt instrument	3.666%
Senior notes, maturity year	2022
4.030% senior notes due 2024
Debt Instrument [Line Items]
Stated interest rate of debt instrument	4.03%
Senior notes, maturity year	2024
3.050% senior notes due 2025
Debt Instrument [Line Items]
Stated interest rate of debt instrument	3.05%
Senior notes, maturity year	2025
4.709% senior notes due 2029
Debt Instrument [Line Items]
Stated interest rate of debt instrument	4.709%
Senior notes, maturity year	2029
3.500% senior notes due 2030
Debt Instrument [Line Items]
Stated interest rate of debt instrument	3.50%
Senior notes, maturity year	2030
5.476% senior notes due 2039
Debt Instrument [Line Items]
Stated interest rate of debt instrument	5.476%
Senior notes, maturity year	2039
5.576% senior notes due 2049
Debt Instrument [Line Items]
Stated interest rate of debt instrument	5.576%
Senior notes, maturity year	2049

Borrowings (Narrative) (Details)			1 Months Ended	12 Months Ended
Borrowings (Narrative) (Details)	Mar. 15, 2019 USD ($) OneYearPeriod	Jan. 25, 2019	Dec. 31, 2017 USD ($)	Jun. 30, 2020 USD ($)	Apr. 30, 2020 USD ($)	Jan. 31, 2019 USD ($)
Bridge Credit Agreement
Debt Instrument [Line Items]
Limit on revolving credit facility	$ 1,700,000,000
Revolving Credit Agreement
Debt Instrument [Line Items]
Credit facility, agreement date				Mar. 15, 2019
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
Line of credit facility, maximum borrowing capacity	$ 1,500,000,000
Maturity extension number of one year periods \| OneYearPeriod	2
Cash in excess of amount will be deducted from indebtedness for purposes of calculating operating income leverage ratio					$ 500,000,000
Description of debt instrument variable rate basis				Given the current credit ratings, the interest rate on borrowings under the Revolving Credit Agreement would be London Interbank Offered Rate (“LIBOR”) plus 1.1% and the facility fee is 0.15%.
Line of credit facility, commitment fee percentage				0.15%
Borrowings outstanding				$ 0
Revolving Credit Agreement \| LIBOR
Debt Instrument [Line Items]
Debt instrument variable interest rate				1.10%
Bridge Commitment Letter
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 9,000,000,000			$ 1,700,000,000
Line of credit facility, commitment fee percentage			0.125%
Senior Notes issued April 2020
Debt Instrument [Line Items]
Senior notes					$ 1,200,000,000
Senior Notes issued January 2019
Debt Instrument [Line Items]
Senior notes						$ 6,800,000,000
Senior notes
Debt Instrument [Line Items]
Senior notes, issuance date				Jan. 25, 2019
Early redemption in certain circumstances where a change in control is deemed to have occurred, percent of principal		101.00%

Leases (Summary of Operating Lease Components of Balance Sheet and Other Supplemental Information) (Details) $ in Millions	Jun. 30, 2020 USD ($)
Leases [Abstract]
ROU assets	$ 539
Lease liabilities
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherCurrentLiabilitiesMember
Current lease liabilities	$ 122
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherNoncurrentLiabilitiesMember
Non-current lease liabilities	$ 452
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesMember
Total lease liabilities	$ 574
Other supplemental information
Weighted average remaining lease term	8 years
Weighted average discount rate	3.00%

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

12 Months Ended

Jun. 30, 2020

USD ($)

Lease costs

Total lease costs

$ 126

^[1]

Supplemental cash flows information

166

ROU assets obtained in exchange for operating lease liabilities

$ 87

^[2]

[1]	Total lease costs of $126 million for the year ended June 30, 2020 are net of sublease income of approximately $50 million, of which approximately $40 million relates to office facilities that have been subleased to News Corporation.
[2]	Primarily related to leases obtained through the Company’s acquisitions (See Note 3—Acquisitions, Disposals and Other Transactions under the heading “Acquisitions and Disposals”) and the commencement of a lease.

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

12 Months Ended

Jun. 30, 2020

USD ($)

Lease Costs [Abstract]

Lease costs

$ 126

^[1]

Sublease income

Office Facility | News Corporation

Lease Costs [Abstract]

Sublease income

$ 40

[1]	Total lease costs of $126 million for the year ended June 30, 2020 are net of sublease income of approximately $50 million, of which approximately $40 million relates to office facilities that have been subleased to News Corporation.

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

Jun. 30, 2020

USD ($)

Fiscal Year

2021(a)

$ 135

^[1]

169

668

Less: imputed interest

(94)

Present value of operating lease liabilities

$ 574

[1]	Included in the fiscal 2021 lease payments presented above are approximately $15 million for office facilities that have been subleased through November 2020 to News Corporation.

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

Jun. 30, 2020

USD ($)

Lessee Lease Description [Line Items]

Amount of lease payments due in the next fiscal year

$ 135

^[1]

Office Facility | News Corporation

Lessee Lease Description [Line Items]

Amount of lease payments due in the next fiscal year

$ 15

[1]	Included in the fiscal 2021 lease payments presented above are approximately $15 million for office facilities that have been subleased through November 2020 to News Corporation.

Leases (Narrative) (Details) $ in Millions	12 Months Ended
Leases (Narrative) (Details) $ in Millions	Jun. 30, 2020 USD ($) Option	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)
Lessor Lease Description [Line Items]
Operating lease expense		$ 100	$ 105
Total lease income	$ 55
Production and Office Space
Lessor Lease Description [Line Items]
Initial term of lease arrangements	7 years
Lease arrangements renewal term	5 years
Number of renewal options \| Option	2
Annual lease payments to be received	$ 50

