Guarantor Financial Information

12 Months Ended

Dec. 25, 2011

Guarantor Financial Information [Abstract]

Guarantor Financial Information

Note 12: Guarantor Financial Information

The Company's subsidiaries guarantee the debt securities of the parent company. The Company's subsidiaries are 100% owned except for the Variable Interest Entity (VIE) described in Note 7; all subsidiaries except those in the non-guarantor column (which includes the VIE) 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 December 25, 2011

(In thousands)

	Media General Corporate			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Media General Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	21,674		$	1,467		$	—		$	—		$	23,141
Accounts receivable - net		—			96,961			—			—			96,961
Inventories		2			5,702			—			—			5,704
Other		3,696			17,555			—			—			21,251
Total current assets		25,372			121,685			—			—			147,057
Investment in and advances to subsidiaries		233,450			1,985,266			—			(2,218,716	)		—
Intercompany note receivable		677,469			—			—			(677,469	)		—
Other assets		19,694			13,514			205			—			33,413
Property, plant and equipment - net		25,813			348,900			—			—			374,713
FCC licenses and other intangibles - net		—			206,170			—			—			206,170
Excess of cost over fair value of net identifiable assets of acquired businesses		—			324,688			—			—			324,688
TOTAL ASSETS	$	981,798		$	3,000,223		$	205		$	(2,896,185	)	$	1,086,041
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	11,390		$	15,211		$	—		$	(6	)	$	26,595
Accrued expenses and other liabilities		33,430			40,639			—			—			74,069
Total current liabilities		44,820			55,850			—			(6	)		100,664
Long-term debt		658,199			17			—			—			658,216
Intercompany loan		—			677,469			—			(677,469	)		—
Retirement, post-retirement and post-employment plans		223,132			—			—			—			223,132
Deferred income taxes		—			45,954			—			—			45,954
Other liabilities and deferred credits		19,403			3,924			795			—			24,122
Stockholders' equity:
Common stock		115,487			4,872			—			(4,872	)		115,487
Additional paid-in capital		31,002			2,435,790			(1,994	)		(2,436,087	)		28,711
Accumulated other comprehensive loss		(185,116	)		—			—			—			(185,116	)
Retained earnings		74,871			(223,653	)		1,404			222,249			74,871
Total stockholders' equity		36,244			2,217,009			(590	)		(2,218,710	)		33,953
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	$	981,798		$	3,000,223		$	205		$	(2,896,185	)	$	1,086,041

Media General, Inc.

Condensed Consolidating Balance Sheet

As of December 26, 2010

(In thousands)

	Media General Corporate			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Media General 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

Fiscal Year Ended December 25, 2011

(In thousands)

	Media General Corporate			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Media General Consolidated
Revenues	$	30,669		$	620,733		$	—		$	(35,195	)	$	616,207
Operating costs:
Employee compensation		29,145			256,603			(113	)		—			285,635
Production		—			144,176			—			(4,213	)		139,963
Selling, general and administrative		1,980			135,638			—			(30,982	)		106,636
Depreciation and amortization		2,598			48,977			—			—			51,575
Goodwill and other asset impairment		—			32,645						—			32,645
Total operating costs		33,723			618,039			(113	)		(35,195	)		616,454
Operating income (loss)		(3,054	)		2,694			113			—			(247	)
Other income (expense):
Interest expense		(64,358	)		(50	)		—			—			(64,408	)
Intercompany interest income (expense)		66,459			(66,459	)		—			—			—
Investment income (loss) - consolidated affiliates		(76,757	)		—			—			76,757			—
Other, net		1,388			(353	)		—			—			1,035
Total other income (expense)		(73,268	)		(66,862	)		—			76,757			(63,373	)
Income (loss) before income taxes		(76,322	)		(64,168	)		113			76,757			(63,620	)
Income tax expense (benefit)		(2,000	)		12,702			—			—			10,702
Net income (loss)		(74,322	)		(76,870	)		113			76,757			(74,322	)
Other comprehensive loss (net of tax)		(58,317	)		—			—			—			(58,317	)
Comprehensive income (loss)	$	(132,639	)	$	(76,870	)	$	113		$	76,757		$	(132,639	)

Media General, Inc.

