Discontinued Operations

3 Months Ended

Mar. 25, 2012

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

On January 6, 2012, we completed the sale of the Regional Media Group, consisting of 16 regional newspapers, other print publications and related businesses, to Halifax Media Holdings LLC for approximately $140 million in cash. The sale resulted in an after-tax gain of $30.2 million in the first quarter of 2012. The net after-tax proceeds from the sale, including a tax benefit, were approximately $150 million, which we are using for general corporate purposes.

The results for the Regional Media Group, which had previously been included in the News Media Group reportable segment, have been classified as discontinued operations for all periods presented.

The following tables summarize the results of operations presented as discontinued operations from December 26, 2011 through the date of sale on January 6, 2012 and for the quarter ended March 27, 2011, as well as the assets and liabilities held for sale as of December 25, 2011.

	For the Quarters Ended
(In thousands)	March 25, 2012			March 27, 2011
Revenues	$	6,115		$	65,840
Total operating costs	8,017			60,685
Pre-tax (loss)/income	(1,902		)	5,155
Income tax (benefit)/expense	(736		)	2,002
(Loss)/income from discontinued operations, net of income taxes	(1,166		)	3,153
Gain on sale, net of income taxes:
Gain on sale	2,309			—
Income tax benefit(1)	27,927			—
Gain on sale, net of income taxes	30,236			—
Income from discontinued operations, net of income taxes	$	29,070		$	3,153

(1) Tax benefit is primarily due to a tax deduction for goodwill.

(In thousands)	December 25, 2011
Accounts receivable, net	$	26,550
Property, plant and equipment, net	146,287
Other assets	5,344
Total assets	178,181
Total liabilities(2)	19,568
Net assets	$	158,613

(2) Included in “Accrued expenses” in our Condensed Consolidated Balance Sheet as of December 25, 2011.