Guarantor Financial Information (Tables)

9 Months Ended

Sep. 30, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Media General, Inc.

Condensed Consolidating Balance Sheet

September 30, 2015

(in thousands)



	New Media General		LIN Television Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	9,028		$	23,927	$	4,847		$	—		$	37,802
Trade accounts receivable, net	—		59,699			181,081		30,798			—			271,578
Current deferred tax asset	—		—			51,589		40			—			51,629
Prepaid expenses and other current assets	—		4,662			10,990		1,830			—			17,482
Total current assets	—		73,389			267,587		37,515			—			378,491
Property and equipment, net	—		175,712			298,199		2,306			—			476,217
Other assets, net	—		13,209			56,362		3,744			—			73,315
Definite lived intangible assets, net	—		376,323			471,328		44,767			—			892,418
Broadcast licenses	—		—			1,025,800		71,300			—			1,097,100
Goodwill	—		527,077			924,708		92,839			—			1,544,624
Advances to consolidated subsidiaries	—		(196,301		)	216,231		(19,930		)	—			—
Investment in consolidated subsidiaries	1,416,694		1,283,894			—		—			(2,700,588		)	—
Total assets	$	1,416,694	$	2,253,303		$	3,260,215	$	232,541		$	(2,700,588	)	$	4,462,165

LIABILITIES AND STOCKHOLDER'S EQUITY (DEFICIT)
Current liabilities:
Trade accounts payable	$	—	$	1,726		$	17,080	$	1,139		$	—		$	19,945
Accrued salaries and wages	—		4,593			21,923		481			—			26,997
Accrued expenses and other current liabilities	—		34,319			93,260		6,801			—			134,380
Current installments of long-term debt	—		—			—		3,120			—			3,120
Current installments of obligation under capital leases	—		561			279		36			—			876
Total current liabilities	—		41,199			132,542		11,577			—			185,318
Long-term debt	—		673,645			1,532,129		25,920			—			2,231,694
Deferred tax liability and other long-term tax liabilities	—		71,216			283,315		(213		)	—			354,318
Long-term capital lease obligations	—		13,096			1,106		3			—			14,205
Retirement and postretirement plans	—		30,039			166,466		—			—			196,505
Other liabilities	—		7,414			24,071		1,799			—			33,284
Total liabilities	—		836,609			2,139,629		39,086			—			3,015,324

Noncontrolling interests	—		—			—		30,147			—			30,147

Total stockholders (deficit) equity	1,416,694		1,416,694			1,120,586		163,308			(2,700,588		)	1,416,694
Total liabilities, noncontrolling interest and stockholders' equity (deficit)	$	1,416,694	$	2,253,303		$	3,260,215	$	232,541		$	(2,700,588	)	$	4,462,165

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
Restricted cash at qualified intermediary	—		—			119,903		—			—			119,903
Trade accounts receivable, net	—		84,355			172,574		21,056			—			277,985
Current deferred tax asset	—		3,492			52,222		40			—			55,754
Prepaid expenses and other current assets	—		17,278			7,684		1,320			—			26,282
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
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

Condensed Income Statement

Media General, Inc.

Condensed Consolidated Statement of Comprehensive Income

For the Three Months Ended September 30, 2015

(in thousands)



	New Media General			LIN Television Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net operating revenue	$	—		$	91,179		$	215,524		$	22,405		$	(7,372	)	$	321,736

Operating costs:
Operating expenses, excluding depreciation expense	—			40,149			93,562			14,360			(4,579		)	143,492
Selling, general and administrative expenses	—			22,960			43,340			12,631			(154		)	78,777
Amortization of program licenses rights	—			4,494			7,781			547			—			12,822
Corporate and other expenses	—			3,111			9,511			(24		)	—			12,598
Depreciation and amortization	—			15,055			24,732			598			—			40,385
(Gain) loss related to property and equipment, net	—			15			81			—			—			96
Goodwill impairment	—			—			52,862			—			—			52,862
Merger-related expenses	—			704			9,310			—			—			10,014
Restructuring expenses	—			—			1,132			—			—			1,132
Operating income (loss)	—			4,691			(26,787		)	(5,707		)	(2,639		)	(30,442		)

