Investments in Associated Companies Level 1 (Notes)

12 Months Ended

Sep. 25, 2011

Investments In Associated Companies [Abstract]

Equity Method Investments Disclosure [Text Block]

2 INVESTMENTS IN ASSOCIATED COMPANIES

TNI Partners

In Tucson, Arizona, TNI, acting as agent for our subsidiary, Star Publishing Company (“Star Publishing”), and Citizen Publishing Company (“Citizen”), a subsidiary of Gannett Co. Inc., is responsible for printing, delivery, advertising and circulation of the Arizona Daily Star and, until May 2009, the Tucson Citizen, as well as their related digital platforms and specialty publications. TNI collects all receipts and income and pays substantially all operating expenses incident to the partnership's operations and publication of the newspapers and other media.

Income or loss of TNI (before income taxes) is allocated equally to Star Publishing and Citizen.

Summarized financial information of TNI is as follows:

(Thousands of Dollars)	September 25 2011	September 26 2010
ASSETS
Current assets	7,857	7,812
Investments and other assets	32	32
Total assets	7,889	7,844
LIABILITIES AND MEMBERS' EQUITY
Current liabilities	6,136	5,109
Members' equity	1,753	2,735
Total liabilities and members' equity	7,889	7,844

Summarized results of TNI are as follows:

(Thousands of Dollars)	2011	2010	2009
Operating revenue	62,452	64,379	74,407
Operating expenses, excluding workforce adjustments, depreciation and amortization	52,882	52,923	65,339
Workforce adjustments	1,190	784	1,196
Operating income	8,380	10,672	7,872
Company's 50% share	4,190	5,336	3,936
Less amortization of intangible assets	1,092	1,156	1,425
Equity in earnings of TNI	3,098	4,180	2,511

Star Publishing's 50% share of TNI depreciation and certain general and administrative expenses associated with its share of the operation and administration of TNI are reported as operating expenses in our Consolidated Statements of Operations and Comprehensive Income (Loss). These amounts totaled $76,000, $291,000, and $1,184,000, in 2011, 2010 and 2009, respectively. Fees for editorial services provided to TNI by Star Publishing totaled $7,043,000, $7,510,000, and $8,594,000 in 2011, 2010 and 2009, respectively.

Our impairment analysis resulted in pretax reductions in the carrying value of TNI totaling $11,900,000 and $19,951,000 in 2011 and 2009, respectively. See Note 3.

 At September 25, 2011, the carrying value of the Company's 50% investment in TNI is $20,606,000. The difference between our carrying value and our 50% share of the members' equity of TNI relates principally to goodwill of $12,366,000 and other identified intangible assets of $7,152,000, certain of which are being amortized over their estimated useful lives through 2020. See Note 3.

Annual amortization of intangible assets is estimated to be $723,000 in 2012, $620,000 in 2013 and $418,000, in 2014, 2015 and 2016.

Madison Newspapers, Inc.

We have a 50% ownership interest in MNI, which publishes daily and Sunday newspapers, and other publications in Madison, Wisconsin, and other Wisconsin locations, and operates their related digital sites. Net income or loss of MNI (after income taxes) is allocated equally to us and The Capital Times Company (“TCT”). MNI conducts its business under the trade name Capital Newspapers.

Summarized financial information of MNI is as follows:

(Thousands of Dollars)	September 25 2011	September 26 2010
ASSETS
Current assets	22,287	20,284
Investments and other assets	30,484	30,982
Property and equipment, net	8,519	10,013
Total assets	61,290	61,279
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities	8,428	8,583
Other liabilities	5,960	5,100
Stockholders' equity	46,902	47,596
Total liabilities and stockholders' equity	61,290	61,279

Summarized results of MNI are as follows:

(Thousands of Dollars)	2011	2010	2009
Operating revenue	73,011	75,137	79,291
Operating expenses, excluding workforce adjustments, depreciation and amortization	60,982	61,467	67,764
Workforce adjustments	530	296	532
Depreciation and amortization	2,227	2,372	3,240
Operating income	9,272	11,002	7,755
Net income	6,106	7,132	5,218
Equity in earnings of MNI	3,053	3,566	2,609

Fees for editorial, marketing and information technology services provided to MNI by us are included in other revenue in the Consolidated Statements of Operations and Comprehensive Income (Loss) and totaled $8,649,000, $8,764,000 and $10,151,000, in 2011, 2010 and 2009, respectively.