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Note 4 - Goodwill and Other Intangible Assets

9 Months Ended

Jun. 27, 2021

Goodwill and Intangible Assets Disclosure [Text Block]

4	GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of goodwill are as follows:

		39 Weeks Ended
		June 27,
(Thousands of Dollars)	2021

Goodwill, gross amount		1,617,174
Accumulated impairment losses		(1,288,729	)
Goodwill, beginning of September 27, 2020		328,445
Measurement period adjustments		1,759
Goodwill, end of period		330,204

Identified intangible assets consist of the following:

	June 27,		September 27,
(Thousands of Dollars)	2021		2020

Non-amortized intangible assets:
Mastheads		40,459		40,459
Amortizable intangible assets:
Customer and newspaper subscriber lists		774,291		774,604
Less accumulated amortization		651,704		632,457
		122,587		142,147
Non-compete and consulting agreements		28,656		28,656
Less accumulated amortization		28,638		28,582
		18		74
Other intangible assets, net		163,064		182,680

The Company recognized $27,620,000 of advertiser relationships, $27,850,000 of subscriber relationships, $19,560,000 of commercial print relationships and $20,390,000 of indefinite-lived masthead assets as part of the Transactions as defined in Note 7.

Annual amortization of intangible assets for the five years ending December 2022 to December 2026 is estimated to be $21,494,000, $20,081,000, $18,043,000, $12,707,000, and $7,218,000, respectively. The weighted average amortization period for those amortizable assets acquired as part of the Transactions is 13.7 years.

The Company recognized $79,896,000 of Goodwill as part of the Transactions as defined in Note 7. 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 $42,442,000. Refer to Note 7 for more information regarding final purchase accounting for the Transactions.