Nexstar Media (NXST) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 08, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
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		32,829,853
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, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents		$ 237	$ 135
Restricted cash and cash equivalents			12
Accounts receivable, net of allowance for credit losses of $20 and $20, respectively		1,051	1,095
Broadcast rights		148	136
Prepaid expenses and other current assets		58	88
Total current assets		1,494	1,466
Property and equipment, net		1,264	1,269
Goodwill		2,946	2,946
FCC licenses		2,929	2,929
Intangible assets, net		2,052	2,124
Investments		859	958
Other noncurrent assets, net		401	386
Total assets	[1]	11,945	12,078
Current liabilities:
Current portion of debt		124	124
Accounts payable		115	235
Broadcast rights payable		138	136
Accrued expenses		315	350
Operating lease liabilities		43	47
Other current liabilities		96	69
Total current liabilities		831	961
Debt		6,686	6,713
Deferred tax liabilities		1,508	1,520
Other noncurrent liabilities		574	571
Total liabilities	[1]	9,599	9,765
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred stock - $0.01 par value, 200,000 shares authorized; none issued and outstanding at each of March 31, 2024 and December 31, 2023
Common stock
Additional paid-in capital		1,290	1,283
Accumulated other comprehensive income		1	1
Retained earnings		3,306	3,188
Treasury stock - at cost; 14,244,922 and 13,681,897 shares as of March 31, 2024 and December 31, 2023, respectively		(2,276)	(2,173)
Total Nexstar Media Group, Inc. stockholders' equity		2,321	2,299
Noncontrolling interests		25	14
Total stockholders' equity		2,346	2,313
Total liabilities and stockholders' equity		11,945	12,078
Network affiliation agreements [Member]
Current assets:
Intangible assets, net		1,635	1,683
Other Intangible Assets [Member]
Current assets:
Intangible assets, net		$ 417	$ 441
[1] The condensed consolidated total assets as of March 31, 2024 and December 31, 2023 include certain assets held by consolidated VIEs of $ 299 million and $ 300 million, respectively, which are not available to be used to settle the obligations of Nexstar. The condensed consolidated total liabilities as of March 31, 2024 and December 31, 2023 include certain liabilities of consolidated VIEs of $ 148 million and $ 152 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, 2024	Dec. 31, 2023
Current assets:
Accounts receivable, allowance for doubtful accounts		$ 20	$ 20
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		33,037,901	33,600,926
Treasury Stock, Shares		14,244,922	13,681,897
ASSETS
Total assets	[1]	$ 11,945	$ 12,078
LIABILITIES AND STOCKHOLDERS' EQUITY
Total liabilities	[1]	9,599	9,765
Non Guarantor VIEs [Member]
ASSETS
Total assets		299	300
LIABILITIES AND STOCKHOLDERS' EQUITY
Total liabilities		$ 148	$ 152
[1] The condensed consolidated total assets as of March 31, 2024 and December 31, 2023 include certain assets held by consolidated VIEs of $ 299 million and $ 300 million, respectively, which are not available to be used to settle the obligations of Nexstar. The condensed consolidated total liabilities as of March 31, 2024 and December 31, 2023 include certain liabilities of consolidated VIEs of $ 148 million and $ 152 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, 2024	Mar. 31, 2023
Revenues [Abstract]
Net revenue	$ 1,284	$ 1,257
Operating expenses:
Direct operating, excluding depreciation and amortization	548	538
Selling, general and administrative, excluding depreciation and amortization	271	266
Depreciation and amortization	190	249
Total operating expenses	1,009	1,053
Income from operations	275	204
Income from equity method investments, net	19	25
Interest expense, net	(114)	(107)
Pension and other postretirement plans credit, net	7	9
Gain on disposal of an investment	40
Other income (expenses), net	1	(1)
Income before income taxes	228	130
Income tax expense	(61)	(42)
Net income	167	88
Net loss attributable to noncontrolling interests	8	23
Net income attributable to Nexstar Media Group, Inc.	$ 175	$ 111
Net income per common share attributable to Nexstar Media Group, Inc.:
Basic	$ 5.25	$ 3.03
Diluted	$ 5.16	$ 2.97
Weighted average number of common shares outstanding:
Basic (in thousands)	33,449	36,718
Diluted (in thousands)	34,024	37,448

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, 2022	$ 2,769		$ 1,288	$ 3,033	$ 27	$ (1,607)	$ 28
Balance, Shares at Dec. 31, 2022		47,282,823
Balance, Shares at Dec. 31, 2022						(10,472,637)
Purchase of treasury stock	(176)					$ (176)
Purchase of treasury stock, shares						(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
Balance, Shares at Mar. 31, 2023						(11,299,262)
Balance at Dec. 31, 2023	$ 2,313		1,283	3,188	1	$ (2,173)	14
Balance, Shares at Dec. 31, 2023	47,282,823	47,282,823
Balance, Shares at Dec. 31, 2023	(13,681,897)					(13,681,897)
Purchase of treasury stock	$ (113)	$ (111)				$ (113)
Purchase of treasury stock, shares		(666,574)				(666,574)
Stock-based compensation expense	18		18
Vesting of restricted stock units and exercise of stock options	(1)		(11)			$ 10
Vesting of restricted stock units and exercise of stock options, shares						103,549
Dividends declared on common stock	(57)			(57)
Contribution from noncontrolling interests	19						19
Net income (loss)	167			175			(8)
Balance at Mar. 31, 2024	$ 2,346		$ 1,290	$ 3,306	$ 1	$ (2,276)	$ 25
Balance, Shares at Mar. 31, 2024	47,282,823	47,282,823
Balance, Shares at Mar. 31, 2024	(14,244,922)					(14,244,922)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common stock dividends declared (per share)	$ 1.69	$ 1.35

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 167	$ 88
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	190	249
Stock-based compensation expense	18	14
Gain on disposal of an investment	(40)
Deferred income taxes	(12)	(13)
Payments for broadcast rights	(76)	(142)
Income from equity method investments, net	(19)	(25)
Distribution from equity method investments - return on capital	120	226
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable	45	72
Prepaid and other current assets	(18)	(11)
Other noncurrent assets	(11)	(4)
Accounts payable	(114)	19
Accrued expenses and other current liabilities	(38)	(20)
Income tax payable	71	52
Other noncurrent liabilities	(10)	(13)
Other	3	2
Net cash provided by operating activities	276	494
Cash flows from investing activities:
Purchases of property and equipment	(44)	(36)
Proceeds from disposal of an investment	40
Net cash used in investing activities	(4)	(36)
Cash flows from financing activities:
Proceeds from debt issuance, net of debt discounts	55
Repayments of long-term debt	(85)	(31)
Purchase of treasury stock	(111)	(176)
Common stock dividends paid	(57)	(50)
Contribution from noncontrolling interests	19	24
Cash paid for shares withheld for taxes	(1)	(15)
Other financing activities, net	(2)	(3)
Net cash used in financing activities	(182)	(251)
Net increase in cash, cash equivalents and restricted cash	90	207
Cash, cash equivalents and restricted cash at beginning of period	147	220
Cash, cash equivalents and restricted cash at end of period	237	427
Supplemental information:
Interest paid	121	107
Income taxes paid, net of refunds	2
Non-cash investing and financing activities:
Accrued and noncash purchases of property and equipment	15	15
Right-of-use assets obtained in exchange for operating lease obligations	$ 22	$ 4

