OTHER ASSETS

6 Months Ended

Jun. 30, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER ASSETS

OTHER ASSETS:

Other assets as of June 30, 2021 and December 31, 2020 consisted of the following (in millions):

	As of June 30, 2021		As of December 31, 2020
Equity method investments	$	498	$	451
Other investments	608		450
Post-retirement plan assets	50		44
Other	117		113
Total other assets	$	1,273	$	1,058

Equity Method Investments

We have a portfolio of investments, including our investment in the YES Network and entities that are primarily focused on the development of real estate, sustainability initiatives, and other non-media businesses. For the periods ended June 30, 2021 and December 31, 2020, none of our investments were individually significant.

YES Network Investment. We account for our investment in the YES Network as an equity method investment, which is recorded within other assets in our consolidated balance sheets, and in which our proportionate share of the net income generated by the investment is included within income (loss) from equity method investments in our consolidated statements of operations. During the three and six months ended June 30, 2021, we recorded income of $6 million and $19 million, respectively, and for the three and six months ended June 30, 2020, we recorded income of $2 million and $7 million, respectively, related to our investment.

Other Investments

We measure our investments, excluding equity method investments, at fair value or, in situations where fair value is not readily determinable, we have the option to value investments at cost plus observable changes in value, less impairment.

As of June 30, 2021 and December 31, 2020, we held $550 million and $400 million, respectively, in investments measured at fair value. We recognized a fair value adjustment loss of $67 million and a fair value adjustment gain of $56 million for three and six months ended June 30, 2021, respectively, and losses of $0.1 million and $2 million for the three and six months ended June 30, 2020, respectively, associated with these investments, which are reflected in other income, net in our consolidated statements of operations. Investments accounted for utilizing the measurement alternative were $22 million, net of $7 million of cumulative impairments, as of June 30, 2021, and $26 million, net of $7 million of cumulative impairments, as of December 31, 2020. There were no adjustments to the carrying amount of investments accounted for utilizing the measurement alternative for the three and six months ended June 30, 2021 or 2020.

On November 18, 2020, we entered into a commercial agreement with Bally's. As part of this agreement, we received warrants to acquire up to 8.2 million shares of Bally's common stock for a penny per share, of which 3.3 million are exercisable upon meeting certain performance metrics. We also received options to purchase up to 1.6 million shares of Bally's common stock with exercise prices between $30 and $45 per share, exercisable after four years. These investments are reflected at fair value within our financial statements. See Note 11. Fair Value Measurements for further discussion.

In April 2021, we made an incremental investment of $93 million in Bally's in the form of non-voting perpetual warrants, convertible into 1.7 million shares of Bally's common stock at an exercise price of $0.01 per share, subject to certain adjustments. These investments are reflected at fair value within our financial statements. See Note 11. Fair Value Measurements for further discussion.