Investments in Associated Companies

6 Months Ended

Mar. 31, 2019

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 newspaper 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		26 Weeks Ended
(Thousands of Dollars)	March 31 2019	March 25 2018	March 31 2019	March 25 2018
Operating revenue	11,480	11,851	23,644	25,081
Operating expenses	8,832	9,354	17,928	19,338
Operating income	2,648	2,497	5,716	5,743
Company's 50% share of operating income	1,323	1,248	2,858	2,872
Less amortization of intangible assets	105	104	209	209
Equity in earnings of TNI	1,218	1,144	2,649	2,663

TNI makes weekly distributions of its earnings and for the 13 weeks ended March 31, 2019 and March 25, 2018 we received $1,957,000 and $1,631,000 in distributions, respectively. In the 26 weeks ended March 31, 2019 and March 25, 2018 we received $2,506,000 and $3,198,000 in distributions, respectively.

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		26 Weeks Ended
(Thousands of Dollars)	March 31 2019	March 25 2018	March 31 2019	March 25 2018
Operating revenue	13,092	13,838	27,918	29,903
Operating expenses, excluding restructuring costs, depreciation and amortization	11,579	12,016	24,272	24,948
Restructuring costs	38	146	68	210
Depreciation and amortization	280	280	559	558
Operating income	1,195	1,396	3,019	4,187
Net income	996	928	2,394	2,656
Equity in earnings of MNI	499	464	1,197	1,328

MNI makes quarterly distributions of its earnings and in the 13 weeks ended March 31, 2019 and March 25, 2018 we received dividends of $750,000 and $1,250,000, respectively. In the 26 weeks ended March 31, 2019 and March 25, 2018 we received dividends of $1,500,000 and $2,000,000, respectively.