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 175	$ 111

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Business Opera

Organization and Business Operations	3 Months Ended
	Mar. 31, 2024
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, 2024 , we owned, operated, programmed or provided sales and other services to 201 full power television stations and one AM radio station, including those television stations owned by VIEs, in 117 markets in 40 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, 2024 , Nexstar’s stations reached approximately 39 % of all U.S. television households (after applying the Federal Communications Commission’s (“FCC”) ultra-high frequency discount. Through various local service agreements, we provided sales, programming, and other services to 35 television stations owned by consolidated VIEs and two television stations owned by unconsolidated VIEs. Nexstar also owns a 75.0 % ownership interest 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 141 local websites, 279 mobile applications, 24 connected television applications, seven free ad-supported television channels representing products of our local television stations, The CW, NewsNation, The Hill and BestReviews, and a suite of advertiser solutions.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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 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, 2024 and for the three months ended March 31, 2024 and 2023 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, 2024, 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, 2023. The balance sheet as of December 31, 2023 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, frequently 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, in some cases, 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, 2024 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, 2024 December 31, 2023 Current assets: Cash and cash equivalents $ 6 $ 6 Accounts receivable, net 23 17 Prepaid expenses and other current assets 4 5 Total current assets 33 28 Property and equipment, net 58 58 Goodwill 151 151 FCC licenses 200 200 Network affiliation agreements, net 65 68 Other noncurrent assets, net 67 67 Total assets $ 574 $ 572 Current liabilities: Current portion of debt $ 3 $ 2 Other current liabilities 38 38 Total current liabilities 41 40 Debt 350 350 Deferred tax liabilities 35 36 Other noncurrent liabilities 77 78 Total liabilities $ 503 $ 504 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, 2024 December 31, 2023 Current assets $ 3 $ 3 Property and equipment, net 11 11 Goodwill 62 62 FCC licenses 200 200 Network affiliation agreements, net 21 22 Other noncurrent assets, net 2 2 Total assets $ 299 $ 300 Current liabilities $ 36 $ 38 Noncurrent liabilities 112 114 Total liabilities $ 148 $ 152 Non-Consolidated VIEs Nexstar has an outsourcing agreement with Cunningham Broadcasting Corporation (“Cunningham”) which continues through December 31, 2025. 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. In January 2024, we entered into a multi-year TBA with KAZT, L.L.C., the owner of television station KAZT-TV in Phoenix, Arizona, and acquired the station’s non-license assets for a nominal cash payment. We were also granted an option to purchase the station from KAZT, L.L.C., subject to FCC consent. On February 1, 2024, KAZT-TV became an affiliate of The CW. Nexstar has determined that it has variable interests in WYZZ and KAZT-TV. Nexstar has also evaluated its arrangements with Cunningham and KAZT, L.L.C. and has determined that it is not the primary beneficiary of the variable interests in these stations because it does not have the ultimate power to direct the activities that most significantly impact the stations’ economic performance, including developing the annual operating budget, programming and oversight and control of sales management personnel. Therefore, Nexstar has not consolidated WYZZ and KAZT-TV under authoritative guidance related to the consolidation of VIEs. There were no significant transactions arising from Nexstar’s outsourcing agreement with Cunningham and TBA with KAZT L.L.C. Neither Cunningham nor KAZT, L.L.C. guarantees Nexstar’s debt. 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, 2024 2023 Weighted average shares outstanding – basic 33,449 36,718 Dilutive effect of equity incentive plan instruments 575 730 Weighted average shares outstanding – diluted 34,024 37,448 During the three months ended March 31, 2024 and 2023, 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 November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses for all public entities. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in ASU 2023-07 retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the provisions of this ASU and expects to adopt them for the year ending December 31, 2024. New Accounting Standards Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 applies to all entities that are subject to Topic 740, Income Taxes and is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. The amendments in ASU 2023-09 will be effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the potential impacts ASU 2023-09 may have on its Consolidated Financial Statements.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 useful life, Accumulated Accumulated in years Gross Amortization Net Gross Amortization Net Network affiliation agreements 15 $ 3,125 $ ( 1,490 ) $ 1,635 $ 3,125 $ ( 1,442 ) $ 1,683 Other definite-lived intangible assets 1 - 20 1,097 ( 680 ) 417 1,093 ( 652 ) 441 Definite-lived intangible assets $ 4,222 $ ( 2,170 ) $ 2,052 $ 4,218 $ ( 2,094 ) $ 2,124 The following table presents the Company’s estimate of amortization expense for the remainder of 2024, each of the five succeeding years ended December 31 and thereafter for definite-lived intangible assets as of March 31, 2024 (in millions): Remainder of 2024 $ 218 2025 285 2026 265 2027 252 2028 237 2029 222 Thereafter 573 $ 2,052 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, 2023 $ 3,145 $ ( 199 ) $ 2,946 $ 2,977 $ ( 48 ) $ 2,929 Balances as of March 31, 2024 $ 3,145 $ ( 199 ) $ 2,946 $ 2,977 $ ( 48 ) $ 2,929 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, 2024, the Company did not identify events that would trigger impairment assessments.

Investments

Investments	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Equity method investments $ 854 $ 953 Other equity investments 5 5 Total investments $ 859 $ 958 Equity Method Investments During the three months ended March 31, 2024 and 2023, 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, 2024 and 2023, 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, 2024 2023 Income from equity method investments, net, before amortization of basis difference $ 37 $ 43 Amortization of basis difference ( 18 ) ( 18 ) Income from equity method investments, net $ 19 $ 25 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). Distributions received from investments are classified in the Condensed Consolidated Statements of Cash Flows based on the nature of the investee activities that generated the distribution. Returns on capital distributions are presented as cash flow from operating activities whereas returns of capital distributions are presented as cash flow from investing activities. 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, 2024. 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, 2024, Nexstar’s investment in TV Food Network had a book value of $ 836 million, compared to $ 936 million as of December 31, 2023. As of March 31, 2024 and December 31, 2023, Nexstar had a remaining share in amortizable basis difference of $ 380 million and $ 397 million, respectively, related to its investment in TV Food Network. The remaining amortizable basis difference as of March 31, 2024 had a remaining useful life of approximately 5.5 years. As of March 31, 2024, Nexstar’s share in the basis difference related to the TV Food Network’s goodwill was $ 500 million (no change in 2024). Nexstar had the following transactions related to its investment in TV Food Network during the three months ended March 31, 2024 and 2023, respectively (in millions): Three Months Ended March 31, 2024 2023 Cash distributions received $ 119 $ 225 Recognized share in TV Food Networkʼs net income 37 43 Recorded amortization of basis difference (expense) ( 18 ) ( 18 ) Summarized financial information for TV Food Network is as follows (in millions): Three Months Ended March 31, 2024 2023 Net revenue $ 249 $ 285 Costs and expenses 133 152 Income from operations 116 133 Net income 119 138 Net income attributable to Nexstar Media Group, Inc. 37 43 Other Equity Investments In February 2024, Nexstar received $ 40 million cash proceeds, and recorded a gain on disposal of an investment for the same amount, in connection with Broadcast Music Inc.’s (“BMI”) sale to New Mountain Capital.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Accrued Expenses	Note 5: Accrued Expenses Accrued expenses consisted of the following (in millions): March 31, 2024 December 31, 2023 Compensation and related taxes $ 71 $ 113 Interest payable 46 55 Network affiliation fees 100 85 Other 98 97 $ 315 $ 350