Other income (expense):
Interest expense, net	—			(11,174		)	(18,113		)	(194		)	—			(29,481		)
Debt modification and extinguishment costs	—			—			(365		)	—			—			(365		)
Intercompany income and (expenses)	—			(22,965		)	23,289			(324		)	—			—
Equity in income (loss) from operations of consolidated subsidiaries	(48,493		)	(14,587		)	—			—			63,080			—
Other, net	—			(13		)	40			—			—			27
Total other income (expense)	(48,493		)	(48,739		)	4,851			(518		)	63,080			(29,819		)

Income (loss) before income taxes	(48,493		)	(44,048		)	(21,936		)	(6,225		)	60,441			(60,261		)
Income tax benefit (expense)	—			(4,445		)	9,424			(605		)	—			4,374
Net income (loss)	$	(48,493	)	$	(48,493	)	$	(12,512	)	$	(6,830	)	$	60,441		$	(55,887	)

Net income (loss) attributable to noncontrolling interest	—			—			—			(7,394		)	—			(7,394		)
Net income (loss) attributable to Media General	$	(48,493	)	$	(48,493	)	$	(12,512	)	$	564		$	60,441		$	(48,493	)

Other comprehensive income	—			—			—			—			—			—
Total comprehensive income (loss) attributable to Media General	$	(48,493	)	$	(48,493	)	$	(12,512	)	$	564		$	60,441		$	(48,493	)

Media General, Inc.

Condensed Consolidated Statement of Comprehensive Income

For the Nine Months Ended September 30, 2015

(in thousands)



	New Media General			LIN Television Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net operating revenue	$	—		$	273,655		$	632,024		$	53,088		$	(19,774	)	$	938,993

Operating costs:
Operating expenses, excluding depreciation expense	—			118,042			265,731			31,758			(11,994		)	403,537
Selling, general and administrative expenses	—			68,677			149,567			20,920			(866		)	238,298
Amortization of program licenses rights	—			13,035			22,132			1,460			—			36,627
Corporate and other expenses	—			8,973			28,672			(30		)	—			37,615
Depreciation and amortization	—			44,713			73,966			4,607			—			123,286
(Gain) loss related to property and equipment, net	—			144			(472		)	—			—			(328		)
Goodwill impairment	—			—			52,862			—			—			52,862
Merger-related expenses	—			3,028			15,879			—			—			18,907
Restructuring expenses	—			—			1,132			—			—			1,132
Operating income (loss)	—			17,043			22,555			(5,627		)	(6,914		)	27,057

Other income (expense):
Interest expense, net	—			(31,379		)	(57,525		)	(888		)	—			(89,792		)
Debt modification and extinguishment costs	—			—			(2,805		)	—			—			(2,805		)
Intercompany income and (expenses)	—			(29,263		)	30,005			(742		)	—			—
Equity in income (loss) from operations of consolidated subsidiaries	(54,291		)	(12,510		)	—			—			66,801			—
Other, net	—			75			864			5,000			—			5,939
Total other income (expense)	(54,291		)	(73,077		)	(29,461		)	3,370			66,801			(86,658		)

Income (loss) before income taxes	(54,291		)	(56,034		)	(6,906		)	(2,257		)	59,887			(59,601		)
Income tax benefit	—			1,743			1,551			621			—			3,915
Net income (loss)	$	(54,291	)	$	(54,291	)	$	(5,355	)	$	(1,636	)	$	59,887		$	(55,686	)

Net income (loss) attributable to noncontrolling interest	—			—			(178		)	(1,217		)	—			(1,395		)
Net income (loss) attributable to Media General	$	(54,291	)	$	(54,291	)	$	(5,177	)	$	(419	)	$	59,887		$	(54,291	)

Other comprehensive income	—			—			—			—			—			—
Total comprehensive income (loss) attributable to Media General	$	(54,291	)	$	(54,291	)	$	(5,177	)	$	(419	)	$	59,887		$	(54,291	)

Media General, Inc.

