Comcast 2015 Annual Report Download - page 162
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NBCUniversal Media, LLC
The Weather Channel
In June and December 2015, TWCC Holding Corp. (“The Weather Channel”) recorded impairment charges
related to goodwill. During 2015, we recorded expenses of $333 million that represent our proportionate
share of these impairment charges in equity in net income (losses) of investees, net in our consolidated
statement of income. On January 29, 2016, IBM acquired The Weather Channel’s product and technology
businesses. The Weather Channel cable network was not acquired and, following the close of the trans-
action, licenses weather forecast data and analytics from IBM.
In June 2013, we received a distribution from The Weather Channel of $152 million, of which $128 million
was recorded as a return of our investment in The Weather Channel and included in other investing activities
in our consolidated statement of cash flows.
Hulu
In July 2013, we entered into an agreement to provide capital contributions totaling $247 million to Hulu, LLC
(“Hulu”), which we had previously accounted for as a cost method investment. This represented an agree-
ment to provide our first capital contribution to Hulu since Comcast acquired its interest in Hulu as part of the
joint venture transaction; therefore, we began to apply the equity method of accounting for this investment.
The change in the method of accounting for this investment required us to recognize our proportionate share
of Hulu’s accumulated losses from the date of the joint venture transaction through July 2013.
In 2015, 2014 and 2013, we recognized our proportionate share of losses of $106 million, $20 million and
$142 million, respectively, related to our investment in Hulu.
Summarized Financial Information
The tables below present the summarized combined financial information of our equity method investments.
December 31 (in millions) 2015 2014
Current assets $ 1,904 $ 1,529
Noncurrent assets $ 3,584 $ 4,572
Current liabilities $ 1,225 $ 1,235
Noncurrent liabilities $ 4,879 $ 4,162
Year ended December 31 (in millions) 2015 2014 2013
Revenue $ 3,944 $ 3,756 $ 3,360
Operating income (loss) $ (1,609) $ 483 $ 645
Net income (loss) $ (1,820) $ 243 $ 188
Cost Method
We use the cost method to account for investments not accounted for under the fair value method or the
equity method.
In September 2015, we made an additional investment in Vox Media, Inc. (“Vox Media”) and acquired an inter-
est in BuzzFeed, Inc. (“BuzzFeed”) for $200 million each in cash. Vox Media is a digital media company
comprised of eight distinct brands. BuzzFeed is a global media company that produces and distributes origi-
nal news, entertainment and videos.
159 Comcast 2015 Annual Report on Form 10-K