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Investments
 9 Months Ended
Dec. 31, 2018
Equity Method Investments, and Investments in Debt and Equity Securities [Abstract]  
Investments
Investments
The Company's investments consisted of the following:
 
 
December 31,
2018
 
March 31,
2018
 
 
(Amounts in millions)
Investments in equity method investees
 
$
121.1

 
$
127.0

Other investments
 
1.5

 
37.9

 
 
$
122.6

 
$
164.9



Equity Method Investments:
Pop. Pop is the Company's joint venture with CBS, in which the Company has a 50.0% ownership interest (carrying value of $95.7 million at December 31, 2018, $91.3 million at March 31, 2018). During the three and nine months ended December 31, 2018, the Company made contributions to Pop of $4.0 million and $9.0 million, respectively.
Pop Financial Information:
The following table presents summarized balance sheet data as of December 31, 2018 and March 31, 2018 for Pop:
 
December 31,
2018
 
March 31,
2018
 
(Amounts in millions)
Current assets
$
77.7

 
$
48.2

Non-current assets
$
194.7

 
$
191.6

Current liabilities
$
48.5

 
$
37.2

Non-current liabilities(1)
$
755.0

 
$
654.9

Redeemable preferred stock(1)
$
725.0

 
$
638.4

_________________________
(1)
Non-current liabilities includes mandatorily redeemable preferred stock units.
The following table presents the summarized statements of operations for the three and nine months ended December 31, 2018, and 2017 for Pop and a reconciliation of the net loss reported by Pop to equity interest loss recorded by the Company:
 
 
Three Months Ended
 
Nine Months Ended
 
December 31,
 
December 31,
 
2018
 
2017
 
2018
 
2017
 
 
 
 
 
 
Revenues
$
24.3

 
$
33.0

 
$
75.8

 
$
86.0

Expenses:
 
 
 
 
 
 
 
Cost of services
17.9

 
19.8

 
43.4

 
50.5

Selling, marketing, and general and administration
11.6

 
14.1

 
35.1

 
37.3

Depreciation and amortization
1.9

 
2.0

 
5.9

 
6.1

Operating loss
(7.1
)
 
(2.9
)
 
(8.6
)
 
(7.9
)
Interest expense, net
0.7

 
0.2

 
1.6

 
0.6

Accretion of redeemable preferred stock units(1)
24.3

 
20.1

 
68.6

 
58.1

Total interest expense, net
25.0

 
20.3

 
70.2

 
58.7

Net loss
$
(32.1
)
 
$
(23.2
)
 
$
(78.8
)
 
$
(66.6
)
Reconciliation of net loss reported by Pop to equity interest loss:
 
 
 
 
 
 
 
Net loss reported by Pop
$
(32.1
)
 
$
(23.2
)
 
$
(78.8
)
 
$
(66.6
)
Ownership interest in Pop
50
%
 
50
%
 
50
%
 
50
%
The Company's share of net loss
(16.1
)
 
(11.6
)
 
(39.4
)
 
(33.3
)
Accretion of dividend and interest income on redeemable preferred stock units(1)
12.1

 
10.1

 
34.3

 
29.0

Elimination of the Company's share of profits on licensing sales to Pop
—

 
(0.2
)
 
(0.2
)
 
(0.3
)
Realization of the Company’s share of profits on licensing sales to Pop
0.4

 
0.3

 
0.6

 
0.7

Total equity interest loss recorded
$
(3.6
)
 
$
(1.4
)
 
$
(4.7
)
 
