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News Corp (NWS) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, June 30, 2020

News Corp

CIK: 1564708 Ticker: NWS
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Exhibit 99.1
NEWS CORPORATION REPORTS FOURTH QUARTER AND FULL YEAR RESULTS FOR FISCAL 2020
FISCAL 2020 FOURTH QUARTER KEY FINANCIAL HIGHLIGHTS

Beginning with the fourth quarter, the Company is presenting Dow Jones as a separate reportable segment, which better highlights its growth and value; Dow Jones Segment EBITDA grew 13% in the fourth quarter
Revenues were $1.92 billion, a 22% decline compared to $2.47 billion in the prior year, primarily driven by the negative impacts related to COVID-19 and the sale of News America Marketing
Net loss of $(401) million, which includes non-cash impairment charges of $292 million and higher restructuring costs due to COVID-19, compared to $(42) million in the prior year
Total Segment EBITDA was $195 million compared to $269 million in the prior year; decline reflects the negative impacts related to COVID-19 and the sale of News America Marketing
Reported EPS were $(0.67) compared to $(0.09) in the prior year – Adjusted EPS were $(0.03) compared to $0.07 in the prior year
In the fourth quarter, Segment EBITDA at Book Publishing grew 9%, partly as a result of the strong performance in digital revenues which increased 26% and represented 29% of its Consumer revenues
Move, operator of realtor.com®, increased its profit contribution in the fourth quarter and saw record traffic in June with over 30% growth in unique users
In the quarter, Dow Jones achieved record average subscriptions of 3.8 million to its consumer products, led by 28% growth in digital-only subscriptions, including 23% growth in digital-only subscriptions at The Wall Street Journal

NEW YORK, NY – August 6, 2020 –
News Corporation (“News Corp” or the “Company”) (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) today reported financial results for the three months and fiscal year ended June 30, 2020.
Commenting on the results, Chief Executive Robert Thomson said:

“The resegmentation of News Corp is a particularly historic moment and a fulfillment of our pledge to make the Company more transparent and its potential more obvious. The presentation of Dow Jones as a separate segment highlights what we believe are two incontrovertible facts: the substantial and growing value of that business; and its superior profit profile and prospects compared to those of our nearest competitor. In what has been a difficult year for many media companies, Dow Jones reported a 13 percent increase in Segment EBITDA, based on the strength of its Professional Information Business, digital growth and the pre-eminence of The Wall Street Journal.

Across the Company, we have taken stringent action to reduce costs, and the benefits of those cuts will be felt in coming quarters. We have also launched a Shared Services program that we believe will transform the Company, by centralizing many of our functions. We are confident that this program should appreciably cut costs and expect it to have a materially positive impact on our bottom line.

The closure in Australia of many of our storied print editions and the renewed emphasis on digital was evidence of our willingness to be decisive at a historic inflection point. One result of our candid approach on costs was that, despite the COVID-19 impact, our cash position strengthened to $1.5 billion from $1.3 billion as of December 31st. We also saw increased profitability at Foxtel and our campaign to reset sports rights prices was successful. Just this week, we crossed the one million OTT paying subscribers mark, setting a new record thanks to our expanded streaming strategy.

The changed terms of trade with the digital platforms is having a positive impact on our earnings. For News Corp, this favorable outcome would not have been possible without the leadership of Rupert and Lachlan Murdoch, and
1

