Time Magazine 2014 Annual Report Download - page 87

Download and view the complete annual report

Please find page 87 of the 2014 Time Magazine annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 138

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138

TIME WARNER INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
Imagine
In 2012, Turner shut down its general entertainment network, Imagine, in India and recognized $123 million of charges
related to the shutdown. These charges consisted of $117 million primarily related to certain receivables, including value
added tax receivables, inventories and long-lived assets, including Goodwill, and $6 million related to exit and other
transaction costs.
TNT Turkey
In 2012, Turner shut down its TNT television operations in Turkey and recognized charges of $85 million, consisting of
$57 million primarily related to certain receivables, including value added tax receivables, inventories and other assets; $12
million related to exit and other transaction costs; and $16 million related to an investment.
Acquisitions
Eyeworks
On June 2, 2014, Warner Bros. acquired the operations outside the U.S. of Eyeworks Group, a television production and
distribution company, which are located in 15 countries (across Europe and South America and in Australia and New
Zealand) for approximately $267 million, net of cash acquired.
CME
Central European Media Enterprises Ltd. (“CME”) is a publicly-traded broadcasting company operating leading networks
in six Central and Eastern European countries. During 2014, 2013 and 2012, the Company acquired additional interests in
CME for $396 million, $288 million and $171 million, respectively. For more information about the Company’s investments
in and transactions with CME, see Note 4.
HBO Asia and HBO South Asia
In September 2013, Home Box Office purchased its partner’s interests in HBO Asia and HBO South Asia (collectively,
“HBO Asia”) for $37 million in cash, net of cash acquired. HBO Asia operates HBO- and Cinemax- branded premium pay
and basic tier television services serving over 15 countries in Asia. As a result of this acquisition, Home Box Office owns
100% of HBO Asia and has consolidated its results of operations and financial condition effective September 30, 2013. For
the year ended December 31, 2013, Home Box Office recognized a $104 million gain upon Home Box Office’s acquisition
of its former partner’s interests in HBO Asia.
Bleacher Report
In 2012, Turner acquired Bleacher Report, a leading online and mobile sports property, for $170 million, net of cash
acquired.
71