Discontinued Operations

6 Months Ended

Jun. 24, 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 net after-tax proceeds from the sale, including a tax benefit, were approximately $150 million, which we are using for general corporate purposes. The sale resulted in an after-tax gain of $25.7 million (including post-closing adjustments recorded in the second quarter of 2012 totaling $4.5 million).

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 table summarizes the results of operations for the Regional Media Group presented as discontinued operations.

	For the Quarters Ended						For the Six Months Ended
(In thousands)	June 24, 2012			June 26, 2011			June 24, 2012			June 26, 2011
Revenues	$	—		$	64,714		$	6,115		$	130,554
Total operating costs	—			58,190			8,017			118,875
Impairment of goodwill	—			152,093			—			152,093
Pre-tax loss	—			(145,569		)	(1,902		)	(140,414		)
Income tax benefit(1)	—			18,120			736			16,118
Loss from discontinued operations, net of income taxes	—			(127,449		)	(1,166		)	(124,296		)
(Loss)/gain on sale, net of income taxes:
Loss on sale	(7,026		)	—			(4,717		)	—
Income tax benefit(2)	2,521			—			30,448			—
(Loss)/gain on sale, net of income taxes	(4,505		)	—			25,731			—
(Loss)/income from discontinued operations, net of income taxes	$	(4,505	)	$	(127,449	)	$	24,565		$	(124,296	)

(1) The income tax benefit in 2011 was unfavorably impacted because a portion of the goodwill impairment was non-deductible.

(2) The income tax benefit for the first six months of 2012 includes a tax deduction for goodwill triggered upon the sale.

The following table summarizes the assets and liabilities held for sale as of December 25, 2011.

(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(1)	19,568
Net assets	$	158,613

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