Nexstar Media (NXST) 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 03, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	NXST
Entity Registrant Name	NEXSTAR BROADCASTING GROUP INC
Entity Central Index Key	1,142,417
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		31,616,244

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents		$ 26,891	$ 131,912
Accounts receivable, net of allowance for doubtful accounts of $5,114 and $3,002, respectively		171,958	127,878
Deferred tax assets, net		50,160	41,737
Broadcast rights		14,367	10,873
Prepaid expenses and other current assets		3,535	5,264
Total current assets		266,911	317,664
Property and equipment, net		276,191	237,739
Goodwill		443,855	256,491
FCC licenses		489,698	322,040
Other intangible assets, net		332,450	194,129
Other noncurrent assets, net		56,598	134,162
Total assets	[1]	1,865,703	1,462,225
Current liabilities:
Current portion of debt		18,539	15,840
Current portion of broadcast rights payable		15,427	11,935
Accounts payable		22,487	17,231
Accrued expenses		38,417	36,807
Taxes payable		8,443	4,899
Interest payable		11,747	4,601
Other current liabilities		8,289	5,953
Total current liabilities		123,349	97,266
Debt		1,481,859	1,220,304
Deferred tax liabilities		118,260	44,224
Other noncurrent liabilities		45,991	43,894
Total liabilities	[1]	$ 1,769,459	$ 1,405,688
Commitments and contingencies
Stockholders' equity:
Preferred stock - $0.01 par value, 200,000 shares authorized; none issued and outstanding at each of June 30, 2015 and December 31, 2014
Additional paid-in capital		$ 402,920	$ 398,029
Accumulated deficit		(312,576)	(345,804)
Total Nexstar Broadcasting Group, Inc. stockholders' equity		90,660	52,537
Noncontrolling interests in consolidated variable interest entities		5,584	4,000
Total stockholders' equity		96,244	56,537
Total liabilities and stockholders' equity		1,865,703	1,462,225
Class A Common Stock [Member]
Stockholders' equity:
Common stock		316	312
Total stockholders' equity		$ 316	$ 312
[1]	The consolidated total assets as of June 30, 2015 and December 31, 2014 include certain assets held by consolidated VIEs of $121.3 million and $49.1 million, respectively, which are not available to be used to settle the obligations of Nexstar. The consolidated total liabilities as of June 30, 2015 and December 31, 2014 include certain liabilities of consolidated VIEs of $37.0 million and $17.9 million for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Accounts receivable, allowance for doubtful accounts	$ 5,114	$ 3,002
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
Consolidated VIEs [Member]
ASSETS
Total assets	$ 121,308	$ 49,131
LIABILITIES AND STOCKHOLDERS' EQUITY
Total liabilities	$ 37,048	$ 17,870
Class A Common Stock [Member]
Stockholders' equity:
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	31,616,244	31,172,060
Common stock, shares outstanding	31,616,244	31,172,060
Class B Common Stock [Member]
Stockholders' equity:
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0
Class C Common Stock [Member]
Stockholders' equity:
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	5,000,000	5,000,000
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues [Abstract]
Net revenue	$ 221,322	$ 146,930	$ 424,713	$ 280,763
Operating expenses:
Direct operating expenses, excluding depreciation and amortization	75,011	45,257	144,696	87,106
Selling, general, and administrative expenses, excluding depreciation and amortization	56,557	43,796	113,846	84,836
Amortization of broadcast rights	14,673	8,280	29,254	16,912
Amortization of intangible assets	11,237	6,112	24,297	12,305
Depreciation	11,302	8,543	22,174	16,962
Total operating expenses	168,780	111,988	334,267	218,121
Income from operations	52,542	34,942	90,446	62,642
Interest expense, net	(20,391)	(15,339)	(39,684)	(30,509)
Loss on extinguishment of debt		(71)		(71)
Other expenses	(150)	(127)	(268)	(255)
Income before income taxes	32,001	19,405	50,494	31,807
Income tax expense	(12,101)	(8,461)	(18,682)	(13,510)
Net income	19,900	10,944	31,812	18,297
Net loss attributable to noncontrolling interests	421		1,416
Net income attributable to Nexstar Broadcasting Group, Inc.	$ 20,321	$ 10,944	$ 33,228	$ 18,297
Net income per common share attributable to Nexstar Broadcasting Group, Inc.:
Basic	$ 0.65	$ 0.36	$ 1.06	$ 0.60
Diluted	$ 0.63	$ 0.34	$ 1.03	$ 0.57
Weighted average number of common shares outstanding:
Basic	31,325	30,641	31,260	30,622
Diluted	32,382	31,932	32,319	31,921
Dividends declared per common share	$ 0.19	$ 0.15	$ 0.38	$ 0.30

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Noncontrolling interests in consolidated variable interest entities [Member]	Class A Common Stock [Member]	Class B Common Stock [Member]	Class C Common Stock [Member]
Balance at Dec. 31, 2014	$ 56,537	$ 398,029	$ (345,804)	$ 4,000	$ 312
Balance, Shares at Dec. 31, 2014					31,172,060	0	0
Stock-based compensation expense	5,662	5,662
Exercise of stock options	3,284	3,280			$ 4
Exercise of stock options, shares					444,184
Excess tax benefit from stock option exercises	7,814	7,814
Common stock dividends declared	(11,865)	(11,865)
Consolidation of a variable interest entity	2,900			2,900
Contribution from a noncontrolling interest	100			100
Net income	31,812		33,228	(1,416)
Balance at Jun. 30, 2015	$ 96,244	$ 402,920	$ (312,576)	$ 5,584	$ 316
Balance, Shares at Jun. 30, 2015					31,616,244	0	0

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 31,812	$ 18,297
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for bad debt	1,320	1,626
Amortization of broadcast rights, excluding barter	10,357	5,731
Depreciation of property and equipment	22,174	16,962
Amortization of intangible assets	24,297	12,305
Loss on asset disposal, net	927	146
Amortization of debt financing costs	1,684	1,272
Amortization of debt discount (premium), net	132	79
Loss on extinguishment of debt		71
Stock-based compensation expense	5,662	3,556
Deferred income taxes	16,318	12,044
Payments for broadcast rights	(10,785)	(6,078)
Deferred gain recognition	(219)	(218)
Amortization of deferred representation fee incentive	(550)	(410)
Non-cash representation contract termination fee	1,516
Excess tax benefit from stock option exercises	(7,814)	(4,734)
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable	(7,214)	3,625
Prepaid expenses and other current assets	2,449	(476)
Other noncurrent assets	119	152
Accounts payable and accrued expenses	(3,848)	9,673
Taxes payable	(15,099)	(70)
Interest payable	7,146	217
Other noncurrent liabilities	209	(350)
Net cash provided by operating activities	80,593	73,420
Cash flows from investing activities:
Purchases of property and equipment	(13,373)	(9,065)
Payments for acquisitions, net of cash acquired	(459,691)	(85,298)
Proceeds from disposal of a station	26,805
Proceeds from disposals of property and equipment	2,139	33
Net cash used in investing activities	(444,120)	(94,330)
Cash flows from financing activities:
Proceeds from long-term debt	411,950	24,938
Repayments of long-term debt	(147,828)	(7,763)
Payments for debt financing costs	(3,225)	(357)
Contribution from a noncontrolling interest	100
Proceeds from exercise of stock options	3,284	1,284
Excess tax benefit from stock option exercises	7,814	4,734
Common stock dividends paid	(11,865)	(9,180)
Payments for capital lease obligations	(1,724)	(661)
Net cash provided by financing activities	258,506	12,995
Net decrease in cash and cash equivalents	(105,021)	(7,915)
Cash and cash equivalents at beginning of period	131,912	40,028
Cash and cash equivalents at end of period	26,891	32,113
Supplemental information:
Interest paid	30,721	28,939
Income taxes paid, net of refunds	17,642	1,441
Non-cash investing activities:
Accrued purchases of property and equipment	1,362	1,900
Noncash purchases of property and equipment	$ 3,557	$ 961

Organization and Business Opera

Organization and Business Operations	6 Months Ended
	Jun. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Business Operations	1. Organization and Business Operations As of June 30, 2015, Nexstar Broadcasting Group, Inc. and its wholly-owned subsidiaries (“Nexstar”) owned, operated, programmed or provided sales and other services to 107 television stations and 36 digital multicast channels, including those owned by variable interest entities (“VIEs”), in 58 markets in the states of Alabama, Arizona, Arkansas, California, Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Maryland, Michigan, Missouri, Montana, Nevada, New York, Pennsylvania, Tennessee, Texas, Utah, Vermont, Virginia and Wisconsin. The stations are affiliates of ABC (20 stations), NBC (20 stations), FOX (28 stations), CBS (17 stations), The CW (10 stations and 2 digital multicast channels), MyNetworkTV (10 stations and 4 digital multicast channels), Telemundo (one station and one digital multicast channel), RTV (one station), Bounce TV (9 digital multicast channels), Me-TV (9 digital multicast channels), Estrella (6 digital multicast channels), LATV (one digital multicast channel), This TV (one digital multicast channel), Weather Nation Utah (one digital multicast channel), Movies! (one digital multicast channel) and News/Weather (one digital multicast channel). Through various local service agreements, Nexstar provided sales, programming and other services to 31 stations and 6 digital multicast channels owned and/or operated by independent third parties. Nexstar operates in one reportable television broadcasting segment. The economic characteristics, services, production process, customer type and distribution methods for Nexstar’s operations are substantially similar and are therefore aggregated as a single reportable segment.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts of Nexstar and the accounts of independently-owned VIEs Certain assets of consolidated VIEs are not available to settle the obligations of Nexstar and there are certain liabilities of consolidated VIEs for which the creditors of the VIEs do not have recourse to the general credit of Nexstar. In previous filings, the Company presented such amounts as separate captions in its Consolidated Balance Sheets. Beginning in the first quarter of 2015, the Company has elected to present these amounts in a combined footnote on the Consolidated Balance Sheets, with footnote disclosure of the related carrying amounts and classification, as follows (in thousands): June 30, December 31, 2015 2014 Current assets $ 2,767 $ 12 (1) Property and equipment, net 4,364 - Goodwill 18,322 697 (1) FCC licenses 74,312 46,727 Other intangible assets, net 20,984 1,695 (1) Other noncurrent assets, net 559 - Total assets 121,308 49,131 Current liabilities 12,074 7,852 Noncurrent liabilities 24,974 10,018 Total liabilities $ 37,048 $ 17,870 (1) These balances relate to Parker Broadcasting of Colorado, LLC and were previously not presented separately on the Consolidated Balance Sheet. This correction is not considered material to the Consolidated Financial Statements as of December 31, 2014. Liquidity Nexstar is highly leveraged, which makes it vulnerable to changes in general economic conditions. Nexstar’s ability to repay or refinance its debt will depend on, among other things, financial, business, market, competitive and other conditions, many of which are beyond Nexstar’s control. Interim Financial Statements The Condensed Consolidated Financial Statements as of June 30, 2015 and for the three and six months ended June 30, 2015 and 2014 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 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 disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Results of operations for interim periods are not necessarily indicative of results for the full year. 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, 2014. The balance sheet as of December 31, 2014 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 The Company may determine that an entity is a VIE as a result of local service agreements entered into with the owner-operator of an entity. The term local service agreement generally refers to a contract between two separately owned television stations serving the same market, whereby the owner-operator of one station contracts with the owner-operator of the other station 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 and responsibility for the operation of its station, including ultimate responsibility over all programming broadcast on its station. A local service agreement can be (1) a time brokerage agreement (“TBA”) which allows Nexstar to program most of a station’s broadcast time, sell the station’s advertising time and retain the advertising revenue generated in exchange for monthly payments, based on the station’s monthly operating expenses, (2) a shared services agreement (“SSA”) which allows the Nexstar station in the market to provide services including news production, technical maintenance and security, in exchange for Nexstar’s right to receive certain payments as described in the SSA, or (3) a joint sales agreement (“JSA”) which permits Nexstar to sell certain of the station’s advertising time and retain a percentage of the related revenue, as described in the JSA. Consolidated VIEs Mission Broadcasting, Inc. (“Mission”), Marshall and Parker Broadcasting of Colorado, LLC (“Parker”) are consolidated by Nexstar because Nexstar is deemed under U.S. GAAP to have controlling financial interests in these entities for financial reporting purposes as a result of (1) local service agreements Nexstar has with the stations owned by these entities, (2) Nexstar’s guarantees of the obligations incurred under Mission’s and Marshall’s senior secured credit facilities (see Note 6), (3) Nexstar having power over significant activities affecting these entities’ economic performance, including budgeting for advertising revenue, certain advertising sales and, for Mission and Parker, hiring and firing of sales force personnel and (4) purchase options granted by Mission which permit Nexstar to acquire the assets and assume the liabilities of each Mission station, subject to Federal Communications Commission (“FCC”) consent. Effective January 1, 2015, upon Nexstar’s acquisition of CCA, Nexstar assumed the contractual obligations under CCA’s local service agreements with White Knight, the owner of six television stations in the Baton Rouge, Louisiana, Shreveport, Louisiana and Tyler-Longview, Texas markets. Nexstar evaluated the business arrangements with White Knight and has determined that it has a variable interest in this entity. Nexstar has also determined that it is the primary beneficiary of the variable interest because it has the ultimate power to direct the activities that most significantly impact the economic performance of White Knight, including management advice and consultation in broadcast matters, the ability to sell certain advertising on the White Knight stations, the production of the White Knight stations’ news and other programming, and oversight and control of sales management personnel. Additionally, Nexstar assumed CCA’s options to acquire the assets and assume the liabilities of each White Knight station, subject to FCC consent. Simultaneous with Nexstar’s acquisition of CCA, Nexstar sold the assets of CCA stations KPEJ and KMSS to Marshall and, as discussed above, Nexstar is the primary beneficiary of Marshall. Therefore, Nexstar consolidated White Knight, KPEJ and KMSS as of January 1, 2015. See Note 3 for additional information with respect to these transactions. The following table summarizes the various local service agreements Nexstar had in effect as of June 30, 2015 with Mission, Marshall, Parker and White Knight: Service Agreements Owner Stations TBA Only Mission WFXP and KHMT Parker KFQX SSA & JSA Mission KJTL, KJBO-LP, KLRT, KASN, KOLR, KCIT, KCPN-LP, KAMC, KRBC, KSAN, WUTR, WAWV, WYOU, KODE, WTVO, KTVE, WTVW and WVNY Marshall KLJB, KPEJ and KMSS White Knight WVLA, KZUP, KFXK, KFXL, KLPN, KSHV Nexstar’s ability to receive cash from Mission, Marshall, Parker and White Knight 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, Mission, Marshall, Parker and White Knight maintain complete responsibility for and control over programming, finances, personnel and operations of their stations. The carrying amounts and classification of the assets and liabilities of the VIEs mentioned above which have been included in the Condensed Consolidated Balance Sheets were as follows (in thousands): June 30, December 31, 2015 2014 Current assets: Cash and cash equivalents $ 2,621 $ 1,440 Accounts receivable, net 13,847 7,594 Deferred tax assets, net 9,730 9,389 Prepaid expenses and other current assets 3,508 2,657 Total current assets 29,706 21,080 Property and equipment, net 31,384 26,235 Goodwill 69,965 35,308 FCC licenses 74,312 46,727 Other intangible assets, net 60,935 30,333 Other noncurrent assets, net 19,791 64,858 Total assets $ 286,093 $ 224,541 Current liabilities: Current portion of debt $ 5,986 $ 5,137 Interest payable 28 28 Other current liabilities 12,076 7,852 Total current liabilities 18,090 13,017 Debt 282,445 289,161 Other noncurrent liabilities 24,974 10,018 Total liabilities $ 325,509 $ 312,196 Non-Consolidated VIEs Nexstar has an outsourcing agreement with Cunningham Broadcasting Corporation (“Cunningham”), which continues through December 31, 2017. 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 based on the combined operating cash flow of WMBD and WYZZ, as defined in the agreement. Nexstar has determined that it has a variable interest in WYZZ. Nexstar has evaluated its arrangements with Cunningham and has determined that it is not the primary beneficiary of the variable interest in WYZZ because it does not have the ultimate power to direct the activities that most significantly impact the economic performance of the station, including developing the annual operating budget, programming and oversight and control of sales management personnel. Therefore, Nexstar has not consolidated this station under authoritative guidance related to the consolidation of VIEs. Under the outsourcing agreement for WYZZ, Nexstar pays for certain operating expenses, and therefore may have unlimited exposure to any potential operating losses. Nexstar’s management believes that Nexstar’s minimum exposure to loss under the WYZZ outsourcing agreement consists of the fees paid to Cunningham. Additionally, Nexstar indemnifies the owner of WYZZ from and against all liability and claims arising out of or resulting from its activities, acts or omissions in connection with the agreement. The maximum potential amount of future payments Nexstar could be required to make for such indemnification is undeterminable at this time. As of June 30, 2015 and December 31, 2014, Nexstar had balances in accounts payable of $0.2 million and $0.5 million, respectively, for fees under this arrangement and had receivables for advertising aired on these stations of $0.6 million and $0.7 million, respectively. Fees incurred under this arrangement of $0.2 million and $0.3 million for the three months ended June 30, 2015 and 2014, respectively, and $0.3 million and $0.6 million during each of the six months then ended, were included in direct operating expenses in the Condensed Consolidated Statements of Operations. Financial Instruments The carrying amounts of cash and cash equivalents, accounts receivable, broadcast rights, accounts payable, broadcast rights payable and accrued expenses approximate fair value due to their short-term nature. See Note 6 for fair value disclosures related to the Company’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 stock were issued upon exercise of stock options and vesting of restricted stock units. The following table shows the amounts used in computing the Company’s diluted shares (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Weighted average shares outstanding - basic 31,325 30,641 31,260 30,622 Dilutive effect of equity incentive plan instruments 1,057 1,291 1,059 1,299 Weighted average shares outstanding - diluted 32,382 31,932 32,319 31,921 Stock options and restricted stock units to acquire a weighted average of 872,000 shares and 762,000 shares for the three months ended June 30, 2015 and 2014, respectively, and 958,000 shares and 691,000 shares during each of the respective six months then ended of Class A common stock were excluded from the computation of diluted earnings per share, because their impact would have been antidilutive. Basis of Presentation Certain prior year financial statement amounts have been reclassified to conform to the current year presentation. These reclassifications had no effect on net income or stockholders’ equity as previously reported. Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation Analysis In April 2015, the FASB issued ASU No. 2015-03, Interest, Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued ASU 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement

