Nexstar Media (NXST) 10-Q 12 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 06, 2019
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Trading Symbol	NXST
Entity Registrant Name	NEXSTAR MEDIA GROUP, INC.
Entity Central Index Key	0001142417
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	000-50478
Entity Tax Identification Number	23-3083125
Entity Address, Address Line One	545 E. John Carpenter Freeway
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Irving
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75062
City Area Code	972
Local Phone Number	373-8800
Entity Common Stock, Shares Outstanding		46,138,785
Title of 12(b) Security	Class A Common Stock
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents		$ 317,420	$ 145,115
Restricted cash and cash equivalents		16,609
Accounts receivable, net of allowance for doubtful accounts of $15,284 and $13,158, respectively		860,794	547,285
Spectrum asset		119,047	52,002
Prepaid expenses and other current assets		121,747	22,673
Total current assets		1,435,617	767,075
Property and equipment, net		1,257,086	731,538
Goodwill		3,082,652	2,167,954
FCC licenses		3,106,959	1,778,268
Intangible assets, net		2,911,354	1,491,923
Intangible assets, net		509,889	89,958
Assets held for sale		242,999	4,417
Investments		1,499,090	13,971
Other noncurrent assets, net		408,780	106,884
Total assets	[1]	14,103,375	7,062,030
Current liabilities:
Current portion of debt		142,664	96,093
Accounts payable		109,128	67,828
Accrued expenses		497,201	173,138
Income taxes payable		160,941	2,759
Liability to surrender spectrum asset		129,964	52,002
Other current liabilities		54,399	12,352
Total current liabilities		1,094,297	404,172
Debt		8,393,173	3,884,910
Deferred tax liabilities		1,688,590	633,880
Other noncurrent liabilities		977,282	270,084
Total liabilities	[1]	12,153,342	5,193,046
Commitments and contingencies (Note 16)
Stockholders' equity:
Preferred stock - $0.01 par value, 200,000 shares authorized; none issued and outstanding at each of September 30, 2019 and December 31, 2018
Additional paid-in capital		1,346,511	1,351,931
Accumulated other comprehensive loss		(14,316)	(14,316)
Retained earnings		675,356	620,371
Treasury stock - at cost; 1,152,678 and 1,665,217 shares as of September 30, 2019 and December 31, 2018, respectively		(79,299)	(105,685)
Total Nexstar Media Group, Inc. stockholders’ equity		1,928,725	1,852,774
Noncontrolling interests in consolidated variable interest entities		21,308	16,210
Total stockholders’ equity		1,950,033	1,868,984
Total liabilities and stockholders’ equity		14,103,375	7,062,030
Network affiliation agreements [Member]
Current assets:
Intangible assets, net		2,560,303	1,401,965
Class A Common Stock [Member]
Stockholders' equity:
Common stock		473	473
Total stockholders’ equity		$ 473	$ 473
[1]	The consolidated total assets as of September 30, 2019 and December 31, 2018 include certain assets held by consolidated variable interest entities of $394.0 million and $390.3 million, respectively, which are not available to be used to settle the obligations of Nexstar Media Group, Inc. The consolidated total liabilities as of September 30, 2019 and December 31, 2018 include certain liabilities of consolidated variable interest entities of $55.3 million and $45.1 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Accounts receivable, allowance for doubtful accounts	$ 15,284	$ 13,158
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
Treasury Stock, Shares		1,665,217
Consolidated VIEs [Member]
ASSETS
Consolidated VIEs, Assets	$ 394,000	$ 390,300
LIABILITIES AND STOCKHOLDERS’ EQUITY
Consolidated VIEs, Liabilities	$ 55,300	$ 45,100
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	47,291,463	47,291,463
Common stock, shares outstanding	46,138,785	45,626,246
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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues [Abstract]
Net revenue	$ 663,575	$ 693,015	$ 1,939,234	$ 1,968,674
Operating expenses (income):
Direct operating expenses, excluding depreciation and amortization	322,327	285,363	911,234	838,765
Selling, general and administrative expenses, excluding depreciation and amortization	183,083	140,297	469,501	421,105
Amortization of broadcast rights	18,452	15,021	46,749	47,034
Amortization of intangible assets	42,443	37,157	115,538	110,640
Depreciation	29,363	27,673	84,890	78,577
Reimbursement from the FCC related to station repack	(20,417)	(5,389)	(54,020)	(12,450)
Goodwill and intangible assets impairment	63,317		63,317
Gain on disposal of stations, net	(96,608)		(96,608)
Total operating expenses	541,960	500,122	1,540,601	1,483,671
Income from operations	121,615	192,893	398,633	485,003
Income (loss) on equity investments, net	3,217	(887)	2,061	(1,813)
Interest expense, net	(93,199)	(56,237)	(197,519)	(167,107)
Loss on extinguishment of debt		(3,159)	(3,724)	(4,645)
Pension and other postretirement plans credit, net	2,578	2,458	5,378	8,358
Other income (expenses), net	118	3	209	(10)
Income (loss) before income taxes	34,329	135,071	205,038	319,786
Income tax expense	(39,507)	(35,243)	(82,594)	(86,011)
Net income (loss)	(5,178)	99,828	122,444	233,775
Net (income) loss attributable to noncontrolling interests	(669)	686	(5,397)	2,593
Net income (loss) attributable to Nexstar Media Group, Inc.	$ (5,847)	$ 100,514	$ 117,047	$ 236,368
Net income (loss) per common share attributable to Nexstar Media Group, Inc.:
Basic	$ (0.13)	$ 2.21	$ 2.54	$ 5.17
Diluted	$ (0.13)	$ 2.12	$ 2.44	$ 4.99
Weighted average number of common shares outstanding:
Basic	46,114	45,552	45,997	45,751
Diluted	46,114	47,338	47,919	47,388

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Class A Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Treasury Stock [Member]	Treasury Stock [Member]Class A Common Stock [Member]	Noncontrolling interests [Member]
Balance at Dec. 31, 2017	$ 1,581,310	$ 473	$ 1,342,541	$ 299,523	$ 6,140	$ (78,063)		$ 10,696
Balance, Shares at Dec. 31, 2017		47,291,463
Balance, Shares at Dec. 31, 2017						1,325,049
Purchase of treasury stock	(50,524)					$ (50,524)
Purchase of treasury stock, shares						(751,920)
Stock-based compensation expense	22,807		22,807
Vesting of restricted stock units and exercise of stock options	332		(21,218)			$ 21,550
Vesting of restricted stock units and exercise of stock options, shares						388,816
Dividends declared on common stock	(51,524)			(51,524)
Consolidation of a variable interest entity	15,574							15,574
Contribution from a noncontrolling interest	226							226
Net income (loss)	233,775			236,368				(2,593)
Balance at Sep. 30, 2018	1,751,976	$ 473	1,344,130	484,367	6,140	$ (107,037)		23,903
Balance, Shares at Sep. 30, 2018		47,291,463
Balance, Shares at Sep. 30, 2018						1,688,153
Balance at Jun. 30, 2018	1,642,454	$ 473	1,337,738	400,934	6,140	$ (111,846)		9,015
Balance, Shares at Jun. 30, 2018		47,291,463
Balance, Shares at Jun. 30, 2018						1,769,428
Stock-based compensation expense	8,212		8,212
Vesting of restricted stock units and exercise of stock options	2,989		(1,820)			$ 4,809
Vesting of restricted stock units and exercise of stock options, shares						81,275
Dividends declared on common stock	(17,081)			(17,081)
Consolidation of a variable interest entity	15,574							15,574
Net income (loss)	99,828			100,514				(686)
Balance at Sep. 30, 2018	1,751,976	$ 473	1,344,130	484,367	6,140	$ (107,037)		23,903
Balance, Shares at Sep. 30, 2018		47,291,463
Balance, Shares at Sep. 30, 2018						1,688,153
Balance at Dec. 31, 2018	$ 1,868,984	$ 473	1,351,931	620,371	(14,316)	$ (105,685)		16,210
Balance, Shares at Dec. 31, 2018		47,291,463
