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Condensed Financial Statements
9 Months Ended
Sep. 25, 2011
Condensed Financial Statements [Abstract] 
Condensed Financial Statements

12.            The Company's subsidiaries guarantee the debt securities of the parent company. The Company's subsidiaries are 100% owned except for the Company's Supplemental 401(k) Plan; all subsidiaries except those in the non-guarantor column (which includes the Supplemental 401(k) Plan) currently guarantee the debt securities. These guarantees are full and unconditional and on a joint and several basis. The following financial information presents condensed consolidating balance sheets, statements of operations, and statements of cash flows for the parent company, the Guarantor Subsidiaries, and the Non-Guarantor Subsidiaries, together with certain eliminations.

 

 Media General, Inc. 
 Condensed Consolidating Balance Sheet 
 As of September 25, 2011 
 (In thousands, unaudited) 
 Media General   Guarantor   Non-Guarantor   Media General 
 Corporate   Subsidiaries   Subsidiaries   Eliminations   Consolidated 
 ASSETS 
 Current assets: 
 Cash and cash equivalents   $              8,372  $             1,727  $                   -    $                   -    $            10,099
 Accounts receivable - net                       -                 83,321                       -                         -                  83,321
 Inventories                         1                 7,288                       -                         -                    7,289
 Other                    4,657               21,326                       -                         -                  25,983
 Total current assets                 13,030              113,662                       -                         -                126,692
 Investment in and advances to subsidiaries               230,664           1,986,935                       -             (2,217,599)                      -  
 Intercompany note receivable               690,007                      -                         -                (690,007)                      -  
 Other assets                 21,170               15,192                     195                       -                  36,557
 Property, plant and equipment - net                 26,194              354,791                       -                         -                380,985
 FCC licenses and other intangibles - net                       -                209,914                       -                         -                209,914
 Excess of cost over fair value of net identifiable 
 assets of acquired businesses                       -                328,400                       -                         -                328,400
 TOTAL ASSETS   $          981,065  $       3,008,894  $                 195  $       (2,907,606)  $        1,082,548
 LIABILITIES AND STOCKHOLDERS' EQUITY 
 Current liabilities: 
 Accounts payable   $              8,196  $            15,657  $                   -    $                   (6)  $            23,847
 Accrued expenses and other liabilities                 25,297               42,881                       -                         -                  68,178
 Total current liabilities                 33,493               58,538                       -                         (6)                92,025
 Long-term debt               665,438                     17                       -                         -                665,455
 Intercompany loan                       -                690,007                       -                (690,007)                      -  
 Retirement, post-retirement and post-employment plans               162,362                      -                         -                         -                162,362
 Deferred income taxes                       -                 40,518                       -                         -                  40,518
 Other liabilities and deferred credits                 20,163                 4,287                     434                       -                  24,884
 Stockholders' equity: 
 Common stock               115,725                 4,872                       -                   (4,872)              115,725
 Additional paid-in capital                 30,290           2,434,816                 (1,965)           (2,435,156)                27,985
 Accumulated other comprehensive loss              (124,571)                      -                         -                         -               (124,571)
 Retained earnings                 78,165            (224,162)                  1,726               222,436                78,165
 Total stockholders' equity                 99,609           2,215,526                   (239)           (2,217,592)                97,304
 TOTAL LIABILITIES & STOCKHOLDERS' 
 EQUITY   $          981,065  $       3,008,893  $                 195  $       (2,907,605)  $        1,082,548

