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 (before income taxes) is allocated equally to Star Publishing and Citizen.

Summarized results of TNI are as follows:



	13 Weeks Ended		39 Weeks Ended
(Thousands of Dollars)	June 24 2018	June 25 2017	June 24 2018	June 25 2017

Operating revenue	11,013	11,330	36,094	37,151
Operating expenses	9,039	9,178	28,376	28,948
Operating income	1,974	2,152	7,718	8,203
Company's 50% share of operating income	987	1,076	3,860	4,102
Less amortization of intangible assets	105	105	314	314
Equity in earnings of TNI	882	971	3,546	3,788

TNI makes weekly distributions of its earnings and for the 13 weeks ended June 24, 2018 and June 25, 2017 we received $1,177,000 and $1,213,000 in distributions, respectively. In the 39 weeks ended June 24, 2018 and June 25, 2017 we received $4,375,000 and $3,633,000 in distributions, respectively.

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 platforms. 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 results of MNI are as follows:



	13 Weeks Ended		39 Weeks Ended
(Thousands of Dollars)	June 24 2018	June 25 2017	June 24 2018	June 25 2017

Operating revenue	14,518	15,070	44,421	46,493
Operating expenses, excluding restructuring costs, depreciation and amortization	12,054	12,649	37,002	38,576
Restructuring costs	61	81	270	236
Depreciation and amortization	280	348	838	1,044
Operating income	2,123	1,992	6,311	6,637
Net income	1,391	1,291	4,047	4,492
Equity in earnings of MNI	696	645	2,023	2,246

MNI makes quarterly distributions of its earnings and in the 13 weeks ended June 24, 2018 and June 25, 2017 we received dividends of $500,000 in both years. In the 39 weeks ended June 24, 2018 and June 25, 2017 we received dividends of $2,500,000 and $2,750,000, respectively.