Balance, Shares at Dec. 31, 2018	(1,665,217)					1,665,217
Purchase of treasury stock, shares							0
Stock-based compensation expense	$ 29,030		29,030
Vesting of restricted stock units and exercise of stock options	(8,064)		(34,450)			$ 26,386
Vesting of restricted stock units and exercise of stock options, shares						512,539
Dividends declared on common stock	(62,062)			(62,062)
Purchase of noncontrolling interest from a consolidated variable interest entity	(6,500)							(6,500)
Noncontrolling interest from a business combination	6,201							6,201
Net income (loss)	122,444			117,047				5,397
Balance at Sep. 30, 2019	1,950,033	$ 473	1,346,511	675,356	(14,316)	$ (79,299)		21,308
Balance, Shares at Sep. 30, 2019		47,291,463
Balance, Shares at Sep. 30, 2019						1,152,678
Balance at Jun. 30, 2019	$ 1,958,217	$ 473	1,337,057	701,946	(14,316)	$ (81,381)		14,438
Balance, Shares at Jun. 30, 2019		47,291,463
Balance, Shares at Jun. 30, 2019	(1,152,678)					1,188,353
Purchase of treasury stock, shares							0
Stock-based compensation expense	$ 11,270		11,270
Vesting of restricted stock units and exercise of stock options	266		(1,816)			$ 2,082
Vesting of restricted stock units and exercise of stock options, shares						35,675
Dividends declared on common stock	(20,743)			(20,743)
Noncontrolling interest from a business combination	6,201							6,201
Net income (loss)	(5,178)			(5,847)				669
Balance at Sep. 30, 2019	$ 1,950,033	$ 473	$ 1,346,511	$ 675,356	$ (14,316)	$ (79,299)		$ 21,308
Balance, Shares at Sep. 30, 2019		47,291,463
Balance, Shares at Sep. 30, 2019						1,152,678

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement Of Stockholders Equity [Abstract]
Dividends declared on common stock (per share)	$ 0.45	$ 0.375	$ 1.35	$ 1.125

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income	$ 122,444	$ 233,775
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	115,538	110,640
Depreciation of property and equipment	84,890	78,577
Goodwill and intangible assets impairment	63,317
Amortization of broadcast rights	46,749	47,034
Stock-based compensation expense	29,030	22,807
Provision for bad debt	8,119	8,301
Amortization of debt financing costs and debt discounts	6,592	7,663
Loss on extinguishment of debt	3,724	4,645
(Gain) loss on asset disposal, net	(229)	1,116
Deferred income taxes	(14,899)	12,095
Gain on disposal of stations, net	(96,608)
Spectrum repack reimbursements	(54,020)	(12,450)
Payments for broadcast rights	(47,150)	(47,652)
(Income) loss on equity investments, net	(2,061)	1,813
Other noncash credits, net	(1,234)	(3,562)
Non-cash compensation expense related to an acquisition's contingent consideration		1,933
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable	54,633	29,152
Prepaid expenses and other current assets	1,827	3,419
Other noncurrent assets	(1,580)	481
Accounts payable	26	(3,070)
Accrued expenses and other current liabilities	(26,578)	(11,346)
Taxes payable	28,822	13,512
Other noncurrent liabilities	(5,370)	(11,669)
Net cash provided by operating activities	315,982	487,214
Cash flows from investing activities:
Purchases of property and equipment	(110,225)	(63,586)
Payments for acquisitions, net of cash and restricted cash acquired	(5,881,179)	(103,246)
Proceeds from sale of stations	1,352,958
Spectrum repack reimbursements from the FCC	54,020	12,450
Proceeds from disposals of property and equipment	2,026	4,282
Distribution from an equity investment	1,557
Other investing activities, net	(1,310)	812
Net cash used in investing activities	(4,582,153)	(149,288)
Cash flows from financing activities:
Proceeds from long-term debt, net of debt discounts	4,831,050	101,387
Repayments of long-term debt	(215,413)	(327,489)
Payments for debt financing costs	(70,717)
Common stock dividends paid	(62,062)	(51,524)
Cash paid for shares withheld for taxes	(9,813)	(4,852)
Purchase of noncontrolling interest from a consolidated variable interest entity	(6,393)
Proceeds from exercise of stock options	1,749	5,184
Payments for capital lease and capitalized software obligations	(6,419)	(7,426)
Purchase of treasury stock		(50,524)
Other financing activities, net	(6,897)	89
Net cash provided by (used in) financing activities	4,455,085	(335,155)
Net increase in cash, cash equivalents and restricted cash	188,914	2,771
Cash, cash equivalents and restricted cash at beginning of period	145,115	115,652
Cash, cash equivalents and restricted cash at end of period	334,029	118,423
Supplemental information:
Interest paid	178,882	170,790
Income taxes paid, net of refunds	68,627	59,082
Non-cash investing and financing activities:
Accrued purchases of property and equipment	27,683	18,208
Right-of-use assets obtained in exchange for operating lease obligations	$ 115,579
Consolidation of variable interest entities		15,573
Relinquishment of spectrum asset and derecognition of liability to surrender spectrum asset		$ 314,086

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) ((Parenthetical)) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019
Transition adjustment amount	$ 237,563
ASC 842 Adoption Adjustments [Member]
Transition adjustment amount		$ 112,800

Organization and Business Opera

Organization and Business Operations	9 Months Ended
	Sep. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Business Operations	Note 1: Organization and Business Operations As of September 30, 2019, Nexstar Media Group, Inc. and its wholly-owned subsidiaries (“Nexstar”) owned, operated, programmed or provided sales and other services to 197 full power television stations, including those owned by consolidated variable interest entities (“VIEs”), and one AM radio station in 115 markets in the states of Alabama, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nevada, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, and Wisconsin. The stations are affiliates of ABC, NBC, FOX, CBS, The CW, MNTV and other broadcast television networks. As of September 30, 2019, the stations reached approximately 39% of all U.S. television households (applying the Federal Communication Commission’s (“FCC”) ultra-high frequency (“UHF”) discount). Through various local service agreements, Nexstar provided sales, programming and other services to 36 full power television stations owned and/or operated by independent third parties. Nexstar also owns WGN America, a national general entertainment cable network, a 31.3% ownership stake in Television Food Network, G.P. (“TV Food Network”) and a portfolio of real estate assets. On September 19, 2019, Tribune Media Company, a Delaware corporation (“Tribune”) became a wholly owned subsidiary of Nexstar as a result of the merger of Titan Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Nexstar (“Merger Sub”), with and into Tribune (the “Merger”). The Merger was effected pursuant to the previously announced agreement and Plan of Merger, dated as of November 30, 2018 (the “Merger Agreement”) by and among Nexstar, Merger Sub and Tribune. Substantially concurrently with the Merger, Nexstar also completed the previously announced sale of the assets of 21 television stations in 16 markets for a total consideration of approximately $1.36 billion (inclusive of preliminary working capital adjustments). See Note 3 for additional information.