-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BPZEi4ujHZEjnPPbPz4XUQ7NWOBxDZd6EemqE0fH9aEDKe6Q5dX2WQLctBMF8Iia yvtoTct4GjgVfstfMZ/91w== 0000216539-96-000013.txt : 19960629 0000216539-96-000013.hdr.sgml : 19960629 ACCESSION NUMBER: 0000216539-96-000013 CONFORMED SUBMISSION TYPE: 10-K405/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960627 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEDIA GENERAL INC CENTRAL INDEX KEY: 0000216539 STANDARD INDUSTRIAL CLASSIFICATION: NEWSPAPERS: PUBLISHING OR PUBLISHING & PRINTING [2711] IRS NUMBER: 540850433 STATE OF INCORPORATION: VA FISCAL YEAR END: 1226 FILING VALUES: FORM TYPE: 10-K405/A SEC ACT: SEC FILE NUMBER: 001-06383 FILM NUMBER: 96586924 BUSINESS ADDRESS: STREET 1: 333 E GRACE ST CITY: RICHMOND STATE: VA ZIP: 23219 BUSINESS PHONE: 8046496000 10-K405/A 1 1995 FORM 10K/A-1 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-K/A-1 [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 [fee required] For the fiscal year ended December 31, 1995 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 [no fee required] For the transition period to Commission File No. 1-6383 MEDIA GENERAL, INC. (Exact name of registrant as specified in its charter) 2 The registrant hereby amends the following items, financial statements, exhibits or other portions of its 1995 Annual Report on Form 10-K as set forth in the pages attached hereto: Exhibits: Amended index to exhibits to the Media General, Inc., 1995 Annual Report on Form 10-K. Exhibit 99 Annual Report of the Thrift Plan Plus For Employees of Media General, Inc., on Form 11-K for the year ended December 31, 1995. 3 Index to Exhibits Exhibit Number Description 2 Asset Purchase Agreement dated September 14, 1995, by and among Media General, Inc., and Worrell Enterprises, Inc., et al., incorporated by reference to Exhibit 2 of Form 8-K dated October 24, 1995. 3(i) The Amended and Restated Articles of Incorporation of Media General, Inc., incorporated by reference to Exhibit 3.1 of Form 10-K for the fiscal year ended December 31, 1989. 3(ii) Bylaws of Media General, Inc., amended as of May 31, 1993, incorporated by reference to Exhibit 3(ii) of Form 10-K for the fiscal year ended December 26, 1993. 10.1 The 1976 Non-Qualified Stock Option Plan, incorporated by reference to Exhibit 1.2 to Registration Statement 2-56905. 10.2 Amendment to the 1976 Non-Qualified Stock Option Plan adopted July 29, 1983, incorporated by reference to Exhibit 10.9 of Form 10-K for the fiscal year ended December 31, 1983. 10.3 Amendment to the 1976 Non-Qualified Stock Option Plan adopted June 19, 1992, incorporated by reference to Exhibit 10.10 of Form 10-K for the fiscal year ended December 27, 1992. 10.4 Form of Option granted under the 1976 Non-Qualified Stock Option Plan, incorporated by reference to Exhibit 2.2 of Registration Statement 2- 56905. 10.5 Amendment to the 1976 Non-Qualified Stock Option Plan, dated December 9, 1978, incorporated by reference to Exhibit 1 to Post-Effective Amendment No. 3 of Registration Statement 2-56905. 10.6 Additional Form of Option to be granted under the 1976 Non-Qualified Stock Option Plan, incorporated by reference to Exhibit 2 to Post- Effective Amendment No. 3 Registration Statement 2-56905. 10.7 Addendum dated January 1984, to Form of Option granted under the 1976 Non-Qualified Stock Option Plan, incorporated by reference to Exhibit 10.13 of Form 10-K for the fiscal year ended December 31, 1983. 10.8 Addendum dated June 19, 1992, to Form of Option granted under the 1976 Non-Qualified Stock Option Plan, incorporated by reference to Exhibit 10.15 of Form 10-K for the fiscal year ended December 27, 1992. 10.9 The 1987 Non-Qualified Stock Option Plan adopted May 15, 1987, and as amended on August 21, 1987, incorporated by reference to Exhibit 10.14 of Form 10-K for the fiscal year ended December 31, 1987. 4 10.10 The Media General, Inc., Amended and Restated Restricted Stock Plan, dated January 31, 1996. 10.11 Amendment to the 1987 Non-Qualified Stock Option Plan, adopted May 17, 1991, incorporated by reference to Exhibit 10.2 of Form 10-Q for the quarter ended June 30, 1991. 10.12 Amendment to the 1987 Non-Qualified Stock Option Plan adopted June 19, 1992, incorporated by reference to Exhibit 10.19 of Form 10-K for the fiscal year ended December 27, 1992. 