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Discontinued Operations
 12 Months Ended
Dec. 27, 2015
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
Discontinued Operations
New England Media Group
In the fourth quarter of 2013, we completed the sale of substantially all of the assets and operating liabilities of the New England Media Group — consisting of The Boston Globe, BostonGlobe.com, Boston.com, the T&G, Telegram.com and related properties — and our 49% equity interest in Metro Boston, for approximately $70 million in cash, subject to customary adjustments. The net after-tax proceeds from the sale, including a tax benefit, were approximately $74 million. In 2013, we recognized a pre-tax gain of $47.6 million on the sale ($28.1 million after tax), which was almost entirely comprised of a curtailment gain. This curtailment gain is primarily related to an acceleration of prior service credits from retiree medical plan amendments announced in prior years, and is due to a cessation of service for employees at the New England Media Group. Post-closing adjustments in the first and fourth quarter of 2014 resulted in a loss of $0.3 million. The results of operations of the New England Media Group have been classified as discontinued operations for all periods presented.
About Group
In the fourth quarter of 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 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 net after-tax proceeds from the sale were approximately $291 million. In the fourth quarter of 2014, there was a legal settlement that resulted in a loss of $0.2 million. 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.
Regional Media Group
In the first quarter of 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. 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). In the fourth quarter of 2014, there was an environmental contingency that resulted in a loss of $0.4 million. The results of operations for the Regional Media Group have been classified as discontinued operations for all periods presented.
The results of operations for the New England Media Group, About Group and the Regional Media Group presented as discontinued operations are summarized below for 2014.
 
 
Year ended December 28, 2014
(In thousands)
 
New England Media Group
About Group
Regional Media Group
Total
Revenues
 
$
—

$
—

$
—

$
—

Total operating costs
 
—

—

—

—

Multiemployer pension plan withdrawal expense
 
—

—

—

—

Impairment of assets
 
—

—

—

—

Loss from joint ventures
 
—

—

—

—

Interest expense, net
 
—

—

—

—

Pre-tax income/(loss)
 
—

—

—

—

Income tax expense/(benefit)
 
—

—

—

—

Income/(loss) from discontinued operations, net of income taxes
 
—

—

—

—

Loss on sale, net of income taxes:
 
 
 
 
 
Loss on sale
 
(349
)
(229
)
(397
)
(975
)
Income tax (benefit)/expense
 
(127
)
(93
)
331

111

Loss on sale, net of income taxes
 
(222
)
(136
)
(728
)
(1,086
)
Loss from discontinued operations, net of income taxes
 
$
(222
)
$
(136
)
$
(728
)
$
(1,086
)
The results of operations for the New England Media Group, About Group and the Regional Media Group presented as discontinued operations are summarized below for 2013.
 
 
Year Ended December 29, 2013
(In thousands)
 
New England Media Group
About Group
Regional Media Group
Total
Revenues
 
$
287,677

$
—

$
—

$
287,677

Total operating costs
 
281,414

—

—

281,414

Multiemployer pension plan withdrawal expense(1)
 
7,997

—

—

7,997

Impairment of assets (2)
 
34,300

—

—

34,300

Loss from joint ventures
 
(240
)
—

—

(240
)
Interest expense, net
 
9

—

—

9

Pre-tax loss
 
(36,283
)
—

—

(36,283
)
Income tax benefit(3)
 
(13,373
)
(2,497
)
—

(15,870
)
(Loss)/income from discontinued operations, net of income taxes
 
(22,910
)
2,497

—

(20,413
)
Gain/(loss) on sale, net of income taxes:
 
 
 
 
 
Gain on sale(4)
 
47,561

419

—

47,980

Income tax expense
 
19,457

161

—

19,618

Gain on sale, net of income taxes
 
28,104

258

—

28,362

Income from discontinued operations, net of income taxes
 
$
5,194

$
2,755

$
—

$
7,949


(1)
The multiemployer pension plan withdrawal expense in 2013 is related to estimated charges for complete or partial withdrawal obligations under multiemployer pension plans triggered by the sale of the New England Media Group.
(2)
Included in impairment of assets in 2013 is the impairment of fixed assets related to the New England Media Group.
(3)
The income tax benefit for the About Group in 2013 is related to a change in prior period estimated tax expense.
(4)
Included in the gain on sale in 2013 is a $49.1 million post-retirement curtailment gain related to the New England Media Group.
Included in impairment of assets in 2013 is the impairment of fixed assets held for sale that related to the New England Media Group. During the third quarter of 2013, we estimated the fair value less cost to sell of the group held for sale, using unobservable inputs (Level 3). We recorded a $34.3 million non-cash charge in the third quarter of 2013 for fixed assets at the New England Media Group to reduce the carrying value of fixed assets to their fair value less cost to sell.