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2: Summary of Significant Accounting Policies Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts of Nexstar and the accounts of independently-owned VIEs for which Nexstar is the primary beneficiary (See “Variable Interest Entities” section). Nexstar and the consolidated VIEs are collectively referred to as the “Company”. Noncontrolling interests represent the VIE owners’ share of the equity in the consolidated VIEs and are presented as a component separate from Nexstar Media Group, Inc. stockholders’ equity. All intercompany account balances and transactions have been eliminated in consolidation. Nexstar management evaluates each arrangement that may include variable interests and determines the need to consolidate an entity where it determines Nexstar is the primary beneficiary of a VIE in accordance with related authoritative literature and interpretive guidance. The following are assets of consolidated VIEs, excluding intercompany’ amounts, that are not available to settle the obligations of Nexstar and the liabilities of consolidated VIEs, excluding intercompany amounts, for which their creditors do not have recourse to the general credit of Nexstar (in thousands): September 30, 2019 December 31, 2018 Current assets $ 24,098 $ 20,898 Property and equipment, net 17,162 10,994 Goodwill 121,600 121,600 FCC licenses 151,808 157,658 Network affiliation agreements 70,122 74,726 Other intangible assets, net 152 787 Other noncurrent assets, net 9,013 3,652 Total assets $ 393,955 $ 390,315 Current liabilities $ 19,072 $ 17,594 Noncurrent liabilities 36,258 27,542 Total liabilities $ 55,330 $ 45,136 Liquidity The Company is leveraged, which makes it vulnerable to changes in general economic conditions. The Company’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 the Company’s control. On July 3, 2019, Nexstar Escrow, Inc., a wholly-owned indirect subsidiary of Nexstar (“Nexstar Escrow”), completed the sale and issuance of its $1.120 billion 5.625% Senior Unsecured Notes due 2027 (the “5.625% Notes due 2027”) at par. The gross proceeds of the 5.625% Notes due 2027 were directly deposited in a segregated escrow account until its utilization to partially fund the completion of the Merger on September 19, 2019. Immediately following the consummation of the Merger, Nexstar Escrow was merged with and into Nexstar Broadcasting, Inc. (“ Nexstar Broadcasting”) , with Nexstar Broadcasting surviving the merger (the “Escrow Merger”). Following the Escrow Merger, Nexstar, Mission Broadcasting, Inc. (“Mission”), Nexstar Broadcasting , certain restricted subsidiaries of Nexstar Broadcasting and the trustee entered into a supplement (the “Nexstar 2027 Notes Supplemental Indenture”) to an indenture, dated as of July 3, 2019 (the “5.625% Notes due 2027 Indenture”) , whereby Nexstar Broadcasting assumed the obligations of Nexstar Escrow under the 5.625% Notes due 2027 Indenture and the 5.625% Notes due 2027, and Nexstar, certain restricted subsidiaries of Nexstar Broadcasting and Mission provided guarantees of the 5.625% Notes due 2027 under the 5.625% Notes due 2027 Indenture On September 19, 2019, in connection with the Merger, Nexstar borrowed $3.065 billion in Term Loan B, issued at 99.21% and $675.0 million in Term Loan A, issued at 99.31%. The proceeds from the above loans, together with the net proceeds from certain station divestitures (as further discussed in Note 3) and cash on hand of Nexstar and Tribune, were used to finance the cash consideration for the Merger and repay all existing debt of Tribune prior to the Merger, including premium and accrued interest and related fees and expenses. See Notes 3 and 9 for additional information with respect to the merger and debt transactions, respectively. Interim Financial Statements The Condensed Consolidated Financial Statements as of September 30, 2019 and for the three and nine months ended September 30, 2019 and 2018 are unaudited. However, in the opinion of management, such financial statements include all adjustments (consisting solely of normal recurring adjustments) necessary for the fair statement of the financial information included herein in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the 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, 2018. The balance sheet as of December 31, 2018 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 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”) or a local marketing agreement (“LMA”) which allows Nexstar to program most of a station’s broadcast time, sell the station’s advertising time and retain the advertising revenue generated in exchange for monthly payments, based on the station’s monthly operating expenses, (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 Nexstar consolidates entities in which Nexstar is deemed under U.S. GAAP to have controlling financial interests 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 certain VIEs’ senior secured credit facilities (see Note 9), (3) Nexstar having power over significant activities affecting these VIEs’ economic performance, including budgeting for advertising revenue, certain advertising sales and, in some cases, hiring and firing of sales force personnel and (4) purchase options granted by each VIE, exclusive of Marshall Broadcasting Group, Inc. (“Marshall”), which permit Nexstar to acquire the assets and assume the liabilities of each of the VIEs’ stations, subject to FCC consent. The following table summarizes the various local service agreements Nexstar had in effect as of September 30, 2019 with its consolidated VIEs: Service Agreements Owner Full Power Stations TBA Only Mission WFXP, KHMT and KFQX LMA Only WNAC, LLC WNAC 54 Broadcasting, Inc. (“54 Broadcasting”) KNVA SSA & JSA Mission KJTL, KLRT, KASN, KOLR, KCIT, KAMC, KRBC, KSAN, WUTR, WAWV, WYOU, KODE, WTVO, KTVE, WTVW and WVNY White Knight Broadcasting (“White Knight”) WVLA, KFXK, KSHV Shield Media, LLC (“Shield”) WXXA and WLAJ Vaughan Media, LLC (“Vaughan”) WBDT, WYTV and KTKA Marshall KLJB, KPEJ and KMSS SSA Only Tamer Media, LLC (“Tamer”) KWBQ, KASY and KRWB Nexstar’s ability to receive cash from its VIEs is governed by the local service agreements. Under these agreements, Nexstar has received substantially all of the consolidated VIEs’ available cash, after satisfaction of operating costs and debt obligations. Nexstar anticipates it will continue to receive substantially all of the consolidated VIEs’ available cash, after satisfaction of operating costs and debt obligations. In compliance with FCC regulations for all the parties, each VIE maintains complete responsibility for and control over programming, finances, personnel and operations of its stations. Nexstar had a variable interest in HITV License Subsidiary, Inc., the owner of station KHII, upon execution of a TBA effective November 1, 2018 and a purchase agreement to acquire certain assets of the station. On December 17, 2018, the FCC approved Nexstar’s acquisition of the station. Nexstar evaluated its business arrangement with KHII and determined that it was the primary beneficiary of the variable interest because it had the ultimate power to direct the activities that most significantly impact the economic performance of the station including developing the annual operating budget, selling advertising, and oversight and control of sales management personnel. Thus, Nexstar consolidated KHII as of December 17, 2018 under authoritative guidance related to the consolidation of VIEs. The assets that were consolidated into Nexstar included the license assets and network affiliation agreement of KHII but were attributed to the owner of the station at the time (noncontrolling interest). On January 28, 2019, Nexstar paid the former owner the remaining purchase price, acquired the noncontrolling interest in full and completed the acquisition. As of this date, KHII is no longer