INTANGIBLE ASSETS AND GOODWILL

12 Months Ended

Dec. 30, 2012

4. INTANGIBLE ASSETS AND GOODWILL

Changes in identifiable intangible assets and goodwill consisted of the following:

(in thousands)	December 25, 2011			Impairment Charges/ Adjustments		Amortization Expense			December 30, 2012

Intangible assets subject to amortization	$	834,961		$	–	$	–		$	834,961
Accumulated amortization		(452,388	)		–		(58,158	)		(510,546	)

		382,573			–		(58,158	)		324,415
Mastheads		203,587			–		–			203,587
Goodwill		1,012,011			–		–			1,012,011

Total	$	1,598,171		$	–	$	(58,158	)	$	1,540,013

(in thousands)	December 26, 2010			Impairment Charges/ Adjustments			Amortization Expense			December 25, 2011

Intangible assets subject to amortization	$	834,911		$	50		$	–		$	834,961
Accumulated amortization		(394,073	)		–			(58,315	)		(452,388	)

		440,838			50			(58,315	)		382,573
Mastheads		206,387			(2,800	)		–			203,587
Goodwill ⁽¹⁾		1,014,257			(2,246	)		–			1,012,011

Total	$	1,661,482		$	(4,996	)	$	(58,315	)	$	1,598,171

⁽¹⁾

In 2011 we identified an error in the timing of the release of certain unrecognized tax benefits obtained in the 2006 acquisition of Knight Ridder. We corrected this error by decreasing goodwill by $2.5 million in 2011. We have determined that the impact of this error is not material to the previously issued consolidated financial statements.

Accumulated changes in indefinite lived intangible assets and goodwill as of December 30, 2012, consisted of the following:

	Original Gross Amount		Accumulated Impairment			Carrying Amount

(in thousands)
Mastheads	$	683,000	$	(479,413	)	$	203,587
Goodwill		3,587,007		(2,574,996	)		1,012,011

Total	$	4,270,007	$	(3,054,409	)	$	1,215,598

Amortization expense was $58.2 million, $58.3 million and $58.7 million in fiscal year 2012, 2011 and 2010, respectively. The estimated amortization expense for the five succeeding fiscal years is as follows:

Year	Amortization Expense (in thousands)

2013	$	57,004
2014		52,524
2015		48,030
2016		47,721
2017		48,552

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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