Stockholders Equity (Narrative) (Details)			1 Months Ended		12 Months Ended
Stockholders Equity (Narrative) (Details)	Nov. 11, 2019 $ / shares	Nov. 06, 2019 USD ($)	Jan. 31, 2020 $ / shares shares	Nov. 30, 2019 USD ($) shares	Jun. 30, 2020 USD ($) Class Vote Holder $ / shares shares	Jun. 30, 2019 $ / shares shares	Mar. 19, 2019 $ / shares
Stockholders Equity [Line Items]
Common stock, number of classes \| Class					2
Stock repurchase program, number of shares repurchased during the period \| shares					17,000,000
Stock repurchase program, value of shares repurchased during the period					$ 600,000,000
Stock repurchase program, remaining buyback authorization amount					$ 1,400,000,000
Class B Common Stock
Stockholders Equity [Line Items]
Number of votes \| Vote					1
Number of holders of shares \| Holder					4,900
Series common stock, shares authorized \| shares					1,000,000,000	1,000,000,000
Series common stock, par value \| $ / shares					$ 0.01	$ 0.01	$ 0.01
Share repurchase program, amount intended to promptly repurchase		$ 150,000,000
Stock repurchase program, number of shares repurchased during the period \| shares					5,000,000
Stock repurchase program, value of shares repurchased during the period					$ 178,000,000
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%
Class A Common Stock
Stockholders Equity [Line Items]
Number of holders of shares \| Holder					18,500
Series common stock, shares authorized \| shares					2,000,000,000	2,000,000,000
Series common stock, par value \| $ / shares					$ 0.01	$ 0.01	$ 0.01
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 \| shares			2,000,000	8,000,000	2,000,000
Accelerated share repurchases, percentage of shares expected to be repurchased				80.00%
Accelerated share repurchases, initial price paid per share \| $ / shares	$ 34.99
Accelerated share repurchases, final price paid per share \| $ / shares			$ 36.05
Stock repurchase program, value of shares repurchased during the period					$ 72,000,000
Series Common Stock
Stockholders Equity [Line Items]
Series common stock, shares authorized \| shares					35,000,000
Series common stock, par value \| $ / shares					$ 0.01
Preferred stock
Stockholders Equity [Line Items]
Preferred stock, shares authorized \| shares					35,000,000
Preferred stock, par value \| $ / shares					$ 0.01
Class A and Class B Common Stock
Stockholders Equity [Line Items]
Stock repurchase program, authorized amount		$ 2,000,000,000

Stockholders Equity (Schedule of Dividends Declared) (Details) - $ / shares	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Class A Common Stock
Dividends Payable [Line Items]
Cash dividend per share	$ 0.46	$ 0.23	$ 0
Class B Common Stock
Dividends Payable [Line Items]
Cash dividend per share	$ 0.46	$ 0.23	$ 0

Stockholders' Equity (Other Comprehensive (Loss) Income) (Details) - USD ($)
$ in Millions

12 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2018

Accumulated Other Comprehensive Income Loss [Line Items]

Benefit plan adjustments and other

$ (109)

$ (89)

$ 140

Accumulated Other Comprehensive Income Loss [Line Items]

Unrealized (losses) gains, before tax

(175)

(133)

Reclassifications realized in net income, before tax

^[1]

Other comprehensive (loss) income, before tax

(146)

(121)

Unrealized (losses) gains, tax

(1)

Reclassifications realized in net income, tax

^[1]

(7)

(3)

(2)

Other comprehensive (loss) income, tax

(3)

Unrealized (losses) gains, net of tax

(131)

(98)

Reclassifications realized in net income, net of tax

^[1]

Accumulated Other Comprehensive Income Loss [Line Items]

$ (109)

$ (89)

Gains on securities

Unrealized (losses) gains, before tax

222

Other comprehensive (loss) income, before tax

222

Unrealized (losses) gains, tax

(92)

Other comprehensive (loss) income, tax

(92)

Unrealized (losses) gains, net of tax

130

Unrealized holding gains on securities

$ 130

[1]	Reclassifications of amounts related to benefit plan adjustments are included in Other, net in the Statements of Operations (See Note 15—Pension and Other Postretirement Benefits for additional information).

Stockholders' Equity (Summary of Components of Accumulated Other Comprehensive (Loss) Income, Net of Tax) (Details) - USD ($)
$ in Millions

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2018

Equity [Abstract]

$ 0

^[1]

$ 130

Benefit plan adjustments and other

(417)

(308)

^[2]

(49)

Accumulated other comprehensive (loss) income, net of tax

$ (417)

$ (308)

$ 81

[1]

[2]

Stockholders' Equity (Summary of Components of Accumulated Other Comprehensive (Loss) Income, Net of Tax) (Parenthetical) (Details) - USD ($)
$ in Millions

Jun. 30, 2019

Jul. 01, 2018

Jun. 30, 2018

Accumulated Other Comprehensive Income Loss [Line Items]

Cumulative effect of adoption of new accounting standards

^[1]

$ 0

Accumulated other comprehensive loss transferred from 21CF, net of tax

$ 157

Unrealized Holding Gains on Securities | Accounting Standards Update 2016-01

Accumulated Other Comprehensive Income Loss [Line Items]

Cumulative effect of adoption of new accounting standards

$ 130

Benefit Plan Adjustments and Other | Accounting Standards Update 2018-02

Accumulated Other Comprehensive Income Loss [Line Items]

Cumulative effect of adoption of new accounting standards

$ 13

[1]	Reflects the adoption of ASU 2016-01 and ASU 2018-02 as defined in Note 11—Stockholders’ Equity under the heading “Accumulated other comprehensive (loss) income.”

Equity-Based Compensation (Narrative) (Details) $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2019 Tranche shares	Jun. 30, 2020 USD ($) shares	Jun. 30, 2019 shares	Jun. 30, 2018 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of shares of common stock that may be issued under the SAP		65,000,000
Number of shares available for issuance under the SAP		54,000,000
Total estimated compensation cost, not yet recognized, related to non-vested equity awards \| $		$ 125
21CF 2013 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of common stock that may be issued in award conversion that do no count against the maximum number of shares that may be issued under the SAP		5,500,000
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
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock units granted	2,400,000	1,100,000
Vesting period		3 years
Number of tranches \| Tranche	2
Restricted Stock Units (RSUs) \| 21CF 2013 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock units granted			1,600,000
Restricted Stock Units (RSUs) \| 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 (RSUs) \| 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
Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock units granted		1,400,000
Vesting period		3 years
Performance Stock Units \| 21CF 2013 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock units granted				3,100,000
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%

Equity-Based Compensation (Summary of Restricted Stock Units and Target Performance Stock Units Granted to be Settled in Stock) (Details) - RSUs and PSUs - $ / shares
shares in Thousands

12 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2018

RSUs and PSUs, Number of shares

Unvested units at beginning of the year

7,660

^[1]