a VIE. See Note 3 for additional information. The carrying amounts and classification of the assets and liabilities, excluding intercompany amounts, of the VIEs which have been included in the Condensed Consolidated Balance Sheets were as follows (in thousands): September 30, 2019 December 31, 2018 Current assets: Cash and cash equivalents $ 16,206 $ 19,060 Accounts receivable, net 23,942 22,725 Prepaid expenses and other current assets 2,554 4,423 Total current assets 42,702 46,208 Property and equipment, net 39,711 30,861 Goodwill 154,787 154,787 FCC licenses 151,808 157,658 Network affiliation agreements 81,809 87,821 Other intangible assets, net 675 1,404 Other noncurrent assets, net 21,672 8,073 Total assets $ 493,164 $ 486,812 Current liabilities: Current portion of debt $ 52,886 $ 54,616 Interest payable 977 345 Other current liabilities 19,072 17,594 Total current liabilities 72,935 72,555 Debt 241,826 243,717 Other noncurrent liabilities 36,258 27,542 Total liabilities $ 351,019 $ 343,814 Non-Consolidated VIEs Nexstar has an outsourcing agreement with Cunningham Broadcasting Corporation (“Cunningham”), which continues through December 31, 2020. Under the outsourcing agreement, Nexstar provides certain engineering, production, sales and administrative services for WYZZ, the FOX affiliate in the Peoria, Illinois market, through WMBD, the Nexstar television station in that market. During the term of the outsourcing agreement, Nexstar retains the broadcasting revenue and related expenses of WYZZ and is obligated to pay a monthly fee to Cunningham based on the combined operating cash flow of WMBD and WYZZ, as defined in the agreement. Nexstar has determined that it has a variable interest in WYZZ. Nexstar has evaluated its arrangements with Cunningham and has determined that it is not the primary beneficiary of the variable interest in this station because it does not have the ultimate power to direct the activities that most significantly impact the station’s economic performance, including developing the annual operating budget, programming and oversight and control of sales management personnel. Therefore, Nexstar has not consolidated WYZZ under authoritative guidance related to the consolidation of VIEs. Under the local service 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 agreement consists of the fees paid to Cunningham. Additionally, Nexstar indemnifies the owners of Cunningham 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. There were no significant transactions arising from Nexstar’s outsourcing agreement with Cunningham. In connection with the Merger (See Note 3), Nexstar obtained an indirect variable interest in Topix, LLC (through its investment in TKG Holdings II, LLC) (“Topix”). Nexstar has determined that it is not the primary beneficiary of Topix and therefore has not consolidated it as of and for the periods presented in the unaudited condensed consolidated financial statements. Nexstar’s maximum loss exposure related to Topix is limited to its equity investment, which was $1.3 million at September 30, 2019 Assets Held for Sale We consider assets to be held for sale when management commits to a formal plan to actively market the assets for sale at a price reasonable in relation to fair value, the asset is available for immediate sale in its present condition, an active program to locate a buyer and other actions required to complete the sale have been initiated, the sale of the asset and the transfer is expected to be completed within one year and it is unlikely that significant changes will be made to the plan. Upon designation as held for sale, we record the carrying value of the assets at the lower of its carrying value or its estimated fair value, less costs to sell. In accordance with generally accepted accounting principles, assets held for sale are not depreciated or amortized. See Note 5. Investments We account We recognize our share in earnings and losses of the investee as “Income (loss) in equity investments, net” in the Condensed Consolidated Statements of Operations. W e evaluate our equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. Investments in non-public businesses that do not have readily determinable pricing, and for which we do not have control or do not exert significant influence, are carried at cost less impairments, if any, plus or minus changes in observable prices for those investments. Gains or losses resulting from changes in the carrying value of these investments are included as non-operating expense in the Condensed Consolidated Statements of Operations. Leases As discussed in the “Recent Accounting Pronouncements” section below, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) and all related amendments issued by the Financial Accounting Standards Board (“FASB”). Accounting Standards Codification (“ASC”) 842 establishes a comprehensive new lease accounting model that requires the recording of assets and liabilities arising from operating leases on the balance sheet accompanied by enhanced qualitative and quantitative disclosures in the notes to the financial statements. The standard was issued to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. The Company adopted this standard effective January 1, 2019 using the optional transition method. The most significant impact was the recognition of right-of-use (“ROU”) assets and lease liabilities for operating leases, while the Company’s accounting for finance leases remained substantially unchanged. Financial information for reporting periods beginning after January 1, 2019 is presented under ASC 842, while comparative financial information has not been adjusted and continues to be reported in accordance with the Company’s historical accounting policy for lease contracts prior to the adoption of ASC 842. The Company has elected the ‘package of practical expedients’ permitted under the transition guidance within ASC 842, which permits the Company to carry forward the historical lease classification and not reassess whether any expired or existing contracts are or contain leases. In addition, the Company is not required to reassess initial direct costs for any existing leases. The Company did not elect the land easements and the use of hindsight practical expedients in determining the lease term for existing leases. ASC 842 also provides practical expedients for an entity’s ongoing accounting. The Company has elected the short-term lease recognition exemption for all leases that qualify. As a result, for those leases with a term of less than 12 months, it will not recognize ROU assets or lease liabilities. The vast majority of the Company’s television station leases are comprised of fixed lease payments, with a small percentage of television station lease payments that are tied to a rate or index which may be subject to variability. For these leases, the calculation of the present value of future minimum lease payments is the base rate as of the later of (i) when the television station was acquired by the Company, or (ii) the commencement date of the lease agreement. Certain real estate leases also include executory costs such as common area maintenance (non-lease component), as well as property insurance and property taxes (non-components). These are not significant and the Company historically excluded these executory costs from its future minimum lease payments under its historical policy prior to the adoption of ASC 842. As such, the executory costs were excluded from the calculation of ROU assets and lease liabilities associated with operating leases upon transition. