Investments In Associated Companies

6 Months Ended

Mar. 24, 2024

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 Gannett 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		Six months ended
(Thousands of Dollars)	March 24, 2024	March 26, 2023	March 24, 2024	March 26, 2023

Operating revenue	7,360	8,169	14,351	16,710
Operating expenses	5,450	6,889	10,131	13,364
Operating income	1,910	1,280	4,220	3,346
Net income	1,910	1,137	4,220	3,666
Equity in earnings of TNI	955	569	2,110	1,833

TNI makes periodic distributions of its earnings and for the three months ended March 24, 2024, and March 26, 2023, we received $0.9 million and $1.4 million in distributions, respectively. In the six months ended March 24, 2024 and March 26, 2023, we received $2.1 million and $2.3 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		Six months ended
(Thousands of Dollars)	March 24, 2024	March 26, 2023	March 24, 2024	March 26, 2023

Operating revenue	9,822	10,603	20,424	22,507
Operating expenses, excluding restructuring costs, depreciation and amortization	7,636	8,681	15,446	18,026
Restructuring costs	48	101	109	127
Depreciation and amortization	120	135	240	273
Operating income	2,018	1,686	4,629	4,081
Net income	502	207	1,274	1,014
Equity in earnings of MNI	251	104	637	507

MNI makes periodic distributions of its earnings and in the three months ended March 24, 2024 and March 26, 2023, we received $0.2 million and $0.1 million in distributions, respectively. In the six months ended March 24, 2024 and March 26, 2023, we received distributions of $0.6 million and $0.4 million, respectively.