Subsequent Events

Fenway Sports Group

On February 3, 2012, we sold 100 of our units in Fenway Sports Group for an aggregate price of $30.0 million. We will record a pre-tax gain of approximately $18 million in the first quarter of 2012. Following the sale, we own 210 units, or 4.97%, of Fenway Sports Group. We continue to market our remaining units in Fenway Sports Group for sale, in whole or in parts.

Effective with the sale, given our reduced ownership level and lack of influence on the operations of Fenway Sports Group, we will change the accounting for our investment from the equity method to the cost method. Therefore, we will no longer recognize our proportionate share of the operating results of Fenway Sports Group in “Income from joint ventures” in our Consolidated Statements of Operations and our investment will be reclassified from “Investments in joint ventures” into “Miscellaneous assets” in our Consolidated Balance Sheet.

Regional Media Group

On January 6, 2012, we completed the sale of the Regional Media Group, consisting of 16 regional newspapers, other print publications and related businesses, to Halifax Media Holdings LLC for $143.0 million in cash, subject to certain adjustments. We will record an after-tax gain estimated to be approximately $30 million on the sale in the first quarter of 2012. We estimate the net after-tax proceeds from the sale, including a tax benefit, will be approximately $150 million, which we plan to use for general corporate purposes.

The requirements to report the net assets of the Regional Media Group as held for sale and its operating results as a discontinued operation were not met as of December 25, 2011. Therefore, the operating results of the Regional Media Group are reported within continuing operations for the 3-year period ending December 25, 2011.

The results of operations for the Regional Media Group and the estimated carrying amounts of the major classes of assets and liabilities included as part of the sale are summarized in the following charts.



(In thousands)	December 25, 2011			December 26, 2010		December 27, 2009
Revenues	$	259,945		$	276,659	$	296,923
Production costs and selling, general and administrative costs	223,367			236,699		257,710
Depreciation and amortization	11,665			12,655		14,893
Total operating costs	235,032			249,354		272,603
Impairment of assets	152,093			—		—
Gain on sale of assets	—			—		5,198
Pre-tax (loss)/income	(127,180		)	27,305		29,518
Income tax (benefit)/expense	(10,879		)	10,783		13,122
Net (loss)/income	$	(116,301	)	$	16,522	$	16,396



(In thousands)	December 25, 2011		December 26, 2010
Accounts receivable, net	$	26,550	$	27,417
Property, plant and equipment, net	146,287		157,603
Goodwill	—		152,093
Other assets	5,344		7,299
Total assets	178,181		344,412
Total liabilities	19,568		22,016
Net assets	$	158,613	$	322,396