The transaction was accounted for as a purchase and Bristol's results of operations have been included in the Company's results since the date of acquisition. The purchase price has been allocated to the assets acquired based on a preliminary appraisal of estimated fair values. Such estimated values may change as the appraisal is finalized and more facts become known. In late January, the Company agreed to purchase the Hickory Daily Record located in northwestern North Carolina and in late February announced the sale of its Kentucky newspaper properties acquired with the 1997 purchase of Park. These transactions are expected to close later in 1998.
Inventories are principally raw materials.