In the Group’s view, material non-controlling interests relate to RTL Group and the publishing group Penguin Random House. The proportion of ownership interests held by non-controlling interests in RTL Group based in Luxembourg, Luxembourg, is 24.3 percent after treasury shares (previous year: 24.3 percent). At RTL Group itself, material non-controlling interests relate to the subsidiary Groupe M6 based in Paris, France. The Bertelsmann Group has a 48.4 percent interest (previous year: 48.4 percent) in Groupe M6. Of the noncontrolling interests of RTL Group, €428 million (previous year: €409 million) is attributable to Groupe M6. The publishing group Penguin Random House, formed due to the merger of Random House and Penguin as of July 1, 2013, consists of the two legal groups Penguin Random House LLC, based in Wilmington, Delaware, United States, which bundles all of the publishing units in the United States, and Penguin Random House Limited, based in London, United Kingdom, comprising all other publishing units. To better reflect the substance of the Bertelsmann Group’s investment in the two groups, both groups are considered as a single entity. The proportion of ownership interests held by non-controlling interests in Penguin Random House is 47.0 percent (previous year: 47.0 percent).

The following table shows summarized financial information on RTL Group and Penguin Random House, including the interests in their subsidiaries, joint ventures and associates. The information disclosed shows the amounts before intercompany eliminations.

The investments accounted for using the equity method relate to joint ventures in the amount of €44 million (previous year: €46 million) and to associates in the amount of €997 million (previous year: €899 million).

As of December 31, 2016, investments in 26 (previous year: 29) individually immaterial joint ventures were accounted for in the Consolidated Financial Statements. The following table shows summarized financial information on these joint ventures. The information given represents in each case the Bertelsmann Group’s interest.

As of December 31, 2016, investments in 52 (previous year: 42) associates were accounted for in the Consolidated Financial Statements. As in the previous year, the investment of RTL Group in Atresmedia, based in San Sebastián de los Reyes, Spain, is individually material for the Group. As of December 31, 2016, the ownership is 18.7 percent after treasury shares (previous year: 18.7 percent). Although the Bertelsmann Group holds less than 20 percent of the interest in Atresmedia, management considers that the Bertelsmann Group still exercises a significant influence in Atresmedia due to the representation of RTL Group within the board of directors and other governing bodies of Atresmedia. On December 31, 2016, the stock market value of Atresmedia, which is listed on the Madrid Stock Exchange, amounted to €2,345 million (previous year: €2,221 million). As of December 31, 2016, the fair value of the Bertelsmann Group’s interest in Atresmedia amounted to €437 million (previous year: €414 million).

The following table shows summarized financial information on Atresmedia. The information presented is the amounts included in the financial statements of Atresmedia plus adjustments for using the equity method and not the Bertelsmann Group’s share of these amounts.

Reconciliation of the summarized financial information shown to the carrying amount of the interest in Atresmedia in the Consolidated Financial Statements is shown in the following table:

The following table shows summarized financial information on associates that management considers individually immaterial. The information given represents in each case the Bertelsmann Group’s interest.

The total carrying amount of the investments in all individually immaterial associates amounts to €734 million (previous year: €643 million) as of December 31, 2016. Of this, €192 million was attributable to the investment in the online education platform HotChalk (previous year: €179 million) and €134 million was attributable to the investment in the online learning provider Udacity (previous year: €139 million). Although at 18.6 percent (previous year: 17.5 percent) the interest is less than 20 percent, the Bertelsmann Group exercises a significant influence in Udacity due to the representation within the board of directors. In the financial year 2016, the share of earnings attributable to HotChalk amounted to €-20 million and to Udacity €-9 million. As part of their realignment, both investments were tested for impairment. Taking into account the current growth targets, neither case required the recognition of an impairment loss. The achievement of these growth targets is continually monitored and assessed.

Of the total carrying amount of the investments in all individually immaterial associates, an additional €68 million (previous year: €58 million) is attributable to the three (previous year: four) University Venture Funds, which invest in high-growth companies in the education sector. Bertelsmann holds between 47.3 percent and 100 percent of the shares in these funds. As operational management and investment decisions in particular are the responsibilities of the respective fund managers, there is significant influence, but control as defined by IFRS 10 does not exist despite an ownership interest of over 50 percent in some cases.