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Investments
 12 Months Ended
Dec. 31, 2014
Investments

NOTE 3 – INVESTMENTS

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

Australian Radio Network

The Company owned a fifty-percent (50%) interest in Australian Radio Network (“ARN”), an Australian company that owns and operates radio stations in Australia and New Zealand. An impairment charge of $95.4 million was recorded during the fourth quarter of 2013 to write down the investment to its estimated fair value. On February 18, 2014, a subsidiary of the Company sold its 50% interest in ARN, recognizing a loss on the sale of $2.4 million and $11.5 million of foreign exchange losses that were reclassified from accumulated other comprehensive income at the date of the sale.

Buspak

The Company owned a 50% interest in Buspak, a bus advertising company in Hong Kong. On July 18, 2014, a subsidiary of the Company sold its 50% interest in Buspak, recognizing a gain on the sale of $4.5 million.

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

(In thousands)ARNAllOthersTotal
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 translation 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
Cash advances (repayments) - 3,452 3,452
Acquisitions of investments, net - 1,811 1,811
Equity in earnings (loss) (12,678) 3,262 (9,416)
Foreign currency transaction adjustment 1,449 77 1,526
Distributions received (228) (1,000) (1,228)
Proceeds on sale (220,783) (15,820) (236,603)
Other 11,490 (344) 11,146
Balance at December 31, 2014$ - $ 9,493 $ 9,493

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.”