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		26 Weeks Ended
	March 29,	March 31,	March 29,	March 31,
(Thousands of Dollars)	2020	2019	2020	2019

Operating revenue	10,185	11,480	20,381	23,644
Operating expenses	7,766	8,832	15,931	17,928
Operating income	2,419	2,648	4,450	5,716
Company's 50% share of operating income	1,210	1,323	2,225	2,858
Less amortization of intangible assets	105	105	210	209
Equity in earnings of TNI	1,105	1,218	2,015	2,649

TNI makes weekly distributions of its earnings and for the

weeks ended

March 29, 2020

and

March 31, 2019

, we received $

953,000

and $

1,957,000

in distributions, respectively. In the

weeks ended

March 29, 2020

and

March 31, 2019

, we received $

1,691,000

and $

2,506,000

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		26 Weeks Ended
	March 29,	March 31,	March 29,	March 31,
(Thousands of Dollars)	2020	2019	2020	2019

Operating revenue	12,325	13,092	26,250	27,918
Operating expenses, excluding restructuring costs, depreciation and amortization	11,561	11,579	23,681	24,272
Restructuring costs	—	38	—	68
Depreciation and amortization	197	280	341	559
Operating income	567	1,195	2,228	3,019
Net income	514	996	1,830	2,394
Equity in earnings of MNI	257	499	915	1,197

MNI makes quarterly distributions of its earnings and in the

weeks ended

March 29, 2020

and

March 31, 2019

, we received dividends of $

1,000,000

and $

750,000

, respectively. In the

weeks ended

March 29, 2020

and

March 31, 2019

, we received dividends of $

1,000,000

and $

1,500,000

respectively.