Investments

12 Months Ended

Jun. 30, 2022

NOTE 6. INVESTMENTS

The Company’s investments were comprised of the following:


	Ownership Percentage as of June 30, 2022	As of June 30,
		2022		2021
		(in millions)
Equity method investments(a)	various	$	276	$	71
Equity securities(b)	various	212		280
Total Investments		$	488	$	351

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(a)In the first quarter of fiscal 2022, REA Group acquired an 18% interest (16.6% on a diluted basis) in PropertyGuru in exchange for all shares of REA Group’s entities in Malaysia and Thailand. During the fiscal year ended June 30, 2022, PropertyGuru completed its merger with Bridgetown 2 Holdings Limited. As a result of the merger and subsequent investments made in connection with the transaction, REA Group’s ownership interest in PropertyGuru was 17.5% and a gain of approximately $15 million was recorded in Other, net. Refer to Note 4—Acquisitions, Disposals and Other Transactions and Note 21—Additional Financial Information for further discussion.

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

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 fiscal year ended June 30,
	2022		2021		2020
	(in millions)
Total (losses) gains recognized on equity securities	$	(59)	$	81	$	(21)
Less: Net losses recognized on equity securities sold or impaired	—		(1)		—
Unrealized (losses) gains recognized on equity securities held at end of period	$	(59)	$	82	$	(21)

Equity Losses of Affiliates

The Company’s share of the losses of its equity affiliates was $13 million, $65 million and $47 million for the fiscal years ended June 30, 2022, 2021 and 2020, respectively. In fiscal 2021, the losses primarily reflect the $54 million non-cash write-down of the Foxtel Group’s investment in the Nickelodeon Australia Joint Venture. In fiscal 2020, the losses primarily reflect non-cash write-downs of $32 million on certain equity method investments.