Guarantor Financial Information

6 Months Ended

Jun. 30, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

LIN Television, a 100% owned subsidiary of New Media General, is the primary obligor of the 2021 Notes and 2022 Notes. New Media General fully and unconditionally guarantees all of LIN Television’s obligations under the 2021 Notes and the 2022 Notes on a joint and several basis. Additionally, all of the consolidated 100% owned subsidiaries of LIN Television fully and unconditionally guarantee LIN Television’s obligations under the 2021 Notes and 2022 Notes on a joint and several basis. There are certain limitations in the ability of the subsidiaries to pay dividends to New Media General. The following financial information presents condensed consolidating balance sheets, statements of operations, and statements of cash flows for New Media General, LIN Television (as the issuer), the Guarantor Subsidiaries, and the Non-Guarantor Subsidiaries, together with certain eliminations.

Media General, Inc.

Condensed Consolidating Balance Sheet

June 30, 2015

(in thousands)



	New Media General		LIN Television Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	13,962		$	46,599	$	11,517		$	—		$	72,078
Trade accounts receivable, net	—		55,161			175,769		15,365			—			246,295
Current deferred tax asset	—		—			51,692		40			—			51,732
Prepaid expenses and other current assets	—		7,929			21,576		7,234			—			36,739
Total current assets	—		77,052			295,636		34,156			—			406,844
Property and equipment, net	—		175,014			304,609		3,958			—			483,581
Other assets, net	—		13,946			55,230		2,114			—			71,290
Definite lived intangible assets, net	—		384,620			483,859		44,008			—			912,487
Broadcast licenses	—		—			1,025,800		71,300			—			1,097,100
Goodwill	—		527,077			977,570		92,839			—			1,597,486
Advances to consolidated subsidiaries	—		(157,217		)	166,231		(9,014		)	—			—
Investment in consolidated subsidiaries	1,482,049		1,313,747			—		—			(2,795,796		)	—
Total assets	$	1,482,049	$	2,334,239		$	3,308,935	$	239,361		$	(2,795,796	)	$	4,568,788

LIABILITIES AND STOCKHOLDER'S EQUITY (DEFICIT)
Current liabilities:
Trade accounts payable	$	—	$	3,642		$	28,225	$	1,426		$	—		$	33,293
Accrued salaries and wages	—		5,604			18,606		612			—			24,822
Other accrued expenses and other current liabilities	—		27,296			77,372		4,272			—			108,940
Current installments of long-term debt	—		—			—		3,404			—			3,404
Current installments of obligation under capital leases	—		520			290		46			—			856
Total current liabilities	—		37,062			124,493		9,760			—			171,315
Long-term debt	—		689,505			1,556,670		26,520			—			2,272,695
Deferred tax liability and other long-term tax liabilities	—		73,090			286,877		(738		)	—			359,229
Long-term capital lease obligations	—		13,242			1,182		12			—			14,436
Retirement and postretirement plans	—		34,785			168,209		—			—			202,994
Other liabilities	—		4,506			28,407		2,092			—			35,005
Total liabilities	—		852,190			2,165,838		37,646			—			3,055,674

Noncontrolling interests	—		—			—		31,065			—			31,065

Total stockholders (deficit) equity	1,482,049		1,482,049			1,143,097		170,650			(2,795,796		)	1,482,049
Total liabilities, noncontrolling interest and stockholders' equity (deficit)	$	1,482,049	$	2,334,239		$	3,308,935	$	239,361		$	(2,795,796	)	$	4,568,788

Media General, Inc.

