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INVESTMENTS IN ASSOCIATED COMPANIES
 12 Months Ended
Sep. 29, 2024
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENTS IN ASSOCIATED COMPANIES 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 records 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 is allocated equally to Star Publishing and Citizen.
Summarized financial information of TNI is as follows:
(Thousands of Dollars)September 29
2024		September 24
2023
ASSETS
Current assets1,648 1,901 
Investments and other assets1,020 1,240 
Total assets2,668 3,141 
LIABILITIES AND MEMBERS' EQUITY (DEFICIT)
Liabilities3,512 3,837 
Members' equity (deficit)(844)(696)
Total liabilities and members' equity (deficit)2,668 3,141 
Summarized results of TNI are as follows:
(Thousands of Dollars)202420232022
Operating revenue27,360 31,076 34,153 
Operating expenses20,609 24,446 25,445 
Operating income6,751 6,630 8,708 
Net income6,655 7,142 8,708 
Equity in earnings of TNI3,328 3,571 4,354 
TNI makes periodic distributions of its earnings. We received $3.2 million, $3.6 million, and $3.8 million in distributions in 2024, 2023 and 2022, respectively.
At September 29, 2024 and September 24, 2023, the carrying value of the Company's 50% investment in TNI is $15.1 million and $15.1 million, respectively. The difference between our carrying value and our 50% share of the members' equity of TNI relates principally to goodwill of $12.4 million and other identified intangible assets of $2.3 million, certain of which have been amortized over their estimated useful lives. See Note 4.
TNI provides editorial services to the Company. Editorial service costs are included in other operating expenses in the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income and totaled $3.9 million, $4.4 million, and $5.2 million in 2024, 2023 and 2022, 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 related digital sites. 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 financial information of MNI is as follows:
(Thousands of Dollars)September 29
2024		September 24
2023
ASSETS
Current assets8,192 8,916 
Investments and other assets28,816 29,267 
Total assets37,008 38,183 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities5,296 6,352 
Other liabilities6,088 6,303 
Stockholders' equity25,624 25,528 
Total liabilities and stockholders' equity37,008 38,183 
Summarized results of MNI are as follows:
(Thousands of Dollars)202420232022
Operating revenue41,323 44,109 47,621 
Operating expenses, excluding restructuring costs, depreciation and amortization31,619 30,654 37,922 
Restructuring costs221 143 169 
Depreciation and amortization483 539 672 
Operating income9,000 12,773 8,858 
Net income2,488 5,911 2,605 
Equity in earnings of MNI1,244 2,956 1,303 
MNI makes periodic distributions of its earnings. We received $1.2 million, $2.2 million, and $1.3 million in distributions in 2024, 2023 and 2022, respectively.
We provide editorial services to MNI. Editorial service fees are included in other revenue in the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income and totaled $5.5 million, $5.4 million, and $5.6 million in 2024, 2023 and 2022, respectively.
At September 29, 2024 and September 24, 2023, the carrying value of the Company's 50% investment in MNI is $12.8 million and $12.8 million, respectively.