Media General, Inc. Announces 2015 Full-Year Guidance

RICHMOND, Va.--()--Media General, Inc. (“Media General” or the “Company;” NYSE:MEG), one of the nation’s largest connected-screen media companies, today is providing certain guidance for the full-year 2015.

The Company’s current outlook for revenues, expenses and cash flow items for the full-year 2015, excluding special items, are anticipated to be in the following ranges:

   

$ millions

    Full-Year 2015
Net broadcast revenues     $1,137 to $1,151
Net digital revenues     $170 to $177
Total net revenues     $1,307 to $1,328
Direct operating and selling, general and administrative expenses     $870 to $875
Amortization of program rights     $48 to $50
Cash payments for programming     $44 to $47
Cash corporate & other expenses, including gain on relocation of spectrum     $29 to $30
Corporate non-cash share-based compensation expense     $12 to $15
Depreciation and amortization of intangibles     $161 to $164
Cash capital expenditures     $55
Cash interest expense     $112 to $114
Principal amortization of term loans and finance lease obligations     $137 to $140
Cash taxes     $6
 

The Company advises that all of the information and factors set forth above are subject to risks, uncertainties and assumptions (see “Forward-Looking Statements” below), which could individually or collectively cause actual results to differ materially from those projected above.

Forward-Looking Statements

The information discussed in this press release includes forward-looking statements about the Company’s future operating results within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Company based these forward-looking statements on its current assumptions, knowledge, estimates and projections about factors that could affect its future operations. Although the Company believes that its assumptions made in connection with the forward-looking statements are reasonable, no assurances can be given that those assumptions and expectations will prove to be correct. Statements in this press release that are forward-looking include, but are not limited to, changes in direct operating, selling, general and administrative expenses; changes in net broadcast, digital, barter and other revenues; changes in direct operating, selling, general and administrative, station and corporate non-cash share-based compensation, amortization of program rights and corporate and other expenses; and cash payments for programming; depreciation and amortization of intangibles; cash capital expenditures; cash interest expense and principal amortization; and cash tax payments. These forward-looking statements are subject to various risks, uncertainties and assumptions which may cause these expectations and assumptions not to occur or to differ materially from those outcomes projected in the forward-looking statements. Such risks and uncertainties include, but are not limited to: the impact of the business combinations with LIN Media and Young and the ability to integrate such entities; volatility of advertising revenue; restrictions on the Company’s operations as a result of its indebtedness; the ability to renew retransmission consent agreements; changes in government regulations and the ability to obtain necessary consents; changes in or terminations of network affiliation agreements; competition; changes in audience share or ratings; and the potential influence of certain shareholders, including Standard General L.P. and its affiliates; and other risks discussed in the Company’s Annual Report on Form 10-K and other filings made with the SEC (which are available on the Investor Relations section of www.mediageneral.com, or at www.sec.gov), which are incorporated in this release by reference. The forward-looking statements included in this release are made only as of the date of this release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required to by applicable law.

About Media General

Media General is one of the nation's largest connected-screen media companies that operates or services 71 television stations in 48 markets, along with the industry's leading digital media business. Our robust portfolio of broadcast, digital and mobile products informs and engages 23% of U.S. TV households and more than two-thirds of the U.S. Internet audience.

Media General has one of the industry's largest and most diverse digital media businesses that includes LIN Mobile, Federated Media, HYFN, Dedicated Media and BiteSizeTV, all under the LIN Digital banner. With unmatched local-to-national reach and integrated marketing solutions, Media General is a one-stop-shop for agencies and brands that want to effectively and efficiently reach their target audiences across all screens.

Media General trades on the NYSE under the symbol “MEG.” For more information, visit www.mediageneral.com.

Contacts

Media General
Courtney Guertin, 401-457-9501
Director of Marketing and Communications
cguertin@mediageneral.com

Contacts

Media General
Courtney Guertin, 401-457-9501
Director of Marketing and Communications
cguertin@mediageneral.com