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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

November 9, 2012

DATE OF REPORT

(DATE OF EARLIEST EVENT REPORTED)

 

 

NEWS CORPORATION

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

 

 

 

Delaware   001-32352   26-0075658

(STATE OR OTHER JURISDICTION

OF INCORPORATION)

  (COMMISSION FILE NO.)  

(IRS EMPLOYER

IDENTIFICATION NO.)

1211 Avenue of the Americas, New York, New York 10036

(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES, INCLUDING ZIP CODE)

(212) 852-7000

(REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE)

NOT APPLICABLE

(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 8.01 Other Events.

During the first quarter of fiscal 2013, News Corporation (the “Company”) adopted Accounting Standards Update 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income” (“ASU 2011-05”). The Company is filing this Current Report on Form 8-K to reflect the adoption of ASU 2011-05 to the financial information for the periods included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2012 filed with the United States Securities and Exchange Commission (the “SEC”) on August 14, 2012 and amended on October 1, 2012 (the “2012 Form 10-K”). ASU 2011-05 requires an entity to present total comprehensive income, the components of net income and the components of other comprehensive income in either a single continuous statement of comprehensive income or in two separate but consecutive statements. The Company elected to present the components of net income and other comprehensive income in two separate, but consecutive, statements.

The following presents the adoption of ASU 2011-05 in each of the fiscal years ended June 30, 2012, 2011 and 2010.

Consolidated Statements of Comprehensive (Loss) Income

(in millions)

 

     For the years ended June 30,  
     2012     2011     2010  

Net income

   $ 1,407     $ 2,894     $ 2,644  

Other comprehensive (loss) income:

      

Foreign currency translation adjustments

     (1,094     1,908       (250

Unrealized holding (losses) gains on securities

     (11     88       49  

Benefit plan adjustments

     (511     54       (208
  

 

 

   

 

 

   

 

 

 

Other comprehensive (loss) income

     (1,616     2,050       (409
  

 

 

   

 

 

   

 

 

 

Comprehensive (loss) income

     (209     4,944       2,235  
  

 

 

   

 

 

   

 

 

 

Less: Net income attributable to noncontrolling interests(a)

     (228     (155     (105

Less: Other comprehensive income attributable to noncontrolling interests(b)

     5       (15     2  
  

 

 

   

 

 

   

 

 

 

Comprehensive (loss) income attributable to News Corporation stockholders

   $ (432   $ 4,774     $ 2,132  
  

 

 

   

 

 

   

 

 

 

 

(a) 

Net income attributable to noncontrolling interests includes $75 million, $24 million and $9 million relating to redeemable noncontrolling interests for the years ended June 30, 2012, 2011 and 2010, respectively.

 

(b) 

Other comprehensive income attributable to noncontrolling interests includes nil, $1 million and $(3) million relating to redeemable noncontrolling interests for the years ended June 30, 2012, 2011 and 2010, respectively.


Supplemental Condensed Consolidating Statement of Operations

For the year ended June 30, 2012

(in millions)

 

     News America
Incorporated
    News
Corporation
    Non-Guarantor     Reclassifications
and Eliminations
    News
Corporation
and
Subsidiaries
 

Revenues

   $ 1     $ —        $ 33,705     $ —        $ 33,706  

Expenses

     (416     —          (30,916     —          (31,332

Equity earnings (losses) of affiliates

     (5     —          735       —          730  

Interest expense, net

     (1,499     (396     (14     875       (1,034

Interest income

     4       7       999       (875     135  

Earnings (losses) from subsidiary entities

     127       1,630       —          (1,757     —     

Other, net

     327       (62     (258     —          7  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income tax expense

     (1,461     1,179       4,251       (1,757     2,212  

Income tax (expense) benefit

     532       —          (1,547     210       (805
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

     (929     1,179       2,704       (1,547     1,407  

Less: Net income attributable to noncontrolling interests

     —          —          (228     —          (228
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) attributable to News Corporation stockholders

   $ (929   $ 1,179     $ 2,476     $ (1,547   $ 1,179  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income (loss) attributable to News Corporation stockholders

