v3.25.4
INVESTMENTS IN ASSOCIATED COMPANIES
3 Months Ended
Dec. 28, 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 incidental 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 28,
2025
December 29,
2024
Operating revenue4,814 6,533 
Operating expenses3,605 5,206 
Operating income1,209 1,327 
Net income1,260 1,250 
Equity in earnings of TNI630 625 
TNI makes periodic distributions of its earnings and for the three months ended December 28, 2025, and December 29, 2024, we received $0.5 million and $0.5 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 28,
2025
December 29,
2024
Operating revenue9,470 9,759 
Operating expenses, excluding restructuring costs, depreciation and amortization7,233 7,455 
Restructuring costs34 — 
Depreciation and amortization60 90 
Operating income2,143 2,214 
Net income900 994 
Equity in earnings of MNI450 497 
MNI makes periodic distributions of its earnings and in the three months ended December 28, 2025, and December 29, 2024, we received $0.4 million and $0.9 million in distributions, respectively.