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Investments | 12 Months Ended
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Dec. 31, 2014
Investments | NOTE 3 – INVESTMENTS The Company’s most significant investments in nonconsolidated affiliates are listed below: Australian Radio Network The Company owned a fifty-percent (50%) interest in Australian Radio Network (“ARN”), an Australian company that owns and operates radio stations in Australia and New Zealand. An impairment charge of $95.4 million was recorded during the fourth quarter of 2013 to write down the investment to its estimated fair value. On February 18, 2014, a subsidiary of the Company sold its 50% interest in ARN, recognizing a loss on the sale of $2.4 million and $11.5 million of foreign exchange losses that were reclassified from accumulated other comprehensive income at the date of the sale. Buspak The Company owned a 50% interest in Buspak, a bus advertising company in Hong Kong. On July 18, 2014, a subsidiary of the Company sold its 50% interest in Buspak, recognizing a gain on the sale of $4.5 million. Summarized Financial Information The following table summarizes the Company’s investments in nonconsolidated affiliates:
(In thousands) |  | ARN |  |  | All Others |  |  | Total |
Balance at December 31, 2012 |  | $ | 353,062 |  |  | $ | 17,850 |  |  | $ | 370,912 |
Cash advances (repayments) |  |  | - |  |  |  | 3,051 |  |  |  | 3,051 |
Acquisitions of investments, net |  |  | - |  |  |  | 1,354 |  |  |  | 1,354 |
Equity in loss |  |  | (75,318) |  |  |  | (2,378) |  |  |  | (77,696) |
Foreign currency translation adjustment |  |  | (37,068) |  |  |  | 4 |  |  |  | (37,064) |
Distributions received |  |  | (19,926) |  |  |  | (1,750) |  |  |  | (21,676) |
Other |  |  | - |  |  |  | (76) |  |  |  | (76) |
Balance at December 31, 2013 |  | $ | 220,750 |  |  | $ | 18,055 |  |  | $ | 238,805 |
Cash advances (repayments) |  |  | - |  |  |  | 3,452 |  |  |  | 3,452 |
Acquisitions of investments, net |  |  | - |  |  |  | 1,811 |  |  |  | 1,811 |
Equity in earnings (loss) |  |  | (12,678) |  |  |  | 3,262 |  |  |  | (9,416) |
Foreign currency transaction adjustment |  |  | 1,449 |  |  |  | 77 |  |  |  | 1,526 |
Distributions received |  |  | (228) |  |  |  | (1,000) |  |  |  | (1,228) |
Proceeds on sale |  |  | (220,783) |  |  |  | (15,820) |  |  |  | (236,603) |
Other |  |  | 11,490 |  |  |  | (344) |  |  |  | 11,146 |
Balance at December 31, 2014 |  | $ | - |  |  | $ | 9,493 |  |  | $ | 9,493 |
The investments in the table above are not consolidated, but are accounted for under the equity method of accounting, whereby the Company records its investments in these entities in the balance sheet as “Other assets.” The Company’s interests in their operations are recorded in the statement of comprehensive loss as “Equity in earnings (loss) of nonconsolidated affiliates.”

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- Definition The entire disclosure for investment holdings. This includes the long positions of investments for the entity. It contains investments in affiliated and unaffiliated issuers. The investments include securities and non securities (i.e. commodities and futures contracts). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 4 -Subparagraph (SX 210.12-12C) -URI http://asc.fasb.org/extlink&oid=34726532&loc=d3e611225-123010 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14) -URI http://asc.fasb.org/extlink&oid=34726532&loc=d3e611322-123010 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 5 -Subparagraph (SX 210.12-13) -URI http://asc.fasb.org/extlink&oid=34726532&loc=d3e611282-123010 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12) -URI http://asc.fasb.org/extlink&oid=34726532&loc=d3e611133-123010 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Article 12 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12C -Article 12 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 13 -Article 12 + Details
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