10,896

^[1]

7,102

2,499

1,565

^[2]

5,698

^[3]

Vested

(1,862)

(5,070)

^[4]

(1,112)

Net units granted in conversion as a result of Separation

(254)

(3,166)

(792)

1,011

^[2],[3]

Granted after conversion

2,424

Unvested units at the end of the year

^[1]

8,043

7,660

10,896

RSUs and PSUs, Weighted average grant-date fair value

Unvested units at beginning of the year

^[5]

$ 32.27

^[1]

$ 29.77

^[1]

$ 28.62

32.44

46.11

^[5]

32.21

^[5]

Vested

43.07

30.07

^[5]

34.59

^[5]

Net units granted in conversion as a result of the Separation

27.14

29.72

^[5]

30.28

^[5]

^[5]

Granted after conversion

40.11

^[5]

Unvested units at the end of the year

^[1]

$ 29.98

$ 32.27

^[5]

$ 29.77

^[5]

[1]	The intrinsic value of unvested RSUs and target PSUs as of June 30, 2020 was approximately $215 million.
[2]	^{In fiscal 2019, 21CF’s Compensation Committee granted approximately 1.6 million 21CF RSUs to certain employees of the Company that converted into FOX RSUs that will generally vest in August 2021.}
[3]	In fiscal 2018, 21CF’s Compensation Committee granted approximately 3.1 million 21CF PSUs to certain employees of the Company that converted into FOX RSUs that will vest in August 2020. In addition, 21CF’s Compensation Committee made a special grant of approximately 2.6 million 21CF restricted stock units (“Retention RSUs”) to certain of the Company’s senior executives, including 21CF named executive officers. Approximately 50% of the Retention RSUs were paid out in shares of 21CF class A common stock and the remaining 50% were converted into FOX RSUs and Disney RSUs on the same pro rata basis accorded to shareholders of 21CF common stock in the mergers contemplated by the 21CF Disney Merger Agreement and vested in fiscal 2020.
[4]	The 21CF PSUs scheduled to vest in 2019 were accelerated and paid out and 50% of the Retention RSUs were paid out in shares of 21CF class A common stock in connection with the Distribution.
[5]	^{The weighted average grant date fair value prior to the Distribution represents the fair value of awards granted with respect to 21CF class A common stock prior to the conversion of the awards to FOX equity awards. The weighted average grant date fair value of the unvested units after the conversion in fiscal 2019 represents the fair value of awards using the applicable conversion ratio}

Equity-Based Compensation (Summary of Restricted Stock Units and Target Performance Stock Units Granted to be Settled in Stock) (Parenthetical) (Details) - USD ($)
shares in Thousands, $ in Millions

1 Months Ended

12 Months Ended

Mar. 31, 2019

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2018

Performance Stock Units

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Performance Stock Units | 21CF 2013 Plan

1,400

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

3,100

RSUs and PSUs

Intrinsic value of unvested stock units

2,499

1,565

^[1]

5,698

^[2]

$ 215

Retention RSUs | Tranche Two

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Equity awards converted, percentage

50.00%

Retention RSUs | Tranche One

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Equity awards vested, percentage

50.00%

Retention RSUs | 21CF 2013 Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Restricted Stock Units (RSUs)

2,600

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Restricted Stock Units (RSUs) | Tranche Two

2,400

1,100

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Equity awards vested, percentage

50.00%

Restricted Stock Units (RSUs) | Tranche One

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Equity awards vested, percentage

50.00%

Restricted Stock Units (RSUs) | 21CF 2013 Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Outstanding at the beginning of the year

1,600

[1]

^{In fiscal 2019, 21CF’s Compensation Committee granted approximately 1.6 million 21CF RSUs to certain employees of the Company that converted into FOX RSUs that will generally vest in August 2021.}

[2]

In fiscal 2018, 21CF’s Compensation Committee granted approximately 3.1 million 21CF PSUs to certain employees of the Company that converted into FOX RSUs that will vest in August 2020. In addition, 21CF’s Compensation Committee made a special grant of approximately 2.6 million 21CF restricted stock units (“Retention RSUs”) to certain of the Company’s senior executives, including 21CF named executive officers. Approximately 50% of the Retention RSUs were paid out in shares of 21CF class A common stock and the remaining 50% were converted into FOX RSUs and Disney RSUs on the same pro rata basis accorded to shareholders of 21CF common stock in the mergers contemplated by the 21CF Disney Merger Agreement and vested in fiscal 2020.

Equity-Based Compensation (Summary of Stock Options Granted under SAP) (Details) - $ / shares
shares in Thousands

12 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Number of options

3,113

^[1]

3,838

^[2]

3,118

^[3]

Exercisable at the end of the year

(142)

(5)

^[4]

1,626

Outstanding at the end of the year

^[1]

6,809

3,113

Weighted average exercise price

Outstanding at the beginning of the year

$ 40.25

^[1]

$ 0

30.87

40.25

Outstanding at the end of the year

33.37

40.26

^[1]

35.11

40.25

Exercisable at the end of the year

^[4]

39.30

Weighted average grant-date fair value of options granted

$ 6.87

$ 8.67

Weighted average remaining contractual term of options outstanding at the end of the year

5 years 11 months 23 days

6 years 8 months 19 days

Weighted average remaining contractual term of options exercisable at the end of the year

5 years 6 months

[1]	The intrinsic value of options outstanding as of June 30, 2020 and 2019 was $2.8 million and nil, respectively.
[2]	^{The stock options granted in fiscal 2020 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.}
[3]	^{In connection with the Distribution, the Compensation Committee granted stock options in March 2019. Approximately 50% of the stock options vested on June 15, 2020 and 50% will vest on June 15, 2021 subject to a service requirement through the vesting date. The options will expire approximately seven years from the grant date.}
[4]	The intrinsic value of options exercisable as of June 30, 2020 and 2019 was $0.7 million and nil, respectively.

