Investments (Tables)

12 Months Ended

Dec. 31, 2017

Investment Holdings, Schedule of Investments

Investments consisted of the following (in thousands):



	December 31, 2017		December 31, 2016
Equity method investments	$	1,254,198	$	1,642,117
Cost method investments	27,593		26,748
Marketable equity securities	—		6,018
Total investments	$	1,281,791	$	1,674,883

Equity Method Investment Ownership Percentages

The Company’s equity method investments at December 31, 2017 included the following private companies:



Company	% Owned
CareerBuilder, LLC	6%
Dose Media, LLC	25%
Television Food Network, G.P.	31%
TKG Internet Holdings II LLC	43%

Equity Method Investments

Income from equity investments, net reported in the Company’s Consolidated Statements of Operations consisted of the following (in thousands):



	2017			2016			2015
Income from equity investments, net, before amortization of basis difference	$	190,864		$	202,758		$	201,207
Amortization of basis difference	(53,502		)	(54,602		)	(54,248		)
Income from equity investments, net	$	137,362		$	148,156		$	146,959

Distributions from Equity Investments

Cash distributions from the Company’s equity method investments were as follows (in thousands):



	2017		2016		2015
Cash distributions from equity investments (1)	$	201,892	$	170,527	$	180,207

(1)

Certain distributions received from CareerBuilder in 2017 and 2015 exceeded the Company’s share of CareerBuilder’s cumulative earnings. As a result, the Company determined that these distributions were a return of investment and, therefore, presented such distributions totaling $4 million in 2017 and $10 million in 2015 as an investing activity in the Company’s Consolidated Statements of Cash Flows for 2017 and 2015.

Television Food Network, G.P.

Investment [Line Items]

Summary of Financial Information of Equity Investments

Summarized Financial Information—Summarized financial information for TV Food Network is as follows (in thousands):



	Fiscal Year
	2017		2016		2015
Revenues, net	$	1,208,357	$	1,160,716	$	1,099,307
Operating income	$	593,409	$	535,131	$	548,919
Net income	$	608,327	$	552,146	$	561,657



	December 31, 2017		December 31, 2016
Current assets	$	840,763	$	810,811
Non-current assets	$	150,277	$	168,547
Current liabilities	$	92,193	$	94,284
Non-current liabilities	$	—	$	138

CareerBuilder, LLC and Dose Media, LLC

Investment [Line Items]

Summary of Financial Information of Equity Investments

Summarized financial information for CareerBuilder and Dose Media is as follows (in thousands):



	Fiscal Year
	2017			2016		2015
Revenues, net (1)	$	645,790		$	719,994	$	698,041
Operating (loss) income (1)	$	(7,324	)	$	93,619	$	84,199
Net (loss) income (1)	$	(16,845	)	$	89,249	$	80,280


(1)	On November 25, 2015, the Company acquired a 25% interest in Dose Media. As results of operations from date of acquisition are not material to the Company in 2015, they are not included in the above table for 2015.



	December 31, 2017		December 31, 2016
Current assets	$	181,812	$	222,563
Non-current assets	$	486,750	$	565,200
Current liabilities	$	192,388	$	205,643
Non-current liabilities	$	320,727	$	23,603
Redeemable non-controlling interest	$	36,661	$	46,265