Investments

The details of our investments are set forth below:



	December 31,
Accounting Method	2013		2012
	in millions
Fair value:
Ziggo:
Not subject to re-use rights (34.1 million shares)	$	1,560.1	$	—
Subject to re-use rights (22.9 million shares)	1,049.4		—
Total — Ziggo	2,609.5		—
Sumitomo	572.9		579.7
Other	299.4		368.2
Total — fair value	3,481.8		947.9
Equity	8.9		1.7
Cost	0.5		0.5
Total	$	3,491.2	$	950.1

Discontinued operation — Investments held by the Chellomedia Disposal Group	$	21.1

Ziggo

During 2013, we acquired an aggregate of 57,000,738 shares of Ziggo N.V. (Ziggo), a publicly-traded company in the Netherlands, at an average price of €26.40 ($36.40) per share, for a total investment of €1,505.0 million ($2,075.3 million). Ziggo is the largest cable operator in the Netherlands in terms of customers. As a result of these investments, we effectively owned 28.5% of the outstanding shares of Ziggo at December 31, 2013. At December 31, 2013, the market price of Ziggo shares was €33.20 ($45.78) per share. In April 2013, LGE HoldCo V BV (LGE HoldCo V), our wholly-owned subsidiary, entered into a limited recourse margin loan agreement (the Ziggo Margin Loan) with respect to a portion of our investment in Ziggo, and in July 2013, we entered into a share collar (the Ziggo Collar) and secured borrowing arrangement (the Ziggo Collar Loan) with respect to a portion of our owned Ziggo shares. All but 4,743,738 of the Ziggo shares that we owned at December 31, 2013 were pledged as collateral under one or the other of the Ziggo Collar and Ziggo Collar Loan. During 2013, we received aggregate cash dividends from Ziggo of $78.4 million after taking into account the impact of the Ziggo Collar. For additional information regarding the Ziggo Collar Loan and the Ziggo Collar, including a description of the related re-use rights and the impact of the Ziggo Collar on the dividends we receive on our Ziggo shares, see note 6. For additional information concerning the Ziggo Margin Loan, see note 9.

On January 27, 2014, we announced that we have reached a conditional agreement on a recommended offer pursuant to which we will seek to acquire all of the remaining shares of Ziggo that we do not currently own in a stock and cash transaction. For additional information, see note 19.

The summarized financial condition of Ziggo as of December 31, 2013 is set forth below (in millions):



Current assets	$	288.5
Long-term assets	6,336.3
Total assets	$	6,624.8

Current liabilities	$	539.3
Long-term liabilities	4,747.2
Owners’ equity	1,338.3
Total liabilities and owners’ equity	$	6,624.8

The summarized results of operations of Ziggo for the period from March 28, 2013 (the date of our initial investment in Ziggo) through December 31, 2013 are set forth below (in millions):



Revenue	$	1,570.7
Operating income	$	418.5
Net earnings	$	199.1

Sumitomo

At December 31, 2013 and 2012, we owned 45,652,043 shares of Sumitomo Corporation (Sumitomo) common stock. Our Sumitomo shares represented less than 5% of Sumitomo’s outstanding common stock at December 31, 2013. These shares secure the Sumitomo Collar Loan, as defined and described in note 6.

Other

Includes various fair value investments, the most significant of which is our 17.0% interest in Canal+ Cyfrowy S.A. (Cyfra+), a privately-held DTH operator in Poland.

Chellomedia Disposal Group

Substantially all of the investments held by the Chellomedia Disposal Group are measured at fair value. The investments held by the Chellomedia Disposal Group at December 31, 2013 are included in long-term assets of discontinued operations on our consolidated balance sheet. For additional information regarding the Chellomedia Disposal Group, see note 4.