Investments

6 Months Ended

Dec. 31, 2020

NOTE 5. INVESTMENTS

The Company’s investments were comprised of the following:


	Ownership Percentage as of December 31, 2020	As of December 31, 2020		As of June 30, 2020
		(in millions)
Equity method investments(a)	various	$	116	$	120
Equity securities(b)	various	237		177
Total Investments		$	353	$	297

(a)Equity method investments are primarily comprised of Foxtel’s investment in Nickelodeon Australia Joint Venture and, until December 2020, Elara, which operates PropTiger.com and Housing.com. In December 2020, the Company acquired a controlling interest in Elara and began consolidating its results. Refer to Note 3—Acquisitions for further discussion.

(b)Equity securities are primarily comprised of certain investments in China and the Company’s investments in HT&E Limited, which operates a portfolio of Australian radio and outdoor media assets, and Tremor International Ltd (“Tremor).

The Company has equity securities with quoted prices in active markets as well as equity securities without readily determinable fair market values. Equity securities without readily determinable fair market values are valued at cost, less any impairment, plus or minus changes in fair value resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The components comprising total gains and losses on equity securities are set forth below:


	For the three months ended December 31,				For the six months ended December 31,
	2020		2019		2020		2019
	(in millions)				(in millions)
Total gains (losses) recognized on equity securities	$	33	$	(6)	$	42	$	(5)
Less: Net gains recognized on equity securities sold	—		—		—		—
Unrealized gains (losses) recognized on equity securities held at end of period	$	33	$	(6)	$	42	$	(5)

Equity Losses of Affiliates

The Company’s share of the losses of its equity affiliates was $3 million and $4 million for the three and six months ended December 31, 2020, respectively, and $3 million and $5 million, respectively, for the corresponding periods of fiscal 2020.