Schedule of Condensed Financial Statements

9 Months Ended

Sep. 30, 2011

Schedule of Condensed Financial Statements [Abstract]

Schedule of Condensed Financial Statements

(5) In November 2009, the Company issued Senior Notes that are fully and unconditionally guaranteed by each of the Company’s 100%-owned subsidiaries as of the date of issuance. Accordingly, the following condensed consolidating financial statements present the consolidated balance sheets, consolidated statements of operations and consolidated statements of cash flows of Belo as parent, the guarantor subsidiaries consisting of Belo’s current 100%-owned subsidiaries, and eliminations necessary to arrive at the Company’s information on a consolidated basis. These statements are presented in accordance with the disclosure requirements under Securities and Exchange Commission Regulation S-X, Rule 3-10.

Condensed Consolidating Statement of Operations
For the Three Months Ended September 30, 2011
(in thousands)(unaudited)

				Guarantor
	Parent			Subsidiaries			Eliminations			Total
Net Operating Revenues	$	—		$	151,999		$	—		$	151,999
Operating Costs and Expenses
Station salaries, wages and employee benefits		—			52,467			—			52,467
Station programming and other operating costs		—			51,788			—			51,788
Corporate operating costs		4,190			922			—			5,112
Pension settlement charge and contribution reimbursements		—			—			—			—
Depreciation		340			7,274			—			7,614
Total operating costs and expenses		4,530			112,451			—			116,981
Earnings (loss) from operations		(4,530	)		39,548			—			35,018
Other Income and (Expense)
Interest expense		(17,753	)		(18	)		—			(17,771	)
Intercompany interest		833			(833	)		—			—
Other income (expense), net		(29	)		1,015			—			986
Total other income and (expense)		(16,949	)		164			—			(16,785	)
Earnings (loss) before income taxes		(21,479	)		39,712			—			18,233
Income tax benefit (expense)		2,976			(7,496	)		—			(4,520	)
Equity in earnings of subsidiaries		32,216			—			(32,216	)		—
Net earnings	$	13,713		$	32,216		$	(32,216	)	$	13,713

Condensed Consolidating Statement of Operations
For the Three Months Ended September 30, 2010
(in thousands)(unaudited)

				Guarantor
	Parent			Subsidiaries			Eliminations			Total
Net Operating Revenues	$	—		$	163,853		$	—		$	163,853
Operating Costs and Expenses
Station salaries, wages and employee benefits		—			53,273			—			53,273
Station programming and other operating costs		—			51,573			—			51,573
Corporate operating costs		7,894			844			—			8,738
Pension contribution reimbursement		(300	)		—			—			(300	)
Depreciation		355			8,094			—			8,449
Total operating costs and expenses		7,949			113,784			—			121,733
Earnings (loss) from operations		(7,949	)		50,069			—			42,120
Other Income and (Expense)
Interest expense		(20,010	)		(27	)		—			(20,037	)
Intercompany interest		1,722			(1,722	)		—			—
Other income (expense), net		(124	)		145			—			21
Total other income and (expense)		(18,412	)		(1,604	)		—			(20,016	)
Earnings (loss) before income taxes		(26,361	)		48,465			—			22,104
Income tax benefit (expense)		3,281			(11,440	)		—			(8,159	)
Equity in earnings of subsidiaries		37,025			—			(37,025	)		—
Net earnings	$	13,945		$	37,025		$	(37,025	)	$	13,945

Condensed Consolidating Statement of Operations
For the Nine Months Ended September 30, 2011
(in thousands)(unaudited)

