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INVESTMENTS | 3 Months Ended
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Mar. 31, 2025
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 |  | March 31, 2025 |  | December 31, 2024
Equity method investments: |  |  |  |  |  |  |  |
The Chernin Group (TCG) 2.0-A, LP |  | Other noncurrent assets |  | 44% |  | $ | 242 |  |  | $ | 240 |
nC+ |  | Other noncurrent assets |  | 32% |  | 141 |  |  | 128 |
TNT Sports |  | Other noncurrent assets |  | 50% |  | 83 |  |  | 92 |
Other |  | Other noncurrent assets |  |  |  | 248 |  |  | 261 |
Total equity method investments |  |  |  |  |  | 714 |  |  | 721 |
Investments with readily determinable fair values |  | Other noncurrent assets |  |  |  | 42 |  |  | 41 |
Investments without readily determinable fair values |  | Other noncurrent assets(a) |  |  |  | 344 |  |  | 353 |
Total investments |  |  |  |  |  | $ | 1,100 |  |  | $ | 1,115 |
(a) Investments without readily determinable fair values included $17 million as of March 31, 2025 and December 31, 2024 that was recorded 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 March 31, 2025, the Company’s maximum exposure for all of its unconsolidated VIEs, including the investment carrying values and unfunded contractual commitments made on behalf of VIEs, was approximately $550 million. The Company’s maximum estimated exposure excludes the non-contractual future funding of VIEs. The aggregate carrying values of these VIE investments were $531 million and $550 million as of March 31, 2025 and December 31, 2024, respectively. VIE gains and losses are recorded in loss from equity investees, net on the consolidated statements of operations, and were not material for the three months ended March 31, 2025 and 2024. Joint Venture In January 2025, the Company contributed a 70% interest in its music catalog to a joint venture with Cutting Edge Group in exchange for net proceeds of $601 million. The Company retained a controlling financial interest and consolidated the joint venture as a VIE. The Company has determined that it is the primary beneficiary of the joint venture as the Company has certain operational rights that significantly impact the economic performance of the business including exploitation of the catalog works and selection of the administrator. As the primary beneficiary, the Company includes the joint venture assets, liabilities and results of operations in the Company's consolidated financial statements. As of March 31, 2025, the carrying amounts of assets and liabilities of the consolidated VIE were not material. In addition to the initial equity ownership, Cutting Edge Group, may receive up to an additional 10% economic interest in the venture based on the results of certain operational metrics.

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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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