$
(3.9
)
 ___________________
(1)
Accretion of mandatorily redeemable preferred stock units represents Pop's 10% dividend and the amortization of discount on its mandatorily redeemable preferred stock units held by the Company and the other interest holder. The Company recorded its share of this expense as income from the accretion of dividend and discount on mandatorily redeemable preferred stock units within equity interest loss.
Other Equity Method Investments
The Company has investments in various other equity method investees with ownership percentages ranging from approximately 11% to 50%. These investments include:
Playco. Playco Holdings Limited ("Playco") offers a STARZ-branded online subscription video-on-demand service in the Middle East and North Africa.
Laugh Out Loud. A streaming service for content created or curated by Kevin Hart which includes original series starring Kevin Hart.
Roadside Attractions. Roadside Attractions is an independent theatrical distribution company.
Pantelion Films. Pantelion Films is a joint venture with Videocine, an affiliate of Televisa, which produces, acquires and distributes a slate of English and Spanish language feature films that target Hispanic moviegoers in the U.S.
Atom Tickets. Atom Tickets is the first-of-its-kind theatrical mobile ticketing platform and app. The Company is accounting for its investment in Atom Tickets, a limited liability company, under the equity method of accounting due to the Company's board representation that provides significant influence over the investee.
Other. In addition to the equity method investments discussed above, the Company holds ownership interests in other immaterial equity method investees.
Summarized Financial Information. Summarized financial information for the Company's "other equity method investees", on an aggregate basis, is set forth below:
 
December 31,
2018
 
March 31,
2018
 
(Amounts in millions)
Current assets
$
156.4

 
$
232.7

Non-current assets
$
55.9

 
$
130.0

Current liabilities
$
132.9

 
$
201.5

Non-current liabilities
$
18.8

 
$
45.0



 
Three Months Ended
 
Nine Months Ended
 
December 31,
 
December 31,
 
2018
 
2017
 
2018
 
2017
 
(Amounts in millions)
Revenues
$
31.5

 
$
61.0

 
$
85.0

 
$
148.7

Gross profit
$
8.1

 
$
12.3

 
$
27.7

 
$
30.2

Net loss
$
(26.5
)
 
$
(32.7
)
 
$
(81.8
)
 
$
(95.2
)


Other Investments:

Other investments include equity securities that are measured at fair value and equity securities without readily determinable fair values, as described below:
Equity Securities Measured at Fair Value. Investments in equity securities that are measured at fair value are classified within Level 1 of the fair value hierarchy as the valuation inputs are based on quoted prices in active markets (see Note 8).
As a result of the adoption of new accounting guidance for Recognition and Measurement of Financial Instruments (see Note 1), effective April 1, 2018 changes in the fair value of the Company's equity securities with a readily determinable fair market value are recognized in net income. At December 31, 2018 and March 31, 2018, "other investments" include investments in equity securities measured at fair value of $1.0 million and $7.3 million, respectively. Accordingly, during the three and nine months ended December 31, 2018, the Company recognized $3.6 million and $6.4 million, respectively in unrealized losses on equity securities held as of December 31, 2018 which are reflected in the gain (loss) on investments line item on the unaudited condensed consolidated statement of operations.

Equity Securities Without Readily Determinable Fair Values. Investments in equity securities without readily determinable fair values are valued at cost, less any impairment, and adjusted for changes resulting from observable, orderly transactions for identical or similar securities. At December 31, 2018 and March 31, 2018, "other investments" include investments in equity securities without readily determinable fair values of $0.5 million and $30.6 million, respectively.

Gain (Loss) on Investments:

The following table summarizes the components of the gain (loss) on investments:

 
Three Months Ended
 
Nine Months Ended
 
December 31,
 
December 31,
 
2018
 
2017
 
2018
 
2017
 
(Amounts in millions)
Impairments of investments(1)
$
(2.6
)
 
$
(29.2
)
 
$
(36.8
)
 
$
(29.2
)
Unrealized losses on equity securities held as of December 31, 2018
(3.6
)
 
—

 
(6.4
)
 
—

Gain on sale of EPIX(2)
—

 
—

 
—

 
201.0

 
$
(6.2
)
 
$
(29.2
)
 
$
(43.2
)
 
$
171.8


_________________
(1)
In the three and nine months ended December 31, 2018 and 2017, amounts represent impairments of equity method investments, and the nine months ended December 31, 2018 also includes other-than-temporary impairments of $34.2 million on investments in equity securities without readily determinable fair values and notes receivable (previously included in other assets) which were written down to their estimated fair value of zero.
(2)
In May 2017, the Company sold all of its 31.15% equity interest in EPIX, and recorded a gain before income taxes of approximately $201.0 million. Prior to the sale of its interest in EPIX, the Company had accounted for such interest as an equity method investment.