Qurate Retail, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Investments In Affiliates Accounted For Using The Equity Method

Investments In Affiliates Accounted For Using The Equity Method

6 Months Ended

Jun. 30, 2016

Investments In Affiliates Accounted For Using The Equity Method

Investments In Affiliates Accounted For Using The Equity Method

(8) Investments in Affiliates Accounted for Using the Equity Method

Liberty has various investments accounted for using the equity method. The following table includes Liberty's carrying amount, fair value, and percentage ownership of the more significant investments in affiliates at June 30, 2016 and the carrying amount at December 31, 2015:


							December 31,
	June 30, 2016						2015
	Percentage		Fair value		Carrying		Carrying
	ownership		(Level 1)		amount		amount
			dollar amounts in millions
QVC Group
HSN, Inc.	38	%	$	979	$	182	165
Other	various			NA		43	43
Total QVC Group						225	208
Ventures Group
Expedia, Inc.	16	%	$	2,509		888	927
FTD Companies, Inc.	37	%		255		259	267
Other	various			NA		153	239
Total Ventures Group						1,300	1,433
Consolidated Liberty					$	1,525	1,641

The following table presents Liberty's share of earnings (losses) of affiliates:


	Three months ended June 30,			Six months ended June 30,
	2016		2015	2016	2015
	amounts in millions
QVC Group
HSN, Inc.	$	10	12	32	37
Other		(1)	(3)	(2)	(4)
Total QVC Group		9	9	30	33
Ventures Group
Expedia, Inc.		2	76	(22)	80
FTD Companies, Inc.		2	7	(1)	5
Other		(13)	(5)	(28)	(28)
Total Ventures Group		(9)	78	(51)	57
Consolidated Liberty	$	—	87	(21)	90

Investment in Liberty Broadband

As discussed in note 2, in connection with the merger of Charter and TWC, on May 18, 2016, Liberty invested $2.4 billion in Liberty Broadband Series C nonvoting shares. As of June 30, 2016, Liberty has a 24% economic ownership interest in Liberty Broadband. Due to overlapping boards of directors and management, Liberty has been deemed to have significant influence over Liberty Broadband even though Liberty does not have any voting rights. Liberty has elected to apply the fair value option for its investment in Liberty Broadband as it is believed that the Company’s investors value this investment based on the trading price of Liberty Broadband. Liberty recognizes changes in the fair value of its investment in Liberty Broadband in realized and unrealized gains (losses) on financial instruments, net in the condensed consolidated statements of operations.