Montrose Environmental 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 05, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	MEDIA GENERAL INC
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		127,763,055
Amendment Flag	false
Entity Central Index Key	216,539
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets (Unaudited) - USD ($) $ / shares in Thousands, $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents		$ 72,078	$ 43,920
Restricted cash at qualified intermediary		0	119,903
Trade accounts receivable (less allowance for doubtful accounts 2015 - $4,495; 2014 - $5,475)		246,295	265,169
Current deferred tax asset		51,732	55,754
Prepaid expenses and other current assets		36,739	39,098
Total current assets		406,844	523,844
Property and equipment, net of accumulated depreciation 2015 - $105,736; 2014 - $68,141		483,581	499,472
Other assets, net		71,290	78,999
Definite lived intangible assets, net of accumulated amortization 2015 - $93,868; 2014 - $48,485		912,487	956,300
Broadcast licenses		1,097,100	1,097,100
Goodwill		1,597,486	1,597,486
Total assets	[1]	4,568,788	4,753,201
Total liabilities of VIEs (in Dollars)		39,000	43,000
Total assets of variable interest entities(VIE) (in Dollars)		153,000	151,000
Current liabilities
Trade accounts payable		33,293	36,359
Preferred stock (no par value): authorized 50,000,000 shares; none outstanding		24,822	36,634
Accrued expenses and other current liabilities		108,940	104,092
Current installments of long-term debt		3,404	11,781
Current installments of obligation under capital leases		856	815
Total current liabilities		171,315	189,681
Long-term debt excluding current maturities		2,272,695	2,400,162
Deferred tax liability and other long-term tax liabilities		359,229	364,289
Long-term capital lease obligations		14,436	14,869
Retirement and postretirement plans		202,994	211,264
Other liabilities		35,005	38,034
Total liabilities	[2]	$ (3,055,674)	$ (3,218,299)
Commitments and contingencies
Noncontrolling interests		$ 31,065	$ 34,481
Stockholders' equity:
Preferred stock (no par value): authorized 50,000,000 shares; none outstanding		$ 0	$ 0
Common stock (no par value):
Accumulated other comprehensive loss		$ (36,445)	$ (36,445)
Retained earnings		207,353	214,582
Total stockholders (deficit) equity		1,482,049	1,500,421
Total liabilities, noncontrolling interests and stockholders' equity		4,568,788	4,753,201
Voting common stock
Common stock (no par value):
Voting common stock, authorized 400,000,000 shares; issued 2015 - 128,618,288 and 2014 - 129,931,812		$ 1,311,141	$ 1,322,284
[1]	Consolidated assets as of June 30, 2015 and December 31, 2014, include total assets of variable interest entities (VIEs) of $153 million and $151 million, respectively, which can only be used to settle the obligations of the VIEs. See Note 1 and Note 4.
[2]	Consolidated liabilities as of June 30, 2015 and December 31, 2014, include total liabilities of VIEs of $39 million and $43 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 4.

Consolidated Condensed Balance3

Consolidated Condensed Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Trade accounts receivable, allowance for doubtful accounts (in Dollars)	$ 4,495,000	$ 5,475,000
Accumulated depreciation	105,736	68,141
Accumulated amortization	$ 93,868	$ 48,485
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares outstanding	0	0
Voting common stock
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	128,618,288	129,931,812

Consolidated Condensed Statemen

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net operating revenue	$ 320,523	$ 154,111	$ 617,257	$ 298,029
Operating costs:
Operating expenses, excluding depreciation expense	134,169	50,818	260,045	101,433
Selling, general and administrative expenses	79,051	41,930	159,521	84,262
Amortization of program license rights	12,047	4,947	23,805	9,910
Corporate and other expenses	12,366	7,633	25,017	14,211
Depreciation and amortization	42,618	16,440	82,901	32,635
(Gain) loss related to property and equipment, net	(196)	992	(424)	221
Merger-related and restructuring expenses	3,616	9,314	8,893	14,066
Total operating costs	283,671	132,074	559,758	256,738
Operating income	36,852	22,037	57,499	41,291
Other income (expense):
Interest expense	(29,288)	(9,616)	(60,311)	(19,606)
Debt modification and extinguishment costs	(1,827)	(85)	(2,440)	(183)
Other, net	2,622	85	5,912	0
Total other expense	(28,493)	(9,616)	(56,839)	(19,789)
Income before income taxes	8,359	12,421	660	21,502
Income tax expense	(3,616)	(5,529)	(459)	(9,171)
Net income	4,743	6,892	201	12,331
Net income attributable to noncontrolling interests (included above)	3,108	106	5,999	160
Net income (loss) attributable to Media General	1,635	6,786	(5,798)	12,171
Other comprehensive income	0	0	0	0
Total comprehensive income	4,743	6,892	201	12,331
Other comprehensive income attributable to noncontrolling interest	0	0	0	0
Total comprehensive income (loss) attributable to Media General	$ 1,635	$ 6,786	$ (5,798)	$ 12,171
Earnings (loss) per common share (basic and diluted):
Net earnings (loss) per common share (basic) (in Dollars per share)	$ 0.01	$ 0.08	$ (0.04)	$ 0.14
Net earnings per common share (assuming dilution) (in Dollars per share)	$ 0.01	$ 0.08	$ (0.04)	$ 0.14

Consolidated Condensed Stateme5

Consolidated Condensed Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Net income	$ 201,000	$ 12,331,000
Adjustments to reconcile net income:
Deferred income tax (benefit) expense	(1,041,000)	8,890,000
Depreciation and amortization	82,901,000	32,635,000
Amortization of program license rights	23,805,000	9,910,000
Non-cash interest expense	943,000	243,000
(Gain) loss on disposal of property and equipment, net	(424,000)	221,000
Gain on relocation of spectrum	(5,620,000)	0
Stock-based compensation	6,860,000	171,000
Debt modification and extinguishment costs	2,440,000	183,000
Change in assets and liabilities:
Program license rights, net of liabilities	(23,269,000)	(10,199,000)
Trade accounts receivable	19,854,000	951,000
Company owned life insurance (cash surrender value less policy loans including repayments)	(347,000)	(1,309,000)
Trade accounts payable, accrued expenses and other liabilities	(8,599,000)	453,000
Contributions to retirement plans	(1,250,000)	(47,480,000)
Other, net	(66,000)	(4,181,000)
Net cash provided by operating activities	96,388,000	2,819,000
Capital expenditures	(24,050,000)	(8,372,000)
Release of restricted cash at qualified intermediary	119,903,000	0
Payment/deposit for acquisition of station assets	0	(8,340,000)
Deferred proceeds related to sale of property	0	24,535,000
Proceeds from the sale of property and equipment	691,000	1,072,000
Proceeds from spectrum relocation	3,120,000	0
Other, net	(69,000)	980,000
Net cash provided (used) by investing activities	99,595,000	9,875,000
Repayment of borrowings		(10,000,000)
Repayment of other borrowings	(580,000)	0
Principal borrowings under revolving credit facility	0	10,000,000
Repayment of borrowings under revolving credit facility	0	(10,000,000)
Payment for share repurchases	(18,747,000)	0
Payment for the acquisition of noncontrolling interest	(9,218,000)	0
Cash paid for debt modification	(3,425,000)	0
Other, net	345,000	(946,000)
Net cash used by financing activities	(167,825,000)	(66,146,000)
Net increase (decrease) in cash and cash equivalents	28,158,000	(53,452,000)
Cash and cash equivalents at beginning of period	43,920,000	71,618,000
Cash and cash equivalents at end of period	72,078,000	18,166,000
Cash paid for interest	63,724,000	20,871,000
Cash paid for income taxes, net	3,838	930
Cash flows from financing activities:
Net increase (decrease) in cash and cash equivalents	28,158,000	(53,452,000)
Cash and cash equivalents at beginning of period	43,920,000	71,618,000
Cash and cash equivalents at end of period	72,078,000	18,166,000
Cash paid for interest	63,724,000	20,871,000
Cash paid for income taxes, net	3,838	930
Media General Credit Agreement
Change in assets and liabilities:
Repayment of borrowings	(135,000,000)	(64,000,000)
Shield Media Credit Agreement
Change in assets and liabilities:
Repayment of borrowings	$ (1,200,000)	$ (1,200,000)

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States and with applicable quarterly reporting regulations of the Securities and Exchange Commission. They do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements and, accordingly, should be read in conjunction with the consolidated financial statements and related footnotes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 . In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of interim financial information have been included. On December 19, 2014 (the "Closing Date"), Media General, Inc., now known as MGOC, Inc. (“Old Media General”), and LIN Media LLC, a Delaware limited liability company (“LIN Media” or “LIN”) were combined in a business combination transaction (the “LIN Merger”). As a result of the LIN merger, Media General, Inc., formerly known as Mercury New Holdco, Inc. (“New Media General”, "Media General" or the “Company”) became the parent public reporting company of the combined company; LIN Television Corporation (“LIN Television”) became a direct, wholly owned subsidiary of New Media General; and Old Media General became a direct, wholly owned subsidiary of LIN Television and an indirect, wholly owned subsidiary of New Media General. The merger was accounted for in accordance with FASB Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”), and New Media General was the acquirer. References to Media General, we, us, or the Company in this Item 1 that include any period at and before the effectiveness of the LIN Merger shall be deemed to refer to Old Media General as the predecessor registrant to New Media General. The consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries and certain variable interest entities (“VIE”) for which the Company is considered to be the primary beneficiary. Significant intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company is the primary beneficiary of a VIE for financial reporting purposes, the Company considers whether it has the power to direct certain activities of the VIE that most significantly impact the economic performance of the VIE and whether it has the obligation to absorb losses or the right to receive returns that would be significant to the VIE. Assets of consolidated VIE’s can only be used to settle the obligations of that VIE. As discussed in Note 4, the Company consolidates the results of WXXA, WLAJ, WBDT, WYTV, KTKA, KWBQ, KRWB, and KASY pursuant to the VIE accounting guidance. All the liabilities are non-recourse to the Company, except for certain of the debt, which the Company guarantees. The Company is also the primary beneficiary of the VIE that holds the Supplemental 401(k) Plan’s investments and consolidates the plan accordingly. The Company guarantees all of LIN Television's debt and the debt of its consolidated VIEs. LIN Television guarantees all of the debt of its restricted wholly owned subsidiaries and the debt of its consolidated VIEs. All of the consolidated wholly owned subsidiaries of LIN Television fully and unconditionally guarantee LIN Television's 5.875% Senior Notes due 2022 (the “2022 Notes”) and the 6.375% Senior Notes due 2021 (the "2021 Notes") on a joint-and-several basis, subject to customary release provisions. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. ASU 2015-03 is effective for annual periods beginning on or after December 15, 2015. As a result the Company expects to reclassify the unamortized balance of the $36 million of debt issuance costs currently included in "Other assets, net" on the Consolidated Condensed Balance Sheet to Long-term debt upon adoption of the guidance in early 2016.

Mergers, Acquisitions and Dispo

Mergers, Acquisitions and Dispositions	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Mergers, Acquisitions and Dispositions	Mergers, Acquisitions and Dispositions LIN Merger As described in Note 1, Old Media General and LIN were combined under New Media General, a newly formed holding company, that was renamed Media General. This combination increased the scale of the combined entity. In connection with the LIN Merger, the Company issued a total of approximately 41,239,715 shares of voting common stock and paid approximately $763 million in cash to the former LIN Media shareholders. The total purchase price of the LIN Merger was approximately $2.4 billion . The LIN Merger was financed using proceeds from the Company and LIN Television’s borrowings under the credit agreement, as defined and more fully described in Note 5. In connection with the LIN Merger, the Company sold WJAR-TV in Providence, RI, WLUK-TV and WCWF-TV in Green Bay-Appleton, WI, certain assets of WTGS-TV in Savannah, GA, WJCL-TV in Savannah, GA, WVTM-TV in Birmingham, AL and WALA-TV in Mobile, AL for approximately $360 million and purchased KXRM-TV and KXTU-LD in Colorado Springs, CO and WTTA-TV in Tampa, FL for approximately $93 million . The assets of the stations sold included goodwill of approximately $84 million . Following the LIN Merger and the divestitures and acquisitions discussed above, the Company now owns or operates 71 stations across 48 markets. The Company also has a digital media portfolio comprised of six digital offerings: LIN Digital, LIN Mobile, Federated Media, Dedicated Media, HYFN, and BiteSize TV. The LIN Merger closed during December 2014. The initial allocated fair value of the acquired assets and assumed liabilities of LIN (including the acquisitions of the stations in Colorado Springs and Tampa discussed above) was adjusted during the six -months ended June 30, 2015 based on information that became available to management subsequent to the acquisition date. These adjustments were retroactively applied to the December 31, 2014 balances. The fair value of the consideration paid related to the LIN Merger increased by $1.2 million as well. The initial allocated fair value, including adjustments during the six months ended June 30, 2015 , is presented below: Initial Allocation of Fair Value (In thousands) June 30, Adjustments December 31, Current assets acquired $ 217,816 $ (700 ) $ 218,516 Property and equipment 284,217 4,093 280,124 Other assets acquired 12,812 — 12,812 FCC broadcast licenses 588,042 (26,900 ) 614,942 Definite lived intangible assets 786,705 46,640 740,065 Goodwill 1,119,957 (12,581 ) 1,132,538 Deferred income tax liabilities recorded in conjunction with the acquisition (338,535 ) (7,888 ) (330,647 ) Current liabilities assumed (112,917 ) (1,400 ) (111,517 ) Other liabilities assumed (79,267 ) (82 ) (79,185 ) Total $ 2,478,830 $ 2,477,648 Current assets acquired included cash and cash equivalents of $26 million and trade accounts receivable of $166 million . The amount allocated to definite-lived intangible assets represents the estimated fair values of network affiliations of $497 million , advertiser and publisher relationships of $220 million , $37 million of local marketing agreements (LMA), $16 million of technology and trade names and favorable lease assets of $17 million . These intangible assets will be amortized over their weighted-average estimated remaining useful lives of 15 years for network affiliations, 5 - 7 years for the advertiser relationships, 20 years for LMA agreements, 5 years for technology and trade names and 10 years for favorable lease assets. Acquired property and equipment will be depreciated on a straight-line basis over the respective estimated remaining useful lives. None of the goodwill recognized in connection with the LIN Merger is expected to be tax deductible. The initial allocation presented above is based upon management’s preliminary estimate of the fair values using valuation techniques including income, cost and market approaches. In estimating the fair value of the acquired assets and assumed liabilities, the fair value estimates are based on, but not limited to, expected future revenue and cash flows, expected future growth rates and estimated discount rates. Network affiliations and advertiser relationships were valued primarily using an excess earnings income approach. The broadcast licenses represent the estimated fair value of the FCC license using a “Greenfield” income approach. Under this approach, the broadcast license is valued by analyzing the estimated after-tax discounted future cash flows of an average market participant. Property and equipment was primarily valued using a cost approach. Acquired program license rights will be amortized to operating expense over the estimated broadcast period in an amount equal to the relative benefit that is expected to be derived from the airing of the program, or on a straight line basis over the life of the program where the expected useful life is one year or less. The Company incurred $0.9 million and $3.6 million of legal, accounting and other professional fees and expenses during the three and six month periods ended June 30, 2015 , respectively, related to the merger with LIN.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Information	Segment Information During 2015 , as a result of the LIN Merger discussed in Note 2, the Company began assessing and internally reporting financial information for the broadcast business and the digital business separately. As a result, we now have two reportable operating segments, “Broadcast” and “Digital” that are disclosed separately from our corporate activities. The Broadcast segment includes 71 television stations that are either owned, operated or serviced by the Company in 48 U.S. markets, all of which are engaged principally in the sale of television advertising. The Digital segment includes the operating results of the digital companies (LIN Digital, LIN Mobile, HYFN, Dedicated Media, BiteSize TV, and Federated Media) as well as the business operations related to the television station companion websites. Unallocated corporate expenses primarily include costs to operate as a public company and to operate corporate locations. The Company identifies operating segments based on how the chief operating decision maker (“CODM”) allocates resources, assesses performance and makes decisions. The CODM is the President, and Chief Executive Officer. The CODM evaluates performance and allocates resources based on operating income or loss for the Broadcast and Digital segments, excluding non-segment expenses. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2015 2014 2015 2014 Revenues Broadcast $ 284,102 $ 148,156 $ 550,586 $ 287,150 Digital 36,421 5,955 66,671 10,879 Revenues $ 320,523 $ 154,111 $ 617,257 $ 298,029 Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2015 2014 2015 2014 Operating income Broadcast $ 96,165 $ 54,935 $ 176,986 $ 100,905 Digital (909 ) 1,481 (3,100 ) 1,519 Segment operating income 95,256 56,416 173,886 102,424 Corporate and other expenses (12,366 ) (7,633 ) (25,017 ) (14,211 ) Depreciation and amortization (42,618 ) (16,440 ) (82,901 ) (32,635 ) Gain (loss) related to property and equipment, net 196 (992 ) 424 (221 ) Merger-related expenses and restructuring expenses (3,616 ) (9,314 ) (8,893 ) (14,066 ) Operating income $ 36,852 $ 22,037 $ 57,499 $ 41,291 (in thousands) June 30, December 31, Assets Broadcast $ 3,991,242 $ 4,062,428 Digital 360,181 373,718 Segment assets 4,351,423 4,436,146 Corporate 217,365 317,055 Total assets $ 4,568,788 $ 4,753,201