The following information was filed by News Corp (NWS) on Thursday, August 6, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside News Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Comprehensive Loss (Parenthetical)
Consolidated Statements Of Equity
Consolidated Statements Of Operations
Acquisitions, Disposals And Other Transactions
Acquisitions, Disposals And Other Transactions (Tables)
Acquisitions, Disposals And Other Transactions - Additional Information (Detail)
Acquisitions, Disposals And Other Transactions - Assets And Liabilities Disposed Of (Details)
Acquisitions, Disposals And Other Transactions - Schedule Of Fair Value Of Assets Acquired And Liabilities Assumed (Detail)
Acquisitions, Disposals And Other Transactions - Schedule Of Total Aggregate Purchase Price Transaction Value/ Fair Value Of Acquisition (Detail)
Additional Financial Information
Additional Financial Information (Tables)
Additional Financial Information - Components Of Accumulated Other Comprehensive Loss (Detail)
Additional Financial Information - Components Of Other Current Liabilities (Detail)
Additional Financial Information - Components Of Other Non-Current Assets (Detail)
Additional Financial Information - Components Of Other, Net Included In Statement Of Operations (Detail)
Additional Financial Information - Summary Of Supplemental Cash Flow Information (Detail)
Borrowings
Borrowings (Tables)
Borrowings - Additional Information (Detail)
Borrowings - Schedule Of Borrowings (Detail)
Borrowings - Schedule Of Borrowings Footnotes (Detail)
Borrowings - Scheduled Of Debt Maturities Excluding Other Obligations And Debt Issuance Costs (Detail)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Detail)
Commitments And Contingencies - Schedule Of Commitments By Fiscal Year Maturity (Detail)
Description Of Business And Basis Of Presentation
Description Of Business And Basis Of Presentation (Detail)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Tables)
Earnings (Loss) Per Share - Computation Of Basic And Diluted Earnings (Loss) Per Share (Detail)
Equity-Based Compensation
Equity-Based Compensation (Tables)
Equity-Based Compensation - Additional Information (Detail)
Equity-Based Compensation - Summary Of Activity From Continuing And Discontinued Operations Related To Target Psus And Rsus Settled In Shares (Detail)
Equity-Based Compensation - Summary Of Equity-Based Compensation Expense From Continuing Operations (Detail)
Equity-Based Compensation - Summary Of Stock Option Transactions (Detail)
Equity-Based Compensation - Summary Of Stock Option Transactions Footnote (Detail)
Financial Instruments And Fair Value Measurements
Financial Instruments And Fair Value Measurements (Tables)
Financial Instruments And Fair Value Measurements - Additional Information (Detail)
Financial Instruments And Fair Value Measurements - Schedule Of Fair Value Hedging Relationship By Balance Sheet (Details)
Financial Instruments And Fair Value Measurements - Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis (Detail)
Financial Instruments And Fair Value Measurements - Summary Of Derivative Instruments Designated As Cash Flow Hedges (Detail)
Financial Instruments And Fair Value Measurements - Summary Of Equity Securities Classified As Level 3 (Detail)
Financial Instruments And Fair Value Measurements - Summary Of Hedges Classified As Current Or Non-Current In Balance Sheets Based On Maturity Dates (Detail)
Financial Instruments And Fair Value Measurements - Summary Of Mandatorily Redeemable Noncontrolling Interest Liabilities Classified Level 3 (Detail)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Additional Information (Detail)
Goodwill And Other Intangible Assets - Schedule Of Carrying Values Of Intangible Assets And Related Accumulated Amortization (Detail)
Goodwill And Other Intangible Assets - Schedule Of Changes In Carrying Value Of Goodwill, By Segment (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Change In Unrecognized Tax Benefits, Excluding Interest And Penalties (Detail)
Income Taxes - Effective Income Tax Rate Reconciliation (Detail)
Income Taxes - Schedule Of (Loss) Income From Continuing Operations Before Income Tax Expense (Benefit) Attributable To Jurisdictions (Detail)
Income Taxes - Schedule Of Components Of Deferred Tax Assets And Liabilities (Detail)
Income Taxes - Schedule Of Components Of Income Tax Expense (Benefit) (Detail)
Income Taxes - Schedule Of Income Tax Net Operating Loss Carryforwards (Nols) (Gross, Net Uncertain Tax Benefits) (Detail)
Income Taxes - Summary Of Recognized Deferred Income Taxes In Balance Sheets (Detail)
Investments
Investments (Tables)
Investments - Additional Information (Detail)
