MEDIA GENERAL INC

CIK:0000216539|SEC Filings

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net operating revenue	$ 377,356	$ 321,736	$ 1,083,525	$ 938,993
Operating costs:
Operating expenses, excluding depreciation expense	154,815	143,492	459,557	403,537
Selling, general and administrative expenses	74,623	78,777	229,102	238,298
Amortization of program license rights	12,666	12,822	36,808	36,627
Corporate and other expenses	8,671	12,598	37,124	37,615
Depreciation and amortization	40,762	40,385	121,220	123,286
(Gain) loss related to property and equipment, net	143	96	(538)	(328)
Goodwill and other intangible impairment	112,511	52,862	112,511	52,862
Merger-related expenses	1,360	10,014	68,803	18,907
Restructuring (income) expenses	(45)	1,132	4,933	1,132
Total operating costs	405,506	352,178	1,069,520	911,936
Operating income (loss)	(28,150)	(30,442)	14,005	27,057
Other income (expense):
Interest expense	(28,526)	(29,481)	(85,611)	(89,792)
Debt modification and extinguishment costs	(928)	(365)	(928)	(2,805)
Other, net	79	27	275	5,939
Total other income (expense)	(29,375)	(29,819)	(86,264)	(86,658)
Income (loss) before income taxes	(57,525)	(60,261)	(72,259)	(59,601)
Income tax benefit (expense)	(10,029)	4,374	(1,780)	3,915
Net income (loss)	(67,554)	(55,887)	(74,039)	(55,686)
Net income (loss) attributable to noncontrolling interests (included above)	1,153	(7,394)	2,360	(1,395)
Net income (loss) attributable to Media General	(68,707)	(48,493)	(76,399)	(54,291)
Other comprehensive income	0	0	0	0
Total comprehensive income (loss) attributable to Media General	$ (68,707)	$ (48,493)	$ (76,399)	$ (54,291)
Loss per common share (basic and diluted):
Net earnings (loss) per common share (basic) (in dollars per share)	$ (0.53)	$ (0.38)	$ (0.59)	$ (0.42)
Net earnings (loss) per common share (assuming dilution) (in dollars per share)	$ (0.53)	$ (0.38)	$ (0.59)	$ (0.42)

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net loss	$ (74,039)	$ (55,686)
Deferred income tax benefit	(2,221)	(5,769)
Depreciation and amortization	121,220	123,286
Amortization of program license rights	36,808	36,627
Goodwill and other intangible impairment	112,511	52,862
Amortization of debt premiums, discounts and issue costs	5,554	5,571
(Gain) loss related to property and equipment, net	(538)	(328)
Gain on relocation of spectrum	0	(5,620)
Stock-based compensation	5,588	10,292
Debt modification and extinguishment costs	928	2,805
Change in assets and liabilities:
Program license rights, net of liabilities	(37,453)	(33,123)
Trade accounts receivable	(14,949)	6,698
Company owned life insurance (cash surrender value less policy loans including repayments)	(687)	(275)
Trade accounts payable, accrued expenses and other liabilities	(4,308)	3,224
Retirement and postretirement plans	(10,388)	(14,759)
Other, net	3,630	9,691
Net cash provided by operating activities	141,656	135,496
Cash flows from investing activities:
Capital expenditures	(33,939)	(40,583)
Release of restricted cash at qualified intermediary	0	119,903
Proceeds from the sale of property and equipment	6,167	1,279
Proceeds from spectrum relocation	0	3,120
Other, net	(165)	(78)
Net cash provided (used) by investing activities	(27,937)	83,641
Cash flows from financing activities:
Borrowings under Media General Revolving Credit Facility	60,000	0
Repayments under Media General Revolving Credit Facility	(60,000)	0
Repayment of other borrowings	(517)	(873)
Repurchase of shares	0	(33,724)
Payment for acquisition of noncontrolling interest	(35,305)	(10,872)
Cash paid for debt modification	0	(3,425)
Exercise of stock options	1,935	1,848
Other, net	(701)	(546)
Net cash provided (used) by financing activities	(96,988)	(225,255)
Net increase (decrease) in cash and cash equivalents	16,731	(6,118)
Cash and cash equivalents at beginning of period	41,091	43,920
Cash and cash equivalents at end of period	57,822	37,802
Cash paid for interest	77,820	85,149
Cash paid for income taxes, net	2,921	4,883
Cash paid for Meredith termination fee	60,000	0
Senior Notes 2021 [Member]
Cash flows from financing activities:
Repayments of borrowings	0	(15,863)
Media General Credit Agreement [Member]
Cash flows from financing activities:
Repayments of borrowings	(60,000)	(160,000)
Shield Media Credit Agreement [Member]
Cash flows from financing activities:
Repayments of borrowings	$ (2,400)	$ (1,800)

Consolidated Condensed Balance Sheets - USD ($)
$ in Thousands

Sep. 30, 2016

Dec. 31, 2015

Current assets:

Cash and cash equivalents

$ 57,822

$ 41,091

Trade accounts receivable (less allowance for doubtful accounts 2016 - $4,966; 2015 - $4,634)

311,826

298,474

Prepaid expenses and other current assets

15,515

15,083

Total current assets

385,163

354,648

Property and equipment, net of accumulated depreciation (2016 - $196,187; 2015 - $145,274)

445,591

470,537

Other assets, net

30,455

38,070

Definite lived intangible assets, net of accumulated amortization (2016 - $206,412; 2015 - $138,072)

788,000

871,129

Broadcast licenses

1,097,100

Goodwill

1,451,036

1,544,624

Total assets

^[1]

4,197,345

4,376,108

Current liabilities:

Trade accounts payable

18,074

35,800

Accrued salaries and wages

25,084

21,465

Accrued expenses and other current liabilities

105,920

95,500

Current installments of long-term debt

3,547

3,804

Current installments of obligation under capital leases

797

859

Total current liabilities

153,422

157,428

Long-term debt, net

2,147,336

2,199,110

Deferred tax liability and other long-term tax liabilities

313,013

315,234

Long-term capital lease obligations

13,553

14,012

Retirement and postretirement plans

172,599

182,987

Other liabilities

26,140

34,920

Total liabilities

^[2]

2,826,063

2,903,691

Commitments and contingencies

Noncontrolling interests

4,044

24,447

Stockholders' equity:

Preferred stock (no par value): authorized 50,000,000 shares; none outstanding

Voting common stock, authorized 400,000,000 shares; issued 2016 - 129,302,903 and 2015 - 128,600,384

1,301,269

1,305,155

Accumulated other comprehensive loss

(31,224)

Retained earnings

97,193

174,039

Total stockholders' equity

1,367,238

1,447,970

Total liabilities, noncontrolling interest and stockholders' equity (deficit)

4,197,345

4,376,108

Total assets of variable interest entities(VIE)

141,000

145,000

Total liabilities of variable interest entities (VIE)

$ 31,000

$ 38,000

[1]	Consolidated assets as of September 30, 2016 and December 31, 2015, include total assets of variable interest entities (VIEs) of $141 million and $145 million, respectively, which can only be used to settle the obligations of the VIEs. See Note 1 and Note 3.
[2]	Consolidated liabilities as of September 30, 2016 and December 31, 2015, include total liabilities of VIEs of $31 million and $38 million, respectively, for which the creditors of the VIEs have no recourse to the Company, except for certain of the debt, which the Company guarantees. See Note 1 and Note 3.