12 10.13 Addendum dated June 19, 1992, to Form of Option granted under the 1987 Non-Qualified Stock Option Plan, incorporated by reference to Exhibit 10.20 of Form 10-K for the fiscal year ended December 27, 1992. 10.14 Media General, Inc., Executive Death Benefit Plan effective January 1, 1991, incorporated by reference to Exhibit 10.17 of Form 10-K for the fiscal year ended December 29, 1991. 10.15 Amendment to the Media General, Inc., Executive Death Benefit Plan dated July 24, 1991, incorporated by reference to Exhibit 10.18 of Form 10-K for the fiscal year ended December 29, 1991. 10.16 1984 Outside Directors Retirement Agreement, incorporated by reference to Exhibit 10.16 of Form 10-K for the fiscal year ended December 31, 1984. 10.17 Employment Agreement between Media General, Inc., and D. Tennant Bryan, dated January 1, 1973, incorporated by reference to Exhibit 10.9 of Form 8 dated August 3, 1981. 10.18 Amendment dated September 24, 1981, to Employment Agreement between Media General, Inc., and D. Tennant Bryan dated January 1, 1973, incorporated by reference to Exhibit 10 of Form 10-Q for the quarter ended September 30, 1981. 10.19 Shareholders Agreement, dated May 28, 1987, between Mary Tennant Bryan, Florence Bryan Wisner, J. Stewart Bryan III, and D. Tennant Bryan and J. Stewart Bryan III as Trustees under D. Tennant Bryan Media Trust, and Media General, Inc., incorporated by reference to Exhibit 10.50 of Form 10-K for the fiscal year ended December 31, 1987. 10.20 Amended and Restated Redemption Agreement between Media General, Inc., and D. Tennant Bryan, dated April 7, 1994, incorporated by reference to Exhibit 10.21 of Form 10-Q for the period ending March 27, 1994. 10.21 Employment Contract between Media General, Inc., and Alan S. Donnahoe, dated January 1, 1977, incorporated by reference to Exhibit 10.15 of Form 8 dated August 3, 1981. 10.22 Amendment, dated March 22, 1979, to Employment Contract between Media General, Inc., and Alan S. Donnahoe, dated January 1, 1977, incorporated by reference to Exhibit 10.16 of Form 8 dated August 3, 1981. 5 10.23 Amendment, dated January 1, 1982, to Employment Contract between Media General, Inc., and Alan S. Donnahoe, dated January 1, 1977, incorporated by reference to Exhibit 10.23 of Form 10-K for the fiscal year ended December 31, 1981. 10.24 Amendment, dated December 1, 1984, to Employment Contract between Media General, Inc., and Alan S. Donnahoe, dated January 1, 1977, incorporated by reference to Exhibit 10.22 of Form 10-K for the fiscal year ended December 31, 1984. 10.25 Amendment, dated December 1, 1989, to Employment Contract between Media General, Inc., and Alan S. Donnahoe, dated January 1, 1977, incorporated by reference to Exhibit 10.25 of Form 10-K for the fiscal year ended December 31, 1989. 10.26 Media General, Inc., Supplemental Thrift Plan, amended and restated as of November 17, 1994, incorporated by reference to Exhibit 10.27 of Form 10-K for the fiscal year ended December 25, 1994. 10.27 Media General, Inc., Executive Supplemental Retirement Plan, amended and restated as of November 17, 1994, incorporated by reference to Exhibit 10.28 of Form 10-K for the fiscal year ended December 25, 1994. 13 10.28 Deferred Income Plan for Selected Key Executives of Media General, Inc., and form of Deferred Compensation Agreement thereunder dated as of December 1, 1984, incorporated by reference to Exhibit 10.29 of Form 10-K for the fiscal year ended December 31, 1989. 10.29 Media General, Inc., Management Performance Award Program, adopted November 16, 1990, and effective January 1, 1991, incorporated by reference to Exhibit 10.35 of Form 10-K for the fiscal year ended December 29, 1991. 10.30 Media General, Inc., Deferred Compensation Plan, amended and restated as of November 17, 1994, incorporated by reference to Exhibit 10.32 of Form 10-K for the fiscal year ended December 25, 1994. 10.31 Media General, Inc., ERISA Excess Benefits Plan, amended and restated as of November 17, 1994, incorporated by reference to Exhibit 10.33 of Form 10-K for the fiscal year ended December 25, 1994. 10.32 Media General, Inc., Restricted Stock Plan for Non-Employee Directors, adopted as of May 19, 1995. 10.33 Media General, Inc., 1995 Long-Term Incentive Plan, adopted as of May 19, 1995. 