Retirement and Postretirement P

Retirement and Postretirement Plans	3 Months Ended
	Mar. 31, 2024
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 other postretirement benefit plans (“OPEB”), including 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 periodic benefit cost (credit) related to OPEB is not significant. The following tables provide the components of net periodic benefit cost (credit) for Nexstar’s pension benefit plans (in millions): Pension Benefit Plans OPEB Three Months Ended March 31, Three Months Ended March 31, 2024 2023 2024 2023 Interest cost $ 19 $ 21 $ - $ - Expected return on plan assets ( 25 ) ( 28 ) - - Amortization of net gain ( 1 ) ( 2 ) - - Net periodic benefit credit $ ( 7 ) $ ( 9 ) $ - $ - During the three months ended March 31, 2024, Nexstar did no t make contributions to its qualified pension benefit plans. Nexstar anticipates nominal required contribution to such pension benefit plans in 2024.

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Note 7: Debt Long-term debt consisted of the following (dollars in millions): March 31, 2024 December 31, 2023 Nexstar Term Loan A, due June 2027 $ 2,213 $ 2,243 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 292 292 Revolving loans, due June 2027 62 62 Total outstanding principal 6,842 6,872 Less: unamortized financing costs and discount – Nexstar Term Loan A, due June 2027 ( 6 ) ( 6 ) Less: unamortized financing costs and discount – Nexstar Term Loan B, due September 2026 ( 22 ) ( 24 ) Add: unamortized premium, net of financing costs – Nexstar 5.625% Notes, due July 2027 3 3 Less: unamortized financing costs and discount – Nexstar 4.75% Notes, due November 2028 ( 6 ) ( 6 ) Less: unamortized financing costs and discount – Mission Term Loan B, due June 2028 ( 1 ) ( 2 ) Total outstanding debt 6,810 6,837 Less: current portion ( 124 ) ( 124 ) Long-term debt, net of current portion $ 6,686 $ 6,713 Nexstar’s outstanding term loans are governed by Nexstar’s credit agreement and Mission’s outstanding term loans and revolving loans are governed by Mission’s credit agreement. Each credit agreement is also herein referred to as a senior secured credit facility. Nexstar’s senior unsecured notes are governed by the indentures. 2024 Activities During the three months ended March 31, 2024, the Company repaid scheduled principal maturities of $ 30 million of its term loans. Also, Nexstar borrowed $ 55 million under its revolving credit facility for working capital purposes, which it repaid in full during the same quarter. Unused Commitments and Borrowing Availability Nexstar and Mission had $ 530 million (net of outstanding standby letters of credit of $ 20 million) and $ 14 million, respectively, of unused revolving loan commitments under their senior secured credit facilities, all of which were available for borrowing, based on the covenant calculations as of March 31, 2024. The Company’s ability to access funds under the senior secured credit facilities depends, in part, on its compliance with certain financial covenants. As of March 31, 2024, 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 2024 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, 2024 , Nexstar was in compliance with its financial covenants.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
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 90 years , some of which may include options to extend the leases from one 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, 2024 were not material. Supplemental balance sheet information related to operating leases was as follows (in millions, except lease term and discount rate): Balance Sheet Classification March 31, 2024 December 31, 2023 Operating lease right-of-use assets, net Other noncurrent assets, net $ 300 $ 290 Current operating lease liabilities Operating lease liabilities $ 43 $ 47 Noncurrent operating lease liabilities Other noncurrent liabilities $ 261 $ 246 Weighted Average Remaining Lease Term of Operating leases 8 years 8 years Weighted Average Discount Rate of Operating leases 4.9 % 5.0 % Operating lease expense for the three months ended March 31, 2024 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, 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. Cash paid for operating leases included in the operating cash flows was $ 16 million for each of the three months ended March 31, 2024 and 2023. Future minimum lease payments under non-cancellable leases as of March 31, 2024 were as follows (in millions): Operating Leases Remainder of 2024 $ 45 2025 46 2026 42 2027 41 2028 36 2029 36 Thereafter 137 Total future minimum lease payments 383 Less: imputed interest ( 79 ) Total $ 304

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Carrying Fair Carrying Fair Amount Value Amount Value Nexstar Term Loan A, due June 2027 (1) $ 2,207 $ 2,198 $ 2,237 $ 2,217 Term Loan B, due September 2026 (1) 1,539 1,561 1,537 1,545 5.625 % Notes, due July 2027 (2) 1,717 1,641 1,717 1,654 4.75 % Notes, due November 2028 (2) 994 909 994 915 Mission Term Loan B, due June 2028 (1) 291 289 290 288 Revolving loans due June 2027 (1) 62 60 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 and are considered Level 2. During the three months ended March 31, 2024, 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.

