Note 12 - Guarantor Financial Information (Guarantor Financial Information [Member])

3 Months Ended

Mar. 31, 2015

Guarantor Financial Information [Member]

Note 12 - Guarantor Financial Information [Line Items]

Condensed Financial Statements Guarantor Financials [Text Block]

Note 12: Guarantor Financial Information

LIN Television, a 100% owned subsidiary of New Media General, is the primary obligor of the 2021 Notes. New Media General fully and unconditionally guarantees all of LIN Television’s obligations under the 2021 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 Senior Notes on a joint and several basis. There are certain limitations in the ability of the subsidiaries to pay dividends to New Media General. The following financial information presents condensed consolidating balance sheets, statements of operations, and statements of cash flows for New Media General, LIN Television (as the issuer), the Guarantor Subsidiaries, and the Non-Guarantor Subsidiaries, together with certain eliminations.

	New Media General			LIN Television Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	-		$	27,816		$	24,042		$	6,453		$	-		$	58,311
Trade accounts receivable, net		-			65,866			156,547			12,164			-			234,577
Restricted cash at qualified intermediary		-			-			119,903			-			-			119,903
Current deferred tax asset		-			-			52,129			40			-			52,169
Prepaid expenses and other current assets		-			15,258			17,416			6,483			-			39,157
Total current assets		-			108,940			370,037			25,140			-			504,117
Property and equipment, net		-			175,402			308,177			5,683			-			489,262
Other assets, net		-			7,610			65,674			2,119			-			75,403
Definite lived intangible assets, net		-			393,299			495,913			45,056			-			934,268
Broadcast licenses		-			-			1,025,800			71,300			-			1,097,100
Goodwill		-			509,964			990,484			95,278			-			1,595,726
Advances to consolidated subsidiaries		-			(36,010	)		36,965			(955	)		-			-
Investment in consolidated subsidiaries		1,495,813			1,306,335			-			-			(2,802,148	)		-
Total assets	$	1,495,813		$	2,465,540		$	3,293,050		$	243,621		$	(2,802,148	)	$	4,695,876
LIABILITIES AND STOCKHOLDER'S EQUITY (DEFICIT)
Current liabilities:
Trade accounts payable	$	-		$	3,369		$	22,872		$	1,275		$	-		$	27,516
Accrued salaries and wages		-			4,246			16,227			524			-			20,997
Other accrued expenses and other current liabilities		-			27,491			90,701			4,279			-			122,471
Current installments of long-term debt		-			-			-			3,555			-			3,555
Current installments of obligation under capital leases		-			480			294			59			-			833
Total current liabilities		-			35,586			130,094			9,692			-			175,372
Long-term debt		-			689,482			1,656,059			27,259			-			2,372,800
Deferred tax liability and other long-term tax liabilities		-			190,355			164,765			2,785			-			357,905
Long-term capital lease obligations		-			13,387			1,243			20			-			14,650
Retirement and postretirement plans		-			30,983			175,547			-			-			206,530
Other liabilities		-			9,934			22,820			2,094			-			34,848
Total liabilities		-			969,727			2,150,528			41,850			-			3,162,105
Noncontrolling interests		-			-			10,488			27,470			-			37,958
Stockholders' equity:
Voting common stock		1,325,695			-			-			-			-			1,325,695
Additional paid-in capital		-			1,451,173			945,728			175,834			(2,572,735	)		-
Accumulated other comprehensive income (loss)		(36,445	)		(1,434	)		(34,847	)		-			36,281			(36,445	)
Retained earnings		206,563			46,074			221,153			(1,533	)		(265,694	)		206,563
Total stockholders (deficit) equity		1,495,813			1,495,813			1,132,034			174,301			(2,802,148	)		1,495,813
Total liabilities, noncontrolling interest and stockholders' equity (deficit)	$	1,495,813		$	2,465,540		$	3,293,050		$	243,621		$	(2,802,148	)	$	4,695,876