10.34 Amended and Restated Partnership Agreement, dated November 1, 1987, by and among Virginia Paper Manufacturing Corp., KR Newsprint Company, Inc., and CEI Newsprint, Inc., incorporated by reference to Exhibit 10.31 of Form 10-K for the fiscal year ended December 31, 1987. 6 10.35 Amended and Restated License Agreement, dated November 1, 1987, by and among Media General, Inc., Garden State Paper Company, Inc., and Southeast Paper Manufacturing Co., incorporated by reference to Exhibit 10.32 of Form 10-K for the fiscal year ended December 31, 1987. 10.36 Amended and Restated Umbrella Agreement, dated November 1, 1987, by and among Media General, Inc., Knight-Ridder, Inc., and Cox Enterprises, Inc., incorporated by reference to Exhibit 10.34 of Form 10-K for the fiscal year ended December 31, 1987. 10.37 Amended Newsprint Purchase Contract, dated November 1, 1987, by and among Southeast Paper Manufacturing Co., Media General, Inc., Knight- Ridder, Inc., and Cox Enterprises, Inc., incorporated by reference to Exhibit 10.35 of Form 10-K for the fiscal year ended December 31, 1987. 10.38 Television affiliation agreement, dated February 10, 1995, between WFLA-TV and the NBC Television Network incorporated by reference to Exhibit 10.38 of Form 10-K for the fiscal year ended December 25, 1994. 10.39 Amendments, dated May 17, 1993, to television affiliations agreement, between WFLA-TV and National Broadcasting Company, Inc., dated March 22, 1989, incorporated by reference to Exhibit 10.47 of Form 10-K for the fiscal year ended December 26, 1993. 10.40 Franchise Agreements, dated September 30, 1982, between Media General, Inc., Media General Cable of Fairfax County, Inc., and Fairfax County, Virginia, as amended January 30, 1984, incorporated by reference to Exhibit 10.32 of Form 10-K for the fiscal year ended December 31, 1983. 10.41 Agreement dated March 14, 1988, between Media General Cable of Fairfax County, Inc., and Warner Cable Communications of Reston, Inc., partially assigning Franchise Agreements dated September 30, 1982, incorporated by reference to Exhibit 10.34 of Form 10-K for the fiscal year ended December 31, 1988. 14 10.42 Cable Television Franchise Ordinance of the Town of Herndon, Virginia, accepted January 24, 1984, by Media General, Inc., and Media General Cable of Fairfax County, Inc., incorporated by reference to Exhibit 10.33 of Form 10-K for the fiscal year ended December 31, 1983. 10.43 Franchise Agreement, dated June 14, 1983, between Media General, Inc., Media General Cable of Fairfax County, Inc., and the City of Fairfax, Virginia, incorporated by reference to Exhibit 10.34 of Form 10-K for the fiscal year ended December 31, 1983. 10.44 Franchise Agreement, dated April 9, 1983, between Media General Cable of Fairfax County, Inc., and the Town of Vienna, Virginia, incorporated by reference to Exhibit 10.35 of Form 10-K for the fiscal year ended December 31, 1983. 10.45 Franchise Agreement, dated July 12, 1983, between Media General Cable of Fairfax County, Inc., Media General, Inc., and the City of Falls Church, Virginia, incorporated by reference to Exhibit 10.36 of Form 10-K for the fiscal year ended December 31, 1983. 7 10.46 Second Amended and Restated Stock and Warrant Purchase and Shareholders' Agreement dated May 20, 1994, by and among Media General, Inc., Affiliated Newspapers Investments, Inc., and Denver Newspapers, Inc., incorporated by reference to Exhibit 2 of Form 8-K dated September 28, 1994. 13 Media General, Inc., Annual Report to Stockholders for the fiscal year ended December 31, 1995. 21 List of subsidiaries of the registrant. 23 Consent of Ernst & Young LLP, independent auditors. 27 Financial Data Schedule 99 Annual Report of the Thrift Plan Plus for Employees of Media General, Inc., on Form 11-K for the year ended December 31, 1995. Note: Exhibits 10.1-10.33 are management contracts or compensatory plans, contracts or arrangements. 