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities Shield Media Entities Shield Media LLC and Shield Media Lansing LLC, through their respective subsidiaries, WXXA-TV LLC (“WXXA”) and WLAJ-TV LLC (“WLAJ”), have Joint Sales Agreements (“JSA”) and Shared Service Agreements (“SSA”) in place with the Company. Under these agreements the Company provides a variety of operational and administrative services for WXXA and WLAJ (the “Shield Stations”). In return, the Company is paid a JSA fee from the ad sales collected and is also paid an SSA fee for providing the operational services. If, in a given period, expenses incurred by WXXA and/or WLAJ exceed their revenue share and the Shield Stations are not in a position to pay the Company the JSA and/or SSA fees, the Company would be at a loss for the services provided. Under the JSA/SSA agreements, if at any time the Shield Stations default on its loan, the Company, as the guarantor of the Shield Station loans, would be the responsible party. Additionally, the Company has options to acquire the Shield Stations at any time, subject to FCC consent, until the expiration of the applicable JSA. The Company determined that the Shield stations are VIEs and as a result of the JSAs and/or SSAs, it has a variable interest in these entities. Other JSA and SSA Entities Beginning on December 19, 2014, the Company has a JSA and an SSA with WBDT Television, LLC (“WBDT”), a third party licensee for WBDT-TV in the Dayton, OH market. It also has JSAs and SSAs with affiliates of Vaughan Acquisition LLC (“Vaughan”), a third-party licensee for WYTV-TV in the Youngstown, OH market and KTKA-TV in the Topeka, KS market and SSAs with KASY-TV Licensee, LLC (“KASY”), a third-party licensee, for KWBQ-TV in the Santa Fe, NM market, KRWB-TV in the Roswell, NM market and KASY-TV in the Albuquerque, NM market. Under these agreements, the Company provides administrative services to these stations, has an obligation to reimburse certain of the stations' expenses, and is compensated through a performance-based fee structure that provides the Company the benefit of certain returns from the operation of these stations. The company determined that WBDT, Vaughan and KASY are VIEs and as a result of the JSAs and/or SSAs, it has a variable interest in these entities. The Company is the primary beneficiary of the Shield Stations and other JSA and SSA entities described above and therefore, the financial results and financial position of these entities have been consolidated by the Company in accordance with the VIE accounting guidance. The carrying amounts and classification of the assets and liabilities of the Shield Stations and the other JSA and SSA entities described above, which have been included in the consolidated balance sheets as of June 30, 2015 , and December 31, 2014 , were as follows: (In thousands) June 30, December 31, Assets Current assets Cash and cash equivalents $ 10,970 $ 3,846 Trade accounts receivable (less allowance for doubtful accounts 2015 - $82; 2014 - $99) 8,628 10,336 Prepaid expenses and other current assets 920 1,156 Total current assets 20,518 15,338 Property and equipment, net 3,528 5,402 Other assets, net 1,652 2,011 Definite lived intangible assets, net 33,870 34,885 Broadcast licenses 71,300 71,300 Goodwill 21,859 21,859 Total assets $ 152,727 $ 150,795 Liabilities Current liabilities Trade accounts payable $ 80 $ 56 Other accrued expenses and other current liabilities 2,282 6,839 Current installments of long-term debt 3,411 3,562 Total current liabilities 5,773 10,457 Long-term debt 26,520 28,150 Other liabilities 6,851 3,914 Total liabilities $ 39,144 $ 42,521 The December 31, 2014 balances included above were adjusted to reflect the purchase price adjustment discussed in Note 2. The assets of the Company’s consolidated VIEs can only be used to settle the obligations of the VIEs and may not be sold, or otherwise disposed of, except for assets sold or replaced with others of like kind or value. At June 30, 2015 , the Company has an option to acquire the assets or member's interest of the VIE entities that it may exercise if the FCC attribution rules change to permit the Company to acquire such interest. The option exercise price is of nominal value and significantly less than the carrying value of their tangible and intangible net assets. The options are carried at zero on the Company’s consolidated balance sheet, as any value attributable to the options is eliminated in the consolidation of the VIEs. In an order adopted in March 2014, the FCC concluded that JSAs should be “attributable” for purposes of the media ownership rules if they permit a television licensee to sell more than 15% of the commercial inventory of a television station owned by a third party in the same market. Stations with JSAs that would put them in violation of the new rules have until December 19, 2016 to amend or terminate those arrangements, unless they are able to obtain a waiver of such rules. Accordingly, absent further developments, or the grant of waivers, the Company will be required to modify or terminate its existing JSAs no later than December 19, 2016. In July 2015 the Company received a $9 million dividend from the Shield Stations and these funds became available to settle the obligations of the Company.

Debt and Other Financial Instru

Debt and Other Financial Instruments	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt and Other Financial Instruments	Debt and Other Financial Instruments Long-term debt at June 30, 2015 , and December 31, 2014 , was as follows: (In thousands) 2015 2014 Media General Credit Agreement $ 1,566,000 $ 1,701,000 2022 Notes 400,000 400,000 2021 Notes 290,000 290,000 Shield Media Credit Agreement 28,400 29,600 Other borrowings 1,524 2,111 Total debt 2,285,924 2,422,711 Less: net unamortized discount (9,825 ) (10,768 ) Less: scheduled current maturities (3,404 ) (11,781 ) Long-term debt excluding current maturities $ 2,272,695 $ 2,400,162 Media General Credit Agreement In July 2013, the Company entered into a credit agreement with a syndicate of lenders to provide the Company with a term loan and access to a revolving credit facility. The funds borrowed under the credit agreement and subsequent amendments (together the "Credit Agreement") have been used by the Company to facilitate acquisitions and mergers. The term loan under the Credit Agreement matures in July 2020 and bears interest at LIBOR (with a floor of 1% ) plus a margin of 3% . The Company repaid $100 million and $135 million of principal on the term loan during the three and six months ended June 30, 2015 , respectively. The early repayments of debt resulted in debt extinguishment costs of $1.8 million and $2.4 million during the three and six months ended June 30, 2015, respectively, due to the accelerated recognition of deferred debt-related items. As of June 30, 2015 , there was $1.566 billion outstanding under the Credit Agreement. The revolving credit facility under the Credit Agreement also includes revolving credit commitments of $150 million . The revolving credit facility matures in October 2019, bears an interest rate of LIBOR plus a margin of 2.75% and is subject to a 0.5% commitment fee per annum with respect to the undrawn portion of the facility. The Company has $147 million of availability under the revolving credit facility (giving effect to $3 million of letters of credit which have been issued but are undrawn). Shield Media Credit Agreement Shield Media LLC (and its subsidiary WXXA) and Shield Media Lansing LLC (and its subsidiary WLAJ) (collectively, “Shield Media”), companies that control subsidiaries with which the Company has joint sales and shared services arrangements for 2 stations as described in Note 4, entered into a new credit agreement with a syndicate of lenders, dated July 31, 2013. The term loans outstanding under this agreement mature in July 2018 and bear interest at LIBOR plus a margin of 3.25% . The Shield Media term loans are guaranteed by the Company and are secured by liens on substantially all of the assets of the Company, on a pari passu basis with the Credit Agreement. The Company repaid $0.6 million and $1.2 million of principal on the term loan during the three and six months ended June 30, 2015 , respectively. 2022 Notes On November 5, 2014, a wholly owned subsidiary of Old Media General completed the issuance of $400 million in aggregate principal amount of 5.875% Senior Unsecured Notes due in 2022 (the “2022 Notes”) in connection with the financing of the LIN Merger. The net proceeds from offering of the 2022 Notes were used to repay certain indebtedness of LIN Media in connection with the LIN Merger, including the satisfaction and discharge of LIN Television’s $200 million aggregate principal amount of 8.375% Senior Notes due 2018 and the payment of related fees and expenses. The 2022 Notes were issued under an indenture, dated as of November 5, 2014 (the “2022 Notes Indenture”). New Media General, as the new direct parent of LIN Television, and certain of the wholly owned subsidiaries of LIN Television provide full and unconditional guarantees to the 2022 Notes, on a senior basis. 2021 Notes LIN Television’s previously issued 6.375% Senior Notes due 2021 with an aggregate principal amount outstanding of $290 million remained outstanding as of the Closing Date (the “2021 Notes”). Following the consummation of the LIN Merger, New Media General, as the new direct parent of LIN Television, and certain of the wholly owned subsidiaries of LIN Television provide full and unconditional guarantees of the 2021 Notes, on a senior basis. Fair Value The following table includes information about the carrying values and estimated fair values of the Company’s financial instruments at June 30, 2015 , and December 31, 2014 : June 30, 2015 December 31, 2014 Carrying Fair Carrying Fair (In thousands) Amount Value Amount Value Assets: Investments Trading securities $ 449 $ 449 $ 449 $ 449 Liabilities: Long-term debt: Media General Credit Agreement 1,556,670 1,555,388 1,690,753 1,686,000 2022 Notes 398,163 395,357 398,038 397,000 2021 Notes 291,342 300,875 291,442 289,000 Shield Media Credit Agreement 28,400 28,400 29,600 29,600 Other borrowings 1,524 1,524 2,111 2,111 Trading securities held by the Supplemental 401(k) Plan are carried at fair value and are determined by reference to quoted market prices. The fair value of the 2021 Notes was determined by reference to the most recent trading prices. The fair value of all other debt instruments were determined using discounted cash flow analysis' and an estimate of the current borrowing rate. Under the fair value hierarchy, the Company’s trading securities fall under Level 1 (quoted prices in active markets), the 2021 Notes fall under Level 2 (other observable inputs) and the Media General Credit Agreement, 2022 Notes, Shield Media Credit Agreement and the Other Borrowings fall under Level 3 (unobservable inputs).

Taxes on Income

Taxes on Income	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Taxes on Income	Taxes on Income The effective tax rate was 43.3% in the second quarter of 2015 as compared to 44.5% in the second quarter of 2014 and 69.6% in the first six months of 2015 as compared 42.7% in the equivalent prior-year period. The high tax rate in both periods was due primarily to the relative dollar amount of merger-related expenses (a significant portion of which will not be deductible) and other permanent book-tax differences, as compared to much lower levels of pre-tax income. The tax expense in both years was predominantly non-cash due to the Company’s interim net loss for tax purposes and significant net operating loss carryover. Current tax expense was approximately $1.3 million and $0.2 million in the second quarter of 2015 and 2014 respectively and was approximately $1.5 million and $0.3 million in the first six months of 2015, and 2014, respectively; it was attributable to state income taxes.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the computation of basic and diluted income per share for the three and six months ended June 30, 2015 , and 2014 : Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 (In thousands, except Income Shares Per Share Income Shares Per Share per share amounts) (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Net income attributable to Media General $ 1,635 $ 6,786 Undistributed earnings attributable to participating securities (4 ) (43 ) Basic EPS Income attributable to common stockholders $ 1,631 129,201 $ 0.01 $ 6,743 88,473 $ 0.08 Effect of dilutive securities: Stock options and warrants 1,435 519 Diluted EPS Income attributable to common stockholders $ 1,631 130,636 $ 0.01 $ 6,743 88,992 $ 0.08 Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 (In thousands, except Income Shares Per Share Income Shares Per Share per share amounts) (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Net income (loss) attributable to Media General $ (5,798 ) $ 12,171 Undistributed earnings attributable to participating securities — (84 ) Basic EPS Income (loss) attributable to common stockholders $ (5,798 ) 129,275 $ (0.04 ) $ 12,087 88,399 $ 0.14 Effect of dilutive securities: Stock options and warrants — 512 Diluted EPS Income (loss) attributable to common stockholders $ (5,798 ) 129,275 $ (0.04 ) $ 12,087 88,911 $ 0.14 We have excluded 1.5 million of common shares issuable for share options and restricted shares from the calculation of diluted earnings per share for the six months ended June 30, 2015 because the net loss causes these shares to be anti-dilutive.

