Note 1: Principles of Consolidation

The accompanying financial statements include the accounts of Media General, Inc., and subsidiaries more than 50% owned (the Company). The Company’s fiscal year ends on the last Sunday in December. All significant intercompany balances and transactions have been eliminated. See Note 9 for a summary of the Company’s accounting policies.

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Certain prior year financial information has been reclassified to conform with the current year’s presentation.

Return to Notes Index