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:

	September 29			September 30
(Thousands of Dollars)	2019			2018

ASSETS
Current assets		3,484			3,615
Investments and other assets		1,350			—
Total assets		4,834			3,615

LIABILITIES AND MEMBERS' EQUITY
Current liabilities		5,924			5,213
Members' equity		(1,090	)		(1,598	)
Total liabilities and members' equity		4,834			3,615

Summarized results of TNI are as follows:

(Thousands of Dollars)	2019		2018		2017

Operating revenue		43,532		47,165		48,297
Operating expenses		34,224		37,090		38,150
Net income		9,308		10,075		10,147

Company's 50% share		4,654		5,038		5,073
Less amortization of intangible assets		418		418		418
Equity in earnings of TNI		4,236		4,620		4,655

TNI makes weekly distributions of its earnings. We received $

4,245,000

, $

5,814,000

and $

4,644,000

in distributions in

2019,

2018

and

2017

, respectively.

September 29, 2019

, the carrying value of the Company's

50%

investment in TNI is $

14,741,000

. 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 $

3,299,000

, certain of which are being amortized over their estimated useful lives through

2020.

See Note

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 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:

	September 29		September 30
(Thousands of Dollars)	2019		2018

ASSETS
Current assets		8,796		10,173
Investments and other assets		31,134		33,295
Total assets		39,930		43,468

LIABILITIES AND MEMBERS' EQUITY
Current liabilities		5,912		7,274
Other liabilities		6,064		7,261
Stockholders' equity		27,954		28,933
Total liabilities and stockholders' equity		39,930		43,468

Summarized results of MNI are as follows:

(Thousands of Dollars)	2019		2018		2017

Operating revenue		56,790		59,670		61,396
Operating expenses, excluding restructuring costs, depreciation and amortization		48,121		49,598		51,392
Restructuring costs		355		383		296
Depreciation and amortization		1,018		1,149		1,295
Operating income		7,296		8,540		8,413
Net income		5,770		9,257		5,908
Equity in earnings of MNI		2,885		4,629		2,954

MNI makes quarterly distributions of its earnings. We received $

3,350,000

, $

3,400,000

and $

3,500,000

in distributions in

2019,

2018

and

2017

, 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 $

6,636,000

, $

6,718,000

and $

7,021,000

, in

2019,

2018

and

2017

, respectively.

September 29, 2019

, the carrying value of the Company's

50%

investment in MNI is $

14,001,000