Note 4 - Common Stock

12 Months Ended

Dec. 31, 2014

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Note 4: Common Stock 

Common Stock

On December 19, 2014, pursuant to the LIN Merger, each outstanding share of LIN common stock was converted into the right to receive an amount in cash equal to $25.97 or 1.4714 shares of no par value voting common stock of Media General. Media General issued 41,197,003 shares of voting common stock to LIN’s equity holders to effect the LIN Merger.

On November 12, 2013, pursuant to the merger agreement with Young, Media General reclassified all of the outstanding shares of its Class A common stock and Class B common stock (28,192,395 shares in the aggregate) into shares of no par value voting common stock. Each outstanding share of Young common stock and each issued and outstanding warrant to purchase Young common stock was converted into the right to receive 730.6171 shares of no par value voting common stock. Shares of common stock (and the associated price-per-share) for all periods presented reflect the applicable number of shares of no par value voting common stock. Warrants for the year ended 2012 have been restated to reflect the right to receive the applicable number of shares of no par value voting common stock. Media General issued 60,193,351 shares of voting common stock to Young’s equity holders to effect the merger transaction.

A few shareholders elected to receive (certain of their) shares in a separate class of unlisted Media General non-voting common stock. These shares were converted back to voting shares with the LIN Merger.

The following table shows common stock activity for the years ended December 31, 2014, 2013 and 2012:

	Voting			Non-voting
	Shares			Shares
Balance at December 31, 2011		53,062,528			1,469,271
Conversion of warrants		12,747,077			-
Conversion of common stock		1,039,668			(1,039,668	)
Repurchase of securities		(19,046,457	)		(429,603	)
Balance at December 31, 2012		47,802,816			-
Conversion of warrants		12,390,535			-
Young Merger transaction		27,363,510			828,885
Exercise of stock options		141,001			-
Performance accelerated restricted stock		(2,384	)		-
Other		17			-
Balance at December 31, 2013		87,695,495			828,885
Directors deferred compensation plan		172,557			-
LIN Merger		41,197,003			-
Exercise of stock options		106,798			-
Conversion of non-voting shares		828,885			(828,885	)
Performance accelerated restricted stock		(69,086	)		-
Other		160			-
Balance at December 31, 2014		129,931,812			-