				Guarantor
	Parent			Subsidiaries			Eliminations			Total
Net Operating Revenues	$	—		$	469,848		$	—		$	469,848
Operating Costs and Expenses
Station salaries, wages and employee benefits		—			160,828			—			160,828
Station programming and other operating costs		—			154,549			—			154,549
Corporate operating costs		15,756			2,347			—			18,103
Pension settlement charges and contribution reimbursements		20,466			—			—			20,466
Depreciation		963			22,282			—			23,245
Total operating costs and expenses		37,185			340,006			—			377,191
Earnings (loss) from operations		(37,185	)		129,842			—			92,657
Other Income and (Expense)
Interest expense		(53,739	)		(65	)		—			(53,804	)
Intercompany interest		3,631			(3,631	)		—			—
Other income (expense), net		(94	)		1,909			—			1,815
Total other income and (expense)		(50,202	)		(1,787	)		—			(51,989	)
Earnings (loss) before income taxes		(87,387	)		128,055			—			40,668
Income tax benefit (expense)		29,502			(42,684	)		—			(13,182	)
Equity in earnings of subsidiaries		85,371			—			(85,371	)		—
Net earnings	$	27,486		$	85,371		$	(85,371	)	$	27,486

Condensed Consolidating Statement of Operations
For the Nine Months Ended September 30, 2010
(in thousands)(unaudited)

				Guarantor
	Parent			Subsidiaries			Eliminations			Total
Net Operating Revenues	$	—		$	481,167		$	—		$	481,167
Operating Costs and Expenses
Station salaries, wages and employee benefits		—			156,408			—			156,408
Station programming and other operating costs		—			144,219			—			144,219
Corporate operating costs		23,378			2,824			—			26,202
Pension contribution reimbursement		(8,572	)		—			—			(8,572	)
Depreciation		1,426			25,036			—			26,462
Total operating costs and expenses		16,232			328,487			—			344,719
Earnings (loss) from operations		(16,232	)		152,680			—			136,448
Other Income and (Expense)
Interest expense		(59,650	)		(90	)		—			(59,740	)
Intercompany interest		5,128			(5,128	)		—			—
Other income (expense), net		(338	)		467			—			129
Total other income and (expense)		(54,860	)		(4,751	)		—			(59,611	)
Earnings (loss) before income taxes		(71,092	)		147,929			—			76,837
Income tax benefit (expense)		29,586			(59,411	)		—			(29,825	)
Equity in earnings of subsidiaries		88,518			—			(88,518	)		—
Net earnings	$	47,012		$	88,518		$	(88,518	)	$	47,012

Condensed Consolidating Balance Sheet
As of September 30, 2011
(in thousands)

			Guarantor
	Parent		Subsidiaries		Eliminations			Total
Assets
Current assets:
Cash and temporary cash investments	$	43,713	$	1,709	$	—		$	45,422
Accounts receivable, net		74		130,198		—			130,272
Income tax receivable		32,812		—		—			32,812
Other current assets		5,569		13,100		—			18,669
Total current assets		82,168		145,007		—			227,175
Property, plant and equipment, net		4,543		140,752		—			145,295
Intangible assets, net		—		725,399		—			725,399
Goodwill		—		423,873		—			423,873
Deferred income taxes		31,515		—		(31,515	)		—
Intercompany receivable		114,006		—		(114,006	)		—
Investment in subsidiaries		1,012,152		—		(1,012,152	)		—
Other assets		39,905		25,692		—			65,597
Total assets	$	1,284,289	$	1,460,723	$	(1,157,673	)	$	1,587,339
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	6,860	$	8,420	$	—		$	15,280
Accrued expenses		12,810		23,521		—			36,331
Short-term pension obligation		17,830		—		—			17,830
Accrued interest payable		18,372		—		—			18,372
Income taxes payable		3,471		—		—			3,471
Dividends payable		5,184		—		—			5,184
Deferred revenue		—		4,236		—			4,236
Total current liabilities		64,527		36,177		—			100,704
Long-term debt		886,778		—		—			886,778
Deferred income taxes		—		286,435		(31,515	)		254,920
Pension obligation		51,581		—		—			51,581
Intercompany payable		—		114,006		(114,006	)		—
Other liabilities		5,306		11,953		—			17,259
Total shareholders’ equity		276,097		1,012,152		(1,012,152	)		276,097
Total liabilities and shareholders’ equity	$	1,284,289	$	1,460,723	$	(1,157,673	)	$	1,587,339