Equity-Based Compensation (Summary of Stock Options Granted under SAP) (Parenthetical) (Details) - USD ($)	1 Months Ended	12 Months Ended
	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Intrinsic value of options outstanding		$ 2,800,000	$ 0
Intrinsic value of options exercisable		$ 700,000	$ 0
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options expiration period	7 years	7 years
Vesting period		3 years
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 (Weighted Average Assumptions Used for Estimated Fair Value of Stock Option Grants) (Details)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected volatility	26.66%	26.50%
Risk-free interest rate	1.43%	2.41%
Expected dividend yield	1.46%	1.12%
Expected term of stock options	3 years 9 months 29 days	3 years 10 months 2 days

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

12 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2018

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity-based compensation

^[1]

$ 156

$ 103

$ 100

Intrinsic value of all settled equity-based awards

247

Tax benefit on settled equity-based awards

$ 6

$ 47

$ 9

[1]	Prior to the Distribution in March 2019, equity-based compensation included allocated expense for both executive directors and corporate executives of 21CF, allocated using a proportional allocation driver, which management has deemed to be reasonable.

Related Party Transactions and Twenty-First Century Fox, Inc. Investment (Net Revenue from Related Parties) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Related Party Transactions [Abstract]
Related party revenue	$ 302	$ 254
Related party expense	(57)	(108)
Related party revenue, net of expense	$ 245	$ 146

Related Party Transactions and Twenty-First Century Fox, Inc. Investment (Due to Related Parties) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019
Related Party Transactions [Abstract]
Due to related parties	$ 67	$ 50

Related Party Transactions and Twenty-First Century Fox, Inc. Investment (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Selling, General and Administrative Expenses [Member]
Related Party Transaction [Line Items]
General Corporate Expenses	$ 270	$ 310

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

12 Months Ended

Jun. 30, 2019

Jun. 30, 2018

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

$ (1,121)

$ 1,295

Twenty-First Century Fox, Inc. Investment

Cash pooling, general financing activities and other

^[1]

(1,502)

961

Corporate allocations

291

334

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

(6,500)

Taxes payable

^[2]

821

Deferred taxes on step-up

^[3]

5,836

Other deferred taxes

^[3]

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

$ (964)

$ 1,295

[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. As part of this activity and prior to December 31, 2017, the majority of the cash balances were swept to 21CF on a daily basis and the Company received capital from 21CF for the Company’s cash needs. Effective January 1, 2018, the Company ceased participating in 21CF’s capital and cash management accounts.
[2]	For purposes of the Company’s financial statements for the periods prior to the Distribution, the income tax (expense) benefit 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 under the heading “Basis of Presentation”) and other deferred tax adjustments recorded as of the date of the Distribution.

Commitments and Contingencies (Schedule of Commitments) (Details) - USD ($)

Jun. 30, 2020

Jun. 30, 2019

Operating leases

Total lease payments

$ 668,000,000

Operating leases, due 1 year or less

^[1]

135,000,000

Operating leases, due 2-3 years

190,000,000

Operating leases, due 4-5 years

174,000,000

Operating leases, due after 5 years

169,000,000

Long-term Debt, Fiscal Year Maturity [Abstract]

Total borrowings

8,000,000,000

$ 6,800,000,000

Borrowings, due 1 year or less

Borrowings, due 2-3 years

750,000,000

Borrowings, due 4-5 years

1,850,000,000

Borrowings, due after 5 years

5,400,000,000

Contractual Obligation, Fiscal Year Maturity [Abstract]

Total commitments, borrowings and contractual obligations

37,332,000,000

Total commitments, borrowings and contractual obligations, due 1 year or less

5,006,000,000

Total commitments, borrowings and contractual obligations, due 2-3 years

10,470,000,000

Total commitments, borrowings and contractual obligations, due 4-5 years

6,379,000,000

Total commitments, borrowings and contractual obligations, due after 5 years

15,477,000,000

Other Commitment, Fiscal Year Maturity [Abstract]

Total other commitments and contractual obligations

812,000,000

Other commitments and contractual obligations, due 1 year or less

224,000,000

Other commitments and contractual obligations, due 2-3 years

347,000,000

Other commitments and contractual obligations, due 4-5 years

99,000,000

Other commitments and contractual obligations, due after 5 years

142,000,000

Sports Programming Rights

Contractual Obligation, Fiscal Year Maturity [Abstract]

Total commitments, borrowings and contractual obligations

27,146,000,000

Total commitments, borrowings and contractual obligations, due 1 year or less

4,136,000,000

Total commitments, borrowings and contractual obligations, due 2-3 years

9,043,000,000

Total commitments, borrowings and contractual obligations, due 4-5 years

4,201,000,000

Total commitments, borrowings and contractual obligations, due after 5 years

9,766,000,000

Entertainment Programming Rights

Contractual Obligation, Fiscal Year Maturity [Abstract]

Total commitments, borrowings and contractual obligations

706,000,000

Total commitments, borrowings and contractual obligations, due 1 year or less

511,000,000

Total commitments, borrowings and contractual obligations, due 2-3 years

140,000,000

Total commitments, borrowings and contractual obligations, due 4-5 years

55,000,000

Total commitments, borrowings and contractual obligations, due after 5 years

$ 0

[1]	Included in the fiscal 2021 lease payments presented above are approximately $15 million for office facilities that have been subleased through November 2020 to News Corporation.

Commitments and Contingencies (Narrative) (Details) - USD ($)
$ in Millions

12 Months Ended

Nov. 20, 2017

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2018

Net benefit liability recognized for pension and other postretirement benefit plans

$ 725

U.K. Newspaper Matters Indemnity

Liability related to indemnity

$ 50

Shareholder Litigation

Litigation settlement expense

$ 22

Settlement amount to be received from insurer

$ 90

Settlement amount, net of attorneys' fees and expenses

^[1]

$ 0

$ 68

Profits Participants Litigation

Litigation settlement expense

$ 58

[1]	See Note 14—Commitments and Contingencies under the heading “Shareholder Litigation.”

