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Note 4 - Goodwill and Other Intangible Assets

3 Months Ended

Dec. 27, 2020

Goodwill and Intangible Assets Disclosure [Text Block]

4	GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of goodwill are as follows:

		13 Weeks Ended
		December 27,
(Thousands of Dollars)	2020

Goodwill, gross amount		1,617,174
Accumulated impairment losses		(1,288,729	)
Goodwill, beginning of period		328,445
Measurement period adjustments		403
Goodwill, end of period		328,848

Identified intangible assets consist of the following:

	December 27,		September 27,
(Thousands of Dollars)	2020		2020

Non-amortized intangible assets:
Mastheads		40,459		40,459
Amortizable intangible assets:
Customer and newspaper subscriber lists		774,722		774,604
Less accumulated amortization		638,349		632,457
		136,373		142,147
Non-compete and consulting agreements		28,656		28,656
Less accumulated amortization		28,601		28,582
		55		74
Other intangible assets, net		176,887		182,680

The Company recognized $27,960,000 of advertiser relationships, $28,200,000 of subscriber relationships, $19,580,000 of commercial print relationships and $20,390,000 of indefinite-lived masthead assets as part of the Transactions.

Annual amortization of intangible assets for the five years ending December 2021 to December 2025 is estimated to be $21,262,000 $19,688,000, $18,893,000, $16,460,000 and $10,783,000 , respectively. The weighted average amortization period for those amortizable assets acquired as part of the Transactions is 10.5 years.

The Company recognized $78,539,000 of Goodwill as part of the Transactions. The value of the acquired Goodwill is primarily related to an assembled workforce and expected synergies from combining operations. For tax purposes, the amount of Goodwill that is expected to be deductible is $41,734,000. Refer to Note 7 for more information regarding preliminary purchase accounting for the Transactions.