ҹѰ

Quarterly report pursuant to Section 13 or 15(d)

Investments in Debt and Equity Securities

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Investments in Debt and Equity Securities
 3 Months Ended
Mar. 31, 2018
Investments in Debt and Equity Securities
Investments in Debt and Equity Securities

(8)Investments in Debt and Equity Securities

All investments in marketable debt and equity securities held by the Company are carried at fair value, generally based on quoted market prices, and changes in the fair value of such securities are reported in realized and unrealized gains (losses) on financial instruments in the accompanying condensed consolidated statements of operations. The Company elected the measurement alternative (defined as the cost of the security, adjusted for changes in fair value when there are observable prices, less impairments) for its equity securities without readily determinable fair values.

Investments in debt and equity securities are summarized as follows:

March 31,

December 31,

2018

2017

amountsinmillions

ҹѰ SiriusXM Group

Debt securities

Pandora

$

512

480

iHeart (a)

519

100

Total attributed ҹѰ SiriusXM Group

1,031

580

Braves Group

Other equity securities

8

8

Total attributed Braves Group

8

8

Formula One Group

Equity securities

Time Warner (b)

402

389

Other (c )

132

137

Total attributed Formula One Group

534

526

Consolidated ҹѰ

$

1,573

1,114

(a)

During the three months ended March 31, 2018, the Company purchased $522 million in principal of iHeartMedia, Inc. (“iHeart”) bonds for $389 million, resulting in the Company owning an aggregate amount of $660 million in principal of iHeart bonds as of March 31, 2018.

(b)

See note 11 for details regarding the number and fair value of shares pledged as collateral pursuant to the Braves Holdings mixed-use development facility as of March 31, 2018.

(c)

A portion of these equity securities are pledged as collateral to the Live Nation Margin Loan. See note 11 for the fair value of shares pledged as of March 31, 2018.

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