Investments

As of December 31, 2014, the Company's investments consisted of equity ownership in the following entities:



Company	Approximate % Ownership
Touch Media International Holdings	2.9%
Catchafire, Inc.	5.2%
Pricing Engine Inc.	17.4%
GigMasters.com, Inc.	30.8%

On January 16, 2014, the Company entered into an agreement to contribute $4.0 million in cash in exchange for a minority equity interest of approximately 2.9% in Touch Media International Holdings, an interactive in-taxi advertising and media platform with operations in China. The Company uses the cost method of accounting for this investment since the Company cannot exercise significant influence.

Effective May 31, 2014, the Company changed its method of accounting for its investment in Catchafire, Inc. from the equity method to the cost method of accounting. As of that date, the Company relinquished its representation on this investee's board of directors and, accordingly, the ability to exercise significant influence.

During the year ended December 31, 2013, the Company entered into an agreement to contribute $1.3 million in cash in exchange for a 25.0% equity investment in GigMasters.com Inc. During the year ended December 31, 2014, the amount of in-substance common stock was reconsidered resulting in an increase the Company's ownership to 30.8%. This increased the Company's share of losses in GigMasters.com Inc. The Company accounts for this investment under the equity method of accounting since it owns greater than 20% and has representation on the investee’s board of directors and, accordingly, exercises significant influence.

During the year ended December 31, 2012, the Company entered into an agreement to contribute $1.0 million in cash, plus the assets of a subsidiary of the Company, in exchange for a 17.4% equity investment in Pricing Engine Inc.

The Company's proportionate shares of the operating results of its investments are recorded in “Loss in equity interests” in the Company's Consolidated Statements of Operations. Losses in equity interests for the years ended December 31, 2014, 2013 and 2012 were $0.2 million, $2.0 million and $0.1 million, respectively. Loss in equity interests for the year ended December 31, 2013 includes an other-than-temporary impairment charge of $1.8 million, representing the full carrying value of the Pricing Engine, Inc. investment.