Retirement and Postretirement P

Retirement and Postretirement Plans	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Retirement and Postretirement Plans	Retirement and Postretirement Plans The Company has a funded, qualified non-contributory defined benefit retirement plan which covers substantially all Legacy Media General employees hired before 2007 and IBEW Local 45 employees of KRON-TV with benefits which vested prior to 2006, as well as a non-contributory unfunded supplemental executive retirement and ERISA excess plans which supplement the coverage available to certain executives. These retirement plans are frozen. In conjunction with the LIN Merger, the Company assumed liability for an additional defined benefit retirement plan as well as a supplemental retirement plan. Both plans are frozen. The Company is required to make contributions to the supplemental retirement plan for the then eligible employees and certain other employees based on 5% of each participant’s eligible compensation. The Company also has a retiree medical savings account plan which reimburses eligible employees who retire for certain medical expenses. In addition, the Company has an unfunded plan that provides certain health and life insurance benefits to retired employees who were hired prior to 1992. The following tables provide the components of net periodic benefit cost (income) for the Company’s benefit plans for the second quarters and first six months of 2015 and 2014 : Three Months Ended Pension Benefits Other Benefits (In thousands ) June 30, June 30, June 30, June 30, Service cost $ — $ 43 $ 40 $ 18 Interest cost 4,056 5,554 390 277 Expected return on plan assets (5,472 ) (6,762 ) — — Amortization of net loss 142 — — — Net periodic benefit (income) cost $ (1,274 ) $ (1,165 ) $ 430 $ 295 Six Months Ended Pension Benefits Other Benefits (In thousands ) June 30, June 30, June 30, June 30, Service cost $ — $ 85 $ 50 $ 40 Interest cost 11,456 11,060 500 538 Expected return on plan assets (15,453 ) (13,433 ) — — Amortization of net loss 400 — — — Net periodic benefit (income) cost $ (3,597 ) $ (2,288 ) $ 550 $ 578

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The following table shows the components of the Company’s stockholders’ equity as of and for the six months ended June 30, 2015 : Accumulated Other Total Common Stock Comprehensive Retained Stockholders' (In thousands) Voting Non-Voting Income Earnings Equity Balance at December 31, 2014 $ 1,322,284 $ — $ (36,445 ) $ 214,582 $ 1,500,421 Net income attributable to Media General — — — (5,798 ) (5,798 ) Exercise of stock options 1,211 — — — 1,211 Stock-based compensation 6,860 — — — 6,860 Revaluation of redeemable noncontrolling interest — — — (1,431 ) (1,431 ) Repurchases of Voting Common Stock (18,747 ) — — — (18,747 ) Other (467 ) — — — (467 ) Balance at June 30, 2015 $ 1,311,141 $ — $ (36,445 ) $ 207,353 $ 1,482,049 The following table shows the components of the Company’s stockholders’ equity as of and for the six months ended June 30, 2014 : Accumulated Other Total Common Stock Comprehensive Retained Stockholders' (In thousands) Voting Non-Voting Loss Earnings Equity Balance at December 31, 2013 $ 557,754 $ 12,483 $ 5,668 $ 161,076 $ 736,981 Net income attributable to Media General — — — 12,171 12,171 Conversion of non-voting to voting common stock 2,102 (2,102 ) — — — Exercise of stock options 472 — — — 472 Stock-based compensation 1,889 — — — 1,889 Director deferred stock units 7,361 — — — 7,361 Other (84 ) — — — (84 ) Balance at June 30, 2014 $ 569,494 $ 10,381 $ 5,668 $ 173,247 $ 758,790

Other

Other	6 Months Ended
	Jun. 30, 2015
Other Income and Expenses [Abstract]
Other	Other During the second quarter of 2015 the Company repurchased 1.1 million shares of its outstanding voting common stock at an average price of $16.44 for $ 19 million under the share repurchase program approved by the Board of Directors of the Company. The share repurchase program expires on December 31, 2015. The Company received $120 million of restricted cash in a qualified intermediary (a consolidated entity) from the 2014 sale of the WJAR-TV station discussed in Note 2. In June of 2015, the restricted cash was released from the qualified intermediary and remitted to the Company. In April 2015, the Company acquired the remaining noncontrolling interest in the Dedicated Media subsidiary for a purchase price of $11 million . As a result of the transaction, Dedicated Media was 100% owned by the Company during the second quarter of 2015. The Company also recorded $2.5 million and $5.6 million of non-operating gains in the three and six month periods ended June 30, 2015, respectively, related to the relocation of broadcast channels in the Lansing, Michigan and Austin, Texas markets.

Guarantor Financial Information

Guarantor Financial Information	6 Months Ended
	Jun. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Guarantor Financial Information	Guarantor Financial Information LIN Television, a 100% owned subsidiary of New Media General, is the primary obligor of the 2021 Notes and 2022 Notes. New Media General fully and unconditionally guarantees all of LIN Television’s obligations under the 2021 Notes and the 2022 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 Notes and 2022 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. Media General, Inc. Condensed Consolidating Balance Sheet June 30, 2015 (in thousands) New Media General LIN Television Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 13,962 $ 46,599 $ 11,517 $ — $ 72,078 Trade accounts receivable, net — 55,161 175,769 15,365 — 246,295 Current deferred tax asset — — 51,692 40 — 51,732 Prepaid expenses and other current assets — 7,929 21,576 7,234 — 36,739 Total current assets — 77,052 295,636 34,156 — 406,844 Property and equipment, net — 175,014 304,609 3,958 — 483,581 Other assets, net — 13,946 55,230 2,114 — 71,290 Definite lived intangible assets, net — 384,620 483,859 44,008 — 912,487 Broadcast licenses — — 1,025,800 71,300 — 1,097,100 Goodwill — 527,077 977,570 92,839 — 1,597,486 Advances to consolidated subsidiaries — (157,217 ) 166,231 (9,014 ) — — Investment in consolidated subsidiaries 1,482,049 1,313,747 — — (2,795,796 ) — Total assets $ 1,482,049 $ 2,334,239 $ 3,308,935 $ 239,361 $ (2,795,796 ) $ 4,568,788 LIABILITIES AND STOCKHOLDER'S EQUITY (DEFICIT) Current liabilities: Trade accounts payable $ — $ 3,642 $ 28,225 $ 1,426 $ — $ 33,293 Accrued salaries and wages — 5,604 18,606 612 — 24,822 Other accrued expenses and other current liabilities — 27,296 77,372 4,272 — 108,940 Current installments of long-term debt — — — 3,404 — 3,404 Current installments of obligation under capital leases — 520 290 46 — 856 Total current liabilities — 37,062 124,493 9,760 — 171,315 Long-term debt — 689,505 1,556,670 26,520 — 2,272,695 Deferred tax liability and other long-term tax liabilities — 73,090 286,877 (738 ) — 359,229 Long-term capital lease obligations — 13,242 1,182 12 — 14,436 Retirement and postretirement plans — 34,785 168,209 — — 202,994 Other liabilities — 4,506 28,407 2,092 — 35,005 Total liabilities — 852,190 2,165,838 37,646 — 3,055,674 Noncontrolling interests — — — 31,065 — 31,065 Total stockholders (deficit) equity 1,482,049 1,482,049 1,143,097 170,650 (2,795,796 ) 1,482,049 Total liabilities, noncontrolling interest and stockholders' equity (deficit) $ 1,482,049 $ 2,334,239 $ 3,308,935 $ 239,361 $ (2,795,796 ) $ 4,568,788 Media General, Inc. Condensed Consolidating Balance Sheet December 31, 2014 (in thousands) 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 — 18,724 11,396 8,978 — 39,098 Total current assets 2,388 114,783 379,754 26,919 — 523,844 Property and equipment, net — 179,057 314,534 5,881 — 499,472 Other assets, net — 8,565 67,961 2,473 — 78,999 Definite lived intangible assets, net — 403,866 506,619 45,815 — 956,300 Broadcast licenses — — 1,025,800 71,300 — 1,097,100 Goodwill — 527,077 977,570 92,839 — 1,597,486 Advances to consolidated subsidiaries 2,021 (456,741 ) 456,359 (1,639 ) — Investment in consolidated subsidiaries 1,496,012 1,319,033 — — (2,815,045 ) — Total assets $ 1,500,421 $ 2,095,640 $ 3,728,597 $ 243,588 $ (2,815,045 ) $ 4,753,201 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 — 43,901 53,042 7,149 — 104,092 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 — 57,740 119,893 12,048 — 189,681 Long-term debt — 291,442 2,080,570 28,150 — 2,400,162 Deferred tax liability and other long-term tax liabilities — 193,293 168,171 2,825 — 364,289 Long-term capital lease obligations — 13,529 1,312 28 — 14,869 Retirement and postretirement plans — 33,031 178,233 — — 211,264 Other liabilities — 10,593 22,037 5,404 — 38,034 Total liabilities — 599,628 2,570,216 48,455 — 3,218,299 Noncontrolling interests — — 10,981 23,500 — 34,481 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 $ 2,095,640 $ 3,728,597 $ 243,588 $ (2,815,045 ) $ 4,753,201 Media General, Inc. Condensed Consolidated Statement of Comprehensive Income For the Three Months Ended June 30, 2015 (in thousands) New Media General LIN Television Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net operating revenue $ — $ 94,258 $ 216,770 $ 16,941 $ (7,446 ) $ 320,523 Operating costs: Operating expenses, excluding depreciation expense — 40,294 88,410 9,856 (4,391 ) 134,169 Selling, general and administrative expenses — 22,193 53,009 4,152 (303 ) 79,051 Amortization of program licenses rights — 4,363 7,250 434 — 12,047 Corporate and other expenses — 2,661 9,703 2 — 12,366 Depreciation and amortization — 15,522 24,562 2,534 — 42,618 (Gain) loss related to property and equipment, net — 165 (361 ) — — (196 ) Merger-related expenses and restructuring expenses — 950 2,666 — — 3,616 Operating income (loss) $ — $ 8,110 $ 31,531 $ (37 ) $ (2,752 ) $ 36,852 Other income (expense): Interest expense, net (1 ) 9,555 19,325 409 — 29,288 Debt modification and extinguishment costs — — 1,827 — — 1,827 Intercompany income and (expenses) — 763 (949 ) 186 — — Other, net — (4 ) (118 ) (2,500 ) — (2,622 ) Total other income (expense) (1 ) 10,314 20,085 (1,905 ) — 28,493 Income from operations of consolidated subsidiaries 1 (2,204 ) 11,446 1,868 (2,752 ) 8,359 Income tax (benefit) expense — (1,325 ) 5,599 (658 ) — 3,616 Net income (loss) from continuing operations 1 (879 ) 5,847 2,526 (2,752 ) 4,743 Equity in income (loss) from operations of consolidated subsidiaries 1,634 2,511 — — (4,145 ) — Net income (loss) from continuing operations 1,635 1,632 5,847 2,526 (6,897 ) 4,743 Net income (loss) attributable to noncontrolling interest — — — 3,108 — 3,108 Net income (loss) attributable to Media General 1,635 1,632 5,847 (582 ) (6,897 ) 1,635 Other comprehensive income — — — — — — Total comprehensive income (loss) 1,635 1,632 5,847 2,526 (6,897 ) 4,743 Other comprehensive loss attributable to noncontrolling interest — — — — — — Total comprehensive income (loss) attributable to Media General 1,635 1,632 5,847 (582 ) (6,897 ) 1,635 Media General, Inc. Condensed Consolidated Statement of Comprehensive Income For the Six Months Ended June 30, 2015 (in thousands) New Media General LIN Television Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net operating revenue $ — $ 182,476 $ 416,500 $ 30,683 $ (12,402 ) $ 617,257 Operating costs: Operating expenses, excluding depreciation expense — 77,893 172,169 17,398 (7,415 ) 260,045 Selling, general and administrative expenses — 45,717 106,227 8,289 (712 ) 159,521 Amortization of program licenses rights — 8,541 14,351 913 — 23,805 Corporate and other expenses — 5,862 19,161 (6 ) — 25,017 Depreciation and amortization — 29,658 49,234 4,009 — 82,901 (Gain) loss related to property and equipment, net — 129 (553 ) — — (424 ) Merger-related expenses and restructuring expenses — 2,324 6,569 — — 8,893 Operating income (loss) $ — $ 12,352 $ 49,342 $ 80 $ (4,275 ) $ 57,499 Other income (expense): Interest expense, net — 20,205 39,412 694 — 60,311 Debt modification and extinguishment costs — — 2,440 — — 2,440 Intercompany income and (expenses) — 6,298 (6,716 ) 418 — — Other, net — (86 ) (826 ) (5,000 ) — (5,912 ) Total other income (expense) — 26,417 34,310 (3,888 ) — 56,839 Income from operations of consolidated subsidiaries — (14,065 ) 15,032 3,968 (4,275 ) 660 Income tax (benefit) expense — (6,188 ) 7,873 (1,226 ) — 459 Net income (loss) from continuing operations — (7,877 ) 7,159 5,194 (4,275 ) 201 Equity in income (loss) from operations of consolidated subsidiaries (5,798 ) 2,077 — — 3,721 — Net income (loss) from continuing operations (5,798 ) (5,800 ) 7,159 5,194 (554 ) 201 Net income (loss) attributable to noncontrolling interest — — (178 ) 6,177 — 5,999 Net income (loss) attributable to Media General (5,798 ) (5,800 ) 7,337 (983 ) (554 ) (5,798 ) Other comprehensive income — — — — — — Total comprehensive income (loss) (5,798 ) (5,800 ) 7,159 5,194 (554 ) 201 Other comprehensive loss attributable to noncontrolling interest — — — — — — Total comprehensive income (loss) attributable to Media General (5,798 ) (5,800 ) 7,337 (983 ) (554 ) (5,798 ) Media General, Inc. Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended June 30, 2014 (In thousands) New Media General LIN Television Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Media General Consolidated Net operating revenue $ — $ — $ 149,442 $ 4,669 $ — $ 154,111 Operating costs: Operating expenses, excluding depreciation expense — — 49,165 1,653 — 50,818 Selling, general and administrative expenses — — 39,758 2,172 — 41,930 Amortization of program license rights — — 4,701 246 — 4,947 Corporate and other expenses — — 7,558 75 — 7,633 Depreciation and amortization — — 16,246 194 — 16,440 Gain related to property and equipment, net — — 992 — — 992 Merger-related expenses and restructuring expenses — — 9,314 — — 9,314 Operating income $ — $ — $ 21,708 $ 329 $ — $ 22,037 Other income (expense) Interest expense — — (9,308 ) (308 ) — (9,616 ) Debt modification and extinguishment costs — — (85 ) — — (85 ) Other, net — — 75 10 — 85 Total other income (expense) — — (9,318 ) (298 ) — (9,616 ) Income before income taxes from operations of consolidated subsidiaries — — 12,390 31 — 12,421 Income tax expense — — (5,529 ) — — (5,529 ) Net income (loss) from continuing operations — — 6,861 31 — 6,892 Equity in income (loss) from operations of consolidated subsidiaries — — — — — — Net Income (loss) — — 6,861 31 — 6,892 Net income attributable to noncontrolling interests — — — 106 — 106 Net income (loss) attributable to Media General — — 6,861 (75 ) — 6,786 Other comprehensive income — — — — — — Total comprehensive income (loss) — — 6,861 31 — 6,892 Other comprehensive income attributable to noncontrolling interest — — — 106 — 106 Total comprehensive income (loss) attributable to Media General — — 6,861 (75 ) — 6,786 Media General, Inc. Condensed Consolidating Statement of Comprehensive Income For the Six Months Ended June 30, 2014 (In thousands) New Media General LIN Television Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Media General Consolidated Net operating revenue $ — $ — $ 289,078 $ 8,951 $ — $ 298,029 Operating costs: Operating expenses, excluding depreciation expense — — 98,314 3,119 — 101,433 Selling, general and administrative expenses — — 80,122 4,140 — 84,262 Amortization of program license rights — — 9,357 553 — 9,910 Corporate and other expenses — — 14,269 (58 ) — 14,211 Depreciation and amortization — — 32,252 383 — 32,635 Gain related to property and equipment, net — — 221 — — 221 Merger-related expenses and restructuring expenses — — 14,066 — — 14,066 Operating income $ — $ — $ 40,477 $ 814 $ — $ 41,291 Other income (expense) Interest expense — — (18,989 ) (617 ) — (19,606 ) Debt modification and extinguishment costs — — (183 ) — — (183 ) Other, net — — (20 ) 20 — — Total other income (expense) — — (19,192 ) (597 ) — (19,789 ) Income before income taxes from operations of consolidated subsidiaries — — 21,285 217 — 21,502 Income tax expense — — (9,171 ) — — (9,171 ) Net income (loss) from continuing operations — — 12,114 217 — 12,331 Equity in income (loss) from operations of consolidated subsidiaries — — — — — — Net Income (loss) — — 12,114 217 — 12,331 Net income attributable to noncontrolling interests — — — 160 — 160 Net income (loss) attributable to Media General — — 12,114 57 — 12,171 Other comprehensive income — — — — — — Total comprehensive income (loss) — — 12,114 217 — 12,331 Other comprehensive income attributable to noncontrolling interest — — — 160 — 160 Total comprehensive income (loss) attributable to Media General — — 12,114 57 — 12,171 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 ) $ 6,528 $ 83,285 $ 7,977 $ — $ 96,388 Cash flows from investing activities: Capital expenditures — (8,610 ) (13,876 ) (1,564 ) — (24,050 ) Release of restricted cash at qualified intermediary — — 119,903 — — 119,903 Proceeds from the sale of PP&E — 50 641 — — 691 Proceeds from spectrum sale — — 620 2,500 — 3,120 Receipt of dividend — 39,005 — — (39,005 ) — Payments from intercompany borrowings 2,025 — 24,230 — (26,255 ) — Payment of capital contributions (3,011 ) — — — 3,011 — Other, net — — — (69 ) — (69 ) Net cash provided (used) by investing activities (986 ) 30,445 131,518 867 (62,249 ) 99,595 Cash flows from financing activities: Repayment of borrowings under Media General Credit Agreement — — (135,000 ) — — (135,000 ) Repayment of borrowings under Shield Media Credit Agreement — — — (1,200 ) — (1,200 ) Repayment of other borrowings — — — (580 ) — (580 ) Payment for share repurchases — — (18,747 ) — — (18,747 ) Payment of dividend — — (39,005 ) — 39,005 — Payments on intercompany borrowing — (26,255 ) — — 26,255 — Payment for the acquisition of noncontrolling interest — (9,218 ) — — — (9,218 ) Receipt of capital contributions — 3,011 — — (3,011 ) — Cash paid for debt modification — — (3,425 ) — — (3,425 ) Other, net — (207 ) 602 (50 ) — 345 Net cash provided (used) by financing activities — (32,669 ) (195,575 ) (1,830 ) 62,249 (167,825 ) Net increase (decrease) in cash and cash equivalents (2,388 ) 4,304 19,228 7,014 — 28,158 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 $ — $ 13,962 $ 46,599 $ 11,517 $ — $ 72,078 Media General, Inc. Condensed Consolidating Statement of Cash Flows Year to date through June 30, 2014 (In thousands) 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 $ — $ — $ 3,415 $ (596 ) $ — $ 2,819 Cash flows from investing activities: Capital expenditures — — (8,368 ) (4 ) — (8,372 ) Payment/deposit for acquisition of station assets — — (8,340 ) — — (8,340 ) Collateral refunds related to letters of credit — — 980 — — 980 Deferred proceeds related to sale of property — — 24,535 — — 24,535 Proceeds from sale the of PP&E — — 1,072 — — 1,072 Net cash provided (used) by investing activities — — 9,879 (4 ) — 9,875 Cash flows from financing activities: Principal borrowings under revolving credit facility — — 10,000 — — 10,000 Repayment of borrowings under revolving credit facility — — (10,000 ) — — (10,000 ) Repayment of borrowings under Media General Credit Agreement — — (64,000 ) — — (64,000 ) Repayment of borrowings under Shield Media Credit Agreement — — — (1,200 ) — (1,200 ) Other, net — — (946 ) — — (946 ) Net cash used by financing activities — — (64,946 ) (1,200 ) — (66,146 ) Net decrease in cash and cash equivalents — — (51,652 ) (1,800 ) — (53,452 ) Cash and cash equivalents at beginning of period — — 67,508 4,110 — 71,618 Cash and cash equivalents at end of period $ — $ — $ 15,856 $ 2,310 $ — $ 18,166

