Nexstar Media (NXST) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 08, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Trading Symbol	NXST
Entity Registrant Name	NEXSTAR MEDIA GROUP, INC.
Entity Central Index Key	0001142417
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	000-50478
Entity Tax Identification Number	23-3083125
Entity Address, Address Line One	545 E. John Carpenter Freeway
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Irving
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75062
City Area Code	972
Local Phone Number	373-8800
Entity Common Stock, Shares Outstanding		35,856,653
Title of 12(b) Security	Common Stock
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Millions		Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents		$ 413	$ 204
Restricted cash and cash equivalents		14	16
Accounts receivable, net of allowance for doubtful accounts of $19 and $18, respectively		1,008	1,080
Broadcast rights		183	194
Prepaid expenses and other current assets		80	121
Total current assets		1,698	1,615
Property and equipment, net		1,256	1,262
Goodwill		2,961	2,961
FCC licenses		2,910	2,910
Intangible assets, net		2,361	2,434
Investments		919	1,119
Other noncurrent assets, net		359	378
Total assets	[1]	12,464	12,679
Current liabilities:
Current portion of debt		124	124
Accounts payable		207	198
Broadcast rights payable		128	151
Accrued expenses		305	319
Operating lease liabilities		50	50
Other current liabilities		50	51
Total current liabilities		864	893
Debt		6,799	6,827
Deferred tax liabilities		1,593	1,606
Other noncurrent liabilities		555	584
Total liabilities	[1]	9,811	9,910
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock - $0.01 par value, 200,000 shares authorized; none issued and outstanding at each of March 31, 2023 and December 31, 2022
Common stock
Additional paid-in capital		1,275	1,288
Accumulated other comprehensive income		27	27
Retained earnings		3,094	3,033
Treasury stock - at cost; 11,299,262 and 10,472,637 shares as of March 31, 2023 and December 31, 2022, respectively		(1,772)	(1,607)
Total Nexstar Media Group, Inc. stockholders' equity		2,624	2,741
Noncontrolling interests		29	28
Total stockholders' equity		2,653	2,769
Total liabilities and stockholders' equity		12,464	12,679
Network affiliation agreements [Member]
Current assets:
Intangible assets, net		1,824	1,871
Other Intangible Assets [Member]
Current assets:
Intangible assets, net		$ 537	$ 563
[1] The condensed consolidated total assets as of March 31, 2023 and December 31, 2022 include certain assets held by consolidated VIEs of $ 302 million and $ 304 million, respectively, which are not available to be used to settle the obligations of Nexstar. The condensed consolidated total liabilities as of March 31, 2023 and December 31, 2022 include certain liabilities of consolidated VIEs of $ 153 million and $ 148 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Millions		Mar. 31, 2023	Dec. 31, 2022
Current assets:
Accounts receivable, allowance for doubtful accounts		$ 19	$ 18
Stockholders' equity:
Preferred stock, par value		$ 0.01	$ 0.01
Preferred stock, shares authorized		200,000	200,000
Preferred stock, shares issued		0	0
Preferred stock, shares outstanding		0	0
Common stock, par value		$ 0.01	$ 0.01
Common stock, shares authorized		100,000,000	100,000,000
Common stock, shares issued		47,282,823	47,282,823
Common stock, shares outstanding		35,983,561	36,810,186
Treasury Stock, Shares		11,299,262	10,472,637
ASSETS
Total assets	[1]	$ 12,464	$ 12,679
LIABILITIES AND STOCKHOLDERS' EQUITY
Total liabilities	[1]	9,811	9,910
Non Guarantor VIEs [Member]
ASSETS
Total assets		302	304
LIABILITIES AND STOCKHOLDERS' EQUITY
Total liabilities		$ 153	$ 148
[1] The condensed consolidated total assets as of March 31, 2023 and December 31, 2022 include certain assets held by consolidated VIEs of $ 302 million and $ 304 million, respectively, which are not available to be used to settle the obligations of Nexstar. The condensed consolidated total liabilities as of March 31, 2023 and December 31, 2022 include certain liabilities of consolidated VIEs of $ 153 million and $ 148 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information.

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues [Abstract]
Net revenue	$ 1,257	$ 1,210
Operating expenses (income):
Direct operating expenses, excluding depreciation and amortization	538	490
Selling, general and administrative expenses, excluding depreciation and amortization	266	248
Depreciation and amortization expense	249	145
Other		(2)
Total operating expenses	1,053	881
Income from operations	204	329
Income from equity method investments, net	25	38
Interest expense, net	(107)	(69)
Pension and other postretirement plans credit, net	9	11
Other expenses, net	(1)	(5)
Income before income taxes	130	304
Income tax expense	(42)	(52)
Net income	88	252
Net loss attributable to noncontrolling interests	23
Net income attributable to Nexstar Media Group, Inc.	$ 111	$ 252
Net income per common share attributable to Nexstar Media Group, Inc.:
Basic	$ 3.03	$ 6.15
Diluted	$ 2.97	$ 5.99
Weighted average number of common shares outstanding:
Basic (in thousands)	36,718	40,945
Diluted (in thousands)	37,448	41,984

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Treasury Stock [Member]	Noncontrolling interests [Member]
Balance at Dec. 31, 2021	$ 2,856		$ 1,311	$ 2,204	$ 141	$ (807)	$ 7
Balance, Shares at Dec. 31, 2021		47,291,463
Balance, Shares at Dec. 31, 2021						(6,534,034)
Purchase of treasury stock	(158)					$ (158)
Purchase of treasury stock, shares						(917,923)
Stock-based compensation expense	13		13
Vesting of restricted stock units and exercise of stock options	(4)		(55)			$ 51
Vesting of restricted stock units and exercise of stock options, shares						796,198
Dividends declared on common stock	(37)			(37)
Net income (loss)	252			252
Other	(1)						(1)
Balance at Mar. 31, 2022	2,921		1,269	2,419	141	$ (914)	6
Balance, Shares at Mar. 31, 2022		47,291,463
Balance, Shares at Mar. 31, 2022						(6,655,759)
Balance at Dec. 31, 2022	$ 2,769		1,288	3,033	27	$ (1,607)	28
Balance, Shares at Dec. 31, 2022	47,282,823	47,282,823
Balance, Shares at Dec. 31, 2022	(10,472,637)					(10,472,637)
Purchase of treasury stock	$ (176)	$ (175)				$ (176)
Purchase of treasury stock, shares		(1,019,940)				(1,019,940)
Stock-based compensation expense	14		14
Vesting of restricted stock units and exercise of stock options	(16)		(27)			$ 11
Vesting of restricted stock units and exercise of stock options, shares						193,315
Dividends declared on common stock	(50)			(50)
Contribution from noncontrolling interests	24						24
Net income (loss)	88			111			(23)
Balance at Mar. 31, 2023	$ 2,653		$ 1,275	$ 3,094	$ 27	$ (1,772)	$ 29
Balance, Shares at Mar. 31, 2023	47,282,823	47,282,823
Balance, Shares at Mar. 31, 2023	(11,299,262)					(11,299,262)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock dividends declared (per share)	$ 1.35	$ 0.90

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 88	$ 252
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	249	145
Stock-based compensation expense	14	13
Deferred income taxes	(13)	(8)
Payments for broadcast rights	(142)	(33)
Income from equity method investments, net	(25)	(38)
Distribution from equity method investments - return on capital	226	193
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable	72	4
Prepaid and other current assets	(11)	1
Accounts payable	19	(21)
Accrued expenses and other current liabilities	(24)	(38)
Income tax payable	52	57
Other noncurrent liabilities	(13)	(14)
Other	2	6
Net cash provided by operating activities	494	519
Cash flows from investing activities:
Purchases of property and equipment	(36)	(29)
Other investing activities, net		7
Net cash used in investing activities	(36)	(22)
Cash flows from financing activities:
Repayments of long-term debt	(31)	(160)
Purchase of treasury stock	(176)	(158)
Common stock dividends paid	(50)	(37)
Contribution from noncontrolling interests	24
Cash paid for shares withheld for taxes	(15)	(10)
Proceeds from exercise of stock options		6
Other financing activities, net	(3)	(3)
Net cash used in financing activities	(251)	(362)
Net increase in cash, cash equivalents and restricted cash	207	135
Cash, cash equivalents and restricted cash at beginning of period	220	207
Cash, cash equivalents and restricted cash at end of period	427	342
Supplemental information:
Interest paid	107	78
Non-cash investing and financing activities:
Accrued and noncash purchases of property and equipment	15	5
Right-of-use assets obtained in exchange for operating lease obligations	$ 4	$ 21