Pension and Other Postretirement Benefits-Defined Benefit (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Defined Benefit Plan Disclosure [Line Items]
Accumulated other comprehensive loss transferred from 21CF, net of tax		$ 157
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Assets received from 21CF	$ 0	630
Projected benefit obligations assumed from 21CF	0	765
Accumulated other comprehensive loss transferred from 21CF		188
Accumulated other comprehensive loss transferred from 21CF, net of tax		143
Accumulated benefit obligation	$ 1,273	1,113
Pension Benefits \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations (percentage)	50.00%
Pension Benefits \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations (percentage)	25.00%
Pension Benefits \| Other
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations (percentage)	25.00%
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Assets received from 21CF	$ 0	0
Projected benefit obligations assumed from 21CF	$ 0	98
Accumulated other comprehensive loss transferred from 21CF		18
Accumulated other comprehensive loss transferred from 21CF, net of tax		$ 14

Pension and Other Postretirement Benefits (Schedule of Projected Benefit Obligation, Changes in Fair Value of Plan Assets and Funded Status) (Details) - USD ($)
$ in Millions

12 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Change in the fair value of plan assets for the Company's benefit plans:

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

$ 247

$ 249

Pension Benefits

Projected benefit obligation, beginning of the year

1,255

322

(21)

(17)

Liabilities assumed from 21CF

^[1]

(45)

(16)

Actuarial losses (gains)

^[2]

145

148

765

Projected benefit obligation, end of the year

1,409

1,255

Change in the fair value of plan assets for the Company's benefit plans:

Fair value of plan assets, beginning of the year

800

Actual return on plan assets

Employer contributions

(21)

(17)

Assets received from 21CF

^[1]

(45)

(16)

630

Fair value of plan assets, end of the year

788

800

Funded status

^[3]

(621)

(455)

Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]

^[3]

247

249

Postretirement Benefits

Projected benefit obligation, beginning of the year

103

(3)

(1)

Liabilities assumed from 21CF

^[1]

Actuarial losses (gains)

^[2]

(1)

Projected benefit obligation, end of the year

(1)

104

103

Change in the fair value of plan assets for the Company's benefit plans:

Fair value of plan assets, beginning of the year

Actual return on plan assets

Employer contributions

(3)

(1)

Assets received from 21CF

^[1]

Fair value of plan assets, end of the year

Funded status

^[3]

(104)

(103)

^[3]

$ 0

[1]	Represents the full settlement of former employees deferred pension benefit obligations through lump sum payments.
[2]	The actuarial losses (gains) for June 30, 2020 and 2019 were mainly due to a change in the discount rate assumption utilized in measuring plan obligations.
[3]	The Company has established an irrevocable grantor trust (the “Grantor Trust”), administered by an independent trustee, with the intention of making cash contributions to the Trust to fund certain future pension benefit obligations of the Company. The assets in the Grantor Trust are unsecured funds of the Company and can be used to satisfy the Company’s obligations in the event of bankruptcy or insolvency.

Pension and Other Postretirement Benefits (Schedule of Amounts Recognized in Balance Sheets) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019
Defined Benefit Plan Disclosure [Line Items]
Net amount recognized	$ (725)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Accrued pension liabilities	(621)	$ (455)
Net amount recognized	(621)	(455)
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Accrued pension liabilities	(104)	(103)
Net amount recognized	$ (104)	$ (103)

Pension and Other Postretirement Benefits (Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Actuarial losses	$ 533	$ 385
Prior service cost	3	3
Net amounts recognized	536	388
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Actuarial losses	20	22
Prior service cost	0	0
Net amounts recognized	$ 20	$ 22

Pension and Other Postretirement Benefits (Schedule of Accumulated Benefit Obligation Exceeds Fair Value of Plan Assets) (Details) - Pension Benefits - USD ($)
$ in Millions

Jun. 30, 2020

Jun. 30, 2019

Accumulated benefit obligation

$ 1,273

$ 1,113

Funded Plans

Projected benefit obligation

1,096

976

Accumulated benefit obligation

971

842

Fair value of plan assets

788

800

Unfunded Plans

Projected benefit obligation

313

279

Accumulated benefit obligation

302

271

Fair value of plan assets

^[1]

$ 0

[1]	The fair value of the assets in the Grantor Trust as of June 30, 2020 and 2019 was $247 million and $249 million, respectively

Pension and Other Postretirement Benefits (Schedule of Accumulated Benefit Obligation Exceeds Fair Value of Plan Assets) (Parenthetical) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019
Compensation And Retirement Disclosure [Abstract]
Grantor Trust assets	$ 247	$ 249

Pension and Other Postretirement Benefits (Schedule of Components of Periodic Benefit Costs) (Details) - USD ($)
$ in Millions

12 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2018

^[1]

$ 0

$ 53

Pension Benefits

Total periodic benefit costs

Pension Benefits | Direct Plans

Expected return on plan assets

(55)

(30)

(5)

Amortization of deferred losses

Pension Benefits | Shared Plans

Postretirement Benefits

Total periodic benefit costs

Postretirement Benefits | Direct Plans

Expected return on plan assets

Amortization of deferred losses

(1)

Postretirement Benefits | Shared Plans

Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]

$ 0

[1]	The settlement loss was primarily related to the legacy plans (See Note 15—Pension and Other Postretirement Benefits).

Pension and Other Postretirement Benefits (Schedule of Assumptions Used) (Details)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Pension Benefits
Weighted-average assumptions used to determine benefit obligations
Discount rate	2.80%	3.60%	4.20%
Weighted-average assumptions used to determine net periodic benefit costs
Expected return on plan assets	7.00%	7.00%	7.00%
Pension Benefits \| Service Cost
Weighted-average assumptions used to determine net periodic benefit costs
Discount rate	3.70%	4.60%	4.10%
Pension Benefits \| Interest Cost
Weighted-average assumptions used to determine net periodic benefit costs
Discount rate	3.20%	4.10%	3.10%
Postretirement Benefits
Weighted-average assumptions used to determine benefit obligations
Discount rate	2.80%	3.60%
Postretirement Benefits \| Service Cost
Weighted-average assumptions used to determine net periodic benefit costs
Discount rate	3.80%	4.40%
Postretirement Benefits \| Interest Cost
Weighted-average assumptions used to determine net periodic benefit costs
Discount rate	3.20%	3.90%

Pension and Other Postretirement Benefits (Health Care Cost Trend Rates) (Details) - Postretirement Benefits	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract]
Health care cost trend rate	7.30%	7.80%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.50%	4.50%
Year that the rate reaches the ultimate trend rate	2039	2039

Pension and Other Postretirement Benefits (Schedule of Expected Estimated Benefit Payments) (Details) $ in Millions	Jun. 30, 2020 USD ($)
Pension Benefits
Fiscal year
2021	$ 61
2022	58
2023	58
2024	60
2025	62
2026-2030	346
Postretirement Benefits
Fiscal year
2021	4
2022	5
2023	5
2024	5
2025	5
2026-2030	$ 26