Mergers, Acquisitions and Dis17

Mergers, Acquisitions and Dispositions (Tables)	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The initial allocated fair value, including adjustments during the six months ended June 30, 2015 , is presented below: Initial Allocation of Fair Value (In thousands) June 30, Adjustments December 31, Current assets acquired $ 217,816 $ (700 ) $ 218,516 Property and equipment 284,217 4,093 280,124 Other assets acquired 12,812 — 12,812 FCC broadcast licenses 588,042 (26,900 ) 614,942 Definite lived intangible assets 786,705 46,640 740,065 Goodwill 1,119,957 (12,581 ) 1,132,538 Deferred income tax liabilities recorded in conjunction with the acquisition (338,535 ) (7,888 ) (330,647 ) Current liabilities assumed (112,917 ) (1,400 ) (111,517 ) Other liabilities assumed (79,267 ) (82 ) (79,185 ) Total $ 2,478,830 $ 2,477,648

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated	Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2015 2014 2015 2014 Revenues Broadcast $ 284,102 $ 148,156 $ 550,586 $ 287,150 Digital 36,421 5,955 66,671 10,879 Revenues $ 320,523 $ 154,111 $ 617,257 $ 298,029
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2015 2014 2015 2014 Operating income Broadcast $ 96,165 $ 54,935 $ 176,986 $ 100,905 Digital (909 ) 1,481 (3,100 ) 1,519 Segment operating income 95,256 56,416 173,886 102,424 Corporate and other expenses (12,366 ) (7,633 ) (25,017 ) (14,211 ) Depreciation and amortization (42,618 ) (16,440 ) (82,901 ) (32,635 ) Gain (loss) related to property and equipment, net 196 (992 ) 424 (221 ) Merger-related expenses and restructuring expenses (3,616 ) (9,314 ) (8,893 ) (14,066 ) Operating income $ 36,852 $ 22,037 $ 57,499 $ 41,291
Reconciliation of Assets from Segment to Consolidated	(in thousands) June 30, December 31, Assets Broadcast $ 3,991,242 $ 4,062,428 Digital 360,181 373,718 Segment assets 4,351,423 4,436,146 Corporate 217,365 317,055 Total assets $ 4,568,788 $ 4,753,201

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The carrying amounts and classification of the assets and liabilities of the Shield Stations and the other JSA and SSA entities described above, which have been included in the consolidated balance sheets as of June 30, 2015 , and December 31, 2014 , were as follows: (In thousands) June 30, December 31, Assets Current assets Cash and cash equivalents $ 10,970 $ 3,846 Trade accounts receivable (less allowance for doubtful accounts 2015 - $82; 2014 - $99) 8,628 10,336 Prepaid expenses and other current assets 920 1,156 Total current assets 20,518 15,338 Property and equipment, net 3,528 5,402 Other assets, net 1,652 2,011 Definite lived intangible assets, net 33,870 34,885 Broadcast licenses 71,300 71,300 Goodwill 21,859 21,859 Total assets $ 152,727 $ 150,795 Liabilities Current liabilities Trade accounts payable $ 80 $ 56 Other accrued expenses and other current liabilities 2,282 6,839 Current installments of long-term debt 3,411 3,562 Total current liabilities 5,773 10,457 Long-term debt 26,520 28,150 Other liabilities 6,851 3,914 Total liabilities $ 39,144 $ 42,521

Debt and Other Financial Inst20

Debt and Other Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of Debt	Long-term debt at June 30, 2015 , and December 31, 2014 , was as follows: (In thousands) 2015 2014 Media General Credit Agreement $ 1,566,000 $ 1,701,000 2022 Notes 400,000 400,000 2021 Notes 290,000 290,000 Shield Media Credit Agreement 28,400 29,600 Other borrowings 1,524 2,111 Total debt 2,285,924 2,422,711 Less: net unamortized discount (9,825 ) (10,768 ) Less: scheduled current maturities (3,404 ) (11,781 ) Long-term debt excluding current maturities $ 2,272,695 $ 2,400,162
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The following table includes information about the carrying values and estimated fair values of the Company’s financial instruments at June 30, 2015 , and December 31, 2014 : June 30, 2015 December 31, 2014 Carrying Fair Carrying Fair (In thousands) Amount Value Amount Value Assets: Investments Trading securities $ 449 $ 449 $ 449 $ 449 Liabilities: Long-term debt: Media General Credit Agreement 1,556,670 1,555,388 1,690,753 1,686,000 2022 Notes 398,163 395,357 398,038 397,000 2021 Notes 291,342 300,875 291,442 289,000 Shield Media Credit Agreement 28,400 28,400 29,600 29,600 Other borrowings 1,524 1,524 2,111 2,111

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted income per share for the three and six months ended June 30, 2015 , and 2014 : Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 (In thousands, except Income Shares Per Share Income Shares Per Share per share amounts) (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Net income attributable to Media General $ 1,635 $ 6,786 Undistributed earnings attributable to participating securities (4 ) (43 ) Basic EPS Income attributable to common stockholders $ 1,631 129,201 $ 0.01 $ 6,743 88,473 $ 0.08 Effect of dilutive securities: Stock options and warrants 1,435 519 Diluted EPS Income attributable to common stockholders $ 1,631 130,636 $ 0.01 $ 6,743 88,992 $ 0.08 Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 (In thousands, except Income Shares Per Share Income Shares Per Share per share amounts) (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Net income (loss) attributable to Media General $ (5,798 ) $ 12,171 Undistributed earnings attributable to participating securities — (84 ) Basic EPS Income (loss) attributable to common stockholders $ (5,798 ) 129,275 $ (0.04 ) $ 12,087 88,399 $ 0.14 Effect of dilutive securities: Stock options and warrants — 512 Diluted EPS Income (loss) attributable to common stockholders $ (5,798 ) 129,275 $ (0.04 ) $ 12,087 88,911 $ 0.14

Retirement and Postretirement22

Retirement and Postretirement Plans (Tables)	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Schedule of Net Benefit Costs	The following tables provide the components of net periodic benefit cost (income) for the Company’s benefit plans for the second quarters and first six months of 2015 and 2014 : Three Months Ended Pension Benefits Other Benefits (In thousands ) June 30, June 30, June 30, June 30, Service cost $ — $ 43 $ 40 $ 18 Interest cost 4,056 5,554 390 277 Expected return on plan assets (5,472 ) (6,762 ) — — Amortization of net loss 142 — — — Net periodic benefit (income) cost $ (1,274 ) $ (1,165 ) $ 430 $ 295 Six Months Ended Pension Benefits Other Benefits (In thousands ) June 30, June 30, June 30, June 30, Service cost $ — $ 85 $ 50 $ 40 Interest cost 11,456 11,060 500 538 Expected return on plan assets (15,453 ) (13,433 ) — — Amortization of net loss 400 — — — Net periodic benefit (income) cost $ (3,597 ) $ (2,288 ) $ 550 $ 578

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Schedule of Stockholders Equity	The following table shows the components of the Company’s stockholders’ equity as of and for the six months ended June 30, 2015 : Accumulated Other Total Common Stock Comprehensive Retained Stockholders' (In thousands) Voting Non-Voting Income Earnings Equity Balance at December 31, 2014 $ 1,322,284 $ — $ (36,445 ) $ 214,582 $ 1,500,421 Net income attributable to Media General — — — (5,798 ) (5,798 ) Exercise of stock options 1,211 — — — 1,211 Stock-based compensation 6,860 — — — 6,860 Revaluation of redeemable noncontrolling interest — — — (1,431 ) (1,431 ) Repurchases of Voting Common Stock (18,747 ) — — — (18,747 ) Other (467 ) — — — (467 ) Balance at June 30, 2015 $ 1,311,141 $ — $ (36,445 ) $ 207,353 $ 1,482,049 The following table shows the components of the Company’s stockholders’ equity as of and for the six months ended June 30, 2014 : Accumulated Other Total Common Stock Comprehensive Retained Stockholders' (In thousands) Voting Non-Voting Loss Earnings Equity Balance at December 31, 2013 $ 557,754 $ 12,483 $ 5,668 $ 161,076 $ 736,981 Net income attributable to Media General — — — 12,171 12,171 Conversion of non-voting to voting common stock 2,102 (2,102 ) — — — Exercise of stock options 472 — — — 472 Stock-based compensation 1,889 — — — 1,889 Director deferred stock units 7,361 — — — 7,361 Other (84 ) — — — (84 ) Balance at June 30, 2014 $ 569,494 $ 10,381 $ 5,668 $ 173,247 $ 758,790