 Media General, Inc. 
 Condensed Consolidating Balance Sheet 
 As of December 26, 2010 
 (In thousands) 
 Media General   Guarantor   Non-Guarantor   Media General 
 Corporate   Subsidiaries   Subsidiaries   Eliminations   Consolidated 
 ASSETS 
 Current assets: 
 Cash and cash equivalents   $            30,893  $           967  $                  -    $              -    $            31,860
 Accounts receivable - net                       -           102,314                      -                    -                102,314
 Inventories                        2            7,051                      -                    -                   7,053
 Other                  3,112           57,001                      -            (30,368)               29,745
 Total current assets                34,007         167,333                      -            (30,368)              170,972
 Investment in and advances to subsidiaries               316,619      1,979,076                      -        (2,295,695)                      -  
 Intercompany note receivable               673,265                 -                        -           (673,265)                      -  
 Other assets                23,266           17,114                    249                  -                 40,629
 Property, plant and equipment - net                27,518         371,421                      -                    -                398,939
 FCC licenses and other intangibles - net                       -           214,416                      -                    -                214,416
 Excess of cost over fair value of net identifiable  
 assets of acquired businesses                       -           355,017                      -                    -                355,017
 TOTAL ASSETS   $       1,074,675  $   3,104,377  $                249  $  (2,999,328)  $       1,179,973
 LIABILITIES AND STOCKHOLDERS' EQUITY 
 Current liabilities: 
 Accounts payable   $             9,289  $       20,747  $                  -    $              (6)  $            30,030
 Accrued expenses and other liabilities                42,434           77,718                      -            (30,368)               89,784
 Total current liabilities                51,723           98,465                      -            (30,374)              119,814
 Long-term debt               663,341                 -                        -                    -                663,341
 Intercompany loan                       -           673,265                      -           (673,265)                      -  
 Retirement, post-retirement and post-employment plans               170,670                 -                        -                    -                170,670
 Deferred income taxes                       -             34,729                      -                    -                 34,729
 Other liabilities and deferred credits                22,594            4,039                    864                  -                 27,497
 Stockholders' equity: 
 Common stock               115,212            4,872                      -              (4,872)              115,212
 Additional paid-in capital                28,806      2,435,790                (1,906)      (2,436,309)               26,381
 Accumulated other comprehensive loss             (126,799)                 -                        -                    -              (126,799)
 Retained earnings               149,128       (146,783)                  1,291          145,492              149,128
 Total stockholders' equity               166,347      2,293,879                   (615)      (2,295,689)              163,922
 TOTAL LIABILITIES & STOCKHOLDERS'  
 EQUITY   $       1,074,675  $   3,104,377  $                249  $  (2,999,328)  $       1,179,973

 

 Media General, Inc. 
 Condensed Consolidating Statements of Operations 
 Three Months Ended September 25, 2011 
 (In thousands, unaudited) 
 Media General   Guarantor   Non-Guarantor   Media General 
 Corporate   Subsidiaries   Subsidiaries   Eliminations   Consolidated 
Revenues  $           5,879  $  146,048  $              -    $   (7,183)  $       144,744
 Operating costs: 
 Employee compensation               6,324        59,980              (256)             -               66,048
 Production                    -          35,747                  -         (1,203)             34,544
 Selling, general and administrative                  363        31,132                  -         (5,980)             25,515
 Depreciation and amortization                  711        12,224                  -               -               12,935
 Goodwill impairment                    -          26,617                  -               -               26,617
 Total operating costs               7,398      165,700              (256)       (7,183)           165,659
 Operating income (loss)              (1,519)      (19,652)                256             -             (20,915)
 Other income (expense): 
 Interest expense            (16,022)            (13)                  -               -             (16,035)
 Intercompany interest income (expense)              17,405      (17,405)                  -               -                     -  
 Investment income (loss) - consolidated affiliates            (32,691)              -                    -         32,691                   -  
 Other, net                  287            (42)                  -               -                   245
 Total other income (expense)            (31,021)      (17,460)                  -         32,691           (15,790)
 Income (loss) before income taxes            (32,540)      (37,112)                256       32,691           (36,705)
 Income tax expense (benefit)              (2,708)        (4,165)                  -               -               (6,873)
 Net income (loss)            (29,832)      (32,947)                256       32,691           (29,832)
 Other comprehensive income (net of tax)                (830)              -                    -               -                 (830)
 Comprehensive income (loss)   $       (30,662)  $   (32,947)  $            256  $   32,691  $       (30,662)

 