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Common Stock	Note 10: Common Stock On July 27, 2022, Nexstar’s board of directors approved a share repurchase program authorizing Nexstar to repurchase up to $ 1.5 billion of its common stock, of which $ 652 million of capacity remained available as of December 31, 2023. During the three months ended March 31, 2024, Nexstar repurchased a total of 666,574 shares of its common stock for $ 111 million, funded by cash on hand. As of March 31, 2024, the remaining available amount under the share repurchase authorization was $ 541 million. Share repurchases are executed from time to time in open market transactions, block trades or private transactions, including through Rule 10b5-1 plans. There is no minimum number of shares that Nexstar is required to repurchase. The repurchase program does not have an expiration date and may be suspended or discontinued at any time without prior notice. On January 26, 2024 , Nexstar’s board of directors approved a 25 % increase in its quarterly cash dividend to $ 1.69 per share of outstanding common stock beginning with the first quarter of 2024.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 11: Income Taxes Income tax expense was $ 61 million for the three months ended March 31, 2024 compared to $ 42 million for the same period in 2023. The effective tax rates were 26.8 % and 32.3 % for each of the respective periods. Changes in the valuation allowance resulted in a 4.2 % decrease to the effective tax rate. Other permanent differences, including an adjustment for losses related to the minority interest in The CW, also resulted in a 1.2 % decrease to the effective tax 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.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12: 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, 2024, Mission had a maximum commitment of $ 368 million under its amended credit agreement, of which $ 354 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 local markets 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 market except in certain cases, and to implement certain antitrust compliance measures and to 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 all allegations against them and will defend their advertising practices. Tribune Related Contingencies In connection with Nexstar’s acquisition of Tribune on September 19, 2019, Nexstar assumed contingencies from certain legal proceedings, as follows: 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 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 U.S. Tax Court to contest the IRS’s determination. After-tax interest on the aforementioned proposed tax and penalty through March 31, 2024 would be approximately $ 201 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. On February 15, 2024, the case was argued before the U.S. Court of Appeals for the Seventh Circuit. The Company expects a ruling from the Court of Appeals in the second half of 2024. As of March 31, 2024, Nexstar believes the tax impact of applying the Tax Court opinion to 2009 and its impact on subsequent tax years is not material to the Company’s accounting for uncertain tax positions or to its 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, 2024. 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, 2024 and December 31, 2023. Regulatory Matters On March 21, 2024, the FCC issued a Notice of Apparent Liability for Forfeiture (“NAL”) to Nexstar and to Mission, a consolidated VIE, for alleged violations of the Communications Act and FCC rules relating to Mission television station WPIX, New York, New York. The NAL alleges that Nexstar and Mission engaged in an unauthorized transfer of control of WPIX and that Nexstar violated the national television ownership limit by acquiring undisclosed attributable interests in the station. The NAL proposes forfeitures to Nexstar and Mission for the alleged violations and additionally requires that within 12 months of a forfeiture order or payment of the forfeitures, either (i) Mission divest WPIX to an “unrelated third party” or (ii) Mission sell WPIX to Nexstar, with Nexstar divesting a sufficient number of other stations to reduce its national reach below the FCC national ownership limit. Nexstar and Mission have contested the NAL and intend to dispute it vigorously. Nexstar is unable to reasonably estimate the possible financial statement impact, if any, relating to the NAL.

Segment Data

Segment Data	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Data	Note 13: 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, (iv) corporate functions, and (v) eliminations. The Company evaluates the performance of its operating segments based on net revenue and segment profit (loss). Segment profit (loss) includes net revenue, direct operating expenses and selling, general and administrative expenses (excluding corporate) and payments for broadcast rights. Segment profit (loss) excludes depreciation and amortization, any nonrecurring transaction and restructuring expenses, reimbursement from the FCC related to station repack, impairment charges, gain on disposal of assets and business divestitures and non-operating income statement items. Other segment loss is calculated in this manner except it includes The CW amortization of broadcast rights and excludes The CW payments for broadcast rights. Beginning in the first quarter of 2024, The CW’s operating results and assets are included in the “Other” segment because they did not meet the threshold for separate segment disclosure. Additionally, The CW’s segment loss is now reported at its full consolidated financial results in accordance with Nexstar’s current internal financial reporting. Prior to this change, The CW reported its operating performance in past segment footnote disclosures at amounts reflecting Nexstar’s ownership interest. These changes were reflected in the current presentation of “Other” segment in the tables below. The comparative prior year disclosures were also recast to conform with the current presentation. Segment financial information is included in the following tables for the periods presented (in millions): Three Months Ended March 31, Net revenue 2024 2023 Broadcast $ 1,222 $ 1,178 Other 72 81 Corporate (unallocated) ( 10 ) ( 2 ) Total net revenue $ 1,284 $ 1,257 Three Months Ended March 31, Operating income (loss) 2024 2023 Broadcast segment profit $ 473 $ 447 Other segment loss ( 26 ) ( 77 ) Corporate (unallocated) ( 52 ) ( 45 ) Depreciation and amortization expense (1) ( 138 ) ( 142 ) Payments for broadcast rights (2) 19 27 Miscellaneous, net ( 1 ) ( 6 ) Income from operations $ 275 $ 204 Assets March 31, 2024 December 31, 2023 Broadcast (3) $ 10,995 $ 11,203 Other 463 429 Corporate (unallocated) 487 446 $ 11,945 $ 12,078 Goodwill March 31, 2024 December 31, 2023 Broadcast $ 2,877 $ 2,877 Other 69 69 $ 2,946 $ 2,946 (1) Excludes amortization of The CW’s programming costs of $ 52 million and $ 107 million for the three months ended March 31, 2024 and 2023, respectively, which is included in Other segment loss. (2) Excludes payments for The CW’s broadcast rights of $ 57 million and $ 115 million for the three months ended March 31, 2024 and 2023, respectively, which are not included in Other segment loss. (3) While the Company’s investment in TV Food Network ($ 836 million at March 31, 2024 and $ 936 million at December 31, 2023) 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, 2024 Broadcast Other Corporate & Consolidated Distribution $ 747 $ 25 $ ( 11 ) $ 761 Advertising 466 46 - 512 Other 9 1 1 11 Total net revenue $ 1,222 $ 72 $ ( 10 ) $ 1,284 Three Months Ended March 31, 2023 Broadcast Other Corporate & Consolidated Distribution $ 713 $ 18 $ ( 3 ) $ 728 Advertising 456 61 - 517 Other 9 2 1 12 Total net revenue $ 1,178 $ 81 $ ( 2 ) $ 1,257 Our primary sources of revenue include: (i) distribution, comprised primarily of retransmission revenue, carriage fees, affiliation fees and spectrum leasing revenue and (ii) advertising, comprised primarily of core television advertising, digital advertising and political advertising. Distribution revenue, our largest category of revenue, primarily results from compensation from cable, satellite and other multichannel video distributors (“MVPD’s”) and online video distributors (“OVDs”) in return for our consent to the retransmission of the signals of our television stations and the carriage of NewsNation, typically based on the number of subscribers they have. We also generate distribution revenues from affiliation fees paid by affiliates of The CW and from programmers who lease the use of our spectrum in selected local markets to air their content on our multicast streams. Distribution revenue is recognized at the point in time the broadcast signal or cable network feed is delivered to the distributors in the case of retransmission and carriage fee revenue or, in the case of affiliation fees and spectrum leasing revenue, as network programming and spectrum capacity are delivered to our affiliates and customers. Advertising revenue primarily results from the sale to local, regional and national businesses and political candidates and political action committees of commercial airtime by our stations and networks and the sale of advertising on our owned or third party websites, and through mobile and OTT applications and other digital advertising solutions. 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. Advertising revenue is generally higher during even-numbered years when congressional and/or presidential elections occur and advertising is aired during the Olympic Games. Advertising revenue is recognized at the time the advertisement airs or is delivered on our websites or mobile or OTT applications or the advertising solution is delivered. During the three months ended March 31, 2024 and 2023, revenues for two of the Company’s customers exceeded 10%. The first customer represented approximately 13 % of the Company’s consolidated net revenue during each of the three months ended March 31, 2024 and 2023. The second customer represented approximately 13 % and 14 % of the Company’s consolidated net revenue during the three months ended March 31, 2024 and 2023, respectively.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 14: Subsequent Events On April 26, 2024 , Nexstar’s Board of Directors declared a quarterly cash dividend of $ 1.69 per share of its common stock. The dividend is payable on May 24, 2024 to stockholders of record on May 10, 2024 . From April 1, 2024 to May 8, 2024 , we repurchased 275,532 shares of our common stock for $ 45 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 $ 496 million. From April 1, 2024 to May 8, 2024, in connection with vesting of restricted stock units, Nexstar issued 67,484 shares of its common stock, net of any shares withheld for taxes.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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 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, 2024 and for the three months ended March 31, 2024 and 2023 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, 2024, 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, 2023. The balance sheet as of December 31, 2023 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, frequently 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, in some cases, 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, 2024 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, 2024 December 31, 2023 Current assets: Cash and cash equivalents $ 6 $ 6 Accounts receivable, net 23 17 Prepaid expenses and other current assets 4 5 Total current assets 33 28 Property and equipment, net 58 58 Goodwill 151 151 FCC licenses 200 200 Network affiliation agreements, net 65 68 Other noncurrent assets, net 67 67 Total assets $ 574 $ 572 Current liabilities: Current portion of debt $ 3 $ 2 Other current liabilities 38 38 Total current liabilities 41 40 Debt 350 350 Deferred tax liabilities 35 36 Other noncurrent liabilities 77 78 Total liabilities $ 503 $ 504 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, 2024 December 31, 2023 Current assets $ 3 $ 3 Property and equipment, net 11 11 Goodwill 62 62 FCC licenses 200 200 Network affiliation agreements, net 21 22 Other noncurrent assets, net 2 2 Total assets $ 299 $ 300 Current liabilities $ 36 $ 38 Noncurrent liabilities 112 114 Total liabilities $ 148 $ 152 Non-Consolidated VIEs Nexstar has an outsourcing agreement with Cunningham Broadcasting Corporation (“Cunningham”) which continues through December 31, 2025. 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. In January 2024, we entered into a multi-year TBA with KAZT, L.L.C., the owner of television station KAZT-TV in Phoenix, Arizona, and acquired the station’s non-license assets for a nominal cash payment. We were also granted an option to purchase the station from KAZT, L.L.C., subject to FCC consent. On February 1, 2024, KAZT-TV became an affiliate of The CW. Nexstar has determined that it has variable interests in WYZZ and KAZT-TV. Nexstar has also evaluated its arrangements with Cunningham and KAZT, L.L.C. and has determined that it is not the primary beneficiary of the variable interests in these stations because it does not have the ultimate power to direct the activities that most significantly impact the stations’ economic performance, including developing the annual operating budget, programming and oversight and control of sales management personnel. Therefore, Nexstar has not consolidated WYZZ and KAZT-TV under authoritative guidance related to the consolidation of VIEs. There were no significant transactions arising from Nexstar’s outsourcing agreement with Cunningham and TBA with KAZT L.L.C. Neither Cunningham nor KAZT, L.L.C. guarantees Nexstar’s debt.
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, 2024 2023 Weighted average shares outstanding – basic 33,449 36,718 Dilutive effect of equity incentive plan instruments 575 730 Weighted average shares outstanding – diluted 34,024 37,448 During the three months ended March 31, 2024 and 2023, 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 November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses for all public entities. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in ASU 2023-07 retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the provisions of this ASU and expects to adopt them for the year ending December 31, 2024. New Accounting Standards Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 applies to all entities that are subject to Topic 740, Income Taxes and is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. The amendments in ASU 2023-09 will be effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the potential impacts ASU 2023-09 may have on its Consolidated Financial Statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 2023 Weighted average shares outstanding – basic 33,449 36,718 Dilutive effect of equity incentive plan instruments 575 730 Weighted average shares outstanding – diluted 34,024 37,448
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, 2024 December 31, 2023 Current assets: Cash and cash equivalents $ 6 $ 6 Accounts receivable, net 23 17 Prepaid expenses and other current assets 4 5 Total current assets 33 28 Property and equipment, net 58 58 Goodwill 151 151 FCC licenses 200 200 Network affiliation agreements, net 65 68 Other noncurrent assets, net 67 67 Total assets $ 574 $ 572 Current liabilities: Current portion of debt $ 3 $ 2 Other current liabilities 38 38 Total current liabilities 41 40 Debt 350 350 Deferred tax liabilities 35 36 Other noncurrent liabilities 77 78 Total liabilities $ 503 $ 504
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, 2024 December 31, 2023 Current assets $ 3 $ 3 Property and equipment, net 11 11 Goodwill 62 62 FCC licenses 200 200 Network affiliation agreements, net 21 22 Other noncurrent assets, net 2 2 Total assets $ 299 $ 300 Current liabilities $ 36 $ 38 Noncurrent liabilities 112 114 Total liabilities $ 148 $ 152