Guarantor Financial Informati24

Guarantor Financial Information (Tables)	6 Months Ended
	Jun. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Balance Sheet	Media General, Inc. Condensed Consolidating Balance Sheet June 30, 2015 (in thousands) New Media General LIN Television Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ — $ 13,962 $ 46,599 $ 11,517 $ — $ 72,078 Trade accounts receivable, net — 55,161 175,769 15,365 — 246,295 Current deferred tax asset — — 51,692 40 — 51,732 Prepaid expenses and other current assets — 7,929 21,576 7,234 — 36,739 Total current assets — 77,052 295,636 34,156 — 406,844 Property and equipment, net — 175,014 304,609 3,958 — 483,581 Other assets, net — 13,946 55,230 2,114 — 71,290 Definite lived intangible assets, net — 384,620 483,859 44,008 — 912,487 Broadcast licenses — — 1,025,800 71,300 — 1,097,100 Goodwill — 527,077 977,570 92,839 — 1,597,486 Advances to consolidated subsidiaries — (157,217 ) 166,231 (9,014 ) — — Investment in consolidated subsidiaries 1,482,049 1,313,747 — — (2,795,796 ) — Total assets $ 1,482,049 $ 2,334,239 $ 3,308,935 $ 239,361 $ (2,795,796 ) $ 4,568,788 LIABILITIES AND STOCKHOLDER'S EQUITY (DEFICIT) Current liabilities: Trade accounts payable $ — $ 3,642 $ 28,225 $ 1,426 $ — $ 33,293 Accrued salaries and wages — 5,604 18,606 612 — 24,822 Other accrued expenses and other current liabilities — 27,296 77,372 4,272 — 108,940 Current installments of long-term debt — — — 3,404 — 3,404 Current installments of obligation under capital leases — 520 290 46 — 856 Total current liabilities — 37,062 124,493 9,760 — 171,315 Long-term debt — 689,505 1,556,670 26,520 — 2,272,695 Deferred tax liability and other long-term tax liabilities — 73,090 286,877 (738 ) — 359,229 Long-term capital lease obligations — 13,242 1,182 12 — 14,436 Retirement and postretirement plans — 34,785 168,209 — — 202,994 Other liabilities — 4,506 28,407 2,092 — 35,005 Total liabilities — 852,190 2,165,838 37,646 — 3,055,674 Noncontrolling interests — — — 31,065 — 31,065 Total stockholders (deficit) equity 1,482,049 1,482,049 1,143,097 170,650 (2,795,796 ) 1,482,049 Total liabilities, noncontrolling interest and stockholders' equity (deficit) $ 1,482,049 $ 2,334,239 $ 3,308,935 $ 239,361 $ (2,795,796 ) $ 4,568,788 Media General, Inc. Condensed Consolidating Balance Sheet December 31, 2014 (in thousands) 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 — 18,724 11,396 8,978 — 39,098 Total current assets 2,388 114,783 379,754 26,919 — 523,844 Property and equipment, net — 179,057 314,534 5,881 — 499,472 Other assets, net — 8,565 67,961 2,473 — 78,999 Definite lived intangible assets, net — 403,866 506,619 45,815 — 956,300 Broadcast licenses — — 1,025,800 71,300 — 1,097,100 Goodwill — 527,077 977,570 92,839 — 1,597,486 Advances to consolidated subsidiaries 2,021 (456,741 ) 456,359 (1,639 ) — Investment in consolidated subsidiaries 1,496,012 1,319,033 — — (2,815,045 ) — Total assets $ 1,500,421 $ 2,095,640 $ 3,728,597 $ 243,588 $ (2,815,045 ) $ 4,753,201 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 — 43,901 53,042 7,149 — 104,092 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 — 57,740 119,893 12,048 — 189,681 Long-term debt — 291,442 2,080,570 28,150 — 2,400,162 Deferred tax liability and other long-term tax liabilities — 193,293 168,171 2,825 — 364,289 Long-term capital lease obligations — 13,529 1,312 28 — 14,869 Retirement and postretirement plans — 33,031 178,233 — — 211,264 Other liabilities — 10,593 22,037 5,404 — 38,034 Total liabilities — 599,628 2,570,216 48,455 — 3,218,299 Noncontrolling interests — — 10,981 23,500 — 34,481 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 $ 2,095,640 $ 3,728,597 $ 243,588 $ (2,815,045 ) $ 4,753,201
Condensed Income Statement	Media General, Inc. Condensed Consolidated Statement of Comprehensive Income For the Three Months Ended June 30, 2015 (in thousands) New Media General LIN Television Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net operating revenue $ — $ 94,258 $ 216,770 $ 16,941 $ (7,446 ) $ 320,523 Operating costs: Operating expenses, excluding depreciation expense — 40,294 88,410 9,856 (4,391 ) 134,169 Selling, general and administrative expenses — 22,193 53,009 4,152 (303 ) 79,051 Amortization of program licenses rights — 4,363 7,250 434 — 12,047 Corporate and other expenses — 2,661 9,703 2 — 12,366 Depreciation and amortization — 15,522 24,562 2,534 — 42,618 (Gain) loss related to property and equipment, net — 165 (361 ) — — (196 ) Merger-related expenses and restructuring expenses — 950 2,666 — — 3,616 Operating income (loss) $ — $ 8,110 $ 31,531 $ (37 ) $ (2,752 ) $ 36,852 Other income (expense): Interest expense, net (1 ) 9,555 19,325 409 — 29,288 Debt modification and extinguishment costs — — 1,827 — — 1,827 Intercompany income and (expenses) — 763 (949 ) 186 — — Other, net — (4 ) (118 ) (2,500 ) — (2,622 ) Total other income (expense) (1 ) 10,314 20,085 (1,905 ) — 28,493 Income from operations of consolidated subsidiaries 1 (2,204 ) 11,446 1,868 (2,752 ) 8,359 Income tax (benefit) expense — (1,325 ) 5,599 (658 ) — 3,616 Net income (loss) from continuing operations 1 (879 ) 5,847 2,526 (2,752 ) 4,743 Equity in income (loss) from operations of consolidated subsidiaries 1,634 2,511 — — (4,145 ) — Net income (loss) from continuing operations 1,635 1,632 5,847 2,526 (6,897 ) 4,743 Net income (loss) attributable to noncontrolling interest — — — 3,108 — 3,108 Net income (loss) attributable to Media General 1,635 1,632 5,847 (582 ) (6,897 ) 1,635 Other comprehensive income — — — — — — Total comprehensive income (loss) 1,635 1,632 5,847 2,526 (6,897 ) 4,743 Other comprehensive loss attributable to noncontrolling interest — — — — — — Total comprehensive income (loss) attributable to Media General 1,635 1,632 5,847 (582 ) (6,897 ) 1,635 Media General, Inc. Condensed Consolidated Statement of Comprehensive Income For the Six Months Ended June 30, 2015 (in thousands) New Media General LIN Television Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net operating revenue $ — $ 182,476 $ 416,500 $ 30,683 $ (12,402 ) $ 617,257 Operating costs: Operating expenses, excluding depreciation expense — 77,893 172,169 17,398 (7,415 ) 260,045 Selling, general and administrative expenses — 45,717 106,227 8,289 (712 ) 159,521 Amortization of program licenses rights — 8,541 14,351 913 — 23,805 Corporate and other expenses — 5,862 19,161 (6 ) — 25,017 Depreciation and amortization — 29,658 49,234 4,009 — 82,901 (Gain) loss related to property and equipment, net — 129 (553 ) — — (424 ) Merger-related expenses and restructuring expenses — 2,324 6,569 — — 8,893 Operating income (loss) $ — $ 12,352 $ 49,342 $ 80 $ (4,275 ) $ 57,499 Other income (expense): Interest expense, net — 20,205 39,412 694 — 60,311 Debt modification and extinguishment costs — — 2,440 — — 2,440 Intercompany income and (expenses) — 6,298 (6,716 ) 418 — — Other, net — (86 ) (826 ) (5,000 ) — (5,912 ) Total other income (expense) — 26,417 34,310 (3,888 ) — 56,839 Income from operations of consolidated subsidiaries — (14,065 ) 15,032 3,968 (4,275 ) 660 Income tax (benefit) expense — (6,188 ) 7,873 (1,226 ) — 459 Net income (loss) from continuing operations — (7,877 ) 7,159 5,194 (4,275 ) 201 Equity in income (loss) from operations of consolidated subsidiaries (5,798 ) 2,077 — — 3,721 — Net income (loss) from continuing operations (5,798 ) (5,800 ) 7,159 5,194 (554 ) 201 Net income (loss) attributable to noncontrolling interest — — (178 ) 6,177 — 5,999 Net income (loss) attributable to Media General (5,798 ) (5,800 ) 7,337 (983 ) (554 ) (5,798 ) Other comprehensive income — — — — — — Total comprehensive income (loss) (5,798 ) (5,800 ) 7,159 5,194 (554 ) 201 Other comprehensive loss attributable to noncontrolling interest — — — — — — Total comprehensive income (loss) attributable to Media General (5,798 ) (5,800 ) 7,337 (983 ) (554 ) (5,798 ) Media General, Inc. Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended June 30, 2014 (In thousands) New Media General LIN Television Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Media General Consolidated Net operating revenue $ — $ — $ 149,442 $ 4,669 $ — $ 154,111 Operating costs: Operating expenses, excluding depreciation expense — — 49,165 1,653 — 50,818 Selling, general and administrative expenses — — 39,758 2,172 — 41,930 Amortization of program license rights — — 4,701 246 — 4,947 Corporate and other expenses — — 7,558 75 — 7,633 Depreciation and amortization — — 16,246 194 — 16,440 Gain related to property and equipment, net — — 992 — — 992 Merger-related expenses and restructuring expenses — — 9,314 — — 9,314 Operating income $ — $ — $ 21,708 $ 329 $ — $ 22,037 Other income (expense) Interest expense — — (9,308 ) (308 ) — (9,616 ) Debt modification and extinguishment costs — — (85 ) — — (85 ) Other, net — — 75 10 — 85 Total other income (expense) — — (9,318 ) (298 ) — (9,616 ) Income before income taxes from operations of consolidated subsidiaries — — 12,390 31 — 12,421 Income tax expense — — (5,529 ) — — (5,529 ) Net income (loss) from continuing operations — — 6,861 31 — 6,892 Equity in income (loss) from operations of consolidated subsidiaries — — — — — — Net Income (loss) — — 6,861 31 — 6,892 Net income attributable to noncontrolling interests — — — 106 — 106 Net income (loss) attributable to Media General — — 6,861 (75 ) — 6,786 Other comprehensive income — — — — — — Total comprehensive income (loss) — — 6,861 31 — 6,892 Other comprehensive income attributable to noncontrolling interest — — — 106 — 106 Total comprehensive income (loss) attributable to Media General — — 6,861 (75 ) — 6,786 Media General, Inc. Condensed Consolidating Statement of Comprehensive Income For the Six Months Ended June 30, 2014 (In thousands) New Media General LIN Television Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Media General Consolidated Net operating revenue $ — $ — $ 289,078 $ 8,951 $ — $ 298,029 Operating costs: Operating expenses, excluding depreciation expense — — 98,314 3,119 — 101,433 Selling, general and administrative expenses — — 80,122 4,140 — 84,262 Amortization of program license rights — — 9,357 553 — 9,910 Corporate and other expenses — — 14,269 (58 ) — 14,211 Depreciation and amortization — — 32,252 383 — 32,635 Gain related to property and equipment, net — — 221 — — 221 Merger-related expenses and restructuring expenses — — 14,066 — — 14,066 Operating income $ — $ — $ 40,477 $ 814 $ — $ 41,291 Other income (expense) Interest expense — — (18,989 ) (617 ) — (19,606 ) Debt modification and extinguishment costs — — (183 ) — — (183 ) Other, net — — (20 ) 20 — — Total other income (expense) — — (19,192 ) (597 ) — (19,789 ) Income before income taxes from operations of consolidated subsidiaries — — 21,285 217 — 21,502 Income tax expense — — (9,171 ) — — (9,171 ) Net income (loss) from continuing operations — — 12,114 217 — 12,331 Equity in income (loss) from operations of consolidated subsidiaries — — — — — — Net Income (loss) — — 12,114 217 — 12,331 Net income attributable to noncontrolling interests — — — 160 — 160 Net income (loss) attributable to Media General — — 12,114 57 — 12,171 Other comprehensive income — — — — — — Total comprehensive income (loss) — — 12,114 217 — 12,331 Other comprehensive income attributable to noncontrolling interest — — — 160 — 160 Total comprehensive income (loss) attributable to Media General — — 12,114 57 — 12,171
Condensed Cash Flow Statement	Media General, Inc. Condensed Consolidating Statement of Cash Flows Year to date through June 30, 2015 (In thousands) 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 ) $ 6,528 $ 83,285 $ 7,977 $ — $ 96,388 Cash flows from investing activities: Capital expenditures — (8,610 ) (13,876 ) (1,564 ) — (24,050 ) Release of restricted cash at qualified intermediary — — 119,903 — — 119,903 Proceeds from the sale of PP&E — 50 641 — — 691 Proceeds from spectrum sale — — 620 2,500 — 3,120 Receipt of dividend — 39,005 — — (39,005 ) — Payments from intercompany borrowings 2,025 — 24,230 — (26,255 ) — Payment of capital contributions (3,011 ) — — — 3,011 — Other, net — — — (69 ) — (69 ) Net cash provided (used) by investing activities (986 ) 30,445 131,518 867 (62,249 ) 99,595 Cash flows from financing activities: Repayment of borrowings under Media General Credit Agreement — — (135,000 ) — — (135,000 ) Repayment of borrowings under Shield Media Credit Agreement — — — (1,200 ) — (1,200 ) Repayment of other borrowings — — — (580 ) — (580 ) Payment for share repurchases — — (18,747 ) — — (18,747 ) Payment of dividend — — (39,005 ) — 39,005 — Payments on intercompany borrowing — (26,255 ) — — 26,255 — Payment for the acquisition of noncontrolling interest — (9,218 ) — — — (9,218 ) Receipt of capital contributions — 3,011 — — (3,011 ) — Cash paid for debt modification — — (3,425 ) — — (3,425 ) Other, net — (207 ) 602 (50 ) — 345 Net cash provided (used) by financing activities — (32,669 ) (195,575 ) (1,830 ) 62,249 (167,825 ) Net increase (decrease) in cash and cash equivalents (2,388 ) 4,304 19,228 7,014 — 28,158 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 $ — $ 13,962 $ 46,599 $ 11,517 $ — $ 72,078 Media General, Inc. Condensed Consolidating Statement of Cash Flows Year to date through June 30, 2014 (In thousands) 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 $ — $ — $ 3,415 $ (596 ) $ — $ 2,819 Cash flows from investing activities: Capital expenditures — — (8,368 ) (4 ) — (8,372 ) Payment/deposit for acquisition of station assets — — (8,340 ) — — (8,340 ) Collateral refunds related to letters of credit — — 980 — — 980 Deferred proceeds related to sale of property — — 24,535 — — 24,535 Proceeds from sale the of PP&E — — 1,072 — — 1,072 Net cash provided (used) by investing activities — — 9,879 (4 ) — 9,875 Cash flows from financing activities: Principal borrowings under revolving credit facility — — 10,000 — — 10,000 Repayment of borrowings under revolving credit facility — — (10,000 ) — — (10,000 ) Repayment of borrowings under Media General Credit Agreement — — (64,000 ) — — (64,000 ) Repayment of borrowings under Shield Media Credit Agreement — — — (1,200 ) — (1,200 ) Other, net — — (946 ) — — (946 ) Net cash used by financing activities — — (64,946 ) (1,200 ) — (66,146 ) Net decrease in cash and cash equivalents — — (51,652 ) (1,800 ) — (53,452 ) Cash and cash equivalents at beginning of period — — 67,508 4,110 — 71,618 Cash and cash equivalents at end of period $ — $ — $ 15,856 $ 2,310 $ — $ 18,166

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Details) - USD ($) $ in Millions	Jun. 30, 2015	Nov. 05, 2014
Senior Notes 2022
Basis of Presentation [Line Items]
Debt instrument, interest rate, stated percentage	5.875%	5.875%
Senior Notes 2022 | LIN Merger
Basis of Presentation [Line Items]
Debt instrument, interest rate, stated percentage		8.375%
Senior Notes 2021 | LIN Merger
Basis of Presentation [Line Items]
Debt instrument, interest rate, stated percentage	6.375%
Accounting Standards Update 2015-03 | Other Assets | Pro Forma
Basis of Presentation [Line Items]
Effect of new accounting pronouncement	$ 36
Accounting Standards Update 2015-03 | Long-term Debt | Pro Forma
Basis of Presentation [Line Items]
Effect of new accounting pronouncement	$ 36

