Guarantor Financial Information

12 Months Ended

Dec. 31, 2015

Condensed Financial Statements Guarantor Financials [Abstract]

LIN Television, a 100% owned subsidiary of Media General, is the primary obligor of the 2021 Notes and 2022 Notes. 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 Media General. The following financial information presents condensed consolidating balance sheets, statements of operations, and statements of cash flows for Media General, LIN Television (as the issuer), the Guarantor Subsidiaries, and the Non-Guarantor Subsidiaries, together with certain eliminations. The following financial information presents Media General's investment in subsidiaries in accordance with the equity method.

Media General, Inc.

Condensed Consolidating Balance Sheet

As of December 31,2015

(in thousands)



	Media General		LIN Television Corporation			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	1,103		$	35,925	$	4,063		$	—		$	41,091
Trade accounts receivable, net	—		75,866			192,306		30,302			—			298,474
Restricted cash at qualified intermediary	—		—			—		—			—			—
Prepaid expenses and other current assets	—		3,264			10,441		1,378			—			15,083
Total current assets	—		80,233			238,672		35,743			—			354,648
Property and equipment, net	—		158,627			309,160		2,750			—			470,537
Other assets, net	—		12,960			53,721		3,633			—			70,314
Definite lived intangible assets, net	—		368,011			458,261		44,857			—			871,129
Broadcast licenses	—		—			1,025,800		71,300			—			1,097,100
Goodwill	—		527,077			924,708		92,839			—			1,544,624
Advances to consolidated subsidiaries	—		(206,396		)	223,051		(16,655		)	—			—
Investment in consolidated subsidiaries	1,447,970		1,319,392			—		—			(2,767,362		)	—
Total assets	$	1,447,970	$	2,259,904		$	3,233,373	$	234,467		$	(2,767,362	)	$	4,408,352
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND MEMBERS' EQUITY (DEFICIT)
Current liabilities:
Trade accounts payable	$	—	$	2,010		$	30,689	$	3,101		$	—		$	35,800
Accrued salaries and wages	—		2,022			19,016		427			—			21,465
Other accrued expenses and other current liabilities	—		23,237			68,101		4,162			—			95,500
Current installments of long-term debt	—		—			—		3,804			—			3,804
Current installments of obligation under capital leases	—		575			256		28			—			859
Total current liabilities	—		27,844			118,062		11,522			—			157,428
Long-term debt	—		673,628			1,533,379		24,347			—			2,231,354
Deferred tax liability and other long-term tax liabilities	—		62,785			253,232		(783		)	—			315,234
Long term capital lease obligations	—		12,953			1,059		—			—			14,012
Retirement and postretirement plans	—		25,917			157,070		—			—			182,987
Other liabilities	—		8,807			20,999		5,114			—			34,920
Total liabilities	—		811,934			2,083,801		40,200			—			2,935,935
Noncontrolling interests	—		—			—		24,447			—			24,447

Total stockholders' equity	1,447,970		1,447,970			1,149,572		169,820			(2,767,362		)	1,447,970
Total liabilities, noncontrolling interest and stockholders' equity (deficit)	$	1,447,970	$	2,259,904		$	3,233,373	$	234,467		$	(2,767,362	)	$	4,408,352

Media General, Inc.

Condensed Consolidating Balance Sheet

As of December 31, 2014

(in thousands)



	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	—		84,355			172,574		21,056			—			277,985
Restricted cash at qualified intermediary	—		—			119,903		—			—			119,903
Prepaid expenses and other current assets	—		17,278			7,684		1,320			—			26,282
Total current assets	2,388		111,291			327,532		26,879			—			468,090
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	$	2,092,148		$	3,676,375	$	243,548		$	(2,815,045	)	$	4,697,447
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND MEMBERS' 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	—		189,801			115,949		2,785			—			308,535
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	—		596,136			2,517,994		48,415			—			3,162,545
Noncontrolling interests	—		—			10,981		23,500			—			34,481

Total stockholders' 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	$	2,092,148		$	3,676,375	$	243,548		$	(2,815,045	)	$	4,697,447

Media General, Inc.