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 useful life, Accumulated Accumulated in years Gross Amortization Net Gross Amortization Net Network affiliation agreements 15 $ 3,125 $ ( 1,490 ) $ 1,635 $ 3,125 $ ( 1,442 ) $ 1,683 Other definite-lived intangible assets 1 - 20 1,097 ( 680 ) 417 1,093 ( 652 ) 441 Definite-lived intangible assets $ 4,222 $ ( 2,170 ) $ 2,052 $ 4,218 $ ( 2,094 ) $ 2,124
Estimated Amortization Expense of Definite-Lived Intangible Assets	The following table presents the Company’s estimate of amortization expense for the remainder of 2024, each of the five succeeding years ended December 31 and thereafter for definite-lived intangible assets as of March 31, 2024 (in millions): Remainder of 2024 $ 218 2025 285 2026 265 2027 252 2028 237 2029 222 Thereafter 573 $ 2,052
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, 2023 $ 3,145 $ ( 199 ) $ 2,946 $ 2,977 $ ( 48 ) $ 2,929 Balances as of March 31, 2024 $ 3,145 $ ( 199 ) $ 2,946 $ 2,977 $ ( 48 ) $ 2,929

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Equity method investments $ 854 $ 953 Other equity investments 5 5 Total investments $ 859 $ 958
Summary of Income on Equity Investments, Net	During the three months ended March 31, 2024 and 2023, 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, 2024 2023 Income from equity method investments, net, before amortization of basis difference $ 37 $ 43 Amortization of basis difference ( 18 ) ( 18 ) Income from equity method investments, net $ 19 $ 25
Summary of Transactions Related to Investment	Nexstar had the following transactions related to its investment in TV Food Network during the three months ended March 31, 2024 and 2023, respectively (in millions): Three Months Ended March 31, 2024 2023 Cash distributions received $ 119 $ 225 Recognized share in TV Food Networkʼs net income 37 43 Recorded amortization of basis difference (expense) ( 18 ) ( 18 )
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, 2024 2023 Net revenue $ 249 $ 285 Costs and expenses 133 152 Income from operations 116 133 Net income 119 138 Net income attributable to Nexstar Media Group, Inc. 37 43

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Accrued Expenses	Accrued expenses consisted of the following (in millions): March 31, 2024 December 31, 2023 Compensation and related taxes $ 71 $ 113 Interest payable 46 55 Network affiliation fees 100 85 Other 98 97 $ 315 $ 350