15 8 Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to be signed on its behalf by the undersigned, thereunto duly authorized. MEDIA GENERAL, INC. -------------------------------- (Registrant) By: /s/ Marshall N. Morton --------------------------- Marshall N. Morton Senior Vice President and Chief Financial Officer Date: June 26, 1996 EX-99 2 FORM 11-K 1 Exhibit 99 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One): (X) ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1995 or ( ) TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number V-1799 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: THRIFT PLAN PLUS FOR EMPLOYEES OF MEDIA GENERAL, INC. B. Name of the issuer of the securities held pursuant to the plan and the address of its principal executive office: MEDIA GENERAL, INC. 333 East Grace Street Richmond, Virginia 23219 2 Financial Statements and Supplemental Schedules Thrift Plan Plus For Employees of Media General, Inc. Years ended December 31, 1995, and 1994, with Report of Independent Auditors 3 Thrift Plan Plus For Employees of Media General, Inc. Financial Statements and Supplemental Schedules Years ended December 31, 1995, and 1994 Table of Contents ----------------- Report of Independent Auditors.........................................1 Financial Statements Statements of Net Assets Available for Plan Benefits...................2 Statements of Changes in Net Assets Available for Plan Benefits........4 Notes to Financial Statements..........................................6 Supplemental Schedules Schedule -------- Schedule of Assets held for Investment Purposes, December 31, 1995...................................................A Schedule of Reportable 5% Transactions for the year ended December 31, 1995.............................................B 4 Report of Independent Auditors Administrator Thrift Plan Plus For Employees of Media General, Inc. We have audited the accompanying statements of net assets available for plan benefits of the Thrift Plan Plus For Employees of Media General, Inc., as of December 31, 1995 and 1994, and the related statements of changes in net assets available for plan benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 1995 and 1994, and the changes in its net assets available for plan benefits for the years then ended, in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment purposes as of December 31, 1995, and reportable 5% transactions for the year then ended, are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, and are not a required part of the basic financial statements. The Fund Information in the statements of net assets available for plan benefits and the statements of changes in net assets available for plan benefits is presented for purposes of additional analysis rather than to present the net assets available for plan benefits and changes in net assets available for plan benefits of each fund. The supplemental schedules and Fund Information have been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. ERNST & YOUNG LLP Richmond, Virginia June 8, 1996 1 5 Thrift Plan Plus For Employees of Media General, Inc. Statement of Net Assets Available For Plan Benefits, with Fund Information December 31, 1995
Stable Value Media General Balanced Fund Equity Fund Stock Fund Fund Loan Fund Total ----------------------------------------------------------------------------------- Assets Investment in Media General, Inc., Class A Common Stock, 2,900,338 shares at market of $30.375 per share, cost $60,147,620 $ - $ - $88,097,767 $ - $ - $ 88,097,767 Other investments, at market: Common trust fund managed by Trustee: Short-term investments, cost $2,394,551 639,784 99,475 1,389,354 19,681 246,257 2,394,551 Common trust funds managed by Frank Russell Trust Co., cost $9,638,812 - 11,898,165 - 743,681 - 12,641,846 Guaranteed insurance contracts, cost $13,318,325 13,318,325 - - - - 13,318,325 Loans to participants - - - - 8,010,466 8,010,466 Dividends and interest receivable 3,054 551 5,341 100 52,671 61,717 Contributions receivable 141,074 168,359 796,634 32,527 - 1,138,594 Receivable (payable) resulting from participants' fund transfers 197,791 188,026 (55,010) (1,398) (329,409) - Other receivables - - - - 213,730 213,730 --------------------------------------------------------------------------------- 14,300,028 12,354,576 90,234,086 794,591 8,193,715 125,876,996 Liabilities Payable to broker - - 349,975 - - 349,975 Contribution refunds payable 16,363 37,295 71,682 1,168 - 126,508 --------------------------------------------------------------------------------- Net assets available for plan benefits $14,283,665 $12,317,281 $89,812,429 $793,423 $8,193,715 $125,400,513 ================================================================================= See accompanying notes.
