Investments In Associated Companies

3 Months Ended

Dec. 25, 2022

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS IN ASSOCIATED COMPANIES

TNI Partners

In Tucson, Arizona, TNI, acting as agent for our subsidiary, Star Publishing Company (“Star Publishing”), and Gannets Co. Inc.'s subsidiary Citizen Publishing Company (“Citizen”), 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:


	Three months ended
(Thousands of Dollars)	December 25, 2022	December 26, 2021

Operating revenue	8,814	8,981
Operating expenses	6,285	6,465
Operating income	2,529	2,516
Company's 50% share of operating income	1,265	1,258
Equity in earnings of TNI	1,265	1,258

TNI makes periodic distributions of its earnings and for the three months ended December 25, 2022, and December 26, 2021, and in both periods we received $0.9 million 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:


	Three months ended
(Thousands of Dollars)	December 25, 2022	December 26, 2021

Operating revenue	11,904	12,195
Operating expenses, excluding restructuring costs, depreciation and amortization	9,346	9,546
Restructuring costs	26	—
Depreciation and amortization	137	170
Operating income	2,395	2,479
Net income	807	991
Equity in earnings of MNI	404	496

MNI makes periodic distributions of its earnings and in the three months ended December 25, 2022 and December 26, 2021, in both periods we received $0.3 million in distributions.