11. The Company's subsidiaries guarantee the debt securities of the parent company. The Company's subsidiaries are 100% owned except for the Supplemental 401(k) Plan; all subsidiaries except those in the non-guarantor column (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 March 25, 2012

(In thousands, unaudited)


	Media General Corporate			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Media General Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	10,735		$	1,442		$	-		$	-		$	12,177
Accounts receivable - net		-			83,263			-			-			83,263
Inventories		2			6,103			-			-			6,105
Other		4,776			14,177			-			-			18,953

Total current assets		15,513			104,985			-			-			120,498


Investment in and advances to subsidiaries		211,823			1,986,311			-			(2,198,134	)		-
Intercompany note receivable		660,213			-			-			(660,213	)		-
Other assets		25,906			12,442			188			-			38,536
Property, plant and equipment - net		24,284			340,440			-			-			364,724
FCC licenses and other intangibles - net		-			203,760			-			-			203,760
Excess cost over fair value of net identifiable assets of acquired businesses		-			315,590			-			-			315,590

TOTAL ASSETS	$	937,739		$	2,963,528		$	188		$	(2,858,347	)	$	1,043,108


LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	8,832		$	15,777		$	-		$	(6	)	$	24,603
Accrued expenses and other liabilities		27,402			40,826			-			-			68,228

Total current liabilities		36,234			56,603			-			(6	)		92,831


Long-term debt		658,429			15			-			-			658,444
Intercompany loan		-			660,213			-			(660,213	)		-
Retirement, post-retirement and post-employment plans		221,121			-			-			-			221,121
Deferred income taxes		-			46,334			-			-			46,334
Other liabilities and deferred credits		19,739			3,664			958			-			24,361

Stockholders' equity:
Common stock		116,733			4,872			-			(4,872	)		116,733
Additional paid-in capital		30,152			2,435,790			(2,007	)		(2,435,982	)		27,953
Accumulated other comprehensive loss		(185,116	)		-			-			-			(185,116	)
Retained earnings		40,447			(243,963	)		1,237			242,726			40,447

Total stockholders' equity		2,216			2,196,699			(770	)		(2,198,128	)		17

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	$	937,739		$	2,963,528		$	188		$	(2,858,347	)	$	1,043,108

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 Statements of Operations

and Comprehensive Loss

Three Months Ended March 25, 2012

(In thousands, unaudited)


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

Revenues	$	8,554		$	149,855		$	-		$	(8,895	)	$	149,514

Operating costs:
Employee compensation		10,973			62,064			167			-			73,204
Production		-			35,919			-			(320	)		35,599
Selling, general and administrative		(35	)		33,613			-			(8,575	)		25,003
Depreciation and amortization		933			11,561			-			-			12,494
Goodwill and other asset impairment		-			10,082			-			-			10,082

Total operating costs		11,871			153,239			167			(8,895	)		156,382


Operating loss		(3,317	)		(3,384	)		(167	)		-			(6,868	)

Other income (expense):
Interest expense		(15,136	)		(16	)		-			-			(15,152	)
Debt modification costs		(10,408	)		-			-			-			(10,408	)
Intercompany interest income (expense)		14,705			(14,705	)		-			-			-
Investment income (loss) - consolidated affiliates		(20,477	)		-			-			20,477			-
Other, net		209			(9	)		-			-			200

Total other income (expense)		(31,107	)		(14,730	)		-			20,477			(25,360	)


Income (loss) before income taxes		(34,424	)		(18,114	)		(167	)		20,477			(32,228	)

Income tax expense		-			2,196			-			-			2,196


Net loss	$	(34,424	)	$	(20,310	)	$	(167	)	$	20,477		$	(34,424	)


Comprehensive loss	$	(34,424	)	$	(20,310	)	$	(167	)	$	20,477		$	(34,424	)

Media General, Inc.