Acquisitions and Dispositions

Acquisitions and Dispositions	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Acquisitions and Dispositions	3. Acquisitions and Dispositions CCA Effective January 1, 2015, Nexstar completed the acquisition of the outstanding equity of privately-held CCA from SP ComCorp LLC (“SP ComCorp”), NexPoint Credit Strategies Fund (“NexPoint”) and Highland Floating Rate Opportunities Fund (“Highland”) and assumed CCA’s rights and obligations under its existing local service agreements with White Knight, for $278.1 million in cash. CCA and White Knight, collectively, owned 19 television stations in 10 markets. A deposit of $27.0 million was paid to CCA in April 2013 upon signing the stock purchase agreement. Nexstar paid the $251.1 million remaining purchase price at closing funded by a combination of cash on hand, term loans borrowed in October 2014 and borrowings from its revolving credit facility in January 2015 (See Note 6). The transaction costs relating to this acquisition, including legal and professional fees of $0.1 million and $0.6 million, were expensed as incurred during the three and six months ended June 30, 2015, respectively. Additionally, employment charges of $0.6 million were incurred and included in the Condensed Consolidated Statements of Operations during the six months then ended. Simultaneous with Nexstar’s acquisition of CCA, Nexstar sold the assets of CCA stations KPEJ and KMSS to Marshall for $43.3 million in cash, funded primarily by a $43.0 million deposit made in December 2014 arising from Marshall’s term loan. Nexstar also entered into local service agreements with Marshall to perform certain sales and other services for these stations. Additionally, Nexstar sold the assets of CCA station WEVV, the CBS and FOX affiliate serving the Evansville, Indiana market, to Bayou City Broadcasting Evansville, Inc. (“BCB”) for $27.4 million in cash, plus a $0.8 million cash sale of certain real estate properties previously owned by Nexstar (not acquired from CCA). Nexstar recognized a net loss on disposal of $0.5 million in connection with this transaction. There is no relationship between Nexstar and BCB or their respective stations after the sale. The above transactions allow the Company entrance into 7 new markets and create new duopolies in 4 markets. The stations impacted are as follows: Market Market Rank Station Affiliation Nexstar: Harlingen-Weslaco-Brownsville-McAllen, TX 86 KVEO NBC/Estrella Waco-Temple-Bryan, TX 87 KWKT KYLE FOX/MyNetworkTV/ Estrella FOX/MyNetworkTV/ Estrella El Paso, TX 91 KTSM NBC/Estrella Baton Rouge, LA 93 WGMB WBRL FOX The CW Tyler-Longview, TX 108 KETK NBC/Estrella Lafayette, LA 124 KADN KLAF FOX MyNetworkTV Alexandria, LA 179 WNTZ FOX/MyNetworkTV Marshall: Shreveport, LA 83 KMSS FOX Odessa-Midland, TX 146 KPEJ FOX/Estrella White Knight: Baton Rouge, LA 93 WVLA KZUP NBC RTV Tyler-Longview, TX 108 KFXK KFXL KLPN FOX FOX MyNetworkTV Shreveport, LA 83 KSHV MyNetworkTV As discussed in Note 2, Nexstar is the primary beneficiary of the variable interests in White Knight and Marshall and has consolidated White Knight and the stations Nexstar sold to Marshall, KPEJ and KMSS, into Nexstar’s Condensed Consolidated Financial Statements beginning January 1, 2015. Accordingly, all effects of the sale between Nexstar and Marshall have been eliminated in consolidation. The consolidation of the assets and liabilities of White Knight into Nexstar resulted in a noncontrolling interest of $2.9 million, representing the fair value of interest held by the owners as of January 1, 2015, estimated by applying the income approach valuation technique. The estimated fair values of the assets acquired and liabilities assumed in the CCA acquisition (net of the effects of the sale of WEVV to BCB), including the consolidation of the assets and liabilities of White Knight, KPEJ and KMSS, are as follows (in thousands): Cash $ 1,847 Accounts receivable 19,975 Broadcast rights 10,233 Deferred tax assets 247 Prepaid expenses and other current assets 257 Property and equipment 26,012 FCC licenses 71,465 Network affiliation agreements 86,219 Other intangible assets 7,818 Goodwill 119,278 Other assets 59 Total assets acquired 343,410 Less: Broadcast rights payable (10,467 ) Less: Accounts payable and accrued expenses (4,703 ) Less: Taxes payable (18,613 ) Less: Other current liabilities (336 ) Less: Deferred tax liabilities (55,454 ) Less: Other noncurrent liabilities (221 ) Less: Noncontrolling interest in a consolidated VIE (2,900 ) Net assets acquired $ 250,716 The fair value assigned to goodwill is attributable to future expense reductions utilizing management’s leverage in operating costs. The majority of the goodwill, FCC licenses and network affiliation agreements are not deductible for tax purposes. The intangible assets related to the network affiliation agreements are amortized over 15 years and other intangible assets are amortized over an estimated weighted average useful life of five years. The acquired entities’ net revenue of $24.1 million and operating income of $7.0 million during the three months ended June 30, 2015 and net revenue of $48.5 million and operating income of $11.7 million from the date of acquisition to June 30, 2015 have been included in the accompanying Condensed Consolidated Statements of Operations. KASW Effective January 29, 2015, Nexstar acquired the assets of KASW, the CW affiliate in the Phoenix, Arizona market, from Meredith Corporation (“Meredith”) and SagamoreHill of Phoenix, LLC (“SagamoreHill”) for $70.8 million in cash. The acquisition allows Nexstar entrance into this market and the purchase price was funded through Nexstar’s $275.0 million 6.125% senior unsecured notes (“6.125% Notes”) and borrowings under Nexstar’s existing credit facility (See Note 6). No significant transaction costs were incurred in connection with this acquisition during the three and six months ended June 30, 2015. The estimated fair values of the assets acquired and liabilities assumed in the acquisition are as follows (in thousands): Accounts receivable $ 3,544 Broadcast rights 8,771 Prepaid expenses and other current assets 24 Property and equipment 987 FCC licenses 35,566 Other intangible assets 713 Goodwill 32,254 Total assets acquired 81,859 Less: Broadcast rights payable (10,291 ) Less: Accounts payable and accrued expenses (790 ) Net assets acquired $ 70,778 The fair value assigned to goodwill is attributable to future expense reductions utilizing management’s leverage in programming and other station operating costs. The goodwill and FCC licenses are deductible for tax purposes. The intangible assets related to the network affiliation agreements are amortized over 15 years. Other intangible assets are amortized over an estimated weighted average useful life of 1.5 years. KASW’s net revenue of $5.6 million and operating income of $3.3 million during the three months ended June 30, 2015 and net revenue of $9.1 million and operating income of $4.7 million from the date of acquisition to June 30, 2015 have been included in the accompanying Condensed Consolidated Statements of Operations. Yashi On February 2, 2015, Nexstar acquired the outstanding equity of Yashi, Inc. (“Yashi”), a local digital video advertising and targeted programmatic technology platform, for $33.4 million in cash. The acquisition is expected to broaden Nexstar’s digital media portfolio with technologies and offerings that are complementary to Nexstar’s digital businesses and multi-screen strategies. The purchase price was funded through Nexstar’s 6.125% Notes and borrowings under Nexstar’s existing credit facility (See Note 6). Transaction costs relating to this acquisition, including legal and professional fees of $0.1 million, were expensed as incurred during the six months ended June 30, 2015. The estimated fair values of the assets acquired and liabilities assumed in the acquisition are as follows (in thousands): Cash $ 1,470 Accounts receivable 8,012 Property and equipment 114 Software and other intangible assets 18,348 Goodwill 20,805 Other assets 15 Total assets acquired 48,764 Less: Accounts payable and accrued expenses (7,641 ) Less: Deferred tax liabilities (7,769 ) Net assets acquired $ 33,354 The fair value assigned to goodwill is attributable to future expense reductions utilizing management’s leverage in operating costs. The majority of the acquired goodwill and software and other intangible assets are not deductible for tax purposes. Software and other intangible assets are amortized over an estimated weighted average useful life of four years. Yashi’s net revenue of $6.9 million and operating loss of $1.4 million during the three months ended June 30, 2015 and net revenue of $12.7 million and operating loss of $1.0 million from the date of acquisition to June 30, 2015 have been included in the accompanying Condensed Consolidated Statements of Operations. KLAS On February 13, 2015, Nexstar acquired the outstanding equity of KLAS, LLC, the owner of television station KLAS, the CBS affiliate serving the Las Vegas, Nevada market, from Landmark Television, LLC (“Landmark Television”) and Landmark Media Enterprises, LLC (“Landmark Media”), for $151.0 million in cash. The acquisition allows Nexstar entrance into this market and the purchase price was funded through Nexstar’s 6.125% Notes and borrowings under Nexstar’s existing credit facility (See Note 6). Transaction costs relating to this acquisition, including legal and professional fees of $0.1 million, were expensed as incurred during the six months ended June 30, 2015. The estimated fair values of the assets acquired and liabilities assumed in the acquisition are as follows (in thousands): Cash $ 18 Accounts receivable 6,654 Broadcast rights 58 Prepaid expenses and other current assets 438 Property and equipment 19,238 FCC licenses 60,627 Network affiliation agreements 49,485 Other intangible assets 35 Goodwill 15,520 Total assets of a consolidated VIE 152,073 Less: Broadcast rights payable (58 ) Less: Accounts payable and accrued expenses (838 ) Less: Other current liabilities (201 ) Net assets acquired $ 150,976 The fair value assigned to goodwill is attributable to future expense reductions utilizing management’s leverage in programming and other station operating costs. The goodwill and FCC licenses are deductible for tax purposes. The intangible assets related to the network affiliation agreements are amortized over 15 years. Other intangible assets are amortized over an estimated weighted average useful life of 12 years. KLAS’ net revenue of $9.1 million and operating income of $2.0 million during the three months ended June 30, 2015 and net revenue of $13.8 million and operating income of $3.3 million from the date of acquisition to June 30, 2015 have been included in the accompanying Condensed Consolidated Statements of Operations. ETG On May 15, 2014, Nexstar acquired the outstanding equity of Enterprise Technology Group, Inc. (“ETG”), a digital content management firm that offers solutions for media companies to build a presence on the web and in the mobile content sector, for a total purchase price of $7.2 million in cash. In 2014, the initial purchase price allocation recorded an estimated deferred tax liability based on the estimated difference between the fair value and the related tax basis of acquired property and equipment and definite-lived intangible assets. In 2015, this calculation was finalized and resulted in a $0.4 million decrease in deferred tax liability and goodwill. Unaudited Pro Forma Information The acquisitions of KASW, Yashi, KLAS and ETG are not significant for financial reporting purposes, both individually and in aggregate. Therefore, pro forma information has not been provided for these acquisitions. The following unaudited pro forma information has been presented for the periods indicated as if the 2014 acquisitions of Internet Broadcasting Systems, Inc. (“IBS”) and Grant Company, Inc. (“Grant”) had occurred on January 1, 2013 and the 2015 acquisition of CCA and the related consolidation of VIEs had occurred on January 1, 2014 (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Net revenue $ 221,322 $ 182,273 $ 424,713 $ 359,163 Income before income taxes 32,101 27,003 54,495 43,943 Net income 19,961 15,510 34,291 25,267 Net income attributable to Nexstar 20,403 14,659 35,231 24,300 Net income per common share attributable to Nexstar - basic 0.65 0.48 1.13 0.79 Net income per common share attributable to Nexstar - diluted 0.63 0.46 1.09 0.76 The above selected unaudited pro forma information is presented for illustrative purposes only and is not necessarily indicative of results of operations in future periods or results that would have been achieved had Nexstar owned IBS, Grant and CCA during the specified periods. Please refer to Nexstar’s Annual Report on Form 10-K for the year ended December 31, 2014 for more information with respect to IBS and Grant. Pending Acquisition KCWI On October 24, 2014, Nexstar entered into a definitive agreement to acquire the assets of KCWI, the CW affiliate in the Des Moines-Ames, Iowa market, from Pappas Telecasting of Iowa, LLC (“Pappas”) for $3.5 million, subject to adjustments for working capital. A deposit of $0.2 million was paid upon signing the purchase agreement. This acquisition is subject to bankruptcy court approval and other customary conditions, and Nexstar expects it to close in 2015.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	6 Months Ended
	Jun. 30, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	4. Intangible Assets and Goodwill Intangible assets subject to amortization consisted of the following (in thousands): Estimated June 30, 2015 December 31, 2014 useful life, Accumulated Accumulated in years Gross Amortization Net Gross Amortization Net Network affiliation agreements 15 $ 614,592 $ (323,914 ) $ 290,678 $ 478,888 $ (310,097 ) $ 168,791 Other definite-lived intangible assets 1-15 78,966 (37,194 ) 41,772 52,052 (26,714 ) 25,338 Other intangible assets $ 693,558 $ (361,108 ) $ 332,450 $ 530,940 $ (336,811 ) $ 194,129 The increases in network affiliation agreements and other definite-lived intangible assets relate to Nexstar’s acquisitions and VIE consolidations, as discussed in Notes 2 and 3. The following table presents the Company’s estimate of amortization expense for the remainder of 2015, each of the five succeeding years ended December 31 and thereafter for definite-lived intangible assets as of June 30, 2015 (in thousands): Remainder of 2015 $ 22,336 2016 37,978 2017 34,510 2018 27,697 2019 25,694 2020 21,969 Thereafter 162,266 $ 332,450 The amounts recorded to goodwill and FCC licenses were as follows (in thousands): Goodwill FCC Licenses Accumulated Accumulated Gross Impairment Net Gross Impairment Net Balances as of December 31, 2014 $ 302,482 $ (45,991 ) $ 256,491 $ 371,461 $ (49,421 ) $ 322,040 Acquisitions and consolidation of VIEs (See Notes 2 and 3) 187,364 - 187,364 167,658 - 167,658 Balances as of June 30, 2015 $ 489,846 $ (45,991 ) $ 443,855 $ 539,119 $ (49,421 ) $ 489,698 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. As of June 30, 2015, the Company did not identify any events that would trigger impairment assessment.