Mergers, Acquisitions and Dis26

Mergers, Acquisitions and Dispositions (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2015USD ($)stationdigital_offeringmarket	Jun. 30, 2015USD ($)stationdigital_offeringmarketshares	Dec. 31, 2014USD ($)
Mergers, Acquisitions and Dispositions (Details) [Line Items]
Business Combination, Consideration Transferred, Increase (Decrease) in Fair Value		$ 1,200,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 360,000,000	360,000,000
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized	$ 900,000	$ 3,600,000
Media General and LIN
Mergers, Acquisitions and Dispositions (Details) [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | shares		41,239,715
Payments to Acquire Businesses, Gross		$ 763,000,000
Business Combination, Consideration Transferred		2,400,000,000
Goodwill, Written off Related to Sale of Business Unit		$ 84,000,000
Number of stations | station	71	71
Number of Markets | market	48	48
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	$ 26,000,000	$ 26,000,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	166,000,000	166,000,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	786,705,000	786,705,000	$ 740,065,000
Business Acquisition, Goodwill, Expected Tax Deductible Amount	$ 0	$ 0
Digital Offerings | digital_offering	6	6
Media General and LIN | Advertiser and Publisher Relationships
Mergers, Acquisitions and Dispositions (Details) [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 220,000,000	$ 220,000,000
Media General and LIN | LMA Agreements
Mergers, Acquisitions and Dispositions (Details) [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	37,000,000	$ 37,000,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		20 years
Media General and LIN | Network Affiliation Agreements
Mergers, Acquisitions and Dispositions (Details) [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	497,000,000	$ 497,000,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		15 years
Media General and LIN | Technology and Trade Names
Mergers, Acquisitions and Dispositions (Details) [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	16,000,000	$ 16,000,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		5 years
Media General and LIN | Favorable Lease Assets
Mergers, Acquisitions and Dispositions (Details) [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 17,000,000	$ 17,000,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		10 years
KXRM-TV, KXTU-LD, and WTTA-TV | Media General and LIN
Mergers, Acquisitions and Dispositions (Details) [Line Items]
Payments to Acquire Businesses, Gross		$ 93,000,000
Minimum | Media General and LIN | Advertiser and Publisher Relationships
Mergers, Acquisitions and Dispositions (Details) [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		5 years
Maximum | Media General and LIN | Advertiser and Publisher Relationships
Mergers, Acquisitions and Dispositions (Details) [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		7 years
Maximum | Media General and LIN | Broadcast Licenses
Mergers, Acquisitions and Dispositions (Details) [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		1 year

Mergers, Acquisitions and Dis27

Mergers, Acquisitions and Dispositions - Schedule of initial allocation of fair value (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value of Acquired Assets and Assumed Liabilities [Line Items]
Definite lived intangible assets	$ 360,000
Goodwill	1,597,486	$ 1,597,486
Media General and LIN
Fair Value of Acquired Assets and Assumed Liabilities [Line Items]
Current assets acquired	217,816	218,516
Property and equipment	284,217	280,124
Other assets acquired	12,812	12,812
FCC broadcast licenses	588,042	614,942
Definite lived intangible assets	786,705	740,065
Goodwill	1,119,957	1,132,538
Deferred income tax liabilities recorded in conjunction with the acquisition	(338,535)	(330,647)
Current liabilities assumed	(112,917)	(111,517)
Other liabilities assumed	(79,267)	(79,185)
Total	2,478,830	$ 2,477,648
Scenario, Adjustment | Media General and LIN
Fair Value of Acquired Assets and Assumed Liabilities [Line Items]
Current assets acquired	(700)
Property and equipment	4,093
Other assets acquired	0
FCC broadcast licenses	(26,900)
Definite lived intangible assets	46,640
Goodwill	(12,581)
Deferred income tax liabilities recorded in conjunction with the acquisition	(7,888)
Current liabilities assumed	(1,400)
Other liabilities assumed	$ (82)

Segment Information (Details)

Segment Information (Details) - Jun. 30, 2015	stationmarketsegment
Segment Reporting Information [Line Items]
Number of reportable segments	2
Broadcast
Segment Reporting Information [Line Items]
Number of stations | station	71
Number of Markets | market	48

Segment Information - Operating

Segment Information - Operating Segments, Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Revenues	$ 320,523	$ 154,111	$ 617,257	$ 298,029
Broadcast
Revenues
Revenues	284,102	148,156	550,586	287,150
Digital
Revenues
Revenues	$ 36,421	$ 5,955	$ 66,671	$ 10,879

Segment Information - Operati30

Segment Information - Operating Segments, Profit (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Operating income
Operating income	$ 36,852	$ 22,037	$ 57,499	$ 41,291
Corporate and other expenses	(12,366)	(7,633)	(25,017)	(14,211)
Depreciation and amortization	(42,618)	(16,440)	(82,901)	(32,635)
Gain (loss) related to property and equipment, net	196	(992)	424	(221)
Merger-related and restructuring expenses	(3,616)	(9,314)	(8,893)	(14,066)
Operating Segments
Operating income
Operating income	95,256	56,416	173,886	102,424
Operating Segments | Broadcast
Operating income
Operating income	96,165	54,935	176,986	100,905
Operating Segments | Digital
Operating income
Operating income	$ (909)	$ 1,481	$ (3,100)	$ 1,519

Segment Information (Details) -

Segment Information (Details) - Operating Segments, Assets - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
ASSETS
Total assets	[1]	$ 4,568,788	$ 4,753,201
Operating Segments
ASSETS
Total assets		4,351,423	4,436,146
Operating Segments | Broadcast
ASSETS
Total assets		3,991,242	4,062,428
Operating Segments | Digital
ASSETS
Total assets		360,181	373,718
Corporate
ASSETS
Total assets		$ 217,365	$ 317,055
[1]	Consolidated assets as of June 30, 2015 and December 31, 2014, include total assets of variable interest entities (VIEs) of $153 million and $151 million, respectively, which can only be used to settle the obligations of the VIEs. See Note 1 and Note 4.

Variable Interest Entities - Co

Variable Interest Entities - Condensed Balance Sheet for Shield Stations (Details) - USD ($) $ in Thousands		Mar. 31, 2014	Jul. 31, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents				$ 72,078		$ 43,920	$ 18,166	$ 71,618
Trade accounts receivable (less allowance for doubtful accounts 2015 - $82; 2014 - $99)				246,295		265,169
Prepaid expenses and other current assets				36,739		39,098
Total current assets				406,844		523,844
Property and equipment, net				483,581		499,472
Other assets, net				71,290		78,999
Definite lived intangible assets, net				912,487		956,300
Goodwill				1,597,486		1,597,486
Total assets	[1]			4,568,788		4,753,201
Current liabilities
Accrued expenses and other current liabilities				108,940		104,092
Current installments of long-term debt				3,404		11,781
Total current liabilities				171,315		189,681
Long-term debt excluding current maturities				2,272,695		2,400,162
Total liabilities	[2]			3,055,674		3,218,299
Threshold on media ownership rules, percentage		15.00%
Receipt of dividend				0
Trade accounts receivable, allowance for doubtful accounts (in Dollars)				4,495		5,475
Shield Stations
Current assets:
Cash and cash equivalents				10,970		3,846
Trade accounts receivable (less allowance for doubtful accounts 2015 - $82; 2014 - $99)				8,628		10,336
Prepaid expenses and other current assets				920		1,156
Total current assets				20,518		15,338
Property and equipment, net				3,528		5,402
Other assets, net				1,652		2,011
Definite lived intangible assets, net				33,870		34,885
Broadcast licenses				71,300		71,300
Goodwill				21,859		21,859
Total assets				152,727		150,795
Current liabilities
Trade accounts payable				80		56
Accrued expenses and other current liabilities				2,282		6,839
Current installments of long-term debt				3,411		3,562
Total current liabilities				5,773		10,457
Long-term debt excluding current maturities				26,520		28,150
Other liabilities				6,851		3,914
Total liabilities				$ 39,144		42,521
Trade accounts receivable, allowance for doubtful accounts (in Dollars)					$ 82	$ 99
Subsequent Event | Shield Stations
Current liabilities
Receipt of dividend			$ 9,000
[1]	Consolidated assets as of June 30, 2015 and December 31, 2014, include total assets of variable interest entities (VIEs) of $153 million and $151 million, respectively, which can only be used to settle the obligations of the VIEs. See Note 1 and Note 4.
[2]	Consolidated liabilities as of June 30, 2015 and December 31, 2014, include total liabilities of VIEs of $39 million and $43 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 4.

Debt and Other Financial Inst33

Debt and Other Financial Instruments - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term debt	$ 2,285,924	$ 2,422,711
Other borrowings	1,524	2,111
Less: net unamortized discount	(9,825)	(10,768)
Less: scheduled current maturities	(3,404)	(11,781)
Long-term debt excluding current maturities	2,272,695	2,400,162
Media General Credit Agreement
Debt Instrument [Line Items]
Long-term debt	1,566,000	1,701,000
The 2022 Notes
Debt Instrument [Line Items]
Long-term debt	400,000	400,000
The 2021 Notes
Debt Instrument [Line Items]
Long-term debt	290,000	290,000
Shield Media Credit Agreement
Debt Instrument [Line Items]
Long-term debt	$ 28,400	$ 29,600

Debt and Other Financial Inst34

Debt and Other Financial Instruments (Details)	Jul. 31, 2013	Jul. 31, 2013	Jun. 30, 2015USD ($)station	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)station	Jun. 30, 2014USD ($)	Nov. 05, 2014USD ($)
Debt Instrument [Line Items]
Debt modification and extinguishment costs			$ (1,827,000)	$ (85,000)	$ (2,440,000)	$ (183,000)
Media General Credit Agreement
Debt Instrument [Line Items]
Repayments of long-term debt			100,000,000		135,000,000
Debt modification and extinguishment costs			1,800,000		2,400,000
Line of credit, current			1,566,000,000		1,566,000,000
Line of credit facility, maximum borrowing capacity			150,000,000		$ 150,000,000
Line of credit facility, unused capacity, percentage					0.50%
Line of credit facility, remaining borrowing capacity			$ 147,000,000		$ 147,000,000
Media General Credit Agreement | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					2.75%
Term Loan | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage, minimum		1.00%
Debt instrument, basis spread on variable rate		3.00%
Shield Media Term Loan | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.00%
Senior Notes 2022
Debt Instrument [Line Items]
Debt Instrument, face amount							$ 400,000,000
Debt instrument, interest rate, stated percentage			5.875%		5.875%		5.875%
Letter of Credit | Media General Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity			$ 3,000,000		$ 3,000,000
Revolving Credit Facility | Shield Media Term Loan
Debt Instrument [Line Items]
Repayments of long-term debt			600,000		1,200,000
LIN Merger | Senior Notes 2022
Debt Instrument [Line Items]
Debt Instrument, face amount							$ 200,000,000
Debt instrument, interest rate, stated percentage							8.375%
LIN Merger | Senior Notes 2021
Debt Instrument [Line Items]
Debt Instrument, face amount			$ 290,000,000		$ 290,000,000
Debt instrument, interest rate, stated percentage			6.375%		6.375%
Shield Stations
Debt Instrument [Line Items]
Number of stations | station			2		2

Debt and Other Financial Inst35

Debt and Other Financial Instruments - Fair value of financial instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investments
Trading securities	$ 449	$ 449
Long-term debt:
Long-term debt, carrying amount	2,285,924	2,422,711
Other borrowings	1,524	2,111
Media General Credit Agreement
Long-term debt:
Long-term debt, carrying amount	1,556,670	1,690,753
Long-term debt, fair value	1,555,388	1,686,000
Senior Notes 2022
Long-term debt:
Long-term debt, carrying amount	398,163	398,038
Long-term debt, fair value	395,357	397,000
Senior Notes 2021
Long-term debt:
Long-term debt, carrying amount	291,342	291,442
Long-term debt, fair value	300,875	289,000
Shield Media Credit Agreement
Long-term debt:
Long-term debt, carrying amount	28,400	29,600
Long-term debt, fair value	$ 28,400	$ 29,600

Taxes on Income (Narrative) (De

Taxes on Income (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	43.30%	44.50%	69.60%	42.70%
Current Income Tax Expense (Benefit)	$ 1.3	$ 0.2	$ 1.5	$ 0.3

Earnings Per Share (Details) -

Earnings Per Share (Details) - Basic and Diluted Earnings Per Share - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Net income attributable to Media General	$ 1,635	$ 6,786	$ (5,798)	$ 12,171
Undistributed earnings attributable to participating securities	(4)	(43)	0	(84)
Basic EPS
Income (loss) attributable to common stockholders	$ 1,631	$ 6,743	$ (5,798)	$ 12,087
Income (loss) attributable to common stockholders (in Shares)	129,201	88,473	129,275	88,399
Income (loss) attributable to common stockholders (in Dollars per share)	$ 0.01	$ 0.08	$ (0.04)	$ 0.14
Effect of dilutive securities:
Stock options and warrants (in Shares)	1,435	519	0	512
Diluted EPS
Income (loss) attributable to common stockholders	$ 1,631	$ 6,743	$ (5,798)	$ 12,087
Income (loss) attributable to common stockholders (in Shares)	130,636	88,992	129,275	88,911
Income (loss) attributable to common stockholders (in Dollars per share)	$ 0.01	$ 0.08	$ (0.04)	$ 0.14

Note 7 - Earnings Per Share (De

Note 7 - Earnings Per Share (Details) shares in Millions	6 Months Ended
	Jun. 30, 2015shares
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1.5

Retirement and Postretirement39

Retirement and Postretirement Plans (Narrative) (Details)	3 Months Ended
	Mar. 31, 2015
Media General and LIN
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined contribution plan, employer matching contribution, percent of gross pay	5.00%

Retirement and Postretirement40

Retirement and Postretirement Plans - Schedule of net benefit costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 0	$ 43	$ 0	$ 85
Interest cost	4,056	5,554	11,456	11,060
Expected return on plan assets	(5,472)	(6,762)	(15,453)	(13,433)
Amortization of net loss	142	0	400	0
Net periodic benefit (income) cost	(1,274)	(1,165)	(3,597)	(2,288)
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	40	18	50	40
Interest cost	390	277	500	538
Expected return on plan assets	0	0	0	0
Amortization of net loss	0	0	0	0
Net periodic benefit (income) cost	$ 430	$ 295	$ 550	$ 578

Stockholders' Equity (Details)

Stockholders' Equity (Details) - Statement of Stockholders' Equity - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			$ 1,500,421	$ 736,981
Net income attributable to Media General	$ 1,635	$ 6,786	(5,798)	12,171
Conversion of non-voting to voting common stock				0
Exercise of stock options			1,211	472
Stock-based compensation			6,860	1,889
Director deferred stock units				7,361
Revaluation of redeemable noncontrolling interest			(1,431)
Repurchases of Voting Common Stock			(18,747)
Other			(467)	(84)
Ending balance	1,482,049	758,790	1,482,049	758,790
Common stock | Voting common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			1,322,284	557,754
Conversion of non-voting to voting common stock				2,102
Exercise of stock options			1,211	472
Stock-based compensation			6,860	1,889
Director deferred stock units				7,361
Repurchases of Voting Common Stock			(18,747)
Other			(467)	(84)
Ending balance	1,311,141	569,494	1,311,141	569,494
Common stock | Nonvoting common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			0	12,483
Conversion of non-voting to voting common stock				(2,102)
Ending balance	0	10,381	0	10,381
AOCI attributable to parent
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			(36,445)	5,668
Ending balance	(36,445)	5,668	(36,445)	5,668
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			214,582	161,076
Net income attributable to Media General			(5,798)	12,171
Revaluation of redeemable noncontrolling interest			(1,431)
Ending balance	$ 207,353	$ 173,247	$ 207,353	$ 173,247

