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Investments

12 Months Ended

Dec. 31, 2012

NOTE 3 – INVESTMENTS

The Company's most significant investments in nonconsolidated affiliates are listed below:

Australian Radio Network

The Company owns a fifty-percent (50%) interest in Australian Radio Network (“ARN”), an Australian company that owns and operates radio stations in Australia and New Zealand.

Summarized Financial Information

The following table summarizes the Company's investments in nonconsolidated affiliates:

(In thousands)		ARN		All Others		Total
Balance at December 31, 2010	$	342,785	$	14,966	$	357,751
Cash advances (repayments)		-		(929)		(929)
Dispositions of investments, net		-		(6,316)		(6,316)
Equity in earnings		20,958		6,000		26,958
Foreign currency transaction adjustment		(153)		-		(153)
Foreign currency translation adjustment		(1,125)		290		(835)
Distributions received		(15,088)		(1,701)		(16,789)
Other		-		-		-
Balance at December 31, 2011	$	347,377	$	12,310	$	359,687
Cash advances (repayments)		(8,758)		3,082		(5,676)
Acquisitions of investments, net		-		2,704		2,704
Equity in earnings (loss)		18,621		(64)		18,557
Foreign currency transaction adjustment		(1,189)		-		(1,189)
Foreign currency translation adjustment		8,085		(10)		8,075
Distributions received		(11,074)		(642)		(11,716)
Other		-		470		470
Balance at December 31, 2012	$	353,062	$	17,850	$	370,912

The investments in the table above are not consolidated, but are accounted for under the equity method of accounting, whereby the Company records its investments in these entities in the balance sheet as “Other assets.” The Company's interests in their operations are recorded in the statement of comprehensive loss as “Equity in earnings of nonconsolidated affiliates.”

- Definition

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

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