Twenty-First Century Fox 2014 Annual Report Download - page 104

Download and view the complete annual report

Please find page 104 of the 2014 Twenty-First Century Fox 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 168

  • 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
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168

TWENTY-FIRST CENTURY FOX, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
98
NOTE 7. INVESTMENTS
The Company’s investments were comprised of the following:
Ownership
percentage
as of As of June 30,
June 30, 2014 2014 2013
(in millions)
Equity method investments:
British Sky Broadcasting Group plc(a) . . . . . . . . . . . . . . . . . . . U . K . D B S o p e r a t o r 3 9 % $ 2 , 3 5 9 $ 1 , 9 7 8
YES Network(b) ..................................................... RSN - 825
Other equity method investments .......................... various 197 386
Fair value of available-for-sale investments ............... various 124 268
Other investments ....................................................... various 179 247
Total investments ........................................................ $ 2,859 $ 3,704
(a) The Company’s investment in BSkyB had a market value of $9.5 billion at June 30, 2014 and was valued
using the quoted market price on the London Stock Exchange (a Level 1 measurement as defined in Note 8 –
Fair Value). For the fiscal years ended June 30, 2014 and 2013, the Company received dividends from BSkyB
of $317 million and $272 million, respectively.
(b) As of June 30, 2014, YES Network was a majority owned consolidated subsidiary of the Company. (See Note
3 – Acquisitions, Disposals and Other Transactions)
The cost basis, accumulated unrealized gains and fair value of available-for-sale investments are set forth
below:
As of June 30,
2014 2013
(in millions)
Cost basis of available-for-sale investments(a) ....................................................................... $ 90 $ 36
Accumulated unrealized gains(b) ............................................................................................ 34 232
Total fair value of available-for-sale investments .................................................................. $ 124 $ 268
N
et deferred tax liability ........................................................................................................ $ 12 $ 81
(a) Bona Film Group (“Bona”) and Phoenix Satellite Television Holdings Ltd. (“Phoenix”) were the significant
available-for-sale investments at June 30, 2014 and 2013, respectively.
(b) Approximately $200 million of the unrealized gain as of June 30, 2013 relates to the Company’s investment in
Phoenix which was sold in November 2013 and recognized in Other, net in the Consolidated Statement of
Operations for the fiscal year ended June 30, 2014.
The Company reclassified gains from Accumulated other comprehensive (loss) income to the Consolidated
Statements of Operations, based on the specific identification method. (See Note 13 – Stockholders’ Equity for
further discussion)