Condensed Consolidating Balance Sheet

December 31, 2014

(in thousands)



	New Media General		LIN Television Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	2,388	$	9,658		$	27,371	$	4,503		$	—		$	43,920
Trade accounts receivable, net	—		82,909			168,862		13,398			—			265,169
Restricted cash at qualified intermediary						119,903								119,903
Current deferred tax asset	—		3,492			52,222		40			—			55,754
Prepaid expenses and other current assets	—		18,724			11,396		8,978			—			39,098
Total current assets	2,388		114,783			379,754		26,919			—			523,844
Property and equipment, net	—		179,057			314,534		5,881			—			499,472
Other assets, net	—		8,565			67,961		2,473			—			78,999
Definite lived intangible assets, net	—		403,866			506,619		45,815			—			956,300
Broadcast licenses	—		—			1,025,800		71,300			—			1,097,100
Goodwill	—		527,077			977,570		92,839			—			1,597,486
Advances to consolidated subsidiaries	2,021		(456,741		)	456,359		(1,639		)				—
Investment in consolidated subsidiaries	1,496,012		1,319,033			—		—			(2,815,045		)	—
Total assets	$	1,500,421	$	2,095,640		$	3,728,597	$	243,588		$	(2,815,045	)	$	4,753,201

LIABILITIES AND STOCKHOLDER'S EQUITY (DEFICIT)
Current liabilities:
Trade accounts payable	$	—	$	4,014		$	31,794	$	551		$	—		$	36,359
Accrued salaries and wages	—		9,384			26,536		714			—			36,634
Other accrued expenses and other current liabilities	—		43,901			53,042		7,149			—			104,092
Current installments of long-term debt	—		—			8,218		3,563			—			11,781
Current installments of obligation under capital leases	—		441			303		71			—			815
Total current liabilities	—		57,740			119,893		12,048			—			189,681
Long-term debt	—		291,442			2,080,570		28,150			—			2,400,162
Deferred tax liability and other long-term tax liabilities	—		193,293			168,171		2,825			—			364,289
Long-term capital lease obligations	—		13,529			1,312		28			—			14,869
Retirement and postretirement plans	—		33,031			178,233		—			—			211,264
Other liabilities	—		10,593			22,037		5,404			—			38,034
Total liabilities	—		599,628			2,570,216		48,455			—			3,218,299

Noncontrolling interests	—		—			10,981		23,500			—			34,481

Total stockholders (deficit) equity	1,500,421		1,496,012			1,147,400		171,633			(2,815,045		)	1,500,421
Total liabilities, noncontrolling interest and stockholders' equity (deficit)	$	1,500,421	$	2,095,640		$	3,728,597	$	243,588		$	(2,815,045	)	$	4,753,201

Media General, Inc.

Condensed Consolidated Statement of Comprehensive Income

For the Three Months Ended June 30, 2015

(in thousands)



	New Media General			LIN Television Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net operating revenue	$	—		$	94,258		$	216,770		$	16,941		$	(7,446	)	$	320,523

Operating costs:
Operating expenses, excluding depreciation expense	—			40,294			88,410			9,856			(4,391		)	134,169
Selling, general and administrative expenses	—			22,193			53,009			4,152			(303		)	79,051
Amortization of program licenses rights	—			4,363			7,250			434			—			12,047
Corporate and other expenses	—			2,661			9,703			2			—			12,366
Depreciation and amortization	—			15,522			24,562			2,534			—			42,618
(Gain) loss related to property and equipment, net	—			165			(361		)	—			—			(196		)
Merger-related expenses and restructuring expenses	—			950			2,666			—			—			3,616
Operating income (loss)	$	—		$	8,110		$	31,531		$	(37	)	$	(2,752	)	$	36,852

Other income (expense):
Interest expense, net	(1		)	9,555			19,325			409			—			29,288
Debt modification and extinguishment costs	—			—			1,827			—			—			1,827
Intercompany income and (expenses)	—			763			(949		)	186			—			—
Other, net	—			(4		)	(118		)	(2,500		)	—			(2,622		)
Total other income (expense)	(1		)	10,314			20,085			(1,905		)	—			28,493