2 6 Thrift Plan Plus For Employees of Media General, Inc. Statement of Net Assets Available For Plan Benefits, with Fund Information December 31, 1994
Money Market Media General Fund Equity Fund Stock Fund Loan Fund Total ----------------------------------------------------------------- Assets Investment in Media General, Inc., Class A Common Stock, 2,874,696 shares at market of $28.375 per share, cost $58,935,203 $ - $ - $81,569,499 $ - $ 81,569,499 Other investments, at market: Common trust fund managed by Trustee: Short-term investments, cost $3,023,585 817,813 1,189,842 782,969 232,961 3,023,585 Common trust fund managed by NationsBank Investment Management Division, cost $5,904,408 - 6,356,001 - - 6,356,001 Guaranteed insurance contracts, cost $12,367,148 12,367,148 - - - 12,367,148 Loans to participants - - - 6,805,636 6,805,636 Dividends and interest receivable 4,193 18,619 5,734 38,516 67,062 Contributions receivable 171,494 158,085 795,137 - 1,124,716 Receivable (payable) resulting from participants' fund transfers 107,164 38,500 231,284 (376,948) - Other receivables - - - 197,138 197,138 --------------------------------------------------------------- 13,467,812 7,761,047 83,384,623 6,897,303 111,510,785 Liabilities Contribution refunds payable 21,716 33,413 91,899 - 147,028 --------------------------------------------------------------- Net assets available for plan benefits $13,446,096 $7,727,634 $83,292,724 $6,897,303 $111,363,757 =============================================================== See accompanying notes.
3 7 Thrift Plan Plus For Employees of Media General, Inc. Statement of Changes in Net Assets Available For Plan Benefits, with Fund Information Year ended December 31, 1995
Stable Value Media General Balanced Fund Equity Fund Stock Fund Fund Loan Fund Total ------------------------------------------------------- ------------- ------------- Investment income: Dividends $ - $ 85 $ 1,396,788 $ - $ - $ 1,396,873 Interest 793,621 7,968 50,441 975 548,615 1,401,620 ---------------------------------------------------------------------------------- 793,621 8,053 1,447,229 975 548,615 2,798,493 ---------------------------------------------------------------------------------- Net appreciation in fair value of assets - 2,917,250 5,821,807 42,153 - 8,781,210 Contributions: Employers - - 3,908,067 - - 3,908,067 Participants 1,593,646 1,763,926 4,332,340 165,957 - 7,855,869 ---------------------------------------------------------------------------------- Total 1,593,646 1,763,926 8,240,407 165,957 - 11,763,936 ---------------------------------------------------------------------------------- Adjustments for participants' fund transfers 327,181 676,163 (2,617,678) 590,369 1,023,965 - Distributions to withdrawing participants (1,876,879) (775,745) (6,372,060) (6,031) (276,168) (9,306,883) ---------------------------------------------------------------------------------- Net increase in net assets available for plan benefits 837,569 4,589,647 6,519,705 793,423 1,296,412 14,036,756 Net assets available for plan benefits at December 31, 1994 13,446,096 7,727,634 83,292,724 - 6,897,303 111,363,757 ---------------------------------------------------------------------------------- Net assets available for plan benefits at December 31, 1995 $14,283,665 $12,317,281 $89,812,429 $793,423 $8,193,715 $125,400,513 ================================================================================== See accompanying notes.
4 8 Thrift Plan Plus For Employees of Media General, Inc. Statement of Changes in Net Assets Available For Plan Benefits, with Fund Information Year ended December 31, 1994
Money Market Media General Fund Equity Fund Stock Fund Loan Fund Total ----------------------------------------------------------------- Investment income: Dividends $ - $ 121,828 $ 1,253,855 $ - $ 1,375,683 Interest 738,096 44,596 38,650 374,582 1,195,924 ---------------------------------------------------------------- 738,096 166,424 1,292,505 374,582 2,571,607 ---------------------------------------------------------------- Net depreciation in fair value of assets - (239,767) (2,823,096) - (3,062,863) Contributions: Employers - - 3,707,675 - 3,707,675 Participants 1,646,162 1,630,553 4,119,086 - 7,395,801 ---------------------------------------------------------------- Total 1,646,162 1,630,553 7,826,761 - 11,103,476 ---------------------------------------------------------------- Adjustments for participants' fund transfers (301,506) 272,328 (1,933,987) 1,963,165 - Distributions to withdrawing participants (3,024,532) (427,388) (6,210,605) (116,150) (9,778,675) ---------------------------------------------------------------- Net increase (decrease) in net assets available for plan benefits (941,780) 1,402,150 (1,848,422) 2,221,597 833,545 Net assets available for plan benefits at December 31, 1993 14,387,876 6,325,484 85,141,146 4,675,706 110,530,212 ---------------------------------------------------------------- Net assets available for plan benefits at December 31, 1994 $13,446,096 $7,727,634 $83,292,724 $6,897,303 $111,363,757 ================================================================ See accompanying notes.
