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LONG-TERM INVESTMENTS | 12 Months Ended
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Dec. 31, 2011
LONG-TERM INVESTMENTS |
LONG-TERM INVESTMENTS |
NOTE 8—LONG-TERM INVESTMENTS The balance of long-term investments is comprised of:
|  | December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |
|  | (In thousands) |
Equity method investments |  | $ | 10,873 |  | $ | 148,607 |
Cost method investments |  |  | 82,318 |  |  | 39,014 |
Auction rate securities |  |  | 5,870 |  |  | 13,100 |
Long-term marketable equity securities |  |  | 74,691 |  |  | — |
Total long-term investments |  | $ | 173,752 |  | $ | 200,721 |
Equity method investments The carrying values of the Company's equity method investments, along with the principal market that the investee operates include:
|  | December 31, |  | Percent Ownership of Common Stock |
--- | --- | --- | --- | --- | ---
|  | 2011 |  | 2010 |
|  | (In thousands) |  |  |
Meetic (Europe) |  | $ | — |  | $ | 130,043 |  |  | See Note 5 |
Other |  |  | 10,873 |  |  | 18,564 |  |  |  |
Total equity method investments included in long-term investments |  |  | 10,873 |  |  | 148,607 |  |  |  |
The Newsweek/Daily Beast Company (United States) included in accrued expenses and other current liabilities |  |  | (8,186 | ) |  | — |  |  | 50 | %
Total equity method investments |  | $ | 2,687 |  | $ | 148,607 |  |  |  |
The Company's equity method investment in The Newsweek/Daily Beast Company is a negative balance representing IAC's commitment to fund. Summarized aggregated financial information for the Company's equity method investments is as follows:
|  | December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |
|  | (In thousands) |
Balance sheet data(a): |  |  |  |  |  |  |
Current assets |  | $ | 42,527 |  | $ | 83,948 |
Non-current assets |  |  | 45,852 |  |  | 388,518 |
Current liabilities |  |  | (47,085 | ) |  | (89,505 | )
Non-current liabilities |  |  | (11,044 | ) |  | (18,900 | )
|  | Twelve Months Ended December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |  | 2009 |
|  | (In thousands) |
Operating data(a): |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 368,433 |  | $ | 275,584 |  | $ | 114,128 |
Gross profit |  |  | 105,749 |  |  | 67,716 |  |  | 36,900 |
Net (loss) income |  |  | (17,636 | ) |  | 14,083 |  |  | (4,966 | )
(a) Summarized financial information for the Company's equity method investments is presented for the periods during which the Company holds or held an equity ownership interest. The summarized financial information for certain equity method investments is presented on a one quarter lag. During the first quarter of 2010, the Company recorded an $18.3 million impairment charge to write-down an investment accounted for using the equity method to fair value. The decline in value was determined to be other-than-temporary due to the investee's continued losses and negative operating cash flows. The Company estimated the fair value of its investment using a multiple of revenue approach. The impairment charge is included within "Equity in losses of unconsolidated affiliates" in the accompanying consolidated statement of operations. Cost method investments During the third quarter of 2011, the Company acquired a 20% interest in Zhenai Inc. ("Zhenai"), a leading provider of online matchmaking services in China. Our voting power is limited by a shareholders agreement. In light of this limitation and the significance of our interest relative to other shareholders, we do not have the ability to exercise significant influence over the operating and financial matters of Zhenai and this investment is accounted for as a cost method investment. In the fourth quarter of 2010, the Company recorded a $7.8 million impairment charge related to the write-down of an investment accounted for using the cost method to fair value. The impairment charge was determined to be other-than-temporary due to the investee's inability to achieve its 2010 cash flow forecast during its seasonally strongest fourth quarter and the Company's assessment that the investee would be unable to continue to operate without new outside financing. The impairment charge is included in "Other income (expense), net" in the accompanying consolidated statement of operations. Auction rate securities See Note 9 for information regarding auction rate securities. Long-term marketable equity securities The cost basis of the Company's long-term marketable equity securities at December 31, 2011 was $53.1 million, with gross unrealized gains of $29.8 million and a gross unrealized loss of $8.2 million, included in "Accumulated other comprehensive (loss) income" in the accompanying consolidated balance sheet. The Company evaluated the near-term prospects of the issuer in relation to the severity and short duration of the unrealized loss and based on that evaluation and the Company's ability and intent to hold this investment for a reasonable period of time sufficient for a forecasted recovery of fair value, the Company does not consider this investment to be other-than-temporarily impaired at December 31, 2011. There were no long-term marketable equity securities at December 31, 2010.

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