	New 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		-			82,909			168,862			13,398			-			265,169
Restricted cash at qualified intermediary		-			-			119,903			-			-			119,903
Current deferred tax asset		-			3,492			52,222			40			-			55,754
Prepaid expenses and other current assets		-			19,424			11,396			8,978			-			39,798
Total current assets		2,388			115,483			379,754			26,919			-			524,544
Property and equipment, net		-			179,044			315,041			5,793			-			499,878
Other assets, net		-			8,565			67,962			2,473			-			79,000
Definite lived intangible assets, net		-			403,866			506,419			45,815			-			956,100
Broadcast licenses		-			-			1,025,800			71,300			-			1,097,100
Goodwill		-			510,766			989,682			95,278			-			1,595,726
Advances to consolidated subsidiaries		2,021			(441,971	)		443,939			(3,989	)					-
Investment in consolidated subsidiaries		1,496,012			1,319,033						-			(2,815,045	)		-
Total assets	$	1,500,421		$	2,094,786		$	3,728,597		$	243,589		$	(2,815,045	)	$	4,752,348
LIABILITIES AND STOCKHOLDER'S 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		-			42,501			53,042			7,149			-			102,692
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		-			56,340			119,893			12,048			-			188,281
Long-term debt		-			291,442			2,080,570			28,150			-			2,400,162
Deferred tax liability and other long-term tax liabilities		-			193,847			168,171			2,826			-			364,844
Long-term capital lease obligations		-			13,529			1,312			28			-			14,869
Retirement and postretirement plans		-			33,031			178,233			-			-			211,264
Other liabilities		-			10,585			22,037			5,404			-			38,026
Total liabilities		-			598,774			2,570,216			48,456			-			3,217,446
Noncontrolling interests		-			-			10,981			23,500			-			34,481
Stockholders' equity:
Voting common stock		1,322,284			-			-			-			-			1,322,284
Additional paid-in capital					1,443,940			962,584			172,765			(2,579,289	)		-
Accumulated other comprehensive income (loss)		(36,445	)		(1,434	)		(34,847	)		-			36,281			(36,445	)
Retained earnings		214,582			53,506			219,663			(1,132	)		(272,037	)		214,582
Total stockholders (deficit) 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		$	2,094,786		$	3,728,597		$	243,589		$	(2,815,045	)	$	4,752,348

	New Media General			LIN Television Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net operating revenue	$	-		$	88,218		$	199,730		$	13,742		$	(4,956	)	$	296,734
Operating costs:
Operating expenses, excluding depreciation expense		-			37,599			83,759			7,542			(3,024	)		125,876
Selling, general and administrative expenses		-			23,524			53,218			4,137			(409	)		80,470
Amortization of program licenses rights		-			4,178			7,101			479			-			11,758
Corporate and other expenses		-			3,201			9,458			(8	)		-			12,651
Depreciation and amortization		-			14,136			24,672			1,475			-			40,283
Gain related to property and equipment, net		-			(36	)		(192	)		-			-			(228	)
Merger-related expenses and restructuring expenses		-			1,374			3,903			-			-			5,277
Operating income (loss)	$	-		$	4,242		$	17,811		$	117		$	(1,523	)	$	20,647
Other income (expense):
Interest expense, net		(1	)		(10,650	)		(20,087	)		(285	)		-			(31,023	)
Debt modification and extinguishment costs		-			-			(613	)		-			.			(613	)
Intercompany income and (expenses)		-			(5,535	)		5,767			(232	)		-			-
Other, net		-			82			708			2,500			-			3,290
Total other income (expense)		(1	)		(16,103	)		(14,225	)		1,983			-			(28,346	)
Income from operations of consolidated subsidiaries		(1	)		(11,861	)		3,586			2,100			(1,523	)		(7,699	)
Income tax benefit (expense		-			4,863			(2,274	)		568			-			3,157
Net income (loss) from continuing operations		(1	)		(6,998	)		1,312			2,668			(1,523	)		(4,542	)
Equity in income (loss) from operations of consolidated subsidiaries		(7,432	)		(434	)		-			-			7,866			-
Net income (loss) from continuing operations		(7,433	)		(7,432	)		1,312			2,668			6,343			(4,542	)
Net income (loss) attributable to noncontrolling interest		-			-			(178	)		3,069			-			2,891
Net income (loss) attributable to Media General		(7,433	)		(7,432	)		1,490			(401	)		6,343			(7,433	)
Other comprehensive income		-			-			-			-			-			-
Total comprehensive income (loss)		(7,433	)		(7,432	)		1,312			2,668			6,343			(4,542	)
Other comprehensive loss attributable to noncontrolling interest		-			-			-			-			-			-
Total comprehensive income (loss) attributable to Media General		(7,433	)		(7,432	)		1,490			(401	)		6,343			(7,433	)

