Investments

9 Months Ended

Sep. 30, 2015

Note 6: Investments

			September 30,		December 31,
(in millions)			2015		2014
Fair Value Method		$	167	$	662
Equity Method:
	The Weather Channel		81		335
	Hulu		247		167
	Other		473		517
			801		1,019
Cost Method:
	AirTouch		1,579		1,568
	Other		913		488
			2,492		2,056
Total investments			3,460		3,737
Less: Current investments			137		602
Noncurrent investments		$	3,323	$	3,135

Investment Income (Loss), Net
		Three Months Ended				Nine Months Ended
		September 30				September 30
(in millions)		2015		2014		2015		2014
Gains on sales and exchanges of investments, net		$	3	$	3	$	7	$	176
Investment impairment losses			(15)		(6)		(46)		(30)
Unrealized gains (losses) on securities underlying prepaid
	forward sale agreements		-		15		42		(13)
Mark to market adjustments on derivative component of prepaid
	forward sale agreements and indexed debt instruments		(5)		(13)		(42)		19
Interest and dividend income			27		29		83		85
Other, net			(36)		(7)		(20)		17
Investment income (loss), net		$	(26)	$	21	$	24	$	254

Fair Value Method

During the nine months ended September 30, 2015, we settled $517 million of our obligations under prepaid forward sale agreements by delivering equity securities. As of September 30, 2015, we have no remaining liabilities related to obligations under prepaid forward sale agreements.

Equity Method

During the nine months ended September 30, 2015, The Weather Channel Holding Corp. (“The Weather Channel”) recorded an impairment charge related to goodwill. We recorded an expense of $252 million representing NBCUniversal’s proportionate share of this impairment charge in equity in net income (losses) of investees, net in our condensed consolidated statement of income.

Cost Method

In September 2015, NBCUniversal made an additional investment in Vox Media, Inc. (“Vox Media”) and acquired an interest in BuzzFeed, Inc. (“BuzzFeed”) for $200 million each in cash. Vox Media is a digital media company comprised of eight distinct brands. BuzzFeed is a global media company that produces and distributes original news, entertainment and videos.

AirTouch

We hold two series of preferred stock of AirTouch Communications, Inc. (“AirTouch”), a subsidiary of Verizon Communications Inc., which are redeemable in April 2020. As of September 30, 2015, the estimated fair value of the AirTouch preferred stock and the estimated fair value of the associated liability related to the redeemable subsidiary preferred shares issued by one of our consolidated subsidiaries were each $1.7 billion. The estimated fair values are based on Level 2 inputs that use pricing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument.

NBCUniversal Media, LLC [Member]

Investments

Note 5: Investments

			September 30,		December 31,
(in millions)			2015		2014
Fair Value Method		$	10	$	10
Equity Method:
	The Weather Channel		81		335
	Hulu		247		167
	Other		298		338
			626		840
Cost Method			456		32
Total investments		$	1,092	$	882

Equity Method

During the nine months ended September 30, 2015, The Weather Channel Holding Corp. (“The Weather Channel”) recorded an impairment charge related to goodwill. We recorded an expense of $252 million representing our proportionate share of this impairment charge in equity in net income (losses) of investees, net in our condensed consolidated statement of income.

Cost Method

In September 2015, we made an additional investment in Vox Media, Inc. (“Vox Media”) and acquired an interest in BuzzFeed, Inc. (“BuzzFeed”) for $200 million each in cash. Vox Media is a digital media company comprised of eight distinct brands. BuzzFeed is a global media company that produces and distributes original news, entertainment and videos.