Condensed Consolidating Statement of Comprehensive Income

For the Three Months Ended September 30, 2014

(in thousands)



	New Media General		LIN Television Corporation		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Media General Consolidated
Net operating revenue	$	—	$	—	$	155,558		$	4,666		$	—	$	160,224
Operating costs:
Operating expenses, excluding depreciation expense	—		—		53,090			1,589			—		54,679
Selling, general and administrative expenses	—		—		37,532			1,908			—		39,440
Amortization of program license rights	—		—		4,942			225			—		5,167
Corporate and other expenses	—		—		5,820			(253		)	—		5,567
Depreciation and amortization	—		—		15,458			185			—		15,643
Gain related to property and equipment, net	—		—		676			—			—		676
Merger-related expenses	—		—		3,596			—			—		3,596
Restructuring expenses	—		—		275			—			—		275
Operating income	—		—		34,169			1,012			—		35,181

Other income (expense)
Interest expense	—		—		(9,522		)	(304		)	—		(9,826		)
Debt modification and extinguishment costs	—		—		—			—			—		—
Equity in income (loss) from operations of consolidated subsidiaries	—		—		—			—			—		—
Other, net	—		—		19			—			—		19
Total other income (expense)	—		—		(9,503		)	(304		)	—		(9,807		)

Income before income taxes	—		—		24,666			708			—		25,374
Income tax expense	—		—		(11,525		)	—			—		(11,525		)
Net income (loss) from continuing operations	$	—	$	—	$	13,141		$	708		$	—	$	13,849

Net income attributable to noncontrolling interests	—		—		—			454			—		454
Net income (loss) attributable to Media General	$	—	$	—	$	13,141		$	254		$	—	$	13,395

Other comprehensive income	—		—		—			—			—		—
Total comprehensive income (loss) attributable to Media General	$	—	$	—	$	13,141		$	254		$	—	$	13,395

Media General, Inc.

Condensed Consolidating Statement of Comprehensive Income

For the Nine Months Ended September 30, 2014

(in thousands)



	New Media General		LIN Television Corporation		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Media General Consolidated
Net operating revenue	$	—	$	—	$	444,636		$	13,617		$	—	$	458,253
Operating costs:
Operating expenses, excluding depreciation expense	—		—		151,404			4,708			—		156,112
Selling, general and administrative expenses	—		—		117,654			6,048			—		123,702
Amortization of program license rights	—		—		14,299			778			—		15,077
Corporate and other expenses	—		—		20,089			(311		)	—		19,778
Depreciation and amortization	—		—		47,710			568			—		48,278
Gain related to property and equipment, net	—		—		897			—			—		897
Merger-related expenses	—		—		13,173			—			—		13,173
Restructuring expenses	—		—		4,764			—			—		4,764
Operating income	—		—		74,646			1,826			—		76,472

Other income (expense)
Interest expense	—		—		(28,511		)	(921		)	—		(29,432		)
Debt modification and extinguishment costs	—		—		(183		)	—			—		(183		)
Equity in income (loss) from operations of consolidated subsidiaries	—		—		—			—			—		—
Other, net	—		—		(1		)	20			—		19
Total other income (expense)	—		—		(28,695		)	(901		)	—		(29,596		)

Income before income taxes	—		—		45,951			925			—		46,876
Income tax expense	—		—		(20,696		)	—			—		(20,696		)
Net income	$	—	$	—	$	25,255		$	925		$	—	$	26,180

Net income attributable to noncontrolling interests	—		—		—			614			—		614
Net income (loss) attributable to Media General	$	—	$	—	$	25,255		$	311		$	—	$	25,566

Other comprehensive income	—		—		—			—			—		—
Total comprehensive income (loss) attributable to Media General	$	—	$	—	$	25,255		$	311		$	—	$	25,566

Condensed Cash Flow Statement

Media General, Inc.

