Name: NEWS CORP Leases Disclosure
Creator: NEWS CORP
License: https://creativecommons.org/publicdomain/mark/1.0/

NOTE 10. LEASES

Summary of Leases

The Company’s operating leases primarily consist of real estate, including office space, warehouse space and printing facilities, and generally include options to extend the lease term or terminate the lease. Such options do not impact the Company’s lease term assessment until the Company is reasonably certain that the option will be exercised.

Certain of the Company’s leases include rent adjustments which may be indexed to various metrics, including the consumer price index or other inflationary indexes. As a general matter, the Company’s real estate lease arrangements typically require adjustments resulting from changes in real estate taxes and other costs to operate the leased asset.

The total lease cost for operating leases included in the Statements of Operations was as follows:


		For the fiscal years ended June 30,
		2025		2024		2023
	Income Statement Location	(in millions)
Operating lease costs	Selling, general and administrative	$	106	$	104	$	110
Operating lease costs	Operating expenses	10		10		9


Short term lease costs	Operating expenses	23		21		16
Variable lease costs	Selling, general and administrative	27		24		22
Total lease costs		$	166	$	159	$	157

Additional information related to the Company’s operating leases under ASC 842, Leases:


	As of June 30,
	2025		2024
Weighted-average remaining lease term	13.5 years		14.1 years
Weighted-average incremental borrowing rate	5.32	%	5.28	%


	For the fiscal years ended June 30,
	2025		2024		2023
	(in millions)

Cash paid - Operating lease liabilities	$	138	$	134	$	132



Operating lease right-of-use assets obtained in exchange for operating lease liabilities	33		13		238

Future minimum lease payments as of June 30, 2025 are as follows:


	As of June 30, 2025
	Operating Leases
	(in millions)
Fiscal 2026	$	120
Fiscal 2027	128
Fiscal 2028	89
Fiscal 2029	76
Fiscal 2030	89
Thereafter	921
Total future minimum lease payments	$	1,423
Less: interest	(445)
Present value of minimum payments	$	978

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About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

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