Condensed Consolidating Statement of Comprehensive Income

For the Year Ended December 31, 2015

(in thousands)



	Media General			LIN Television Corporation				Guarantor Subsidiaries				Non-Guarantor Subsidiaries				Eliminations			Consolidated
Net operating revenue	$	—		$	380,255			$	897,321			$	57,796			$	(30,429	)	$	1,304,943
Operating costs:
Operating expenses, excluding depreciation expense	—			159,354				369,453				45,540				(18,105		)	556,242
Selling, general and administrative expenses	—			91,248				216,195				8,868				(1,360		)	314,951
Amortization of program license rights	—			17,448				29,384				1,884				—			48,716
Corporate and other expenses	—			11,235				39,143				(10		)		—			50,368
Depreciation and amortization	—			58,842				102,851				6,427				—			168,120
(Gain) loss on disposal of property and equipment, net	—			183				(495		)		—				—			(312		)
Goodwill Impairment	—			—				52,862				—				—			52,862
Merger-related expenses	—			3,060				27,384				—				—			30,444
Restructuring expenses	—			—				1,558				—				—			1,558
Operating income (loss)	—			38,885			—	58,986			—	(4,913		)	—	(10,964		)	81,994
Other income (expense):
Interest expense, net	—			(43,340		)		(75,152		)		(1,152		)		—			(119,644		)
Debt modification and extinguishment costs	—			—				(3,610		)		—				—			(3,610		)
Intercompany income and (expenses)	—			(39,337		)		40,247				(910		)		—			—
Equity in income (loss ) from operations of consolidated subsidiaries	(39,459		)	4,258												35,201			—
Other, net	—			43				1,176				5,000				—			6,219
Total other income (expense), net	(39,459		)	(78,376		)		(37,339		)		2,938				35,201			(117,035		)
Income (loss) before income taxes	(39,459		)	(39,491		)		21,647			—	(1,975		)	—	24,237			(35,041		)
Income tax benefit (expense)	—			32				(5,870		)		1,150				—			(4,688		)
Net income (loss)	(39,459		)	(39,459		)		15,777				(825		)		24,237			(39,729		)
Net income (loss) attributable to noncontrolling interests	—			—				(178		)		(92		)		—			(270		)
Net income (loss) attributable to Media General	$	(39,459	)	$	(39,459	)		$	15,955			$	(733	)		$	24,237		$	(39,459	)
Other comprehensive income (loss), net of tax	5,221			714				4,507				—				(5,221		)	5,221
Total comprehensive income (loss) attributable to Media General	$	(34,238	)	$	(38,745	)		$	20,462			$	(733	)		$	19,016		$	(34,238	)

Media General, Inc.

Condensed Consolidating Statement of Comprehensive Income

For the Year Ended December 31, 2014

(in thousands)



	Media General			LIN Television Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net operating revenue	$	—		$	13,218		$	641,938		$	22,157		$	(2,350	)	$	674,963
Operating costs:
Operating expenses, excluding depreciation expense	—			5,292			211,184			6,717			(1,279		)	221,914
Selling, general and administrative expenses	—			2,585			159,983			8,953			(37		)	171,484
Amortization of program license rights	—			629			19,895			1,106			—			21,630
Corporate and other expenses	—			5,956			27,235			(184		)	—			33,007
Depreciation and amortization	—			1,944			63,989			624			—			66,557
(Gain) loss on disposal of property and equipment, net	—			(4		)	(9,002		)	71			—			(8,935		)
Merger-related expenses	—			—			49,362			—			—			49,362
Restructuring expenses	—			—			4,840			—			—			4,840
Operating (loss) income	—			(3,184		)	114,452			4,870			(1,034		)	115,104
Other income (expense):
Interest expense, net	—			(665		)	(43,823		)	(1,216		)	—			(45,704		)
Debt modification and extinguishment costs	—			—			(3,513		)	—			—			(3,513		)
Intercompany income and expenses	(3		)	(1,007		)	1,052			(42		)	—			—
Equity in income (loss ) from operations of consolidated subsidiaries	53,509			56,423									(109,932		)	—
Gain on sale of stations	—			—			42,957			—			—			42,957
Other, net	—			—			109			20			—			129
Total other income (expense), net	53,506			54,751			(3,218		)	(1,238		)	(109,932		)	(6,131		)
Income (loss) before income taxes	53,506			51,567			111,234			3,632			(110,966		)	108,973
Income tax benefit (expense)	—			1,942			(54,395		)	—			—			(52,453		)
Net income (loss)	53,506			53,509			56,839			3,632			(110,966		)	56,520
Net income (loss) attributable to noncontrolling interests	—			—						3,014			—			3,014
Net income (loss) attributable to Media General	$	53,506		$	53,509		$	56,839		$	618		$	(110,966	)	$	53,506
Other comprehensive income (loss), net of tax	(42,113		)	(1,434		)	(40,679		)	—			42,113			(42,113		)
Total comprehensive income (loss) attributable to Media General	$	11,393		$	52,075		$	16,160		$	618		$	(68,853	)	$	11,393

Media General, Inc.

