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INVESTMENTS | 12 Months Ended
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Dec. 31, 2024
Investments [Abstract] |
INVESTMENTS | INVESTMENTS The Company’s equity investments consisted of the following, net of investments recorded in other noncurrent liabilities (in millions).
Category |  | Balance Sheet Location |  | Ownership |  | December 31, 2024 |  | December 31, 2023
Equity method investments: |  |  |  |  |  |  |  |
The Chernin Group (TCG) 2.0-A, LP |  | Other noncurrent assets |  | 44% |  | $ | 240 |  |  | $ | 249 |
nC+ |  | Other noncurrent assets |  | 32% |  | 128 |  |  | 142 |
TNT Sports |  | Other noncurrent assets |  | 50% |  | 92 |  |  | 102 |
Other |  | Other noncurrent assets |  |  |  | 261 |  |  | 503 |
Total equity method investments |  |  |  |  |  | 721 |  |  | 996 |
Investments with readily determinable fair values |  | Other noncurrent assets |  |  |  | 41 |  |  | 53 |
Investments without readily determinable fair values |  | Other noncurrent assets (a) |  |  |  | 353 |  |  | 438 |
Total investments |  |  |  |  |  | $ | 1,115 |  |  | $ | 1,487 |
(a) Investments without readily determinable fair values included $17 million as of December 31, 2024 and December 31, 2023 that were included in prepaid expenses and other current assets. Equity Method Investments Certain of the Company’s other equity method investments are VIEs, for which the Company is not the primary beneficiary. As of December 31, 2024, the Company’s maximum exposure for all its unconsolidated VIEs, including the investment carrying values and unfunded contractual commitments made on behalf of VIEs, was approximately $569 million. The Company’s maximum estimated exposure excludes the non-contractual future funding of VIEs. The aggregate carrying values of these VIE investments were $550 million and $697 million as of December 31, 2024 and 2023, respectively. The Company recognized its portion of VIE operating results with losses of $24 million, $75 million, and $87 million for the years ended December 31, 2024, 2023 and 2022, respectively, in loss from equity investees, net, on the consolidated statements of operations. Equity Investments Without Readily Determinable Fair Values Assessed Under the Measurement Alternative The Company recorded impairments and upward adjustments for its other equity investments without readily determinable fair values of $27 million and $16 million during the year ended December 31, 2024, respectively, as a result of observable price changes in orderly transactions for the identical or similar investment of the same issuer. The changes in fair value as a result of observable price changes is recorded in other income (expense), net on the consolidated statements of operations. (See Note 18.) As of December 31, 2024, the Company had recorded cumulative impairments of $260 million and cumulative upward adjustments of $25 million for its equity method investments without readily determinable fair values.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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