Organization and Business Opera

Organization and Business Operations	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Operations	Note 1: Organization and Business Operations As used in this Quarterly Report on Form 10-Q, “Nexstar” refers to Nexstar Media Group, Inc., a Delaware corporation, and its consolidated wholly-owned and majority-owned subsidiaries; the “Company” refers to Nexstar and the variable interest entities (“VIEs”) required to be consolidated in our financial statements under authoritative guidance related to the consolidation of VIEs; and all references to “we,” “our,” “ours,” and “us” refer to Nexstar. Nexstar is a leading diversified media company with television broadcasting, television network and digital media assets operating in the United States. As of March 31, 2023, we owned, operated, programmed or provided sales and other services to 199 full power television stations and one AM radio station, including those television stations owned by VIEs, in 116 markets in 39 states and the District of Columbia. The stations are affiliates of CBS, FOX, NBC, ABC, The CW, MyNetworkTV, and other broadcast television networks. As of March 31, 2023, Nexstar’s stations reached approximately 39 % of all U.S. television households (after applying the Federal Communications Commission’s (“FCC”) ultra-high frequency (“UHF”) discount). Through various local service agreements, we provided sales, programming, and other services to 35 television stations owned by consolidated VIEs and one television station owned by an unconsolidated VIE. Nexstar also owns a 75.0 % ownership in The CW Network, LLC, the fifth major broadcast network in the U.S. (“The CW”), NewsNation, a national cable news network, two digital multicast networks, Antenna TV and Rewind TV, multicast network services provided to third parties, and a 31.3 % ownership stake in Television Food Network, G.P. (“TV Food Network”). Our digital assets include more than 140 local websites and 280 mobile applications, 22 connected television applications, six free ad-supported television channels representing products of our local television stations, The CW, NewsNationNow, The Hill and BestReviews, and a suite of advertiser solutions.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2: Summary of Significant Accounting Policies Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts of Nexstar, subsidiaries consolidated through voting interests and the accounts of VIEs for which we are the primary beneficiary (see “Variable Interest Entities” section below). Noncontrolling interests represent the minority owners’ share in profit or loss and equity of The CW and the VIE owners’ share in profit or loss and equity in the consolidated VIEs. Noncontrolling interests are presented as a component separate from Nexstar’s stockholders’ equity in the accompanying Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Changes in Stockholders’ Equity. All intercompany account balances and transactions have been eliminated in consolidation. Nexstar management evaluates each arrangement that may include variable interests and determines the need to consolidate an entity where it determines Nexstar is the primary beneficiary of a VIE in accordance with related authoritative literature and interpretive guidance. Interim Financial Statements The Condensed Consolidated Financial Statements as of March 31, 2023 and for the three months ended March 31, 2023 and 2022 are unaudited. However, in the opinion of management, such financial statements include all adjustments (consisting solely of normal recurring adjustments) necessary for the fair statement of the financial information included herein in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the period. Results of operations for interim periods are not necessarily indicative of results for the full year. Estimates are used for, but are not limited to, allowance for credit losses, valuation of assets acquired and liabilities assumed in business combinations, distribution revenue recognized, income taxes, the recoverability of goodwill, FCC licenses and long-lived assets, the recoverability of investments, the recoverability of broadcast rights and the useful lives of property and equipment and intangible assets. As of March 31, 2023, the Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or revision of the carrying value of its assets or liabilities. However, these estimates and judgments may change as new events occur and additional information is obtained, which may result in changes being recognized in the Company’s consolidated financial statements in future periods. Actual results could differ from those estimates and any such differences may have a material impact on the Company’s Condensed Consolidated Financial Statements. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related Notes included in Nexstar’s Annual Report on Form 10-K for the year ended December 31, 2022. The balance sheet as of December 31, 2022 has been derived from the audited financial statements as of that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Variable Interest Entities Nexstar may determine that an entity is a VIE as a result of local service agreements entered into with that entity. The term local service agreement generally refers to a contract whereby the owner-operator of a television station contracts with a third party (typically another television station owner-operator) to provide it with administrative, sales and other services required for the operation of its station. Nevertheless, the owner-operator of each station retains control of and responsibility for the operation of its station, including ultimate responsibility over all programming broadcast on its station. A local service agreement can be (i) a time brokerage agreement (“TBA”) or a local marketing agreement (“LMA”) which allows Nexstar to program most of a station’s broadcast time, sell the station’s advertising time and retain the advertising revenue generated in exchange for monthly payments, based on the station’s monthly operating expenses, (ii) a shared services agreement (“SSA”) which allows Nexstar to provide services to a station including news production, technical maintenance and security, in exchange for Nexstar’s right to receive certain payments as described in the SSA, or (iii) a joint sales agreement (“JSA”) which permits Nexstar to sell certain of a station’s advertising time and retain a percentage of the related revenue, as described in the JSA. Consolidated VIEs Nexstar consolidates entities in which it is deemed under U.S. GAAP to have controlling financial interests for financial reporting purposes as a result of (i) local service agreements Nexstar has with the stations owned by these entities, (ii) Nexstar’s (excluding The CW) guarantee of the obligations incurred under Mission Broadcasting, Inc.’s (“Mission”) senior secured credit facility (see Note 7), (iii) Nexstar having power over significant activities affecting these VIEs’ economic performance, including budgeting for advertising revenue, certain advertising sales and hiring and firing of sales force personnel and (iv) purchase options granted by each consolidated VIE which permit Nexstar to acquire the assets and assume the liabilities of these VIEs’ stations, subject to FCC consent. The following table summarizes the various local service agreements Nexstar had in effect as of March 31, 2023 with its consolidated VIEs: Owner Service Agreements Full Power Stations Mission TBA WFXP, KHMT and KFQX SSA & JSA KJTL, KLRT, KASN, KOLR, KCIT, KAMC, KRBC, KSAN, WUTR, WAWV, WYOU, KODE, WTVO, KTVE, WTVW, WVNY, WXXA, WLAJ, KMSS, KPEJ, KLJB, KASY, KWBQ and KRWB LMA WNAC and WPIX White Knight Broadcasting (“White Knight”) SSA & JSA WVLA and KFXK Vaughan Media, LLC (“Vaughan”) SSA & JSA WBDT, WYTV and KTKA LMA KNVA Nexstar’s ability to receive cash from the consolidated VIEs is governed by the local service agreements. Under these agreements, Nexstar has received substantially all of the consolidated VIEs’ available cash, after satisfaction of operating costs and debt obligations. Nexstar anticipates it will continue to receive substantially all of the consolidated VIEs’ available cash, after satisfaction of operating costs and debt obligations. In compliance with FCC regulations for all the parties, each VIE maintains complete responsibility for and control over programming, finances, personnel and operations of its stations. The carrying amounts and classification of the assets and liabilities, excluding intercompany amounts, of the VIEs which have been included in the Condensed Consolidated Balance Sheets were as follows (in millions): March 31, 2023 December 31, 2022 Current assets: Cash and cash equivalents $ 6 $ 6 Accounts receivable, net 19 26 Prepaid expenses and other current assets 11 6 Total current assets 36 38 Property and equipment, net 60 59 Goodwill 151 151 FCC licenses 200 200 Network affiliation agreements, net 74 76 Other noncurrent assets, net 72 80 Total assets $ 593 $ 604 Current liabilities: Current portion of debt $ 3 $ 3 Other current liabilities 39 30 Total current liabilities 42 33 Debt 352 353 Deferred tax liabilities 35 35 Other noncurrent liabilities 81 85 Total liabilities $ 510 $ 506 The following are assets of consolidated VIEs, excluding intercompany amounts, that are not available to settle the obligations of Nexstar and the liabilities of consolidated VIEs, excluding intercompany amounts, for which their creditors do not have recourse to the general credit of Nexstar (in millions): March 31, 2023 December 31, 2022 Current assets $ 4 $ 4 Property and equipment, net 11 11 Goodwill 62 62 FCC licenses 200 200 Network affiliation agreements, net 24 26 Other noncurrent assets, net 1 1 Total assets $ 302 $ 304 Current liabilities $ 37 $ 28 Noncurrent liabilities 116 120 Total liabilities $ 153 $ 148 Non-Consolidated VIE Nexstar has an outsourcing agreement with Cunningham Broadcasting Corporation (“Cunningham”) which continues through December 31, 2023. Under the outsourcing agreement, Nexstar provides certain engineering, production, sales and administrative services for WYZZ, the FOX affiliate in the Peoria, Illinois market, through WMBD, the Nexstar television station in that market. During the term of the outsourcing agreement, Nexstar retains the broadcasting revenue and related expenses of WYZZ and is obligated to pay a monthly fee to Cunningham based on the combined operating cash flow of WMBD and WYZZ, as defined in the agreement. Nexstar has determined that it has a variable interest in WYZZ. Nexstar has also evaluated its arrangement with Cunningham and has determined that it is not the primary beneficiary of the variable interest in this station because it does not have the ultimate power to direct the activities that most significantly impact the station’s economic performance, including developing the annual operating budget, programming and oversight and control of sales management personnel. Therefore, Nexstar has not consolidated WYZZ under authoritative guidance related to the consolidation of VIEs. There were no significant transactions arising from Nexstar’s outsourcing agreement with Cunningham. Cunningham does not guarantee Nexstar’s debt. Basis of Presentation Certain prior year financial statement amounts have been reclassified to conform to the current year presentation. These reclassifications had no effect on net income or stockholders’ equity as previously reported. Income Per Share Basic income per share is computed by dividing the net income attributable to Nexstar by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed using the weighted-average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares are calculated using the treasury stock method. They consist of stock options and restricted stock units outstanding during the period and reflect the potential dilution that could occur if common shares were issued upon exercise of stock options and vesting of restricted stock units. The following table shows the amounts used in computing Nexstar’s diluted shares (in thousands): Three Months Ended March 31, 2023 2022 Weighted average shares outstanding – basic 36,718 40,945 Dilutive effect of equity incentive plan instruments 730 1,039 Weighted average shares outstanding – diluted 37,448 41,984 During the three months ended March 31, 2023 and 2022, no stock options and restricted stock units were excluded from the calculation of diluted earnings per share. Recent Accounting Pronouncements New Accounting Standards Adopted In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”). The amendments in ASU 2021-08 require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The accounting update also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted this accounting update for interim periods and fiscal year beginning on January 1, 2023 and the adoption did not impact its Condensed Consolidated Financial Statements.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Note 3: Intangible Assets and Goodwill The Company’s definite-lived intangible assets consisted of the following (dollars in millions): Estimated March 31, 2023 December 31, 2022 useful life, Accumulated Accumulated in years Gross Amortization Net Gross Amortization Net Network affiliation agreements 15 $ 3,125 $ ( 1,301 ) $ 1,824 $ 3,125 $ ( 1,254 ) $ 1,871 Other definite-lived intangible assets 1 - 20 1,081 ( 544 ) 537 1,077 ( 514 ) 563 Definite-lived intangible assets $ 4,206 $ ( 1,845 ) $ 2,361 $ 4,202 $ ( 1,768 ) $ 2,434 The following table presents the Company’s estimate of amortization expense for the remainder of 2023, each of the five succeeding years ended December 31 and thereafter for definite-lived intangible assets as of March 31, 2023 (in millions): Remainder of 2023 $ 226 2024 294 2025 289 2026 265 2027 252 2028 238 Thereafter 797 $ 2,361 The amounts recorded to goodwill and FCC licenses were as follows (in millions): Goodwill FCC Licenses Accumulated Accumulated Gross Impairment Net Gross Impairment Net Balances as of December 31, 2022 $ 3,141 $ ( 180 ) $ 2,961 $ 2,958 $ ( 48 ) $ 2,910 Balances as of March 31, 2023 $ 3,141 $ ( 180 ) $ 2,961 $ 2,958 $ ( 48 ) $ 2,910 Indefinite-lived intangible assets are not subject to amortization but are tested for impairment annually or whenever events or changes in circumstances indicate that such assets might be impaired. During the three months ended March 31, 2023, the Company did not identify events that would trigger impairment assessments.

Investments

Investments	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	Note 4: Investments Investments in the Company’s Condensed Consolidated Balance Sheets consisted of the following (in millions): March 31, 2023 December 31, 2022 Equity method investments $ 916 $ 1,115 Other equity investments 3 4 Total investments $ 919 $ 1,119 Equity Method Investments During the three months ended March 31, 2023 and 2022, the Company received cash distributions from its equity method investments, primarily from its investment in TV Food Network, as discussed below. During the three months ended March 31, 2023 and 2022, the income from equity method investments, net reported in the Company’s unaudited Condensed Consolidated Statements of Operations consisted of the following (in millions): Three Months Ended March 31, 2023 2022 Income from equity method investments, net, before amortization of basis difference $ 43 $ 56 Amortization of basis difference ( 18 ) ( 18 ) Income from equity method investments, net $ 25 $ 38 At acquisition date, the Company measured its estimated share of the differences between the estimated fair values and carrying values (the “basis difference”) of the investees’ tangible assets and amortizable intangible assets had the fair value of the investments been allocated to the identifiable assets of the investees in accordance with ASC Topic 805, “Business Combinations.” Additionally, the Company measured its estimated share of the basis difference attributable to investees’ goodwill. The Company amortizes its share of the basis differences attributable to tangible assets and intangible long-lived assets of investees, including TV Food Network, and records the amortization (the “amortization of basis difference”) as a reduction of income from equity method investments, net in the accompanying Condensed Consolidated Statements of Operations. The Company’s share in these basis differences and related amortization is primarily attributable to its investment in TV Food Network (discussed in more detail below). Investment in TV Food Network Nexstar acquired its 31.3 % equity investment in TV Food Network through its acquisition of Tribune Media Company (“Tribune”) on September 19, 2019. Nexstar’s partner in TV Food Network is Warner Bros. Discovery, Inc., (“WBD”), which owns a 68.7 % interest in TV Food Network and operates the network on behalf of the partnership. TV Food Network operates two 24-hour television networks, Food Network and Cooking Channel, offering quality television, video, internet and mobile entertainment and information focusing on food and entertaining. The partnership agreement governing TV Food Network provides that the partnership shall, unless certain actions are taken by the partners, dissolve and commence winding up and liquidating TV Food Network upon the first to occur of certain enumerated liquidating events, one of which is a specified date of December 31, 2023. Nexstar intends to renew its partnership agreement with WBD for TV Food Network before expiration. In the event of a liquidation, Nexstar would be entitled to its proportionate share of distributions to partners, which the partnership agreement provides would occur as promptly as is consistent with obtaining fair market value for the assets of TV Food Network. The partnership agreement also provides that the partnership may be continued or reconstituted in certain circumstances. As of March 31, 2023, Nexstar’s investment in TV Food Network had a book value of $ 899 million, compared to $ 1,099 million as of December 31, 2022. As of March 31, 2023 and December 31, 2022, Nexstar had a remaining share in amortizable basis difference of $ 449 million and $ 467 million, respectively, related to its investment in TV Food Network. The remaining amortizable basis difference as of March 31, 2023 had a remaining useful life of approximately 6.5 years. As of March 31, 2023, Nexstar’s share in the basis difference related to the investee’s goodwill was $ 500 million (no change in 2023). Nexstar had the following transactions related to its investment in TV Food Network during the three months ended March 31, 2023 and 2022, respectively: • received cash distributions totaling $ 225 million and $ 193 million, • recognized share in TV Food Network’s net income of $ 43 million and $ 56 million, and • recorded amortization of basis difference (expense) of $ 18 million each in both periods. Summarized financial information for TV Food Network is as follows (in millions): Three Months Ended March 31, 2023 2022 Net revenue $ 285 $ 324 Costs and expenses 152 146 Income from operations 133 178 Net income 138 179 Net income attributable to Nexstar Media Group, Inc. 43 56

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Accrued Expenses	Note 5: Accrued Expenses Accrued expenses consisted of the following (in millions): March 31, 2023 December 31, 2022 Compensation and related taxes $ 78 $ 113 Interest payable 53 56 Network affiliation fees 82 50 Other 92 100 $ 305 $ 319

