Twenty-First Century Fox 2013 Annual Report Download - page 113

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TWENTY-FIRST CENTURY FOX, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
NOTE 7. INVESTMENTS
The Company’s investments were comprised of the following:
Ownership
Percentage
As
of June 30,
2013
As of June 30,
2013 2012
(in millions)
Equity method investments:
British Sky Broadcasting Group plc (a) U.K. DBS operator 39% $1,978 $1,710
Yankees Entertainment and Sports Network Regional sports network 49% 825 —
NDS Group Limited (b) Digital technology company — % — 492
Sky Deutschland (c) German pay-TV operator 55% — 231
Other equity method investments various 386 501
Fair value of available-for-sale investments various 268 556
Other investments various 247 352
Total investments from continuing operations 3,704 3,842
Total investments from discontinued operations — 1,126
Total investments $3,704 $4,968
(a) The Company’s investment in British Sky Broadcasting Group plc (“BSkyB”) had a market value of $7,515
million at June 30, 2013 and was valued using the quoted market price (a Level 1 measurement as described
in Note 8—Fair Value). For the fiscal years ended June 30, 2013 and 2012, the Company received dividends
from BSkyB of $272 million and $257 million, respectively.
(b) In July 2012, the Company sold its 49% investment in NDS Group Limited (“NDS”).
(c) In January 2013, the Company acquired, through a combination of private placement and a rights offering,
additional shares of Sky Deutschland increasing its ownership from approximately 49% to approximately
55%. As a result of these transactions, the Company now has the power to control Sky Deutschland and the
results of Sky Deutschland are included in the Company’s consolidated results of operations beginning in
January 2013.
The cost basis, unrealized gains, unrealized losses and fair market value of available-for-sale investments
are set forth below:
As of June 30,
2013 2012
(in millions)
Cost basis of available-for-sale investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 36 $275
Accumulatedgrossunrealizedgain ........................................ 232 303
Accumulatedgrossunrealizedloss ......................................... — (22)
Total Fair value of available-for-sale investments from continuing operations . . . . . . . 268 556
Total Fair value of available-for-sale investments from discontinued operations . . . . . — 5
Total Fair value of available-for-sale investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $268 $561
Net deferred tax liability(a) ............................................... $ 81 $107
(a) The net deferred tax liability includes $81 million and $106 million related to unrealized gains recorded in
comprehensive income as of June 30, 2013 and 2012, respectively.
105