			June 30,		December 31,
(in millions)			2012		2011
Fair value method		$	3,514	$	3,028
Equity Method:
	A&E Television Networks		2,006		2,021
	SpectrumCo		1,414		1,417
	The Weather Channel		465		463
	MSNBC.com		176		174
	Clearwire LLC		-		69
	Other		652		736
			4,713		4,880
Cost Method:
	AirTouch		1,530		1,523
	Other		492		477
			2,022		2,000
Total investments			10,249		9,908
Less: Current investments			2,231		54
Noncurrent investments		$	8,018	$	9,854

As of June 30, 2012, we held as collateral $3.5 billion of fair value method equity securities related to our obligations under prepaid forward sale agreements. As of June 30, 2012, our prepaid forward sale obligations were recorded at $2.9 billion within other current and noncurrent liabilities in our condensed consolidated balance sheet and had an estimated fair value of approximately $3.0 billion. The estimated fair values are based on Level 2 inputs using pricing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument.

On March 26, 2012, NBCUniversal exercised an option that requires required A&E Television Networks LLC (“A&E Television Networks”) to redeem a substantial portion of NBCUniversal's equity interest in A&E Television Networks. On July 9, 2012, NBCUniversal entered into a redemption agreement with A&E Television Networks whereby A&E Television Networks agreed to redeem NBCUniversal's entire 15.8% equity interest for $3 billion. The redemption price will be paid solely in cash, although in certain limited circumstances, it would be paid in cash and in the form of a senior note issued by A&E Television Networks. Under the terms of the redemption agreement, NBCUniversal is no longer required to provide a last dollar guarantee of indebtedness that A&E Television Networks may incur to finance the purchase of NBCUniversal's equity interest. As of June 30, 2012, we have classified NBCUniversal's equity interest as a current investment in our condensed consolidated balance sheet. We expect the transaction to close during the second half of 2012, and we expect to recognize a pretax gain on the sale of NBCUniversal's equity interest of approximately $1 billion when the transaction closes.

On July 13, 2012, NBCUniversal acquired the remaining 50% equity interest in MSNBC Interactive News, LLC (“MSNBC.com”) and other related entities (“MSNBC.com”) that it did not already own. MSNBC.com is now a wholly owned consolidated subsidiary of NBCUniversal and its results of operations will be reported in our Cable Networks segment following the date of acquisition.

We hold two series of preferred stock of AirTouch Communications, Inc. (“AirTouch”), a subsidiary of Vodafone, which are redeemable in April 2020. As of June 30, 2012, the estimated fair value of the AirTouch preferred stock and the associated liability related to redeemable preferred shares issued by one of our consolidated subsidiaries was approximately $1.9 billion. The estimated fair values are primarily based on Level 2 inputs using pricing models whose inputs are derived from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument.

Components of Investment Income (Loss), Net
		Three Months Ended				Six Months Ended
		June 30				June 30
(in millions)			2012		2011		2012		2011
Gains on sales and exchanges of investments, net		$	20	$	7	$	27	$	21
Investment impairment losses			(9)		(3)		(21)		(3)
Unrealized gains (losses) on securities underlying prepaid
	forward sale agreements		(28)		226		488		535
Mark to market adjustments on derivative component of prepaid forward sale
	agreements and indexed debt instruments		20		(186)		(450)		(447)
Interest and dividend income			28		26		57		52
Other, net			(23)		(9)		(1)		(8)
Investment income (loss), net		$	8	$	61	$	100	$	150