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2015
Payables And Accruals [Abstract]
Accrued Expenses	5. Accrued Expenses Accrued expenses consisted of the following (in thousands): June 30, December 31, 2015 2014 Compensation and related taxes $ 10,811 $ 13,026 Network affiliation fees 13,657 11,010 Other 13,949 12,771 $ 38,417 $ 36,807

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt	6. Debt Long-term debt consisted of the following (in thousands): June 30, December 31, 2015 2014 Term loans, net of discount of $1,550 and $1,725, respectively $ 697,850 $ 705,054 Revolving loans 2,000 5,500 6.875% Senior unsecured notes due 2020, including premium of $548 and $590, respectively 525,548 525,590 6.125% Senior unsecured notes due 2022 275,000 - 1,500,398 1,236,144 Less: current portion (18,539 ) (15,840 ) $ 1,481,859 $ 1,220,304 2015 Transactions On January 29, 2015, Nexstar completed the issuance and sale of $275.0 million 6.125% Notes at par. The proceeds from these notes were used to partially finance acquisitions and to pay for related fees and expenses (See Note 3). Interest on the 6.125% Notes is payable semiannually in arrears on February 15 and August 15 of each year commencing on August 15, 2015. The notes are senior unsecured obligations of Nexstar and are guaranteed by Mission and certain of Nexstar’s and Mission’s future wholly-owned subsidiaries, subject to certain customary release provisions. The notes will mature on February 15, 2022. The 6.125% Notes are senior obligations of Nexstar and Mission but junior to the secured debt, including Nexstar’s, Mission’s and Marshall’s senior secured credit facilities, to the extent of the value of the assets securing such debt. The 6.125% Notes rank equal to the 6.875% senior unsecured notes (“6.875% Notes”). On January 30, 2015, Mission repaid the outstanding principal balance under its revolving credit facility of $5.5 million. In January and February 2015, Nexstar borrowed a total of $134.9 million under its revolving credit facility which was used to partially finance the acquisitions discussed in Note 3. During the six months ended June 30, 2015, Nexstar repaid all the $134.9 million outstanding principal balance under its revolving credit facility funded by cash on hand. In January and March 2015, Marshall borrowed a total of $2.0 million under its revolving credit facility. Through June 2015, Nexstar, Mission and Marshall paid the contractual maturities under their senior secured credit facilities of $5.0 million, $0.9 million and $1.5 million, respectively. Unused Commitments and Borrowing Availability The Company had $103.0 million of total unused revolving loan commitments under its amended senior secured credit facilities, all of which was available for borrowing, based on the covenant calculations as of June 30, 2015. The Company’s ability to access funds under its senior secured credit facilities depends, in part, on its compliance with certain financial covenants. As of June 30, 2015, Nexstar was in compliance with all of its covenants. Collateralization and Guarantees of Debt The Company’s senior secured credit facilities are collateralized by a security interest in substantially all the combined assets, excluding FCC licenses and the other assets of consolidated VIEs unavailable to creditors of Nexstar (See Note 2). Nexstar guarantees full payment of all obligations incurred under the Mission and Marshall senior secured credit facilities in the event of their default. Similarly, Mission and Marshall are guarantors of the Nexstar senior secured credit facility. Mission is also a guarantor of Nexstar’s 6.875% Notes and 6.125% Notes. Marshall is not a guarantor of either the 6.875% Notes or the 6.125% Notes. White Knight and Parker do not guarantee Nexstar’s debt. On July 7, 2015, Nexstar created Enterprise Technology LLC, a wholly-owned Delaware limited liability company ("Technology LLC"). Simultaneous with the creation of this new entity, certain assets and liabilities related to the digital media business owned by Nexstar were contributed to Technology LLC. On July 7, 2015, Nexstar, Mission and Marshall entered into amendments to each of their senior secured credit facilities in order to permit Nexstar's contribution of assets and liabilities to Technology LLC. The amendments, among other things, permit Nexstar to use the proceeds of borrowings under its revolving credit facility to fund the working capital and other general corporate requirements of Technology LLC and each of its direct and indirect subsidiaries. The amendments also required the inclusion of Technology LLC and each of its direct and indirect subsidiaries in the calculation of Nexstar's financial covenants and other financial ratios and results pursuant to its amended credit agreement. Additionally, Technology LLC and each of its direct and indirect subsidiaries agreed to guarantee all borrowings of Nexstar, Mission and Marshall under each of their senior secured credit facilities. Technology LLC is not a guarantor of either the 6.875% Notes or the 6.125% Notes. Fair Value of Debt The aggregate carrying amounts and estimated fair values of the Company’s debt were as follows (in thousands): June 30, 2015 December 31, 2014 Carrying Fair Carrying Fair Amount Value Amount Value Term loans (1) $ 697,850 $ 693,977 $ 705,054 $ 697,420 Revolving loans (1) 2,000 1,962 5,500 5,386 6.875% Senior unsecured notes (2) 525,548 556,500 525,590 547,313 6.125% Senior unsecured notes (2) 275,000 282,563 - - (1) The fair value of senior secured credit facilities is computed based on borrowing rates currently available to the Company for bank loans with similar terms and average maturities. These fair value measurements are considered Level 3, as significant inputs to the fair value calculation are unobservable in the market. (2) The fair value of the Company’s fixed rate debt is estimated based on bid prices obtained from an investment banking firm that regularly makes a market for these financial instruments. These fair value measurements are considered Level 2, as quoted market prices are available for low volume trading of these securities.

FCC Regulatory Matters

FCC Regulatory Matters	6 Months Ended
	Jun. 30, 2015
Risks And Uncertainties [Abstract]
FCC Regulatory Matters	7. FCC Regulatory Matters Television broadcasting is subject to the jurisdiction of the FCC under the Communications Act of 1934, as amended (the “Communications Act”). The Communications Act prohibits the operation of television broadcasting stations except under a license issued by the FCC, and empowers the FCC, among other things, to issue, revoke and modify broadcasting licenses, determine the location of television stations, regulate the equipment used by television stations, adopt regulations to carry out the provisions of the Communications Act and impose penalties for the violation of such regulations. The FCC’s ongoing rule making proceedings could have a significant future impact on the television industry and on the operation of the Company’s stations and the stations to which it provides services. In addition, the U.S. Congress may act to amend the Communications Act or adopt other legislation in a manner that could impact the Company’s stations, the stations to which it provides services and the television broadcast industry in general. The FCC has adopted rules with respect to the final conversion of existing low power and television translator stations to digital operations. The FCC initially established a September 1, 2015 deadline by which low power and television translator stations must cease analog operations, but it recently has suspended that deadline pending action in an ongoing rulemaking proceeding. Media Ownership The FCC is required to review its media ownership rules every four years and to eliminate those rules it finds no longer serve the “public interest, convenience and necessity.” In March 2014, the FCC initiated its 2014 quadrennial review with the adoption of a Further Notice of Proposed Rulemaking (“FNPRM”). The FNPRM incorporates the record of the uncompleted 2010 quadrennial review proceeding and solicits comment on proposed changes to the media ownership rules. Among the proposals in the FNPRM are (1) retention of the current local television ownership rule (but with modifications to certain service contour definitions to conform to digital television broadcasting), (2) elimination of the radio/television cross-ownership rule, (3) elimination of the newspaper/radio cross-ownership rule, and (4) retention of the newspaper/television cross-ownership rule, while considering waivers of that rule in certain circumstances. The FNPRM also proposes to define a category of sharing agreements designated as SSAs between television stations, and to require television stations to disclose those SSAs. Comments and reply comments on the FNPRM were filed in the third quarter of 2014. Concurrently with its adoption of the FNPRM, the FCC also adopted a rule making television JSAs attributable to the seller of advertising time in certain circumstances. Under this rule, where a party owns a full-power television station in a market and sells more than 15% of the weekly advertising time for another, non-owned station in the same market under a JSA, that party will be deemed to have an attributable interest in the latter station for purposes of the local television ownership rule. Parties to newly attributable JSAs that do not comply with the local television ownership rule were given two years to modify or terminate their JSAs to come into compliance. Congressional legislation signed into law in late 2014 extended this compliance period for an additional six months, and the compliance deadline is now December 19, 2016. Although the FCC has indicated that it will consider waivers of the new JSA attribution rule, the FCC thus far has not granted any such waiver and has provided little guidance on what factors must be present for a waiver to be granted. Various parties, including Nexstar (and Mission, which has intervened), have appealed this new rule to the U.S. Court of Appeals for the D.C. Circuit. If Nexstar is required to amend or terminate its existing agreements with Mission and others, the Company could have a reduction in revenue and could incur increased costs if it is unable to successfully implement alternative arrangements that are as beneficial as the existing JSAs. Spectrum The FCC is seeking to make additional spectrum available to meet future wireless broadband needs. In February 2012, the U.S. Congress adopted legislation authorizing the FCC to conduct an incentive auction whereby television broadcasters could voluntarily relinquish their spectrum in exchange for consideration. In June 2014, the FCC released a Report and Order in which it adopted a framework for the auction. Various court appeals of this Report and Order were denied in June 2015. In December 2014, the FCC released a public notice proposing certain procedures that the FCC will follow in the incentive auction and the subsequent “repacking” of broadcast television spectrum. Comments on this public notice were filed in the first quarter of 2015, and the FCC has announced its intention to adopt procedures for the incentive auction in August 2015. The FCC has decided or is considering additional issues related to the incentive auction, including still-outstanding technical issues, in other proceedings. The FCC has stated its intention to conduct the incentive auction in the first quarter of 2016. The reallocation of television spectrum for wireless broadband use will require many television stations to change channel or otherwise modify their technical facilities. Future steps to reallocate television spectrum to broadband use may be to the detriment of the Company’s investment in digital facilities, could require substantial additional investment to continue current operations, and may require viewers to invest in additional equipment or subscription services to continue receiving broadcast television signals. The Company cannot predict the timing or results of television spectrum reallocation efforts or their impact to its business. Retransmission Consent On March 3, 2011, the FCC initiated a Notice of Proposed Rulemaking to reexamine its rules (i) governing the requirements for good faith negotiations between multichannel video program distributors (“MVPDs”) and broadcasters, including implementing a prohibition on one station negotiating retransmission consent terms for another station under a local service agreement; (ii) for providing advance notice to consumers in the event of dispute; and (iii) to extend certain cable-only obligations to all MVPDs. The FCC also asked for comment on eliminating the network non-duplication and syndicated exclusivity protection rules, which may permit MVPDs to import out-of-market television stations during a retransmission consent dispute. In March 2014, the FCC adopted a rule that prohibits joint retransmission consent negotiation between television stations in the same market which are not commonly owned and which are ranked among the top four stations in the market in terms of audience share. On December 5, 2014, federal legislation extended the joint negotiation prohibition to all non-commonly owned television stations in a market. This new rule requires Nexstar, Mission and other independent third parties with which Nexstar has local service agreements to separately negotiate retransmission consent agreements for certain of their stations. The December 2014 legislation also directed the FCC to commence a rulemaking to “review its totality of the circumstances test for good faith [retransmission consent] negotiations.” The FCC has not yet commenced this proceeding, and we cannot predict its outcome. Concurrently with its adoption of the prohibition on certain joint retransmission consent negotiation, the FCC also adopted a further notice of proposed rulemaking which seeks comment on the elimination or modification of the network non-duplication and syndicated exclusivity rules. The FCC’s prohibition on certain joint retransmission consent negotiations and its possible elimination or modification of the network non-duplication and syndicated exclusivity protection rules may affect the Company’s ability to sustain its current level of retransmission consent revenues or grow such revenues in the future and could have an adverse effect on the Company’s business, financial condition and results of operations. The Company cannot predict the resolution of the FCC’s network non-duplication and syndicated exclusivity proposals, or the impact of these proposals or the FCC’s new prohibition on certain joint negotiations, on its business. Further, certain online video distributors and other over-the-top video distributors (“OTTDs”) have begun streaming broadcast programming over the Internet. In June 2014, the U.S. Supreme Court held that an OTTD’s retransmissions of broadcast television programs without the consent of the broadcast station violate the copyright holders’ exclusive right to perform their works publicly as provided under the Copyright Act. In December 2014, the FCC issued a Notice of Proposed Rulemaking proposing to interpret the term “MVPD” to encompass OTTDs that make available for purchase multiple streams of video programming distributed at a prescheduled time, and seeking comment on the effects of applying MVPD rules to such OTTDs. Comments and reply comments were filed in the first and second quarters of 2015 and we cannot predict the outcome of the proceeding. However, if the FCC ultimately determines that an OTTD is not an MVPD, or declines to apply certain rules governing MVPDs to OTTDs, our business and results of operations could be materially and adversely affected.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Guarantees of Mission and Marshall Debt Nexstar guarantees full payment of all obligations incurred under Mission’s and Marshall’s senior secured credit facilities. In the event that Mission and/or Marshall are 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 amount of borrowings outstanding. As of June 30, 2015, Mission had a maximum commitment of $236.8 million under its senior secured credit facility, of which $228.8 million of debt was outstanding, and Marshall had used all of its commitment and had outstanding debt obligations of $59.6 million. Indemnification Obligations In connection with certain agreements into which the Company enters 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 other 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 immaterial 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 with claims that arise out of the normal course of its business. In the opinion of management, any resulting liability with respect to these claims would not have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	6 Months Ended
	Jun. 30, 2015
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Financial Information	9. Condensed Consolidating Financial Information The following condensed consolidating financial information presents the financial position, results of operations and cash flows of the Company, including its wholly-owned subsidiaries and its consolidated VIEs. This information is presented in lieu of separate financial statements and other related disclosures pursuant to Regulation S-X Rule 3-10 of the Securities Exchange Act of 1934, as amended, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.” The Nexstar column presents the parent company’s financial information (Nexstar Broadcasting Group, Inc. not including any subsidiaries). As of June 30, 2015, Nexstar wholly-owned Nexstar Finance Holdings, Inc. (“Nexstar Holdings”), which wholly-owned Nexstar Broadcasting, Inc. (“Nexstar Broadcasting”). The Nexstar Broadcasting column presents its financial information. The Mission column presents the financial information of Mission, an entity which Nexstar Broadcasting is required to consolidate as a VIE (see Note 2). The Non-Guarantors column presents the combined financial information of Nexstar Holdings (not including any subsidiaries) and other VIEs consolidated by Nexstar Broadcasting (See Note 2). Nexstar Broadcasting’s outstanding 6.875% Notes and 6.125% Notes are fully and unconditionally guaranteed, jointly and severally, by Nexstar and Mission, subject to certain customary release provisions. These notes are not guaranteed by any other entities. CONDENSED CONSOLIDATING BALANCE SHEET As of June 30, 2015 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company ASSETS Current assets: Cash and cash equivalents $ - $ 24,270 $ 886 $ 1,735 $ - $ 26,891 Amounts due from consolidated entities - - 40,020 - (40,020 ) - Other current assets - 212,935 19,367 7,718 - 240,020 Total current assets - 237,205 60,273 9,453 (40,020 ) 266,911 Investments in subsidiaries 134,177 38,931 - 149,419 (322,527 ) - Amounts due from consolidated entities 6,372 8,865 - - (15,237 ) - Property and equipment, net - 244,807 22,990 8,394 - 276,191 Goodwill - 373,890 32,489 37,476 - 443,855 FCC licenses - 415,387 41,563 32,748 - 489,698 Other intangible assets, net - 271,515 20,103 40,832 - 332,450 Other noncurrent assets - 36,806 16,811 2,981 - 56,598 Total assets $ 140,549 $ 1,627,406 $ 194,229 $ 281,303 $ (377,784 ) $ 1,865,703 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Current portion of debt $ - $ 12,553 $ 2,086 $ 3,900 $ - $ 18,539 Amounts due to consolidated entities - 34,036 - 5,984 (40,020 ) - Other current liabilities - 92,706 7,224 4,880 - 104,810 Total current liabilities - 139,295 9,310 14,764 (40,020 ) 123,349 Debt - 1,199,414 226,719 55,726 - 1,481,859 Amounts due to consolidated entities - - - 15,237 (15,237 ) - Other noncurrent liabilities (3 ) 139,278 7,454 17,522 - 164,251 Total liabilities (3 ) 1,477,987 243,483 103,249 (55,257 ) 1,769,459 Stockholders' equity (deficit) 140,552 149,419 (49,254 ) 178,054 (322,527 ) 96,244 Total liabilities and stockholders' equity (deficit) $ 140,549 $ 1,627,406 $ 194,229 $ 281,303 $ (377,784 ) $ 1,865,703 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2014 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company ASSETS Current assets: Cash and cash equivalents $ - $ 130,472 $ 880 $ 560 $ - $ 131,912 Amounts due from consolidated entities - - 29,867 - (29,867 ) - Other current assets - 166,112 17,972 1,668 - 185,752 Total current assets - 296,584 48,719 2,228 (29,867 ) 317,664 Investments in subsidiaries 109,834 - - 125,076 (234,910 ) - Amounts due from consolidated entities 1,476 13,764 - - (15,240 ) - Property and equipment, net - 211,504 24,166 2,069 - 237,739 Goodwill - 221,183 32,489 2,819 - 256,491 FCC licenses - 275,313 41,563 5,164 - 322,040 Other intangible assets, net - 163,796 21,310 9,023 - 194,129 Other noncurrent assets - 65,451 23,818 44,893 - 134,162 Total assets $ 111,310 $ 1,247,595 $ 192,065 $ 191,272 $ (280,017 ) $ 1,462,225 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Current portion of debt $ - $ 10,703 $ 1,837 $ 3,300 $ - $ 15,840 Amounts due to consolidated entities - 29,026 - 841 (29,867 ) - Other current liabilities - 73,546 6,713 1,167 - 81,426 Total current liabilities - 113,275 8,550 5,308 (29,867 ) 97,266 Debt - 931,143 233,357 55,804 - 1,220,304 Amounts due to consolidated entities - - - 15,240 (15,240 ) - Other noncurrent liabilities (3 ) 78,101 8,667 1,353 - 88,118 Total liabilities (3 ) 1,122,519 250,574 77,705 (45,107 ) 1,405,688 Stockholders' equity (deficit): 111,313 125,076 (58,509 ) 113,567 (234,910 ) 56,537 Total liabilities and stockholders' equity (deficit) $ 111,310 $ 1,247,595 $ 192,065 $ 191,272 $ (280,017 ) $ 1,462,225 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended June 30, 2015 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Net broadcast revenue (including trade and barter) $ - $ 200,722 $ 12,238 $ 8,362 $ - $ 221,322 Revenue between consolidated entities - 6,438 9,353 1,888 (17,679 ) - Net revenue - 207,160 21,591 10,250 (17,679 ) 221,322 Operating expenses: Direct operating expenses, excluding depreciation and amortization - 66,530 5,468 3,013 - 75,011 Selling, general, and administrative expenses, excluding depreciation and amortization - 54,457 800 1,300 - 56,557 Local service agreement fees between consolidated entities - 11,240 2,445 3,994 (17,679 ) - Amortization of broadcast rights - 12,018 1,376 1,279 - 14,673 Amortization of intangible assets - 9,805 597 835 - 11,237 Depreciation - 10,422 610 270 - 11,302 Total operating expenses - 164,472 11,296 10,691 (17,679 ) 168,780 Income from operations - 42,688 10,295 (441 ) - 52,542 Interest expense, net - (17,690 ) (2,322 ) (379 ) - (20,391 ) Other expenses - (150 ) - - - (150 ) Equity in income of subsidiaries 15,476 - - 15,476 (30,952 ) - Income before income taxes 15,476 24,848 7,973 14,656 (30,952 ) 32,001 Income tax expense - (9,372 ) (3,070 ) 341 - (12,101 ) Net income 15,476 15,476 4,903 14,997 (30,952 ) 19,900 Net loss attributable to the noncontrolling interests - - - 421 - 421 Net income attributable to Nexstar $ 15,476 $ 15,476 $ 4,903 $ 15,418 $ (30,952 ) $ 20,321 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended June 30, 2014 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Net broadcast revenue (including trade and barter) $ - $ 138,181 $ 8,749 $ - $ - $ 146,930 Revenue between consolidated entities - 2,445 9,808 - (12,253 ) - Net revenue - 140,626 18,557 - (12,253 ) 146,930 Operating expenses: Direct operating expenses, excluding depreciation and amortization - 41,001 4,256 - - 45,257 Selling, general, and administrative expenses, excluding depreciation and amortization - 43,013 783 - - 43,796 Local service agreement fees between consolidated entities - 9,808 2,445 - (12,253 ) - Amortization of broadcast rights - 6,879 1,401 - - 8,280 Amortization of intangible assets - 5,402 710 - - 6,112 Depreciation - 7,820 723 - - 8,543 Total operating expenses - 113,923 10,318 - (12,253 ) 111,988 Income from operations - 26,703 8,239 - - 34,942 Interest expense, net - (12,816 ) (2,523 ) - - (15,339 ) Loss on extinguishment of debt - (50 ) (21 ) - - (71 ) Other expenses - (127 ) - - - (127 ) Equity in income of subsidiaries 7,466 - - 7,466 (14,932 ) - Income before income taxes 7,466 13,710 5,695 7,466 (14,932 ) 19,405 Income tax expense - (6,244 ) (2,217 ) - - (8,461 ) Net income $ 7,466 $ 7,466 $ 3,478 $ 7,466 $ (14,932 ) $ 10,944 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Six Months Ended June 30, 2015 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Net broadcast revenue (including trade and barter) $ - $ 383,768 $ 24,348 $ 16,597 $ - $ 424,713 Revenue between consolidated entities - 12,907 17,907 3,814 (34,628 ) - Net revenue - 396,675 42,255 20,411 (34,628 ) 424,713 Operating expenses: Direct operating expenses, excluding depreciation and amortization - 128,057 10,656 5,983 - 144,696 Selling, general, and administrative expenses, excluding depreciation and amortization - 109,578 1,662 2,606 - 113,846 Local service agreement fees between consolidated entities - 21,720 4,890 8,018 (34,628 ) - Amortization of broadcast rights - 23,680 2,844 2,730 - 29,254 Amortization of intangible assets - 20,496 1,207 2,594 - 24,297 Depreciation - 20,421 1,212 541 - 22,174 Total operating expenses - 323,952 22,471 22,472 (34,628 ) 334,267 Income from operations - 72,723 19,784 (2,061 ) - 90,446 Interest expense, net - (34,270 ) (4,638 ) (776 ) - (39,684 ) Other expenses - (268 ) - - - (268 ) Equity in income of subsidiaries 24,344 - - 24,344 (48,688 ) - Income before income taxes 24,344 38,185 15,146 21,507 (48,688 ) 50,494 Income tax expense - (13,841 ) (5,891 ) 1,050 - (18,682 ) Net income 24,344 24,344 9,255 22,557 (48,688 ) 31,812 Net loss attributable to the noncontrolling interests - - - 1,416 - 1,416 Net income attributable to Nexstar $ 24,344 $ 24,344 $ 9,255 $ 23,973 $ (48,688 ) $ 33,228 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Six Months Ended June 30, 2014 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Net broadcast revenue (including trade and barter) $ - $ 263,134 $ 17,629 $ - $ - $ 280,763 Revenue between consolidated entities - 4,890 19,456 - (24,346 ) - Net revenue - 268,024 37,085 - (24,346 ) 280,763 Operating expenses: Direct operating expenses, excluding depreciation and amortization - 78,484 8,622 - - 87,106 Selling, general, and administrative expenses, excluding depreciation and amortization - 83,230 1,606 - - 84,836 Local service agreement fees between consolidated entities - 19,456 4,890 - (24,346 ) - Amortization of broadcast rights - 14,021 2,891 - - 16,912 Amortization of intangible assets - 10,822 1,483 - - 12,305 Depreciation - 15,506 1,456 - - 16,962 Total operating expenses - 221,519 20,948 - (24,346 ) 218,121 Income from operations - 46,505 16,137 - - 62,642 Interest expense, net - (25,493 ) (5,016 ) - - (30,509 ) Loss on extinguishment of debt - (50 ) (21 ) - - (71 ) Other expenses - (255 ) - - - (255 ) Equity in income of subsidiaries 11,515 - - 11,515 (23,030 ) - Income before income taxes 11,515 20,707 11,100 11,515 (23,030 ) 31,807 Income tax expense - (9,192 ) (4,318 ) - - (13,510 ) Net income $ 11,515 $ 11,515 $ 6,782 $ 11,515 $ (23,030 ) $ 18,297 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Six Months Ended June 30, 2015 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Cash flows from operating activities $ - $ 73,795 $ 6,318 $ 480 $ - $ 80,593 Cash flows from investing activities: Purchases of property and equipment - (13,513 ) (36 ) - 176 (13,373 ) Deposits and payments for acquisitions - (502,912 ) - (79 ) 43,300 (459,691 ) Proceeds from sale of stations - 70,105 - - (43,300 ) 26,805 Other investing activities - 1,989 150 176 (176 ) 2,139 Net cash (used in) provided by investing activities - (444,331 ) 114 97 - (444,120 ) Cash flows from financing activities: Proceeds from long-term debt - 409,950 - 2,000 - 411,950 Repayments of long-term debt - (139,910 ) (6,418 ) (1,500 ) - (147,828 ) Common stock dividends paid (11,865 ) - - - - (11,865 ) Inter-company payments 8,581 (8,581 ) - - - - Other financing activities 3,284 2,875 (8 ) 98 - 6,249 Net cash provided by (used in) financing activities - 264,334 (6,426 ) 598 - 258,506 Net (decrease) increase in cash and cash equivalents - (106,202 ) 6 1,175 - (105,021 ) Cash and cash equivalents at beginning of period - 130,472 880 560 - 131,912 Cash and cash equivalents at end of period $ - $ 24,270 $ 886 $ 1,735 $ - $ 26,891 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Six Months Ended June 30, 2014 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Cash flows from operating activities $ - $ 69,056 $ 4,364 $ - $ - $ 73,420 Cash flows from investing activities: Purchases of property and equipment - (8,950 ) (115 ) - - (9,065 ) Deposits and payments for acquisitions - (82,098 ) (3,200 ) - - (85,298 ) Other investing activities - 33 - - - 33 Net cash used in investing activities - (91,015 ) (3,315 ) - - (94,330 ) Cash flows from financing activities: Proceeds from long-term debt - 24,938 - - - 24,938 Repayments of long-term debt - (5,849 ) (1,914 ) - - (7,763 ) Common stock dividends paid (9,180 ) - - - - (9,180 ) Inter-company payments 7,896 (7,896 ) - - - - Other financing activities 1,284 3,845 (129 ) - - 5,000 Net cash provided by (used in) financing activities - 15,038 (2,043 ) - - 12,995 Net decrease in cash and cash equivalents - (6,921 ) (994 ) - - (7,915 ) Cash and cash equivalents at beginning of period - 36,312 3,716 - - 40,028 Cash and cash equivalents at end of period $ - $ 29,391 $ 2,722 $ - $ - $ 32,113

