Note 11. Guarantor Financial Information

6 Months Ended

Jun. 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 June 30, 2013

(In thousands, unaudited)

	Media General Corporate			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Media General Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	24,439		$	805		$	-		$	-		$	25,244
Accounts receivable - net		-			60,152			-			-			60,152
Other		3,754			7,425			-			-			11,179
Total current assets		28,193			68,382			-			-			96,575
Investment in and advances to subsidiaries		10,276			1,323,228			-			(1,333,504	)		-
Intercompany note receivable		567,408			-			-			(567,408	)		-
Other assets		28,342			5,425			194			-			33,961
Property, plant and equipment - net		19,158			143,422			-			-			162,580
FCC licenses and other intangibles - net		-			199,372			-			-			199,372
Excess cost over fair value of net identifiable assets of acquired businesses		-			247,149			-			-			247,149
TOTAL ASSETS	$	653,377		$	1,986,978		$	194		$	(1,900,912	)	$	739,637
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	11,772		$	3,211		$	-		$	-		$	14,983
Accrued expenses and other liabilities		35,927			15,069			-			-			50,996
Total current liabilities		47,699			18,280			-			-			65,979
Long-term debt		296,206			4			-			-			296,210
Long-term debt - related party		260,445			-			-			-			260,445
Intercompany loan		-			567,408			-			(567,408	)		-
Retirement, post-retirement and post-employment plans		236,987			-			-			-			236,987
Deferred income taxes		-			65,545			-			-			65,545
Other liabilities and deferred credits		17,171			2,196			1,475			-			20,842
Stockholders' equity (deficit):
Common stock		139,506			2,801			-			(2,801	)		139,506
Additional paid-in capital		24,699			1,731,098			(1,899	)		(1,730,439	)		23,459
Accumulated other comprehensive loss		(217,084	)		-			-			-			(217,084	)
Retained earnings (accumulated deficit)		(152,252	)		(400,354	)		618			399,736			(152,252	)
Total stockholders' equity (deficit)		(205,131	)		1,333,545			(1,281	)		(1,333,504	)		(206,371	)
TOTAL LIABILITIES & STOCKHOLDERS'
EQUITY (DEFICIT)	$	653,377		$	1,986,978		$	194		$	(1,900,912	)	$	739,637

Media General, Inc.

Condensed Consolidating Balance Sheets

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 June 30, 2013

(In thousands, unaudited)

	Media General Corporate			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Media General Consolidated
Station revenue (less agency commissions)	$	6,941		$	82,020		$	-		$	(6,941	)	$	82,020
Operating costs:
Station production expenses		-			31,412			-			-			31,412
Station selling, general, and administrative expenses		-			30,149			-			(6,941	)		23,208
Corporate and other expenses		8,494			-			590			-			9,084
Depreciation and software amortization		449			5,187			-			-			5,636
Amortization of intangible assets		-			441			-			-			441
Net loss (gain) related to fixed assets		(30	)		141			-			-			111
Merger-related expenses		7,171			-			-			-			7,171
Total operating costs		16,084			67,330			590			(6,941	)		77,063
Operating income (loss)		(9,143	)		14,690			(590	)		-			4,957
Other income (expense):
Interest expense		(9,471	)		(21	)		-			-			(9,492	)
Interest expense - related party		(10,005	)		-			-			-			(10,005	)
Intercompany interest income (expense)		20,395			(20,395	)		-			-			-
Investment income (loss) - consolidated affiliates		(7,963	)		-			-			7,963			-
Other, net		41			(266	)		-			-			(225	)
Total other income (expense)		(7,003	)		(20,682	)		-			7,963			(19,722	)
Income (loss) from continuing operations before income taxes		(16,146	)		(5,992	)		(590	)		7,963			(14,765	)
Income tax expense		-			1,924			-			-			1,924
Income (loss) from continuing operations		(16,146	)		(7,916	)		(590	)		7,963			(16,689	)
Discontinued operations (net of tax):
Loss from discontinued operations		-			543			-			-			543
Net income (loss)	$	(16,146	)	$	(7,373	)	$	(590	)	$	7,963		$	(16,146	)
Comprehensive income (loss)	$	(15,499	)	$	(7,373	)	$	(590	)	$	7,963		$	(15,499	)

Media General, Inc.

