INVESTMENTS IN UNCONSOLIDATED COMPANIES

3 Months Ended

Mar. 30, 2014

INVESTMENTS IN UNCONSOLIDATED COMPANIES

2. INVESTMENTS IN UNCONSOLIDATED COMPANIES

The carrying value of investments in unconsolidated companies consisted of the following:

(in thousands)	% Ownership	March 30,		December 29,
Company	Interest	2014		2013
CareerBuilder, LLC	15.0	$	217,664	$	214,579
Classified Ventures, LLC	25.6	80,418		73,692
Seattle Times Company (C-Corporation)	49.5	—		—
Ponderay (general partnership)	27.0	9,579		8,443
Other	Various	4,041		3,855
		$	311,702	$	300,569

On April 1, 2014, Classified Ventures, LLC consummated the sale of its Apartments.com business for $585 million. Accordingly, we will record our share of the gain on the sale, which is expected to be between $140 million to $145 million, before taxes, during the quarter ending June 29, 2014. On April 1, 2014, we received a distribution of approximately $146.9 million from Classified Ventures, LLC, which is equal to our share of the proceeds from the sale.

During the quarter ended March 30, 2014, our proportionate share of net income from certain investments listed in the table above was greater than 20% of our condensed consolidated net loss before taxes. Summarized condensed financial information, as provided to us by these certain investees, is as follows:

	Quarters Ended
	March 30,		March 31,
(in thousands)	2014		2013
Net revenues	$	135,105	$	118,196
Gross profit	121,584		107,428
Operating income	25,542		19,975
Net income	25,562		24,064

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

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