Retirement and Postretirement P

Retirement and Postretirement Plans	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Retirement and Postretirement Plans	Note 6: Retirement and Postretirement Plans Nexstar has various funded, qualified non-contributory defined benefit retirement plans which cover certain employees and former employees. All of these retirement plans are frozen in terms of pay and service, except for a plan with immaterial pension benefit obligations. Nexstar also has various retiree medical savings account plans which reimburse eligible retired employees for certain medical expenses and unfunded plans that provide certain health and life insurance benefits to certain retired employees. The following tables provide the components of net periodic benefit cost (credit) for Nexstar’s pension and other postretirement benefit plans (“OPEB”) (in millions): Pension Benefit Plans OPEB Three Months Ended March 31, Three Months Ended March 31, 2023 2022 2023 2022 Interest cost $ 21 $ 12 $ - $ - Expected return on plan assets ( 28 ) ( 23 ) - - Amortization of net gain ( 2 ) - - - Net periodic benefit credit $ ( 9 ) $ ( 11 ) $ - $ - During the three months ended March 31, 2023, Nexstar did no t make contributions to its qualified pension benefit plans. Nexstar does not anticipate it will be required to make contributions to such pension benefit plans in 2023.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Note 7: Debt Long-term debt consisted of the following (dollars in millions): March 31, 2023 December 31, 2022 Nexstar Term Loan A, due June 2027 $ 2,334 $ 2,364 Term Loan B, due September 2026 1,561 1,561 5.625 % Notes, due July 2027 1,714 1,714 4.75 % Notes, due November 2028 1,000 1,000 Mission Term Loan B, due June 2028 295 296 Revolving loans, due June 2027 62 62 Total outstanding principal 6,966 6,997 Less: unamortized financing costs and discount – Nexstar Term Loan A, due June 2027 ( 8 ) ( 8 ) Less: unamortized financing costs and discount – Nexstar Term Loan B, due September 2026 ( 31 ) ( 33 ) Add: unamortized premium, net of financing costs – Nexstar 5.625% Notes, due July 2027 4 4 Less: unamortized financing costs and discount – Nexstar 4.75% Notes, due November 2028 ( 6 ) ( 7 ) Less: unamortized financing costs and discount – Mission Term Loan B, due June 2028 ( 2 ) ( 2 ) Total outstanding debt 6,923 6,951 Less: current portion ( 124 ) ( 124 ) Long-term debt, net of current portion $ 6,799 $ 6,827 Nexstar’s outstanding term loans are governed by Nexstar credit agreement and Mission’s outstanding term loans and revolving loans are governed by Mission credit agreement (also herein referred to as senior secured credit facility). Nexstar’s senior unsecured notes are governed by the indentures. 2023 Activities During the three months ended March 31, 2023, Nexstar repaid scheduled principal maturities of $ 30 million of its term loans. Unused Commitments and Borrowing Availability The Company had $ 529 million (net of outstanding standby letters of credit of $ 20 million) and $ 14 million of unused revolving loan commitments under the respective Nexstar and Mission senior secured credit facilities, all of which were available for borrowing, based on the covenant calculations as of March 31, 2023. The Company’s ability to access funds under its senior secured credit facilities depends, in part, on its compliance with certain financial covenants. As of March 31, 2023, the Company was in compliance with its financial covenants. Collateralization and Guarantees of Debt The Company’s senior secured credit facilities described above are collateralized by a security interest in substantially all the combined assets, excluding FCC licenses, the other assets of consolidated VIEs unavailable to creditors of Nexstar (see Note 2) and the assets of The CW. Nexstar (excluding The CW) guarantees full payment of all obligations incurred under the Mission senior secured credit facility in the event of Mission’s default. Mission is a guarantor of Nexstar’s senior secured credit facility, Nexstar’s 5.625 % Notes, due July 2027 and Nexstar’s 4.75 % Notes, due November 2028. In consideration of Nexstar’s guarantee of the Mission senior secured credit facility, Mission has granted Nexstar purchase options to acquire the assets and assume the liabilities of each Mission station, subject to FCC consent. These option agreements, which expire on various dates between 2023 and 2033, are freely exercisable or assignable by Nexstar without consent or approval by Mission. The Company expects these option agreements to be renewed upon expiration. Debt Covenants The Nexstar credit agreement (senior secured credit facility) contains a covenant which requires Nexstar to comply with a maximum consolidated first lien net leverage ratio of 4.25 to 1.00. The financial covenant, which is formally calculated on a quarterly basis, is based on the combined results of the Company, excluding the operating results of The CW, which Nexstar designated as an unrestricted subsidiary under its credit agreements and indentures. The Mission amended credit agreement does not contain financial covenant ratio requirements but does provide for default in the event Nexstar does not comply with all covenants contained in its credit agreement. As of March 31, 2023 , Nexstar was in compliance with its financial covenants.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	Note 8: Leases The Company as a Lessee The Company has operating leases for office spaces, tower facilities, antenna sites, studios and other real estate properties and equipment. The operating leases have remaining lease terms of one to 91 years , some of which may include options to extend the leases from 2 years to 99 years , and some of which may include options to terminate the leases within one year . Lease contracts that the Company has executed but which have not yet commenced as of March 31, 2023 were not material. Supplemental balance sheet information related to operating leases were as follows (in millions, except lease term and discount rate): Balance Sheet Classification March 31, 2023 December 31, 2022 Operating lease right-of-use assets, net Other noncurrent assets, net $ 273 $ 288 Current operating lease liabilities Operating lease liabilities $ 50 $ 50 Noncurrent operating lease liabilities Other noncurrent liabilities $ 229 $ 238 Weighted Average Remaining Lease Term of Operating leases 8 years 8 years Weighted Average Discount Rate of Operating leases 5.1 % 5.1 % Operating lease expense for the three months ended March 31, 2023 was $ 16 million, of which $ 7 million and $ 9 million were included in Direct operating and Selling, general and administrative expenses, respectively, excluding depreciation and amortization, in the accompanying Condensed Consolidated Statements of Operations. Operating lease expense for the three months ended March 31, 2022 was $ 15 million, of which $ 7 million and $ 8 million were included in Direct operating and Selling, general and administrative expenses, respectively, excluding depreciation and amortization, in the accompanying Condensed Consolidated Statements of Operations. Cash paid for operating leases included in the operating cash flows was $ 16 million and $ 14 million for the three months ended March 31, 2023 and 2022, respectively. Future minimum lease payments under non-cancellable leases as of March 31, 2023 were as follows (in millions): Operating Leases Remainder of 2023 $ 47 2024 59 2025 45 2026 36 2027 26 2028 23 Thereafter 113 Total future minimum lease payments 349 Less: imputed interest ( 70 ) Total $ 279

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 9: Fair Value Measurements The Company measures and records in its Condensed Consolidated Financial Statements certain assets and liabilities at fair value. ASC Topic 820, “Fair Value Measurement and Disclosures,” establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). This hierarchy consists of the following three levels: • Level 1 – Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market. • Level 2 – Assets and liabilities whose values are based on inputs other than those included in Level 1, including quoted market prices in markets that are not active; quoted prices of assets or liabilities with similar attributes in active markets; and valuation models whose inputs are observable or unobservable but corroborated by market data. • Level 3 – Assets and liabilities whose values are based on valuation models or pricing techniques that utilize unobservable inputs that are significant to the overall fair value measurement. The carrying values of cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable, broadcast rights payable and accrued expenses approximate fair value due to their short-term nature. Estimated fair values and carrying amounts of the Company’s long-term debt that are not measured at fair value on a recurring basis were as follows (dollars in millions): March 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Amount Value Amount Value Nexstar Term Loan A, due June 2027 (1) $ 2,326 $ 2,293 $ 2,356 $ 2,275 Term Loan B, due September 2026 (1) 1,530 1,559 1,528 1,555 5.625 % Notes, due July 2027 (2) 1,718 1,572 1,718 1,620 4.75 % Notes, due November 2028 (2) 994 873 993 880 Mission Term Loan B, due June 2028 (1) 293 295 294 291 Revolving loans due June 2027 (1) 62 61 62 60 (1) The fair value of senior secured and revolving credit facilities is computed based on borrowing rates currently available to the Company for bank loans with similar terms and average maturities. These fair value measurements are considered Level 3, as significant inputs to the fair value calculation are unobservable in the market. (2) The fair value of the Company’s fixed rate debt is estimated based on bid prices obtained from an investment banking firm that regularly makes a market for these financial instruments. These fair value measurements are considered Level 2, as quoted market prices are available for low volume trading of these securities. During the three months ended March 31, 2023, there were no events or changes in circumstance that triggered an impairment to the Company’s significant assets, including equity method investments, indefinite-lived intangible assets, long-lived assets and goodwill. See Notes 3 and 4 for additional information.

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Common Stock	Note 10: Common Stock On July 27, 2022, Nexstar’s board of directors approved a new share repurchase program authorizing Nexstar to repurchase up to an additional $ 1.5 billion of its common stock, of which $ 1.258 billion of capacity remained available as of December 31, 2022. During the three months ended March 31, 2023, Nexstar repurchased a total of 1,019,940 shares of its common stock for $ 175 million, funded by cash on hand, which were accounted for as treasury cost. As of March 31, 2023, the remaining available amount under the share repurchase authorization was $ 1.083 billion. Share repurchases may be made from time to time in open market transactions, block trades or private transactions. There is no minimum number of shares that Nexstar is required to repurchase and the repurchase program may be suspended or discontinued at any time without prior notice. On January 27, 2023 , Nexstar’s board of directors approved a 50 % increase in its quarterly cash dividend to $ 1.35 per share of outstanding common stock beginning with the first quarter of 2023.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 11: Income Taxes Income tax expense was $ 42 million for the three months ended March 31, 2023 compared to $ 52 million for the same period in 2022. The effective tax rates were 32.3 % and 17.1 % for each of the respective periods. Nexstar reported a decrease in income tax benefit of $ 25 million attributable to excess benefit on stock options and restricted stock units exercised in 2022 . This resulted in a 7.5 % increase to the effective tax rate in 2023 compared to 2022. Changes in the valuation allowance resulted in an incremental income tax expense of $ 6 million, or a 4.3 % increase to the effective tax rate in 2023. Other permanent differences including an adjustment for losses related to the minority interest in The CW resulted in a 2.4 % increase to the effective rate. The Company calculates its year-to-date provision for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income or loss and adjusts the provision for discrete tax items recorded in the period. Future changes in the forecasted annual income projections could result in significant adjustments to quarterly income tax expense in future periods.

