Using a WACC estimate of 10%, calculate the NPV of the newspaper assets.

Take the present value of all free cash flows, including the terminal value at

2016 and then add them up

Remember that Buffet is not buying the Tampa Tribune, with an estimated

value of $30 million, so you should subtract that from your estimate.

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Sources: Media General, Inc., Form 8-K, 4/9/12; Gabelli \& Company, Inc., Media General Inc. Research Report, 4/12/12; and casewriter estimates. Note: As of 3/31/12, Gabelli \& Company and its affiliates owned 35.2% of Media General's Class A stock. Sources: Media General, Inc., Form 8-K, 4/9/12; Gabelli \& Company, Inc., Media General Inc. Research Report, 4/12/12; and casewriter estimates. Note: As of 3/31/12, Gabelli \& Company and its affiliates owned 35.2% of Media General's Class A stock