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	10. Subsequent Events On or about July 7, 2015, Nexstar created the wholly-owned Technology LLC and contributed certain digital media business assets and liabilities to this entity. On July 7, 2015, Nexstar, Mission and Marshall entered into amendments to each of their senior secured credit facilities in order to permit Nexstar's contribution of assets to Technology LLC. See Note 6 for additional information. On July 24, 2015, Nexstar’s Board of Directors declared a quarterly dividend of $0.19 per share of its Class A common stock. The dividend is payable on August 28, 2015 to stockholders of record on August 14, 2015.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts of Nexstar and the accounts of independently-owned VIEs Certain assets of consolidated VIEs are not available to settle the obligations of Nexstar and there are certain liabilities of consolidated VIEs for which the creditors of the VIEs do not have recourse to the general credit of Nexstar. In previous filings, the Company presented such amounts as separate captions in its Consolidated Balance Sheets. Beginning in the first quarter of 2015, the Company has elected to present these amounts in a combined footnote on the Consolidated Balance Sheets, with footnote disclosure of the related carrying amounts and classification, as follows (in thousands): June 30, December 31, 2015 2014 Current assets $ 2,767 $ 12 (1) Property and equipment, net 4,364 - Goodwill 18,322 697 (1) FCC licenses 74,312 46,727 Other intangible assets, net 20,984 1,695 (1) Other noncurrent assets, net 559 - Total assets 121,308 49,131 Current liabilities 12,074 7,852 Noncurrent liabilities 24,974 10,018 Total liabilities $ 37,048 $ 17,870 (1) These balances relate to Parker Broadcasting of Colorado, LLC and were previously not presented separately on the Consolidated Balance Sheet. This correction is not considered material to the Consolidated Financial Statements as of December 31, 2014.
Interim Financial Statements	Interim Financial Statements The Condensed Consolidated Financial Statements as of June 30, 2015 and for the three and six months ended June 30, 2015 and 2014 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 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 disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Results of operations for interim periods are not necessarily indicative of results for the full year. 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, 2014. The balance sheet as of December 31, 2014 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 The Company may determine that an entity is a VIE as a result of local service agreements entered into with the owner-operator of an entity. The term local service agreement generally refers to a contract between two separately owned television stations serving the same market, whereby the owner-operator of one station contracts with the owner-operator of the other station 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 and responsibility for the operation of its station, including ultimate responsibility over all programming broadcast on its station. A local service agreement can be (1) a time brokerage agreement (“TBA”) which allows Nexstar to program most of a station’s broadcast time, sell the station’s advertising time and retain the advertising revenue generated in exchange for monthly payments, based on the station’s monthly operating expenses, (2) a shared services agreement (“SSA”) which allows the Nexstar station in the market to provide services including news production, technical maintenance and security, in exchange for Nexstar’s right to receive certain payments as described in the SSA, or (3) a joint sales agreement (“JSA”) which permits Nexstar to sell certain of the station’s advertising time and retain a percentage of the related revenue, as described in the JSA. Consolidated VIEs Mission Broadcasting, Inc. (“Mission”), Marshall and Parker Broadcasting of Colorado, LLC (“Parker”) are consolidated by Nexstar because Nexstar is deemed under U.S. GAAP to have controlling financial interests in these entities for financial reporting purposes as a result of (1) local service agreements Nexstar has with the stations owned by these entities, (2) Nexstar’s guarantees of the obligations incurred under Mission’s and Marshall’s senior secured credit facilities (see Note 6), (3) Nexstar having power over significant activities affecting these entities’ economic performance, including budgeting for advertising revenue, certain advertising sales and, for Mission and Parker, hiring and firing of sales force personnel and (4) purchase options granted by Mission which permit Nexstar to acquire the assets and assume the liabilities of each Mission station, subject to Federal Communications Commission (“FCC”) consent. Effective January 1, 2015, upon Nexstar’s acquisition of CCA, Nexstar assumed the contractual obligations under CCA’s local service agreements with White Knight, the owner of six television stations in the Baton Rouge, Louisiana, Shreveport, Louisiana and Tyler-Longview, Texas markets. Nexstar evaluated the business arrangements with White Knight and has determined that it has a variable interest in this entity. Nexstar has also determined that it is the primary beneficiary of the variable interest because it has the ultimate power to direct the activities that most significantly impact the economic performance of White Knight, including management advice and consultation in broadcast matters, the ability to sell certain advertising on the White Knight stations, the production of the White Knight stations’ news and other programming, and oversight and control of sales management personnel. Additionally, Nexstar assumed CCA’s options to acquire the assets and assume the liabilities of each White Knight station, subject to FCC consent. Simultaneous with Nexstar’s acquisition of CCA, Nexstar sold the assets of CCA stations KPEJ and KMSS to Marshall and, as discussed above, Nexstar is the primary beneficiary of Marshall. Therefore, Nexstar consolidated White Knight, KPEJ and KMSS as of January 1, 2015. See Note 3 for additional information with respect to these transactions. The following table summarizes the various local service agreements Nexstar had in effect as of June 30, 2015 with Mission, Marshall, Parker and White Knight: Service Agreements Owner Stations TBA Only Mission WFXP and KHMT Parker KFQX SSA & JSA Mission KJTL, KJBO-LP, KLRT, KASN, KOLR, KCIT, KCPN-LP, KAMC, KRBC, KSAN, WUTR, WAWV, WYOU, KODE, WTVO, KTVE, WTVW and WVNY Marshall KLJB, KPEJ and KMSS White Knight WVLA, KZUP, KFXK, KFXL, KLPN, KSHV Nexstar’s ability to receive cash from Mission, Marshall, Parker and White Knight 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, Mission, Marshall, Parker and White Knight maintain complete responsibility for and control over programming, finances, personnel and operations of their stations. The carrying amounts and classification of the assets and liabilities of the VIEs mentioned above which have been included in the Condensed Consolidated Balance Sheets were as follows (in thousands): June 30, December 31, 2015 2014 Current assets: Cash and cash equivalents $ 2,621 $ 1,440 Accounts receivable, net 13,847 7,594 Deferred tax assets, net 9,730 9,389 Prepaid expenses and other current assets 3,508 2,657 Total current assets 29,706 21,080 Property and equipment, net 31,384 26,235 Goodwill 69,965 35,308 FCC licenses 74,312 46,727 Other intangible assets, net 60,935 30,333 Other noncurrent assets, net 19,791 64,858 Total assets $ 286,093 $ 224,541 Current liabilities: Current portion of debt $ 5,986 $ 5,137 Interest payable 28 28 Other current liabilities 12,076 7,852 Total current liabilities 18,090 13,017 Debt 282,445 289,161 Other noncurrent liabilities 24,974 10,018 Total liabilities $ 325,509 $ 312,196 Non-Consolidated VIEs Nexstar has an outsourcing agreement with Cunningham Broadcasting Corporation (“Cunningham”), which continues through December 31, 2017. 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 based on the combined operating cash flow of WMBD and WYZZ, as defined in the agreement. Nexstar has determined that it has a variable interest in WYZZ. Nexstar has evaluated its arrangements with Cunningham and has determined that it is not the primary beneficiary of the variable interest in WYZZ because it does not have the ultimate power to direct the activities that most significantly impact the economic performance of the station, including developing the annual operating budget, programming and oversight and control of sales management personnel. Therefore, Nexstar has not consolidated this station under authoritative guidance related to the consolidation of VIEs. Under the outsourcing agreement for WYZZ, Nexstar pays for certain operating expenses, and therefore may have unlimited exposure to any potential operating losses. Nexstar’s management believes that Nexstar’s minimum exposure to loss under the WYZZ outsourcing agreement consists of the fees paid to Cunningham. Additionally, Nexstar indemnifies the owner of WYZZ from and against all liability and claims arising out of or resulting from its activities, acts or omissions in connection with the agreement. The maximum potential amount of future payments Nexstar could be required to make for such indemnification is undeterminable at this time. As of June 30, 2015 and December 31, 2014, Nexstar had balances in accounts payable of $0.2 million and $0.5 million, respectively, for fees under this arrangement and had receivables for advertising aired on these stations of $0.6 million and $0.7 million, respectively. Fees incurred under this arrangement of $0.2 million and $0.3 million for the three months ended June 30, 2015 and 2014, respectively, and $0.3 million and $0.6 million during each of the six months then ended, were included in direct operating expenses in the Condensed Consolidated Statements of Operations.
Financial Instruments	Financial Instruments The carrying amounts of cash and cash equivalents, accounts receivable, broadcast rights, accounts payable, broadcast rights payable and accrued expenses approximate fair value due to their short-term nature. See Note 6 for fair value disclosures related to the Company’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 stock were issued upon exercise of stock options and vesting of restricted stock units. The following table shows the amounts used in computing the Company’s diluted shares (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Weighted average shares outstanding - basic 31,325 30,641 31,260 30,622 Dilutive effect of equity incentive plan instruments 1,057 1,291 1,059 1,299 Weighted average shares outstanding - diluted 32,382 31,932 32,319 31,921 Stock options and restricted stock units to acquire a weighted average of 872,000 shares and 762,000 shares for the three months ended June 30, 2015 and 2014, respectively, and 958,000 shares and 691,000 shares during each of the respective six months then ended of Class A common stock were excluded from the computation of diluted earnings per share, because their impact would have been antidilutive.
Basis of Presentation	Basis of Presentation Certain prior year financial statement amounts have been reclassified to conform to the current year presentation. These reclassifications had no effect on net income or stockholders’ equity as previously reported.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation Analysis In April 2015, the FASB issued ASU No. 2015-03, Interest, Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued ASU 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
Consolidated VIEs	The carrying amounts and classification of the assets and liabilities of the VIEs mentioned above which have been included in the Condensed Consolidated Balance Sheets were as follows (in thousands): June 30, December 31, 2015 2014 Current assets: Cash and cash equivalents $ 2,621 $ 1,440 Accounts receivable, net 13,847 7,594 Deferred tax assets, net 9,730 9,389 Prepaid expenses and other current assets 3,508 2,657 Total current assets 29,706 21,080 Property and equipment, net 31,384 26,235 Goodwill 69,965 35,308 FCC licenses 74,312 46,727 Other intangible assets, net 60,935 30,333 Other noncurrent assets, net 19,791 64,858 Total assets $ 286,093 $ 224,541 Current liabilities: Current portion of debt $ 5,986 $ 5,137 Interest payable 28 28 Other current liabilities 12,076 7,852 Total current liabilities 18,090 13,017 Debt 282,445 289,161 Other noncurrent liabilities 24,974 10,018 Total liabilities $ 325,509 $ 312,196
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 stock were issued upon exercise of stock options and vesting of restricted stock units. The following table shows the amounts used in computing the Company’s diluted shares (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Weighted average shares outstanding - basic 31,325 30,641 31,260 30,622 Dilutive effect of equity incentive plan instruments 1,057 1,291 1,059 1,299 Weighted average shares outstanding - diluted 32,382 31,932 32,319 31,921
Nature of Restriction and Lack of Recourse [Member]
Consolidated VIEs	Certain assets of consolidated VIEs are not available to settle the obligations of Nexstar and there are certain liabilities of consolidated VIEs for which the creditors of the VIEs do not have recourse to the general credit of Nexstar. In previous filings, the Company presented such amounts as separate captions in its Consolidated Balance Sheets. Beginning in the first quarter of 2015, the Company has elected to present these amounts in a combined footnote on the Consolidated Balance Sheets, with footnote disclosure of the related carrying amounts and classification, as follows (in thousands): June 30, December 31, 2015 2014 Current assets $ 2,767 $ 12 (1) Property and equipment, net 4,364 - Goodwill 18,322 697 (1) FCC licenses 74,312 46,727 Other intangible assets, net 20,984 1,695 (1) Other noncurrent assets, net 559 - Total assets 121,308 49,131 Current liabilities 12,074 7,852 Noncurrent liabilities 24,974 10,018 Total liabilities $ 37,048 $ 17,870 (1) These balances relate to Parker Broadcasting of Colorado, LLC and were previously not presented separately on the Consolidated Balance Sheet. This correction is not considered material to the Consolidated Financial Statements as of December 31, 2014.