Condensed Consolidating Statement of Comprehensive Income

For the Year Ended December 31, 2013

(in thousands)



	Media General		LIN Television Corporation		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net operating revenue	$	—	$	—	$	255,038		$	14,874		$	—	$	269,912
Operating costs:
Operating expenses, excluding depreciation expense	—		—		89,833			5,381			—		95,214
Selling, general and administrative expenses	—		—		64,524			6,719			—		71,243
Amortization of program license rights	—		—		10,307			1,055			—		11,362
Corporate and other expenses	—		—		18,779			237			—		19,016
Depreciation and amortization	—		—		25,071			701			—		25,772
(Gain) loss on disposal of property and equipment, net	—		—		396			3			—		399
Merger-related expenses	—		—		13,079			—			—		13,079
Operating income (loss)	—		—		33,049			778			—		33,827
Other income (expense):
Interest expense	—		—		(11,075		)	(1,612		)	—		(12,687		)
Debt modification and extinguishment costs	—		—		(3,273		)	(1,236		)	—		(4,509		)
Other, net	—		—		48			—			—		48
Total other income (expense), net	—		—		(14,300		)	(2,848		)	—		(17,148		)
Income (loss) before income taxes	—		—		18,749			(2,070		)	—		16,679
Income tax benefit (expense)	—		—		(12,325		)	—			—		(12,325		)
Net income (loss)	—		—		6,424			(2,070		)	—		4,354
Net income (loss) attributable to noncontrolling interests	—		—		—			(1,786		)	—		(1,786		)
Net income (loss) attributable to Media General	$	—	$	—	$	6,424		$	(284	)	$	—	$	6,140
Other comprehensive income (loss), net of tax	—		—		6,655			—			—		6,655
Total comprehensive income (loss) attributable to Media General	—		—		13,079			(284		)	—		12,795

Media General, Inc.

Condensed Consolidated Statement of Cash Flows

For the Year Ended December 31, 2015

(In thousands)



	Media General			LIN Television Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	(1,402	)	$	6,541		$	146,337		$	5,472		$	—		$	156,948
Cash flows from investing activities:
Capital expenditures	—			(19,399		)	(34,995		)	(4,732		)	—			(59,126		)
Release of restricted cash at qualified intermediary	—			—			119,903			—			—			119,903
Proceeds from the sale of PP&E	—			89			1,971			—			—			2,060
Proceeds from spectrum sale	—			—			620			2,500			—			3,120
Receipt of dividend	—			78,010			—			—			(78,010		)	—
Payments from intercompany borrowings	2,025			—			48,493			—			(50,518		)	—
Payment of capital contributions	(3,011		)	—			—			—			3,011			—
Other, net	—			—			—			(28		)	—			(28		)
Net cash provided by (used in) investing activities	(986		)	58,700			135,992			(2,260		)	(125,517		)	65,929
Cash flows from financing activities:
Repayment of borrowings under Media General Credit Agreement	—			—			(160,000		)	—			—			(160,000		)
Repayment of borrowing on 2021 Notes	—			(15,000		)	—			—			—			(15,000		)
Repayment of borrowings under Shield Media Credit Agreement	—			—			—			(2,400		)	—			(2,400		)
Repayment of other borrowings	—			—			—			(1,161		)	—			(1,161		)
Payment for share repurchases	—			—			(33,724		)	—			—			(33,724		)
Payment for the acquisition of noncontrolling interest				(10,872		)	—			—			—			(10,872		)
Cash paid for debt modification	—			—			(4,288		)	—			—			(4,288		)
Payment of dividend	—			—			(78,010		)	—			78,010			—
Payments on intercompany borrowings	—			(50,518		)	—			—			50,518			—
Receipt of capital contributions	—			3,011			—			—			(3,011		)	—
Other, net	—			(417		)	2,247			(91		)	—			1,739
Net cash (used in) provided by financing activities	—			(73,796		)	(273,775		)	(3,652		)	125,517			(225,706		)
Net increase (decrease) in cash and cash equivalents	(2,388		)	(8,555		)	8,554			(440		)	—			(2,829		)
Cash and cash equivalents at beginning of year	2,388			9,658			27,371			4,503			—			43,920
Cash and cash equivalents at end of year	$	—		$	1,103		$	35,925		$	4,063		$	—		$	41,091

Media General, Inc.