Pension and Other Postretirement Benefits (Schedule of Weighted Average Asset Allocations by Asset Category) (Details) - Pension Benefits	Jun. 30, 2020	Jun. 30, 2019
Defined Benefit Plan Disclosure [Line Items]
Benefit plan weighted-average asset allocations percentage	100.00%	100.00%
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Benefit plan weighted-average asset allocations percentage	51.00%	47.00%
Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Benefit plan weighted-average asset allocations percentage	21.00%	18.00%
Other, including cash
Defined Benefit Plan Disclosure [Line Items]
Benefit plan weighted-average asset allocations percentage	28.00%	35.00%

Pension and Other Postretirement Benefits-Defined Contribution Plans (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Compensation And Retirement Disclosure [Abstract]
Defined Contribution plans, employer contribution	$ 44	$ 39	$ 38

Income Taxes (Schedule of Components of Provision for Income Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Income Tax Provision, Continuing Operations [Abstract]
Federal	$ 110	$ 127	$ 481
State, local and other	9	68	64
Total current	119	195	545
Deferred	283	386	(603)
Provision for income taxes	$ 402	$ 581	$ (58)

Income Taxes (Tax Rate Reconciliation) (Details)

12 Months Ended

Mar. 19, 2019

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2018

Jun. 30, 2017

U.S. federal income tax rate

21.00%

28.00%

35.00%

Impact of U.S. tax reform

^[1]

0.00%

(28.00%)

State and local taxes

4.00%

Nondeductible compensation

2.00%

0.00%

Valuation allowance movements

1.00%

0.00%

(3.00%)

Adjustments for tax matters, net

(1.00%)

0.00%

(1.00%)

Domestic production activities deduction

0.00%

(2.00%)

Operating lease liabilities

0.00%

1.00%

(1.00%)

Effective tax rate

25.00%

27.00%

26.00%

(3.00%)

[1]

Income Taxes (Tax Rate Reconciliation) (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
U.S. federal income tax rate	21.00%	21.00%	28.00%	35.00%
Provisional net tax benefit			$ 607

Income Taxes (Deferred Tax Assets (Liabilities)) (Details) - USD ($)
$ in Millions

Jun. 30, 2020

Jun. 30, 2019

Deferred tax assets

Basis difference

^[1]

$ 4,176

$ 4,574

140

Pension benefit obligations

Equity-based compensation

Accrued liabilities

Net operating loss carryforwards

107

Total deferred tax assets

120

4,619

4,821

Deferred tax liabilities

Operating lease ROU assets

(133)

Sports rights contracts

(110)

(164)

Total deferred tax liabilities

(243)

(164)

Net deferred tax asset before valuation allowance

4,376

4,657

Less: valuation allowance

(20)

(6)

Total net deferred tax assets

^[2]

$ 4,356

$ 4,651

[1]

[2]

Includes a $2 million deferred tax liability recorded in Other liabilities on the Consolidated Balance Sheet as of June 30, 2020.

Income Taxes (Deferred Tax Assets (Liabilities)) (Parenthetical) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Mar. 19, 2019
Income Tax Disclosure [Line Items]
Other deferred tax liability	$ 2
Separation and Distribution
Income Tax Disclosure [Line Items]
Estimated tax liability included in Transaction Tax paid		$ 5,800

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 28	$ 107
Deferred tax assets attributable to capital loss carryforwards	$ 10
Capital loss carryforwards period	5 years
Valuation allowance	$ 20	6
Liabilities for accrued interest related to uncertain tax benefits	22	26
Unrecognized tax benefits that would impact effective tax rate	$ 58	$ 74

Income Taxes (Uncertain Tax Positions) (Details) - USD ($)
$ in Millions

12 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2018

Change in accrual for uncertain tax positions, excluding interest and penalties

Balance, beginning of year

$ 94

$ 91

$ 110

Additions for prior year tax positions

Additions for current year tax positions

Reduction for prior year tax positions

(24)

^[1]

(13)

(20)

Balance, end of year

$ 73

$ 94

$ 91

[1]	The reduction for prior year tax positions in fiscal 2020 includes $21 million from the expiration of statutes of limitations.

Income Taxes (Uncertain Tax Positions) (Parenthetical) (Details) $ in Millions	12 Months Ended
	Jun. 30, 2020 USD ($)
Income Tax Disclosure [Abstract]
Reduction for prior year tax positions from the expiration of statutes of limitations	$ 21

Segment Information (Narrative) (Details)	12 Months Ended
Segment Information (Narrative) (Details)	Jun. 30, 2020 Customer Fullpowertvstation Duopoly	Jun. 30, 2019 Customer	Jun. 30, 2018 Customer
Customer Concentration Risk \| Revenue from Contract with Customer
Segment Reporting Information [Line Items]
Number of major customers \| Customer	0	1	1
Concentration Risk, Percentage		11.00%	10.00%
Customer Concentration Risk \| Revenue from Contract with Customer \| Minimum
Segment Reporting Information [Line Items]
Concentration Risk, Percentage	10.00%
Television Segment \| US
Segment Reporting Information [Line Items]
Full power broadcast television stations	29
Duopolies \| Duopoly	11
FOX Network \| Television Segment \| US
Segment Reporting Information [Line Items]
Full power broadcast television stations	18
MyNetworkTV \| Television Segment \| US
Segment Reporting Information [Line Items]
Full power broadcast television stations	10
Independent Station \| Television Segment \| US
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

12 Months Ended

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2018

Amortization of cable distribution investments

$ 2,418

$ 3,440

$ 3,778

$ 2,667

$ 2,513

$ 2,752

$ 3,583

$ 2,541

$ 12,303

$ 11,389

$ 10,153

(24)

(38)

(53)

Impairment and restructuring charges

(258)

(212)

(171)

(442)

(451)

(26)

(16)

Interest expense

(369)

(203)

(43)

Interest income

Other, net

(248)

(19)

(39)

Income before income tax (expense) benefit

1,464

2,224

2,170

Income tax (expense) benefit

(402)

(581)

Less: Net income attributable to noncontrolling interests

1,062

1,643

2,228

^[1]

(63)

(48)

(41)

Net income attributable to Fox Corporation stockholders

$ 122

^[2]

$ 78

^[2]

$ 300

^[2]

$ 499

^[2]

$ 454

^[2]

$ 529

^[2]

$ 8

^[2]

$ 604

^[2]

999

1,595

2,187

Operating Segments | Cable Network Programming Segment

5,492

5,381

5,049

Segment EBITDA

2,706

2,495

2,308

Operating Segments | Television Segment

(59)

(48)

(38)

6,661

5,979

5,106

Segment EBITDA

430

470

379

Operating Segments | Other, Corporate and Eliminations Segment

(73)

(96)

(112)

150

(2)

Segment EBITDA

(357)

(284)

(195)

$ (126)

$ (68)

$ (21)

[1]

Net income attributable to noncontrolling interests includes $33 million, $33 million and $41 million for the fiscal years ended June 30, 2020, 2019 and 2018, respectively, relating to redeemable noncontrolling interests.