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. The discount rate represents a risk-adjusted rate on a secured basis, and is the rate at which the Company would borrow funds to satisfy the scheduled lease liability payment streams commensurate with the lease term. On January 1, 2019, the discount rate used on existing leases at adoption was determined based on the remaining lease term using available data as of that date. The Company recognized operating lease ROU assets on its Condensed Consolidated Balance Sheet as of January 1, 2019 of $112.8 million, inclusive of the present value of remaining future operating lease payments of $98.9 million and reclassifications of certain operating lease related assets and liabilities under the Company’s historical accounting policy prior to the adoption of ASC 842 such as favorable (unfavorable) lease intangible assets, deferred rent, short-term and long-term prepaid expenses and other accruals. These are summarized in the table below (in thousands). The adoption did not result in a cumulative impact on retained earnings as of January 1, 2019. ASC 842 Adoption Adjustments Present Value of Remaining Operating Lease Reclassifications of Operating Lease Related Balance Sheet Items to Operating Lease ROU Assets Impact on Consolidated Balance Sheets December 31, 2018 Payments as of January 1, 2019 Net Favorable Leases Deferred Rent Other Total Adjustments January 1, 2019 Prepaid expenses and other current assets $ 22,673 $ - $ - $ - $ (270 ) $ (270 ) $ 22,403 Other intangible assets, net 1,491,923 - (24,181 ) - - (24,181 ) 1,467,742 Other noncurrent assets, net 106,884 98,887 24,181 (9,781 ) (720 ) 112,567 219,451 Total assets 7,062,030 98,887 - (9,781 ) (990 ) 88,116 7,150,146 Other current liabilities 12,352 17,399 - (1,645 ) (423 ) 15,331 27,683 Other noncurrent liabilities 270,084 81,488 - (8,136 ) (567 ) 72,785 342,869 Total liabilities 5,193,046 98,887 - (9,781 ) (990 ) 88,116 5,281,162 After transition to ASC 842, the Company determines if an arrangement is a lease at inception. The ROU assets arising from operating leases are included in other noncurrent assets, other current liabilities and other noncurrent liabilities in the accompanying Condensed Consolidated Balance Sheets. Operating lease ROU assets and operating lease liabilities that are recognized after the adoption of ASC 842 are based on the present value of the future minimum lease payments over the lease term at the commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and executory costs (not significant). The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. When determining if a renewal option is reasonably certain of being exercised, the Company considers several factors, including but not limited to, the significance of leasehold improvements incurred on the property, whether the asset is difficult to replace, or specific characteristics unique to the particular lease that would make it reasonably certain that the Company would exercise such option. In most cases, the Company has concluded that renewal and early termination options are not reasonably certain of being exercised by the Company (and thus not included in its ROU asset and lease liability) unless there is an economic, financial or business reason to do so. As most of the Company’s leases do not provide an implicit rate, the incremental borrowing rate was used based on the information available at the commencement date in determining the present value of future lease payments. The discount rate represents a risk-adjusted rate on a secured basis and is the rate at which the Company would borrow funds to satisfy the scheduled lease liability payment streams commensurate with the lease term. For new or renewed leases starting in 2019, the discount rate is determined using available data at lease commencement and based on the lease term including any reasonably certain renewal periods. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. In rare circumstances, the Company may enter into finance leases for specific equipment or real estate used in its operations, in which the lease term is for the major part of the remaining economic life of the underlying asset or the present value of the lease payments equals or exceeds substantially all of the estimated fair value of the underlying asset. The Company records its finance leases within property and equipment, other current liabilities and other noncurrent liabilities on the accompanying Condensed Consolidated Balance Sheets. See Note 10 for additional disclosures on leases as of September 30, 2019. Income Per Share Basic income per share is computed by dividing the net income by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed using the weighted-average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares are calculated using the treasury stock method. They consist of stock options and restricted stock units outstanding during the period and reflect the potential dilution that could occur if common shares were issued upon exercise of stock options and vesting of restricted stock units. The following table shows the amounts used in computing the Company’s diluted shares (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Weighted average shares outstanding - basic 46,114 45,552 45,997 45,751 Dilutive effect of equity incentive plan instruments - 1,786 1,922 1,637 Weighted average shares outstanding - diluted 46,114 47,338 47,919 47,388 Because of their anti-dilutive effect, stock options and restricted stock units to acquire a weighted average of 2,700 and 10,900 shares of Class A common stock have been excluded from the computation of diluted earnings per share for the three and nine months ended September 30, 2019, respectively. Because of their anti-dilutive effect, stock options and restricted stock units to acquire a weighted average of 5,000 and 27,000 shares of Class A common stock have been excluded from the computation of diluted earnings per share for the three and nine months ended September 30, 2018, respectively. 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 New Accounting Standards Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The Company adopted this standard and all related amendments effective January 1, 2019 using the optional transition method. The standard had a material impact on the Company’s Condensed Consolidated Balance Sheets but did not impact its operating results, cash flows or equity. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases, while our accounting for finance leases remained substantially unchanged. The adoption did not result in a cumulative impact on retained earnings as of January 1, 2019. See Leases above for the Company’s updated accounting policy and Note 8 for expanded disclosures. New Accounting Standards Not Yet Adopted In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,” which provided certain improvements to ASU 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,” ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” and ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” As the Company has adopted ASU 2016-01 and ASU 2017-12, the improvements in ASU 2019-04 are effective for fiscal years beginning after December 15, 2019, and the interim periods within those fiscal years. Early adoption is permitted. The Company expects to adopt ASU 2016-13 in the first quarter of 2020, as described below, and the improvements in ASU 2019-04 will be adopted concurrently. The Company is currently evaluating the impact of adopting ASU 2019-04 on its Condensed Consolidated Financial Statements. In March 2019, the FASB issued ASU 2019-02, “Entertainment-Films-Other Assets-Film Costs (Subtopic 926-20) and Entertainment-Broadcasters-Intangibles-Goodwill and Other (Subtopic 920-350).” The standard requires production costs of episodic television series to be capitalized as incurred, which aligns the guidance with the accounting for production costs of films. In addition, once ASU 2019-02 is effective, capitalized costs associated with films and license agreements will be tested for impairment based on the lower of unamortized cost or fair value, as opposed to the existing guidance where the impairment test is based on estimated net realizable value. The guidance also includes additional disclosure requirements. The standard is effective for fiscal years beginning after December 15, 2019, and the interim periods within those fiscal years. Early adoption is permitted. The amendments in ASU 2019-02 should be applied prospectively. The Company is currently evaluating the impact of adopting ASU 2019-02 on its Condensed Consolidated Financial Statements In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities (“ASU 2018-17”). The amendments in ASU 2018-17 for determining whether a decision-making fee is a variable interest require reporting entities to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety (as currently required in GAAP). Therefore, these amendments likely will result in more decision makers not having a variable interest through their decision-making arrangements. The amendments in ASU 2018-17 are effective for interim and annual reporting periods beginning after December 15, 2019, and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2018-17 on its Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) (“ASU 2018-13”), which modifies the disclosure requirements on fair value measurements. The amendments in this update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. In August 2018, the FASB issued ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20) (“ASU 2018-14”). ASU 2018-14 removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and adds additional disclosures. The amendments in ASU 2018-14 are effective for fiscal years ending after December 15, 2020, and early adoption is permitted. The updated standard should be applied on a retrospective basis. The Company is currently evaluating the impact of adopting ASU 2018-14 on its Condensed Consolidated Financial Statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”). The standard requires entities to estimate loss of financial assets measured at amortized cost, including trade receivables, debt securities and loans, using an expected credit loss model. The expected credit loss model differs from the previous incurred losses model primarily in that the loss recognition threshold of “probable” has been eliminated and that expected loss should consider reasonable and supportable forecasts in addition to the previously considered past events and current conditions. Additionally, the guidance requires additional disclosures related to the further disaggregation of information related to the credit quality of financial assets by year of the asset’s origination for as many as five years. In November 2018, the FASB issued ASU No. 2018-19 to clarify the scope of the guidance in the amendments in ASU 2016-13. Entities must apply the standard provision as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The standard is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. The Company is currently evaluating the impact of adopting ASU 2016-13 on its Condensed Consolidated Financial Statements.

Acquisitions and Dispositions

Acquisitions and Dispositions	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Acquisitions and Dispositions	Note 3: Acquisitions and Dispositions Merger with Tribune On September 19, 2019 (the “Closing Date”), Tribune became a wholly owned subsidiary of Nexstar as a result of the Merger, with Tribune surviving the Merger as a wholly owned subsidiary of Nexstar. The Merger was effected pursuant to the Merger Agreement, by and among Nexstar, Merger Sub and Tribune. The Merger created the nation’s largest pure-play local broadcast television and digital company, with national coverage and reach to approximately 39% of U.S. television households (applying the FCC’s UHF discount). As a result of the Merger, Nexstar acquired 31 full power stations and one AM radio station in 23 markets (net of divestitures of 13 full power television stations in 11 markets). Nexstar also acquired WGN America, Market Rank at Acquisition Market Full Power Stations Primary Affiliation 2 Los Angeles, CA KTLA The CW 3 Chicago, IL WGN-TV Independent 3 Chicago, IL WGN(AM) Independent 4 Philadelphia, PA WPHL MNTV 5 Dallas, TX KDAF The CW 7 Washington, DC WDCW The CW 8 Houston, TX KIAH The CW 13 Seattle, WA KCPQ FOX 13 Seattle, WA KZJO MNTV 17 Denver, CO KDVR FOX 17 Denver, CO KWGN The CW 17 Fort Collins, CO KFCT FOX 19 Cleveland, OH WJW FOX 20 Sacramento, CA KTXL FOX 22 Portland, OR KRCW The CW 23 St. Louis, MO KTVI FOX 23 St. Louis, MO KPLR The CW 25 Indianapolis, IN WXIN FOX 25 Kokomo, IN WTTK CBS 25 Indianapolis, IN WTTV CBS 29 San Diego, CA KSWB FOX 32 Kansas City, MO WDAF FOX 35 Milwaukee, WI WITI FOX 43 Oklahoma City, OK KFOR NBC 43 Oklahoma City, OK KAUT Independent 49 High Point, NC WGHP FOX 50 New Orleans, LA WGNO ABC 50 New Orleans, LA WNOL The CW 51 Memphis, TN WREG CBS 68 Des Moines, IA WHO NBC 78 Huntsville, AL WHNT CBS 197 Eureka Springs, AR KXNW MNTV Pursuant to the terms of the Merger Agreement, upon completion of the Merger, each issued and outstanding share of Tribune Class A common stock, par value $0.001 per share (the “Tribune Class A Stock”) and Tribune Class B common stock, par value $0.001 per share (“Tribune Class B Stock,” and together with the Tribune Class A Stock, the “Tribune Stock”) immediately prior to the Closing Date of the Merger, other than shares or other securities representing capital stock in Tribune owned, directly or indirectly, by Nexstar or any of its subsidiaries or any subsidiary of Tribune, was converted into the right to receive $46.687397 in cash (the “Merger Consideration”). Upon completion of the Merger, each option to purchase shares of Tribune Stock outstanding as of immediately prior to the Closing Date (a “Tribune Stock Option”), whether or not vested or exercisable, was cancelled and converted into the right to receive a cash payment equal to the excess, if any, of the value of the Merger Consideration over the exercise price per share of such Tribune Stock Option, without any interest and subject to all applicable withholding. Any Tribune Stock Option with an exercise price per share greater than or equal to the Merger Consideration was cancelled for no consideration or payment. Upon completion of the Merger, each award of Tribune restricted stock units outstanding as of immediately prior to the Closing Date (“Tribune RSUs”), whether or not vested, immediately vested and was cancelled and converted into the right to receive a cash payment equal to the product of the total number of shares of Tribune Stock underlying such Tribune RSUs multiplied by the Merger Consideration, without any interest and subject to all applicable withholding (the “RSU Consideration”), except that each award of Tribune RSUs granted to an employee on or after December 1, 2018 (other than Tribune RSUs required to be granted pursuant to specified employment agreements or offer letters) (“Annual Tribune RSUs”) that had vested as of the Closing Date was cancelled