 Media General, Inc. 
 Condensed Consolidating Statements of Operations 
 Three Months Ended September 26, 2010 
 (In thousands, unaudited) 
 Media General   Guarantor   Non-Guarantor   Media General 
 Corporate   Subsidiaries   Subsidiaries   Eliminations   Consolidated 
Revenues  $           6,719  $  189,375  $              -    $  (32,881)  $       163,213
 Operating costs: 
 Employee compensation               7,769        66,856              (131)             -               74,494
 Production                    -          38,212                  -            (447)             37,765
 Selling, general and administrative                  228        58,488                  -       (32,428)             26,288
 Depreciation and amortization                  523        12,681                  -               -               13,204
 Total operating costs               8,520      176,237              (131)     (32,875)           151,751
 Operating income (loss)              (1,801)        13,138                131             (6)             11,462
 Other income (expense): 
 Interest expense            (17,007)              (8)                  -               -             (17,015)
 Intercompany interest income (expense)              14,137      (14,137)                  -               -                     -  
 Investment income (loss) - consolidated affiliates              (6,870)              -                    -           6,870                   -  
 Other, net                  211            (27)                  -               -                   184
 Total other income (expense)              (9,529)      (14,172)                  -           6,870           (16,831)
 Income (loss) before income taxes            (11,330)        (1,034)                131         6,864             (5,369)
 Income tax expense (benefit)                (673)          5,961                  -               -                5,288
 Net income (loss)            (10,657)        (6,995)                131         6,864           (10,657)
 Other comprehensive income (net of tax)                  935              -                    -               -                   935
 Comprehensive income (loss)   $         (9,722)  $    (6,995)  $            131  $     6,864  $         (9,722)

 

 Media General, Inc. 
 Condensed Consolidating Statements of Operations 
 Nine Months Ended September 25, 2011 
 (In thousands, unaudited) 
 Media General   Guarantor   Non-Guarantor   Media General 
 Corporate   Subsidiaries   Subsidiaries   Eliminations   Consolidated 
Revenues  $         23,098  $ 452,186  $              -    $  (26,811)  $     448,473
 Operating costs: 
 Employee compensation              21,289     194,293              (435)             -          215,147
 Production                    -       110,151                  -         (3,441)        106,710
 Selling, general and administrative               1,326     101,433                  -       (23,370)          79,389
 Depreciation and amortization               1,990       37,005                  -               -            38,995
 Goodwill impairment                    -         26,617                  -               -            26,617
 Total operating costs              24,605     469,499              (435)     (26,811)        466,858
 Operating income (loss)              (1,507)     (17,313)                435             -           (18,385)
 Other income (expense): 
 Interest expense            (49,755)           (36)                  -               -           (49,791)
 Intercompany interest income (expense)              51,769     (51,769)                  -               -                  -  
 Investment income (loss) - consolidated affiliates            (76,944)             -                    -         76,944                -  
 Other, net                  756               6                  -               -                762
 Total other income (expense)            (74,174)     (51,799)                  -         76,944         (49,029)
 Income (loss) before income taxes            (75,681)     (69,112)                435       76,944         (67,414)
 Income tax (benefit) expense               (4,663)         8,267                  -               -              3,604
 Net income (loss)            (71,018)     (77,379)                435       76,944         (71,018)
 Other comprehensive income (net of tax)               2,228             -                    -               -              2,228
 Comprehensive income (loss)   $       (68,790)  $  (77,379)  $            435  $   76,944  $     (68,790)

 

