Investments In Associated Companies

3 Months Ended

Dec. 24, 2023

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 24, 2023	December 25, 2022

Operating revenue	6,991	8,814
Operating expenses	4,681	6,285
Operating income	2,310	2,529
Company's 50% share of operating income	1,155	1,265
Equity in earnings of TNI	1,155	1,265

TNI makes periodic distributions of its earnings and for the three months ended December 24, 2023, and December 25, 2022, we received $1.2 million and $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 24, 2023	December 25, 2022

Operating revenue	10,602	11,904
Operating expenses, excluding restructuring costs, depreciation and amortization	7,810	9,346
Restructuring costs	61	26
Depreciation and amortization	120	137
Operating income	2,611	2,395
Net income	772	807
Equity in earnings of MNI	386	404

MNI makes periodic distributions of its earnings and in the three months ended December 24, 2023 and December 25, 2022, we received $0.4 million and $0.3 million in distributions