Other (Narrative) (Details)

Other (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Apr. 30, 2015	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014
Repurchases of voting common stock			$ 18,747
Restricted cash at qualified intermediary			(119,903)	$ 0
Payments to noncontrolling interests	$ 11,000
Noncontrolling interest, ownership percentage by parent	100.00%
Gain (loss) on disposition of other assets		$ 2,500	5,620	$ 0
WJAR-TV
Restricted cash at qualified intermediary			120,000
Voting common stock | Common stock
Stock repurchased and retired during period, shares		1.1
Stock repurchased and retired during the period, value		$ 16.44
Repurchases of voting common stock			$ 18,747

Guarantor Financial Informati43

Guarantor Financial Information Guarantor Financial Information (Narrative) (Details)	6 Months Ended
	Jun. 30, 2015
LIN Television Corporation
Interim Period, Costs Not Allocable [Line Items]
Ownership interest	100.00%

Guarantor Financial Informati44

Guarantor Financial Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents		$ 72,078	$ 43,920	$ 18,166	$ 71,618
Trade accounts receivable, net		246,295	265,169
Restricted cash at qualified intermediary		0	119,903
Current deferred tax asset		51,732	55,754
Prepaid expenses and other current assets		36,739	39,098
Total current assets		406,844	523,844
Property and equipment, net		483,581	499,472
Other assets, net		71,290	78,999
Definite lived intangible assets, net		912,487	956,300
Broadcast licenses		1,097,100	1,097,100
Goodwill		1,597,486	1,597,486
Advances to Affiliate		0	0
Advances to and investments in consolidated subsidiaries		0	0
Total assets	[1]	4,568,788	4,753,201
Current liabilities
Trade accounts payable		33,293	36,359
Accrued salaries and wages		24,822	36,634
Accrued expenses and other current liabilities		108,940	104,092
Current installments of long-term debt		3,404	11,781
Current installments of obligation under capital leases		856	815
Total current liabilities		171,315	189,681
Long-term debt excluding current maturities		2,272,695	2,400,162
Deferred tax liability and other long-term tax liabilities		359,229	364,289
Long-term capital lease obligations		14,436	14,869
Retirement and postretirement plans		202,994	211,264
Other liabilities		35,005	38,034
Total liabilities	[2]	3,055,674	3,218,299
Noncontrolling interests		31,065	34,481
Stockholders' equity:
Total stockholders (deficit) equity		1,482,049	1,500,421	758,790	736,981
Total liabilities, noncontrolling interest and stockholders' equity (deficit)		4,568,788	4,753,201
Reportable Legal Entities | New Media General
Current assets:
Cash and cash equivalents		0	2,388	0	0
Trade accounts receivable, net		0	$ 0
Restricted cash at qualified intermediary
Current deferred tax asset		0	$ 0
Prepaid expenses and other current assets		0	0
Total current assets		0	2,388
Property and equipment, net		0	0
Other assets, net		0	0
Definite lived intangible assets, net		0	0
Broadcast licenses		0	0
Goodwill		0	0
Advances to Affiliate		0	2,021
Advances to and investments in consolidated subsidiaries		1,482,049	1,496,012
Total assets		1,482,049	1,500,421
Current liabilities
Trade accounts payable		0	0
Accrued salaries and wages		0	0
Accrued expenses and other current liabilities		0	0
Current installments of long-term debt		0	0
Current installments of obligation under capital leases		0	0
Total current liabilities		0	0
Long-term debt excluding current maturities		0	0
Deferred tax liability and other long-term tax liabilities		0	0
Long-term capital lease obligations		0	0
Retirement and postretirement plans		0	0
Other liabilities		0	0
Total liabilities		0	0
Noncontrolling interests		0	0
Stockholders' equity:
Total stockholders (deficit) equity		1,482,049	1,500,421
Total liabilities, noncontrolling interest and stockholders' equity (deficit)		1,482,049	1,500,421
Reportable Legal Entities | LIN Television Corporation
Current assets:
Cash and cash equivalents		13,962	9,658	0	0
Trade accounts receivable, net		55,161	$ 82,909
Restricted cash at qualified intermediary
Current deferred tax asset		0	$ 3,492
Prepaid expenses and other current assets		7,929	18,724
Total current assets		77,052	114,783
Property and equipment, net		175,014	179,057
Other assets, net		13,946	8,565
Definite lived intangible assets, net		384,620	403,866
Broadcast licenses		0	0
Goodwill		527,077	527,077
Advances to Affiliate		(157,217)	(456,741)
Advances to and investments in consolidated subsidiaries		1,313,747	1,319,033
Total assets		2,334,239	2,095,640
Current liabilities
Trade accounts payable		3,642	4,014
Accrued salaries and wages		5,604	9,384
Accrued expenses and other current liabilities		27,296	43,901
Current installments of long-term debt		0	0
Current installments of obligation under capital leases		520	441
Total current liabilities		37,062	57,740
Long-term debt excluding current maturities		689,505	291,442
Deferred tax liability and other long-term tax liabilities		73,090	193,293
Long-term capital lease obligations		13,242	13,529
Retirement and postretirement plans		34,785	33,031
Other liabilities		4,506	10,593
Total liabilities		852,190	599,628
Noncontrolling interests		0	0
Stockholders' equity:
Total stockholders (deficit) equity		1,482,049	1,496,012
Total liabilities, noncontrolling interest and stockholders' equity (deficit)		2,334,239	2,095,640
Reportable Legal Entities | Guarantor Subsidiaries
Current assets:
Cash and cash equivalents		46,599	27,371	15,856	67,508
Trade accounts receivable, net		175,769	168,862
Restricted cash at qualified intermediary			119,903
Current deferred tax asset		51,692	52,222
Prepaid expenses and other current assets		21,576	11,396
Total current assets		295,636	379,754
Property and equipment, net		304,609	314,534
Other assets, net		55,230	67,961
Definite lived intangible assets, net		483,859	506,619
Broadcast licenses		1,025,800	1,025,800
Goodwill		977,570	977,570
Advances to Affiliate		166,231	456,359
Advances to and investments in consolidated subsidiaries		0	0
Total assets		3,308,935	3,728,597
Current liabilities
Trade accounts payable		28,225	31,794
Accrued salaries and wages		18,606	26,536
Accrued expenses and other current liabilities		77,372	53,042
Current installments of long-term debt		0	8,218
Current installments of obligation under capital leases		290	303
Total current liabilities		124,493	119,893
Long-term debt excluding current maturities		1,556,670	2,080,570
Deferred tax liability and other long-term tax liabilities		286,877	168,171
Long-term capital lease obligations		1,182	1,312
Retirement and postretirement plans		168,209	178,233
Other liabilities		28,407	22,037
Total liabilities		2,165,838	2,570,216
Noncontrolling interests		0	10,981
Stockholders' equity:
Total stockholders (deficit) equity		1,143,097	1,147,400
Total liabilities, noncontrolling interest and stockholders' equity (deficit)		3,308,935	3,728,597
Reportable Legal Entities | Non-Guarantor Subsidiaries
Current assets:
Cash and cash equivalents		11,517	4,503	2,310	4,110
Trade accounts receivable, net		15,365	$ 13,398
Restricted cash at qualified intermediary
Current deferred tax asset		40	$ 40
Prepaid expenses and other current assets		7,234	8,978
Total current assets		34,156	26,919
Property and equipment, net		3,958	5,881
Other assets, net		2,114	2,473
Definite lived intangible assets, net		44,008	45,815
Broadcast licenses		71,300	71,300
Goodwill		92,839	92,839
Advances to Affiliate		(9,014)	(1,639)
Advances to and investments in consolidated subsidiaries		0	0
Total assets		239,361	243,588
Current liabilities
Trade accounts payable		1,426	551
Accrued salaries and wages		612	714
Accrued expenses and other current liabilities		4,272	7,149
Current installments of long-term debt		3,404	3,563
Current installments of obligation under capital leases		46	71
Total current liabilities		9,760	12,048
Long-term debt excluding current maturities		26,520	28,150
Deferred tax liability and other long-term tax liabilities		(738)	2,825
Long-term capital lease obligations		12	28
Retirement and postretirement plans		0	0
Other liabilities		2,092	5,404
Total liabilities		37,646	48,455
Noncontrolling interests		31,065	23,500
Stockholders' equity:
Total stockholders (deficit) equity		170,650	171,633
Total liabilities, noncontrolling interest and stockholders' equity (deficit)		239,361	243,588
Eliminations
Current assets:
Cash and cash equivalents		0	0	$ 0	$ 0
Trade accounts receivable, net		0	$ 0
Restricted cash at qualified intermediary
Current deferred tax asset		0	$ 0
Prepaid expenses and other current assets		0	0
Total current assets		0	0
Property and equipment, net		0	0
Other assets, net		0	0
Definite lived intangible assets, net		0	0
Broadcast licenses		0	0
Goodwill		0	$ 0
Advances to Affiliate		0
Advances to and investments in consolidated subsidiaries		(2,795,796)	$ (2,815,045)
Total assets		(2,795,796)	(2,815,045)
Current liabilities
Trade accounts payable		0	0
Accrued salaries and wages		0	0
Accrued expenses and other current liabilities		0	0
Current installments of long-term debt		0	0
Current installments of obligation under capital leases		0	0
Total current liabilities		0	0
Long-term debt excluding current maturities		0	0
Deferred tax liability and other long-term tax liabilities		0	0
Long-term capital lease obligations		0	0
Retirement and postretirement plans		0	0
Other liabilities		0	0
Total liabilities		0	0
Noncontrolling interests		0	0
Stockholders' equity:
Total stockholders (deficit) equity		(2,795,796)	(2,815,045)
Total liabilities, noncontrolling interest and stockholders' equity (deficit)		$ (2,795,796)	$ (2,815,045)
[1]	Consolidated assets as of June 30, 2015 and December 31, 2014, include total assets of variable interest entities (VIEs) of $153 million and $151 million, respectively, which can only be used to settle the obligations of the VIEs. See Note 1 and Note 4.
[2]	Consolidated liabilities as of June 30, 2015 and December 31, 2014, include total liabilities of VIEs of $39 million and $43 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 4.

