INVESTMENTS

Equity Method Investments

As of September 24, 2017, our investments in joint ventures totaled $20.5 million and we had equity ownership interests in the following entities:



Company	Approximate % Ownership
Donohue Malbaie Inc.	49	%
Madison Paper Industries	40	%

We have investments in Donohue Malbaie Inc. (“Malbaie”), a Canadian newsprint company, and Madison Paper Industries (“Madison”), a partnership that previously operated a supercalendered paper mill in Maine. In the third quarter of 2017, we sold our 30% ownership in Women in the World Media, LLC, a live event conference business, for a nominal amount.

The Company and UPM-Kymmene Corporation (“UPM”), a Finnish paper manufacturing company, are partners through subsidiary companies in Madison. The Company’s 40% ownership of Madison is through an 80%-owned consolidated subsidiary which owns 50% of Madison. UPM owns 60% of Madison, including a 10% interest through a 20% noncontrolling interest in the consolidated subsidiary of the Company. The paper mill was closed in May 2016. During the first quarter of 2016, we recognized a $41.4 million loss from joint ventures related to the closure. The Company’s proportionate share of the loss was $20.1 million after tax and net of noncontrolling interest. As a result of the mill closure, we wrote our investment down to zero.

The Company’s joint venture in Madison is currently being liquidated. In the fourth quarter of 2016, Madison sold certain assets at the mill site and we recognized a gain of $3.9 million related to the sale. In the third quarter of 2017, Madison sold the remaining assets at the mill site (which primarily consisted of hydro power assets), and the Company recognized a gain of $30.1 million related to this sale. The Company’s proportionate share of the gain was $16.1 million after tax and net of noncontrolling interest.

The following table presents summarized income statement information for Madison, which follows a calendar year:



	For the Quarters Ended						For the Nine Months Ended
(In thousands)	September 30, 2017			September 30, 2016			September 30, 2017			September 30, 2016
Revenues	$	—		$	—		$	—		$	40,523
Expenses:
Cost of sales	(105		)	(1,450		)	(1,277		)	(68,039		)
General and administrative income/(expense) and other	60,216			(566		)	59,662			(66,056		)
Total costs and expenses	60,111			(2,016		)	58,385			(134,095		)
Operating income/(loss)	60,111			(2,016		)	58,385			(93,572		)
Other (expense)/income	(1		)	2			(7		)	4
Net income/(loss)	$	60,110		$	(2,014	)	$	58,378		$	(93,568	)

We received no distributions from our equity method investments during the quarters and nine months ended September 24, 2017 and September 25, 2016.

We purchase newsprint from Malbaie, and previously purchased supercalendered paper from Madison, at competitive prices. These purchases totaled $2.3 million and $3.7 million for the third quarters ended September 24, 2017, and September 25, 2016, respectively, and $7.7 million and $10.3 million for the nine-month periods ended September 24, 2017, and September 25, 2016, respectively.

Cost Method Investments

The aggregate carrying amounts of cost method investments included in “Miscellaneous assets’’ in our Condensed Consolidated Balance Sheets were $14.0 million and $13.6 million for September 24, 2017 and December 25, 2016, respectively.