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Investments
 3 Months Ended
Sep. 30, 2019
Schedule of Investments [Abstract]  
Investments
NOTE
4
. INVESTMENTS
The Company’s investments were comprised of the following:
                         
 
Ownership
Percentage
as
 
of
 
September 30,
2019
   
As of
September 30,
2019
   
As of
June 30,
2019
 
 
   
(in millions)
 
Equity method investments
(a)
    
various
    $
140
    $
148
 
Equity securities
(b)
    
various
     
189
     
187
 
                         
Total Investments
   
    $
329
    $
335
 
                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Equity method investments are primarily comprised of Foxtel’s investment in Nickelodeon Australia Joint Venture and Elara Technologies Pte. Ltd. (“Elara”), which operates PropTiger.com, Makaan.com and Housing.com.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(b)
 Equity securities are primarily comprised of certain investments in China and the Company’s investment in HT&E Limited, which operates a portfolio of Australian radio and outdoor media assets.
 
 
 
 
 
 
 
 
 
 
The Company has equity securities with quoted prices in active markets as well as equity securities without readily determinable fair market values. Equity securities without readily determinable fair market values are valued at cost, less any impairment, plus or minus changes in fair value resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The components comprising total gains and losses on equity securities are set forth below:
 
                 
 
For the three months ended
 
 
September 30,
 
 
2019
   
2018
 
 
(in millions)
 
Total gains recognized on equity securities
  $
1
    $
15
 
Less: Gains recognized on equity securities sold
   
—
     
—
 
                 
Unrealized gains recognized on equity securities held at end of period
  $
1
    $
15
 
                 
 
 
 
 
 
 
 
Equity Losses of Affiliates
The Company’s share of the losses of its equity affiliates was $2 million and $3 million for the three months ended September 30, 2019 and 2018, respectively.