Retirement and Postretirement_2

Retirement and Postretirement Plans (Tables)	3 Months Ended
	Mar. 31, 2024
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 benefit plans (in millions): Pension Benefit Plans OPEB Three Months Ended March 31, Three Months Ended March 31, 2024 2023 2024 2023 Interest cost $ 19 $ 21 $ - $ - Expected return on plan assets ( 25 ) ( 28 ) - - Amortization of net gain ( 1 ) ( 2 ) - - Net periodic benefit credit $ ( 7 ) $ ( 9 ) $ - $ -

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Long Term Debt	Long-term debt consisted of the following (dollars in millions): March 31, 2024 December 31, 2023 Nexstar Term Loan A, due June 2027 $ 2,213 $ 2,243 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 292 292 Revolving loans, due June 2027 62 62 Total outstanding principal 6,842 6,872 Less: unamortized financing costs and discount – Nexstar Term Loan A, due June 2027 ( 6 ) ( 6 ) Less: unamortized financing costs and discount – Nexstar Term Loan B, due September 2026 ( 22 ) ( 24 ) Add: unamortized premium, net of financing costs – Nexstar 5.625% Notes, due July 2027 3 3 Less: unamortized financing costs and discount – Nexstar 4.75% Notes, due November 2028 ( 6 ) ( 6 ) Less: unamortized financing costs and discount – Mission Term Loan B, due June 2028 ( 1 ) ( 2 ) Total outstanding debt 6,810 6,837 Less: current portion ( 124 ) ( 124 ) Long-term debt, net of current portion $ 6,686 $ 6,713

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Summary Of Supplemental Balance Sheet Information Related To Operating Leases	Supplemental balance sheet information related to operating leases was as follows (in millions, except lease term and discount rate): Balance Sheet Classification March 31, 2024 December 31, 2023 Operating lease right-of-use assets, net Other noncurrent assets, net $ 300 $ 290 Current operating lease liabilities Operating lease liabilities $ 43 $ 47 Noncurrent operating lease liabilities Other noncurrent liabilities $ 261 $ 246 Weighted Average Remaining Lease Term of Operating leases 8 years 8 years Weighted Average Discount Rate of Operating leases 4.9 % 5.0 %
Summary of Future Minimum Lease Payments Under Non-Cancellable Leases	Future minimum lease payments under non-cancellable leases as of March 31, 2024 were as follows (in millions): Operating Leases Remainder of 2024 $ 45 2025 46 2026 42 2027 41 2028 36 2029 36 Thereafter 137 Total future minimum lease payments 383 Less: imputed interest ( 79 ) Total $ 304

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Carrying Fair Carrying Fair Amount Value Amount Value Nexstar Term Loan A, due June 2027 (1) $ 2,207 $ 2,198 $ 2,237 $ 2,217 Term Loan B, due September 2026 (1) 1,539 1,561 1,537 1,545 5.625 % Notes, due July 2027 (2) 1,717 1,641 1,717 1,654 4.75 % Notes, due November 2028 (2) 994 909 994 915 Mission Term Loan B, due June 2028 (1) 291 289 290 288 Revolving loans due June 2027 (1) 62 60 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 and are considered Level 2.

Segment Data (Tables)

Segment Data (Tables)	3 Months Ended
	Mar. 31, 2024
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 2024 2023 Broadcast $ 1,222 $ 1,178 Other 72 81 Corporate (unallocated) ( 10 ) ( 2 ) Total net revenue $ 1,284 $ 1,257 Three Months Ended March 31, Operating income (loss) 2024 2023 Broadcast segment profit $ 473 $ 447 Other segment loss ( 26 ) ( 77 ) Corporate (unallocated) ( 52 ) ( 45 ) Depreciation and amortization expense (1) ( 138 ) ( 142 ) Payments for broadcast rights (2) 19 27 Miscellaneous, net ( 1 ) ( 6 ) Income from operations $ 275 $ 204 Assets March 31, 2024 December 31, 2023 Broadcast (3) $ 10,995 $ 11,203 Other 463 429 Corporate (unallocated) 487 446 $ 11,945 $ 12,078 Goodwill March 31, 2024 December 31, 2023 Broadcast $ 2,877 $ 2,877 Other 69 69 $ 2,946 $ 2,946 (1) Excludes amortization of The CW’s programming costs of $ 52 million and $ 107 million for the three months ended March 31, 2024 and 2023, respectively, which is included in Other segment loss. (2) Excludes payments for The CW’s broadcast rights of $ 57 million and $ 115 million for the three months ended March 31, 2024 and 2023, respectively, which are not included in Other segment loss. (3) While the Company’s investment in TV Food Network ($ 836 million at March 31, 2024 and $ 936 million at December 31, 2023) 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, 2024 Broadcast Other Corporate & Consolidated Distribution $ 747 $ 25 $ ( 11 ) $ 761 Advertising 466 46 - 512 Other 9 1 1 11 Total net revenue $ 1,222 $ 72 $ ( 10 ) $ 1,284 Three Months Ended March 31, 2023 Broadcast Other Corporate & Consolidated Distribution $ 713 $ 18 $ ( 3 ) $ 728 Advertising 456 61 - 517 Other 9 2 1 12 Total net revenue $ 1,178 $ 81 $ ( 2 ) $ 1,257