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	6 Months Ended
	Jun. 30, 2015
Business Acquisition [Line Items]
Unaudited Pro forma Information	The following unaudited pro forma information has been presented for the periods indicated as if the 2014 acquisitions of Internet Broadcasting Systems, Inc. (“IBS”) and Grant Company, Inc. (“Grant”) had occurred on January 1, 2013 and the 2015 acquisition of CCA and the related consolidation of VIEs had occurred on January 1, 2014 (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Net revenue $ 221,322 $ 182,273 $ 424,713 $ 359,163 Income before income taxes 32,101 27,003 54,495 43,943 Net income 19,961 15,510 34,291 25,267 Net income attributable to Nexstar 20,403 14,659 35,231 24,300 Net income per common share attributable to Nexstar - basic 0.65 0.48 1.13 0.79 Net income per common share attributable to Nexstar - diluted 0.63 0.46 1.09 0.76
CCA [Member]
Business Acquisition [Line Items]
Schedule of Assets Acquired and Liabilities Assumed	The estimated fair values of the assets acquired and liabilities assumed in the CCA acquisition (net of the effects of the sale of WEVV to BCB), including the consolidation of the assets and liabilities of White Knight, KPEJ and KMSS, are as follows (in thousands): Cash $ 1,847 Accounts receivable 19,975 Broadcast rights 10,233 Deferred tax assets 247 Prepaid expenses and other current assets 257 Property and equipment 26,012 FCC licenses 71,465 Network affiliation agreements 86,219 Other intangible assets 7,818 Goodwill 119,278 Other assets 59 Total assets acquired 343,410 Less: Broadcast rights payable (10,467 ) Less: Accounts payable and accrued expenses (4,703 ) Less: Taxes payable (18,613 ) Less: Other current liabilities (336 ) Less: Deferred tax liabilities (55,454 ) Less: Other noncurrent liabilities (221 ) Less: Noncontrolling interest in a consolidated VIE (2,900 ) Net assets acquired $ 250,716
KASW [Member]
Business Acquisition [Line Items]
Schedule of Assets Acquired and Liabilities Assumed	The estimated fair values of the assets acquired and liabilities assumed in the acquisition are as follows (in thousands): Accounts receivable $ 3,544 Broadcast rights 8,771 Prepaid expenses and other current assets 24 Property and equipment 987 FCC licenses 35,566 Other intangible assets 713 Goodwill 32,254 Total assets acquired 81,859 Less: Broadcast rights payable (10,291 ) Less: Accounts payable and accrued expenses (790 ) Net assets acquired $ 70,778
Yashi [Member]
Business Acquisition [Line Items]
Schedule of Assets Acquired and Liabilities Assumed	The estimated fair values of the assets acquired and liabilities assumed in the acquisition are as follows (in thousands): Cash $ 1,470 Accounts receivable 8,012 Property and equipment 114 Software and other intangible assets 18,348 Goodwill 20,805 Other assets 15 Total assets acquired 48,764 Less: Accounts payable and accrued expenses (7,641 ) Less: Deferred tax liabilities (7,769 ) Net assets acquired $ 33,354
KLAS [ Member]
Business Acquisition [Line Items]
Schedule of Assets Acquired and Liabilities Assumed	The estimated fair values of the assets acquired and liabilities assumed in the acquisition are as follows (in thousands): Cash $ 18 Accounts receivable 6,654 Broadcast rights 58 Prepaid expenses and other current assets 438 Property and equipment 19,238 FCC licenses 60,627 Network affiliation agreements 49,485 Other intangible assets 35 Goodwill 15,520 Total assets of a consolidated VIE 152,073 Less: Broadcast rights payable (58 ) Less: Accounts payable and accrued expenses (838 ) Less: Other current liabilities (201 ) Net assets acquired $ 150,976

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	6 Months Ended
	Jun. 30, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets Subject to Amortization	Intangible assets subject to amortization consisted of the following (in thousands): Estimated June 30, 2015 December 31, 2014 useful life, Accumulated Accumulated in years Gross Amortization Net Gross Amortization Net Network affiliation agreements 15 $ 614,592 $ (323,914 ) $ 290,678 $ 478,888 $ (310,097 ) $ 168,791 Other definite-lived intangible assets 1-15 78,966 (37,194 ) 41,772 52,052 (26,714 ) 25,338 Other intangible assets $ 693,558 $ (361,108 ) $ 332,450 $ 530,940 $ (336,811 ) $ 194,129
Estimated Amortization Expense of Definite-Lived Intangibles Assets	The following table presents the Company’s estimate of amortization expense for the remainder of 2015, each of the five succeeding years ended December 31 and thereafter for definite-lived intangible assets as of June 30, 2015 (in thousands): Remainder of 2015 $ 22,336 2016 37,978 2017 34,510 2018 27,697 2019 25,694 2020 21,969 Thereafter 162,266 $ 332,450
Goodwill and FCC Licenses	The amounts recorded to goodwill and FCC licenses were as follows (in thousands): Goodwill FCC Licenses Accumulated Accumulated Gross Impairment Net Gross Impairment Net Balances as of December 31, 2014 $ 302,482 $ (45,991 ) $ 256,491 $ 371,461 $ (49,421 ) $ 322,040 Acquisitions and consolidation of VIEs (See Notes 2 and 3) 187,364 - 187,364 167,658 - 167,658 Balances as of June 30, 2015 $ 489,846 $ (45,991 ) $ 443,855 $ 539,119 $ (49,421 ) $ 489,698

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2015
Payables And Accruals [Abstract]
Accrued Expenses	Accrued expenses consisted of the following (in thousands): June 30, December 31, 2015 2014 Compensation and related taxes $ 10,811 $ 13,026 Network affiliation fees 13,657 11,010 Other 13,949 12,771 $ 38,417 $ 36,807

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Long Term Debt	Long-term debt consisted of the following (in thousands): June 30, December 31, 2015 2014 Term loans, net of discount of $1,550 and $1,725, respectively $ 697,850 $ 705,054 Revolving loans 2,000 5,500 6.875% Senior unsecured notes due 2020, including premium of $548 and $590, respectively 525,548 525,590 6.125% Senior unsecured notes due 2022 275,000 - 1,500,398 1,236,144 Less: current portion (18,539 ) (15,840 ) $ 1,481,859 $ 1,220,304
Fair Value of Debt	The aggregate carrying amounts and estimated fair values of the Company’s debt were as follows (in thousands): June 30, 2015 December 31, 2014 Carrying Fair Carrying Fair Amount Value Amount Value Term loans (1) $ 697,850 $ 693,977 $ 705,054 $ 697,420 Revolving loans (1) 2,000 1,962 5,500 5,386 6.875% Senior unsecured notes (2) 525,548 556,500 525,590 547,313 6.125% Senior unsecured notes (2) 275,000 282,563 - - (1) The fair value of senior secured credit facilities is computed based on borrowing rates currently available to the Company for bank loans with similar terms and average maturities. These fair value measurements are considered Level 3, as significant inputs to the fair value calculation are unobservable in the market. (2) The fair value of the Company’s fixed rate debt is estimated based on bid prices obtained from an investment banking firm that regularly makes a market for these financial instruments. These fair value measurements are considered Level 2, as quoted market prices are available for low volume trading of these securities.

