Twenty-First Century Fox 2008 Annual Report Download - page 143

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NEWSCORP
Notes to the Consolidated Financial Statements (continued)
Notes to Supplemental Guarantor Information
(1) Investments in the Company’s subsidiaries, for purposes of the supplemental consolidating presentation, are accounted for by their parent
companies under the equity method of accounting whereby earnings of subsidiaries are reflected in the parent company’s investment account
and earnings.
(2) The guarantees of NAI’s senior public indebtedness constitute senior indebtedness of the Company, and rank pari passu with all present and
future senior indebtedness of the Company. Because the factual basis underlying the obligations created pursuant to the various facilities and
other obligations constituting senior indebtedness of the Company differ, it is not possible to predict how a court in bankruptcy would accord
priorities among the obligations of the Company.
142 NEWSCORP 2008 Annual Report