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:

		$24,571 000		$24,571 000		$24,571 000
(In thousands)	ARN		All Others		Total
Balance at December 31, 2009	$	320,778	$	24,571	$	345,349
Reclass to cost method investments and other		—		1,574		1,574
Dispositions of investments, net		—		(987)		(987)
Cash advances		—		2,556		2,556
Equity in net earnings (loss)		15,685		(9,983)		5,702
Foreign currency transaction adjustment		(6,881)		—		(6,881)
Foreign currency translation adjustment		21,589		(434)		21,155
Distributions received		(8,386)		(2,331)		(10,717)

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

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 operations as "Equity in earnings (loss) of nonconsolidated affiliates".