FCC Regulatory Matters

FCC Regulatory Matters	3 Months Ended
	Mar. 31, 2023
Risks and Uncertainties [Abstract]
FCC Regulatory Matters	Note 12: FCC Regulatory Matters Television broadcasting is subject to the jurisdiction of the FCC under the Communications Act of 1934, as amended (the “Communications Act”). The Communications Act prohibits the operation of television broadcasting stations except under a license issued by the FCC and empowers the FCC, among other things, to issue, revoke and modify broadcasting licenses, determine the location of television stations, regulate the equipment used by television stations, adopt regulations to carry out the provisions of the Communications Act and impose penalties for the violation of such regulations. The FCC’s ongoing rule making proceedings could have a significant future impact on the television industry and on the operation of the Company’s stations and the stations to which it provides services. In addition, the U.S. Congress may act to amend the Communications Act or adopt other legislation in a manner that could impact the Company’s stations, the stations to which it provides services and the television broadcast industry in general. Media Ownership FCC rules limit the Company’s ownership of television stations in local markets and nationally and govern certain local service agreements between Nexstar and third parties. In general, FCC rules prohibit Nexstar from owning two of the top four stations in a market in terms of audience share (unless a case-by-case exception is granted) and from owning stations that reach more than 39 % of U.S. television households (as calculated using a prescribed FCC methodology). Nexstar is also prohibited from providing more than 15 percent of the programming of a non-owned television station through a TBA or LMA if Nexstar also owns a station in the same market, unless the applicable TBA or LMA was entered into prior to November 5, 1996. The FCC is required to review its media ownership rules every four years and to eliminate those rules it finds no longer “necessary in the public interest as a result of competition.” The FCC’s two most recent quadrennial reviews—those for 2010 and 2014—were eventually consolidated into a single proceeding that involved extensive litigation, an agency reconsideration and multiple court appeals, culminating in an April 1, 2021 decision by the U.S. Supreme Court which upheld the FCC’s elimination or relaxation of several rules. The 2018 quadrennial review, which the FCC commenced in December 2018, remains pending, and the FCC has solicited and received comments to update the record of that proceeding in the wake of the Supreme Court’s decision. Notwithstanding the pendency of the 2018 review, in December 2022 the FCC commenced its 2022 quadrennial review proceeding. Public comments in that proceeding were filed in March 2023. Additionally, the FCC has an open proceeding to review the national television station ownership limit. Thus, the media ownership rules are subject to change as a result of current and future quadrennial reviews and in other proceedings. Retransmission Consent Broadcasters may obtain carriage of their stations’ signals on cable, satellite and other multichannel video programming distributors (“MVPDs”) through either mandatory carriage or through “retransmission consent.” Every three years all stations must formally elect either mandatory carriage or retransmission consent. The next election must be made by October 1, 2023 and will be effective January 1, 2024. Must-carry elections require that the MVPD carry one station programming stream and related data in the station’s local market. However, MVPDs may decline a must-carry election in certain circumstances. MVPDs do not pay a fee to stations that elect mandatory carriage. A broadcaster that elects retransmission consent waives its mandatory carriage rights, and the broadcaster and the MVPD must negotiate for carriage of the station’s signal. Negotiated terms may include channel position, service tier carriage, carriage of multiple program streams, compensation and other consideration. If a broadcaster elects to negotiate retransmission terms, it is possible that the broadcaster and the MVPD will not reach agreement and that the MVPD will not carry the station’s signal. FCC rules and federal statutory law require retransmission consent negotiations to be conducted in “good faith.” It is a per se violation of the duty to negotiate in good faith for a television broadcast station to negotiate retransmission consent jointly with another station in the same market if the stations are not commonly owned. Accordingly, the VIEs with which we have sharing agreements must separately negotiate their retransmission consent agreements with MVPDs for stations in markets where we also own a station. MVPD operators have actively sought to change the regulations under which retransmission consent is negotiated before both the U.S. Congress and the FCC in order to increase their bargaining leverage with television stations. There are still-open FCC proceedings to review the “totality of the circumstances” test for good faith retransmission consent negotiations, and to eliminate or modify the FCC’s non-duplication and syndicated exclusivity rules (which could permit MVPDs to import out-of-market television stations in certain circumstances). Certain online video distributors (“OVDs”) have successfully or unsuccessfully sought to stream broadcast programming over the internet. In 2014, the U.S. Supreme Court held that an OVD’s retransmissions of broadcast television signals without the consent of the broadcast station violate federal copyright law. In December 2014, the FCC issued a Notice of Proposed Rulemaking proposing to interpret the term “MVPD” to encompass OVDs that make available for purchase multiple streams of video programming distributed at a prescheduled time and seeking comment on the effects of applying MVPD rules to such OVDs. The proceeding remains open. Although the FCC has not classified OVDs as MVPDs to date, various OVDs have signed agreements for retransmission of local stations within their markets, and others are actively seeking to negotiate such agreements.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13: Commitments and Contingencies Guarantee of Mission Debt Nexstar (excluding The CW) guarantees full payment of all obligations incurred under the Mission senior secured credit facility. In the event that Mission is unable to repay amounts due, Nexstar will be obligated to repay such amounts. The maximum potential amount of future payments that Nexstar would be required to make under this guarantee would be generally limited to the outstanding principal amounts. As of March 31, 2023, Mission had a maximum commitment of $ 371 million under its amended credit agreement, of which $ 357 million principal balance of debt was outstanding. Indemnification Obligations In connection with certain agreements that the Company enters into in the normal course of its business, including local service agreements, business acquisitions and borrowing arrangements, the Company enters into contractual arrangements under which the Company agrees to indemnify the third party to such arrangement from losses, claims and damages incurred by the indemnified party for certain events as defined within the particular contract. Such indemnification obligations may not be subject to maximum loss clauses and the maximum potential amount of future payments the Company could be required to make under these indemnification arrangements may be unlimited. Historically, payments made related to these indemnifications have been insignificant and the Company has not incurred significant costs to defend lawsuits or settle claims related to these indemnification agreements. Litigation From time to time, the Company is involved in litigation that arises from the ordinary operations of business, such as contractual or employment disputes or other general actions. In the event of an adverse outcome of these proceedings, the Company believes the resulting liabilities would not have a material adverse effect on its financial condition or results of operations. Local TV Advertising Antitrust Litigation — On March 16, 2018, a group of companies including Nexstar and Tribune (the “Defendants”) received a Civil Investigative Demand from the Antitrust Division of the Department of Justice (“DOJ”) regarding an investigation into the exchange of certain information related to the pacing of sales related to the same period in the prior year among broadcast stations in some DMAs in alleged violation of federal antitrust law. Without admitting any wrongdoing, some Defendants, including Tribune, entered into a proposed consent decree (referred to herein as the “consent decree”) with the DOJ on November 6, 2018. Without admitting any wrongdoing, Nexstar agreed to settle the matter with the DOJ on December 5, 2018. The consent decree was entered in final form by the U.S. District Court for the District of Columbia on May 22, 2019. The consent decree, which settles claims by the government of alleged violations of federal antitrust laws in connection with the alleged information sharing, does not include any financial penalty. Pursuant to the consent decree, Nexstar and Tribune agreed not to exchange certain non-public information with other stations operating in the same DMA except in certain cases, and to implement certain antitrust compliance measures and monitor and report on compliance with the consent decree. Starting in July 2018, a series of plaintiffs filed putative class action lawsuits against the Defendants and others alleging that they coordinated their pricing of television advertising, thereby harming a proposed class of all buyers of television advertising time from one or more of the Defendants since at least January 1, 2014. The plaintiff in each lawsuit seeks injunctive relief and money damages caused by the alleged antitrust violations. On October 9, 2018, these cases were consolidated in a multi-district litigation in the District Court for the Northern District of Illinois captioned In Re: Local TV Advertising Antitrust Litigation , No. 1:18-cv-06785 (“MDL Litigation”). On January 23, 2019, the Court in the MDL Litigation appointed plaintiffs’ lead and liaison counsel. The MDL Litigation is ongoing. The Plaintiffs’ Consolidated Complaint was filed on April 3, 2019 ; Defendants filed a Motion to Dismiss on September 5, 2019 . Before the Court ruled on that motion, the Plaintiffs filed their Second Amended Consolidated Complaint on September 9, 2019 . This complaint added additional defendants and allegations. The Defendants filed a Motion to Dismiss and Strike on October 8, 2019 . The Court denied that motion on November 6, 2020. On March 16, 2022, the Plaintiffs filed their Third Amended Complaint. The Third Amended Complaint adds two additional plaintiffs and an additional defendant, but does not make material changes to the allegations. The parties are in the discovery phase of litigation. The Court has not yet set a trial date. Nexstar and Tribune deny the allegations against them and will defend their advertising practices. In connection with Nexstar’s acquisition of Tribune on September 19, 2019, Nexstar assumed contingencies from certain legal proceedings, as follows: Tribune Chapter 11 Reorganization and Confirmation Order Appeals — On December 8, 2008, Tribune and 110 of its direct and indirect wholly-owned subsidiaries (collectively, the “Debtors”) filed voluntary petitions for relief under chapter 11 (“Chapter 11”) of title 11 of the United States Code in the U.S. Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). On July 23, 2012, the Bankruptcy Court issued an order confirming the Fourth Amended Joint Plan of Reorganization for Tribune and its Subsidiaries (as such plan was subsequently modified by its proponents, the “Plan”). The Plan became effective and the Debtors emerged from Chapter 11 on December 31, 2012 (the “Effective Date”). The Bankruptcy Court has entered final decrees that have collectively closed all of the Debtors’ Chapter 11 cases except for Tribune’s Chapter 11 case, which continues to be administered under the caption In re Tribune Media Company, et al. , Case No. 08-13141. As of the Effective Date, approximately 7,400 proofs of claim had been filed against the Debtors. Amounts and payment terms for these claims, if applicable, were established in the Plan. The Plan requires Tribune to reserve cash in amounts sufficient to make certain additional payments that may become due and owing pursuant to the Plan subsequent to the Effective Date. As of March 31, 2023, restricted cash and cash equivalents held by Tribune to satisfy the remaining claim obligations were $ 14.0 million and are estimated to be sufficient to satisfy such obligations. As of March 31, 2023, all but three proofs of claim against the Debtors had been withdrawn, expunged, settled or otherwise satisfied. Those claims were resolved with Bankruptcy Court approval in January 2023. The amount of such resolution did not exceed the restricted cash and cash equivalents held by Tribune to satisfy remaining claim obligations described above. In the event any additional claims were to be allowed that exceeded the amount of restricted cash and cash equivalents held by Tribune, Tribune would be required to satisfy the allowed claims from its cash on hand from operations. Chicago Cubs Transactions— On August 21, 2009, Tribune and Chicago Entertainment Ventures, LLC (formerly Chicago Baseball Holdings, LLC) (“CEV LLC”), and its subsidiaries (collectively, “New Cubs LLC”), among other parties, entered into an agreement (the “Cubs Formation Agreement”) governing the contribution of certain assets and liabilities related to the businesses of the Chicago Cubs Major League Baseball franchise then owned by Tribune and its subsidiaries to New Cubs LLC. The transactions contemplated by the Cubs Formation Agreement and the related agreements thereto (the “Chicago Cubs Transactions”) closed on October 27, 2009. As a result of these transactions, Northside Entertainment Holdings LLC (f/k/a Ricketts Acquisition LLC) (“NEH”) owned 95 % and Tribune owned 5 % of the membership interests in CEV LLC. The fair market value of the contributed assets exceeded the tax basis and did not result in an immediate taxable gain as the transaction was structured to comply with the partnership provisions of the Internal Revenue Code (“IRC”) and related regulations. On June 28, 2016, the Internal Revenue Service (“IRS”) issued Tribune a Notice of Deficiency which presented the IRS’s position that the gain with respect to the Chicago Cubs Transactions should have been included in Tribune’s 2009 taxable income. Accordingly, the IRS proposed a $ 182 million tax and a $ 73 million gross valuation misstatement penalty. During the third quarter of 2016, Tribune filed a petition in the U.S. Tax Court to contest the IRS’s determination. After-tax interest on the aforementioned proposed tax and penalty through March 31, 2023 would be approximately $ 166 million. In addition, if the IRS prevails in its position, under the tax rules for determining tax basis upon emergence from bankruptcy, the Company would be required to reduce its tax basis in certain assets. The reduction in tax basis would be required to reflect the reduction in the amount of the Company’s guarantee of the New Cubs partnership debt which was included in the reported tax basis previously determined upon emergence from bankruptcy and subject to Tribune’s 2014 and 2015 federal income tax audits (described below). On September 19, 2019, Tribune became a wholly owned subsidiary of Nexstar following Nexstar’s merger with Tribune. Nexstar disagrees with the IRS’s position that the Chicago Cubs Transactions generated taxable gain in 2009, the proposed penalty and the IRS’s calculation of the gain. If the IRS prevails in its position, the gain on the Chicago Cubs Transactions would be deemed to be taxable in 2009. Nexstar estimates that the federal and state income taxes would be approximately $ 225 million before interest and penalties. Any tax, interest and penalty due will be offset by tax payments made relating to this transaction subsequent to 2009. Tribune made approximately $ 154 million of tax payments prior to its merger with Nexstar. A bench trial in the U.S. Tax Court took place between October 28, 2019 and November 8, 2019, and closing arguments took place on December 11, 2019. The Tax Court issued a separate opinion on January 6, 2020 holding that the IRS satisfied the procedural requirements for the imposition of the gross valuation misstatement penalty. The judge deferred any litigation of the penalty until a final determination was reached by the Tax Court or Court of Appeals. On October 26, 2021, the Tax Court issued an opinion related to the Chicago Cubs Transactions, which held that Tribune’s structure was, in substantial part, in compliance with partnership provisions of the Code and, as a result, did not trigger the entire 2009 taxable gain proposed by the IRS. On October 19, 2022, the Tax Court entered the decision that there is no tax deficiency or penalty due in the 2009 tax year. On January 13, 2023, the IRS filed a notice of appeal to the U.S. Court of Appeals for the Seventh Circuit. On February 3, 2023, the Company filed a notice of cross-appeal. As of March 31, 2023, Nexstar believes the tax impact of applying the Tax Court opinion to 2009 and its impact on subsequent years is not material to the Company’s accounting for uncertain tax positions or to its Condensed Consolidated Financial Statements. Although management believes its estimates and judgments are reasonable, the timing and ultimate resolution are unpredictable and could materially change. Revenue Agent’s Report on Tribune’s 2014 to 2015 Federal Income Tax Audits — Prior to Nexstar’s merger with Tribune in September 2019, Tribune was undergoing federal income tax audits for taxable years 2014 and 2015. In the third quarter of 2020, the IRS completed its audits of Tribune and issued a Revenue Agent’s Report which disallows the reporting of certain assets and liabilities related to Tribune’s emergence from Chapter 11 bankruptcy on December 31, 2012. Nexstar disagrees with the IRS’s proposed adjustments to the tax basis of certain assets and the related taxable income impact, and Nexstar is contesting the adjustments through the IRS administrative appeal procedures. If the IRS prevails in its position and after taking into account the impact of the Tax Court opinion, Nexstar would be required to reduce its tax basis in certain assets resulting in a $ 16 million increase in its federal and state taxes payable and a $ 70 million increase in deferred income tax liability as of March 31, 2023. In accordance with ASC Topic 740, the Company has reflected $ 11 million for certain contested issues in its liability for uncertain tax positions at March 31, 2023 and December 31, 2022.

