Investments consisted of the following (in thousands):



	March 29, 2015		December 28, 2014
Equity method investments	$	1,629,112	$	1,689,996
Cost method investments	18,418		18,238
Marketable equity securities	7,414		8,958
Total investments	$	1,654,944	$	1,717,192

Equity Method Investments—As discussed in Note 4 and Note 8 to the Company’s audited consolidated financial statements for the fiscal year ended December 28, 2014, the carrying value of the Company’s investments was increased by $1.615 billion to a fair value aggregating $2.224 billion as of the Effective Date (as defined in Note 8). Of the $1.615 billion increase, $1.108 billion was attributable to the Company’s share of theoretical increases in the carrying values of the investees’ amortizable intangible assets had the fair value of the investments been allocated to the identifiable intangible assets of the investees in accordance with ASC Topic 805, “Business Combinations.” The remaining $507 million of the increase was attributable to goodwill and other identifiable intangibles not subject to amortization, including trade names. The Company amortizes the differences between the fair values and the investees’ carrying values of the identifiable intangible assets subject to amortization and records the amortization (the “amortization of basis difference”) as a reduction of income on equity investments, net in its unaudited condensed consolidated statements of operations. Income on equity investments, net was reduced by such amortization of $14 million and $15 million in the three months ended March 29, 2015 and March 30, 2014, respectively.

Income from equity investments, net reported in the Company’s consolidated statements of operations consisted of the following (in thousands):



	Three Months Ended
	March 29, 2015			March 30, 2014
Income from equity investments, net, before amortization of basis difference	$	50,496		$	53,457
Amortization of basis difference	(13,562		)	(15,194		)
Income from equity investments, net	$	36,934		$	38,263

Cash distributions from the Company’s equity method investments were as follows (in thousands):



	Three Months Ended
	March 29, 2015		March 30, 2014
Cash distributions from equity investments	$	94,906	$	120,270

TV Food Network—The Company’s 31.3% investment in Television Food Network, G.P. (“TV Food Network”) totaled $1.287 billion and $1.354 billion at March 29, 2015 and December 28, 2014, respectively. The Company recognized equity income from TV Food Network of $29 million and $28 million for the three months ended March 29, 2015 and March 30, 2014, respectively. The Company received cash distributions from TV Food Network of $95 million and $120 million in the three months ended March 29, 2015 and March 30, 2014, respectively.

CareerBuilder and Classified Ventures—Prior to the Publishing Spin-off, the Company recorded revenue related to CareerBuilder, LLC (“CareerBuilder”) and Classified Ventures, LLC (“CV”) classified advertising products placed on affiliated digital platforms. Such amounts totaled $30 million for the three months ended March 30, 2014 and are included in income from discontinued operations, net of taxes.

On April 1, 2014, CV sold its Apartments.com business to CoStar Group, Inc. for $585 million in cash. The Company’s share of the proceeds from the transaction was approximately $160 million before taxes, which was distributed at closing.

On October 1, 2014, the Company sold its entire 27.8% equity interest in CV to Gannett Co., Inc. (“Gannett”). As part of the transaction, Gannett acquired the equity interests of the other partners and thereby acquired full ownership of CV. CV was valued at $2.5 billion for purposes of the transaction and gross proceeds of $1.8 billion were paid to the selling partners at closing. The Company’s portion of the proceeds from the transaction was approximately $686 million before taxes ($426 million after taxes), of which $28 million will be held in escrow until October 1, 2015. The Company’s pretax gain on the sale of CV recognized in the fourth quarter of 2014 was $372 million. Prior to closing, CV made a final distribution of all cash on hand from operations to the current owners. The Company’s portion of this final distribution was $6 million, which is in addition to proceeds from the sale transaction.

On April 2, 2015, the Company received an additional distribution of $8 million relating to the release of an escrow associated with CV’s sale of its Apartments.com business. The Company will recognize an $8 million non-operating gain in the second quarter of 2015 in connection with this distribution.

Summarized Financial Information—Summarized financial information for TV Food Network is as follows (in thousands):



	Three Months Ended
	March 29, 2015		March 30, 2014
Revenues, net	$	261,223	$	260,285
Operating income	$	130,202	$	125,495
Net income	$	133,643	$	129,872

Summarized financial information for CareerBuilder and CV is as follows (in thousands):



	Three Months Ended
	March 29, 2015		March 30, 2014
Revenues, net (1)	$	175,154	$	280,643
Operating income from continuing operations (1)	$	30,326	$	40,682
Net income (1)	$	28,351	$	46,733

(1) The summarized financial information for the three months ended March 29, 2015 does not include results for CV, which was sold by the Company on October 1, 2014. See above for further information.