Condensed Consolidating Finan23

Condensed Consolidating Financial Information (Tables)	6 Months Ended
	Jun. 30, 2015
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
Schedule of Condensed Consolidating Balance Sheet	CONDENSED CONSOLIDATING BALANCE SHEET As of June 30, 2015 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company ASSETS Current assets: Cash and cash equivalents $ - $ 24,270 $ 886 $ 1,735 $ - $ 26,891 Amounts due from consolidated entities - - 40,020 - (40,020 ) - Other current assets - 212,935 19,367 7,718 - 240,020 Total current assets - 237,205 60,273 9,453 (40,020 ) 266,911 Investments in subsidiaries 134,177 38,931 - 149,419 (322,527 ) - Amounts due from consolidated entities 6,372 8,865 - - (15,237 ) - Property and equipment, net - 244,807 22,990 8,394 - 276,191 Goodwill - 373,890 32,489 37,476 - 443,855 FCC licenses - 415,387 41,563 32,748 - 489,698 Other intangible assets, net - 271,515 20,103 40,832 - 332,450 Other noncurrent assets - 36,806 16,811 2,981 - 56,598 Total assets $ 140,549 $ 1,627,406 $ 194,229 $ 281,303 $ (377,784 ) $ 1,865,703 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Current portion of debt $ - $ 12,553 $ 2,086 $ 3,900 $ - $ 18,539 Amounts due to consolidated entities - 34,036 - 5,984 (40,020 ) - Other current liabilities - 92,706 7,224 4,880 - 104,810 Total current liabilities - 139,295 9,310 14,764 (40,020 ) 123,349 Debt - 1,199,414 226,719 55,726 - 1,481,859 Amounts due to consolidated entities - - - 15,237 (15,237 ) - Other noncurrent liabilities (3 ) 139,278 7,454 17,522 - 164,251 Total liabilities (3 ) 1,477,987 243,483 103,249 (55,257 ) 1,769,459 Stockholders' equity (deficit) 140,552 149,419 (49,254 ) 178,054 (322,527 ) 96,244 Total liabilities and stockholders' equity (deficit) $ 140,549 $ 1,627,406 $ 194,229 $ 281,303 $ (377,784 ) $ 1,865,703 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2014 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company ASSETS Current assets: Cash and cash equivalents $ - $ 130,472 $ 880 $ 560 $ - $ 131,912 Amounts due from consolidated entities - - 29,867 - (29,867 ) - Other current assets - 166,112 17,972 1,668 - 185,752 Total current assets - 296,584 48,719 2,228 (29,867 ) 317,664 Investments in subsidiaries 109,834 - - 125,076 (234,910 ) - Amounts due from consolidated entities 1,476 13,764 - - (15,240 ) - Property and equipment, net - 211,504 24,166 2,069 - 237,739 Goodwill - 221,183 32,489 2,819 - 256,491 FCC licenses - 275,313 41,563 5,164 - 322,040 Other intangible assets, net - 163,796 21,310 9,023 - 194,129 Other noncurrent assets - 65,451 23,818 44,893 - 134,162 Total assets $ 111,310 $ 1,247,595 $ 192,065 $ 191,272 $ (280,017 ) $ 1,462,225 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Current portion of debt $ - $ 10,703 $ 1,837 $ 3,300 $ - $ 15,840 Amounts due to consolidated entities - 29,026 - 841 (29,867 ) - Other current liabilities - 73,546 6,713 1,167 - 81,426 Total current liabilities - 113,275 8,550 5,308 (29,867 ) 97,266 Debt - 931,143 233,357 55,804 - 1,220,304 Amounts due to consolidated entities - - - 15,240 (15,240 ) - Other noncurrent liabilities (3 ) 78,101 8,667 1,353 - 88,118 Total liabilities (3 ) 1,122,519 250,574 77,705 (45,107 ) 1,405,688 Stockholders' equity (deficit): 111,313 125,076 (58,509 ) 113,567 (234,910 ) 56,537 Total liabilities and stockholders' equity (deficit) $ 111,310 $ 1,247,595 $ 192,065 $ 191,272 $ (280,017 ) $ 1,462,225
Schedule of Condensed Consolidating Statement of Operations	CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended June 30, 2015 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Net broadcast revenue (including trade and barter) $ - $ 200,722 $ 12,238 $ 8,362 $ - $ 221,322 Revenue between consolidated entities - 6,438 9,353 1,888 (17,679 ) - Net revenue - 207,160 21,591 10,250 (17,679 ) 221,322 Operating expenses: Direct operating expenses, excluding depreciation and amortization - 66,530 5,468 3,013 - 75,011 Selling, general, and administrative expenses, excluding depreciation and amortization - 54,457 800 1,300 - 56,557 Local service agreement fees between consolidated entities - 11,240 2,445 3,994 (17,679 ) - Amortization of broadcast rights - 12,018 1,376 1,279 - 14,673 Amortization of intangible assets - 9,805 597 835 - 11,237 Depreciation - 10,422 610 270 - 11,302 Total operating expenses - 164,472 11,296 10,691 (17,679 ) 168,780 Income from operations - 42,688 10,295 (441 ) - 52,542 Interest expense, net - (17,690 ) (2,322 ) (379 ) - (20,391 ) Other expenses - (150 ) - - - (150 ) Equity in income of subsidiaries 15,476 - - 15,476 (30,952 ) - Income before income taxes 15,476 24,848 7,973 14,656 (30,952 ) 32,001 Income tax expense - (9,372 ) (3,070 ) 341 - (12,101 ) Net income 15,476 15,476 4,903 14,997 (30,952 ) 19,900 Net loss attributable to the noncontrolling interests - - - 421 - 421 Net income attributable to Nexstar $ 15,476 $ 15,476 $ 4,903 $ 15,418 $ (30,952 ) $ 20,321 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended June 30, 2014 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Net broadcast revenue (including trade and barter) $ - $ 138,181 $ 8,749 $ - $ - $ 146,930 Revenue between consolidated entities - 2,445 9,808 - (12,253 ) - Net revenue - 140,626 18,557 - (12,253 ) 146,930 Operating expenses: Direct operating expenses, excluding depreciation and amortization - 41,001 4,256 - - 45,257 Selling, general, and administrative expenses, excluding depreciation and amortization - 43,013 783 - - 43,796 Local service agreement fees between consolidated entities - 9,808 2,445 - (12,253 ) - Amortization of broadcast rights - 6,879 1,401 - - 8,280 Amortization of intangible assets - 5,402 710 - - 6,112 Depreciation - 7,820 723 - - 8,543 Total operating expenses - 113,923 10,318 - (12,253 ) 111,988 Income from operations - 26,703 8,239 - - 34,942 Interest expense, net - (12,816 ) (2,523 ) - - (15,339 ) Loss on extinguishment of debt - (50 ) (21 ) - - (71 ) Other expenses - (127 ) - - - (127 ) Equity in income of subsidiaries 7,466 - - 7,466 (14,932 ) - Income before income taxes 7,466 13,710 5,695 7,466 (14,932 ) 19,405 Income tax expense - (6,244 ) (2,217 ) - - (8,461 ) Net income $ 7,466 $ 7,466 $ 3,478 $ 7,466 $ (14,932 ) $ 10,944 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Six Months Ended June 30, 2015 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Net broadcast revenue (including trade and barter) $ - $ 383,768 $ 24,348 $ 16,597 $ - $ 424,713 Revenue between consolidated entities - 12,907 17,907 3,814 (34,628 ) - Net revenue - 396,675 42,255 20,411 (34,628 ) 424,713 Operating expenses: Direct operating expenses, excluding depreciation and amortization - 128,057 10,656 5,983 - 144,696 Selling, general, and administrative expenses, excluding depreciation and amortization - 109,578 1,662 2,606 - 113,846 Local service agreement fees between consolidated entities - 21,720 4,890 8,018 (34,628 ) - Amortization of broadcast rights - 23,680 2,844 2,730 - 29,254 Amortization of intangible assets - 20,496 1,207 2,594 - 24,297 Depreciation - 20,421 1,212 541 - 22,174 Total operating expenses - 323,952 22,471 22,472 (34,628 ) 334,267 Income from operations - 72,723 19,784 (2,061 ) - 90,446 Interest expense, net - (34,270 ) (4,638 ) (776 ) - (39,684 ) Other expenses - (268 ) - - - (268 ) Equity in income of subsidiaries 24,344 - - 24,344 (48,688 ) - Income before income taxes 24,344 38,185 15,146 21,507 (48,688 ) 50,494 Income tax expense - (13,841 ) (5,891 ) 1,050 - (18,682 ) Net income 24,344 24,344 9,255 22,557 (48,688 ) 31,812 Net loss attributable to the noncontrolling interests - - - 1,416 - 1,416 Net income attributable to Nexstar $ 24,344 $ 24,344 $ 9,255 $ 23,973 $ (48,688 ) $ 33,228 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Six Months Ended June 30, 2014 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Net broadcast revenue (including trade and barter) $ - $ 263,134 $ 17,629 $ - $ - $ 280,763 Revenue between consolidated entities - 4,890 19,456 - (24,346 ) - Net revenue - 268,024 37,085 - (24,346 ) 280,763 Operating expenses: Direct operating expenses, excluding depreciation and amortization - 78,484 8,622 - - 87,106 Selling, general, and administrative expenses, excluding depreciation and amortization - 83,230 1,606 - - 84,836 Local service agreement fees between consolidated entities - 19,456 4,890 - (24,346 ) - Amortization of broadcast rights - 14,021 2,891 - - 16,912 Amortization of intangible assets - 10,822 1,483 - - 12,305 Depreciation - 15,506 1,456 - - 16,962 Total operating expenses - 221,519 20,948 - (24,346 ) 218,121 Income from operations - 46,505 16,137 - - 62,642 Interest expense, net - (25,493 ) (5,016 ) - - (30,509 ) Loss on extinguishment of debt - (50 ) (21 ) - - (71 ) Other expenses - (255 ) - - - (255 ) Equity in income of subsidiaries 11,515 - - 11,515 (23,030 ) - Income before income taxes 11,515 20,707 11,100 11,515 (23,030 ) 31,807 Income tax expense - (9,192 ) (4,318 ) - - (13,510 ) Net income $ 11,515 $ 11,515 $ 6,782 $ 11,515 $ (23,030 ) $ 18,297
Schedule of Condensed Consolidating Cash Flow Statement	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Six Months Ended June 30, 2015 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Cash flows from operating activities $ - $ 73,795 $ 6,318 $ 480 $ - $ 80,593 Cash flows from investing activities: Purchases of property and equipment - (13,513 ) (36 ) - 176 (13,373 ) Deposits and payments for acquisitions - (502,912 ) - (79 ) 43,300 (459,691 ) Proceeds from sale of stations - 70,105 - - (43,300 ) 26,805 Other investing activities - 1,989 150 176 (176 ) 2,139 Net cash (used in) provided by investing activities - (444,331 ) 114 97 - (444,120 ) Cash flows from financing activities: Proceeds from long-term debt - 409,950 - 2,000 - 411,950 Repayments of long-term debt - (139,910 ) (6,418 ) (1,500 ) - (147,828 ) Common stock dividends paid (11,865 ) - - - - (11,865 ) Inter-company payments 8,581 (8,581 ) - - - - Other financing activities 3,284 2,875 (8 ) 98 - 6,249 Net cash provided by (used in) financing activities - 264,334 (6,426 ) 598 - 258,506 Net (decrease) increase in cash and cash equivalents - (106,202 ) 6 1,175 - (105,021 ) Cash and cash equivalents at beginning of period - 130,472 880 560 - 131,912 Cash and cash equivalents at end of period $ - $ 24,270 $ 886 $ 1,735 $ - $ 26,891 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Six Months Ended June 30, 2014 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Cash flows from operating activities $ - $ 69,056 $ 4,364 $ - $ - $ 73,420 Cash flows from investing activities: Purchases of property and equipment - (8,950 ) (115 ) - - (9,065 ) Deposits and payments for acquisitions - (82,098 ) (3,200 ) - - (85,298 ) Other investing activities - 33 - - - 33 Net cash used in investing activities - (91,015 ) (3,315 ) - - (94,330 ) Cash flows from financing activities: Proceeds from long-term debt - 24,938 - - - 24,938 Repayments of long-term debt - (5,849 ) (1,914 ) - - (7,763 ) Common stock dividends paid (9,180 ) - - - - (9,180 ) Inter-company payments 7,896 (7,896 ) - - - - Other financing activities 1,284 3,845 (129 ) - - 5,000 Net cash provided by (used in) financing activities - 15,038 (2,043 ) - - 12,995 Net decrease in cash and cash equivalents - (6,921 ) (994 ) - - (7,915 ) Cash and cash equivalents at beginning of period - 36,312 3,716 - - 40,028 Cash and cash equivalents at end of period $ - $ 29,391 $ 2,722 $ - $ - $ 32,113

Organization and Business Ope24

Organization and Business Operations (Details) - Jun. 30, 2015	TelevisionStationChannelMarketSegment
Television stations and digital multi channel by affiliates [Line Items]
Number of television stations owned, operated, programmed or provided sales and other services | TelevisionStation	107
Number of digital multi-cast channels owned, operated, programmed or provided sales and other services to	36
Number of markets in various states | Market	58
Number of television stations owned or operated by independent third parties | TelevisionStation	31
Number of digital multicast channels owned or operated by independent third parties	6
Number of reportable segments | Segment	1
ABC [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of television stations owned, operated, programmed or provided sales and other services | TelevisionStation	20
NBC [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of television stations owned, operated, programmed or provided sales and other services | TelevisionStation	20
FOX [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of television stations owned, operated, programmed or provided sales and other services | TelevisionStation	28
CBS [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of television stations owned, operated, programmed or provided sales and other services | TelevisionStation	17
The CW [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of television stations owned, operated, programmed or provided sales and other services | TelevisionStation	10
Number of digital multi-cast channels owned, operated, programmed or provided sales and other services to	2
MyNetworkTV [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of television stations owned, operated, programmed or provided sales and other services | TelevisionStation	10
Number of digital multi-cast channels owned, operated, programmed or provided sales and other services to	4
Telemundo [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of television stations owned, operated, programmed or provided sales and other services | TelevisionStation	1
Number of digital multi-cast channels owned, operated, programmed or provided sales and other services to	1
RTV [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of television stations owned, operated, programmed or provided sales and other services | TelevisionStation	1
Bounce TV [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of digital multi-cast channels owned, operated, programmed or provided sales and other services to	9
Me-TV [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of digital multi-cast channels owned, operated, programmed or provided sales and other services to	9
Estrella [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of digital multi-cast channels owned, operated, programmed or provided sales and other services to	6
LATV [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of digital multi-cast channels owned, operated, programmed or provided sales and other services to	1
This TV [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of digital multi-cast channels owned, operated, programmed or provided sales and other services to	1
Weather Nation Utah [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of digital multi-cast channels owned, operated, programmed or provided sales and other services to	1
Movies [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of digital multi-cast channels owned, operated, programmed or provided sales and other services to	1
News/Weather [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of digital multi-cast channels owned, operated, programmed or provided sales and other services to	1

Summary of Significant Accoun25

Summary of Significant Accounting Policies - Consolidated VIEs (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014		Jun. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents		$ 26,891	$ 131,912		$ 32,113	$ 40,028
Accounts receivable, net		171,958	127,878
Deferred tax assets, net		50,160	41,737
Prepaid expenses and other current assets		3,535	5,264
Total current assets		266,911	317,664
Property and equipment, net		276,191	237,739
Goodwill		443,855	256,491
FCC licenses		489,698	322,040
Other intangible assets, net		332,450	194,129
Other noncurrent assets, net		56,598	134,162
Total assets	[1]	1,865,703	1,462,225
Current liabilities:
Current portion of debt		18,539	15,840
Interest payable		11,747	4,601
Other current liabilities		8,289	5,953
Total current liabilities		123,349	97,266
Debt		1,481,859	1,220,304
Other noncurrent liabilities		45,991	43,894
Total liabilities	[1]	1,769,459	1,405,688
Consolidated VIEs [Member]
Variable Interest Entity [Line Items]
Consolidated VIEs, Assets		121,308	49,131
Consolidated VIEs, Liabilities		37,048	17,870
Current assets:
Cash and cash equivalents		2,621	1,440
Accounts receivable, net		13,847	7,594
Deferred tax assets, net		9,730	9,389
Prepaid expenses and other current assets		3,508	2,657
Total current assets		29,706	21,080
Property and equipment, net		31,384	26,235
Goodwill		69,965	35,308
FCC licenses		74,312	46,727
Other intangible assets, net		60,935	30,333
Other noncurrent assets, net		19,791	64,858
Total assets		286,093	224,541
Current liabilities:
Current portion of debt		5,986	5,137
Interest payable		28	28
Other current liabilities		12,076	7,852
Total current liabilities		18,090	13,017
Debt		282,445	289,161
Other noncurrent liabilities		24,974	10,018
Total liabilities		325,509	312,196
Consolidated VIEs [Member] | Current assets [Member]
Variable Interest Entity [Line Items]
Consolidated VIEs, Assets		2,767	12	[2]
Consolidated VIEs [Member] | Property and equipment, net [Member]
Variable Interest Entity [Line Items]
Consolidated VIEs, Assets		4,364
Consolidated VIEs [Member] | Goodwill [Member]
Variable Interest Entity [Line Items]
Consolidated VIEs, Assets		18,322	697	[2]
Consolidated VIEs [Member] | FCC licenses [Member]
Variable Interest Entity [Line Items]
Consolidated VIEs, Assets		74,312	46,727
Consolidated VIEs [Member] | Other intangible assets, net [Member]
Variable Interest Entity [Line Items]
Consolidated VIEs, Assets		20,984	1,695	[2]
Consolidated VIEs [Member] | Other noncurrent assets, net [Member]
Variable Interest Entity [Line Items]
Consolidated VIEs, Assets		559
Consolidated VIEs [Member] | Current liabilities [Member]
Variable Interest Entity [Line Items]
Consolidated VIEs, Liabilities		12,074	7,852
Consolidated VIEs [Member] | Noncurrent liabilities [Member]
Variable Interest Entity [Line Items]
Consolidated VIEs, Liabilities		$ 24,974	$ 10,018
[1]	The consolidated total assets as of June 30, 2015 and December 31, 2014 include certain assets held by consolidated VIEs of $121.3 million and $49.1 million, respectively, which are not available to be used to settle the obligations of Nexstar. The consolidated total liabilities as of June 30, 2015 and December 31, 2014 include certain liabilities of consolidated VIEs of $37.0 million and $17.9 million for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information
[2]	These balances relate to Parker Broadcasting of Colorado, LLC and were previously not presented separately on the Consolidated Balance Sheet. This correction is not considered material to the Consolidated Financial Statements as of December 31, 2014.