Organization and Business Ope_2

Organization and Business Operations (Details)	3 Months Ended
	Mar. 31, 2024 TelevisionStation Channel State Application Market NetworkService Website RadioStation
Organization And Business Operations [Line Items]
Number of full power television stations owned, operated, programmed or provided sales and other services	201
Number of markets in which the Company's stations broadcast | Market	117
Number of local websites | Website	141
Number of mobile applications | Application	279
Number of states in which the Company's stations broadcast | State	40
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 stations owned by an unconsolidated VIE	2
Number of multicast network services owned and operated | NetworkService	2
Connected television application | Application	24
Number of ad supported television channels | Channel	7
TV Food Network [Member]
Organization And Business Operations [Line Items]
Ownership stake	31.30%
Two Thousand Twenty Two Acquisition Of The CW [Member]
Organization And Business Operations [Line Items]
Percentage of outstanding equity acquired	75%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Consolidated VIEs (Details) - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents		$ 237	$ 135
Accounts receivable, net		1,051	1,095
Prepaid expenses and other current assets		58	88
Total current assets		1,494	1,466
Property and equipment, net		1,264	1,269
Goodwill		2,946	2,946
FCC licenses		2,929	2,929
Intangible assets, net		2,052	2,124
Other noncurrent assets, net		401	386
Total assets	[1]	11,945	12,078
Current liabilities:
Current portion of debt		124	124
Interest payable		46	55
Other current liabilities		96	69
Total current liabilities		831	961
Debt		6,686	6,713
Deferred tax liabilities		1,508	1,520
Other noncurrent liabilities		574	571
Total liabilities	[1]	9,599	9,765
Network affiliation agreements, net [Member]
Current assets:
Intangible assets, net		1,635	1,683
Consolidated VIEs [Member]
Current assets:
Cash and cash equivalents		6	6
Accounts receivable, net		23	17
Prepaid expenses and other current assets		4	5
Total current assets		33	28
Property and equipment, net		58	58
Goodwill		151	151
FCC licenses		200	200
Other noncurrent assets, net		67	67
Total assets		574	572
Current liabilities:
Current portion of debt		3	2
Other current liabilities		38	38
Total current liabilities		41	40
Debt		350	350
Deferred tax liabilities		35	36
Other noncurrent liabilities		77	78
Total liabilities		503	504
Consolidated VIEs [Member] | Network affiliation agreements, net [Member]
Current assets:
Intangible assets, net		65	68
Non Guarantor VIEs [Member]
Current assets:
Total current assets		3	3
Property and equipment, net		11	11
Goodwill		62	62
FCC licenses		200	200
Other noncurrent assets, net		2	2
Total assets		299	300
Current liabilities:
Total current liabilities		36	38
Noncurrent liabilities		112	114
Total liabilities		148	152
Non Guarantor VIEs [Member] | Network affiliation agreements, net [Member]
Current assets:
Intangible assets, net		$ 21	$ 22
[1] The condensed consolidated total assets as of March 31, 2024 and December 31, 2023 include certain assets held by consolidated VIEs of $ 299 million and $ 300 million, respectively, which are not available to be used to settle the obligations of Nexstar. The condensed consolidated total liabilities as of March 31, 2024 and December 31, 2023 include certain liabilities of consolidated VIEs of $ 148 million and $ 152 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, 2024	Mar. 31, 2023
Earnings Per Share Basic And Diluted Other Disclosure [Abstract]
Weighted average shares outstanding - basic	33,449	36,718
Dilutive effect of equity incentive plan instruments	575	730
Weighted average shares outstanding - diluted	34,024	37,448

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restricted Stock Units [Member]
Significant Accounting Policies [Line Items]
Weighted average restricted stock units and equity incentives with potentially dilutive effect (in shares)	0	0
Stock Options [Member]
Significant Accounting Policies [Line Items]
Weighted average restricted stock units and equity incentives 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	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross	$ 4,222	$ 4,218
Accumulated Amortization	(2,170)	(2,094)
Net	$ 2,052	$ 2,124
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	(1,490)	(1,442)
Net	1,635	1,683
Other definite-lived intangible assets [Member]
Finite-Lived Intangible Assets [Line Items]
Gross	1,097	1,093
Accumulated Amortization	(680)	(652)
Net	$ 417	$ 441
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, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Remainder of 2024	$ 218
2025	285
2026	265
2027	252
2028	237
2029	222
Thereafter	573
Net	$ 2,052	$ 2,124

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Goodwill and FCC Licenses (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, Gross	$ 3,145	$ 3,145
Goodwill, Accumulated Impairment	(199)	(199)
Goodwill, Net	2,946	2,946
FCC Licenses [Abstract]
FCC Licenses, Gross	2,977	2,977
FCC Licenses, Accumulated Impairment	(48)	(48)
FCC Licenses, Net	$ 2,929	$ 2,929

Investments - Schedule of Conde

Investments - Schedule of Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Equity method investments	$ 854	$ 953
Other equity investments	5	5
Total investments	$ 859	$ 958

Investments - Summary of Income

Investments - Summary of Income (Loss) on Equity Investments, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Income from equity method investments, net, before amortization of basis difference	$ 37	$ 43
Amortization of basis difference	(18)	(18)
Income from equity method investments, net	$ 19	$ 25

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 29, 2024	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Equity Method Investments [Line Items]
Equity method investments, book value		$ 854	$ 953
Equity method investment, basis difference amount		380	397
Equity method investment basis difference related to investees goodwill		500
Cash proceeds received		(40)
Gain on disposal of an investment		$ 40
Broadcast Music Inc. [Member]
Schedule Of Equity Method Investments [Line Items]
Cash proceeds received	$ (40)
Gain on disposal of an investment	$ 40
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		$ 836	$ 936
Weighted average remaining useful life of assets subjects to amortization of basis difference		5 years 6 months

Investments - Summary of Transa

Investments - Summary of Transactions Related to Investment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]
Cash distributions received	$ 120	$ 226
Recognized share in TV Food Network's net income	37	43
Recorded amortization of basis difference (expense)	(18)	(18)
TV Food Network [Member]
Schedule of Equity Method Investments [Line Items]
Cash distributions received	119	225
Recognized share in TV Food Network's net income	37	43
Recorded 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, 2024	Mar. 31, 2023
Schedule Of Equity Method Investments [Line Items]
Net revenue	$ 1,284	$ 1,257
Costs and expenses	1,009	1,053
Income from operations	275	204
Net income	167	88
Net Income (Loss)	175	111
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Schedule Of Equity Method Investments [Line Items]
Net revenue	249	285
Costs and expenses	133	152
Income from operations	116	133
Net income	119	138
Net Income (Loss)	$ 37	$ 43

Accrued Expenses - Accrued Expe

Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Compensation and related taxes	$ 71	$ 113
Interest payable	46	55
Network affiliation fees	100	85
Other	98	97
Accrued expenses	$ 315	$ 350

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, 2024	Mar. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 19	$ 21
Expected return on plan assets	(25)	(28)
Amortization of net gain	(1)	(2)
Net periodic benefit credit	$ (7)	$ (9)

Retirement and Postretirement_4

Retirement and Postretirement Plans - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)
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, 2024	Dec. 31, 2023
Long term Debt [Abstract]
Total outstanding principal	$ 6,842	$ 6,872
Total outstanding debt	6,810	6,837
Less: current portion	(124)	(124)
Long-term debt, net of current portion	6,686	6,713
Nexstar [Member] | Secured Debt [Member] | Term Loan A, due June 2027 [Member]
Long term Debt [Abstract]
Total outstanding principal	2,213	2,243
Unamortized financing costs and (discount) premium	(6)	(6)
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	(22)	(24)
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	3	3
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)	(6)
Mission [Member]
Long term Debt [Abstract]
Less: current portion	(3)	(2)
Long-term debt, net of current portion	350	350
Mission [Member] | Secured Debt [Member] | Term Loan B, due June 2028 [Member]
Long term Debt [Abstract]
Total outstanding principal	292	292
Unamortized financing costs and (discount) premium	(1)	(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, 2024	Dec. 31, 2023
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, 2024	Dec. 31, 2023
Secured Debt [Member]
Debt Instrument [Line Items]
Maximum consolidated first lien net leverage ratio	425%
Nexstar [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Borrowings under revolving credit facility	$ 55
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	14
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	$ 530

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lessee Lease Description [Line Items]
Operating lease expense	$ 16	$ 16
Operating cash flows from operating leases	16	16
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	$ 9
Minimum [Member]
Lessee Lease Description [Line Items]
Leases remaining lease term	1 year
Leases option to extended lease term	one
Maximum [Member]
Lessee Lease Description [Line Items]
Leases remaining lease term	90 years
Leases option to extended lease term	99 years
Leases option to terminate term	1 year