Condensed Consolidating Statements of Operations

Fiscal Year Ended December 26, 2010

(In thousands)

	Media General Corporate			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Media General Consolidated
Revenues	$	32,356		$	784,900		$	—		$	(139,141	)	$	678,115
Operating costs:
Employee compensation		32,128			265,830			(233	)		—			297,725
Production		—			149,332			—			(1,850	)		147,482
Selling, general and administrative		(131	)		245,306			—			(137,288	)		107,887
Depreciation and amortization		2,255			50,834			—			—			53,089
Gain on insurance recovery		—			(956	)					—			(956	)
Total operating costs		34,252			710,346			(233	)		(139,138	)		605,227
Operating income (loss)		(1,896	)		74,554			233			(3	)		72,888
Other income (expense):
Interest expense		(71,020	)		(33	)		—			—			(71,053	)
Intercompany interest income (expense)		54,659			(54,659	)		—			—			—
Investment income (loss) - consolidated affiliates		(7,071	)		—			—			7,071			—
Other, net		1,023			(69	)		—			—			954
Total other income (expense)		(22,409	)		(54,761	)		—			7,071			(70,099	)
Income (loss) before income taxes		(24,305	)		19,793			233			7,068			2,789
Income tax expense (benefit)		(1,667	)		27,094			—			—			25,427
Net income (loss)		(22,638	)		(7,301	)		233			7,068			(22,638	)
Other comprehensive loss (net of tax)		(9,096	)		—			—			—			(9,096	)
Comprehensive income (loss)	$	(31,734	)	$	(7,301	)	$	233		$	7,068		$	(31,734	)

Media General, Inc.

Condensed Consolidating Statements of Operations

Fiscal Year Ended December 27, 2009

(In thousands)

	Media General Corporate			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Media General Consolidated
Revenues	$	28,685		$	756,395		$	—		$	(127,468	)	$	657,612
Operating costs:
Employee compensation		27,882			271,900			657			—			300,439
Production		—			157,131			—			(2,346	)		154,785
Selling, general and administrative		(4,291	)		223,438			—			(125,116	)		94,031
Depreciation and amortization		2,484			56,696			—			(2	)		59,178
Goodwill and other asset impairment		—			84,220			—			—			84,220
Gain on insurance recovery		—			(1,915	)					—			(1,915	)
Total operating costs		26,075			791,470			657			(127,464	)		690,738
Operating income (loss)		2,610			(35,075	)		(657	)		(4	)		(33,126	)
Other income (expense):
Interest expense		(41,971	)		(7	)		—			—			(41,978	)
Intercompany interest income (expense)		42,217			(42,217	)		—			—			—
Income on investments		—			701			—			—			701
Investment income (loss) - consolidated affiliates		(41,055	)		—			—			41,055			—
Other, net		1,151			(179	)		—			—			972
Total other income (expense)		(39,658	)		(41,702	)		—			41,055			(40,305	)
Income (loss) from continuing operations before income taxes		(37,048	)		(76,777	)		(657	)		41,051			(73,431	)
Income tax benefit		(1,283	)		(27,355	)		—			—			(28,638	)
Income (loss) from continuing operations		(35,765	)		(49,422	)		(657	)		41,051			(44,793	)
Income from discontinued operations (net of taxes)		—			155			—			—			155
Net gain related to divestiture of discontinued operations (net of taxes)		—			8,873						—			8,873
Net income (loss)		(35,765	)		(40,394	)		(657	)		41,051			(35,765	)
Other comprehensive income (net of taxes)		70,436			—			—			—			70,436
Comprehensive income (loss)	$	34,671		$	(40,394	)	$	(657	)	$	41,051		$	34,671

Media General, Inc.