5 9 Thrift Plan Plus For Employees of Media General, Inc. Notes to Financial Statements December 31, 1995 1. Significant Accounting Policies Basis of Accounting The financial statements of the Thrift Plan Plus for Employees of Media General, Inc. (the Plan) are prepared on the accrual basis of accounting. Valuation of Investments All investments, other than guaranteed insurance contracts and loans to participants, are carried at market value. Deposits under guaranteed insurance contracts are carried at contract value which approximates fair value. Loans to participants are carried at original amount of the loan less repayments received. Investments in securities traded on national securities exchanges are valued at the last reported sales price or at the last reported bid quotation if not traded on that day. Investments in commingled equity and balanced funds are valued at their redemption value. Dividends are recorded on the ex-dividend date and interest is accrued as earned. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from these estimates. 2. Contributions The Plan allows participants to elect to contribute 1% to 20% of their total compensation, subject to limitations prescribed by the Internal Revenue Code, by means of regular payroll deductions. Contributions are made in the form of pretax salary reductions or voluntary contributions of after-tax dollars by the participants. Participants can elect to contribute 1% to 10% of their pay, in whole percentages, to the Plan before taxes are withheld from their compensation and 1% to 10%, in whole percentages, after taxes are withheld from their compensation. Employers match a participant's contribution up to a total of 6% of the participant's contribution for each plan year based upon the following chart. If a participant contributes more than 6% in total to the Plan, the percent designated as pretax is considered first for purposes of the Company match. 6 10 Thrift Plan Plus For Employees of Media General, Inc. Notes to Financial Statements (continued) 2. Contributions (continued) Company matching percentage --------------------------- Total contribution On pretax portion On after-tax portion percent to be matched of TOTAL of TOTAL by Company contribution contribution contribution ----------------------- ------------ ------------ 1% 75% 50% 2% 75% 50% 3% 75% 50% 4% 75% 50% 5% 65% 50% 6% 55% 50% Contributions from participants are invested in accordance with the terms of the Plan at the option of the participant, in (i) a Stable Value Fund for the purchase of certificates of deposit, guaranteed insurance contracts, commercial paper, bonds or interest in a common trust fund invested in money market instruments, (ii) an Equity Fund for the purchase of interests in commingled equity stock funds, (iii) a Media General Stock Fund for the purchase of Class A Common Stock of Media General, Inc., (iv) a Balanced Fund for the purchase of an interest in a commingled global balanced fund or (v) certain combinations of these funds as provided by the Plan. Employer contributions are invested in Media General stock subject to the transfer provisions discussed in the following paragraph. The Plan also includes, among other things, a loan feature (see Note 6). Under specified guidelines, a participant may request the Trustee to transfer a portion of the participant's balance in other funds into the loan fund for disbursement as a loan to the participant. Repayment of principal and interest is made by payroll deduction and the loans are fully secured by the participant's account balance. On any allocation date (the date that participants may change their Investment Option selection), participants who have attained age 55 may elect to transfer 100% of the market value of their account to any of the Investment Options provided for by the Plan. Also, on any allocation date, participants under age 55 may elect to: transfer 100% of the market value of their account among the Equity, Balanced and Stable Value Funds; transfer 25% of their account from the Media General Stock Fund to the Stable Value, Balanced and/or Equity Fund, or; transfer 25% of their account from the Stable Value, Balanced and/or Equity Fund to the Media General Stock Fund. 7 11 Thrift Plan Plus For Employees of Media General, Inc. Notes to Financial Statements (continued) 2. Contributions (continued) Prior to January 1, 1995, participants could change their Investment Option selection as of the first day of any month with 15 days prior written notice and were permitted to make no more than one transfer in any plan year. Effective January 1, 1995, the allocation date changed to the first day of any quarter. In addition, four transfers are permitted in any plan year. Effective July 1, 1995, the Plan added another investment option with the addition of the Balanced