Discontinued Operations

3 Months Ended

Mar. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

About Group

On September 24, 2012, we completed the sale of the About Group, consisting of About.com, ConsumerSearch.com, CalorieCount.com and related businesses, to IAC/InterActiveCorp for $300.0 million in cash, plus a net working capital adjustment of approximately $17 million. In 2012, the sale resulted in a pre-tax gain of $96.7 million ($61.9 million after-tax).

The results of operations of the About Group, which had previously been presented as a reportable segment, have been classified as discontinued operations for all periods presented in 2012.

Regional Media Group

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. In 2012, the sale resulted in an after-tax gain of $23.6 million (including post-closing adjustments recorded in the second and fourth quarters of 2012 totaling $6.6 million).

The results of operations 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 in 2012.

The 2012 results of operations for the About Group and the Regional Media Group presented as discontinued operations are summarized below.

	For the Quarter Ended
	March 25, 2012
(In thousands)	About Group		Regional Media Group			Total
Revenues	$	23,944	$	6,115		$	30,059
Total operating costs	16,948		8,017			24,965
Pre-tax income/(loss)	6,996		(1,902		)	5,094
Income tax expense/(benefit)	2,675		(736		)	1,939
Income/(loss) from discontinued operations, net of income taxes	4,321		(1,166		)	3,155
Gain on sale, net of income taxes:
Gain on sale	—		2,309			2,309
Income tax benefit(1)	—		(27,927		)	(27,927		)
Gain on sale, net of income taxes	—		30,236			30,236
Income from discontinued operations, net of income taxes	$	4,321	$	29,070		$	33,391

(1) The income tax benefit for the Regional Media Group included a tax deduction for goodwill, which was previously non-deductible, triggered upon the sale of the Regional Media Group.