Corporate expense will decrease by approximately 35% from last year, based primarily on a workforce reduction that was completed in 2012.
Compensation expense growth includes a 2% merit increase and an approximate 7% increase in benefits expense, due in part to the impact of the Affordable Care Act regulations.
Higher NBC affiliate fees will be offset by increased Retransmission revenues.
As the year unfolds, stations may fill open positions as well as invest in new positions for news staff, including digital resources, to support ratings and revenue growth objectives. Stations may also invest in greater marketing and promotion to enhance local competitiveness. Stations will adjust or defer expenses as appropriate to align business conditions with profit goals.
Uses of Cash
Media General entered 2013 with a cash balance of
. The company does not expect to carry an outstanding balance in 2013 on its revolving credit facility, which has availability of
. Media General continues to expect that cash provided by operations in 2013 will cover interest payments of
, capital expenditures of
and a pension plan contribution of
This news release contains forward-looking statements that are subject to various risks and uncertainties and should be understood in the context of the company's publicly available reports filed with the Securities and Exchange Commission. Media General's future performance could differ materially from its current expectations.
About Media General
Media General is a leading provider of news, information and entertainment across 18 network-affiliated broadcast television stations and their associated digital media and mobile platforms. The company's stations serve consumers and advertisers in strong local markets, primarily in the Southeast. Media General's network affiliates include eight NBC stations, eight CBS stations, one ABC station and one CW station. One-third of the company's stations operate in the Top 50 markets in
the United States
. Media General's stations reach more than one-third of TV households in the Southeast and more than 8 percent of U.S. TV households. Media General entered the television business in 1955 when it launched WFLA-TV in
, as an NBC affiliate. Today, WFLA is the company's largest TV station, operating in the 14th largest DMA in
the United States
Contact Media General
Additional information about Media General is available on its website
or by contacting
Lou Anne J. Nabhan
, Vice President-Corporate Communications, at (804) 887-5120 or