Condensed Consolidating Statements of Operations

and Comprehensive Loss

Three Months Ended June 24, 2012

(In thousands, unaudited)

	Media General Corporate			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Media General Consolidated
Station revenue (less agency commissions)	$	7,267		$	83,502		$	-		$	(7,671	)	$	83,098
Operating costs:
Station production expenses		-			31,263			-			(413	)		30,850
Station selling, general, and administrative expenses		-			28,664			-			(7,290	)		21,374
Corporate and other expenses		7,176			661			(202	)		-			7,635
Depreciation and software amortization		565			5,076			-			-			5,641
Amortization of intangible assets		-			441			-			-			441
Net loss (gain) related to fixed assets		(422	)		243			-			-			(179	)
Total operating costs		7,319			66,348			(202	)		(7,703	)		65,762
Operating income (loss)		(52	)		17,154			202			32			17,336
Other income (expense):
Interest expense		(16,746	)		(16	)		-			-			(16,762	)
Interest expense - related party		(4,895	)		-			-			-			(4,895	)
Debt modification and extinguishment costs		(7,689	)		-			-			-			(7,689	)
Intercompany interest income (expense)		20,866			(20,866	)		-			-			-
Investment income (loss) - consolidated affiliates		(138,038	)		-			-			138,038			-
Other, net		258			(28	)		-			-			230
Total other income (expense)		(146,244	)		(20,910	)		-			138,038			(29,116	)
Income (loss) from continuing operations before income taxes		(146,296	)		(3,756	)		202			138,070			(11,780	)
Income tax expense		-			3,409			-			-			3,409
Income (loss) from continuing operations		(146,296	)		(7,165	)		202			138,070			(15,189	)
Discontinued operations (net of tax):
Income (loss) from discontinued operations		-			622			-			(32	)		590
Loss related to divestiture of operations		-			(131,697	)		-			-			(131,697	)
Net income (loss)	$	(146,296	)	$	(138,240	)	$	202		$	138,038		$	(146,296	)
Comprehensive income (loss)	$	(146,296	)	$	(138,240	)	$	202		$	138,038		$	(146,296	)

Media General, Inc.

Condensed Consolidating Statements of Operations

and Comprehensive Loss

Six Months Ended June 30, 2013

(In thousands, unaudited)

	Media General Corporate			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Media General Consolidated
Station revenue (less agency commissions)	$	11,988		$	155,959		$	-		$	(11,988	)	$	155,959
Operating costs:
Station production expenses		-			63,415			-			-			63,415
Station selling, general, and administrative expenses		-			57,743			-			(11,988	)		45,755
Corporate and other expenses		16,008			-			780			-			16,788
Depreciation and software amortization		881			10,276			-			-			11,157
Amortization of intangible assets		-			882			-			-			882
Net loss (gain) related to fixed assets		(73	)		141			-			-			68
Merger-related expenses		7,171			-			-			-			7,171
Total operating costs		23,987			132,457			780			(11,988	)		145,236
Operating income (loss)		(11,999	)		23,502			(780	)		-			10,723
Other income (expense):
Interest expense		(18,782	)		(39	)		-			-			(18,821	)
Interest expense - related party		(19,918	)		-			-			-			(19,918	)
Intercompany interest income (expense)		41,466			(41,466	)		-			-			-
Investment income (loss) - consolidated affiliates		(24,678	)		-			-			24,678			-
Other, net		70			(244	)		-			-			(174	)
Total other income (expense)		(21,842	)		(41,749	)		-			24,678			(38,913	)
Income (loss) from continuing operations before income taxes		(33,841	)		(18,247	)		(780	)		24,678			(28,190	)
Income tax expense		-			5,208			-			-			5,208
Income (loss) from continuing operations		(33,841	)		(23,455	)		(780	)		24,678			(33,398	)
Discontinued operations (net of tax):
Loss from discontinued operations		-			(413	)		-			-			(413	)
Loss related to divestiture of operations		-			(30	)		-			-			(30	)
Net income (loss)	$	(33,841	)	$	(23,898	)	$	(780	)	$	24,678		$	(33,841	)
Comprehensive income (loss)	$	(31,269	)	$	(23,898	)	$	(780	)	$	24,678		$	(31,269	)

Media General, Inc.