Segment Data

Segment Data	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Data	Note 14: Segment Data The Company’s reportable broadcast segment includes (i) television stations and related local websites that Nexstar owns, operates, programs or provides sales and other services to in various markets across the United States, (ii) NewsNation, a national cable news network, (iii) two owned and operated digital multicast networks and other multicast network services, and (iv) WGN-AM, a Chicago radio station. The other activities of the Company include (i) The CW, (ii) digital businesses focused on the national marketplace, (iii) the management of certain real estate assets, including revenues from leasing certain owned office and production facilities, (vi) corporate functions, and (v) eliminations. The Company evaluates the performance of its operating segments based on net revenue and segment profit. Segment profit (loss) excludes depreciation and amortization (but includes payments for broadcast rights), impairment charges, gain on disposal of assets and certain other items that are included in income from continuing operations determined in accordance with U.S. GAAP. Segment financial information is included in the following tables for the periods presented (in millions): Three Months Ended March 31, Net revenue 2023 2022 Broadcast $ 1,178 $ 1,184 Other 81 24 Corporate (unallocated) ( 2 ) 2 Total net revenue $ 1,257 $ 1,210 Three Months Ended March 31, Operating income (loss) 2023 2022 Broadcast segment profit $ 447 $ 482 Other segments (loss) profit ( 63 ) 1 Corporate (unallocated) ( 45 ) ( 45 ) Depreciation and amortization expense ( 249 ) ( 145 ) Payments for broadcast rights 142 33 Loss attributable to noncontrolling owners of a segment ( 21 ) - Miscellaneous, net ( 7 ) 3 Income from operations $ 204 $ 329 Assets March 31, 2023 December 31, 2022 Broadcast (1) $ 11,287 $ 11,635 Other 489 497 Corporate (unallocated) 688 547 $ 12,464 $ 12,679 Goodwill March 31, 2023 December 31, 2022 Broadcast $ 2,873 $ 2,873 Other 88 88 $ 2,961 $ 2,961 (1) While the Company’s investment in TV Food Network ($ 899 million at March 31, 2023 and $ 1,099 million at December 31, 2022) has not been allocated to a Company reporting unit or operating segment, such asset has been included in the Company’s disclosure of Broadcast segment assets given the similar nature of the investment to that segment. For additional information on equity investments, see Note 4. The following tables present the disaggregation of the Company’s revenue under ASC 606 for the periods presented (in millions): Three Months Ended March 31, 2023 Broadcast Other Corporate (unallocated) Consolidated Core advertising $ 392 $ 25 $ - $ 417 Political advertising 8 - - 8 Distribution 713 18 ( 3 ) 728 Digital 56 36 - 92 Other 9 2 1 12 Total net revenue $ 1,178 $ 81 $ ( 2 ) $ 1,257 Three Months Ended March 31, 2022 Broadcast Other Corporate (unallocated) Consolidated Core advertising $ 428 $ - $ - $ 428 Political advertising 24 - - 24 Distribution 668 - - 668 Digital 55 24 - 79 Other 9 - 2 11 Total net revenue $ 1,184 $ 24 $ 2 $ 1,210 The Company primarily derives its revenues from television and digital advertising and from distribution of its stations’ signals and networks. During the three months ended March 31, 2023, revenues from these sources for two of the Company’s customers exceeded 10%. Each of these customers represented approximately 13 % and 14 % of the Company’s consolidated net revenues, respectively. During the three months ended March 31, 2022, revenues from these sources for two of the Company’s customers exceeded 10%. Each of these customers represented approximately 12 % of the Company’s consolidated net revenues. Advertising revenue (core, political and digital) is positively affected by national and local political campaigns and certain events such as the Olympic Games or the Super Bowl. Company stations’ advertising revenue is generally highest in the second and fourth quarters of each year, due in part to increases in consumer advertising in the spring and retail advertising in the period leading up to, and including, the holiday season. In addition, advertising revenue is generally higher during even-numbered years when congressional and presidential elections occur and advertising is aired during the Olympic Games. The Company receives compensation from MVPDs and OVDs in return for the consent to the retransmission of the signals of its television stations and the carriage of NewsNation. Distribution revenue is recognized at the point in time the broadcast signal is delivered to the distributors and is based on a price per subscriber.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 15: Subsequent Events On April 28, 2023 , Nexstar’s Board of Directors declared a quarterly cash dividend of $ 1.35 per share of its common stock. The dividend is payable on May 26, 2023 to stockholders of record on May 12, 2023 . From April 1, 2023 to May 8, 2023, we repurchased 202,034 shares of our common stock for $ 35 million, funded by cash on hand. As of the date of filing this Quarterly Report on Form 10-Q, the remaining available amount under the share repurchase authorization was $ 1.048 billion. From April 1, 2023 to May 8, 2023, in connection with stock option exercises and vesting of restricted stock units, Nexstar issued 75,126 shares of its common stock, net of any shares withheld for taxes. On May 8, 2023 , Nexstar announced that it agreed to acquire the assets of KUSI-TV, an independent television station serving the San Diego, California market, from McKinnon Broadcasting Company and Channel 51 of San Diego for $ 35 million plus a customary working capital adjustment. The proposed acquisition is expected to strengthen Nexstar’s local television broadcasting, news, and digital media platforms in San Diego, while presenting numerous opportunities for operating efficiencies. The proposed transaction, subject to regulatory and other customary approvals, is expected to close in 2023.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts of Nexstar, subsidiaries consolidated through voting interests and the accounts of VIEs for which we are the primary beneficiary (see “Variable Interest Entities” section below). Noncontrolling interests represent the minority owners’ share in profit or loss and equity of The CW and the VIE owners’ share in profit or loss and equity in the consolidated VIEs. Noncontrolling interests are presented as a component separate from Nexstar’s stockholders’ equity in the accompanying Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Changes in Stockholders’ Equity. All intercompany account balances and transactions have been eliminated in consolidation. Nexstar management evaluates each arrangement that may include variable interests and determines the need to consolidate an entity where it determines Nexstar is the primary beneficiary of a VIE in accordance with related authoritative literature and interpretive guidance.
Interim Financial Statements	Interim Financial Statements The Condensed Consolidated Financial Statements as of March 31, 2023 and for the three months ended March 31, 2023 and 2022 are unaudited. However, in the opinion of management, such financial statements include all adjustments (consisting solely of normal recurring adjustments) necessary for the fair statement of the financial information included herein in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the period. Results of operations for interim periods are not necessarily indicative of results for the full year. Estimates are used for, but are not limited to, allowance for credit losses, valuation of assets acquired and liabilities assumed in business combinations, distribution revenue recognized, income taxes, the recoverability of goodwill, FCC licenses and long-lived assets, the recoverability of investments, the recoverability of broadcast rights and the useful lives of property and equipment and intangible assets. As of March 31, 2023, the Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or revision of the carrying value of its assets or liabilities. However, these estimates and judgments may change as new events occur and additional information is obtained, which may result in changes being recognized in the Company’s consolidated financial statements in future periods. Actual results could differ from those estimates and any such differences may have a material impact on the Company’s Condensed Consolidated Financial Statements. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related Notes included in Nexstar’s Annual Report on Form 10-K for the year ended December 31, 2022. The balance sheet as of December 31, 2022 has been derived from the audited financial statements as of that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.
Variable Interest Entities	Variable Interest Entities Nexstar may determine that an entity is a VIE as a result of local service agreements entered into with that entity. The term local service agreement generally refers to a contract whereby the owner-operator of a television station contracts with a third party (typically another television station owner-operator) to provide it with administrative, sales and other services required for the operation of its station. Nevertheless, the owner-operator of each station retains control of and responsibility for the operation of its station, including ultimate responsibility over all programming broadcast on its station. A local service agreement can be (i) a time brokerage agreement (“TBA”) or a local marketing agreement (“LMA”) which allows Nexstar to program most of a station’s broadcast time, sell the station’s advertising time and retain the advertising revenue generated in exchange for monthly payments, based on the station’s monthly operating expenses, (ii) a shared services agreement (“SSA”) which allows Nexstar to provide services to a station including news production, technical maintenance and security, in exchange for Nexstar’s right to receive certain payments as described in the SSA, or (iii) a joint sales agreement (“JSA”) which permits Nexstar to sell certain of a station’s advertising time and retain a percentage of the related revenue, as described in the JSA. Consolidated VIEs Nexstar consolidates entities in which it is deemed under U.S. GAAP to have controlling financial interests for financial reporting purposes as a result of (i) local service agreements Nexstar has with the stations owned by these entities, (ii) Nexstar’s (excluding The CW) guarantee of the obligations incurred under Mission Broadcasting, Inc.’s (“Mission”) senior secured credit facility (see Note 7), (iii) Nexstar having power over significant activities affecting these VIEs’ economic performance, including budgeting for advertising revenue, certain advertising sales and hiring and firing of sales force personnel and (iv) purchase options granted by each consolidated VIE which permit Nexstar to acquire the assets and assume the liabilities of these VIEs’ stations, subject to FCC consent. The following table summarizes the various local service agreements Nexstar had in effect as of March 31, 2023 with its consolidated VIEs: Owner Service Agreements Full Power Stations Mission TBA WFXP, KHMT and KFQX SSA & JSA KJTL, KLRT, KASN, KOLR, KCIT, KAMC, KRBC, KSAN, WUTR, WAWV, WYOU, KODE, WTVO, KTVE, WTVW, WVNY, WXXA, WLAJ, KMSS, KPEJ, KLJB, KASY, KWBQ and KRWB LMA WNAC and WPIX White Knight Broadcasting (“White Knight”) SSA & JSA WVLA and KFXK Vaughan Media, LLC (“Vaughan”) SSA & JSA WBDT, WYTV and KTKA LMA KNVA Nexstar’s ability to receive cash from the consolidated VIEs is governed by the local service agreements. Under these agreements, Nexstar has received substantially all of the consolidated VIEs’ available cash, after satisfaction of operating costs and debt obligations. Nexstar anticipates it will continue to receive substantially all of the consolidated VIEs’ available cash, after satisfaction of operating costs and debt obligations. In compliance with FCC regulations for all the parties, each VIE maintains complete responsibility for and control over programming, finances, personnel and operations of its stations. The carrying amounts and classification of the assets and liabilities, excluding intercompany amounts, of the VIEs which have been included in the Condensed Consolidated Balance Sheets were as follows (in millions): March 31, 2023 December 31, 2022 Current assets: Cash and cash equivalents $ 6 $ 6 Accounts receivable, net 19 26 Prepaid expenses and other current assets 11 6 Total current assets 36 38 Property and equipment, net 60 59 Goodwill 151 151 FCC licenses 200 200 Network affiliation agreements, net 74 76 Other noncurrent assets, net 72 80 Total assets $ 593 $ 604 Current liabilities: Current portion of debt $ 3 $ 3 Other current liabilities 39 30 Total current liabilities 42 33 Debt 352 353 Deferred tax liabilities 35 35 Other noncurrent liabilities 81 85 Total liabilities $ 510 $ 506 The following are assets of consolidated VIEs, excluding intercompany amounts, that are not available to settle the obligations of Nexstar and the liabilities of consolidated VIEs, excluding intercompany amounts, for which their creditors do not have recourse to the general credit of Nexstar (in millions): March 31, 2023 December 31, 2022 Current assets $ 4 $ 4 Property and equipment, net 11 11 Goodwill 62 62 FCC licenses 200 200 Network affiliation agreements, net 24 26 Other noncurrent assets, net 1 1 Total assets $ 302 $ 304 Current liabilities $ 37 $ 28 Noncurrent liabilities 116 120 Total liabilities $ 153 $ 148 Non-Consolidated VIE Nexstar has an outsourcing agreement with Cunningham Broadcasting Corporation (“Cunningham”) which continues through December 31, 2023. Under the outsourcing agreement, Nexstar provides certain engineering, production, sales and administrative services for WYZZ, the FOX affiliate in the Peoria, Illinois market, through WMBD, the Nexstar television station in that market. During the term of the outsourcing agreement, Nexstar retains the broadcasting revenue and related expenses of WYZZ and is obligated to pay a monthly fee to Cunningham based on the combined operating cash flow of WMBD and WYZZ, as defined in the agreement. Nexstar has determined that it has a variable interest in WYZZ. Nexstar has also evaluated its arrangement with Cunningham and has determined that it is not the primary beneficiary of the variable interest in this station because it does not have the ultimate power to direct the activities that most significantly impact the station’s economic performance, including developing the annual operating budget, programming and oversight and control of sales management personnel. Therefore, Nexstar has not consolidated WYZZ under authoritative guidance related to the consolidation of VIEs. There were no significant transactions arising from Nexstar’s outsourcing agreement with Cunningham. Cunningham does not guarantee Nexstar’s debt.
Basis of Presentation	Basis of Presentation Certain prior year financial statement amounts have been reclassified to conform to the current year presentation. These reclassifications had no effect on net income or stockholders’ equity as previously reported.
Income Per Share	Income Per Share Basic income per share is computed by dividing the net income attributable to Nexstar by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed using the weighted-average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares are calculated using the treasury stock method. They consist of stock options and restricted stock units outstanding during the period and reflect the potential dilution that could occur if common shares were issued upon exercise of stock options and vesting of restricted stock units. The following table shows the amounts used in computing Nexstar’s diluted shares (in thousands): Three Months Ended March 31, 2023 2022 Weighted average shares outstanding – basic 36,718 40,945 Dilutive effect of equity incentive plan instruments 730 1,039 Weighted average shares outstanding – diluted 37,448 41,984 During the three months ended March 31, 2023 and 2022, no stock options and restricted stock units were excluded from the calculation of diluted earnings per share.
Recent Accounting Pronouncements	Recent Accounting Pronouncements New Accounting Standards Adopted In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”). The amendments in ASU 2021-08 require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The accounting update also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted this accounting update for interim periods and fiscal year beginning on January 1, 2023 and the adoption did not impact its Condensed Consolidated Financial Statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Weighted Average Shares Outstanding	Basic income per share is computed by dividing the net income attributable to Nexstar by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed using the weighted-average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares are calculated using the treasury stock method. They consist of stock options and restricted stock units outstanding during the period and reflect the potential dilution that could occur if common shares were issued upon exercise of stock options and vesting of restricted stock units. The following table shows the amounts used in computing Nexstar’s diluted shares (in thousands): Three Months Ended March 31, 2023 2022 Weighted average shares outstanding – basic 36,718 40,945 Dilutive effect of equity incentive plan instruments 730 1,039 Weighted average shares outstanding – diluted 37,448 41,984
Consolidated VIEs [Member]
Consolidated VIEs	The carrying amounts and classification of the assets and liabilities, excluding intercompany amounts, of the VIEs which have been included in the Condensed Consolidated Balance Sheets were as follows (in millions): March 31, 2023 December 31, 2022 Current assets: Cash and cash equivalents $ 6 $ 6 Accounts receivable, net 19 26 Prepaid expenses and other current assets 11 6 Total current assets 36 38 Property and equipment, net 60 59 Goodwill 151 151 FCC licenses 200 200 Network affiliation agreements, net 74 76 Other noncurrent assets, net 72 80 Total assets $ 593 $ 604 Current liabilities: Current portion of debt $ 3 $ 3 Other current liabilities 39 30 Total current liabilities 42 33 Debt 352 353 Deferred tax liabilities 35 35 Other noncurrent liabilities 81 85 Total liabilities $ 510 $ 506
Non Guarantor VIEs [Member]
Consolidated VIEs	The following are assets of consolidated VIEs, excluding intercompany amounts, that are not available to settle the obligations of Nexstar and the liabilities of consolidated VIEs, excluding intercompany amounts, for which their creditors do not have recourse to the general credit of Nexstar (in millions): March 31, 2023 December 31, 2022 Current assets $ 4 $ 4 Property and equipment, net 11 11 Goodwill 62 62 FCC licenses 200 200 Network affiliation agreements, net 24 26 Other noncurrent assets, net 1 1 Total assets $ 302 $ 304 Current liabilities $ 37 $ 28 Noncurrent liabilities 116 120 Total liabilities $ 153 $ 148

