Investments

12 Months Ended

Jun. 30, 2021

NOTE 6. INVESTMENTS

The Company’s investments were comprised of the following:


	Ownership Percentage as of June 30, 2021	As of June 30,
		2021		2020
		(in millions)
Equity method investments(a)	various	$	71	$	120
Equity securities(b)	various	280		177
Total Investments		$	351	$	297

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(a)As of June 30, 2020, equity method investments were primarily comprised of Foxtel’s investment in Nickelodeon Australia Joint Venture and Elara, which operates PropTiger.com and Housing.com. In December 2020, the Company acquired a controlling interest in Elara and began consolidating its results. Refer to Note 4—Acquisitions, Disposals and Other Transactions for further discussion.

(b)Equity securities are primarily comprised of certain investments in China, Tremor 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 fiscal year ended June 30,
	2021		2020		2019
	(in millions)
Total gains (losses) recognized on equity securities	$	81	$	(21)	$	(23)
Less: Net losses recognized on equity securities sold or impaired	(1)		—		—
Unrealized gains (losses) recognized on equity securities held at end of period	$	82	$	(21)	$	(23)

Equity Losses of Affiliates

The Company’s share of the losses of its equity affiliates was $65 million, $47 million and $17 million for the fiscal years ended June 30, 2021, 2020 and 2019, respectively. In fiscal 2021, the losses primarily reflect the $54 million non-cash write-down of the Foxtel Group’s investment in the Nickelodeon Australia Joint Venture. In the fourth quarter of fiscal 2021, Foxtel and ViacomCBS entered into a separate programming rights agreement which will result in the windup of the Nickelodeon Australia Joint Venture in the first half of fiscal 2022. In fiscal 2020, the losses primarily reflect non-cash write-downs of $32 million on certain equity method investments. In fiscal 2019, the losses primarily reflect those from the Company’s interest in Elara.