 Media General, Inc. 
 Condensed Consolidating Statements of Operations 
 Nine Months Ended September 26, 2010 
 (In thousands, unaudited) 
 Media General   Guarantor   Non-Guarantor   Media General 
 Corporate   Subsidiaries   Subsidiaries   Eliminations   Consolidated 
Revenues  $         25,608  $ 564,389  $              -    $(101,758)  $     488,239
 Operating costs: 
 Employee compensation              25,006     197,370                156             (1)        222,531
 Production                    -       111,417                  -         (1,288)        110,129
 Selling, general and administrative                  435     178,549                  -      (100,463)          78,521
 Depreciation and amortization               1,743       38,860                  -               (1)          40,602
 Total operating costs              27,184     526,196                156    (101,753)        451,783
 Operating income (loss)              (1,576)       38,193              (156)             (5)          36,456
 Other income (expense): 
 Interest expense            (53,904)           (23)                  -               -           (53,927)
 Intercompany interest income (expense)              38,269     (38,269)                  -               -                  -  
 Investment income (loss) - consolidated affiliates            (19,913)             -                    -         19,913                -  
 Other, net                  790           (65)                  -               -                725
 Total other income (expense)            (34,758)     (38,357)                  -         19,913         (53,202)
 Income (loss) before income taxes            (36,334)          (164)              (156)       19,908         (16,746)
 Income tax expense (benefit)              (4,648)       19,588                  -               -            14,940
 Net income (loss)            (31,686)     (19,752)              (156)       19,908         (31,686)
 Other comprehensive income (net of tax)               6,025             -                    -               -              6,025
 Comprehensive income (loss)   $       (25,661)  $  (19,752)  $           (156)  $   19,908  $     (25,661)

 

 Media General, Inc. 
 Condensed Consolidating Statements of Cash Flows 
 Nine Months Ended September 25, 2011 
 (In thousands, unaudited) 
 Media General   Guarantor   Non-Guarantor   Media General 
 Corporate   Subsidiaries   Subsidiaries   Eliminations   Consolidated 
Cash flows from operating activities:
Net cash (used) provided by operating activities  $            (5,342)  $       (2,370)  $                  59  $                  -    $          (7,653)
Cash flows from investing activities:
Capital expenditures                (1,735)         (13,946)                      -                        -              (15,681)
Net change in intercompany note receivable              (16,742)                   -                      -                  16,742                   -  
Other, net                     74               334                      -                        -                   408
Net cash (used) provided by investing activities              (18,403)         (13,612)                      -                  16,742            (15,273)
Cash flows from financing activities:
Increase in bank debt               88,500                   -                      -                        -               88,500
Repayment of bank debt              (87,286)                   -                      -                        -              (87,286)
Net change in intercompany loan                      -            16,742                      -                (16,742)                   -  
Other, net                     10                   -                    (59)                      -                    (49)
Net cash provided (used) by financing activities                 1,224          16,742                    (59)              (16,742)               1,165
Net (decrease) increase in cash and cash equivalents              (22,521)               760                      -                        -              (21,761)
Cash and cash equivalents at beginning of year               30,893               967                      -                        -               31,860
Cash and cash equivalents at end of period  $             8,372  $        1,727  $                  -    $                  -    $         10,099

 

 Media General, Inc. 
 Condensed Consolidating Statements of Cash Flows 
 Nine Months Ended September 26, 2010 
 (In thousands, unaudited) 
 Media General   Guarantor   Non-Guarantor   Media General 
 Corporate   Subsidiaries   Subsidiaries   Eliminations   Consolidated 
Cash flows from operating activities:
Net cash (used) provided by operating activities  $          (26,146)          81,073  $                (48)  $                    -  $         54,879
Cash flows from investing activities:
Capital expenditures                (3,151)         (12,453)                        -                        -            (15,604)
Net change in intercompany note receivable               69,202                   -                        -              (69,202)                     -
Other, net                     51               548                        -                        -                 599
Net cash provided (used) by investing activities               66,102         (11,905)                        -              (69,202)            (15,005)
Cash flows from financing activities:
Proceeds from issuance of senior notes              293,070                   -                        -                        -           293,070
Increase in bank debt              134,156                   -                        -                        -           134,156
Repayment of debt            (466,625)               (21)                        -                        -          (466,646)
Debt issuance costs              (12,078)                   -                        -                        -            (12,078)
Net change in intercompany loan                        -         (69,202)                        -                69,202                     -
Other, net                    203                 (2)                      48                        -                 249
Net cash (used) provided by financing activities              (51,274)         (69,225)                      48                69,202            (51,249)
Net decrease in cash and cash equivalents              (11,318)               (57)                        -                        -            (11,375)
Cash and cash equivalents at beginning of year               31,691            1,541                        -                        -             33,232
Cash and cash equivalents at end of period  $            20,373  $        1,484  $                    -  $                    -  $         21,857