Note 2. Summary of Disposition

6 Months Ended

Jun. 24, 2012

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

2.         On the first day of the third quarter of 2012, the Company sold all of its newspapers (with the exception of the Tampa group) to World Media Enterprises, Inc. (World Media), a subsidiary of Berkshire Hathaway, for $142 million in cash subject to working capital adjustments and other specified items.  The Company is in discussions with other prospective buyers for its Tampa print assets and associated websites.  Additionally, in the second quarter of 2012, the Company sold DealTaker.com for a nominal amount and shut down its production services company which provided broadcast equipment and design services.  As illustrated in the following chart, the results of these newspapers (as well as their associated web sites), DealTaker.com and the Company’s production services unit have been presented as discontinued operations in the accompanying consolidated condensed statements of operations for the second quarters and six months ended June 24, 2012, and June 26, 2011.  Depreciation and amortization on assets related to these properties ceased during the second quarter of 2012.  The accompanying consolidated condensed balance sheets have been adjusted to present assets and liabilities of discontinued operations separately from those of continuing operations.  The Company also recorded a $132 million after-tax loss related to the expected divestiture of discontinued operations, in the second quarter.  The total after-tax loss includes an estimated loss on the sale of newspapers to World Media of $110 million, an estimated loss on the sale of the Tampa print properties of $18 million, and a loss on the sale of DealTaker.com of $4 million. The Company will provide transition services to World Media over the next twelve months in the areas of human resources, information technology and digital support.  Conversely, World Media will provide selected services (particularly the use of certain systems) which will primarily be utilized during the period the Company continues to operate the Tampa print properties.

	Three Months Ended		Three Months Ended			Six Months Ended			Six Months Ended
(In thousands)	June 24, 2012		June 26, 2011			June 24, 2012			June 26, 2011
Revenues	$	74,999	$	83,064		$	149,394		$	164,719
Costs and expense		71,034		82,445			156,350			165,933
Income before income taxes		3,965		619			(6,956	)		(1,214	)
Income taxes		2,399		2,661			1,186			5,323
Income (loss) from discontinued operations	$	1,566	$	(2,042	)	$	(8,142	)	$	(6,537	)

The Company performed an interim impairment test on DealTaker.com as of the end of the first quarter, which resulted in a non-cash goodwill and other intangible asset impairment charge of $6.5 million net of a tax benefit of $3.6 million.  This impairment charge is included in the loss from discontinued operations for the six months ended June 24, 2012.

The assets of discontinued operations consisted of approximately $40 million and $47 million of current assets and $144 million and $291 million of long-lived assets at June 24, 2012 and December 25, 2011, respectively.  Long-lived assets at June 24, 2012, included $200 million of fixed assets, $69 million of allocated goodwill, $2 million of other intangible assets, and $5 million of other assets (primarily software) which were offset by the $132 million loss related to divestiture of discontinued operations.  Long-lived assets at December 25, 2011, included $205 million of fixed assets, $78 million of allocated goodwill, $3 million of other intangible assets, and $5 million of other assets (primarily software).

Liabilities of discontinued operations of approximately $33 million and $38 million at June 24, 2012 and December 25, 2011, respectively primarily represent accounts payable and accrued expenses.