INVESTMENTS IN ASSOCIATED COMPANIES

TNI Partners

In Tucson, Arizona, TNI, acting as agent for our subsidiary, Star Publishing Company (“Star Publishing”) and Citizen Publishing Company (“Citizen”), a subsidiary of Gannett Co. Inc., is responsible for printing, delivery, advertising and subscription activities of the Arizona Daily Star, as well as the related digital platforms and specialty publications. TNI collects all receipts and income and pays substantially all operating expenses incident to the partnership's operations and publication of the newspaper and other media. Income or loss of TNI is allocated equally to Star Publishing and Citizen.

Summarized financial information of TNI is as follows:



(Thousands of Dollars)	September 30 2018		September 24 2017

ASSETS
Current assets	3,615		4,457
Investments and other assets	—		12
Total assets	3,615		4,469

LIABILITIES AND MEMBERS' EQUITY
Current liabilities	5,213		5,485
Members' equity	(1,598	)	(1,016	)
Total liabilities and members' equity	3,615		4,469

Summarized results of TNI are as follows:



(Thousands of Dollars)	2018	2017	2016

Operating revenue	47,165	48,297	52,761
Operating expenses	37,090	38,150	41,804
Net income	10,075	10,147	10,957

Company's 50% share	5,038	5,073	5,478
Less amortization of intangible assets	418	418	418
Equity in earnings of TNI	4,620	4,655	5,060

TNI makes weekly distributions of its earnings. We received $5,814,000, $4,644,000 and $6,636,000 in distributions in 2018, 2017 and 2016, respectively.

At September 30, 2018, the carrying value of the Company's 50% investment in TNI is $14,749,000. The difference between our carrying value and our 50% share of the members' equity of TNI relates principally to goodwill of $12,366,000 and other identified intangible assets of $3,717,000, certain of which are being amortized over their estimated useful lives through 2020. See Note 3.

Madison Newspapers, Inc.

We have a 50% ownership interest in MNI, which publishes daily and Sunday newspapers, and other publications in Madison, Wisconsin, and other Wisconsin locations, and operates their related digital sites. Net income or loss of MNI (after income taxes) is allocated equally to us and The Capital Times Company (“TCT”). MNI conducts its business under the trade name Capital Newspapers.

Summarized financial information of MNI is as follows:



(Thousands of Dollars)	September 30, 2018	September 24 2017

ASSETS
Current assets	10,173	11,297
Investments and other assets	33,295	32,530
Total assets	43,468	43,827

LIABILITIES AND MEMBERS' EQUITY
Current liabilities	7,274	7,852
Other liabilities	7,261	9,500
Stockholders' equity	28,933	26,475
Total liabilities and stockholders' equity	43,468	43,827

Summarized results of MNI are as follows:



(Thousands of Dollars)	2018	2017	2016

Operating revenue	59,670	61,396	65,172
Operating expenses, excluding restructuring costs, depreciation and amortization	49,598	51,392	52,646
Restructuring costs	383	296	39
Depreciation and amortization	1,149	1,295	1,684
Operating income	8,540	8,413	10,803
Net income	9,257	5,908	6,947
Equity in earnings of MNI	4,629	2,954	3,473

MNI makes quarterly distributions of its earnings. We received $3,400,000, $3,500,000 and $7,250,000 in distributions in 2018, 2017 and 2016, respectively.

We provide editorial services to MNI. Editorial service fees are included in other revenue in the Consolidated Statements of Income and Comprehensive Income and totaled $6,718,000, $7,021,000 and $7,099,000, in 2018, 2017 and 2016, respectively.

At September 30, 2018, the carrying value of the Company's 50% investment in MNI is $14,467,000.