   $ (966   $ (432   $ 1,204     $ (238   $ (432
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 


Supplemental Condensed Consolidating Statement of Operations

For the year ended June 30, 2011

(in millions)

 

     News America
Incorporated
    News
Corporation
    Non-Guarantor     Reclassifications
and Eliminations
    News
Corporation
and
Subsidiaries
 

Revenues

   $ 1     $ —        $ 33,404     $ —        $ 33,405  

Expenses

     (399     —          (28,469     —          (28,868

Equity earnings (losses) of affiliates

     (6     —          468       —          462  

Interest expense, net

     (1,435     (1,109     (19     1,597       (966

Interest income

     73       8       1,642       (1,597     126  

Earnings (losses) from subsidiary entities

     672       3,924       —          (4,596     —     

Other, net

     250       (84     (148     —          18  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from continuing operations before income tax expense

     (844     2,739       6,878       (4,596     4,177  

Income tax (expense) benefit

     208       —          (1,694     457       (1,029
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from continuing operations

     (636     2,739       5,184       (4,139     3,148  

Loss on disposition of discontinued operations, net of tax

     —          —          (254     —          (254
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

     (636     2,739       4,930       (4,139     2,894  

Less: Net income attributable to noncontrolling interests

     —          —          (155     —          (155
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) attributable to News Corporation stockholders

   $ (636   $ 2,739     $ 4,775     $ (4,139   $ 2,739  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income (loss) attributable to News Corporation stockholders

   $ (682   $ 4,774     $ 7,855     $ (7,173   $ 4,774  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 


Supplemental Condensed Consolidating Statement of Operations

For the year ended June 30, 2010

(in millions)

 

     News America
Incorporated
    News
Corporation
    Non-Guarantor     Reclassifications
and Eliminations
    News
Corporation
and
Subsidiaries
 

Revenues

   $ 1     $ —        $ 32,777     $ —        $ 32,778  

Expenses

     (323     —          (28,749     —          (29,072

Equity earnings of affiliates

     2       —          446       —          448  

Interest expense, net

     (4,256     (743     (10     4,018       (991

Interest income

     6       —          4,103       (4,018     91  

Earnings (losses) from subsidiary entities

     1,744       3,283       —          (5,027     —     

Other, net

     644       (1     (169     (405     69  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income tax expense

     (2,182     2,539       8,398       (5,432     3,323  

Income tax (expense) benefit

     446       —          (1,716     591       (679
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

     (1,736     2,539       6,682       (4,841     2,644  

Less: Net income attributable to noncontrolling interests

     —          —          (105     —          (105
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) attributable to News Corporation stockholders

   $ (1,736   $ 2,539     $ 6,577     $ (4,841   $ 2,539  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income (loss) attributable to News Corporation stockholders

   $ (1,638   $ 2,132     $ 7,456     $ (5,818   $ 2,132  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Except as specifically noted herein, this Current Report on Form 8-K does not reflect events or developments that occurred after August 14, 2012, and does not modify or update the disclosures in any significant way other than as described above. Without limiting the foregoing, this Current Report on Form 8-K does not purport to update, amend or restate the information contained in the Company’s 2012 Form 10-K for any information, uncertainties, transactions, risks, events or trends occurring, or known to management. More current information is contained in the Company’s Form 10-Q for the three months ended September 30, 2012 and other filings with the SEC. The information in this Current Report on Form 8-K should be read in conjunction with the Company’s 2012 Form 10-K, its Form 10-Q for the three months ended September 30, 2012 and other documents filed by the Company with the SEC subsequent to August 14, 2012.

 

Item 9.01 Financial Statements and Exhibits

 

Exhibit
Number

 

Description

101   Documents formatted in eXtensible Business Reporting Language (XBRL).


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

NEWS CORPORATION

(REGISTRANT)

By:   /s/ Janet Nova
  Janet Nova
 

Senior Vice President and

Deputy General Counsel

Dated: November 9, 2012


Exhibit Index

 

Exhibit
Number

 

Description

101   Documents formatted in eXtensible Business Reporting Language (XBRL).