Fund. Frank Russell Trust Company has investment responsibility for this new fund. Effective January 1, 1995, the Money Market Fund was renamed the Stable Value Fund. The Plan's assets are held by Northern Trust Company, a trustee, pursuant to a trust agreement dated July 1, 1987. Prior to January 1, 1995, NationsBank Investment Management Division had investment responsibility for the Equity Fund. Effective January 1, 1995, Frank Russell Trust Company was given investment responsibility for the Equity Fund. Capitoline Investment Services, Inc., has investment responsibility for the Stable Value Fund. 3. Vesting, Withdrawals, and Terminations In the event of termination of employment or withdrawal from the Plan, participants are paid the value of their account attributable to the amounts they contributed plus the value of their account attributable to employer contributions which has vested. The vesting provisions of the Plan provide for immediate 100% vesting of the value of employer pretax matching contributions and the value of after-tax matching contributions. The Employer has established the Plan with the intention that it will continue. The Employer has the right at any time to terminate the Plan. The value of the participant's accounts would be distributed to the participant in a manner consistent with the Summary Plan Description. The above descriptions are provided for informative purposes. Readers should refer to the Summary Plan Description for more complete information. 8 12 Thrift Plan Plus For Employees of Media General, Inc. Notes to Financial Statements (continued) 4. Income Taxes The Internal Revenue Service has ruled that the Plan qualifies under Section 401(a) of the Internal Revenue Code (IRC) and is, therefore, not subject to tax under present income tax law. Employee contributions qualify as "cash or deferred" contributions under Section 401(k) of the IRC. Once qualified, the Plan is required to operate in conformity with the IRC to maintain its qualification. The Company believes the Plan continues to qualify under the Internal Revenue Code. Until such time as a participant or his beneficiary withdraws from the Plan, no income tax is payable by the participant on (i) contributions made by his employer on his behalf, (ii) interest and dividends added to his account, (iii) gains on sales of securities by the trust, or (iv) effective July 1, 1985, on contributions made by the participant in the form of pretax salary reductions not exceeding 6% of his compensation through December 31, 1986, and 10% thereafter, subject to limitations prescribed by the Internal Revenue Code. 5. Investments Investments representing five percent or more of the Plan's net assets at December 31, 1995, consisted of the following: Name and Title Cost Market Value - ------------------------------------------------------------------------ Media General, Inc. Class A Common Stock $60,147,620 $88,097,767 Frank Russell Equity I Fund Shares 8,180,290 10,928,875 6. Loans to Participants The Plan has a loan feature available to all Plan participants. Loans are made from the participant's account, reducing the investment balance and creating a receivable in the Loan Fund. Loans are secured by the participant's vested account balance. Loans to terminated participants and loans in default are treated as distributions to the participant. Loans are repaid through payroll deduction including principal and interest. The principal portion reduces the receivable from participants and both principal and interest are transferred to the participant's investment account as repayments are received. 9 13 Thrift Plan Plus For Employees of Media General, Inc. Notes to Financial Statements (continued) 6. Loans to Participants (continued) Participants may obtain loans based on the vested value of their accounts. New loans cannot exceed 50% of the participant's account value or a maximum of $50,000 in accordance with the Department of Labor's regulations on loans to participants. Loans are limited to one loan per participant per twelve month period with a maximum of two loans outstanding at any one time. Loans shall bear a reasonable rate of interest and must be repaid over a period not to exceed 5 years unless used to purchase the participant's primary residence, in which case the loan must be repaid over a period not to exceed 10 years. 7. Related Party Transactions Recurring administrative expenses of the Plan, which include trustee fees, are paid by Media General, Inc. Administrative expenses for the years ended December 31, 1995, and December 31, 1994, were approximately $400,000 and $390,000, respectively. 8. Comparison to Form 5500 Form 5500 requires the recording of a liability for distributions allocated to participants as of year end, but for which disbursement of those funds from the Plan has not yet been made. This requirement is different from the presentation of such funds in the financial statements where they remain in net assets available for plan benefits. The liability per Form 5500 is $1,497,538 as of December 31, 1995, and $1,572,684 as of December 31, 1994. 10 14 Supplemental Schedules 15 Schedule A Thrift Plan Plus For Employees of Media General, Inc. Item 27a Schedule of Assets Held for Investment Purposes December 31, 1995