	New Media General		LIN Television Corporation		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Media General Consolidated
Net operating revenue	$	-	$	-	$	139,636		$	4,282		$	-	$	143,918
Operating costs:
Operating expenses, excluding depreciation expense		-		-		49,149			1,466			-		50,615
Selling, general and administrative expenses		-		-		40,364			1,968			-		42,332
Amortization of program license rights		-		-		4,656			307			-		4,963
Corporate and other expenses		-		-		6,711			(133	)		-		6,578
Depreciation and amortization		-		-		16,006			189			-		16,195
Gain related to property and equipment, net		-		-		(771	)		-			-		(771	)
Merger-related expenses and restructuring expenses		-		-		4,752			-			-		4,752
Operating income	$	-	$	-	$	18,769		$	485		$	-	$	19,254
Other income (expense)
Interest expense		-		-		(9,682	)		(308	)		-		(9,990	)
Debt modification and extinguishment costs		-		-		(98	)		-			-		(98	)
Intercompany income and expenses		-		-		-			-			-		-
Other, net		-		-		(96	)		11			-		(85	)
Total other income (expense)		-		-		(9,876	)		(297	)		-		(10,173	)
Income before income taxes from operations of consolidated subsidiaries		-		-		8,893			188			-		9,081
Income tax benefit (expense)		-		-		(3,642	)		-			-		(3,642	)
Net income (loss) from continuing operations		-		-		5,251			188			-		5,439
Equity in income (loss) from operations of consolidated subsidiaries						-			-					-
Net Income (loss)		-		-		5,251			188			-		5,439
Net income attributable to noncontrolling interests		-		-		-			54			-		54
Net income (loss) attributable to Media General		-		-		5,251			134			-		5,385
Other comprehensive income		-		-					-			-		-
Total comprehensive income (loss)		-		-		5,251			188			-		5,439
Other comprehensive income attributable to noncontrolling interest		-		-		-			54			-		54
Total comprehensive income (loss) attributable to Media General		-		-		5,251			134			-		5,385

	New Media General			LIN Television Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Media General Consolidated
Cash flows from operating activities:
Net cash provided (used) by operating activities	$	(1,402	)	$	12,021		$	42,361		$	3,439		$	-		$	56,419
Cash flows from investing activities:
Capital expenditures		-			(2,314	)		(4,288	)		(607	)		-			(7,209	)
Collateral refunds related to letters of credit		-			-			-			-			-			-
Proceeds from the sale of PP&E		-			36			226			-			-			262
Proceeds from spectrum sale		-			-			620			-			-			620
Receipt of Dividend		-			19,502			-			-			(19,502	)		-
Payments from intercompany borrowings		2,025			-			12,073			-			(14,098	)		-
Payment of capital contributions		(3,011	)		-			-			-			3,011			-
Other, net		-			-			-			(5	)		-			(5	)
Net cash used by investing activities		(986	)		17,224			8,631			(612	)		(30,589	)		(6,332	)
Cash flows from financing activities:
Repayment of borrowings under Media General Credit Agreement		-			-			(35,000	)		-			-			(35,000	)
Repayment of borrowings under Shield Media Credit Agreement		-			-			-			(600	)		-			(600	)
Repayment of other borrowings		-			-			-			(290	)		-			(290	)
Payment of dividend		-			-			(19,502	)		-			19,502			-
Payments on intercompany borrowing		-			(14,098	)		-			-			14,098			-
Receipt of capital contributions		-			3,011			-			-			(3,011	)		-
Other, net		-			-			181			13			-			194
Net cash used by financing activities		-			(11,087	)		(54,321	)		(877	)		30,589			(35,696	)
Net increase (decrease) in cash and cash equivalents		(2,388	)		18,158			(3,329	)		1,950			-			14,391
Cash and cash equivalents at beginning of period		2,388			9,658			27,371			4,503			-			43,920
Cash and cash equivalents at end of period	$	-		$	27,816		$	24,042		$	6,453		$	-		$	58,311

	New Media General		LIN Television Corporation		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Media General Consolidated
Cash flows from operating activities:
Net cash provided (used) by operating activities	$	-	$	-	$	(19,921	)	$	(1,615	)	$	-	$	(21,536	)
Cash flows from investing activities:
Capital expenditures		-		-		(2,506	)		(4	)		-		(2,510	)
Collateral refunds related to letters of credit		-		-		980			-			-		980
Proceeds from the sale of PP&E		-		-		973			-			-		973
Proceeds from spectrum sale		-		-		-			-			-		-
Receipt of dividend		-		-		-			-			-		-
Payments from intercompany borrowings		-		-		-			-			-		-
Payment of capital contributions		-		-		-			-			-		-
Other, net		-		-		-			-			-		-
Net cash used by investing activities		-		-		(553	)		(4	)		-		(557	)
Cash flows from financing activities:
Repayment of borrowings under Media General Credit Agreement		-		-		(35,000	)		-			-		(35,000	)
Repayment of borrowings under Shield Media Credit Agreement		-		-		-			(600	)		-		(600	)
Repayment of other borrowings		-		-		-			-			-		-
Payment of dividend		-		-		-			-			-		-
Payment on intercompany borrowings		-		-		-			-			-		-
Receipt of capital contributions		-		-		-			-			-		-
Other, net		-		-		330			-			-		330
Net cash used by financing activities		-		-		(34,670	)		(600	)		-		(35,270	)
Net increase (decrease) in cash and cash equivalents		-		-		(55,144	)		(2,219	)		-		(57,363	)
Cash and cash equivalents at beginning of period		-		-		67,508			4,110			-		71,618
Cash and cash equivalents at end of period	$	-	$	-	$	12,364		$	1,891		$	-	$	14,255