Condensed Consolidating Balance Sheet
As of December 31, 2010
(in thousands)

			Guarantor
	Parent		Subsidiaries		Eliminations			Total
Assets
Current assets:
Cash and temporary cash investments	$	5,290	$	3,019	$	—		$	8,309
Accounts receivable, net		190		144,802		—			144,992
Income tax receivable		37,921		—		—			37,921
Other current assets		6,443		13,131		—			19,574
Total current assets		49,844		160,952		—			210,796
Property, plant and equipment, net		3,877		160,562		—			164,439
Intangible assets, net		—		725,399		—			725,399
Goodwill		—		423,873		—			423,873
Deferred income taxes		70,736		—		(70,736	)		—
Intercompany receivable		238,189		—		(238,189	)		—
Investment in subsidiaries		926,781		—		(926,781	)		—
Other assets		38,422		27,461		—			65,883
Total assets	$	1,327,849	$	1,498,247	$	(1,235,706	)	$	1,590,390
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	9,884	$	10,860	$	—		$	20,744
Accrued expenses		23,810		28,464		—			52,274
Short-term pension obligation		36,571		—		—			36,571
Income taxes payable		13,701		—		—			13,701
Deferred revenue		—		3,505		—			3,505
Accrued interest payable		10,405		—		—			10,405
Total current liabilities		94,371		42,829		—			137,200
Long-term debt		897,111		—		—			897,111
Deferred income taxes		—		277,501		(70,736	)		206,765
Pension obligation		155,510		—		—			155,510
Intercompany payable		—		238,189		(238,189	)		—
Other liabilities		10,215		12,947		—			23,162
Total shareholders’ equity		170,642		926,781		(926,781	)		170,642
Total liabilities and shareholders’ equity	$	1,327,849	$	1,498,247	$	(1,235,706	)	$	1,590,390

Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2011
(in thousands)(unaudited)

				Guarantor
	Parent			Subsidiaries			Total
Operations
Net cash provided by (used for) operations	$	(27,270	)	$	84,671		$	57,401
Investments
Capital expenditures		(3,067	)		(7,148	)		(10,215	)
Proceeds from disposition of real estate		—			5,919			5,919
Other investments, net		(648	)		619			(29	)
Net cash used for investments		(3,715	)		(610	)		(4,325	)
Financing
Net proceeds from revolving debt		32,000			—			32,000
Payments on revolving debt		(43,000	)		—			(43,000	)
Dividends paid		(5,184	)		—			(5,184	)
Net proceeds from exercise of stock options		106			—			106
Excess tax benefit from option exercises		115			—			115
Intercompany activity		85,371			(85,371	)		—
Net cash provided by (used for) financing activities		69,408			(85,371	)		(15,963	)
Net increase (decrease) in cash and temporary cash investments		38,423			(1,310	)		37,113
Cash and temporary cash investments at beginning of period		5,290			3,019			8,309
Cash and temporary cash investments at end of period	$	43,713		$	1,709		$	45,422

Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2010
(in thousands)(unaudited)

				Guarantor
	Parent			Subsidiaries			Total
Operations
Net cash provided by (used for) operations	$	(80,145	)	$	177,836		$	97,691
Investments
Capital expenditures		(554	)		(10,060	)		(10,614	)
Other, net		—			(119	)		(119	)
Net cash used for investments		(554	)		(10,179	)		(10,733	)
Financing
Net proceeds from revolving debt		49,700			—			49,700
Payments on revolving debt		(129,700	)		—			(129,700	)
Net proceeds from exercise of stock options		33			—			33
Excess tax benefit from option exercises		36			—			36
Intercompany activity		167,184			(167,184	)		—
Net cash provided by (used for) financing activities		87,253			(167,184	)		(79,931	)
Net increase in cash and temporary cash investments		6,554			473			7,027
Cash and temporary cash investments at beginning of period		3,646			1,154			4,800
Cash and temporary cash investments at end of period	$	10,200		$	1,627		$	11,827