A balanced line level transmission system takes the audio signal, inverts it's polarity and transmits both the original signal and inverted signal at the same time down separate conductors. The positive signal is often referred to as hot and the negative cold.  A third conductor is reference ground. 

Any interference that impinges on the positive transmitted signal, will be added to that signal, the same interference impinging on the inverted signal will be added to that signal.  Because the latter is inverted, when you subtract the two waveforms from one another at the end of the transmission line the resulting waveform is the noise component and that is then removed.

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