Twenty-First Century Fox 2014 Annual Report Download - page 106

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TWENTY-FIRST CENTURY FOX, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
100
Other
In fiscal 2014, through separate transactions, the Company sold its 47% interest in CMC-News Asia Holdings
Limited, its 50% interest in STATS LLC and its 50% interest in STAR CJ Network India Pvt. Ltd., all equity
method investees, for a total consideration of approximately $255 million. The Company recorded a gain on these
transactions which was included in Other, net in the Consolidated Statement of Operations for the fiscal year ended
June 30, 2014. (See Note 23 – Additional Financial Information)
In fiscal 2013, the Company sold a portion of its interest in Phoenix, for approximately $90 million in cash,
decreasing its ownership interest to 12% from 18% at June 30, 2012. The Company recorded a gain of $81 million
on this transaction which was included in Other, net in the Consolidated Statement of Operations for the fiscal year
ended June 30, 2013. In fiscal 2014, the Company sold its remaining 12% interest in Phoenix for approximately
$210 million. The Company recorded a gain, net of expenses, of $199 million on this transaction which was
included in Other, net in the Consolidated Statement of Operations for the fiscal year ended June 30, 2014.
In fiscal 2013, the Company invested approximately $70 million for a minority equity interest in Vice
Holdings Inc., a digital media company, and the Company accounts for this investment at cost.
In fiscal 2012, the Company sold its 17% interest in Hathway Cable and Datacom Limited for $71 million and
recorded a gain of $23 million on the sale which was included in Other, net in the Consolidated Statement of
Operations for the fiscal year ended June 30, 2012. In fiscal 2012, the Company also acquired a 17% interest in
Bona, a film distributer in China, for approximately $70 million in cash. In July 2014, the Company sold its entire
interest in Bona for approximately $70 million in cash.
Impairments of investments
The Company regularly reviews investments for impairments based on criteria that include the extent to which
the investment’s carrying value exceeds its related market value, the duration of the market decline, the Company’s
ability to hold its investment until recovery and the investment’s financial strength and specific prospects. In the
fiscal years ended 2014, 2013 and 2012, the Company wrote down certain investments and as a result recorded
losses of $69 million, $20 million and $34 million, respectively. The write-downs are reflected in Other, net in the
Consolidated Statements of Operations and were taken as a result of either the deteriorating financial position of the
investee or due to a permanent impairment resulting from sustained losses and limited prospects for recovery. (See
Note 23 – Additional Financial Information)