Note 11. Guarantor Financial Information

9 Months Ended

Sep. 30, 2013

Disclosure Text Block Supplement [Abstract]

Condensed Financial Statements [Text Block]

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 September 30, 2013

(In thousands, unaudited)

	Media General Corporate			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Media General Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	15,084		$	331		$	-		$	-		$	15,415
Accounts receivable - net		-			58,667			-			-			58,667
Other		4,026			14,772			-			-			18,798
Total current assets		19,110			73,770			-			-			92,880
Investment in and advances to subsidiaries		(18,960	)		1,340,699			-			(1,321,739	)		-
Intercompany note receivable		588,739			-			-			(588,739	)		-
Other assets		44,725			5,602			236			-			50,563
Property, plant and equipment - net		19,088			141,265			-			-			160,353
FCC licenses and other intangibles - net		-			198,931			-			-			198,931
Excess cost over fair value of net identifiable assets of acquired businesses		-			247,149			-			-			247,149
TOTAL ASSETS	$	652,702		$	2,007,416		$	236		$	(1,910,478	)	$	749,876
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	8,531		$	3,389		$	-		$	-		$	11,920
Accrued expenses and other liabilities		21,390			22,810			-			-			44,200
Total current liabilities		29,921			26,199			-			-			56,120
Long-term debt		296,454			5			-			-			296,459
Long-term debt - related party		291,934			-			-			-			291,934
Intercompany loan		-			588,739			-			(588,739	)		-
Retirement, post-retirement and post-employment plans		232,650			-			-			-			232,650
Deferred income taxes		-			68,091			-			-			68,091
Other liabilities and deferred credits		18,383			2,747			681			-			21,811
Stockholders' equity (deficit):
Common stock		140,769			2,801			-			(2,801	)		140,769
Additional paid-in capital		25,343			1,731,100			(965	)		(1,730,684	)		24,794
Accumulated other comprehensive loss		(215,884	)		-			-			-			(215,884	)
Retained earnings (accumulated deficit)		(166,868	)		(412,266	)		520			411,746			(166,868	)
Total stockholders' equity (deficit)		(216,640	)		1,321,635			(445	)		(1,321,739	)		(217,189	)
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)	$	652,702		$	2,007,416		$	236		$	(1,910,478	)	$	749,876

Media General, Inc.

Condensed Consolidating Balance Sheet

As of December 31, 2012

(In thousands)

	Media General Corporate			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Media General Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	36,414		$	388		$	-		$	-		$	36,802
Accounts receivable - net		-			58,486			-			-			58,486
Other		6,562			11,931			-			-			18,493
Assets of discontinued operations		-			670			-			-			670
Total current assets		42,976			71,475			-			-			114,451
Investment in and advances to subsidiaries		14,281			1,346,705			-			(1,360,986	)		-
Intercompany note receivable		564,681			-			-			(564,681	)		-
Other assets		38,469			6,795			198			-			45,462
Property, plant and equipment - net		19,647			146,458			-			-			166,105
FCC licenses and other intangibles - net		-			200,254			-			-			200,254
Excess of cost over fair value of net identifiable assets of acquired businesses		-			247,149			-			-			247,149
TOTAL ASSETS	$	680,054		$	2,018,836		$	198		$	(1,925,667	)	$	773,421
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	7,488		$	4,181		$	-		$	-		$	11,669
Accrued expenses and other liabilities		36,155			28,207			-			-			64,362
Liabilities of discontinued operations		-			467			-			-			467
Total current liabilities		43,643			32,855			-			-			76,498
Long-term debt		295,714			7			-			-			295,721
Long-term debt - related party		257,466			-									257,466
Intercompany loan		-			564,681			-			(564,681	)		-
Retirement, post-retirement and post-employment plans		242,309			-			-			-			242,309
Deferred income taxes		-			58,865			-			-			58,865
Other liabilities and deferred credits		15,567			2,442			777			-			18,786
Stockholders' equity (deficit):
Common stock		138,819			2,801			-			(2,801	)		138,819
Additional paid-in capital		24,603			1,733,641			(1,977	)		(1,733,243	)		23,024
Accumulated other comprehensive loss		(219,656	)		-			-			-			(219,656	)
Retained earnings (accumulated deficit)		(118,411	)		(376,456	)		1,398			375,058			(118,411	)
Total stockholders' equity (deficit)		(174,645	)		1,359,986			(579	)		(1,360,986	)		(176,224	)
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)	$	680,054		$	2,018,836		$	198		$	(1,925,667	)	$	773,421

