v3.25.2
Investments In Associated Companies
 9 Months Ended
Jun. 29, 2025
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 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 endedNine months ended
(Thousands of Dollars)June 29,
2025		June 23,
2024		June 29,
2025		June 23,
2024
Operating revenue5,320 6,667 17,609 21,018 
Operating expenses3,764 5,076 13,050 15,207 
Operating income1,556 1,591 4,559 5,811 
Net income1,529 1,544 4,596 5,764 
Equity in earnings of TNI765 772 2,298 2,882 
TNI makes periodic distributions of its earnings and for the three months ended June 29, 2025, and June 23, 2024, we received $0.7 million and $0.6 million in distributions, respectively. In the nine months ended June 29, 2025 and June 23, 2024, we received $2.4 million and $2.7 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 endedNine months ended
(Thousands of Dollars)June 29,
2025		June 23,
2024		June 29,
2025		June 23,
2024
Operating revenue9,136 10,136 27,974 30,560 
Operating expenses, excluding restructuring costs, depreciation and amortization7,252 7,829 21,720 23,275 
Restructuring costs95 4 118 113 
Depreciation and amortization89 121 269 361 
Operating income1,700 2,182 5,867 6,811 
Net income(157)699 1,330 1,973 
Equity in earnings of MNI(79)350 665 987 
MNI makes periodic distributions of its earnings and in the three months ended June 29, 2025 and June 23, 2024, we received zero and $0.4 million in distributions, respectively. In the nine months ended June 29, 2025 and June 23, 2024, we received distributions of $0.9 million and $1.0 million, respectively.