Income from operations of consolidated subsidiaries	1			(2,204		)	11,446			1,868			(2,752		)	8,359
Income tax (benefit) expense	—			(1,325		)	5,599			(658		)	—			3,616
Net income (loss) from continuing operations	1			(879		)	5,847			2,526			(2,752		)	4,743

Equity in income (loss) from operations of consolidated subsidiaries	1,634			2,511			—			—			(4,145		)	—
Net income (loss) from continuing operations	1,635			1,632			5,847			2,526			(6,897		)	4,743

Net income (loss) attributable to noncontrolling interest	—			—			—			3,108			—			3,108
Net income (loss) attributable to Media General	1,635			1,632			5,847			(582		)	(6,897		)	1,635

Other comprehensive income	—			—			—			—			—			—
Total comprehensive income (loss)	1,635			1,632			5,847			2,526			(6,897		)	4,743

Other comprehensive loss attributable to noncontrolling interest	—			—			—			—			—			—
Total comprehensive income (loss) attributable to Media General	1,635			1,632			5,847			(582		)	(6,897		)	1,635

Media General, Inc.

Condensed Consolidated Statement of Comprehensive Income

For the Six Months Ended June 30, 2015

(in thousands)



	New Media General			LIN Television Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net operating revenue	$	—		$	182,476		$	416,500		$	30,683		$	(12,402	)	$	617,257

Operating costs:
Operating expenses, excluding depreciation expense	—			77,893			172,169			17,398			(7,415		)	260,045
Selling, general and administrative expenses	—			45,717			106,227			8,289			(712		)	159,521
Amortization of program licenses rights	—			8,541			14,351			913			—			23,805
Corporate and other expenses	—			5,862			19,161			(6		)	—			25,017
Depreciation and amortization	—			29,658			49,234			4,009			—			82,901
(Gain) loss related to property and equipment, net	—			129			(553		)	—			—			(424		)
Merger-related expenses and restructuring expenses	—			2,324			6,569			—			—			8,893
Operating income (loss)	$	—		$	12,352		$	49,342		$	80		$	(4,275	)	$	57,499

Other income (expense):
Interest expense, net	—			20,205			39,412			694			—			60,311
Debt modification and extinguishment costs	—			—			2,440			—			—			2,440
Intercompany income and (expenses)	—			6,298			(6,716		)	418			—			—
Other, net	—			(86		)	(826		)	(5,000		)	—			(5,912		)
Total other income (expense)	—			26,417			34,310			(3,888		)	—			56,839

Income from operations of consolidated subsidiaries	—			(14,065		)	15,032			3,968			(4,275		)	660
Income tax (benefit) expense	—			(6,188		)	7,873			(1,226		)	—			459
Net income (loss) from continuing operations	—			(7,877		)	7,159			5,194			(4,275		)	201

Equity in income (loss) from operations of consolidated subsidiaries	(5,798		)	2,077			—			—			3,721			—
Net income (loss) from continuing operations	(5,798		)	(5,800		)	7,159			5,194			(554		)	201

Net income (loss) attributable to noncontrolling interest	—			—			(178		)	6,177			—			5,999
Net income (loss) attributable to Media General	(5,798		)	(5,800		)	7,337			(983		)	(554		)	(5,798		)

Other comprehensive income	—			—			—			—			—			—
Total comprehensive income (loss)	(5,798		)	(5,800		)	7,159			5,194			(554		)	201

Other comprehensive loss attributable to noncontrolling interest	—			—			—			—			—			—
Total comprehensive income (loss) attributable to Media General	(5,798		)	(5,800		)	7,337			(983		)	(554		)	(5,798		)

Media General, Inc.

