TWENTY-FIRST CENTURY FOX, INC. | 2013 | FY |

NOTE 19. SEGMENT INFORMATION

The Company has realigned its reporting segments following the Separation and the Other segment has been renamed; Other, Corporate and Eliminations. This segment includes costs not directly associated with an operating segment, such as corporate overhead and eliminations.

The Company is a diversified global media and entertainment company, which manages and reports its businesses in the following five segments:

Cable Network Programming, which principally consists of the production and licensing of programming distributed through cable television systems, direct broadcast satellite operators and telecommunication companies primarily in the U.S., Latin America, Europe and Asia.
Television, which principally consists of the broadcasting of network programming in the U.S. and the operation of 28 full power broadcast television stations, including 10 duopolies, in the U.S. (of these stations, 18 are affiliated with the FOX Broadcasting Company (“FOX”) and 10 are affiliated with Master Distribution Service, Inc. (“MyNetworkTV”)).
Filmed Entertainment, which principally consists of the production and acquisition of live-action and animated motion pictures for distribution and licensing in all formats in all entertainment media worldwide, and the production and licensing of television programming worldwide.
Direct Broadcast Satellite Television, which consists of the distribution of programming services via satellite, cable, and broadband directly to subscribers in Italy, Germany and Austria.
Other, Corporate and Eliminations, which principally consists of corporate overhead and eliminations and other businesses.

The Company's operating segments have been determined in accordance with the Company's internal management structure, which is organized based on operating activities. The Company evaluates performance based upon several factors, of which the primary financial measure is Segment OIBDA.

Segment OIBDA is defined as revenues less operating expenses and selling, general and administrative expenses. Segment OIBDA does not include: depreciation and amortization, amortization of cable distribution investments, impairment and restructuring charges, equity earnings of affiliates, interest expense, net, interest income, other, net, income tax expense and net income attributable to noncontrolling interests. The Company believes that information about Segment OIBDA assists all users of the Company's consolidated financial statements by allowing them to evaluate changes in the operating results of the Company's portfolio of businesses separate from non-operational factors that affect net income, thus providing insight into both operations and the other factors that affect reported results.

Total Segment OIBDA is a non-GAAP measure and should be considered in addition to, not as a substitute for, net income (loss), cash flow and other measures of financial performance reported in accordance with GAAP. In addition, this measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and impairment and restructuring charges, which are significant components in assessing the Company's financial performance.

Management believes total Segment OIBDA is an appropriate measure for evaluating the operating performance of the Company's business. Segment OIBDA provides management, investors and equity analysts measures to analyze operating performance of the Company's business and its enterprise value against historical data and competitors' data, although historical results, including Segment OIBDA, may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences)

			For the years ended June 30,
			2013		2012		2011
			(in millions)

Revenues:
		Cable Network Programming	$	10,881	$	9,324	$	8,212
		Television		4,860		4,803		4,844
		Filmed Entertainment		8,642		8,363		7,813
		Direct Broadcast Satellite Television		4,439		3,740		3,761
		Other, Corporate and Eliminations		(1,147)		(1,179)		(398)
	Total revenues		$	27,675	$	25,051	$	24,232

Segment OIBDA:
		Cable Network Programming	$	4,177	$	3,549	$	3,009
		Television		855		791		770
		Filmed Entertainment		1,308		1,312		1,058
		Direct Broadcast Satellite Television		397		561		546
		Other, Corporate and Eliminations		(476)		(456)		(563)
	Total Segment OIBDA			6,261		5,757		4,820
Depreciation and amortization				(797)		(711)		(777)
Amortization of cable distribution investments				(89)		(88)		(92)
Impairment and restructuring charges				(48)		(242)		(288)
Equity earnings of affiliates				655		636		352
Interest expense, net				(1,063)		(1,032)		(962)
Interest income				57		77		75
Other, net				3,760		66		(30)
Income from continuing operations before income tax expense				8,736		4,463		3,098
	Income tax expense			(1,690)		(1,094)		(673)
Income from continuing operations				7,046		3,369		2,425
	Income (loss) from discontinued operations, net of tax			277		(1,997)		443
Net income				7,323		1,372		2,868
	Less: Net income attributable to noncontrolling interests			(226)		(193)		(129)
Net income attributable to Twenty-First Century Fox, Inc. stockholders			$	7,097	$	1,179	$	2,739

