3	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 30, 2019		June 24, 2018		June 30, 2019		June 24, 2018

Operating revenue		10,465		11,013		34,109		36,094
Operating expenses		8,363		9,039		26,291		28,376
Operating income		2,102		1,974		7,818		7,718
Company's 50% share of operating income		1,051		987		3,909		3,860
Less amortization of intangible assets		105		105		313		314
Equity in earnings of TNI		946		882		3,596		3,546

TNI makes weekly distributions of its earnings and for the

weeks ended

June 30, 2019

and

June 24, 2018

, we received $

731,000

and $

1,177,000

in distributions, respectively. In the

weeks ended

June 30, 2019

and

June 24, 2018

,we received $

3,238,000

and $

4,375,000

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 30, 2019		June 24, 2018		June 30, 2019		June 24, 2018

Operating revenue		13,709		14,518		41,627		44,421
Operating expenses, excluding restructuring costs, depreciation and amortization		12,132		12,054		36,338		37,002
Restructuring costs		67		61		134		270
Depreciation and amortization		280		280		839		838
Operating income		1,230		2,123		4,316		6,311
Net income		1,010		1,391		3,405		4,047
Equity in earnings of MNI		505		696		1,702		2,023

MNI makes quarterly distributions of its earnings and in the

weeks ended

June 30, 2019

and

June 24, 2018

, we received dividends of $

850,000

and $

500,000

, respectively. In the

weeks ended

June 30, 2019

and

June 24, 2018

, we received dividends of $

2,350,000

and $

2,500,000

respectively.