[2]

Segment Information (Summary of Revenues by Segment by Component to Consolidated) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Disaggregation Of Revenue [Line Items]
Revenues	$ 2,418	$ 3,440	$ 3,778	$ 2,667	$ 2,513	$ 2,752	$ 3,583	$ 2,541	$ 12,303	$ 11,389	$ 10,153
Operating Segments \| Cable Network Programming Segment
Disaggregation Of Revenue [Line Items]
Revenues									5,492	5,381	5,049
Operating Segments \| Cable Network Programming Segment \| Affiliate Fee
Disaggregation Of Revenue [Line Items]
Revenues									3,870	3,804	3,541
Operating Segments \| Cable Network Programming Segment \| Advertising
Disaggregation Of Revenue [Line Items]
Revenues									1,164	1,184	1,120
Operating Segments \| Cable Network Programming Segment \| Other
Disaggregation Of Revenue [Line Items]
Revenues									458	393	388
Operating Segments \| Television Segment
Disaggregation Of Revenue [Line Items]
Revenues									6,661	5,979	5,106
Operating Segments \| Television Segment \| Affiliate Fee
Disaggregation Of Revenue [Line Items]
Revenues									2,038	1,708	1,382
Operating Segments \| Television Segment \| Advertising
Disaggregation Of Revenue [Line Items]
Revenues									4,169	3,872	3,478
Operating Segments \| Television Segment \| Other
Disaggregation Of Revenue [Line Items]
Revenues									454	399	246
Operating Segments \| Other, Corporate and Eliminations Segment
Disaggregation Of Revenue [Line Items]
Revenues									$ 150	$ 29	$ (2)

Segment Information (Narrative) (Details 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-07-01 $ in Billions	12 Months Ended
	Jun. 30, 2020 USD ($)
Segment Reporting Information [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 5.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation	revenues are expected to be recognized primarily over the next one to three years.
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 and Reconciliation of Capital Expenditures from Segments to Consolidated) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 258	$ 212	$ 171
Capital expenditures	359	235	215
Operating Segments \| Cable Network Programming Segment
Segment Reporting Information [Line Items]
Depreciation and amortization	59	48	38
Capital expenditures	43	83	64
Operating Segments \| Television Segment
Segment Reporting Information [Line Items]
Depreciation and amortization	73	96	112
Capital expenditures	72	71	89
Operating Segments \| Other, Corporate and Eliminations Segment
Segment Reporting Information [Line Items]
Depreciation and amortization	126	68	21
Capital expenditures	$ 244	$ 81	$ 62

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

Jun. 30, 2020

Jun. 30, 2019

Operating Segments | Cable Network Programming Segment

$ 21,750

$ 19,509

Investments

^[1]

618

865

Operating Segments | Television Segment

2,591

2,584

Operating Segments | Other, Corporate and Eliminations Segment

7,054

6,598

Net income attributable to Fox Corporation stockholders

$ 11,487

$ 9,462

[1]	Includes investments accounted for at fair value on a recurring basis of $531 million and $761 million as of June 30, 2020 and 2019, respectively (See Note 6—Fair Value).

Segment Information (Reconciliation of Goodwill and Intangible Assets, Net from Segments to Consolidated) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Goodwill and intangible assets, net	$ 6,607	$ 5,542
Operating Segments \| Cable Network Programming Segment
Segment Reporting Information [Line Items]
Goodwill and intangible assets, net	1,287	1,246
Operating Segments \| Television Segment
Segment Reporting Information [Line Items]
Goodwill and intangible assets, net	4,630	3,891
Operating Segments \| Other, Corporate and Eliminations Segment
Segment Reporting Information [Line Items]
Goodwill and intangible assets, net	$ 690	$ 405

Earnings Per Share (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

12 Months Ended

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

^[1]

Mar. 31, 2019

^[1]

Dec. 31, 2018

^[1]

Sep. 30, 2018

^[1]

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2018

Earnings Per Share [Abstract]

$ 122

^[1]

$ 78

^[1]

$ 300

^[1]

$ 499

^[1]

$ 454

$ 529

$ 8

$ 604

$ 999

$ 1,595

$ 2,187

Weighted average shares - basic

^[2]

613

621

Shares issuable under equity-based compensation plans

^[3]

Weighted average shares - diluted

^[2]

616

621

Net income attributable to Fox Corporation stockholders per share - basic

$ 0.20

$ 0.13

$ 0.49

$ 0.80

$ 1.63

$ 2.57

$ 3.52

Net income attributable to Fox Corporation stockholders per share - diluted

$ 0.20

$ 0.13

$ 0.48

$ 0.80

$ 1.62

$ 2.57

$ 3.52

[1]	See Note 5—Inventories, net and Note 21—Additional Financial Information under the heading “Other, net” for details of infrequent items recorded during the fiscal year. In addition, the Company recorded impairment and restructuring charges of $442 million, or $0.73 per basic and diluted share, during the fourth quarter of fiscal 2020 (See Note 4—Restructuring Programs for additional information).
[2]	^{For all periods presented that ended prior to the date of the Distribution, 621 million shares have been utilized for the calculation of basic and diluted earnings per share as no shares of common stock or equity-based awards of the Company were outstanding prior to that date (See Note 2—Summary of Significant Accounting Policies under the heading “Earnings per share” for additional information).}
[3]	^{Weighted average common shares include the incremental shares that would be issued upon the assumed vesting of RSUs, PSUs and stock options if the effect is dilutive (See Note 12—Equity-Based Compensation).}

