Investments In Associated Companies

9 Months Ended

Jun. 25, 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		Nine months ended
(Thousands of Dollars)	June 25, 2023	June 26, 2022	June 25, 2023	June 26, 2022
Operating revenue	7,244	8,229	23,954	25,805
Operating expenses	5,677	6,492	19,041	19,365
Operating income	1,567	1,737	4,913	6,440
Net Income	1,581	1,737	5,247	6,440
Equity in earnings of TNI	791	869	2,624	3,220

TNI makes periodic distributions of its earnings and for the three months ended June 25, 2023, and June 26, 2022, we received $0.4 million and $0.7 million in distributions, respectively. In the nine months ended June 25, 2023 and June 26, 2022, we received $2.8 million and $2.9 million 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 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		Nine months ended
(Thousands of Dollars)	June 25, 2023	June 26, 2022	June 25, 2023	June 26, 2022
Operating revenue	10,963	11,921	33,470	35,677
Operating expenses, excluding restructuring costs, depreciation and amortization(1)	8,470	9,682	26,496	28,402
Restructuring costs	10	122	137	122
Depreciation and amortization	129	167	402	507
Operating income	2,354	1,950	6,435	6,646
Net income	807	362	1,821	1,982
Equity in earnings of MNI	404	181	911	991

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

MNI makes periodic distributions of its earnings and in the three months ended June 25, 2023 and June 26, 2022, we received $0.2 million in distributions for both periods. In the nine months ended June 25, 2023 and June 26, 2022 we received distributions of $0.5 million and $1.0 million, respectively.