Media General, Inc.

Condensed Consolidating Statements of Operations

and Comprehensive Loss

Three Months Ended September 30, 2013

(In thousands, unaudited)

	Media General Corporate			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Media General Consolidated
Station revenue (less agency commissions)	$	6,414		$	78,489		$	-		$	(6,414	)	$	78,489
Operating costs:
Station production expenses		-			31,973			-			-			31,973
Station selling, general, and administrative expenses		-			29,714			-			(6,414	)		23,300
Corporate and other expenses		7,735			-			98			-			7,833
Depreciation and software amortization		450			5,066			-			-			5,516
Amortization of intangible assets		-			441			-			-			441
Net loss (gain) related to fixed assets		(22	)		32			-			-			10
Merger-related expenses		1,218			-			-			-			1,218
Total operating costs		9,381			67,226			98			(6,414	)		70,291
Operating income (loss)		(2,967	)		11,263			(98	)		-			8,198
Other income (expense):
Interest expense		(9,939	)		(21	)		-			-			(9,960	)
Interest expense - related party		(10,379	)		-			-			-			(10,379	)
Intercompany interest income (expense)		20,637			(20,637	)		-			-			-
Investment income (loss) - consolidated affiliates		(12,010	)		-			-			12,010			-
Other, net		42			-			-			-			42
Total other income (expense)		(11,649	)		(20,658	)		-			12,010			(20,297	)
Income (loss) before income taxes		(14,616	)		(9,395	)		(98	)		12,010			(12,099	)
Income tax expense		-			2,517			-			-			2,517
Net income (loss)	$	(14,616	)	$	(11,912	)	$	(98	)	$	12,010		$	(14,616	)
Comprehensive income (loss)	$	(13,416	)	$	(11,912	)	$	(98	)	$	12,010		$	(13,416	)

Media General, Inc.

Condensed Consolidating Statements of Operations

and Comprehensive Loss

Three Months Ended September 23, 2012

(In thousands, unaudited)

	Media General Corporate			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Media General Consolidated
Station revenue (less agency commissions)	$	7,622		$	93,789		$	-		$	(7,659	)	$	93,752
Operating costs:
Station production expenses		-			31,459			-			(1	)		31,458
Station selling, general, and administrative expenses		-			29,126			-			(7,621	)		21,505
Corporate and other expenses		11,662			285			146			-			12,093
Depreciation and software amortization		564			4,969			-			-			5,533
Amortization of intangible assets		-			442			-			-			442
(Gain) loss on disposal of assets, net		(120	)		338			-			-			218
Total operating costs		12,106			66,619			146			(7,622	)		71,249
Operating income (loss)		(4,484	)		27,170			(146	)		(37	)		22,503
Other income (expense):
Interest expense		(9,480	)		(17	)		-			-			(9,497	)
Interest expense - related party		(10,723	)		-			-			-			(10,723	)
Debt modification and extinguishment costs		(17,318	)		-			-			-			(17,318	)
Intercompany interest income (expense)		21,699			(21,699	)		-			-			-
Investment income (loss) - consolidated affiliates		(10,057	)		-			-			10,057			-
Other, net		30			10			-			-			40
Total other income (expense)		(25,849	)		(21,706	)		-			10,057			(37,498	)
Income (loss) from continuing operations before income taxes		(30,333	)		5,464			(146	)		10,020			(14,995	)
Income tax expense		-			3,406			-			-			3,406
Income (loss) from continuing operations		(30,333	)		2,058			(146	)		10,020			(18,401	)
Discontinued operations (net of tax):
Income (loss) from discontinued operations		-			(1,075	)		-			37			(1,038	)
Loss related to divestiture of discontinued operations		-			(10,894	)		-			-			(10,894	)
Net income (loss)	$	(30,333	)	$	(9,911	)	$	(146	)	$	10,057		$	(30,333	)
Comprehensive income (loss)	$	(30,333	)	$	(9,911	)	$	(146	)	$	10,057		$	(30,333	)