Name and Title Cost Market Value Stable Value Fund: Northern Trust Company Short-Term Investment Fund $ 639,784 $ 639,784 ========================== Insurance contracts: Combined Insurance Company of America 6.02%, September 30, 1998 $ 1,016,633 $ 1,016,633 Hartford Life, Variable, March 16, 1998 1,015,272 1,015,272 John Hancock, 6.10%, June 30, 1997 1,108,325 1,108,325 Life Insurance Co. of Georgia, 6.55%, September 30, 1997 1,042,962 1,042,962 Life of Virginia, Variable, Open Maturity 1,040,528 1,040,528 Metropolitan Life, 5.50%, March 31, 1997 1,100,283 1,100,283 Metropolitan Life, 5.24%, January 22, 1996 1,176,560 1,176,560 New York Life, 6.63%, December 30, 1997 678,184 678,184 New York Life, 6.52%, May 20, 1996 1,508,301 1,508,301 Peoples Security, Variable, June 30, 1998 1,514,478 1,514,478 Protective Life, 4.67%, September 30, 1996 1,011,792 1,011,792 Provident Life, 4.50%, December 16, 1996 1,105,007 1,105,007 -------------------------- $13,318,325 $13,318,325 ==========================
16 Schedule A Thrift Plan Plus For Employees of Media General, Inc. Item 27a Schedule of Assets Held for Investment Purposes (continued) December 31, 1995
Name and Title Cost Market Value - ------------------------------------------------------------------------ Media General Stock Fund: Northern Trust Company Short-Term Investment Fund $ 1,389,354 $ 1,389,354 ========================== Media General, Inc., Class A Common Stock $60,147,620 $88,097,767 ========================== Equity Fund: Northern Trust Company Short-Term Investment Fund $ 99,475 $ 99,475 ========================== Frank Russell Equity I Fund Shares $ 8,180,290 $10,928,875 Frank Russell Equity II Fund Shares 756,994 969,290 -------------------------- $ 8,937,284 $11,898,165 ========================== Balanced Fund: Northern Trust Company Short-Term Investment Fund $ 19,681 $ 19,681 ========================== Frank Russell Balanced Fund Shares $ 701,528 $ 743,681 ========================== Loan Fund: Northern Trust Company Short-Term Investment Fund $ 246,257 $ 246,257 ========================== Loans to participants $ 8,010,466 $ 8,010,466 ==========================
17 Schedule B Thrift Plan Plus For Employees of Media General, Inc. Item 27d Schedule of Reportable 5% Transactions Year ended December 31, 1995
Average Current Purchase or Cost of Value of Net Gain or Description of Asset Sale Price Asset Asset (Loss) - --------------------------------------------------------------------------------------------------------- ($) ($) ($) ($) Transactions by issue: COLTV Short-Term Investment Fund 10,546,860 increases on 117 days 1.00 10,546,860 10,546,860 --- 10,414,407 decreases on 118 days 1.00 10,414,407 10,414,407 --- ----------------------------------------- 20,961,267 20,961,267 --- ========================================= COLTV Short-Term Investment Fund 16,611,521 increases on 88 days 1.00 16,611,521 16,611,521 --- 17,373,007 decreases on 119 days 1.00 17,373,007 17,373,007 --- ----------------------------------------- 33,984,528 33,984,528 --- ========================================= CF Frank Russell Equity I Fund 632,971 units bought in 18 transactions 12.924 8,180,290 8,180,290 ----------------------------------------- 8,180,290 8,180,290 =========================================
18 SIGNATURES The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Annual Report to be signed on its behalf by the undersigned hereunto duly authorized. MEDIA GENERAL, INC. By: /s/ Marshall N. Morton ------------------------------ Marshall N. Morton Senior Vice President and Chief Financial Officer Date: June 26, 1996 19 EXHIBIT INDEX TO FORM 11-K FOR The Thrift Plan Plus For Employees of Media General, Inc. Exhibit Number Description of Exhibit 23.1 Consent of Ernst & Young LLP, independent auditors, dated June 24, 1996 20 Exhibit 23.1 Consent of Independent Auditors The Board of Directors and Stockholders Media General, Inc. We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 33-29478) pertaining to the Thrift Plan Plus for Employees of Media General, Inc., of our report dated June 8, 1996, with respect to the financial statements and schedules of the Thrift Plan Plus for Employees of Media General, Inc., included in this Annual Report (Form 11-K) for year ended December 31, 1995. ERNST & YOUNG LLP Richmond, Virginia June 24, 1996 -----END PRIVACY-ENHANCED MESSAGE-----