Condensed Consolidated Statement of Cash Flows

For the Year Ended December 31, 2014

(In thousands)



	Media General		LIN Television Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	250	$	(27,654	)	$	94,320		$	1,856		$	(250	)	$	68,522
Cash flows from investing activities:
Capital expenditures	—		(177		)	(35,807		)	(631		)	—			(36,615		)
Payment for acquistion of station assets	—		—			(175,662		)	—			—			(175,662		)
Proceeds from station sales	—		—			357,315			—			—			357,315
Cash and cash equivavlents acquired in merger transaction	2,138		21,690			961			718			—			25,507
Cash consideration LIN Merger	—		—			(763,075		)	—			—			(763,075		)
Collateral refunds related to letters of credit	—		—			980			—			—			980
Proceeds from the sale of PP&E	—		4			25,881			29			—			25,914
Decrease in restricted cash at qualified intermediary	—		—			(119,903		)	—			—			(119,903		)
Receipt of dividend	—		19,503			—			—			(19,503		)	—
Advances on intercompany borrowings	—		(1,000		)	—			—			1,000			—
Payments from intercompany borrowings	—		1,545			4,003			—			(5,548		)	—
Other, net	—		—			(283		)	—			—			(283		)
Net cash provided by (used in) investing activities	2,138		41,565			(705,590		)	116			(24,051		)	(685,822		)
Cash flows from financing activities:
Borrowings under revolving credit facitilty	—		—			10,000			—			—			10,000
Repayment of borrowings under revolving credit facility	—		—			(10,000		)	—			—			(10,000		)
Principal borrowings under Media General Credit Agreement	—		—			889,687			—			—			889,687
Repayment of borrowings under Media General Credit Agreement	—		—			(84,000		)	—			—			(84,000		)
Principal borrowings under 2022 Senior Notes	—		—			398,000			—			—			398,000
Debt payoff LIN Merger	—		—			(577,610		)	—			—			(577,610		)
Principal borrowings under Shield Media Credit Agreement	—		—			—			—			—			—
Repayment of borrowings under Shield Media Credit Agreement	—		—			—			(2,400		)	—			(2,400		)
Payment of dividend	—		(250		)	(19,503		)	—			19,753			—
Proceeds from intercompany borrowings	—		—			—			1,000			(1,000		)	—
Payments on intercompany borrowings	—		(4,003		)	(1,545		)	—			5,548			—
Redemption of common stock	—		—			—			—			—			—
Debt issuance costs	—		—			(35,095		)	(103		)	—			(35,198		)
Other, net	—		—			1,199			(76		)	—			1,123
Net cash (used in) provided by financing activities	—		(4,253		)	571,133			(1,579		)	24,301			589,602
Net increase (decrease) in cash and cash equivalents	2,388		9,658			(40,137		)	393			—			(27,698		)
Cash and cash equivalents at beginning of year	—		—			67,508			4,110			—			71,618
Cash and cash equivalents at end of year	$	2,388	$	9,658		$	27,371		$	4,503		$	—		$	43,920

Media General, Inc.

Condensed Consolidated Statement of Cash Flows

For the Year Ended December 31, 2013

(In thousands)



	Media General		LIN Television Corporation		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Media General Consolidated
Cash flows from operating activities:
Net cash provided by operating activities	$	—	$	—	$	5,499		$	2,301		$	—	$	7,800
Cash flows from investing activities:
Capital expenditures	—		—		(15,166		)	—			—		(15,166		)
Payment for acquisition of station assets	—		—		—			(14,324		)	—		(14,324		)
Cash and cash equivalents acquired in merger transaction	—		—		17,327			—			—		17,327
Collateral refunds related to letters of credit	—		—		2,498			—			—		2,498
Proceeds from the sale of PP&E	—		—		—			—			—		—
Other, net	—		—		118			8			—		126
Net cash provided by (used in) investing activities	—		—		4,777			(14,316		)	—		(9,539		)
Cash flows from financing activities:
Principal borrowings under Media General Credit Agreement	—		—		885,000			—			—		885,000
Principal borrowings under Shield Media Credit Agreement	—		—		—			32,000			—		32,000
Repayment of Berkshire Hathaway Financing Arrangement	—		—		(375,260		)	—			—		(375,260		)
Repayment of Senior Notes	—		—		(326,145		)	—			—		(326,145		)
Repayment of borrowings under Senior Credit Facility	—		—		(135,000		)	—			—		(135,000		)
Principal borrowings under WLAJ LLC Term Loan	—		—		—			10,000			—		10,000
Repayment of borrowings under WLAJ and WXXA Term Loan	—		—		—			(32,000		)	—		(32,000		)
Debt issuance costs	—		—		(11,036		)	(860		)	—		(11,896		)
Proceeds from intercompany borrowings	—		—		(5,400		)	5,400			—		—
Other, net	—		—		2,418			(4		)	—		2,414
Net cash provided by financing activities	—		—		34,577			14,536			—		49,113
Net increase (decrease) in cash and cash equivalents	—		—		44,853			2,521			—		47,374
Cash and cash equivalents at beginning of year	—		—		22,655			1,589			—		24,244
Cash and cash equivalents at end of year	$	—	$	—	$	67,508		$	4,110		$	—	$	71,618