Investments In Affiliates Accounted For Using The Equity Method |
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| Investments In Affiliates Accounted For Using The Equity Method |
(7)Investments in Affiliates Accounted for Using the Equity Method 鶹app has various investments accounted for using the equity method. The following table includes the Company’s carrying amount and percentage ownership and market value (Level1) of the more significant investments in affiliates at December 31, 2023, and the carrying amount at December31, 2022:
The following table presents the Company’s share of earnings (losses) of affiliates:
Live Nation Live Nation is considered the world’s leading live entertainment company and seeks to innovate and enhance the live entertainment experience for artists and fans before, during and after the show. Due to the impact of COVID-19, Live Nation recorded significant losses during the year ended December 31, 2021. In September 2021, Live Nation completed an offering of approximately 5.2 million shares of its common stock, resulting in a gain on dilution of our investment in Live Nation. See note9 for details regarding the number and fair value of Live Nation common stock pledged as collateral pursuant to the margin loan secured by shares of Live Nation (“Live Nation Margin Loan”) as of December 31, 2023. Summarized financial information for Live Nation is as follows: Consolidated Balance Sheets
Consolidated Statements of Operations
Sirius XM Canada As of December 31, 2023, Sirius XM Holdings holds a 70% equity interest and 33% voting interest in SiriusXM Canada Holdings, Inc. (“Sirius XM Canada”). Sirius XM Canada is accounted for as an equity method investment as Sirius XM Holdings does not have the ability to direct the most significant activities that impact Sirius XM Canada’s economic performance. On March 15, 2022, Sirius XM Holdings and Sirius XM Canada entered into an amended and restated services and distribution agreement, pursuant to which, the fee payable by Sirius XM Canada to Sirius XM Holdings was modified from a fixed percentage of revenue to a variable fee, based on a target operating profit for Sirius XM Canada. Such variable fee is evaluated annually based on comparable companies and is payable on a monthly basis, in arrears. Sirius XM Holdings extended a loan to Sirius XM Canada. The principal amount outstanding on the loan was $8 million as of December 31, 2023. Sirius XM Holdings had approximately $36million and $42million in related party current assets as of December 31, 2023 and 2022, respectively. At December31, 2023, Sirius XM Holdings had approximately $8 million in related party liabilities, which are recorded in other current liabilities in the consolidated balance sheet. Sirius XM Holdings recorded approximately $104million, $111million and $101million in revenue for the years ended December31, 2023, 2022 and 2021, respectively, associated with these various agreements. Sirius XM Canada paid dividends to Sirius XM Holdings of $1million, $9 million and $2 million during the years ended December31, 2023, 2022 and 2021, respectively. SoundCloud In February 2020, Sirius XM Holdings completed a $75 million investment in Series G Membership Units of SoundCloud Holdings, LLC (“SoundCloud”). The Series G Units are convertible at the option of the holders at any time into shares of ordinary membership units of SoundCloud at a ratio of one ordinary membership unit for each Series G Unit. The investment in SoundCloud is accounted for as an equity method investment as Sirius XM Holdings does not have the ability to direct the most significant activities that impact SoundCloud's economic performance. In addition to Sirius XM Holdings’ investment in SoundCloud, Pandora has an agreement with SoundCloud to be its exclusive ad sales representative in the U.S. and certain European countries. Through this arrangement, Pandora offers advertisers the ability to execute campaigns in the U.S. across the Pandora and SoundCloud platforms. Sirius XM Holdings recorded revenue share expense related to this agreement of $54 million, $55 million and $60 million during years ended December 31, 2023, 2022 and 2021, respectively. Sirius XM Holdings also had related party liabilities of $20 million and $19 million as of December 31, 2023 and 2022, respectively, related to this agreement. |
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