and converted into the right to receive the RSU Consideration and any Annual Tribune RSUs that remained unvested as of the Closing Date were cancelled for no consideration or payment. Upon completion of the Merger, each award of Tribune performance stock units outstanding as of immediately prior to the Closing Date (“Tribune PSUs”), whether or not vested, immediately vested (with performance conditions for each open performance period as of the Closing Date deemed achieved at the applicable “target” level performance for such Tribune PSUs) and was cancelled and converted into the right to receive a cash payment equal to the product of the total number of shares of Tribune Stock underlying such Tribune PSUs multiplied by the Merger Consideration, without any interest and subject to all applicable withholding. Upon completion of the Merger, each outstanding award of Tribune deferred stock units outstanding as of immediately prior to the Closing Date (“Tribune DSUs”) was cancelled and converted into the right to receive a cash payment equal to the product of the total number of shares of Tribune Stock underlying such Tribune DSUs multiplied by the Merger Consideration, without interest and subject to all applicable withholding. Upon completion of the Merger, each unexercised warrant to purchase shares of Tribune Stock outstanding as of immediately prior to the Closing Date (a “Tribune Warrant”) was assumed by Nexstar and converted into a warrant exercisable for the Merger Consideration which the shares of Tribune Stock underlying such Tribune Warrant would have been entitled to receive upon consummation of the Merger and otherwise upon the same terms and conditions of such Tribune Warrant immediately prior to the Closing Date. The following table summarizes the components of the total consideration paid or payable upon closing of the Merger (in thousands): Cash consideration and related taxes $ 4,197,198 Warrants replacement awards 1,008 Repayment of Tribune debt, including premium and accrued interest 2,988,833 Gross purchase price 7,187,039 Less: Gross selling price of Tribune Divestitures, including preliminary working capital adjustments (1,007,745 ) Net purchase price $ 6,179,294 Substantially concurrently with the Merger, Nexstar also completed the previously announced sale of the assets of 21 full power television stations in 16 markets to TEGNA, Inc., E.W. Scripps Company and Circle City Broadcasting I, Inc. The total consideration of these divestitures was approximately $1.36 billion (inclusive of preliminary working capital adjustments). These divestitures were previously agreed upon by Nexstar and Tribune to comply with the FCC’s local television ownership rule and the FCC’s national ownership cap and to facilitate Department of Justice (“DOJ”) approval of the Merger. Eight of the divested television stations were previously owned by Nexstar and were sold for an estimated $358.6 million in cash, including preliminary working capital adjustments (the “Nexstar Divestitures”). Nexstar recognized a $106.4 million gain on the Nexstar Divestitures. The other 13 television stations, which were previously owned or operated by Tribune were sold for an estimated $1.008 billion in cash, including preliminary working capital adjustments (the “Tribune Divestitures”). Nexstar recognized a $9.8 million loss on disposal on the Tribune Divestitures, representing selling costs incurred with their disposition which is recorded in the Gain on disposal of stations, net in the Condensed Consolidated Statements of Operations. The cash consideration, the repayment of then-existing indebtedness of Tribune and the related fees and expenses were funded through a combination of proceeds from station divestitures, proceeds from the $1.120 billion 5.625% Notes due 2027 (See Note 9), new Term Loan A and Term Loan B borrowings (See Note 9) and cash on hand of Nexstar and Tribune. Subject to final determination, which is expected to occur within twelve months of the acquisition date, the provisional fair values of the assets acquired, liabilities assumed, and noncontrolling interests (net of the effects of the Tribune Divestitures) are as follows (in thousands): Assets acquired Cash and cash equivalents $ 1,289,251 Restricted cash and cash equivalents 16,609 Accounts receivable, net 368,869 Prepaid expenses and other current assets 106,226 Property and equipment 520,290 Goodwill 1,057,551 FCC licenses 1,421,454 Network affiliation agreements 1,269,060 Other intangible assets 490,143 Equity investments 1,482,960 Assets held for sale 239,750 Other noncurrent assets 276,118 Total assets acquired 8,538,281 Liabilities assumed Accounts payable (41,233 ) Accrued expenses and other current liabilities (362,953 ) Income taxes payable (130,296 ) Deferred tax liabilities (1,066,531 ) Other noncurrent liabilities (751,773 ) Total liabilities assumed (2,352,786 ) Noncontrolling interests (6,201 ) Net assets acquired and consolidated $ 6,179,294 The provisional purchase price allocation presented above is based upon management’s estimate of the fair value of the acquired assets and assumed liabilities using valuation techniques including income, cost, and market approaches. The fair value estimates (subject to final determination) are based on, but not limited to, expected future revenue and cash flows, expected future growth rates, and estimated discount rates. Restricted cash and cash equivalents primarily consist of funds held by Tribune to satisfy the remaining claim obligations pursuant to Tribune’s Chapter 11 reorganization (See Note 16). Property and equipment are being depreciated over their estimated useful lives ranging from 3 years to 39 years. The fair value assigned to goodwill is attributable to future expense reductions utilizing management’s leverage in operating costs. The intangible assets related to the primary and secondary network affiliation agreements are amortized over an estimated weighted average useful life of 14.9 years. Other definite-lived intangible assets are amortized over an estimated weighted average useful life of 7.5 years. The equity investments primarily include Nexstar’s 31.3% ownership stake in TV Food Network with a provisional fair value of $1.469 billion. The remainder relates to various investments in private companies. See Note 6 for additional information. The assets held for sale mainly consists of a real estate property located in Chicago. The carryovers of the tax basis in goodwill ($634 million), FCC licenses ($60 million), network affiliation agreements ($102 million), other intangible assets ($288 million), equity investments ($379 million), and property and equipment, including assets held for sale ($246 million), are deductible for tax purposes. Nexstar also assumed Tribune’s pension and other postretirement benefit obligations (mainly included in other noncurrent liabilities). See Note 8 for additional information. The acquisition of a certain real estate property located in Chicago (included in property and equipment, net in the provisional allocation above) resulted in noncontrolling interest of $6.2 million, representing the ownership stake of a third party. The provisional fair value of the noncontrolling interest, is estimated by applying the market approach valuation technique. In connection with the Merger, Nexstar assumed certain contingencies as described further in Notes 14 and 16. Tribune’s net revenue of $55.1 million and operating loss of $7.9 million, inclusive of one-time charges of $17.4 million in connection with the Merger, from September 19, 2019 