v3.26.1
INVESTMENTS IN ASSOCIATED COMPANIES
9 Months Ended
Jun. 28, 2026
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 endedNine months ended
(Thousands of Dollars)June 28,
2026
June 29,
2025
June 28,
2026
June 29,
2025
Operating revenue4,524 5,320 14,407 17,609 
Operating expenses3,415 3,764 10,783 13,050 
Operating income1,109 1,556 3,624 4,559 
Net income1,077 1,529 3,916 4,596 
Equity in earnings of TNI539 765 1,958 2,298 
TNI makes periodic distributions of its earnings and for the three months ended June 28, 2026 and June 29, 2025, we received $0.7 million and $0.7 million in distributions, respectively. In the nine months ended June 28, 2026 and June 29, 2025, we received $1.7 million and $2.4 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 28,
2026
June 29,
2025
June 28,
2026
June 29,
2025
Operating revenue9,640 9,136 27,945 27,974 
Operating expenses, excluding restructuring costs, depreciation and amortization7,348 7,252 21,218 21,720 
Restructuring costs— 95 34 118 
Depreciation and amortization59 89 178 269 
Operating income2,233 1,700 6,515 5,867 
Net income767 (157)2,104 1,330 
Equity in earnings of MNI384 (79)1,052 665 
MNI makes periodic distributions of its earnings and in the three months ended June 28, 2026, and June 29, 2025, we received $0.3 million and $0.0 million in distributions, respectively. In the nine
months ended June 28, 2026 and June 29, 2025, we received $1.1 million and $0.9 million in distributions, respectively.