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Press Release: News Corporation Reports Second -8-

· 02/04/2021 16:40
CONTACT: Investor RelationsFor the three months For the three months ended ended December 31, 2020 December 31, 2019 ------------------------ -------------------------- (in millions, Net income Net income except per attributable to attributable to share data) stockholders EPS stockholders EPS ---------------- ------ ---------------- -------- Net income $ 261 $ 103 Less: Net income attributable to noncontrolling interests (30) (18) ---------- --- ------ --------- ---- -------- Net income attributable to News Corporation stockholders $ 231 $0.39 $ 85 $0.14 U.K. Newspaper Matters 3 0.01 (1) -- Impairment and restructuring charges 23 0.04 29 0.05 Other, net (54) (0.10) (2) -- Tax impact on items above (2) -- (5) (0.01) Impact of noncontrolling interest on items above (1) -- (1) -- ---------- --- ----- --------- ---- ----- As adjusted $ 200 $0.34 $ 105 $0.18 === ===== ==== ==== === ==== ===== ==== For the six months ended For the six months ended December 31, 2020 December 31, 2019 ------------------------ --------------------------- Net (loss) (in millions, Net income income except per attributable to attributable to share data) stockholders EPS stockholders EPS ---------------- ------ ---------------- --------- Net income (loss) $ 308 $ (108) Less: Net income attributable to noncontrolling interests (43) (34) ---------- --- ------ --------- ---- --------- Net income (loss) attributable to News Corporation stockholders $ 265 $0.45 $ (142) $(0.24) U.K. Newspaper Matters 5 0.01 1 -- Impairment and restructuring charges(a) 63 0.10 326 0.55 Other, net (71) (0.12) (6) (0.01) Tax impact on items above (12) (0.02) (46) (0.08) Impact of noncontrolling interest on items above (2) -- (2) -- ---------- --- ----- --------- ---- ------ As adjusted $ 248 $0.42 $ 131 $ 0.22 === ===== ==== ==== ===== ===== ===== (a) During the six months ended December 31, 2019, the Company recognized $292 million of non-cash impairment charges, primarily at News America Marketing.

The Company uses net income (loss) attributable to News Corporation stockholders and diluted earnings per share ("EPS") excluding expenses related to U.K. Newspaper Matters, impairment and restructuring charges and "Other, net", net of tax, recognized by the Company or its equity method investees, as well as the settlement of certain pre-Separation tax matters ("adjusted net income (loss) attributable to News Corporation stockholders" and "adjusted EPS," respectively), to evaluate the performance of the Company's operations exclusive of certain items that impact the comparability of results from period to period, as well as certain non-operational items. The calculation of adjusted net income (loss) attributable to News Corporation stockholders and adjusted EPS may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what type of events warrant adjustment. Adjusted net income (loss) attributable to News Corporation stockholders and adjusted EPS are not measures of performance under generally accepted accounting principles and should not be construed as substitutes for consolidated net income (loss) attributable to News Corporation stockholders and net income (loss) per share as determined under GAAP as a measure of performance. However, management uses these measures in comparing the Company's historical performance and believes that they provide meaningful and comparable information to investors to assist in their analysis of our performance relative to prior periods and our competitors.

The following tables reconcile reported net income (loss) attributable to News Corporation stockholders and reported diluted EPS to adjusted net income attributable to News Corporation stockholders and adjusted EPS for the three and six months ended December 31, 2020 and 2019:

View source version on businesswire.com: https://www.businesswire.com/news/home/20210204006066/en/

Michael Florin

212-416-3363

mflorin@newscorp.com

Leslie Kim

212-416-4529

lkim@newscorp.com

Corporate Communications

Jim Kennedy

212-416-4064

jkennedy@newscorp.com

(END) Dow Jones Newswires

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