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Definite-lived Intangible Assets	The Company’s definite-lived intangible assets consisted of the following (dollars in millions): Estimated March 31, 2023 December 31, 2022 useful life, Accumulated Accumulated in years Gross Amortization Net Gross Amortization Net Network affiliation agreements 15 $ 3,125 $ ( 1,301 ) $ 1,824 $ 3,125 $ ( 1,254 ) $ 1,871 Other definite-lived intangible assets 1 - 20 1,081 ( 544 ) 537 1,077 ( 514 ) 563 Definite-lived intangible assets $ 4,206 $ ( 1,845 ) $ 2,361 $ 4,202 $ ( 1,768 ) $ 2,434
Estimated Amortization Expense of Definite-Lived Intangible Assets	The following table presents the Company’s estimate of amortization expense for the remainder of 2023, each of the five succeeding years ended December 31 and thereafter for definite-lived intangible assets as of March 31, 2023 (in millions): Remainder of 2023 $ 226 2024 294 2025 289 2026 265 2027 252 2028 238 Thereafter 797 $ 2,361
Goodwill and FCC Licenses	The amounts recorded to goodwill and FCC licenses were as follows (in millions): Goodwill FCC Licenses Accumulated Accumulated Gross Impairment Net Gross Impairment Net Balances as of December 31, 2022 $ 3,141 $ ( 180 ) $ 2,961 $ 2,958 $ ( 48 ) $ 2,910 Balances as of March 31, 2023 $ 3,141 $ ( 180 ) $ 2,961 $ 2,958 $ ( 48 ) $ 2,910

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]
Schedule of Condensed Consolidated Balance Sheets	Investments in the Company’s Condensed Consolidated Balance Sheets consisted of the following (in millions): March 31, 2023 December 31, 2022 Equity method investments $ 916 $ 1,115 Other equity investments 3 4 Total investments $ 919 $ 1,119
Summary of Income on Equity Investments, Net	During the three months ended March 31, 2023 and 2022, the income from equity method investments, net reported in the Company’s unaudited Condensed Consolidated Statements of Operations consisted of the following (in millions): Three Months Ended March 31, 2023 2022 Income from equity method investments, net, before amortization of basis difference $ 43 $ 56 Amortization of basis difference ( 18 ) ( 18 ) Income from equity method investments, net $ 25 $ 38
TV Food Network [Member]
Schedule of Equity Method Investments [Line Items]
Summary of Financial Information	Summarized financial information for TV Food Network is as follows (in millions): Three Months Ended March 31, 2023 2022 Net revenue $ 285 $ 324 Costs and expenses 152 146 Income from operations 133 178 Net income 138 179 Net income attributable to Nexstar Media Group, Inc. 43 56

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Accrued Expenses	Accrued expenses consisted of the following (in millions): March 31, 2023 December 31, 2022 Compensation and related taxes $ 78 $ 113 Interest payable 53 56 Network affiliation fees 82 50 Other 92 100 $ 305 $ 319

Retirement and Postretirement_2

Retirement and Postretirement Plans (Tables)	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Summary of Components of Net Periodic Benefit Cost (Credit) for Plans	The following tables provide the components of net periodic benefit cost (credit) for Nexstar’s pension and other postretirement benefit plans (“OPEB”) (in millions): Pension Benefit Plans OPEB Three Months Ended March 31, Three Months Ended March 31, 2023 2022 2023 2022 Interest cost $ 21 $ 12 $ - $ - Expected return on plan assets ( 28 ) ( 23 ) - - Amortization of net gain ( 2 ) - - - Net periodic benefit credit $ ( 9 ) $ ( 11 ) $ - $ -

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Long Term Debt	Long-term debt consisted of the following (dollars in millions): March 31, 2023 December 31, 2022 Nexstar Term Loan A, due June 2027 $ 2,334 $ 2,364 Term Loan B, due September 2026 1,561 1,561 5.625 % Notes, due July 2027 1,714 1,714 4.75 % Notes, due November 2028 1,000 1,000 Mission Term Loan B, due June 2028 295 296 Revolving loans, due June 2027 62 62 Total outstanding principal 6,966 6,997 Less: unamortized financing costs and discount – Nexstar Term Loan A, due June 2027 ( 8 ) ( 8 ) Less: unamortized financing costs and discount – Nexstar Term Loan B, due September 2026 ( 31 ) ( 33 ) Add: unamortized premium, net of financing costs – Nexstar 5.625% Notes, due July 2027 4 4 Less: unamortized financing costs and discount – Nexstar 4.75% Notes, due November 2028 ( 6 ) ( 7 ) Less: unamortized financing costs and discount – Mission Term Loan B, due June 2028 ( 2 ) ( 2 ) Total outstanding debt 6,923 6,951 Less: current portion ( 124 ) ( 124 ) Long-term debt, net of current portion $ 6,799 $ 6,827

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Summary Of Supplemental Balance Sheet Information Related To Operating Leases	Supplemental balance sheet information related to operating leases were as follows (in millions, except lease term and discount rate): Balance Sheet Classification March 31, 2023 December 31, 2022 Operating lease right-of-use assets, net Other noncurrent assets, net $ 273 $ 288 Current operating lease liabilities Operating lease liabilities $ 50 $ 50 Noncurrent operating lease liabilities Other noncurrent liabilities $ 229 $ 238 Weighted Average Remaining Lease Term of Operating leases 8 years 8 years Weighted Average Discount Rate of Operating leases 5.1 % 5.1 %
Summary of Future Minimum Lease Payments Under Non-Cancellable Leases	Future minimum lease payments under non-cancellable leases as of March 31, 2023 were as follows (in millions): Operating Leases Remainder of 2023 $ 47 2024 59 2025 45 2026 36 2027 26 2028 23 Thereafter 113 Total future minimum lease payments 349 Less: imputed interest ( 70 ) Total $ 279

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Estimated Fair Values and Carrying Amounts of Long-term Debt Not Measured at Fair Value on a Recurring Basis	Estimated fair values and carrying amounts of the Company’s long-term debt that are not measured at fair value on a recurring basis were as follows (dollars in millions): March 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Amount Value Amount Value Nexstar Term Loan A, due June 2027 (1) $ 2,326 $ 2,293 $ 2,356 $ 2,275 Term Loan B, due September 2026 (1) 1,530 1,559 1,528 1,555 5.625 % Notes, due July 2027 (2) 1,718 1,572 1,718 1,620 4.75 % Notes, due November 2028 (2) 994 873 993 880 Mission Term Loan B, due June 2028 (1) 293 295 294 291 Revolving loans due June 2027 (1) 62 61 62 60 (1) The fair value of senior secured and revolving credit facilities is computed based on borrowing rates currently available to the Company for bank loans with similar terms and average maturities. These fair value measurements are considered Level 3, as significant inputs to the fair value calculation are unobservable in the market. (2) The fair value of the Company’s fixed rate debt is estimated based on bid prices obtained from an investment banking firm that regularly makes a market for these financial instruments. These fair value measurements are considered Level 2, as quoted market prices are available for low volume trading of these securities.

