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Press Release: News Corporation Reports Second -4-

· 02/04/2021 16:40
NEWS CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited; in millions, except per share amounts) For the three For the six months months ended ended December December 31, 31, ------------------ ------------------ 2020 2019 2020 2019 ------- --------- ------- --------- Revenues: Circulation and subscription $1,030 $ 990 $2,032 $1,985 Advertising 448 677 780 1,285 Consumer 523 421 964 808 Real estate 281 242 516 460 Other 132 149 239 281 ------ -------- ------ ------ Total Revenues 2,414 2,479 4,531 4,819 Operating expenses (1,198) (1,351) (2,362) (2,689) Selling, general and administrative (719) (773) (1,404) (1,554) Depreciation and amortization (167) (162) (331) (324) Impairment and restructuring charges (23) (29) (63) (326) Equity losses of affiliates (3) (3) (4) (5) Interest expense, net (12) (8) (20) (4) Other, net 54 2 71 6 ------ -------- ------ ------ Income (loss) before income tax expense 346 155 418 (77) Income tax expense (85) (52) (110) (31) ------ -------- ------ ------ Net income (loss) 261 103 308 (108) Less: Net income attributable to noncontrolling interests (30) (18) (43) (34) ------ -------- ------ ------ Net income (loss) attributable to News Corporation stockholders $ 231 $ 85 $ 265 $ (142) ===== ==== ===== ===== Weighted average shares outstanding: Basic 591 588 590 587 Diluted 593 590 592 587 Net income (loss) attributable to News Corporation stockholders per share: Basic $ 0.39 $ 0.15 $ 0.45 $(0.24) Diluted $ 0.39 $ 0.14 $ 0.45 $(0.24) NEWS CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited; in millions) As of December 31, As of June 30, 2020 2020 ---------------------- ------------------ ASSETS Current assets: Cash and cash equivalents $ 1,562 $ 1,517 Receivables, net 1,444 1,203 Inventory, net 203 348 Other current assets 387 393 ------------------ --------------- Total current assets 3,596 3,461 ------------------ --------------- Non-current assets: Investments 353 297 Property, plant and equipment, net 2,315 2,256 Operating lease right-of-use assets 1,074 1,061 Intangible assets, net 1,934 1,864 Goodwill 4,292 3,951 Deferred income tax assets 337 332 Other non-current assets 1,193 1,039 ------------------ --------------- Total assets $ 15,094 $ 14,261 === ============= =========== LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 291 $ 351 Accrued expenses 1,094 1,019 Deferred revenue 400 398 Current borrowings 212 76 Other current liabilities 864 838 ------------------ --------------- Total current liabilities 2,861 2,682 ------------------ --------------- Non-current liabilities: Borrowings 1,044 1,183 Retirement benefit obligations 254 277 Deferred income tax liabilities 339 258 Operating lease liabilities 1,160 1,146 Other non-current liabilities 362 326 Commitments and contingencies Equity: Class A common stock 4 4 Class B common stock 2 2 Additional paid-in capital 12,091 12,148 Accumulated deficit (2,976) (3,241) Accumulated other comprehensive loss (990) (1,331) ------------------ --------------- Total News Corporation stockholders' equity 8,131 7,582 Noncontrolling interests 943 807 ------------------ --------------- Total equity 9,074 8,389 ------------------ --------------- Total liabilities and equity $ 15,094 $ 14,261 === ============= =========== NEWS CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; in millions) For the six months ended December 31, ---------------------------------- 2020 2019 ----------------- --------------- Operating activities: Net income (loss) $ 308 $ (108) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 331 324 Operating lease expense 64 86

This document contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding trends and uncertainties affecting the Company's business, results of operations and financial condition, including expected impacts from the ongoing COVID-19 pandemic and related public health measures, the Company's strategy and strategic initiatives, including potential acquisitions, investments and dispositions, and the outcome of contingencies such as litigation and investigations. These statements are based on management's views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from these expectations due to the risks and uncertainties related to COVID-19 and the risks, uncertainties and other factors described in the Company's filings with the Securities and Exchange Commission (many of which may be amplified by COVID-19). The ultimate impact of the COVID-19 pandemic, including the extent of adverse impacts on the Company's business, results of operations, cash flows and financial condition, will depend on, among other things, the severity, duration, spread and any reoccurrence of the pandemic, the impact of governmental actions and business and consumer behavior in response to the pandemic, the effectiveness of actions taken to contain or mitigate the outbreak and prevent or limit any reoccurrence, including the development, availability and public acceptance of effective treatments and vaccines, the resulting global economic conditions and how quickly and to what extent normal economic and operating conditions can resume, all of which are highly uncertain and cannot be predicted. More detailed information about this and other factors that could affect future results is contained in our filings with the Securities and Exchange Commission. The "forward-looking statements" included in this document are made only as of the date of this document and we do not have and do not undertake any obligation to publicly update any "forward-looking statements" to reflect subsequent events or circumstances, and we expressly disclaim any such obligation, except as required by law or regulation.

About News Corporation

News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. The company comprises businesses across a range of media, including: digital real estate services, subscription video services in Australia, news and information services and book publishing. Headquartered in New York, News Corp operates primarily in the United States, Australia, and the United Kingdom, and its content and other products and services are distributed and consumed worldwide. More information is available at: www.newscorp.com.

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February 04, 2021 16:40 ET (21:40 GMT)