Investments - Schedule Of Investments (Detail)
Investments - Schedule Of Losses Of Equity Affiliates (Detail)
Investments - Schedule Of Summarized Financial Information (Detail)
Investments - Schedule Of Total Gains And Losses On Equity Securities (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Schedule Of Additional Information Related To Leases (Detail)
Leases - Schedule Of Future Minimum Lease Payments Under Non-Cancellable Leases (Detail)
Leases - Schedule Of Total Lease Cost (Detail)
Other Postretirement Benefits
Other Postretirement Benefits - Additional Information (Detail)
Property, Plant And Equipment
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Additional Information (Detail)
Property, Plant And Equipment - Components Of Property, Plant And Equipment (Detail)
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) (Tables)
Quarterly Data (Unaudited) - Schedule Of Quarterly Financial Information (Detail)
Redeemable Preferred Stock
Redeemable Preferred Stock - Additional Information (Detail)
Related Party Transactions
Related Party Transactions (Tables)
Related Party Transactions - Schedule Of Amount Of Receivables Due From And Payable To Related Parties (Detail)
Related Party Transactions - Schedule Of Net Revenue From Related Parties (Detail)
Restructuring Programs
Restructuring Programs (Tables)
Restructuring Programs - Additional Information (Detail)
Restructuring Programs - Schedule Of Changes In Restructuring Program Liabilities (Detail)
Retirement Benefit Obligations
Retirement Benefit Obligations (Tables)
Retirement Benefit Obligations - Additional Information (Detail)
Retirement Benefit Obligations - Schedule Of Accumulated And Projected Benefit Obligations And Fair Value Of Plan Assets For Funded And Unfunded Pension Plans (Detail)
Retirement Benefit Obligations - Schedule Of Accumulated Benefit Obligation Exceeds Fair Value Of Plan Assets (Detail)
Retirement Benefit Obligations - Schedule Of Allocation Of Plan Assets (Detail)
Retirement Benefit Obligations - Schedule Of Amounts Recognized In Accumulated Other Comprehensive Loss (Detail)
Retirement Benefit Obligations - Schedule Of Amounts Recognized In Balance Sheets (Detail)
Retirement Benefit Obligations - Schedule Of Assumptions Used (Detail)
Retirement Benefit Obligations - Schedule Of Change In Projected Benefit Obligation, Change In Fair Value Of Plan Assets And Funded Status (Detail)
Retirement Benefit Obligations - Schedule Of Components Of Net Periodic Costs (Income) (Detail)
Retirement Benefit Obligations - Schedule Of Expected Benefit Payments (Detail)
Retirement Benefit Obligations - Schedule Of Health Care Cost Trend Rates (Detail)
Retirement Benefit Obligations - Schedule Of Weighted-Average Asset Allocations, By Asset Category (Detail)
Retirement Benefit Obligations - Summary Of Changes In Fair Value Of Investments Reflected As Level 3 Assets (Detail)
Revenues
Revenues (Tables)
Revenues - Additional Information (Detail)
Revenues - Practical Expedients And Other Revenue Disclosures (Detail)
Revenues - Summary Of Deferred Revenue From Contract With Customers (Detail)
Revenues - Summary Of Disaggregated Revenue By Type And By Segment (Detail)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Detail)
Segment Information - Reconciliation Of Assets From Segments To Consolidated (Detail)
Segment Information - Reconciliation Of Depreciation And Amortization, Capital Expenditures From Segments To Consolidated (Detail)
Segment Information - Reconciliation Of Goodwill And Intangible Assets From Segments To Consolidated (Detail)
Segment Information - Reconciliation Of Revenue And Segment Ebitda From Segments To Consolidated (Detail)
Segment Information - Revenue And Long-Lived Assets By Geographic Region (Detail)
Segment Information - Revenue And Long-Lived Assets By Geographic Region Footnote (Detail)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Detail)
Stockholders' Equity - Summary Of Dividends Declared Paid Per Share (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Summary Of Significant Accounting Policies - Components Of Receivables, Net (Detail)
Summary Of Significant Accounting Policies - Revision Of Prior Periods (Details)
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (Tables)
Valuation And Qualifying Accounts - Schedule Of Valuation And Qualifying Accounts (Detail)
Ticker: NWS
CIK: 1564708
Form Type: 10-K Annual Report
Accession Number: 0001564708-20-000022
Submitted to the SEC: Tue Aug 11 2020 6:37:22 AM EST
Accepted by the SEC: Tue Aug 11 2020
Period: Tuesday, June 30, 2020
Industry: Newspapers Publishing Or Publishing And Printing

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