Segment Data (Tables)

Segment Data (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Financial Information	Segment financial information is included in the following tables for the periods presented (in millions): Three Months Ended March 31, Net revenue 2023 2022 Broadcast $ 1,178 $ 1,184 Other 81 24 Corporate (unallocated) ( 2 ) 2 Total net revenue $ 1,257 $ 1,210 Three Months Ended March 31, Operating income (loss) 2023 2022 Broadcast segment profit $ 447 $ 482 Other segments (loss) profit ( 63 ) 1 Corporate (unallocated) ( 45 ) ( 45 ) Depreciation and amortization expense ( 249 ) ( 145 ) Payments for broadcast rights 142 33 Loss attributable to noncontrolling owners of a segment ( 21 ) - Miscellaneous, net ( 7 ) 3 Income from operations $ 204 $ 329 Assets March 31, 2023 December 31, 2022 Broadcast (1) $ 11,287 $ 11,635 Other 489 497 Corporate (unallocated) 688 547 $ 12,464 $ 12,679 Goodwill March 31, 2023 December 31, 2022 Broadcast $ 2,873 $ 2,873 Other 88 88 $ 2,961 $ 2,961 (1) While the Company’s investment in TV Food Network ($ 899 million at March 31, 2023 and $ 1,099 million at December 31, 2022) has not been allocated to a Company reporting unit or operating segment, such asset has been included in the Company’s disclosure of Broadcast segment assets given the similar nature of the investment to that segment. For additional information on equity investments, see Note 4.
Summary of Disaggregation of Revenue	The following tables present the disaggregation of the Company’s revenue under ASC 606 for the periods presented (in millions): Three Months Ended March 31, 2023 Broadcast Other Corporate (unallocated) Consolidated Core advertising $ 392 $ 25 $ - $ 417 Political advertising 8 - - 8 Distribution 713 18 ( 3 ) 728 Digital 56 36 - 92 Other 9 2 1 12 Total net revenue $ 1,178 $ 81 $ ( 2 ) $ 1,257 Three Months Ended March 31, 2022 Broadcast Other Corporate (unallocated) Consolidated Core advertising $ 428 $ - $ - $ 428 Political advertising 24 - - 24 Distribution 668 - - 668 Digital 55 24 - 79 Other 9 - 2 11 Total net revenue $ 1,184 $ 24 $ 2 $ 1,210

Organization and Business Ope_2

Organization and Business Operations (Details)	3 Months Ended
	Mar. 31, 2023 Market Channel TelevisionStation Application State RadioStation Website NetworkService
Organization And Business Operations [Line Items]
Number of full power television stations owned, operated, programmed or provided sales and other services	199
Number of markets in which the Company's stations broadcast | Market	116
Number of mobile applications | Application	280
Number of states in which the Company's stations broadcast | State	39
Number of AM radio station | RadioStation	1
Percentage of US television household reach	39%
Number of television stations owned by consolidated VIEs	35
Number of television station owned by an unconsolidated VIE	1
Number of multicast network services owned and operated | NetworkService	2
Connected television application | Application	22
Number of ad supported television channels | Channel	6
Two Thousand Twenty Two Acquisition Of The CW [Member]
Organization And Business Operations [Line Items]
Percentage of outstanding equity acquired	75%
TV Food Network [Member]
Organization And Business Operations [Line Items]
Ownership stake	31.30%
Minimum [Member]
Organization And Business Operations [Line Items]
Number of local websites | Website	140

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Consolidated VIEs (Details) - USD ($) $ in Millions		Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents		$ 413	$ 204
Accounts receivable, net		1,008	1,080
Prepaid expenses and other current assets		80	121
Total current assets		1,698	1,615
Property and equipment, net		1,256	1,262
Goodwill		2,961	2,961
FCC licenses		2,910	2,910
Intangible assets, net		2,361	2,434
Other noncurrent assets, net		359	378
Total assets	[1]	12,464	12,679
Current liabilities:
Current portion of debt		124	124
Interest payable		53	56
Other current liabilities		50	51
Total current liabilities		864	893
Debt		6,799	6,827
Deferred tax liabilities		1,593	1,606
Other noncurrent liabilities		555	584
Total liabilities	[1]	9,811	9,910
Network affiliation agreements, net [Member]
Current assets:
Intangible assets, net		1,824	1,871
Consolidated VIEs [Member]
Current assets:
Cash and cash equivalents		6	6
Accounts receivable, net		19	26
Prepaid expenses and other current assets		11	6
Total current assets		36	38
Property and equipment, net		60	59
Goodwill		151	151
FCC licenses		200	200
Other noncurrent assets, net		72	80
Total assets		593	604
Current liabilities:
Current portion of debt		3	3
Other current liabilities		39	30
Total current liabilities		42	33
Debt		352	353
Deferred tax liabilities		35	35
Other noncurrent liabilities		81	85
Total liabilities		510	506
Consolidated VIEs [Member] | Network affiliation agreements, net [Member]
Current assets:
Intangible assets, net		74	76
Non Guarantor VIEs [Member]
Current assets:
Total current assets		4	4
Property and equipment, net		11	11
Goodwill		62	62
FCC licenses		200	200
Other noncurrent assets, net		1	1
Total assets		302	304
Current liabilities:
Total current liabilities		37	28
Noncurrent liabilities		116	120
Total liabilities		153	148
Non Guarantor VIEs [Member] | Network affiliation agreements, net [Member]
Current assets:
Intangible assets, net		$ 24	$ 26
[1] The condensed consolidated total assets as of March 31, 2023 and December 31, 2022 include certain assets held by consolidated VIEs of $ 302 million and $ 304 million, respectively, which are not available to be used to settle the obligations of Nexstar. The condensed consolidated total liabilities as of March 31, 2023 and December 31, 2022 include certain liabilities of consolidated VIEs of $ 153 million and $ 148 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information.

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Weighted Average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share Basic And Diluted Other Disclosure [Abstract]
Weighted average shares outstanding - basic	36,718	40,945
Dilutive effect of equity incentive plan instruments	730	1,039
Weighted average shares outstanding - diluted	37,448	41,984

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Significant Accounting Policies [Line Items]
Stock options and restricted stock units with potentially dilutive effect (in shares)	0	0

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Schedule of Definite-lived Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross	$ 4,206	$ 4,202
Accumulated Amortization	(1,845)	(1,768)
Net	$ 2,361	$ 2,434
Network affiliation agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life, in years	15 years	15 years
Gross	$ 3,125	$ 3,125
Accumulated Amortization	(1,301)	(1,254)
Net	1,824	1,871
Other definite-lived intangible assets [Member]
Finite-Lived Intangible Assets [Line Items]
Gross	1,081	1,077
Accumulated Amortization	(544)	(514)
Net	$ 537	$ 563
Other definite-lived intangible assets [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life, in years	1 year	1 year
Other definite-lived intangible assets [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life, in years	20 years	20 years

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Estimated Amortization Expense of Definite-Lived Intangibles Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Remainder of 2023	$ 226
2024	294
2025	289
2026	265
2027	252
2028	238
Thereafter	797
Net	$ 2,361	$ 2,434

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Goodwill and FCC Licenses (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill, Gross	$ 3,141	$ 3,141
Goodwill, Accumulated Impairment	(180)	(180)
Goodwill, Net	2,961	2,961
FCC Licenses [Abstract]
FCC Licenses, Gross	2,958	2,958
FCC Licenses, Accumulated Impairment	(48)	(48)
FCC Licenses, Net	$ 2,910	$ 2,910

Investments - Schedule of Conde

Investments - Schedule of Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Equity method investments	$ 916	$ 1,115
Other equity investments	3	4
Total investments	$ 919	$ 1,119

Investments - Summary of Income

Investments - Summary of Income (Loss) on Equity Investments, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Income from equity method investments, net, before amortization of basis difference	$ 43	$ 56
Amortization of basis difference	(18)	(18)
Income from equity method investments, net	$ 25	$ 38

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Schedule Of Equity Method Investments [Line Items]
Equity method investments, book value	$ 916		$ 1,115
Equity method investment, basis difference amount	449		467
Equity method investment basis difference related to investees goodwill	500
Cash distributions received	226	$ 193
Income from equity method investments, net, before amortization of basis difference	43	56
Amortization of basis difference (expense)	$ 18	18
Tribune [Member]
Schedule Of Equity Method Investments [Line Items]
Weighted average remaining useful life of assets subjects to amortization of basis difference	6 years 6 months
TV Food Network [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership stake	31.30%
Ownership interest in affiliate of partnership	68.70%
Equity method investments, book value	$ 899		$ 1,099
Cash distributions received	225	193
Income from equity method investments, net, before amortization of basis difference	43	56
Amortization of basis difference (expense)	$ 18	$ 18

Investments - Summary of Financ

Investments - Summary of Financial Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule Of Equity Method Investments [Line Items]
Net revenue	$ 1,257	$ 1,210
Costs and expenses	1,053	881
Income from operations	204	329
Net income	88	252
Net income attributable to Nexstar Media Group, Inc.	111	252
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Schedule Of Equity Method Investments [Line Items]
Net revenue	285	324
Costs and expenses	152	146
Income from operations	133	178
Net income	138	179
Net income attributable to Nexstar Media Group, Inc.	$ 43	$ 56

Accrued Expenses - Accrued Expe

Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Compensation and related taxes	$ 78	$ 113
Interest payable	53	56
Network affiliation fees	82	50
Other	92	100
Accrued expenses	$ 305	$ 319

Retirement and Postretirement_3

Retirement and Postretirement Plans - Summary of Components of Net Periodic Benefit Cost (Credit) for Plans (Details) - Pension Benefit Plans [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 21	$ 12
Expected return on plan assets	(28)	(23)
Amortization of net gain	(2)
Net periodic benefit credit	$ (9)	$ (11)

Retirement and Postretirement_4

Retirement and Postretirement Plans - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Qualified Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	$ 0

Debt - Long Term Debt (Details)

Debt - Long Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Long term Debt [Abstract]
Total outstanding principal	$ 6,966	$ 6,997
Total outstanding debt	6,923	6,951
Less: current portion	(124)	(124)
Long-term debt, net of current portion	6,799	6,827
Nexstar [Member] | Secured Debt [Member] | Term Loan A, due June 2027 [Member]
Long term Debt [Abstract]
Total outstanding principal	2,334	2,364
Unamortized financing costs and (discount) premium	(8)	(8)
Nexstar [Member] | Secured Debt [Member] | Term Loan B, due September 2026 [Member]
Long term Debt [Abstract]
Total outstanding principal	1,561	1,561
Unamortized financing costs and (discount) premium	(31)	(33)
Nexstar [Member] | Senior Subordinated Notes [Member] | 5.625% Notes, due July 2027 [Member]
Long term Debt [Abstract]
Total outstanding principal	1,714	1,714
Unamortized financing costs and (discount) premium	4	4
Nexstar [Member] | Senior Subordinated Notes [Member] | 4.75% Notes, due November 2028 [Member]
Long term Debt [Abstract]
Total outstanding principal	1,000	1,000
Unamortized financing costs and (discount) premium	(6)	(7)
Mission [Member]
Long term Debt [Abstract]
Less: current portion	(3)	(3)
Long-term debt, net of current portion	352	353
Mission [Member] | Secured Debt [Member] | Term Loan B, due June 2028 [Member]
Long term Debt [Abstract]
Total outstanding principal	295	296
Unamortized financing costs and (discount) premium	(2)	(2)
Mission [Member] | Secured Debt [Member] | Revolving loans, due June 2027 [Member]
Long term Debt [Abstract]
Total outstanding principal	$ 62	$ 62

Debt - Long Term Debt (Parenthe

Debt - Long Term Debt (Parenthetical) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Nexstar [Member] | Secured Debt [Member] | Term Loan A, due June 2027 [Member]
Long term Debt [Abstract]
Due date	Jun. 30, 2027	Jun. 30, 2027
Nexstar [Member] | Secured Debt [Member] | Term Loan B, due September 2026 [Member]
Long term Debt [Abstract]
Due date	Sep. 30, 2026	Sep. 30, 2026
Nexstar [Member] | Senior Subordinated Notes [Member] | 5.625% Notes, due July 2027 [Member]
Long term Debt [Abstract]
Interest rate	5.625%	5.625%
Due date	Jul. 31, 2027	Jul. 31, 2027
Nexstar [Member] | Senior Subordinated Notes [Member] | 4.75% Notes, due November 2028 [Member]
Long term Debt [Abstract]
Interest rate	4.75%	4.75%
Due date	Nov. 30, 2028	Nov. 30, 2028
Mission [Member] | Secured Debt [Member] | Term Loan B, due June 2028 [Member]
Long term Debt [Abstract]
Due date	Jun. 30, 2028	Jun. 30, 2028
Mission [Member] | Secured Debt [Member] | Revolving loans, due June 2027 [Member]
Long term Debt [Abstract]
Due date	Jun. 30, 2027	Jun. 30, 2027

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Secured Debt [Member]
Debt Instrument [Line Items]
Maximum consolidated first lien net leverage ratio	425%
Nexstar [Member] | Secured Debt [Member] | Term Loans [Member]
Debt Instrument [Line Items]
Repayment of scheduled maturity of debt	$ 30
Nexstar [Member] | Secured Debt [Member] | Revolving loans, due June 2027 [Member]
Debt Instrument [Line Items]
Available borrowing capacity	529
Credit facility outstanding amount	$ 20
Nexstar [Member] | Senior Subordinated Notes [Member] | 4.75% Notes, due November 2028 [Member]
Debt Instrument [Line Items]
Interest rate	4.75%	4.75%
Nexstar [Member] | Senior Subordinated Notes [Member] | 5.625% Notes, due July 2027 [Member]
Debt Instrument [Line Items]
Interest rate	5.625%	5.625%
Mission [Member] | Secured Debt [Member] | Revolving loans, due June 2027 [Member]
Debt Instrument [Line Items]
Available borrowing capacity	$ 14

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lessee Lease Description [Line Items]
Operating lease expense	$ 16	$ 15
Operating cash flows from operating leases	16	14
Direct Operating Expenses [Member]
Lessee Lease Description [Line Items]
Operating lease expense	7	7
Selling General and Administrative Expenses [Member]
Lessee Lease Description [Line Items]
Operating lease expense	$ 9	$ 8
Minimum [Member]
Lessee Lease Description [Line Items]
Leases remaining lease term	1 year
Leases option to extended lease term	2 years
Maximum [Member]
Lessee Lease Description [Line Items]
Leases remaining lease term	91 years
Leases option to extended lease term	99 years
Leases option to terminate term	one year

