Investments (Tables)

9 Months Ended

Dec. 31, 2015

Equity Method Investments, Cost Method Investments, and Investments in Debt and Equity [Abstract]

Carrying Amount of Investments, By Category

The carrying amounts of investments, by category, at December 31, 2015 and March 31, 2015 were as follows:



	December 31, 2015		March 31, 2015
	(Amounts in thousands)
Equity method investments	$	274,548	$	234,202
Available-for-sale securities	157,739		162,024
Cost method investments	42,822		42,072
	$	475,109	$	438,298

Schedule of Equity Method Investments [Line Items]

Carrying Amount of Equity Method Investments

The carrying amounts of equity method investments at December 31, 2015 and March 31, 2015 were as follows:



	December 31, 2015
Equity Method Investee	Ownership Percentage	December 31, 2015		March 31, 2015
		(Amounts in thousands)
EPIX	31.2%	$	153,745	$	119,688
Pop	50.0%	93,085		91,683
Other⁽¹⁾	Various	27,718		22,831
		$	274,548	$	234,202

Equity Method Investee, Income (Loss)

Equity interests in equity method investments for the three and nine months ended December 31, 2015 and 2014 were as follows (income (loss)):



	Three Months Ended						Nine Months Ended
	December 31,						December 31,
Equity Method Investee	2015			2014			2015			2014
	(Amounts in thousands)
EPIX	$	12,826		$	11,214		$	34,055		$	27,446
Pop	(63		)	(1,115		)	602			(4,663		)
Other⁽¹⁾	(1,937		)	799			(5,294		)	14,570
	$	10,826		$	10,898		$	29,363		$	37,353

_________________________

(1)The Company records its share of the net income or loss of other equity method investments on a one quarter lag. Equity interest income from other equity method investments for the nine months ended December 31, 2014 includes a gain on sale of the Company's investment in FEARnet of $11.4 million

Available-for-sale Securities [Abstract]

Available-for-sale Securities

The cost basis, unrealized gains and fair market value of available-for-sale securities are set forth below:



	December 31, 2015			March 31, 2015
	(Amounts in thousands)
Cost basis	$	158,916		$	158,916
Gross unrealized gain (loss)	(1,177		)	3,108
Fair value	$	157,739		$	162,024

EPIX

Schedule of Equity Method Investments [Line Items]

Summarized Balance Sheet

The following table presents summarized balance sheet data as of December 31, 2015 and March 31, 2015 for EPIX:



	December 31, 2015		March 31, 2015
	(Amounts in thousands)
Current assets	$	304,263	$	285,819
Non-current assets	$	353,169	$	277,888
Current liabilities	$	95,000	$	121,451
Non-current liabilities	$	21,426	$	6,753

Summarized Statement of Operations

The following table presents the summarized statements of income for the three and nine months ended December 31, 2015 and 2014 for EPIX and a reconciliation of the net income reported by EPIX to equity interest income recorded by the Company:



	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2015			2014			2015			2014
	(Amounts in thousands)
Revenues	$	98,381		$	101,124		$	314,974		$	288,424
Expenses:
Operating expenses	56,476			59,224			189,566			178,690
Selling, general and administrative expenses	5,932			5,863			18,067			17,503
Operating income	35,973			36,037			107,341			92,231
Interest and other expense	(376		)	(399		)	(1,777		)	(1,130		)
Net income	$	35,597		$	35,638		$	105,564		$	91,101
Reconciliation of net income reported by EPIX to equity interest income:
Net income reported by EPIX	$	35,597		$	35,638		$	105,564		$	91,101
Ownership interest in EPIX	31.15		%	31.15		%	31.15		%	31.15		%
The Company's share of net income	11,088			11,101			32,883			28,378
Eliminations of the Company’s share of profits on licensing sales to EPIX⁽¹⁾	(240		)	(1,935		)	(5,941		)	(7,007		)
Realization of the Company’s share of profits on licensing sales to EPIX⁽²⁾	1,978			2,048			7,113			6,075
Total equity interest income recorded	$	12,826		$	11,214		$	34,055		$	27,446

_________________________


(1)	Represents the elimination of the gross profit recognized by the Company on licensing sales to EPIX in proportion to the Company's ownership interest in EPIX.


(2)	Represents the realization of a portion of the profits previously eliminated. This profit remains eliminated until realized by EPIX. EPIX initially records the license fee for the title as inventory on its balance sheet and amortizes the inventory over the license period. Accordingly, the profit is realized as the inventory on EPIX's books is amortized.

Pop

Schedule of Equity Method Investments [Line Items]

Summarized Balance Sheet

The following table presents summarized balance sheet data as of December 31, 2015 and March 31, 2015 for Pop:



	December 31, 2015		March 31, 2015
	(Amounts in thousands)
Current assets	$	38,126	$	32,815
Non-current assets	$	187,316	$	187,985
Current liabilities	$	26,697	$	26,048
Non-current liabilities	$	8,589	$	7,196
Redeemable preferred stock	$	443,155	$	399,247

Summarized Statement of Operations

The following table presents the summarized statements of operations for the three and nine months ended December 31, 2015 and 2014 for Pop and a reconciliation of the net loss reported by Pop to equity interest income (loss) recorded by the Company:



	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2015			2014			2015			2014
	(Amounts in thousands)
Revenues	$	22,481		$	20,507		$	63,872		$	59,073
Expenses:
Cost of services	10,880			8,645			28,171			26,938
Selling, marketing, and general and administration	9,940			11,934			28,540			34,527
Depreciation and amortization	1,940			1,928			5,829			5,866
Operating income (loss)	(279		)	(2,000		)	1,332			(8,258		)
Other expense	—			6			—			391
Interest expense, net	120			160			334			551
Accretion of redeemable preferred stock units⁽¹⁾	14,575			12,461			42,308			35,361
Total interest expense, net	14,695			12,627			42,642			36,303
Net loss	$	(14,974	)	$	(14,627	)	$	(41,310	)	$	(44,561	)
Reconciliation of net loss reported by Pop to equity interest income (loss):
Net loss reported by Pop	$	(14,974	)	$	(14,627	)	$	(41,310	)	$	(44,561	)
Ownership interest in Pop	50		%	50		%	50		%	50		%
The Company's share of net loss	(7,487		)	(7,314		)	(20,655		)	(22,281		)
Accretion of dividend and interest income on redeemable preferred stock units⁽¹⁾	7,287			6,231			21,154			17,681
Elimination of the Company's share of profits on licensing sales to Pop	(424		)	—			(774		)	(367		)
Realization of the Company’s share of profits on licensing sales to Pop	561			(32		)	877			304
Total equity interest income (loss) recorded	$	(63	)	$	(1,115	)	$	602		$	(4,663	)

___________________

(1)

Accretion of mandatorily redeemable preferred stock units represents Pop's 10% dividend and the amortization of discount on its mandatorily redeemable preferred stock units held by the Company and the other interest holder. The Company recorded its share of this expense as income from the accretion of dividend and discount on mandatorily redeemable preferred stock units within equity interest income (loss).