NOTE 6

Investments

The company’s investments include several that are accounted for under the equity method. Principal among these are the following:

		September 30,
	% Owned
ShopCo Holdings, LLC		12.50	%
Ponderay Newsprint Company		13.50	%
Pearl, LLC		16.20	%
Garnet Media		18.10	%
California Newspapers Partnership		19.49	%
Cozi		19.90	%
4INFO		23.25	%
Classified Ventures		23.60	%
QuadrantONE		25.00	%
Livestream		26.60	%
Homefinder.com		33.33	%
Topix		33.71	%
Texas-New Mexico Newspapers Partnership		40.64	%
Detroit Weekend Direct		50.00	%
Tucson Newspaper Partnership		50.00	%

The aggregate carrying value of equity investments at Dec. 25, 2011, was $133 million. Certain differences exist between the company’s investment carrying value and the underlying equity of the investee companies principally due to fair value measurement at the date of investment acquisition and due to impairment charges recorded by the company for certain of the investments. The aggregate amount of pretax earnings recorded by the company for its investments accounted for under the equity method was $8.2 million, $19.1 million, and $3.9 million for 2011, 2010, and 2009, respectively. Dividends received from the investees were $42.9 million, $51.8 million and $23.0 million in 2011, 2010, and 2009, respectively.

The company’s net equity income in unconsolidated investees for 2011, 2010 and 2009 included $16 million, $3 million and $9 million, respectively, of impairment charges related to certain digital business investments.

The company also recorded revenue related to CareerBuilder (fully consolidated since Sept. 1, 2008) and Classified Ventures products for online advertisements placed on its publishing affiliated web sites. Such amounts totaled approximately $154 million for 2011, $142 million for 2010 and $135 million for 2009. These revenues are recorded within Publishing segment advertising revenue.