Leases - Summary Of Supplementa

Leases - Summary Of Supplemental Balance Sheet Information Related To Operating Leases (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Leases, Operating [Abstract]
Operating lease right-of-use assets, net	$ 300	$ 290
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Current operating lease liabilities	$ 43	$ 47
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Noncurrent operating lease liabilities	$ 261	$ 246
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Weighted Average Remaining Lease Term of Operating leases	8 years	8 years
Weighted Average Discount Rate of Operating leases	4.90%	5%

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments Under Non-Cancellable Leases (Details) $ in Millions	Mar. 31, 2024 USD ($)
Operating Leases
Remainder of 2024	$ 45
2025	46
2026	42
2027	41
2028	36
2029	36
Thereafter	137
Total future minimum lease payments	383
Less: imputed interest	(79)
Total	$ 304

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, 2024		Dec. 31, 2023
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]	$ 2,207		$ 2,237
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]	2,198		2,217
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]	1,539		1,537
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]	1,561		1,545
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]	1,717		1,717
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]	1,641		1,654
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		994
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]	909		915
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]	291		290
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]	289		288
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		62	[1]	62	[2]
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	[1]	$ 60		$ 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 and are considered Level 2.

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, 2024	Dec. 31, 2023
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, 2024	Mar. 31, 2023	Dec. 31, 2023	Jul. 27, 2022
Class Of Stock [Line Items]
Purchase of treasury stock	$ 113	$ 176
Dividends declared per common share	$ 1.69	$ 1.35
Common Stock [Member]
Class Of Stock [Line Items]
Authorization of share repurchase				$ 1,500
Authorization of share repurchase, remained available	$ 541		$ 652
Purchase of treasury stock, shares	666,574
Purchase of treasury stock	$ 111
Dividends, date declared	Jan. 26, 2024
Dividends declared per common share	$ 1.69
Percentage of increase in quarterly cash dividend	25%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Loss Carryforwards [Line Items]
Income tax expense	$ 61	$ 42
Effective income tax rates	26.80%	32.30%
Decrease to effective tax rate related to changes in the valuation allowance	4.20%
The CW Network LLC [Member]
Operating Loss Carryforwards [Line Items]
Effective tax rate	1.20%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions			3 Months Ended
	Sep. 19, 2019	Jun. 28, 2016	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Aug. 21, 2009
Loss Contingency, Information about Litigation Matters [Abstract]
Restricted cash and cash equivalents held					$ 12
Income tax expense (benefit)			$ 61	$ 42
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] | 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			201
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]
Loss Contingency, Information about Litigation Matters [Abstract]
Maximum commitment under senior secured credit facility			$ 368
Commitment under senior secured credit facility at carrying value			$ 354

Segment Data - Additional Infor

Segment Data - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 NetworkService Customer	Mar. 31, 2023 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%	13%
Revenue [Member] | Customer Two [Member] | Customer Concentration Risk [Member]
Disaggregation Of Revenue [Line Items]
Concentration of risk, percentage	13%	14%

Segment Data - Summary of Segme

Segment Data - Summary of Segment Financial Information (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net revenue		$ 1,284	$ 1,257
Depreciation and amortization expense	[1]	(138)	(142)
Payments for broadcast rights	[2]	19	27
Miscellaneous, net		(1)	(6)
Income from operations		275	204
Assets	[3]	11,945		$ 12,078
Goodwill		2,946		2,946
Broadcast [Member]
Segment Reporting Information [Line Items]
Net revenue		1,222	1,178
Income from operations		473	447
Assets	[4]	10,995		11,203
Goodwill		2,877		2,877
Other [Member]
Segment Reporting Information [Line Items]
Net revenue		72	81
Income from operations		(26)	(77)
Assets		463		429
Goodwill		69		69
Corporate (Unallocated) [Member]
Segment Reporting Information [Line Items]
Net revenue		(10)	(2)
Income from operations		(52)	$ (45)
Assets		$ 487		$ 446
[1] Excludes amortization of The CW’s programming costs of $ 52 million and $ 107 million for the three months ended March 31, 2024 and 2023, respectively, which is included in Other segment loss. Excludes payments for The CW’s broadcast rights of $ 57 million and $ 115 million for the three months ended March 31, 2024 and 2023, respectively, which are not included in Other segment loss. The condensed consolidated total assets as of March 31, 2024 and December 31, 2023 include certain assets held by consolidated VIEs of $ 299 million and $ 300 million, respectively, which are not available to be used to settle the obligations of Nexstar. The condensed consolidated total liabilities as of March 31, 2024 and December 31, 2023 include certain liabilities of consolidated VIEs of $ 148 million and $ 152 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 ($ 836 million at March 31, 2024 and $ 936 million at December 31, 2023) 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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Equity method investments, book value	$ 854		$ 953
TV Food Network [Member]
Segment Reporting Information [Line Items]
Equity method investments, book value	836		$ 936
CWs Programming [Member]
Segment Reporting Information [Line Items]
Amortization excluded	52	$ 107
Payments excluded for broadcast rights	$ 57	$ 115

Segment Data - Summary of Disag

Segment Data - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation Of Revenue [Line Items]
Total net revenue	$ 1,284	$ 1,257
Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	1,222	1,178
Other [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	72	81
Corporate & Eliminations (Unallocated) [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	(10)	(2)
Distribution [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	761	728
Distribution [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	747	713
Distribution [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	25	18
Distribution [Member] | Corporate & Eliminations (Unallocated) [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	(11)	(3)
Advertising [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	512	517
Advertising [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	466	456
Advertising [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	46	61
Other [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	11	12
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	1	2
Other [Member] | Corporate & Eliminations (Unallocated) [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	$ 1	$ 1

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions				1 Months Ended	3 Months Ended
	May 24, 2024	May 10, 2024	Apr. 26, 2024	May 08, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Subsequent Event [Line Items]
Dividends declared per common share					$ 1.69	$ 1.35
Purchase of additional treasury stock					$ 113	$ 176
Payments for repurchase of common stock					$ 111	$ 176
Common Stock [Member]
Subsequent Event [Line Items]
Dividends declared per common share					$ 1.69
Dividends, date declared					Jan. 26, 2024
Purchase of additional treasury stock, shares					666,574
Purchase of additional treasury stock					$ 111
Authorization of share repurchase, remaining available amount					$ 541		$ 652
Treasury Stock [Member]
Subsequent Event [Line Items]
Purchase of additional treasury stock, shares					666,574	1,019,940
Purchase of additional treasury stock					$ 113	$ 176
Subsequent Event [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Dividends declared per common share			$ 1.69
Dividends, date declared			Apr. 26, 2024
Dividends, date payable	May 24, 2024
Dividends, date of record		May 10, 2024
Shares issued, net of shares withheld for taxes				67,484
Purchase of additional treasury stock, shares				275,532
Purchase of additional treasury stock				$ 45
Authorization of share repurchase, remaining available amount				$ 496