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.

On February 18, 2014, a subsidiary of the Company sold its 50% interest in ARN. As of December 31, 2013, the book value of the Company’s investment in ARN exceeded the estimated selling price. Accordingly, the Company recorded an impairment charge of $95.4 million during the fourth quarter of 2013 to write down the investment to its estimated fair value.

Summarized Financial Information

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


(In thousands)	ARN			All Others			Total
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
Cash advances (repayments)		—			3,051			3,051
Acquisitions of investments, net		—			1,354			1,354
Equity in loss		(75,318	)		(2,378	)		(77,696	)
Foreign currency transaction adjustment		(37,068	)		4			(37,064	)
Distributions received		(19,926	)		(1,750	)		(21,676	)
Other		—			(76	)		(76	)

Balance at December 31, 2013	$	220,750		$	18,055		$	238,805

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 (loss) of nonconsolidated affiliates.”