Investments in Associated Companies

3 Months Ended

Dec. 25, 2016

Investments In Associated Companies [Abstract]

Equity Method Investments Disclosure [Text Block]

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 subscription activities of the Arizona Daily Star as well as the 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 results of TNI are as follows:



	13 Weeks Ended
(Thousands of Dollars)	December 25 2016	December 27 2015

Operating revenue	13,314	14,782
Operating expenses	9,999	11,341
Operating income	3,315	3,441
Company's 50% share of operating income	1,658	1,721
Less amortization of intangible assets	105	105
Equity in earnings of TNI	1,553	1,616

TNI makes weekly distributions of its earnings and for the 13 weeks ended December 25, 2016 and December 27, 2015 we received $983,000 and $1,479,000 in distributions, respectively.

Star Publishing's 50% share of TNI depreciation and certain general and administrative expenses (income) associated with its share of the operation and administration of TNI are reported as operating expenses (benefit) in our Consolidated Statements of Income and Comprehensive Income. These amounts totaled $142,000 and $(119,000) in the 13 weeks ended December 25, 2016 and December 27, 2015, respectively.

Annual amortization of intangible assets is estimated to be $418,000 for the 52 or 53 weeks ending December 2017, 2018, and 2019. Annual amortization of intangible assets is estimated to be $105,000 for the 52 weeks ending December 2020.

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 platforms. 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 results of MNI are as follows:



	13 Weeks Ended
(Thousands of Dollars)	December 25 2016	December 27 2015

Operating revenue	17,042	17,789
Operating expenses, excluding workforce adjustments, depreciation and amortization	13,405	13,612
Depreciation and amortization	349	410
Operating income	3,288	3,767
Net income	2,272	2,358
Equity in earnings of MNI	1,136	1,183

MNI makes quarterly distributions of its earnings and in the 13 weeks ended December 25, 2016 and December 27, 2015 we received dividends of $1,250,000 and $1,750,000, respectively.