Intersegment revenues, generated primarily by the Filmed Entertainment segment, of approximately $979 million, $1,061 million and $914 million for the fiscal years ended June 30, 2013, 2012 and 2011, respectively, have been eliminated within the Other, Corporate and Eliminations segment. Segment OIBDA generated primarily by the Filmed Entertainment segment of approximately $(18) million, $51 million and $21 million for the fiscal years ended June 30, 2013, 2012 and 2011, respectively, have been eliminated within the Other, Corporate and Eliminations segment.

			For the years ended June 30,
			2013		2012		2011
			(in millions)

Depreciation and amortization:
		Cable Network Programming	$	197	$	166	$	156
		Television		93		85		89
		Filmed Entertainment		132		129		110
		Direct Broadcast Satellite Television		355		307		314
		Other, Corporate and Eliminations		20		24		108
	Total depreciation and amortization		$	797	$	711	$	777

Capital expenditures:
		Cable Network Programming	$	88	$	83	$	72
		Television		103		72		64
		Filmed Entertainment		63		50		49
		Direct Broadcast Satellite Television		344		298		398
		Other, Corporate and Eliminations		24		61		39
	Total capital expenditures		$	622	$	564	$	622

			As of June 30,
			2013		2012
			(in millions)

Total assets:
		Cable Network Programming	$	17,830	$	14,964
		Television		6,415		6,326
		Filmed Entertainment		9,411		8,913
		Direct Broadcast Satellite Television		8,636		2,476
		Other, Corporate and Eliminations		4,948		7,090
		Investments		3,704		3,842
		Discontinued operations		-		13,052
	Total assets		$	50,944	$	56,663

Goodwill and intangible assets, net:
		Cable Network Programming	$	9,444	$	7,626
		Television		4,283		4,317
		Filmed Entertainment		2,439		2,531
		Direct Broadcast Satellite Television		6,057		554
		Other, Corporate and Eliminations		96		157
		Discontinued operations		-		5,122
	Total goodwill and intangible assets, net		$	22,319	$	20,307

Revenues by Component

			For the years ended June 30,
			2013		2012		2011
			(in millions)

Revenues:
		Affiliate Fees	$	7,677	$	6,348	$	5,430
		Subscription		4,053		3,408		3,527
		Advertising		7,627		7,552		7,830
		Content		7,620		7,060		6,755
		Other		698		683		690
	Total revenues		$	27,675	$	25,051	$	24,232

Geographic Segments

			For the years ended June 30,
			2013		2012		2011
			(in millions)

Revenues:
		U.S. and Canada^(a)	$	15,937	$	15,200	$	14,723
		Europe^(b)		7,717		6,728		6,827
		Other^(c)		4,021		3,123		2,682
	Total revenues		$	27,675	$	25,051	$	24,232

Revenues include approximately $15.6 billion, $14.9 billion and $14.3 billion from customers in the U.S. in fiscal 2013, 2012 and 2011, respectively.
Revenues include approximately $1 billion, $0.9 billion and $0.7 billion for fiscal 2013, 2012 and 2011 from customers in the United Kingdom, as well as approximately $3.6 billion, $3.8 billion and $3.9 billion from customers in Italy in fiscal 2013, 2012 and 2011, respectively.
Revenues include approximately $2.1 billion, $1.6 billion and $1.5 billion for fiscal 2013, 2012 and 2011 from customers in Asia.

			As of June 30,
			2013		2012
			(in millions)

Long-lived assets:^{(a) (b)}
		U.S. and Canada	$	6,855	$	6,273
		Europe		1,752		1,359
		Other		700		520
	Total long-lived assets		$	9,307	$	8,152

Reflects total assets less current assets, goodwill, intangible assets, investments and noncurrent deferred tax assets.
Does not include amounts related to the distribution for the fiscal year ended June 30, 2012 (See Note 4 – Discontinued Operations)

There is no material reliance on any single customer. Revenues are attributed to countries based on location of customers.

Other primarily consist of Asia and South America.

TWENTY-FIRST CENTURY FOX, INC. | 2013 | FY |

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