Summary of Significant Accoun26

Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)shares	Jun. 30, 2014USD ($)shares	Jun. 30, 2015USD ($)TelevisionStationshares	Jun. 30, 2014USD ($)shares	Dec. 31, 2014USD ($)
Earnings Per Share Basic And Diluted Other Disclosures [Abstract]
Stock options and restricted stock units with potentially dilutive effect (in shares) | shares	872,000	762,000	958,000	691,000
Debt Financing Costs [Abstract]
Debt financing costs			$ 17.4		$ 15.9
White Knight [Member]
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Number of stations owned | TelevisionStation			6
Nonconsolidated VIEs [Member]
Variable Interest Entity Nonconsolidated Carrying Amount Assets and Liabilities [Abstract]
Accounts payable for fees	$ 0.2		$ 0.2		0.5
Receivable for advertisements	0.6		0.6		$ 0.7
Payments made under outsourcing agreement	$ 0.2	$ 0.3	$ 0.3	$ 0.6

Summary of Significant Accoun27

Summary of Significant Accounting Policies - Weighted Average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share Basic And Diluted Other Disclosures [Abstract]
Weighted average shares outstanding - basic	31,325	30,641	31,260	30,622
Dilutive effect of equity incentive plan instruments	1,057	1,291	1,059	1,299
Weighted average shares outstanding - diluted	32,382	31,932	32,319	31,921

Acquisitions and Dispositions -

Acquisitions and Dispositions - CCA - Additional Information (Details) $ in Thousands	Dec. 31, 2014USD ($)TelevisionStationMarket	Dec. 01, 2014USD ($)	Apr. 30, 2013USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)TelevisionStationMarket
Business Acquisition [Line Items]
Proceeds from disposal of a station						$ 26,805
Deposits and payments for acquisitions						(459,691)	$ (85,298)
Proceeds from disposals of property and equipment						2,139	33
Non controlling interest, Fair value	$ 4,000			$ 5,584		5,584		$ 4,000
Revenue included in consolidated statements of operations				221,322	$ 146,930	424,713	280,763
Operating income				52,542	34,942	$ 90,446	62,642
Network affiliation agreements [Member]
Business Acquisition [Line Items]
Intangible assets, amortization period						15 years		15 years
Eliminations [Member]
Business Acquisition [Line Items]
Proceeds from disposal of a station						$ (43,300)
Deposits and payments for acquisitions						43,300
Revenue included in consolidated statements of operations				(17,679)	$ (12,253)	(34,628)	$ (24,346)
CCA [Member]
Business Acquisition [Line Items]
Acquisition date	Jan. 1, 2015
Purchase price of entities acquired	$ 278,100
Number of television stations acquired | TelevisionStation	19							19
Number of television market of stations acquired | Market	10							10
Deposit paid upon signing an agreement to acquire a business			$ 27,000
Cash paid in business acquisition	$ 251,100
Acquisition related costs				100		600
One time employment charges						600
Proceeds from disposal of a station	27,400
Deposits and payments for acquisitions		$ 43,000
Proceeds from disposals of property and equipment	800
Loss on disposal of property and equipment	$ (500)
New television markets entered | Market	7							7
New market duopolies operated | Market	4							4
Non controlling interest, Fair value	$ 2,900							$ 2,900
Revenue included in consolidated statements of operations				24,100		48,500
Operating income				$ 7,000		$ 11,700
CCA [Member] | Network affiliation agreements [Member]
Business Acquisition [Line Items]
Intangible assets, amortization period	15 years
CCA [Member] | Other definite-lived intangible assets [Member]
Business Acquisition [Line Items]
Weighted average estimated useful life of other intangible assets	5 years
CCA [Member] | Eliminations [Member]
Business Acquisition [Line Items]
Purchase price of entities acquired	$ 43,300
Proceeds from disposal of a station	$ 43,300

Acquisitions and Dispositions29

Acquisitions and Dispositions - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Feb. 13, 2015	Feb. 02, 2015	Jan. 29, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Goodwill	$ 443,855				$ 256,491
CCA [Member]
Business Acquisition [Line Items]
Cash					1,847
Accounts receivable					19,975
Broadcast rights					10,233
Deferred tax assets					247
Prepaid expenses and other current assets					257
Property and equipment					26,012
FCC licenses					71,465
Goodwill					119,278
Other assets					59
Total assets acquired					343,410
Less: Broadcast rights payable					(10,467)
Less: Accounts payable and accrued expenses					(4,703)
Less: Taxes payable					(18,613)
Less: Other current liabilities					(336)
Less: Deferred tax liabilities					(55,454)
Less: Other noncurrent liabilities					(221)
Less: Noncontrolling interest in a consolidated VIE					(2,900)
Net assets acquired					250,716
CCA [Member] | Network affiliation agreements [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets					86,219
CCA [Member] | Other definite-lived intangible assets [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets					$ 7,818
KASW [Member]
Business Acquisition [Line Items]
Accounts receivable				$ 3,544
Broadcast rights				8,771
Prepaid expenses and other current assets				24
Property and equipment				987
FCC licenses				35,566
Goodwill				32,254
Total assets acquired				81,859
Less: Broadcast rights payable				(10,291)
Less: Accounts payable and accrued expenses				(790)
Net assets acquired				70,778
KASW [Member] | Other definite-lived intangible assets [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets				$ 713
Yashi [Member]
Business Acquisition [Line Items]
Cash			$ 1,470
Accounts receivable			8,012
Property and equipment			114
Goodwill			20,805
Other assets			15
Total assets acquired			48,764
Less: Accounts payable and accrued expenses			(7,641)
Less: Deferred tax liabilities			(7,769)
Net assets acquired			33,354
Yashi [Member] | Other definite-lived intangible assets [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets			$ 18,348
KLAS [ Member]
Business Acquisition [Line Items]
Cash		$ 18
Accounts receivable		6,654
Broadcast rights		58
Prepaid expenses and other current assets		438
Property and equipment		19,238
FCC licenses		60,627
Goodwill		15,520
Total assets acquired		152,073
Less: Broadcast rights payable		(58)
Less: Accounts payable and accrued expenses		(838)
Less: Other current liabilities		(201)
Net assets acquired		150,976
KLAS [ Member] | Network affiliation agreements [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets		49,485
KLAS [ Member] | Other definite-lived intangible assets [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets		$ 35

Acquisitions and Dispositions30

Acquisitions and Dispositions - KASW - Additional Information (Details) - USD ($)	Jan. 29, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Business Acquisition [Line Items]
Proceeds from long-term debt					$ 411,950,000	$ 24,938,000
Revenue included in consolidated statements of operations		$ 221,322,000	$ 146,930,000		424,713,000	280,763,000
Operating income		$ 52,542,000	$ 34,942,000		$ 90,446,000	$ 62,642,000
Network affiliation agreements [Member]
Business Acquisition [Line Items]
Intangible assets, amortization period					15 years		15 years
Senior Subordinated Notes [Member] | 6.125% Due 2022
Business Acquisition [Line Items]
Proceeds from long-term debt	$ 275,000,000
Interest rate		6.125%		6.125%	6.125%
KASW [Member]
Business Acquisition [Line Items]
Purchase price of entities acquired	$ 70,800,000
Acquisition related costs		$ 0			$ 0
Acquisition date	Jan. 29, 2015
Revenue included in consolidated statements of operations		5,600,000		$ 9,100,000
Operating income		$ 3,300,000		$ 4,700,000
KASW [Member] | Network affiliation agreements [Member]
Business Acquisition [Line Items]
Intangible assets, amortization period	15 years
KASW [Member] | Other definite-lived intangible assets [Member]
Business Acquisition [Line Items]
Weighted average estimated useful life of other intangible assets	1 year 6 months
KASW [Member] | Senior Subordinated Notes [Member] | 6.125% Due 2022
Business Acquisition [Line Items]
Proceeds from long-term debt	$ 275,000,000
Interest rate		6.125%		6.125%	6.125%

Acquisitions and Dispositions31

Acquisitions and Dispositions - Yashi - Additional Information (Details) - USD ($) $ in Thousands	Feb. 02, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014
Business Acquisition [Line Items]
Revenue included in consolidated statements of operations		$ 221,322	$ 146,930		$ 424,713	$ 280,763
Operating loss (income)		$ (52,542)	$ (34,942)		$ (90,446)	$ (62,642)
Senior Subordinated Notes [Member] | 6.125% Due 2022
Business Acquisition [Line Items]
Interest rate		6.125%		6.125%	6.125%
Yashi [Member]
Business Acquisition [Line Items]
Purchase price of entities acquired	$ 33,400
Acquisition date	Feb. 2, 2015
Acquisition related costs					$ 100
Revenue included in consolidated statements of operations		$ 6,900		$ 12,700
Operating loss (income)		$ 1,400		$ 1,000
Yashi [Member] | Other definite-lived intangible assets [Member]
Business Acquisition [Line Items]
Weighted average estimated useful life of other intangible assets	4 years
Yashi [Member] | Senior Subordinated Notes [Member] | 6.125% Due 2022
Business Acquisition [Line Items]
Interest rate		6.125%		6.125%	6.125%

Acquisitions and Dispositions32

Acquisitions and Dispositions - KLAS - Additional Information (Details) - USD ($) $ in Thousands	Feb. 13, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Jan. 29, 2015
Business Acquisition [Line Items]
Revenue included in consolidated statements of operations		$ 221,322	$ 146,930		$ 424,713	$ 280,763
Operating income		$ 52,542	$ 34,942		$ 90,446	$ 62,642
Network affiliation agreements [Member]
Business Acquisition [Line Items]
Intangible assets, amortization period					15 years		15 years
Senior Subordinated Notes [Member] | 6.125% Due 2022
Business Acquisition [Line Items]
Interest rate		6.125%		6.125%	6.125%
KLAS [ Member]
Business Acquisition [Line Items]
Purchase price of entities acquired	$ 151,000
Acquisition related costs					$ 100
Acquisition date	Feb. 13, 2015
Revenue included in consolidated statements of operations		$ 9,100		$ 13,800
Operating income		$ 2,000		$ 3,300
KLAS [ Member] | Network affiliation agreements [Member]
Business Acquisition [Line Items]
Intangible assets, amortization period	15 years
KLAS [ Member] | Other definite-lived intangible assets [Member]
Business Acquisition [Line Items]
Weighted average estimated useful life of other intangible assets	12 years
KLAS [ Member] | Senior Subordinated Notes [Member] | 6.125% Due 2022
Business Acquisition [Line Items]
Interest rate								6.125%

Acquisitions and Dispositions33

Acquisitions and Dispositions - ETG - Additional Information (Details) - ETG [Member] - USD ($) $ in Millions	May. 15, 2014	Jun. 30, 2015
Business Acquisition [Line Items]
Acquisition date	May 15, 2014
Purchase price of entities acquired	$ 7.2
Decrease in deferred tax liability		$ (0.4)
Decrease in goodwill		$ (0.4)

Acquisitions and Dispositions34

Acquisitions and Dispositions - Unaudited Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Business Combinations [Abstract]
Net revenue	$ 221,322	$ 182,273	$ 424,713	$ 359,163
Income before income taxes	32,101	27,003	54,495	43,943
Net income	19,961	15,510	34,291	25,267
Net income attributable to Nexstar	$ 20,403	$ 14,659	$ 35,231	$ 24,300
Net income per common share attributable to Nexstar - basic	$ 0.65	$ 0.48	$ 1.13	$ 0.79
Net income per common share attributable to Nexstar - diluted	$ 0.63	$ 0.46	$ 1.09	$ 0.76

Acquisitions and Dispositions35

Acquisitions and Dispositions - KCWI - Additional Information (Details) - KCWI [Member] $ in Millions	Oct. 24, 2014USD ($)
Business Acquisition [Line Items]
Purchase price of entities to be acquired	$ 3.5
Deposit paid upon signing an agreement to acquire a business	$ 0.2

Intangible Assets and Goodwil36

Intangible Assets and Goodwill - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Gross	$ 693,558	$ 530,940
Accumulated Amortization	(361,108)	(336,811)
Net	$ 332,450	$ 194,129
Network affiliation agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life, in years	15 years	15 years
Gross	$ 614,592	$ 478,888
Accumulated Amortization	(323,914)	(310,097)
Net	290,678	168,791
Other definite-lived intangible assets [Member]
Finite-Lived Intangible Assets [Line Items]
Gross	78,966	52,052
Accumulated Amortization	(37,194)	(26,714)
Net	$ 41,772	$ 25,338
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	15 years	15 years

Intangible Assets and Goodwil37

Intangible Assets and Goodwill - Estimated Amortization Expense of Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Finite Lived Intangible Assets Future Amortization Expense Current And Five Succeeding Fiscal Years [Abstract]
Remainder of 2015	$ 22,336
2,016	37,978
2,017	34,510
2,018	27,697
2,019	25,694
2,020	21,969
Thereafter	162,266
Net	$ 332,450	$ 194,129

Intangible Assets and Goodwil38

Intangible Assets and Goodwill - Goodwill and FCC Licenses (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Goodwill [Roll Forward]
Goodwill, Gross	$ 489,846	$ 302,482
Goodwill, Accumulated Impairment	(45,991)	(45,991)
Goodwill, Net	443,855	256,491
Goodwill Acquisitions, Gross	187,364
Goodwill Acquisitions, Net	187,364
Licensing Agreements [Member]
FCC Licenses [Abstract]
FCC Licenses, Gross	539,119	371,461
FCC Licenses, Accumulated Impairment	(49,421)	(49,421)
FCC Licenses, Net	489,698	$ 322,040
FCC Licenses Acquisitions, Gross	167,658
FCC Licenses Acquisitions, Net	$ 167,658

Accrued Expenses - Accrued Expe

Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Payables And Accruals [Abstract]
Compensation and related taxes	$ 10,811	$ 13,026
Network affiliation fees	13,657	11,010
Other	13,949	12,771
Accrued expenses	$ 38,417	$ 36,807

Debt - Long Term Debt (Details)

Debt - Long Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Long term Debt [Abstract]
Debt	$ 1,500,398	$ 1,236,144
Less: current portion	(18,539)	(15,840)
Debt, noncurrent	1,481,859	1,220,304
Notes Payable to Banks [Member] | Term Loans [Member]
Long term Debt [Abstract]
Debt	697,850	705,054
Revolving loans [Member]
Long term Debt [Abstract]
Debt	2,000	5,500
Senior Subordinated Notes [Member] | 6.875 % Due 2020 [Member]
Long term Debt [Abstract]
Debt	525,548	$ 525,590
Senior Subordinated Notes [Member] | 6.125% Due 2022
Long term Debt [Abstract]
Debt	$ 275,000

Debt - Long Term Debt (Parenthe

Debt - Long Term Debt (Parenthetical) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Notes Payable to Banks [Member] | Term Loans [Member]
Long term Debt [Abstract]
Debt discount	$ 1,550	$ 1,725
Senior Subordinated Notes [Member] | 6.875 % Due 2020 [Member]
Long term Debt [Abstract]
Debt premium	$ 548	$ 590
Interest rate	6.875%	6.875%
Senior Subordinated Notes [Member] | 6.125% Due 2022
Long term Debt [Abstract]
Interest rate	6.125%

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands	Jan. 30, 2015	Jan. 29, 2015	Feb. 28, 2015	Mar. 31, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Proceeds from long-term debt					$ 411,950	$ 24,938
Senior Subordinated Notes [Member] | 6.125% Due 2022
Debt Instrument [Line Items]
Frequency of periodic payments					semiannually
Proceeds from long-term debt		$ 275,000
Interest rate					6.125%
Maturity date		Feb. 15, 2022
Senior Subordinated Notes [Member] | 6.875 % Due 2020 [Member]
Debt Instrument [Line Items]
Interest rate					6.875%		6.875%
Revolving loans [Member]
Debt Instrument [Line Items]
Available borrowing capacity					$ 103,000
Revolving loans [Member] | Mission [Member]
Debt Instrument [Line Items]
Repayments of lines of credit	$ 5,500
Revolving loans [Member] | Nexstar [Member]
Debt Instrument [Line Items]
Repayments of lines of credit					134,900
Proceeds from lines of credit			$ 134,900
Revolving loans [Member] | Marshall Broadcasting Group Inc
Debt Instrument [Line Items]
Proceeds from lines of credit				$ 2,000
Notes Payable to Banks [Member] | Term Loans [Member] | Mission [Member]
Debt Instrument [Line Items]
Payment of contractual maturities under senior secured credit facilities					900
Notes Payable to Banks [Member] | Term Loans [Member] | Nexstar [Member]
Debt Instrument [Line Items]
Payment of contractual maturities under senior secured credit facilities					5,000
Notes Payable to Banks [Member] | Term Loans [Member] | Marshall Broadcasting Group Inc
Debt Instrument [Line Items]
Payment of contractual maturities under senior secured credit facilities					$ 1,500

Debt - Fair Value of Debt (Deta

Debt - Fair Value of Debt (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Notes Payable to Banks [Member] | Term Loans [Member] | Carrying Amount [Member] | Level 3 [Member]
Fair Value of debt [Line Items]
Carrying and Fair Value of Debt	[1]	$ 697,850	$ 705,054
Notes Payable to Banks [Member] | Term Loans [Member] | Fair Value [Member] | Level 3 [Member]
Fair Value of debt [Line Items]
Carrying and Fair Value of Debt	[1]	693,977	697,420
Revolving loans [Member] | Carrying Amount [Member] | Level 3 [Member]
Fair Value of debt [Line Items]
Carrying and Fair Value of Debt	[1]	2,000	5,500
Revolving loans [Member] | Fair Value [Member] | Level 3 [Member]
Fair Value of debt [Line Items]
Carrying and Fair Value of Debt	[1]	1,962	5,386
Senior Subordinated Notes [Member] | 6.875 % Due 2020 [Member] | Carrying Amount [Member] | Level 2 [Member]
Fair Value of debt [Line Items]
Carrying and Fair Value of Debt	[2]	525,548	525,590
Senior Subordinated Notes [Member] | 6.875 % Due 2020 [Member] | Fair Value [Member] | Level 2 [Member]
Fair Value of debt [Line Items]
Carrying and Fair Value of Debt	[2]	556,500	$ 547,313
Senior Subordinated Notes [Member] | 6.125% Due 2022 | Carrying Amount [Member] | Level 2 [Member]
Fair Value of debt [Line Items]
Carrying and Fair Value of Debt	[2]	275,000
Senior Subordinated Notes [Member] | 6.125% Due 2022 | Fair Value [Member] | Level 2 [Member]
Fair Value of debt [Line Items]
Carrying and Fair Value of Debt	[2]	$ 282,563
[1]	The fair value of senior secured credit facilities is computed based on borrowing rates currently available to the Company for bank loans with similar terms and average maturities. These fair value measurements are considered Level 3, as significant inputs to the fair value calculation are unobservable in the market.
[2]	The fair value of the Company’s fixed rate debt is estimated based on bid prices obtained from an investment banking firm that regularly makes a market for these financial instruments. These fair value measurements are considered Level 2, as quoted market prices are available for low volume trading of these securities.