Marketable Equity Securities—As further described in Note 1, on August 4, 2014, the Company completed the Publishing Spin-off and retained 381,354 shares of Tribune Publishing common stock, representing 1.5% of the outstanding common stock of Tribune Publishing. The Company classified the shares of Tribune Publishing common stock as available-for-sale securities. As of March 29, 2015, the fair value and cost basis of the Company’s investment in Tribune Publishing was $7 million and $0, respectively. As of March 29, 2015, the gross unrealized holding gain relating the Company’s investment in Tribune Publishing was $7 million and is reflected in accumulated other comprehensive income, net of taxes, in the Company’s unaudited condensed consolidated balance sheet. The Company has no current plans to sell its shares of Tribune Publishing.

Cost Method Investments—All of the Company’s cost method investments are in private companies and recorded at cost, net of write-downs resulting from periodic evaluations of the carrying value of the investments.

Chicago Cubs Transactions—As defined and further described in Note 8 to the Company’s audited consolidated financial statements for the fiscal year ended December 28, 2014, the Company consummated the closing of the Chicago Cubs Transactions on October 27, 2009. Concurrent with the closing of the transactions, the Company executed guarantees of collection of certain debt facilities entered into by Chicago Entertainment Ventures, LLC (formerly Chicago Baseball Holdings, LLC), and its subsidiaries (collectively, “New Cubs LLC”). The guarantees are capped at $699 million plus unpaid interest. The guarantees are reduced as New Cubs LLC makes principal payments on the underlying loans. To the extent that payments are made under the guarantees, the Company will be subrogated to, and will acquire, all rights of the debt lenders against New Cubs LLC.

Newsday Transactions—As defined and further described in Note 8 to the Company’s audited consolidated financial statements for the fiscal year ended December 28, 2014, the Company consummated the closing of the Newsday Transactions on July 29, 2008. Concurrent with the closing of the Newsday Transactions, Newsday Holdings LLC (“NHLLC”) and Newsday LLC borrowed $650 million under a secured credit facility. Borrowings under this facility are guaranteed by CSC Holdings, Inc. (“CSC”) and NMG Holdings, Inc., each a wholly-owned subsidiary of Cablevision Systems Corporation (“Cablevision”) and are secured by a lien on the assets of Newsday LLC and the assets of NHLLC, including $650 million of senior notes of Cablevision issued in 2008 and contributed by CSC. The Company agreed to indemnify CSC and NMG Holdings, Inc. with respect to any payments that CSC or NMG Holdings, Inc. makes under their guarantee of the $650 million of borrowings by NHLLC and Newsday LLC under their secured credit facility. In the event the Company is required to perform under this indemnity, the Company will be subrogated to and acquire all rights of CSC and NMG Holdings, Inc. against NHLLC and Newsday LLC to the extent of the payments made pursuant to the indemnity. From the July 29, 2008 closing date of the Newsday Transactions through the third anniversary of the closing date, the maximum amount of potential indemnification payments (“Maximum Indemnification Amount”) was $650 million. After the third anniversary, the Maximum Indemnification Amount was reduced by $120 million. The Maximum Indemnification Amount is reduced each year thereafter by $35 million until January 1, 2018, at which point the Maximum Indemnification Amount is reduced to $0. The Maximum Indemnification Amount was $425 million at March 29, 2015 and December 28, 2014.

Variable Interests—The Company evaluates its investments and other transactions to determine whether any entities associated with the investments or transactions should be consolidated under the provisions of ASC Topic 810, “Consolidation.” ASC Topic 810 requires an ongoing qualitative assessment as to which entity has the power to direct matters that most significantly impact the activities of a VIE and has the obligation to absorb losses or benefits that could be potentially significant to the VIE. At March 29, 2015 and December 28, 2014, the Company held variable interests, as defined by ASC Topic 810, in Topix, LLC (“Topix”) and Newsday LLC. The Company has determined that it is not the primary beneficiary of any of these entities and therefore has not consolidated any of them as of and for the periods presented in the accompanying unaudited condensed consolidated financial statements. The Company’s maximum loss exposure related to Topix is limited to its equity investment, which was $3 million at both March 29, 2015 and December 28, 2014.

Prior to October 1, 2014, the Company held a variable interest in CV. As described above, on October 1, 2014, all of the outstanding equity interests of CV were acquired by Gannett.

Prior to July 29, 2014, the Company held a variable interest in Perfect Market, Inc. (“PMI”). On July 29, 2014, all of the outstanding equity interests of PMI were acquired by Taboola.com LTD (“Taboola”). In connection with the acquisition, the Company’s shares in PMI were converted into shares of Taboola. The Company’s ownership in Taboola is less than 1% and the Company has determined the investment is not a VIE as defined by ASC Topic 810.

As further disclosed in Note 1, the Company consolidates the financial position and results of operations of Dreamcatcher, a VIE where the Company is the primary beneficiary.