SUBSEQUENT EVENT

On August 3, 2013, we entered into an agreement to sell the New England Media Group and our 49% interest in Metro Boston to an acquisition company owned by John W. Henry for $70 million in cash, subject to customary adjustments. We expect the transaction to close in 30 to 60 days. Upon completion of the sale, we expect to record an after-tax loss in the range of $15 to $25 million on the sale. We estimate that the net after-tax proceeds from the sale including a tax benefit will be approximately $70 to $80 million, which we plan to use for general corporate purposes.

We will retain the pension assets and liabilities and postretirement obligations related to employees of the New England Media Group. The transaction will trigger two adjustments in the accounting for these obligations. First, we will record an estimated pre-tax $50 million gain resulting from a remeasurement and curtailment of postretirement benefits, primarily retiree medical obligations. This gain is primarily related to an acceleration of prior service credits from plan amendments announced in prior years, and is due to a reduction in the expected years of future Company service for employees at the New England Media Group. Second, we expect to withdraw from several multi-employer pension plans, which we expect will trigger withdrawal liabilities that we estimate will result in a charge of approximately $10 to $20 million on a pre-tax basis. The actual liability will not be known until each plan completes a final assessment of the withdrawal liability and issues a demand to the Company.

The accounting requirements to report the net assets of the New England Media Group as held for sale and its operating results as a discontinued operation were not met as of June 30, 2013. Therefore, the operating results of the New England Media Group are reported within continuing operations for the periods ending June 30, 2013, and all prior periods presented.

The estimated carrying amounts of the major classes of assets and liabilities included as part of the sale are summarized below:



(In thousands)	June 30, 2013		December 30, 2012
Cash and cash equivalents	$	5,585	$	11,068
Accounts receivable, net	35,105		40,343
Inventories	2,258		3,078
Property, plant, and equipment, net	82,479		86,917
Other assets	5,731		4,470
Investments	2,129		2,241
Total assets	133,287		148,117
Total liabilities	35,371		37,387
Net assets	$	97,916	$	110,730