Media General, Inc.

Condensed Consolidating Statements of Operations

and Comprehensive Loss

Nine Months Ended September 30, 2013

(In thousands, unaudited)

	Media General Corporate			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Media General Consolidated
Station revenue (less agency commissions)	$	18,402		$	234,448		$	-		$	(18,402	)	$	234,448
Operating costs:
Station production expenses		-			95,388			-			-			95,388
Station selling, general, and administrative expenses		-			87,457			-			(18,402	)		69,055
Corporate and other expenses		23,743			-			878			-			24,621
Depreciation and software amortization		1,331			15,342			-			-			16,673
Amortization of intangible assets		-			1,323			-			-			1,323
Net loss (gain) related to fixed assets		(95	)		173			-			-			78
Merger-related expenses		8,389			-			-			-			8,389
Total operating costs		33,368			199,683			878			(18,402	)		215,527
Operating income (loss)		(14,966	)		34,765			(878	)		-			18,921
Other income (expense):
Interest expense		(28,721	)		(60	)		-			-			(28,781	)
Interest expense - related party		(30,297	)		-			-			-			(30,297	)
Intercompany interest income (expense)		62,103			(62,103	)		-			-			-
Investment income (loss) - consolidated affiliates		(36,688	)		-			-			36,688			-
Other, net		112			(244	)		-			-			(132	)
Total other income (expense)		(33,491	)		(62,407	)		-			36,688			(59,210	)
Income (loss) from continuing operations before income taxes		(48,457	)		(27,642	)		(878	)		36,688			(40,289	)
Income tax expense		-			7,725			-			-			7,725
Income (loss) from continuing operations		(48,457	)		(35,367	)		(878	)		36,688			(48,014	)
Discontinued operations (net of tax):
Loss from discontinued operations		-			(413	)		-			-			(413	)
Loss related to divestiture of operations		-			(30	)		-			-			(30	)
Net income (loss)	$	(48,457	)	$	(35,810	)	$	(878	)	$	36,688		$	(48,457	)
Comprehensive income (loss)	$	(44,685	)	$	(35,810	)	$	(878	)	$	36,688		$	(44,685	)

Media General, Inc.

Condensed Consolidating Statements of Operations

and Comprehensive Loss

Nine Months Ended September 23, 2012

(In thousands, unaudited)

	Media General Corporate			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Media General Consolidated
Station revenue (less agency commissions)	$	23,443		$	251,559		$	-		$	(23,938	)	$	251,064
Operating costs:
Station production expenses		-			92,832			-			(473	)		92,359
Station selling, general, and administrative expenses		-			86,959			-			(23,486	)		63,473
Corporate and other expenses		29,847			1,646			111			-			31,604
Depreciation and software amortization		2,062			15,062			-			-			17,124
Amorization of intangible assets		-			2,196			-			-			2,196
(Gain) loss on disposal of assets, net		(613	)		581			-			-			(32	)
Total operating costs		31,296			199,276			111			(23,959	)		206,724
Operating income (loss)		(7,853	)		52,283			(111	)		21			44,340
Other income (expense):
Interest expense		(41,362	)		(48	)		-			-			(41,410	)
Interest expense - related party		(15,618	)		-			-			-			(15,618	)
Debt modification and extinguishment costs		(35,415	)		-			-			-			(35,415	)
Intercompany interest income (expense)		57,270			(57,270	)		-			-			-
Investment income (loss) - consolidated affiliates		(168,572	)		-			-			168,572			-
Other, net		497			(45	)		-			-			452
Total other income (expense)		(203,200	)		(57,363	)		-			168,572			(91,991	)
Income (loss) from continuing operations before income taxes		(211,053	)		(5,080	)		(111	)		168,593			(47,651	)
Income tax expense		-			10,223			-			-			10,223
Income (loss) from continuing operations		(211,053	)		(15,303	)		(111	)		168,593			(57,874	)
Discontinued operations (net of tax):
Loss from discontinued operations		-			(10,567	)		-			(21	)		(10,588	)
Loss related to divestiture of discontinued operations		-			(142,591	)		-			-			(142,591	)
Net income (loss)	$	(211,053	)	$	(168,461	)	$	(111	)	$	168,572		$	(211,053	)
Comprehensive income (loss)	$	(211,053	)	$	(168,461	)	$	(111	)	$	168,572		$	(211,053	)