Condensed Consolidating Statement of Cash Flows

Year to date through September 30, 2015

(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	$	(1,402	)	$	18,085		$	115,243		$	3,570		$	—		$	135,496

Cash flows from investing activities:
Capital expenditures	—			(14,845		)	(22,833		)	(2,905		)	—			(40,583		)
Release of restricted cash at qualified intermediary	—			—			119,903			—			—			119,903
Proceeds from the sale of PP&E	—			71			1,208			—			—			1,279
Proceeds from spectrum sale	—			—			620			2,500			—			3,120
Receipt of dividend	—			58,507			—			—			(58,507		)	—
Payments from intercompany borrowings	2,025			—			36,387			—			(38,412		)	—
Payment of capital contributions	(3,011		)	—			—			—			3,011			—
Other, net	—			—			—			(78		)	—			(78		)
Net cash provided (used) by investing activities	(986		)	43,733			135,285			(483		)	(93,908		)	83,641

Cash flows from financing activities:
Repayment of borrowings under Media General Credit Agreement	—			—			(160,000		)	—			—			(160,000		)
Repayment of 2021 Notes	—			(15,863		)	—			—			—			(15,863		)
Repayment of borrowings under Shield Media Credit Agreement	—			—			—			(1,800		)	—			(1,800		)
Repayment of other borrowings	—			—			—			(873		)	—			(873		)
Payment for share repurchases	—			—			(33,724		)	—			—			(33,724		)
Payment for the acquisition of noncontrolling interest	—			(10,872		)	—			—			—			(10,872		)
Cash paid for debt modification	—			—			(3,425		)	—			—			(3,425		)
Payment of dividend	—			—			(58,507		)	—			58,507			—
Payments on intercompany borrowing	—			(38,412		)	—			—			38,412			—
Receipt of capital contributions	—			3,011			—			—			(3,011		)	—
Other, net	—			(312		)	1,684			(70		)	—			1,302
Net cash provided (used) by financing activities	—			(62,448		)	(253,972		)	(2,743		)	93,908			(225,255		)

Net increase (decrease) in cash and cash equivalents	(2,388		)	(630		)	(3,444		)	344			—			(6,118		)
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	$	—		$	9,028		$	23,927		$	4,847		$	—		$	37,802

Media General, Inc.

Condensed Consolidating Statement of Cash Flows

Year to date through September 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	$	—	$	—	$	44,621		$	(1,259	)	$	—	$	43,362

Cash flows from investing activities:
Capital expenditures	—		—		(18,617		)	(4		)	—		(18,621		)
Payment for acquisition of station assets	—		—		(83,185		)	—			—		(83,185		)
Deferred proceeds related to sale of property	—		—		24,535			—			—		24,535
Proceeds from sale the of PP&E	—		—		1,157			—			—		1,157
Collateral refunds related to letters of credit	—		—		980			—			—		980
Net cash provided (used) by investing activities	—		—		(75,130		)	(4		)	—		(75,134		)

Cash flows from financing activities:
Principal borrowings under Media General Credit Agreement	—		—		75,000			—			—		75,000
Repayment of borrowings under Media General Credit Agreement	—		—		(84,000		)	—			—		(84,000		)
Repayment of borrowings under Shield Media Credit Agreement	—		—		—			(1,800		)	—		(1,800		)
Principal borrowings under revolving credit facility	—		—		10,000			—			—		10,000
Repayment of borrowings under revolving credit facility	—		—		(10,000		)	—			—		(10,000		)
Debt issuance costs	—		—		(2,507		)	—			—		(2,507		)
Other, net	—		—		336			—			—		336
Net cash used by financing activities	—		—		(11,171		)	(1,800		)	—		(12,971		)

Net decrease in cash and cash equivalents	—		—		(41,680		)	(3,063		)	—		(44,743		)
Cash and cash equivalents at beginning of period	—		—		67,508			4,110			—		71,618
Cash and cash equivalents at end of period	$	—	$	—	$	25,828		$	1,047		$	—	$	26,875