Condensed Consolidating Statement of Comprehensive Income

For the Three Months Ended June 30, 2014

(In thousands)



	New Media General		LIN Television Corporation		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Media General Consolidated
Net operating revenue	$	—	$	—	$	149,442		$	4,669		$	—	$	154,111
Operating costs:
Operating expenses, excluding depreciation expense	—		—		49,165			1,653			—		50,818
Selling, general and administrative expenses	—		—		39,758			2,172			—		41,930
Amortization of program license rights	—		—		4,701			246			—		4,947
Corporate and other expenses	—		—		7,558			75			—		7,633
Depreciation and amortization	—		—		16,246			194			—		16,440
Gain related to property and equipment, net	—		—		992			—			—		992
Merger-related expenses and restructuring expenses	—		—		9,314			—			—		9,314
Operating income	$	—	$	—	$	21,708		$	329		$	—	$	22,037

Other income (expense)
Interest expense	—		—		(9,308		)	(308		)	—		(9,616		)
Debt modification and extinguishment costs	—		—		(85		)	—			—		(85		)
Other, net	—		—		75			10			—		85
Total other income (expense)	—		—		(9,318		)	(298		)	—		(9,616		)

Income before income taxes from operations of consolidated subsidiaries	—		—		12,390			31			—		12,421
Income tax expense	—		—		(5,529		)	—			—		(5,529		)
Net income (loss) from continuing operations	—		—		6,861			31			—		6,892

Equity in income (loss) from operations of consolidated subsidiaries	—		—		—			—			—		—
Net Income (loss)	—		—		6,861			31			—		6,892

Net income attributable to noncontrolling interests	—		—		—			106			—		106
Net income (loss) attributable to Media General	—		—		6,861			(75		)	—		6,786

Other comprehensive income	—		—		—			—			—		—
Total comprehensive income (loss)	—		—		6,861			31			—		6,892

Other comprehensive income attributable to noncontrolling interest	—		—		—			106			—		106
Total comprehensive income (loss) attributable to Media General	—		—		6,861			(75		)	—		6,786

Media General, Inc.

Condensed Consolidating Statement of Comprehensive Income

For the Six Months Ended June 30, 2014

(In thousands)



	New Media General		LIN Television Corporation		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Media General Consolidated
Net operating revenue	$	—	$	—	$	289,078		$	8,951		$	—	$	298,029
Operating costs:
Operating expenses, excluding depreciation expense	—		—		98,314			3,119			—		101,433
Selling, general and administrative expenses	—		—		80,122			4,140			—		84,262
Amortization of program license rights	—		—		9,357			553			—		9,910
Corporate and other expenses	—		—		14,269			(58		)	—		14,211
Depreciation and amortization	—		—		32,252			383			—		32,635
Gain related to property and equipment, net	—		—		221			—			—		221
Merger-related expenses and restructuring expenses	—		—		14,066			—			—		14,066
Operating income	$	—	$	—	$	40,477		$	814		$	—	$	41,291

Other income (expense)
Interest expense	—		—		(18,989		)	(617		)	—		(19,606		)
Debt modification and extinguishment costs	—		—		(183		)	—			—		(183		)
Other, net	—		—		(20		)	20			—		—
Total other income (expense)	—		—		(19,192		)	(597		)	—		(19,789		)

Income before income taxes from operations of consolidated subsidiaries	—		—		21,285			217			—		21,502
Income tax expense	—		—		(9,171		)	—			—		(9,171		)
Net income (loss) from continuing operations	—		—		12,114			217			—		12,331

Equity in income (loss) from operations of consolidated subsidiaries	—		—		—			—			—		—
Net Income (loss)	—		—		12,114			217			—		12,331

Net income attributable to noncontrolling interests	—		—		—			160			—		160
Net income (loss) attributable to Media General	—		—		12,114			57			—		12,171

Other comprehensive income	—		—		—			—			—		—
Total comprehensive income (loss)	—		—		12,114			217			—		12,331

Other comprehensive income attributable to noncontrolling interest	—		—		—			160			—		160
Total comprehensive income (loss) attributable to Media General	—		—		12,114			57			—		12,171



	New Media General			LIN Television Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Media General Consolidated
Cash flows from operating activities:
Net cash provided (used) by operating activities	$	(1,402	)	$	6,528		$	83,285		$	7,977		$	—		$	96,388