Leases - Summary Of Supplementa

Leases - Summary Of Supplemental Balance Sheet Information Related To Operating Leases (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Operating leases
Operating lease right-of-use assets, net	$ 273	$ 288
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other noncurrent assets, net	Other noncurrent assets, net
Current operating lease liabilities	$ 50	$ 50
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Noncurrent operating lease liabilities	$ 229	$ 238
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other noncurrent liabilities	Other noncurrent liabilities
Weighted Average Remaining Lease Term of Operating leases	8 years	8 years
Weighted Average Discount Rate of Operating leases	5.10%	5.10%

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments Under Non-Cancellable Leases (Details) $ in Millions	Mar. 31, 2023 USD ($)
Operating Leases
Remainder of 2023	$ 47
2024	59
2025	45
2026	36
2027	26
2028	23
Thereafter	113
Total future minimum lease payments	349
Less: imputed interest	(70)
Total	$ 279

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Estimated Fair Values and Carrying Amounts of Long-term Debt Not Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Millions		Mar. 31, 2023	Dec. 31, 2022
Nexstar [Member] | Secured Debt [Member] | Term Loan A, due June 2027 [Member] | Level 3 [Member] | Carrying Amount [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[1]	$ 2,326	$ 2,356
Nexstar [Member] | Secured Debt [Member] | Term Loan A, due June 2027 [Member] | Level 3 [Member] | Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[1]	2,293	2,275
Nexstar [Member] | Secured Debt [Member] | Term Loan B, due September 2026 [Member] | Level 3 [Member] | Carrying Amount [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[1]	1,530	1,528
Nexstar [Member] | Secured Debt [Member] | Term Loan B, due September 2026 [Member] | Level 3 [Member] | Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[1]	1,559	1,555
Nexstar [Member] | Senior Subordinated Notes [Member] | 5.625% Notes, due July 2027 [Member] | Level 2 [Member] | Carrying Amount [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[2]	1,718	1,718
Nexstar [Member] | Senior Subordinated Notes [Member] | 5.625% Notes, due July 2027 [Member] | Level 2 [Member] | Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[2]	1,572	1,620
Nexstar [Member] | Senior Subordinated Notes [Member] | 4.75% Notes, due November 2028 [Member] | Level 2 [Member] | Carrying Amount [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[2]	994	993
Nexstar [Member] | Senior Subordinated Notes [Member] | 4.75% Notes, due November 2028 [Member] | Level 2 [Member] | Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[2]	873	880
Mission [Member] | Secured Debt [Member] | Term Loan B, due June 2028 [Member] | Level 3 [Member] | Carrying Amount [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[1]	293	294
Mission [Member] | Secured Debt [Member] | Term Loan B, due June 2028 [Member] | Level 3 [Member] | Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[1]	295	291
Mission [Member] | Secured Debt [Member] | Revolving loans, due June 2027 [Member] | Level 3 [Member] | Carrying Amount [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[2]	62	62
Mission [Member] | Secured Debt [Member] | Revolving loans, due June 2027 [Member] | Level 3 [Member] | Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[2]	$ 61	$ 60
[1] The fair value of senior secured and revolving credit facilities is computed based on borrowing rates currently available to the Company for bank loans with similar terms and average maturities. These fair value measurements are considered Level 3, as significant inputs to the fair value calculation are unobservable in the market. The fair value of the Company’s fixed rate debt is estimated based on bid prices obtained from an investment banking firm that regularly makes a market for these financial instruments. These fair value measurements are considered Level 2, as quoted market prices are available for low volume trading of these securities.

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Estimated Fair Values and Carrying Amounts of Long-term Debt Not Measured at Fair Value on a Recurring Basis (Parenthetical) (Details) - Fair Value, Nonrecurring [Member] - Nexstar [Member] - Senior Subordinated Notes [Member]	Mar. 31, 2023	Dec. 31, 2022
5.625 % Notes due 2027 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	5.625%	5.625%
4.75% Notes due 2028 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	4.75%	4.75%

Common Stock - Additional Infor

Common Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jul. 27, 2022
Class Of Stock [Line Items]
Purchase of treasury stock	$ 176	$ 158
Dividends declared per common share	$ 1.35	$ 0.90
Treasury Stock [Member]
Class Of Stock [Line Items]
Purchase of treasury stock, shares	1,019,940	917,923
Purchase of treasury stock	$ 176	$ 158
Common Stock [Member]
Class Of Stock [Line Items]
Authorization of share repurchase				$ 1,500
Authorization of share repurchase, remained available	$ 1,083		$ 1,258
Purchase of treasury stock, shares	1,019,940
Purchase of treasury stock	$ 175
Dividends, date declared	Jan. 27, 2023
Dividends declared per common share	$ 1.35
Percentage of increase in quarterly cash dividend	50%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Loss Carryforwards [Line Items]
Income tax expense	$ 42	$ 52
Effective income tax rates	32.30%	17.10%
Income tax benefit related to excess benefit on stock options and restricted stock units	$ 25
Stock Options and Restricted Stock Units Exercised Period	2022
Increase to effective tax rate related to excess benefit on stock options and restricted stock units	7.50%
Income tax benefit related to changes in the valuation allowance	$ 6
Increase to effective tax rate related to changes in the valuation allowance	4.30%
The CW Network LLC [Member]
Operating Loss Carryforwards [Line Items]
Effective tax rate	2.40%

FCC Regulatory Matters - Additi

FCC Regulatory Matters - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 Station
FCC Regulatory Matters [Line Items]
Maximum percentage of US television household reach	39%
Number of station prohibited owning in a market	2
Percentage of providing of programming to non-owned television station	15%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions			3 Months Ended
	Sep. 19, 2019 USD ($)	Jun. 28, 2016 USD ($)	Mar. 31, 2023 USD ($) Proof	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Aug. 21, 2009
Loss Contingency, Information about Litigation Matters [Abstract]
Restricted cash and cash equivalents held			$ 14		$ 16
Income tax expense (benefit)			$ 42	$ 52
Chicago Cubs Transactions [Member] | Northside Entertainment Holdings LLC [Member]
Loss Contingency, Information about Litigation Matters [Abstract]
Ownership interest percentage						95%
Chicago Cubs Transactions [Member] | Chicago Entertainment Ventures, LLC [Member]
Loss Contingency, Information about Litigation Matters [Abstract]
Ownership interest percentage						5%
Tribune [Member]
Loss Contingency, Information about Litigation Matters [Abstract]
Number of proofs of claim filed against debtors | Proof			7,400
Restricted cash and cash equivalents held			$ 14
Tribune [Member] | Internal Revenue Service ("IRS") [Member]
Loss Contingency, Information about Litigation Matters [Abstract]
Increase in federal and state taxes payable			16
Increase in deferred income tax liability			70
Unrecognized tax benefits			11		$ 11
Tribune [Member] | Chicago Cubs Transactions [Member]
Loss Contingency, Information about Litigation Matters [Abstract]
Income tax penalties expense		$ 73
Income tax interest expense			166
Estimated federal and state income taxes			$ 225
Income tax examination, estimate of possible taxes		$ 182
Tax payments	$ 154
Multi District Litigation [Member]
Loss Contingency, Information about Litigation Matters [Abstract]
Loss contingency lawsuit filing date			April 3, 2019
Loss contingency dismissal date			Sep. 05, 2019
Multi District Litigation [Member] | Second Amended Complaint [Member]
Loss Contingency, Information about Litigation Matters [Abstract]
Loss contingency lawsuit filing date			September 9, 2019
Loss contingency dismissal date			Oct. 08, 2019
Financial Guarantee of Mission Debt [Member]
Guarantees of Mission, Marshall and Shield Debt [Abstract]
Maximum commitment under senior secured credit facility			$ 371
Commitment under senior secured credit facility at carrying value			$ 357

Segment Data - Additional Infor

Segment Data - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 Customer NetworkService	Mar. 31, 2022 Customer
Disaggregation Of Revenue [Line Items]
Number of multicast network services owned and operated | NetworkService	2
Revenue [Member]
Disaggregation Of Revenue [Line Items]
Number of major customers | Customer	2	2
Revenue [Member] | Customer One [Member] | Customer Concentration Risk [Member]
Disaggregation Of Revenue [Line Items]
Concentration of risk, percentage	13%	12%
Revenue [Member] | Customer Two [Member] | Customer Concentration Risk [Member]
Disaggregation Of Revenue [Line Items]
Concentration of risk, percentage	14%	12%

Segment Data - Summary of Segme

Segment Data - Summary of Segment Financial Information (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net revenue		$ 1,257	$ 1,210
Depreciation and amortization expense		(249)	(145)
Payments for broadcast rights		142	33
Loss attributable to noncontrolling owners of a segment		(21)
Miscellaneous, net		(7)	3
Income from operations		204	329
Assets	[1]	12,464		$ 12,679
Goodwill		2,961		2,961
Broadcast [Member]
Segment Reporting Information [Line Items]
Net revenue		1,178	1,184
Income from operations		447	482
Assets	[2]	11,287		11,635
Goodwill		2,873		2,873
Other [Member]
Segment Reporting Information [Line Items]
Net revenue		81	24
Income from operations		(63)	1
Assets		489		497
Goodwill		88		88
Corporate (Unallocated) [Member]
Segment Reporting Information [Line Items]
Net revenue		(2)	2
Income from operations		(45)	$ (45)
Assets		$ 688		$ 547
[1] The condensed consolidated total assets as of March 31, 2023 and December 31, 2022 include certain assets held by consolidated VIEs of $ 302 million and $ 304 million, respectively, which are not available to be used to settle the obligations of Nexstar. The condensed consolidated total liabilities as of March 31, 2023 and December 31, 2022 include certain liabilities of consolidated VIEs of $ 153 million and $ 148 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information. While the Company’s investment in TV Food Network ($ 899 million at March 31, 2023 and $ 1,099 million at December 31, 2022) has not been allocated to a Company reporting unit or operating segment, such asset has been included in the Company’s disclosure of Broadcast segment assets given the similar nature of the investment to that segment. For additional information on equity investments, see Note 4.

Segment Data - Summary of Seg_2

Segment Data - Summary of Segment Financial Information (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Equity method investments, book value	$ 916	$ 1,115
TV Food Network [Member]
Segment Reporting Information [Line Items]
Equity method investments, book value	$ 899	$ 1,099

Segment Data - Summary of Disag

Segment Data - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation Of Revenue [Line Items]
Total net revenue	$ 1,257	$ 1,210
Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	1,178	1,184
Other [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	81	24
Corporate (Unallocated) [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	(2)	2
Core Advertising [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	417	428
Core Advertising [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	392	428
Core Advertising [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	25
Political Advertising [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	8	24
Political Advertising [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	8	24
Distribution [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	728	668
Distribution [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	713	668
Distribution [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	18
Distribution [Member] | Corporate (Unallocated) [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	(3)
Digital [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	92	79
Digital [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	56	55
Digital [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	36	24
Other [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	12	11
Other [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	9	9
Other [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	2
Other [Member] | Corporate (Unallocated) [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	$ 1	$ 2

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended
	May 08, 2023	Apr. 28, 2023	May 08, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Subsequent Event [Line Items]
Dividends declared per common share				$ 1.35	$ 0.90
Purchase of additional treasury stock				$ 176	$ 158
Common Stock [Member]
Subsequent Event [Line Items]
Dividends declared per common share				$ 1.35
Dividends, date declared				Jan. 27, 2023
Purchase of additional treasury stock, shares				1,019,940
Purchase of additional treasury stock				$ 175
Authorization of share repurchase, remaining available amount				$ 1,083		$ 1,258
Treasury Stock [Member]
Subsequent Event [Line Items]
Purchase of additional treasury stock, shares				1,019,940	917,923
Purchase of additional treasury stock				$ 176	$ 158
Subsequent Event [Member] | KUSI-TV [Member]
Subsequent Event [Line Items]
Asset acquisition agreement date	May 08, 2023
Asset acquisition amount	$ 35
Subsequent Event [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Dividends declared per common share		$ 1.35
Dividends, date declared		Apr. 28, 2023
Dividends, date payable		May 26, 2023
Dividends, date of record		May 12, 2023
Authorization of share repurchase, remaining available amount	$ 1,048		$ 1,048
Shares issued, net of shares withheld for taxes			75,126
Subsequent Event [Member] | Treasury Stock [Member]
Subsequent Event [Line Items]
Purchase of additional treasury stock, shares			202,034
Purchase of additional treasury stock			$ 35