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INVESTMENTS
 12 Months Ended
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).
CategoryBalance Sheet LocationOwnershipDecember 31, 2024December 31, 2023
Equity method investments:
The Chernin Group (TCG) 2.0-A, LPOther noncurrent assets44%$240 $249 
nC+Other noncurrent assets32%128 142 
TNT SportsOther noncurrent assets50%92 102 
OtherOther noncurrent assets261 503 
Total equity method investments721 996 
Investments with readily determinable fair valuesOther noncurrent assets41 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.