Fiscal Years Ended

December 26,
1999

December 27,
1998

December 28,
1997

Cash flows from operating activities:

Net income (loss)

$

881,316

$

70,874

$

(10,490

)

Adjustments to reconcile net income (loss):

Extraordinary item

1,328

—

63,000

Depreciation and amortization

97,532

100,201

98,316

Deferred income taxes

(5,484

)

(5,945

)

(4,227

)

Provision for doubtful accounts

4,676

6,269

5,228

Investment income — unconsolidated affiliates

(10,333

)

(22,193

)

(21,037

)

Distribution from unconsolidated affiliates

30,372

7,700

2,700

Gain on sale of Denver Newspapers, Inc. common stock

(30,983

)

—

—

Gain on disposition of Cable operations

(798,719

)

—

—

Net cash provided by operations

169,705

156,906

133,490

Change in assets and liabilities:

Accounts receivable and inventories

(6,317

)

(6,810

)

(13,074

)

Other current assets

(2,694

)

15,986

14,392

Accounts payable, accrued expenses and other liabilities

(30,725

)

(14,774

)

(13,495

)

Other, net

(5,765

)

(11,044

)

(1,965

)

Net cash provided by operating activities

124,204

140,264

119,348

Cash flows from investing activities:

Capital expenditures

(60,829

)

(49,480

)

(41,599

)

Purchase of businesses (1997 — net of $476 million of debt assumed)

—

(132,680

)

(276,823

)

Proceeds from disposition of Cable operations

1,404,407

—

—

Proceeds from sale of other businesses

8,058

28,123

147,267

Denver Newspapers, Inc.:

Proceeds from sale of common stock

39,000

—

—

Redemption of preferred stock

34,000

—

—

Purchase of short-term investments — net

(390,748

)

—

—

Other, net

(5,582

)

2,924

(1,146

)

Net cash provided (used) by investing activities

1,028,306

(151,113

)

(172,301

)

Cash flows from financing activities:

Increase in debt

268,000

463,000

1,022,000

Payment of debt

(1,136,509

)

(436,383

)

(874,000

)

Stock repurchase

(22,743

)

—

—

Premiums and costs related to early redemption of debt

(2,128

)

—

(84,703

)

Cash dividends paid

(16,062

)

(14,974

)

(14,129

)

Other, net

4,593

3,339

2,818

Net cash (used) provided by financing activities

(904,849

)

14,982

51,986

Net increase (decrease) in cash and cash equivalents

247,661

4,133

(967

)

Cash, cash equivalents and short-term investments:

Cash and cash equivalents at beginning of year

7,637

3,504

4,471

Cash and cash equivalents at end of year

255,298

7,637

3,504

Short-term investments at end of year

390,748

—

—

Cash, cash equivalents and short-term investments at end of year

$

646,046

$

7,637

$

3,504