Condensed Consolidating Statements of Operations

and Comprehensive Loss

Six Months Ended June 24, 2012

(In thousands, unaudited)

	Media General Corporate			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Media General Consolidated
Station revenue (less agency commissions)	$	15,821		$	157,770		$	-		$	(16,279	)	$	157,312
Operating costs:
Station production expenses		-			61,373			-			(472	)		60,901
Station selling, general, and administrative expenses		-			57,833			-			(15,865	)		41,968
Corporate and other expenses		18,185			1,361			(35	)		-			19,511
Depreciation and software amortization		1,498			10,093			-			-			11,591
Amortization of intangible assets		-			1,754			-			-			1,754
Net loss (gain) related to fixed assets		(493	)		243			-			-			(250	)
Total operating costs		19,190			132,657			(35	)		(16,337	)		135,475
Operating income (loss)		(3,369	)		25,113			35			58			21,837
Other income (expense):
Interest expense		(31,882	)		(31	)		-			-			(31,913	)
Interest expense - related party		(4,895	)		-			-			-			(4,895	)
Debt modification and extinguishment costs		(18,097	)		-			-			-			(18,097	)
Intercompany interest income (expense)		35,571			(35,571	)		-			-			-
Investment income (loss) - consolidated affiliates		(158,515	)		-			-			158,515			-
Other, net		467			(55	)		-			-			412
Total other income (expense)		(177,351	)		(35,657	)		-			158,515			(54,493	)
Income (loss) from continuing operations before income taxes		(180,720	)		(10,544	)		35			158,573			(32,656	)
Income tax expense		-			6,817			-			-			6,817
Income (loss) from continuing operations		(180,720	)		(17,361	)		35			158,573			(39,473	)
Discontinued operations (net of tax):
Loss from discontinued operations		-			(9,492	)		-			(58	)		(9,550	)
Loss related to divestiture of operations		-			(131,697	)		-			-			(131,697	)
Net income (loss)	$	(180,720	)	$	(158,550	)	$	35		$	158,515		$	(180,720	)
Comprehensive income (loss)	$	(180,720	)	$	(158,550	)	$	35		$	158,515		$	(180,720	)

Media General, Inc.

Condensed Consolidating Statements of Cash Flows

Six Months Ended June 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) provided by operating activities	$	(10,658	)	$	4,462		$	(78	)	$	-		$	(6,274	)
Cash flows from investing activities:
Capital expenditures		(514	)		(6,863	)		-			-			(7,377	)
Collateral deposit related to letters of credit		1,366			-			-			-			1,366
Net change in intercompany note receivable		(2,727	)		-			-			2,727			-
Other, net		(179	)		91			-			-			(88	)
Net cash (used) provided by investing activities		(2,054	)		(6,772	)		-			2,727			(6,099	)
Cash flows from financing activities:
Net change in intercompany loan		-			2,727			-			(2,727	)		-
Other, net		737			-			78			-			815
Net cash provided (used) by financing activities		737			2,727			78			(2,727	)		815
Net (decrease) increase in cash and cash equivalents		(11,975	)		417			-			-			(11,558	)
Cash and cash equivalents at beginning of year		36,414			388			-			-			36,802
Cash and cash equivalents at end of period	$	24,439		$	805		$	-		$	-		$	25,244

Media General, Inc.

Condensed Consolidating Statements of Cash Flows

Six Months Ended June 24, 2012

(In thousands, unaudited)

	Media General Corporate			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Media General Consolidated
Cash flows from operating activities:
Net cash provided (used) by operating activities	$	17,928		$	2,243		$	40		$	-		$	20,211
Cash flows from investing activities:
Capital expenditures		(412	)		(3,841	)		-			-			(4,253	)
Collateral deposit related to letters of credit		(5,441	)		-			-						(5,441	)
Net change in intercompany note receivable		(472	)		-			-			472			-
Other, net		894			942			-			-			1,836
Net cash (used) provided by investing activities		(5,431	)		(2,899	)		-			472			(7,858	)
Cash flows from financing activities:
Increase in borrowings		13,000			-			-			-			13,000
Repayment of borrowings		(377,098	)		-			-			-			(377,098	)
Net change in intercompany loan		-			472			-			(472	)		-
Increase in related party borrowings		382,500			-			-			-			382,500
Repayment of related party borrowings		(10,000	)		-			-			-			(10,000	)
Debt issuance costs		(27,172	)		-			-			-			(27,172	)
Other, net		18			(8	)		(40	)		-			(30	)
Net cash (used) provided by financing activities		(18,752	)		464			(40	)		(472	)		(18,800	)
Net decrease in cash and cash equivalents		(6,255	)		(192	)		-			-			(6,447	)
Cash and cash equivalents at beginning of year		21,674			1,434			-			-			23,108
Cash and cash equivalents at end of period	$	15,419		$	1,242		$	-		$	-		$	16,661