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Selected Quarterly Financial Information [Abstract]

Earnings Per Share (Computation of Basic and Diluted Earnings Per Share) (Parenthetical) (Details) - shares shares in Millions	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Shares utilized for calculation of basic and diluted earnings per share	621	621

Quarterly Data (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

12 Months Ended

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2018

Net income attributable to Fox Corporation stockholders

$ 2,418

$ 3,440

$ 3,778

$ 2,667

$ 2,513

$ 2,752

$ 3,583

$ 2,541

$ 12,303

$ 11,389

$ 10,153

$ 122

^[1]

$ 78

^[1]

$ 300

^[1]

$ 499

^[1]

$ 454

^[1]

$ 529

^[1]

$ 8

^[1]

$ 604

^[1]

$ 999

$ 1,595

$ 2,187

Net income attributable to Fox Corporation stockholders per share - basic

$ 0.20

$ 0.13

$ 0.49

$ 0.80

$ 1.63

$ 2.57

$ 3.52

Net income attributable to Fox Corporation stockholders per share - diluted

0.20

0.13

0.48

0.80

1.62

2.57

$ 3.52

Net income attributable to Fox Corporation stockholders per share - basic and diluted

^[2]

$ 0.73

$ 0.85

$ 0.01

$ 0.97

Class A Common Stock | Maximum

Selected Quarterly Financial Information [Abstract]

Class A Common Stock | Minimum

^[3]

32.48

39.34

37.57

37.82

39.40

41.70

32.48

39.40

Selected Quarterly Financial Information [Abstract]

Class B Common Stock | Maximum

^[3]

22.30

20.20

30.06

31.44

34.01

36.40

22.30

34.01

Selected Quarterly Financial Information [Abstract]

Class B Common Stock | Minimum

^[3]

31.68

38.58

36.80

37.85

38.74

41.02

31.68

38.74

Selected Quarterly Financial Information [Abstract]

Selected Quarterly Financial Information [Abstract]

^[3]

$ 21.57

$ 19.81

$ 30.04

$ 31.44

$ 33.68

$ 35.67

$ 0

$ 21.57

$ 33.68

[1]	See Note 5—Inventories, net and Note 21—Additional Financial Information under the heading “Other, net” for details of infrequent items recorded during the fiscal year. In addition, the Company recorded impairment and restructuring charges of $442 million, or $0.73 per basic and diluted share, during the fourth quarter of fiscal 2020 (See Note 4—Restructuring Programs for additional information).
[2]	For all periods presented that ended prior to the date of the Distribution, 621 million shares have been utilized for the calculation of basic and diluted earnings per share as no shares of common stock or equity-based awards of the Company were outstanding prior to that date (See Note 2—Summary of Significant Accounting Policies under the heading “Earnings per share” for additional information).
[3]	The stock prices reflect the reported high and low sales prices for the Class A Common Stock and Class B Common Stock, as reported on Nasdaq under the symbols “FOXA” and “FOX,” respectively, since March 13, 2019, the date that the Company’s Common Stock began "when-issued" trading.

Quarterly Data (Unaudited) (Parenthetical) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

12 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2018

Impairment and restructuring charges

$ 442

$ 451

$ 26

$ 16

Net income attributable to Fox Corporation stockholders per share - basic and diluted

^[1]

$ 0.73

$ 0.85

$ 0.01

$ 0.97

Shares utilized for calculation of basic and diluted earnings per share

621

Impairment and Restructuring

Selected Quarterly Financial Information [Abstract]

Net income attributable to Fox Corporation stockholders per share - basic and diluted

$ 0.73

[1]

Valuation and Qualifying Accounts (Details) - USD ($)
$ in Millions

12 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2018

Allowances for doubtful accounts

Movement in Valuation Allowances and Reserves [Roll Forward]

Balance as of beginning of year

$ (35)

$ (28)

$ (68)

(63)

(15)

Utilization

Balance as of end of year

(93)

(35)

(28)

Deferred tax valuation allowance

Movement in Valuation Allowances and Reserves [Roll Forward]

Balance as of beginning of year

(6)

(45)

(143)

(19)

(10)

(11)

Utilization

109

Balance as of end of year

^[1]

$ (20)

$ (6)

$ (45)

[1]	^{Represents the allocation of the deferred tax valuation allowance between 21CF and the Company in accordance with the Distribution (See Note 1—Description of Business and Basis of Presentation under the heading “Basis of Presentation”).}

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

12 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2018

Other Non Operating Income Expense [Line Items]

Transaction costs

^[1]

$ (125)

$ (199)

$ (103)

U.K. Newspaper Matters Indemnity

^[2]

(90)

(58)

(29)

Net gains on investments in equity securities

^[3]

268

Settlement loss related to pension plans

^[4]

(53)

Television Broadcast Station Spectrum

(47)

(42)

(33)

Total other, net

(248)

(19)

(39)

Other Non Operating Income Expense [Line Items]

Gain on spectrum relinquishment

^[5]

102

Shareholder Litigation

Other Non Operating Income Expense [Line Items]

Shareholder litigation settlement

^[6]

$ 0

$ 68

[1]	The transaction costs are primarily related to the Separation and the Distribution which includes retention related costs and for fiscal 2020 include costs associated with the profits participants litigation (See Note 14—Commitments and Contingencies under the heading “Profits Participants Litigation”).
[2]	See Note 14—Commitments and Contingencies under the heading “U.K. Newspaper Matters Indemnity.”
[3]	Net gains on investments in equity securities for fiscal 2020 included the loss related to the change in fair value of the Company’s investment in Roku, which was sold in March 2020 (See Note 3—Acquisitions, Disposals and Other Transactions under the heading “Roku”).
[4]	The settlement loss was primarily related to the legacy plans (See Note 15—Pension and Other Postretirement Benefits).
[5]	See Note 3—Acquisitions, Disposals and Other Transactions under the heading “Fiscal 2018.”
[6]	See Note 14—Commitments and Contingencies under the heading “Shareholder Litigation.”

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

Jun. 30, 2020

Jun. 30, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Investments

^[1]

$ 618

$ 865

Operating lease ROU assets

539

247

249

Inventories, net

202

205