On September 28, 2026, the Company completed the Lee Transactions. The TNI Acquisition was accounted for as a business combination achieved in stages. The total acquisition-date value of 100% of TNI Partners used in the purchase price allocation was $34.4 million, consisting of the $18.1 million fair value of the Montana and South Dakota publications transferred and the $16.3 million fair value of our previously held 50% interest in TNI Partners. The fair value of our previously held interest in TNI Partners was estimated using a market approach based on historical Adjusted EBITDA and comparable newspaper transactions, adjusted to reflect the noncontrolling nature of such interest. During the three and nine months ended September 30, 2026, the Company recognized a gain of $16.8 million as a result of remeasuring its previously held interest in TNI Partners to fair value and a gain of $10.2 million as a result of the de-consolidation of the Montana and South Dakota publications.

In connection with the TNI Acquisition, the Company recognized $16.1 million of identifiable intangible assets and $19.4 million of goodwill in connection with the preliminary purchase price allocation as of September 30, 2026. The identifiable intangible assets consisted of $3.8 million attributable to the Arizona Daily Star masthead, which has an indefinite useful life, $7.7 million of advertiser relationships with an estimated useful life of 11 years and $4.6 million of subscriber relationships with an estimated useful life of ten years. The goodwill recognized primarily reflects the operational synergies anticipated by the Company as a result of the integration of the Arizona Daily Star into its existing operations. As of September 30, 2026, $10.2 million of goodwill is expected to be deductible for income tax purposes. The purchase price allocation is preliminary and subject to adjustment as additional information regarding the fair values of the assets acquired and liabilities

Unaudited pro forma financial information has not been presented, as the incremental revenues and earnings attributable to the TNI Acquisition were substantially similar to the revenues and earnings associated with the de-consolidated Montana and South Dakota publications. As a result, the related impacts on revenue, expenses, and equity in earnings are not material to the condensed consolidated financial statements taken as a whole for the three and nine months ended September 30, 2026 and 2025.

On February 28, 2025, the Company completed its sale of the Austin American-Statesman. As a result of the sale, we recognized a pre-tax gain of approximately $20.8 million, net of selling expenses, which is included in Gain on sale or disposal of assets, net in the condensed consolidated statement of operations and comprehensive income (loss) for the nine months ended September 30, 2025.

Cash equivalents represent highly liquid certificates of deposit which have original maturities of three months or less. Restricted cash is held as cash collateral for certain business operations. Restricted cash primarily consists of funding for letters of credit, cash held in an irrevocable grantor trust for our deferred compensation plans and cash held with banking institutions for insurance.


In thousands	September 30, 2026		September 30, 2025
Cash and cash equivalents	$	68,228	$	75,246
Restricted cash included in other current assets	2,348		80
Restricted cash included in pension and other assets	5,402		7,492
Total cash, cash equivalents and restricted cash	$	75,978	$	82,818


	Nine months ended September 30,
In thousands	2026		2025
Cash paid for taxes, net of refunds	$	7,673	$	1,437
Cash paid for interest	54,190		59,020
Non-cash investing and financing activities:
Accrued capital expenditures	$	16,626	$	27,658
Noncash exchange of businesses	$	18,079	$	—


In thousands	September 30, 2026		December 31, 2025
Accounts payable	$	144,511	$	144,401
Compensation	59,451		79,505
Taxes (primarily property, sales, and payroll taxes)	9,237		8,693
Benefits	19,756		19,985
Interest	11,886		8,972
Other	44,123		46,596
Accounts payable and accrued liabilities	$	288,964	$	308,152