Media General, Inc.

Condensed Consolidating Statements of Cash Flows

Nine Months Ended September 30, 2013

(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	$	(13,579	)	$	(13,233	)	$	(1,011	)	$	-		$	(27,823	)
Cash flows from investing activities:
Capital expenditures		(795	)		(10,993	)		-			-			(11,788	)
Collateral refund related to letters of credit		1,366			-			-			-			1,366
Net change in intercompany note receivable		(24,058	)		-			-			24,058			-
Other, net		(181	)		113			-			-			(68	)
Net cash (used) provided by investing activities		(23,668	)		(10,880	)		-			24,058			(10,490	)
Cash flows from financing activities:
Increase in related party borrowings		40,000			-			-			-			40,000
Repayment of related party borrrowings		(10,000	)		-			-			-			(10,000	)
Debt issuance costs		(16,243	)		-			-			-			(16,243	)
Net change in intercompany loan		-			24,058			-			(24,058	)		-
Other, net		2,160			(2	)		1,011			-			3,169
Net cash provided (used) by financing activities		15,917			24,056			1,011			(24,058	)		16,926
Net decrease in cash and cash equivalents		(21,330	)		(57	)		-			-			(21,387	)
Cash and cash equivalents at beginning of year		36,414			388			-			-			36,802
Cash and cash equivalents at end of period	$	15,084		$	331		$	-		$	-		$	15,415

Media General, Inc.

Condensed Consolidating Statements of Cash Flows

Nine Months Ended September 23, 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	$	(99,462	)	$	117,937		$	(40	)	$	-		$	18,435
Cash flows from investing activities:
Capital expenditures		(1,604	)		(5,659	)		-			-			(7,263	)
Collateral deposit related to letters of credit		(10,271	)		-			-			-			(10,271	)
Net change in intercompany note receivable		114,110			-			-			(114,110	)		-
Proceeds from dispositions		139,902			-			-			-			139,902
Other, net		894			1,092			-			-			1,986
Net cash (used) provided by investing activities		243,031			(4,567	)		-			(114,110	)		124,354
Cash flows from financing activities:
Increase in borrowings		13,000			-			-			-			13,000
Increase in related party borrowings		382,500			-			-			-			382,500
Repayment of borrowings		(377,298	)		-			-			-			(377,298	)
Repayment of related party borrowings		(126,963	)		-			-			-			(126,963	)
Debt issuance costs		(28,772	)		-			-			-			(28,772	)
Net change in intercompany loan		-			(114,110	)		-			114,110			-
Other, net		55			(9	)		40			-			86
Net cash (used) provided by financing activities		(137,478	)		(114,119	)		40			114,110			(137,447	)
Net increase (decrease) in cash and cash equivalents		6,091			(749	)		-			-			5,342
Cash and cash equivalents at beginning of year		21,674			1,434			-			-			23,108
Cash and cash equivalents at end of period	$	27,765		$	685		$	-		$	-		$	28,450