Condensed Consolidating Statements of Operations

and Comprehensive Loss

Three Months Ended March 27, 2011

(In thousands, unaudited)


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

Revenues	$	9,328		$	149,892		$	-		$	(10,277	)	$	148,943

Operating costs:
Employee compensation		10,172			67,937			110			-			78,219
Production		-			36,670			-			(914	)		35,756
Selling, general and administrative		388			35,171			-			(9,363	)		26,196
Depreciation and amortization		620			12,399			-			-			13,019

Total operating costs		11,180			152,177			110			(10,277	)		153,190


Operating loss		(1,852	)		(2,285	)		(110	)		-			(4,247	)

Other income (expense):
Interest expense		(16,553	)		(11	)		-			-			(16,564	)
Intercompany interest income (expense)		17,154			(17,154	)		-			-			-
Investment income (loss) - consolidated affiliates		(25,751	)		-			-			25,751			-
Other, net		241			24			-			-			265

Total other income (expense)		(24,909	)		(17,141	)		-			25,751			(16,299	)


Income (loss) before income taxes		(26,761	)		(19,426	)		(110	)		25,751			(20,546	)

Income tax expense (benefit)		(957	)		6,215			-			-			5,258


Net income (loss)	$	(25,804	)	$	(25,641	)	$	(110	)	$	25,751		$	(25,804	)


Comprehensive income (loss)	$	(24,306	)	$	(25,641	)	$	(110	)	$	25,751		$	(24,306	)

Media General, Inc.

Condensed Consolidating Statements of Cash Flows

Three Months Ended March 25, 2012

(In thousands, unaudited)


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

Cash flows from operating activities:
Net cash (used) provided by operating activities	$	(13,930	)	$	18,289		$	13		$	-		$	4,372

Cash flows from investing activities:
Capital expenditures		(382	)		(1,134	)		-			-			(1,516	)
Net change in intercompany note receivable		17,256			-			-			(17,256	)		-
Other, net		-			78			-			-			78

Net cash (used) provided by investing activities		16,874			(1,056	)		-			(17,256	)		(1,438	)

Cash flows from financing activities:
Increase in bank debt		8,000			-			-			-			8,000
Repayment of bank debt		(8,000	)		-			-			-			(8,000	)
Net change in intercompany loan		-			(17,256	)		-			17,256			-
Debt issuance costs		(13,902	)		-			-			-			(13,902	)
Other, net		19			(2	)		(13	)		-			4

Net cash (used) provided by financing activities		(13,883	)		(17,258	)		(13	)		17,256			(13,898	)


Net decrease in cash and cash equivalents		(10,939	)		(25	)		-			-			(10,964	)
Cash and cash equivalents at beginning of year		21,674			1,467			-			-			23,141

Cash and cash equivalents at end of period	$	10,735		$	1,442		$	-		$	-		$	12,177

Media General, Inc.

Condensed Consolidating Statements of Cash Flows

Three Months Ended March 27, 2011

(In thousands, unaudited)


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

Cash flows from operating activities:
Net cash used by operating activities	$	(3,383	)	$	(539	)	$	(10	)	$	-		$	(3,932	)

Cash flows from investing activities:
Capital expenditures		(748	)		(3,864	)		-			-			(4,612	)
Net change in intercompany note receivable		(5,247	)		-			-			5,247			-
Other, net		32			119			-			-			151

Net cash (used) provided by investing activities		(5,963	)		(3,745	)		-			5,247			(4,461	)

Cash flows from financing activities:
Increase in bank debt		20,248			-			-			-			20,248
Repayment of bank debt		(25,108	)		-			-			-			(25,108	)
Net change in intercompany loan		-			5,247			-			(5,247	)		-
Other, net		24			-			10			-			34

Net cash (used) provided by financing activities		(4,836	)		5,247			10			(5,247	)		(4,826	)


Net (decrease) increase in cash and cash equivalents		(14,182	)		963			-			-			(13,219	)
Cash and cash equivalents at beginning of year		30,893			967			-			-			31,860

Cash and cash equivalents at end of period	$	16,711		$	1,930		$	-		$	-		$	18,641