Investments In Associated Companies

3 Months Ended

Dec. 29, 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
(Thousands of Dollars)	December 29, 2024	December 24, 2023

Operating revenue	6,533	6,991
Operating expenses	5,206	4,681
Operating income	1,327	2,310
Net income	1,250	1,155
Equity in earnings of TNI	625	578

TNI makes periodic distributions of its earnings and for the three months ended December 29, 2024, and December 24, 2023, we received $0.5 million and $1.2 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 29, 2024	December 24, 2023

Operating revenue	9,759	10,602
Operating expenses, excluding restructuring costs, depreciation and amortization	7,455	7,810
Restructuring costs	—	61
Depreciation and amortization	90	120
Operating income	2,214	2,611
Net income	994	772
Equity in earnings of MNI	497	386

MNI makes periodic distributions of its earnings and in the three months ended December 29, 2024 and December 24, 2023, we received $0.9 million and $0.4 million in distributions, respectively.