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - Nexstar [Member] $ in Millions	Jun. 30, 2015USD ($)
Financial Guarantee of Mission Debt [Member]
Guarantees of Mission and Marshall Debt [Abstract]
Maximum commitment under senior secured credit facility	$ 236.8
Commitment under senior secured credit facility at carrying value	228.8
Financial Guarantee of Marshall Debt [Member]
Guarantees of Mission and Marshall Debt [Abstract]
Commitment under senior secured credit facility at carrying value	$ 59.6

Condensed Consolidating Finan45

Condensed Consolidating Financial Information - Additional Information (Details) - Senior Subordinated Notes [Member]	Jun. 30, 2015	Dec. 31, 2014
6.875 % Due 2020 [Member]
Condensed Financial Statements Captions [Line Items]
Interest rate	6.875%	6.875%
6.125% Due 2022
Condensed Financial Statements Captions [Line Items]
Interest rate	6.125%

Condensed Consolidating Finan46

Condensed Consolidating Financial Information - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents		$ 26,891	$ 131,912	$ 32,113	$ 40,028
Other current assets		240,020	185,752
Total current assets		266,911	317,664
Property and equipment, net		276,191	237,739
Goodwill		443,855	256,491
FCC licenses		489,698	322,040
Other intangible assets, net		332,450	194,129
Other noncurrent assets		56,598	134,162
Total assets	[1]	1,865,703	1,462,225
Current liabilities:
Current portion of debt		18,539	15,840
Other current liabilities		104,810	81,426
Total current liabilities		123,349	97,266
Debt		1,481,859	1,220,304
Other noncurrent liabilities		164,251	88,118
Total liabilities	[1]	1,769,459	1,405,688
Stockholders' equity (deficit)		96,244	56,537
Total liabilities and stockholders' equity		1,865,703	1,462,225
Eliminations [Member]
Current assets:
Amounts due from consolidated entities		(40,020)	(29,867)
Total current assets		(40,020)	(29,867)
Investments in subsidiaries		(322,527)	(234,910)
Amounts due from consolidated entities		(15,237)	(15,240)
Total assets		(377,784)	(280,017)
Current liabilities:
Amounts due to consolidated entities		(40,020)	(29,867)
Total current liabilities		(40,020)	(29,867)
Amounts due to consolidated entities		(15,237)	(15,240)
Total liabilities		(55,257)	(45,107)
Stockholders' equity (deficit)		(322,527)	(234,910)
Total liabilities and stockholders' equity		(377,784)	(280,017)
Nexstar [Member] | Reportable Legal Entities [Member]
Current assets:
Investments in subsidiaries		134,177	109,834
Amounts due from consolidated entities		6,372	1,476
Total assets		140,549	111,310
Current liabilities:
Other noncurrent liabilities		(3)	(3)
Total liabilities		(3)	(3)
Stockholders' equity (deficit)		140,552	111,313
Total liabilities and stockholders' equity		140,549	111,310
Nexstar Broadcasting [Member] | Reportable Legal Entities [Member]
Current assets:
Cash and cash equivalents		24,270	130,472	29,391	36,312
Other current assets		212,935	166,112
Total current assets		237,205	296,584
Investments in subsidiaries		38,931
Amounts due from consolidated entities		8,865	13,764
Property and equipment, net		244,807	211,504
Goodwill		373,890	221,183
FCC licenses		415,387	275,313
Other intangible assets, net		271,515	163,796
Other noncurrent assets		36,806	65,451
Total assets		1,627,406	1,247,595
Current liabilities:
Current portion of debt		12,553	10,703
Amounts due to consolidated entities		34,036	29,026
Other current liabilities		92,706	73,546
Total current liabilities		139,295	113,275
Debt		1,199,414	931,143
Other noncurrent liabilities		139,278	78,101
Total liabilities		1,477,987	1,122,519
Stockholders' equity (deficit)		149,419	125,076
Total liabilities and stockholders' equity		1,627,406	1,247,595
Mission [Member] | Reportable Legal Entities [Member]
Current assets:
Cash and cash equivalents		886	880	$ 2,722	$ 3,716
Amounts due from consolidated entities		40,020	29,867
Other current assets		19,367	17,972
Total current assets		60,273	48,719
Property and equipment, net		22,990	24,166
Goodwill		32,489	32,489
FCC licenses		41,563	41,563
Other intangible assets, net		20,103	21,310
Other noncurrent assets		16,811	23,818
Total assets		194,229	192,065
Current liabilities:
Current portion of debt		2,086	1,837
Other current liabilities		7,224	6,713
Total current liabilities		9,310	8,550
Debt		226,719	233,357
Other noncurrent liabilities		7,454	8,667
Total liabilities		243,483	250,574
Stockholders' equity (deficit)		(49,254)	(58,509)
Total liabilities and stockholders' equity		194,229	192,065
Non-Guarantors [Member] | Reportable Legal Entities [Member]
Current assets:
Cash and cash equivalents		1,735	560
Other current assets		7,718	1,668
Total current assets		9,453	2,228
Investments in subsidiaries		149,419	125,076
Property and equipment, net		8,394	2,069
Goodwill		37,476	2,819
FCC licenses		32,748	5,164
Other intangible assets, net		40,832	9,023
Other noncurrent assets		2,981	44,893
Total assets		281,303	191,272
Current liabilities:
Current portion of debt		3,900	3,300
Amounts due to consolidated entities		5,984	841
Other current liabilities		4,880	1,167
Total current liabilities		14,764	5,308
Debt		55,726	55,804
Amounts due to consolidated entities		15,237	15,240
Other noncurrent liabilities		17,522	1,353
Total liabilities		103,249	77,705
Stockholders' equity (deficit)		178,054	113,567
Total liabilities and stockholders' equity		$ 281,303	$ 191,272
[1]	The consolidated total assets as of June 30, 2015 and December 31, 2014 include certain assets held by consolidated VIEs of $121.3 million and $49.1 million, respectively, which are not available to be used to settle the obligations of Nexstar. The consolidated total liabilities as of June 30, 2015 and December 31, 2014 include certain liabilities of consolidated VIEs of $37.0 million and $17.9 million for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information

Condensed Consolidating Finan47

Condensed Consolidating Financial Information - Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net broadcast revenue (including trade and barter)	$ 221,322	$ 146,930	$ 424,713	$ 280,763
Net revenue	221,322	146,930	424,713	280,763
Operating expenses:
Direct operating expenses, excluding depreciation and amortization	75,011	45,257	144,696	87,106
Selling, general, and administrative expenses, excluding depreciation and amortization	56,557	43,796	113,846	84,836
Amortization of broadcast rights	14,673	8,280	29,254	16,912
Amortization of intangible assets	11,237	6,112	24,297	12,305
Depreciation	11,302	8,543	22,174	16,962
Total operating expenses	168,780	111,988	334,267	218,121
Income from operations	52,542	34,942	90,446	62,642
Interest expense, net	(20,391)	(15,339)	(39,684)	(30,509)
Loss on extinguishment of debt		(71)		(71)
Other expenses	(150)	(127)	(268)	(255)
Income before income taxes	32,001	19,405	50,494	31,807
Income tax expense	(12,101)	(8,461)	(18,682)	(13,510)
Net income	19,900	10,944	31,812	18,297
Net loss attributable to noncontrolling interests	421		1,416
Net income attributable to Nexstar Broadcasting Group, Inc.	20,321	10,944	33,228	18,297
Eliminations [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Revenue between consolidated entities	(17,679)	(12,253)	(34,628)	(24,346)
Net revenue	(17,679)	(12,253)	(34,628)	(24,346)
Operating expenses:
Local service agreement fees between consolidated entities	(17,679)	(12,253)	(34,628)	(24,346)
Total operating expenses	(17,679)	(12,253)	(34,628)	(24,346)
Equity in income of subsidiaries	(30,952)	(14,932)	(48,688)	(23,030)
Income before income taxes	(30,952)	(14,932)	(48,688)	(23,030)
Net income	(30,952)		(48,688)
Net income attributable to Nexstar Broadcasting Group, Inc.	(30,952)	(14,932)	(48,688)	(23,030)
Nexstar [Member] | Reportable Legal Entities [Member]
Operating expenses:
Equity in income of subsidiaries	15,476	7,466	24,344	11,515
Income before income taxes	15,476	7,466	24,344	11,515
Net income	15,476		24,344
Net income attributable to Nexstar Broadcasting Group, Inc.	15,476	7,466	24,344	11,515
Nexstar Broadcasting [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net broadcast revenue (including trade and barter)	200,722	138,181	383,768	263,134
Revenue between consolidated entities	6,438	2,445	12,907	4,890
Net revenue	207,160	140,626	396,675	268,024
Operating expenses:
Direct operating expenses, excluding depreciation and amortization	66,530	41,001	128,057	78,484
Selling, general, and administrative expenses, excluding depreciation and amortization	54,457	43,013	109,578	83,230
Local service agreement fees between consolidated entities	11,240	9,808	21,720	19,456
Amortization of broadcast rights	12,018	6,879	23,680	14,021
Amortization of intangible assets	9,805	5,402	20,496	10,822
Depreciation	10,422	7,820	20,421	15,506
Total operating expenses	164,472	113,923	323,952	221,519
Income from operations	42,688	26,703	72,723	46,505
Interest expense, net	(17,690)	(12,816)	(34,270)	(25,493)
Loss on extinguishment of debt		(50)		(50)
Other expenses	(150)	(127)	(268)	(255)
Income before income taxes	24,848	13,710	38,185	20,707
Income tax expense	(9,372)	(6,244)	(13,841)	(9,192)
Net income	15,476		24,344
Net income attributable to Nexstar Broadcasting Group, Inc.	15,476	7,466	24,344	11,515
Mission [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net broadcast revenue (including trade and barter)	12,238	8,749	24,348	17,629
Revenue between consolidated entities	9,353	9,808	17,907	19,456
Net revenue	21,591	18,557	42,255	37,085
Operating expenses:
Direct operating expenses, excluding depreciation and amortization	5,468	4,256	10,656	8,622
Selling, general, and administrative expenses, excluding depreciation and amortization	800	783	1,662	1,606
Local service agreement fees between consolidated entities	2,445	2,445	4,890	4,890
Amortization of broadcast rights	1,376	1,401	2,844	2,891
Amortization of intangible assets	597	710	1,207	1,483
Depreciation	610	723	1,212	1,456
Total operating expenses	11,296	10,318	22,471	20,948
Income from operations	10,295	8,239	19,784	16,137
Interest expense, net	(2,322)	(2,523)	(4,638)	(5,016)
Loss on extinguishment of debt		(21)		(21)
Income before income taxes	7,973	5,695	15,146	11,100
Income tax expense	(3,070)	(2,217)	(5,891)	(4,318)
Net income	4,903		9,255
Net income attributable to Nexstar Broadcasting Group, Inc.	4,903	3,478	9,255	6,782
Non-Guarantors [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net broadcast revenue (including trade and barter)	8,362		16,597
Revenue between consolidated entities	1,888		3,814
Net revenue	10,250		20,411
Operating expenses:
Direct operating expenses, excluding depreciation and amortization	3,013		5,983
Selling, general, and administrative expenses, excluding depreciation and amortization	1,300		2,606
Local service agreement fees between consolidated entities	3,994		8,018
Amortization of broadcast rights	1,279		2,730
Amortization of intangible assets	835		2,594
Depreciation	270		541
Total operating expenses	10,691		22,472
Income from operations	(441)		(2,061)
Interest expense, net	(379)		(776)
Equity in income of subsidiaries	15,476	7,466	24,344	11,515
Income before income taxes	14,656	7,466	21,507	11,515
Income tax expense	341		1,050
Net income	14,997		22,557
Net loss attributable to noncontrolling interests	421		1,416
Net income attributable to Nexstar Broadcasting Group, Inc.	$ 15,418	$ 7,466	$ 23,973	$ 11,515

Condensed Consolidating Finan48

Condensed Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]
Cash flows from operating activities	$ 80,593	$ 73,420
Cash flows from investing activities:
Purchases of property and equipment	(13,373)	(9,065)
Deposits and payments for acquisitions	(459,691)	(85,298)
Proceeds from disposal of a station	26,805
Other investing activities	2,139	33
Net cash used in investing activities	(444,120)	(94,330)
Cash flows from financing activities:
Proceeds from long-term debt	411,950	24,938
Repayments of long-term debt	(147,828)	(7,763)
Common stock dividends paid	(11,865)	(9,180)
Other financing activities	6,249	5,000
Net cash provided by financing activities	258,506	12,995
Net decrease in cash and cash equivalents	(105,021)	(7,915)
Cash and cash equivalents at beginning of period	131,912	40,028
Cash and cash equivalents at end of period	26,891	32,113
Eliminations [Member]
Cash flows from investing activities:
Purchases of property and equipment	176
Deposits and payments for acquisitions	43,300
Proceeds from disposal of a station	(43,300)
Other investing activities	(176)
Nexstar [Member] | Reportable Legal Entities [Member]
Cash flows from financing activities:
Common stock dividends paid	(11,865)	(9,180)
Inter-company payments	8,581	7,896
Other financing activities	3,284	1,284
Nexstar Broadcasting [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]
Cash flows from operating activities	73,795	69,056
Cash flows from investing activities:
Purchases of property and equipment	(13,513)	(8,950)
Deposits and payments for acquisitions	(502,912)	(82,098)
Proceeds from disposal of a station	70,105
Other investing activities	1,989	33
Net cash used in investing activities	(444,331)	(91,015)
Cash flows from financing activities:
Proceeds from long-term debt	409,950	24,938
Repayments of long-term debt	(139,910)	(5,849)
Inter-company payments	(8,581)	(7,896)
Other financing activities	2,875	3,845
Net cash provided by financing activities	264,334	15,038
Net decrease in cash and cash equivalents	(106,202)	(6,921)
Cash and cash equivalents at beginning of period	130,472	36,312
Cash and cash equivalents at end of period	24,270	29,391
Mission [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]
Cash flows from operating activities	6,318	4,364
Cash flows from investing activities:
Purchases of property and equipment	(36)	(115)
Deposits and payments for acquisitions		(3,200)
Other investing activities	150
Net cash used in investing activities	114	(3,315)
Cash flows from financing activities:
Repayments of long-term debt	(6,418)	(1,914)
Other financing activities	(8)	(129)
Net cash provided by financing activities	(6,426)	(2,043)
Net decrease in cash and cash equivalents	6	(994)
Cash and cash equivalents at beginning of period	880	3,716
Cash and cash equivalents at end of period	886	$ 2,722
Non-Guarantors [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]
Cash flows from operating activities	480
Cash flows from investing activities:
Deposits and payments for acquisitions	(79)
Other investing activities	176
Net cash used in investing activities	97
Cash flows from financing activities:
Proceeds from long-term debt	2,000
Repayments of long-term debt	(1,500)
Other financing activities	98
Net cash provided by financing activities	598
Net decrease in cash and cash equivalents	1,175
Cash and cash equivalents at beginning of period	560
Cash and cash equivalents at end of period	$ 1,735

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - $ / shares	Jul. 24, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Subsequent Event [Line Items]
Quarterly dividend declared per common share		$ 0.19	$ 0.15	$ 0.38	$ 0.30
Subsequent Event [Member]
Subsequent Event [Line Items]
Quarterly dividend declared per common share	$ 0.19
Dividends, date declared	Jul. 24, 2015
Dividends, date payable	Aug. 28, 2015
Dividends, date of record	Aug. 14, 2015