On October 1, 1999, the Company acquired a daily newspaper and specialty publications in Beatrice, Nebraska, and received $9,300,000 of cash in exchange for all the assets used in, and liabilities related to, the publication, marketing, and distribution of two daily newspapers and the related specialty and classified publications in Kewanee, Geneseo, and Aledo, Illinois, and Ottumwa, Iowa. NOTE 3: Acquisitions and Dispositions  of Publishing Properties NOTE 4: Investments in Associated Companies The Company has a 50% ownership interest in Madison News- papers, Inc., a newspaper company that publishes daily, Sunday, and weekly publications in Madison and three other daily newspa- pers, seven weekly publications and various other classified publi- cations in Wisconsin and interest in Internet service ventures. Summarized financial information of Madison Newspapers, Inc., is as follows: In addition, the Company acquired three daily newspapers, eleven weekly newspapers, and fifteen classified or specialty publications in 2000, one daily newspaper, two weekly, and four classified or specialty publications in 1999, and five classified or specialty publications and one commercial printer in 1998. All acquisitions were accounted for as a purchase and the results of operations since the date of acquisition are included in the consolidated financial statements. These acquisitions and dispositions had the effect of increasing revenue and operating income by approximately $8,300,000 and $150,000, respectively, for the year ended September 30, 2000, as compared to the prior year. LEE ENTERPRISES / 2000 Annual Report 19 2000 1999 1998 (In Thousands) ASSETS Current assets . . . . . . . . . . . .  $ 28,102 $ 30,337 $ 25,732 Investmentsand other assets .  34,025 6,011 5,919 Property and equipment, net. .  14,044 9,531 9,997 $ 76,171 $ 45,879 $ 41,648 Proceeds of the sale of properties consisted of the following: Year Ended September 30, 2000 1999 1998 (In Thousands) Noncash working capital operations. . . . . . . . . . . . . .  $ 1,475 $ (100) $ 377 Property and equipment . . . .  8,197 1,207 1,326 Intangibles . . . . . . . . . . . . . .  74,745 16,048 11,485 Other long-term assets . . . . .  54 – – Issuance of note payable. . . .  (432) (1,000) (1,194) Deferred items . . . . . . . . . . .  (1,170) (739) (50) 82,869 15,416 11,944 Less fair value of assets exchanged. . . . . . . . . . . . . .  11,260 – – Total cash purchase price $ 71,609 $ 15,416 $ 11,944 The purchase price of business acquisitions was allocated as follows: Year Ended September 30, 2000 1999 1998 (In Thousands) Income from discontinued  operations. . . . . . . . . . . . . .  $ 23,620 $ 19,371 $ 24,948 Income taxes. . . . . . . . . . . . .  9,832 8,219 10,389 $ 13,788 $ 11,152 $ 14,559 The income from discontinued operations consists of the following: Corporation and closed October 1, 2000. The net proceeds are approximately $565,000,000, resulting in an after-tax gain for financial reporting purposes of approximately $250,000,000. The results for the Broadcast operations have been classified as discontinued operations for all periods presented in the consoli- dated statements of income. The assets and liabilities of discon- tinued operations have been classified in the consolidated balance sheet as “net assets of discontinued operations” as of September 30, 2000. Year Ended September 30, 2000 (In Thousands) Noncash working capital. . . . . . . . . . . . . . . . . .  $ 111 Property and equipment. . . . . . . . . . . . . . . . . . .  764 Intangible assets . . . . . . . . . . . . . . . . . . . . . . . .  721 1,596 Gain recognized on sale of properties . . . . . . . .  18,439 20,035 Less fair value of assets exchanged. . . . . . . . . .  11,260 Proceeds from sale of properties. . . . . . .  $ 8,775 (In Thousands) Assets: Accounts receivable, net. . . . . . . . . . . . . . . . . . . .  $ 23,493 Program rights and other . . . . . . . . . . . . . . . . . . .  8,190 Property and equipment, net. . . . . . . . . . . . . . . . .  29,775 Intangibles and other assets . . . . . . . . . . . . . . . . .  122,310 183,768 Liabilities: Current liabilities . . . . . . . . . . . . . . . . . . . . . . . . .  13,072 Deferred items and other . . . . . . . . . . . . . . . . . . .  2,929 16,001 Net assets of discontinued operations. . . . . . . . . . .  $ 167,767 As of September 30, 2000, the assets and liabilities of the Broadcast division consisted of the following: