Investments

The details of our investments are set forth below:



Accounting Method	September 30, 2014		December 31, 2013
	in millions
Fair value:
Ziggo (a):
Not subject to re-use rights (39.0 million and 34.1 million shares, respectively)	$	1,825.4	$	1,560.1
Subject to re-use rights (18.0 million and 22.9 million shares, respectively)	844.6		1,049.4
Total — Ziggo	2,670.0		2,609.5
ITV - subject to re-use rights (b)	875.7		—
Sumitomo (c)	503.9		572.9
Other (d)	314.7		299.4
Total — fair value	4,364.3		3,481.8
Equity (e)	165.0		8.9
Cost	0.4		0.5
Total	$	4,529.7	$	3,491.2

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(a)

At September 30, 2014, we owned 57,000,738 shares of Ziggo. Our Ziggo shares represented 28.5% of the outstanding shares of Ziggo at September 30, 2014. At September 30, 2014, 19,965,600 of the Ziggo shares that we owned were (i) subject to a share collar (the Ziggo Collar) and (ii) pledged as collateral under a secured borrowing arrangement (the Ziggo Collar Loan). Under the terms of the Ziggo Collar, the counterparty had the right to re-use most of the Ziggo shares that were subject to the Ziggo Collar (up to an estimated 18.0 million shares at September 30, 2014), but we had the right to recall the shares that were re-used by the counterparty subject to certain costs. Pursuant to the terms of the Ziggo Collar, we lent to the counterparty 15.7 million Ziggo shares (the Lent Shares) on October 10, 2014. In addition, the counterparty had the right to retain dividends on the Ziggo shares that the counterparty would need to borrow from the custody account to hedge its exposure under the Ziggo Collar (an estimated 15.6 million shares at September 30, 2014). The decline in the number of shares subject to re-use rights is primarily attributable to a partial settlement in January 2014 of the Ziggo Collar and Ziggo Collar Loan. On November 5, 2014, in connection with our declaration that the Ziggo Offer is unconditional (see note 3), we announced that we are terminating the Ziggo Collar, which we expect to occur on November 6, 2014. In connection with the termination of the Ziggo Collar, we will settle the Ziggo Collar Loan and the counterparty will be relieved of its obligation to redeliver to us the Lent Shares.

(b)

On July 17, 2014, we acquired an aggregate of 259,820,065 shares of ITV plc (ITV) from British Sky Broadcasting Group plc at a price of £1.85 ($3.14 at the transaction date) per share, for a total investment of £480.7 million ($816.3 million at the transaction date). ITV is a commercial broadcaster in the U.K. Our ITV shares represented 6.4% of the total outstanding shares of ITV based on the most current publicly-available information. All of our ITV shares are subject to a share collar (the ITV Collar) and pledged as collateral under a secured borrowing arrangement (the ITV Collar Loan). Under the terms of the ITV Collar, the counterparty has the right to re-use all of the pledged ITV shares. For additional information regarding the ITV Collar Loan and the ITV Collar, including a description of the related re-use rights and the impact of the ITV Collar on the dividends we receive on our ITV shares, see note 5.


(c)	At September 30, 2014, 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 September 30, 2014. These shares secure a loan (the Sumitomo Collar Loan) to Liberty Programming Japan LLC, our wholly-owned subsidiary.


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

(e)

The September 30, 2014 amount includes our investment in All3Media Holdings Limited (All3Media), an independent television, film and digital production and distribution company in the U.K. Our investment in All3Media is held through our 50.0% interest in DLG Acquisition Limited (DLG), a joint venture between one of our subsidiaries and a subsidiary of Discovery Communications, Inc. (Discovery). In September 2014, we and a subsidiary of Discovery each contributed £90.0 million ($147.2 million at the transaction date) to DLG in connection with DLG’s acquisition of 100% of All3Media.