Business Context and Reporting Period
Company: News Corporation (NWSA, NWS)
Filing Type: Form 8-K (Current Report)
Date of Report: March 27, 2026
Event: Entry into a Material Definitive Agreement (Amended and Restated Credit Agreement).
Key Financial Metrics and Debt Structure
This filing details a refinancing of existing debt and the establishment of new credit facilities. The filing does not provide revenue, profit, cash flow, or margin data.
| Metric | Value |
|---|---|
| Total Credit Facilities | $1,500,000,000 |
| Revolving Credit Facility | $1,000,000,000 (5-year, unsecured) |
| Term Loan A Facility | $500,000,000 (5-year, unsecured) |
| Letters of Credit Sublimit | $100,000,000 |
| Expansion Option | Up to $250,000,000 additional principal |
| Maturity Date | March 27, 2031 |
| Immediate Borrowing | $43,750,000 (Term A Loans) |
Material Changes Versus Prior Period
- Refinancing: The new agreement refinances the Company's existing credit agreement.
- Term Extension: The maturity of existing Term A Loans was extended on March 27, 2026.
- Amortization Schedule: Term A Loans will amortize in equal quarterly installments starting June 30, 2026, at rates of 0.0%, 2.5%, 2.5%, 5.0%, and 5.0% annually of the original principal.
- Interest Rate Basis: Interest is now based on Alternative Currency Term Rate, Term SOFR, Alternative Currency Daily Rate, or Base Rate formulas.
Guidance, Covenants, and Risks
Covenants: The agreement includes customary affirmative and negative covenants. A key financial covenant requires the Company to maintain an adjusted operating income net leverage ratio of not more than 3.5 to 1.0, subject to adjustments following material acquisitions.
Events of Default: Includes limitations on incurring liens, mergers, subsidiary debt, or asset disposals. Failure to cure defaults may result in immediate acceleration of unpaid amounts.
Outlook: The facilities are intended to refinance existing debt and for general corporate purposes. The filing does not contain specific forward-looking guidance on revenue or earnings.
Investor Verification Checklist
- Verify the full text of the Amended and Restated Credit Agreement (Exhibit 10.1) for specific interest rate margins and fees.
- Confirm the Company's current adjusted operating income net leverage ratio to ensure compliance with the 3.5 to 1.0 covenant.
- Review the amortization schedule impact on future cash flows starting June 30, 2026.
- Assess the utilization of the $43,750,000 immediate borrowing and the remaining capacity under the $1.5 billion facility.