Cash flows from investing activities:
Capital expenditures	—			(8,610		)	(13,876		)	(1,564		)	—			(24,050		)
Release of restricted cash at qualified intermediary	—			—			119,903			—			—			119,903
Proceeds from the sale of PP&E	—			50			641			—			—			691
Proceeds from spectrum sale	—			—			620			2,500			—			3,120
Receipt of dividend	—			39,005			—			—			(39,005		)	—
Payments from intercompany borrowings	2,025			—			24,230			—			(26,255		)	—
Payment of capital contributions	(3,011		)	—			—			—			3,011			—
Other, net	—			—			—			(69		)	—			(69		)
Net cash provided (used) by investing activities	(986		)	30,445			131,518			867			(62,249		)	99,595

Cash flows from financing activities:
Repayment of borrowings under Media General Credit Agreement	—			—			(135,000		)	—			—			(135,000		)
Repayment of borrowings under Shield Media Credit Agreement	—			—			—			(1,200		)	—			(1,200		)
Repayment of other borrowings	—			—			—			(580		)	—			(580		)
Payment for share repurchases	—			—			(18,747		)	—			—			(18,747		)
Payment of dividend	—			—			(39,005		)	—			39,005			—
Payments on intercompany borrowing	—			(26,255		)	—			—			26,255			—
Payment for the acquisition of noncontrolling interest	—			(9,218		)	—			—			—			(9,218		)
Receipt of capital contributions	—			3,011			—			—			(3,011		)	—
Cash paid for debt modification	—			—			(3,425		)	—			—			(3,425		)
Other, net	—			(207		)	602			(50		)	—			345
Net cash provided (used) by financing activities	—			(32,669		)	(195,575		)	(1,830		)	62,249			(167,825		)

Net increase (decrease) in cash and cash equivalents	(2,388		)	4,304			19,228			7,014			—			28,158
Cash and cash equivalents at beginning of period	2,388			9,658			27,371			4,503			—			43,920
Cash and cash equivalents at end of period	$	—		$	13,962		$	46,599		$	11,517		$	—		$	72,078

Media General, Inc.

Condensed Consolidating Statement of Cash Flows

Year to date through June 30, 2014

(In thousands)



	New Media General		LIN Television Corporation		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Media General Consolidated
Cash flows from operating activities:
Net cash provided (used) by operating activities	$	—	$	—	$	3,415		$	(596	)	$	—	$	2,819

Cash flows from investing activities:
Capital expenditures	—		—		(8,368		)	(4		)	—		(8,372		)
Payment/deposit for acquisition of station assets	—		—		(8,340		)	—			—		(8,340		)
Collateral refunds related to letters of credit	—		—		980			—			—		980
Deferred proceeds related to sale of property	—		—		24,535			—			—		24,535
Proceeds from sale the of PP&E	—		—		1,072			—			—		1,072
Net cash provided (used) by investing activities	—		—		9,879			(4		)	—		9,875

Cash flows from financing activities:
Principal borrowings under revolving credit facility	—		—		10,000			—			—		10,000
Repayment of borrowings under revolving credit facility	—		—		(10,000		)	—			—		(10,000		)
Repayment of borrowings under Media General Credit Agreement	—		—		(64,000		)	—			—		(64,000		)
Repayment of borrowings under Shield Media Credit Agreement	—		—		—			(1,200		)	—		(1,200		)
Other, net	—		—		(946		)	—			—		(946		)
Net cash used by financing activities	—		—		(64,946		)	(1,200		)	—		(66,146		)

Net decrease in cash and cash equivalents	—		—		(51,652		)	(1,800		)	—		(53,452		)
Cash and cash equivalents at beginning of period	—		—		67,508			4,110			—		71,618
Cash and cash equivalents at end of period	$	—	$	—	$	15,856		$	2,310		$	—	$	18,166