Condensed Consolidating Statements of Cash Flows

Fiscal Year Ended December 25, 2011

(In thousands)

	Media General Corporate			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Media General Consolidated
Cash flows from operating activities:
Net cash provided by operating activities	$	3,402		$	13,206		$	88		$	—		$	16,696
Cash flows from investing activities:
Capital expenditures		(1,772	)		(17,281	)		—			—			(19,053	)
Net change in intercompany note receivable		(4,204	)		—			—			4,204			—
Other, net		74			374			—			—			448
Net cash (used) provided by investing activities		(5,902	)		(16,907	)		—			4,204			(18,605	)
Cash flows from financing activities:
Increase in bank debt		112,500			—			—			—			112,500
Repayment of bank debt		(118,786	)		—			—			—			(118,786	)
Net change in intercompany loan		—			4,204			—			(4,204	)		—
Other, net		(433	)		(3	)		(88	)		—			(524	)
Net cash (used) provided by financing activities		(6,719	)		4,201			(88	)		(4,204	)		(6,810	)
Net (decrease) increase in cash and cash equivalents		(9,219	)		500			—			—			(8,719	)
Cash and cash equivalents at beginning of year		30,893			967			—			—			31,860
Cash and cash equivalents at end of period	$	21,674		$	1,467		$	—		$	—		$	23,141

Media General, Inc.

Condensed Consolidating Statements of Cash Flows

Fiscal Year Ended December 26, 2010

(In thousands)

	Media General Corporate			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Media General Consolidated
Cash flows from operating activities:
Net cash (used) provided by operating activities	$	(7,063	)	$	92,782		$	(13	)	$	—		$	85,706
Cash flows from investing activities:
Capital expenditures		(1,489	)		(24,993	)		—			—			(26,482	)
Net change in intercompany note receivable		68,954			—			—			(68,954	)		—
Other, net		73			619			—			—			692
Net cash provided (used) by investing activities		67,538			(24,374	)		—			(68,954	)		(25,790	)
Cash flows from financing activities:
Increase in bank debt		134,156			—			—			—			134,156
Repayment of bank debt		(476,625	)		(28	)		—			—			(476,653	)
Proceeds from issuance of senior notes		293,070			—			—			—			293,070
Debt issuance costs		(12,078	)		—			—						(12,078	)
Net change in intercompany loan		—			(68,954	)		—			68,954			—
Other, net		204			—			13			—			217
Net cash (used) provided by financing activities		(61,273	)		(68,982	)		13			68,954			(61,288	)
Net decrease in cash and cash equivalents		(798	)		(574	)		—			—			(1,372	)
Cash and cash equivalents at beginning of year		31,691			1,541			—			—			33,232
Cash and cash equivalents at end of period	$	30,893		$	967		$	—		$	—		$	31,860

Media General, Inc.

Condensed Consolidating Statements of Cash Flows

Fiscal Year Ended December 27, 2009

(In thousands)

	Media General Corporate			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Media General Consolidated
Cash flows from operating activities:
Net cash provided by operating activities	$	20,480		$	13,291		$	7		$	—		$	33,778
Cash flows from investing activities:
Capital expenditures		(1,221	)		(17,232	)		—			—			(18,453	)
Proceeds from sale of discontinued operations		17,625			—			—			—			17,625
Insurance proceeds related to machinery and equipment		—			3,120			—			—			3,120
Net change in intercompany note receivable		7,781			—			—			(7,781	)		—
Collection of receivable note		—			5,000			—			—			5,000
Other, net		(623	)		3,614			—			—			2,991
Net cash provided (used) by investing activities		23,562			(5,498	)		—			(7,781	)		10,283
Cash flows from financing activities:
Increase in bank debt		215,700			—			—			—			215,700
Repayment of bank debt		(233,819	)		(21	)		—			—			(233,840	)
Net change in intercompany loan		—			(7,781	)		—			7,781			—
Other, net		175			1			(7	)		—			169
Net cash (used) provided by financing activities		(17,944	)		(7,801	)		(7	)		7,781			(17,971	)
Net increase (decrease) in cash and cash equivalents		26,098			(8	)		—			—			26,090
Cash and cash equivalents at beginning of year		5,593			1,549			—			—			7,142
Cash and cash equivalents at end of period	$	31,691		$	1,541		$	—		$	—		$	33,232