As of December 31, 2012, we held a 20.38% interest in Station Venture Holdings, LLC ("SVH"), a joint venture with NBCUniversal Media, LLC ("NBCUniversal"), and accounted for our interest using the equity method, as we did not have a controlling interest. SVH holds a 99.75% interest in Station Venture Operations, LP ("SVO"), which is the operating company that manages KXAS-TV and KNSD-TV, the television stations that comprise the joint venture.

As further described in Note 15—"Commitments and Contingencies," on February 12, 2013, LIN TV, LIN Television, and LIN Texas entered into, and simultaneously closed the transactions contemplated by the Transaction Agreement among subsidiaries of NBCUniversal, Comcast Corporation, the GE Parties, and SVH. The Transaction Agreement effected a series of transactions whereby LIN Texas sold its 20.38% equity interest in SVH for $1.00 (collectively, the "JV Sale Transaction").

At the time of LIN Texas's acquisition of its interest in SVH in 1998, GECC provided secured debt financing to SVH in the form of a $815.5 million non-amortizing senior secured note due 2023 to GECC (the "GECC Note"), and, in connection with SVH's assumption of the GECC Note, LIN TV guaranteed the payment of the full amount of principal and interest on the GECC Note (the "GECC Guarantee"). As part of the JV Sale Transaction, LIN Texas made a $100 million capital contribution to SVH and in exchange, we were released from our guarantee of the joint venture's $815.5 million note payable to GECC and any further obligations relating to the shortfall funding agreements. In addition, LIN Television transferred its right to prior unsecured shortfall fundings made to SVH. The $100 million contribution was accrued for and recognized as Share of loss in equity investments in our consolidated statement operations during the year ended December 31, 2012. As of the date of the JV Sale Transaction, neither LIN TV nor any of our direct or indirect subsidiaries have any further investments in or obligations (funding or otherwise) related to SVH, the GECC Note or the GECC Guarantee.

The following table presents summarized financial information of SVH and SVO (in thousands):

	Year Ended December 31,

	2012			2011			2010
SVO:
Net revenues	$	143,474			118,833		$	133,222
Operating expenses		(79,124	)		(71,350	)		(75,960	)
Net income before taxes		64,653			47,791			57,546
Net income after taxes		64,515			47,743			57,396
SVH:
Equity in income from limited partnership in SVO	$	64,354			47,624		$	57,253
Interest and other expense		(69,365	)		(68,003	)		(67,248	)
Net loss		(5,011	)		(20,379	)		(9,995	)
Cash distributions to SVH from SVO	$	55,025			53,846		$	46,095
Shortfall loans from LIN Television to SVH		2,292			2,483			4,078
Shortfall loans from General Electric Company ("GE") to SVH		8,954			9,701			15,934
	December 31,
	2012			2011
SVH:
Cash and cash equivalents	$	—		$	63
Non-current assets		209,552			200,223
Current liabilities		544			544
Non-current liabilities⁽¹⁾		864,927			850,650
Shortfall loans outstanding and accrued interest payable to LIN Television from SVH	$	10,080		$	7,169
Shortfall loans outstanding and accrued interest payable to NBCUniversal and General Electric from SVH		39,382			28,009

In 2008, we recorded an impairment charge that reduced the carrying value of our investment in SVH to $0. Subsequent to the reduction of the SVH carrying value to $0, and as a result of our guarantee of the GECC Note as further described in Note 15—"Commitments and Contingencies", we suspended recognition of equity method losses in our consolidated financial statements.

During the years ended December 31, 2012 and 2011, based on our estimate of our probable shortfall obligations to the joint venture, we recognized contingent liabilities of $4.2 and $4.7 million, respectively, for the amounts that LIN Television expected to loan to SVH pursuant to the shortfall funding agreements with the GE Parties and NBCUniversal, as further described in Note 15—"Commitments and Contingencies." Because of uncertainty surrounding the joint venture's ability to repay shortfall loans, we concluded that it was more likely than not that the amounts recognized for accrued shortfall loans would not be recovered within a reasonable period of time, and concurrently recognized charges of $4.2 and $4.7 million in 2012 and 2011, respectively, to reflect the impairment of the shortfall loans, which were classified within Share of loss in equity investments in our consolidated statement of operations. As a result of the JV Sale Transaction, as of February 12, 2013, we have no further shortfall funding obligations. Therefore, as of December 31, 2012, the remaining accrued shortfall funding liability of $6 million was also reversed and reflected in the Share of loss in equity investments line of our consolidated statement of operations.

During the years ended December 31, 2012, 2011 and 2010, pursuant to the shortfall funding agreement with NBCUniversal and the GE Parties as further described in Note 15—"Commitments and Contingencies", we funded shortfall loans in the aggregate principal amount of $2.3 million, $2.5 million and $4.1 million, respectively, representing our 20.38% share of debt service shortfalls during those periods, and NBCUniversal and the GE Parties funded shortfall loans in the aggregate principal amount of $9.0 million, $9.7 million and $15.9 million, respectively, representing their 79.62% share in debt service shortfalls during those periods.