Guarantor Financial Informati45

Guarantor Financial Information - Condensed Consolidating Statement of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Income Statements, Captions [Line Items]
Net operating revenue	$ 320,523	$ 154,111	$ 617,257	$ 298,029
Operating costs:
Operating expenses, excluding depreciation expense	134,169	50,818	260,045	101,433
Selling, general and administrative expenses	79,051	41,930	159,521	84,262
Amortization of program license rights	12,047	4,947	23,805	9,910
Corporate and other expenses	12,366	7,633	25,017	14,211
Depreciation and amortization	42,618	16,440	82,901	32,635
(Gain) loss related to property and equipment, net	(196)	992	(424)	221
Merger-related and restructuring expenses	3,616	9,314	8,893	14,066
Operating income	36,852	22,037	57,499	41,291
Other income (expense):
Interest expense, net	29,288	9,616	60,311	19,606
Debt modification and extinguishment costs	1,827	85	2,440	183
Intercompany income and (expenses)	0		0
Other, net	(2,622)	(85)	(5,912)	0
Total other expense	28,493	9,616	56,839	19,789
Income from operations of consolidated subsidiaries	8,359	12,421	660	21,502
Income tax (benefit) expense	3,616	5,529	459	9,171
Net income (loss) from continuing operations	4,743	6,892	201	12,331
Equity in income (loss) from operations of consolidated subsidiaries	0	0	0	0
Net income	4,743	6,892	201	12,331
Net income (loss) attributable to noncontrolling interest	3,108	106	5,999	160
Net income (loss) attributable to Media General	1,635	6,786	(5,798)	12,171
Other comprehensive income	0	0	0	0
Total comprehensive income	4,743	6,892	201	12,331
Other comprehensive loss attributable to noncontrolling interest	0	106	0	160
Total comprehensive income (loss) attributable to Media General	1,635	6,786	(5,798)	12,171
Reportable Legal Entities | New Media General
Condensed Income Statements, Captions [Line Items]
Net operating revenue	0	0	0	0
Operating costs:
Operating expenses, excluding depreciation expense	0	0	0	0
Selling, general and administrative expenses	0	0	0	0
Amortization of program license rights	0	0	0	0
Corporate and other expenses	0	0	0	0
Depreciation and amortization	0	0	0	0
(Gain) loss related to property and equipment, net	0	0	0	0
Merger-related and restructuring expenses	0	0	0	0
Operating income	0	0	0	0
Other income (expense):
Interest expense, net	(1)	0	0	0
Debt modification and extinguishment costs	0	0	0	0
Intercompany income and (expenses)	0		0
Other, net	0	0	0	0
Total other expense	(1)	0	0	0
Income from operations of consolidated subsidiaries	1	0	0	0
Income tax (benefit) expense	0	0	0	0
Net income (loss) from continuing operations	1	0	0	0
Equity in income (loss) from operations of consolidated subsidiaries	1,634	0	(5,798)	0
Net income	1,635	0	(5,798)	0
Net income (loss) attributable to noncontrolling interest	0	0	0	0
Net income (loss) attributable to Media General	1,635	0	(5,798)	0
Other comprehensive income		0	0	0
Total comprehensive income	1,635	0	(5,798)	0
Other comprehensive loss attributable to noncontrolling interest	0	0	0	0
Total comprehensive income (loss) attributable to Media General	1,635	0	(5,798)	0
Reportable Legal Entities | LIN Television Corporation
Condensed Income Statements, Captions [Line Items]
Net operating revenue	94,258	0	182,476	0
Operating costs:
Operating expenses, excluding depreciation expense	40,294	0	77,893	0
Selling, general and administrative expenses	22,193	0	45,717	0
Amortization of program license rights	4,363	0	8,541	0
Corporate and other expenses	2,661	0	5,862	0
Depreciation and amortization	15,522	0	29,658	0
(Gain) loss related to property and equipment, net	165	0	129	0
Merger-related and restructuring expenses	950	0	2,324	0
Operating income	8,110	0	12,352	0
Other income (expense):
Interest expense, net	9,555	0	20,205	0
Debt modification and extinguishment costs	0	0	0	0
Intercompany income and (expenses)	763		6,298
Other, net	(4)	0	(86)	0
Total other expense	10,314	0	26,417	0
Income from operations of consolidated subsidiaries	(2,204)	0	(14,065)	0
Income tax (benefit) expense	(1,325)	0	(6,188)	0
Net income (loss) from continuing operations	(879)	0	(7,877)	0
Equity in income (loss) from operations of consolidated subsidiaries	2,511	0	2,077	0
Net income	1,632	0	(5,800)	0
Net income (loss) attributable to noncontrolling interest	0	0	0	0
Net income (loss) attributable to Media General	1,632	0	(5,800)	0
Other comprehensive income	0	0	0	0
Total comprehensive income	1,632	0	(5,800)	0
Other comprehensive loss attributable to noncontrolling interest	0	0	0	0
Total comprehensive income (loss) attributable to Media General	1,632	0	(5,800)	0
Reportable Legal Entities | Guarantor Subsidiaries
Condensed Income Statements, Captions [Line Items]
Net operating revenue	216,770	149,442	416,500	289,078
Operating costs:
Operating expenses, excluding depreciation expense	88,410	49,165	172,169	98,314
Selling, general and administrative expenses	53,009	39,758	106,227	80,122
Amortization of program license rights	7,250	4,701	14,351	9,357
Corporate and other expenses	9,703	7,558	19,161	14,269
Depreciation and amortization	24,562	16,246	49,234	32,252
(Gain) loss related to property and equipment, net	(361)	992	(553)	221
Merger-related and restructuring expenses	2,666	9,314	6,569	14,066
Operating income	31,531	21,708	49,342	40,477
Other income (expense):
Interest expense, net	19,325	9,308	39,412	18,989
Debt modification and extinguishment costs	1,827	85	2,440	183
Intercompany income and (expenses)	(949)		(6,716)
Other, net	(118)	(75)	(826)	20
Total other expense	20,085	9,318	34,310	19,192
Income from operations of consolidated subsidiaries	11,446	12,390	15,032	21,285
Income tax (benefit) expense	5,599	5,529	7,873	9,171
Net income (loss) from continuing operations	5,847	6,861	7,159	12,114
Equity in income (loss) from operations of consolidated subsidiaries	0	0		0
Net income	5,847	6,861	7,159	12,114
Net income (loss) attributable to noncontrolling interest	0	0	(178)	0
Net income (loss) attributable to Media General	5,847	6,861	7,337	12,114
Other comprehensive income	0	0	0	0
Total comprehensive income	5,847	6,861	7,159	12,114
Other comprehensive loss attributable to noncontrolling interest	0	0	0	0
Total comprehensive income (loss) attributable to Media General	5,847	6,861	7,337	12,114
Reportable Legal Entities | Non-Guarantor Subsidiaries
Condensed Income Statements, Captions [Line Items]
Net operating revenue	16,941	4,669	30,683	8,951
Operating costs:
Operating expenses, excluding depreciation expense	9,856	1,653	17,398	3,119
Selling, general and administrative expenses	4,152	2,172	8,289	4,140
Amortization of program license rights	434	246	913	553
Corporate and other expenses	2	75	(6)	(58)
Depreciation and amortization	2,534	194	4,009	383
(Gain) loss related to property and equipment, net	0	0	0	0
Merger-related and restructuring expenses	0	0	0	0
Operating income	(37)	329	80	814
Other income (expense):
Interest expense, net	409	308	694	617
Debt modification and extinguishment costs	0	0	0	0
Intercompany income and (expenses)	186		418
Other, net	(2,500)	(10)	(5,000)	(20)
Total other expense	(1,905)	298	(3,888)	597
Income from operations of consolidated subsidiaries	1,868	31	3,968	217
Income tax (benefit) expense	(658)	0	(1,226)	0
Net income (loss) from continuing operations	2,526	31	5,194	217
Equity in income (loss) from operations of consolidated subsidiaries	0	0		0
Net income	2,526	31	5,194	217
Net income (loss) attributable to noncontrolling interest	3,108	106	6,177	160
Net income (loss) attributable to Media General	(582)	(75)	(983)	57
Other comprehensive income	0	0	0	0
Total comprehensive income	2,526	31	5,194	217
Other comprehensive loss attributable to noncontrolling interest	0	106	0	160
Total comprehensive income (loss) attributable to Media General	(582)	(75)	(983)	57
Eliminations
Condensed Income Statements, Captions [Line Items]
Net operating revenue	(7,446)	0	(12,402)	0
Operating costs:
Operating expenses, excluding depreciation expense	(4,391)	0	(7,415)	0
Selling, general and administrative expenses	(303)	0	(712)	0
Amortization of program license rights	0	0	0	0
Corporate and other expenses	0	0	0	0
Depreciation and amortization	0	0	0	0
(Gain) loss related to property and equipment, net	0	0	0	0
Merger-related and restructuring expenses	0	0	0	0
Operating income	(2,752)	0	(4,275)	0
Other income (expense):
Interest expense, net	0	0	0	0
Debt modification and extinguishment costs	0	0	0	0
Intercompany income and (expenses)	0		0
Other, net	0	0	0	0
Total other expense	0	0	0	0
Income from operations of consolidated subsidiaries	(2,752)	0	(4,275)	0
Income tax (benefit) expense	0	0	0	0
Net income (loss) from continuing operations	(2,752)	0	(4,275)	0
Equity in income (loss) from operations of consolidated subsidiaries	(4,145)	0	3,721	0
Net income	(6,897)	0	(554)	0
Net income (loss) attributable to noncontrolling interest	0	0	0	0
Net income (loss) attributable to Media General	(6,897)	0	(554)	0
Other comprehensive income		0	0	0
Total comprehensive income	(6,897)	0	(554)	0
Other comprehensive loss attributable to noncontrolling interest	0	0	0	0
Total comprehensive income (loss) attributable to Media General	$ (6,897)	$ 0	$ (554)	$ 0

Guarantor Financial Informati46

Guarantor Financial Information - Condensed Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net cash provided (used) by operating activities	$ 96,388	$ 2,819
Cash flows from investing activities:
Capital expenditures	(24,050)	(8,372)
Release of restricted cash at qualified intermediary	119,903	0
Payment/deposit for acquisition of station assets	0	(8,340)
Deferred proceeds related to sale of property	0	24,535
Proceeds from the sale of property and equipment	691	1,072
Proceeds from spectrum relocation	3,120	0
Receipt of dividend	0
Payments from intercompany borrowings	0
Payment of capital contributions	0
Other, net and Collateral refunds related to letters of credit	(69)	980
Net cash provided (used) by investing activities	99,595	9,875
Cash flows from financing activities:
Principal borrowings under revolving credit facility		10,000
Repayment of borrowings under Media General Credit Agreement		(10,000)
Repayment of other borrowings	(580)	0
Payment for share repurchases	(18,747)	0
Payment of dividend	0
Payments on intercompany borrowing	0
Payment for the acquisition of noncontrolling interest	(9,218)	0
Receipt of capital contributions	0
Cash paid for debt modification	(3,425)	0
Other, net	345	(946)
Net cash provided (used) by financing activities	(167,825)	(66,146)
Net increase (decrease) in cash and cash equivalents	28,158	(53,452)
Cash and cash equivalents at beginning of period	43,920	71,618
Cash and cash equivalents at end of period	72,078	18,166
Media General Credit Agreement
Cash flows from financing activities:
Repayment of borrowings under Media General Credit Agreement	(135,000)	(64,000)
Shield Media Credit Agreement
Cash flows from financing activities:
Repayment of borrowings under Media General Credit Agreement	(1,200)	(1,200)
Eliminations
Cash flows from operating activities:
Net cash provided (used) by operating activities	0	0
Cash flows from investing activities:
Capital expenditures	0	0
Release of restricted cash at qualified intermediary	0
Payment/deposit for acquisition of station assets		0
Deferred proceeds related to sale of property		0
Proceeds from the sale of property and equipment	0	0
Proceeds from spectrum relocation	0
Receipt of dividend	(39,005)
Payments from intercompany borrowings	(26,255)
Payment of capital contributions	3,011
Other, net and Collateral refunds related to letters of credit	0	0
Net cash provided (used) by investing activities	(62,249)	0
Cash flows from financing activities:
Principal borrowings under revolving credit facility		0
Repayment of borrowings under Media General Credit Agreement		0
Repayment of other borrowings	0
Payment for share repurchases	0
Payment of dividend	39,005
Payments on intercompany borrowing	26,255
Payment for the acquisition of noncontrolling interest	0
Receipt of capital contributions	(3,011)
Cash paid for debt modification	0
Other, net	0	0
Net cash provided (used) by financing activities	62,249	0
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Eliminations | Media General Credit Agreement
Cash flows from financing activities:
Repayment of borrowings under Media General Credit Agreement	0	0
Eliminations | Shield Media Credit Agreement
Cash flows from financing activities:
Repayment of borrowings under Media General Credit Agreement	0	0
Reportable Legal Entities | New Media General
Cash flows from operating activities:
Net cash provided (used) by operating activities	(1,402)	0
Cash flows from investing activities:
Capital expenditures	0	0
Release of restricted cash at qualified intermediary	0
Payment/deposit for acquisition of station assets		0
Deferred proceeds related to sale of property		0
Proceeds from the sale of property and equipment	0	0
Proceeds from spectrum relocation	0
Receipt of dividend	0
Payments from intercompany borrowings	2,025
Payment of capital contributions	(3,011)
Other, net and Collateral refunds related to letters of credit	0	0
Net cash provided (used) by investing activities	(986)	0
Cash flows from financing activities:
Principal borrowings under revolving credit facility		0
Repayment of borrowings under Media General Credit Agreement		0
Repayment of other borrowings	0
Payment for share repurchases	0
Payment of dividend	0
Payments on intercompany borrowing	0
Payment for the acquisition of noncontrolling interest	0
Receipt of capital contributions	0
Cash paid for debt modification	0
Other, net	0	0
Net cash provided (used) by financing activities	0	0
Net increase (decrease) in cash and cash equivalents	(2,388)	0
Cash and cash equivalents at beginning of period	2,388	0
Cash and cash equivalents at end of period	0	0
Reportable Legal Entities | LIN Television Corporation
Cash flows from operating activities:
Net cash provided (used) by operating activities	6,528	0
Cash flows from investing activities:
Capital expenditures	(8,610)	0
Release of restricted cash at qualified intermediary	0
Payment/deposit for acquisition of station assets		0
Deferred proceeds related to sale of property		0
Proceeds from the sale of property and equipment	50	0
Proceeds from spectrum relocation	0
Receipt of dividend	39,005
Payments from intercompany borrowings	0
Payment of capital contributions	0
Other, net and Collateral refunds related to letters of credit	0	0
Net cash provided (used) by investing activities	30,445	0
Cash flows from financing activities:
Principal borrowings under revolving credit facility		0
Repayment of borrowings under Media General Credit Agreement		0
Repayment of other borrowings	0
Payment for share repurchases	0
Payment of dividend	0
Payments on intercompany borrowing	(26,255)
Payment for the acquisition of noncontrolling interest	(9,218)
Receipt of capital contributions	3,011
Cash paid for debt modification	0
Other, net	(207)	0
Net cash provided (used) by financing activities	(32,669)	0
Net increase (decrease) in cash and cash equivalents	4,304	0
Cash and cash equivalents at beginning of period	9,658	0
Cash and cash equivalents at end of period	13,962	0
Reportable Legal Entities | Guarantor Subsidiaries
Cash flows from operating activities:
Net cash provided (used) by operating activities	83,285	3,415
Cash flows from investing activities:
Capital expenditures	(13,876)	(8,368)
Release of restricted cash at qualified intermediary	119,903
Payment/deposit for acquisition of station assets		(8,340)
Deferred proceeds related to sale of property		24,535
Proceeds from the sale of property and equipment	641	1,072
Proceeds from spectrum relocation	620
Receipt of dividend	0
Payments from intercompany borrowings	24,230
Payment of capital contributions	0
Other, net and Collateral refunds related to letters of credit	0	980
Net cash provided (used) by investing activities	131,518	9,879
Cash flows from financing activities:
Principal borrowings under revolving credit facility		10,000
Repayment of borrowings under Media General Credit Agreement		(10,000)
Repayment of other borrowings	0
Payment for share repurchases	(18,747)
Payment of dividend	(39,005)
Payments on intercompany borrowing	0
Payment for the acquisition of noncontrolling interest	0
Receipt of capital contributions	0
Cash paid for debt modification	(3,425)
Other, net	602	(946)
Net cash provided (used) by financing activities	(195,575)	(64,946)
Net increase (decrease) in cash and cash equivalents	19,228	(51,652)
Cash and cash equivalents at beginning of period	27,371	67,508
Cash and cash equivalents at end of period	46,599	15,856
Reportable Legal Entities | Non-Guarantor Subsidiaries
Cash flows from operating activities:
Net cash provided (used) by operating activities	7,977	(596)
Cash flows from investing activities:
Capital expenditures	(1,564)	(4)
Release of restricted cash at qualified intermediary	0
Payment/deposit for acquisition of station assets		0
Deferred proceeds related to sale of property		0
Proceeds from the sale of property and equipment	0	0
Proceeds from spectrum relocation	2,500
Receipt of dividend	0
Payments from intercompany borrowings	0
Payment of capital contributions	0
Other, net and Collateral refunds related to letters of credit	(69)	0
Net cash provided (used) by investing activities	867	(4)
Cash flows from financing activities:
Principal borrowings under revolving credit facility		0
Repayment of borrowings under Media General Credit Agreement		0
Repayment of other borrowings	(580)
Payment for share repurchases	0
Payment of dividend	0
Payments on intercompany borrowing	0
Payment for the acquisition of noncontrolling interest	0
Receipt of capital contributions	0
Cash paid for debt modification	0
Other, net	(50)	0
Net cash provided (used) by financing activities	(1,830)	(1,200)
Net increase (decrease) in cash and cash equivalents	7,014	(1,800)
Cash and cash equivalents at beginning of period	4,503	4,110
Cash and cash equivalents at end of period	11,517	2,310
Reportable Legal Entities | Media General Credit Agreement | New Media General
Cash flows from financing activities:
Repayment of borrowings under Media General Credit Agreement	0	0
Reportable Legal Entities | Media General Credit Agreement | LIN Television Corporation
Cash flows from financing activities:
Repayment of borrowings under Media General Credit Agreement	0	0
Reportable Legal Entities | Media General Credit Agreement | Guarantor Subsidiaries
Cash flows from financing activities:
Repayment of borrowings under Media General Credit Agreement	(135,000)	(64,000)
Reportable Legal Entities | Media General Credit Agreement | Non-Guarantor Subsidiaries
Cash flows from financing activities:
Repayment of borrowings under Media General Credit Agreement	0	0
Reportable Legal Entities | Shield Media Credit Agreement | New Media General
Cash flows from financing activities:
Repayment of borrowings under Media General Credit Agreement	0	0
Reportable Legal Entities | Shield Media Credit Agreement | LIN Television Corporation
Cash flows from financing activities:
Repayment of borrowings under Media General Credit Agreement	0	0
Reportable Legal Entities | Shield Media Credit Agreement | Guarantor Subsidiaries
Cash flows from financing activities:
Repayment of borrowings under Media General Credit Agreement	0	0
Reportable Legal Entities | Shield Media Credit Agreement | Non-Guarantor Subsidiaries
Cash flows from financing activities:
Repayment of borrowings under Media General Credit Agreement	$ (1,200)	$ (1,200)