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Equity-Method Investments
 9 Months Ended
Sep. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]  
Equity-Method Investments
EQUITY-METHOD INVESTMENTS
LivingSocial’s summarized condensed financial information, as provided to us by LivingSocial, is as follows (in millions):
 
  
Nine Months Ended 
 September 30,
 
2014
 
2013
Statements of Operations:
 
 
 
Revenue
$
215

 
$
289

Gross profit
169

 
225

Operating expenses
261

 
283

Operating loss from continuing operations
(92
)
 
(58
)
Net loss from continuing operations
(75
)
 
(50
)
Net income (loss) from discontinued operations (1)
206

 
(54
)
Net income (loss)
$
131

 
$
(104
)
___________________
(1)
In January 2014, LivingSocial completed the sale of its Korean operations for approximately $260 million and, in Q1 2014, recognized a gain on disposal of $205 million, net of tax. The statement of operations information above has been recast to present the Korean operations as discontinued operations.
As of September 30, 2014, our total investment in LivingSocial is approximately 31% of voting stock and has a book value of $84 million.