Investments In Associated Companies

6 Months Ended

Mar. 26, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments In Associated Companies

INVESTMENTS IN ASSOCIATED COMPANIES

TNI Partners

In Tucson, Arizona, TNI, acting as agent for our subsidiary, Star Publishing Company (“Star Publishing”), and Gannets Co. Inc.'s subsidiary Citizen Publishing Company (“Citizen”), 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:

	Three months ended		Six months ended
(Thousands of Dollars)	March 26, 2023	March 27, 2022	March 26, 2023	March 27, 2022
Operating revenue	8,169	8,594	16,710	17,575
Operating expenses	6,889	6,409	13,364	12,873
Operating income	1,280	2,185	3,346	4,702
Net Income	1,137	1,093	3,666	2,351
Equity in earnings of TNI	569	1,093	1,833	2,351

TNI makes periodic distributions of its earnings and for the three months ended March 26, 2023, and March 27, 2022, we received $1.4 million in distributions in both periods. In the six months ended March 26, 2023 and March 27, 2022, we received $2.3 million in distributions in both periods.

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 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:

	Three months ended		Six months ended
(Thousands of Dollars)	March 26, 2023	March 27, 2022	March 26, 2023	March 27, 2022
Operating revenue	10,603	11,561	22,507	23,756
Operating expenses, excluding restructuring costs, depreciation and amortization(1)	8,681	9,344	18,026	18,720
Restructuring costs	101	—	127	—
Depreciation and amortization	135	170	273	340
Operating income	1,686	2,047	4,081	4,696
Net income	207	627	1,014	1,620
Equity in earnings of MNI	104	314	507	810

(1) Amounts were reclassed to align with current year presentation

MNI makes periodic distributions of its earnings and in the three months ended March 26, 2023 and March 27, 2022, we received $0.1 million and $0.5 million in distributions, respectively. In the six months ended March 26, 2023 and March 27, 2022 we received distributions of $0.4 million and $0.8 million, respectively.