to September 30, 2019 have been included in the accompanying Condensed Consolidated Statements of Operations. Transaction costs relating to the Merger, including legal and professional fees and severance costs of $31.0 million, were expensed as incurred during the three months ended September 30, 2019 and $38.3 million during the nine months ended September 30, 2019. These costs were included in selling, general and administrative expense, excluding depreciation and amortization in the accompanying Condensed Consolidated Statements of Operations. No costs were incurred during the three and nine months ended September 30, 2018. KHII KHII operated under a TBA with Nexstar that began on November 1, 2018. On December 17, 2018, Nexstar became the primary beneficiary of its variable interest in KHII and its satellite stations and consolidated the assets that Nexstar agreed to acquire as of this date, all of which were attributed to noncontrolling interest. On January 28, 2019, Nexstar completed its acquisition of KHII and paid the remaining purchase price of $6.4 million, funded by cash on hand. Accordingly, this final payment and the previous deposit of $0.1 million were utilized by Nexstar to acquire in full the noncontrolling interest in KHII of $6.5 million. As of January 28, 2019, the TBA was terminated and KHII is no longer a VIE. Unaudited Pro Forma Information The following unaudited pro forma information (in thousands) has been presented for the periods indicated as if the Merger with Tribune had occurred on January 1, 2018. The unaudited pro forma information combined the historical results of Nexstar and Tribune, adjusted for business combination accounting effects including transaction costs attributable to the Merger, the net gain on disposal of television stations in connection with the Merger, the depreciation and amortization charges from acquired intangible assets, the interest on new debt and the related tax effects. The pro forma financial information as presented below is for informational purposes only and is not indicative of the results of operations that would have been achieved if the Merger had taken place at the beginning of fiscal year 2018. Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Net revenue $ 961,395 $ 1,061,752 $ 2,923,988 $ 3,030,272 Income before income taxes 38,205 120,270 350,155 444,671 Net income 1,112 119,571 236,214 385,668 Net income attributable to Nexstar 443 120,280 230,828 321,165

Intangible Assets and Goodwill

Intangible Assets and Goodwill	9 Months Ended
	Sep. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Note 4: Intangible Assets and Goodwill Intangible assets subject to amortization consisted of the following (in thousands): Estimated September 30, 2019 December 31, 2018 useful life, Accumulated Accumulated in years Gross Amortization Net Gross Amortization Net Network affiliation agreements 15 $ 3,208,979 $ (648,676 ) $ 2,560,303 $ 1,977,825 $ (575,860 ) $ 1,401,965 Other definite-lived intangible assets (1) 1-20 551,189 (200,138 ) 351,051 246,137 (156,179 ) 89,958 Other intangible assets $ 3,760,168 $ (848,814 ) $ 2,911,354 $ 2,223,962 $ (732,039 ) $ 1,491,923 (1) Other intangible assets, net in the Condensed Consolidated Balance Sheet as of September 30, 2019 of $509.9 million represents the total other definite-lived intangible assets of $351.1 million in the table above and other indefinite-lived intangible asset of $158.8 million as shown in the table below. The increases in network affiliation agreements and other definite-lived intangible assets are primarily attributable to the Merger and the related divestitures as discussed in Note 3 above. Due to the actual and projected decreases in operating results on one of the Company’s digital reporting units, management reviewed the recoverability of other definite-lived intangible assets as of September 30, 2019. The long-term projected effect of the deterioration in customer relationships, mainly driven by marketplace changes on select demand-side platform customers, led to the decrease in this business unit’s current operating results and forecasts. Based on the analysis of estimated undiscounted future pre-tax cash flows expected to result from the use of the intangible assets and eventual disposition, management determined that the carrying value of the long-lived assets is not recoverable and recorded a non-cash pre-tax impairment charge of $20.8 million. No material long-lived assets in this asset group are recorded as of September 30, 2019. Upon adoption of ASC 842 on January 1, 2019, the Company’s other intangible assets amounting to $24.2 million representing favorable leases, net were reclassified to ROU assets which are included in the “other noncurrent assets, net” in the Condensed Consolidated Balance Sheets (see Note 2). The following table presents the Company’s estimate of amortization expense for the remainder of 2019, each of the five succeeding years ended December 31 and thereafter for definite-lived intangible assets as of September 30, 2019 (in thousands): Remainder of 2019 $ 72,462 2020 243,112 2021 240,180 2022 237,603 2023 235,325 2024 233,935 Thereafter 1,648,737 $ 2,911,354 The amounts recorded to goodwill, FCC licenses and other indefinite-lived intangible assets were as follows (in thousands): Goodwill FCC Licenses Other Indefinite-Lived Intangible Assets Accumulated Accumulated Accumulated Gross Impairment Net Gross Impairment Net Gross Impairment Net Balances as of December 31, 2018 $ 2,257,774 $ (89,820 ) $ 2,167,954 $ 1,825,678 $ (47,410 ) $ 1,778,268 $ - $ - $ - Acquisitions (See Note 3) 1,057,551 - 1,057,551 1,421,454 - 1,421,454 158,838 - 158,838 Nexstar Divestitures (See Note 3) (98,834 ) - (98,834 ) (92,763 ) - (92,763 ) - - - Impairment - (42,475 ) (42,475 ) - - - - - - Measurement period adjustments (1,544 ) - (1,544 ) - - - - - - Balances as of September 30, 2019 $ 3,214,947 $ (132,295 ) $ 3,082,652 $ 3,154,369 $ (47,410 ) $ 3,106,959 $ 158,838 $ - $ 158,838 During 2019, Nexstar recorded measurement period adjustments related to a station acquired in 2018 and recognized a $1.5 million reduction to goodwill, representing working capital adjustments. Due to the actual and projected decreases in operating results on one of the Company’s digital reporting units, management performed an interim quantitative impairment assessment as of September 30, 2019. The long-term projected effect of the deterioration in customer relationships, mainly driven by marketplace changes on select demand-side platform customers led to the decrease in this business unit’s current operating results and forecasts. The estimated fair value of the reporting unit was determined using a combination of an income approach and a market comparable method. The income approach utilizes the estimated discounted cash flows expected to be generated by the reporting unit assets. The market comparable method employs comparable company information, and where available, recent transaction information for similar assets. As a result of the interim impairment review, the estimated fair value of the reporting unit did not exceed the carrying amount and the Company recorded a non-cash pre-tax impairment charge of $42.4 million. As of September 30, 2019, the digital reporting unit has no remaining balance of goodwill. he Company did not identify any other events that would trigger impairment assessment for the remaining reporting units.

Assets Held for Sale

Assets Held for Sale	9 Months Ended
	Sep. 30, 2019
Property Plant And Equipment Assets Held For Sale Disclosure [Abstract]
Assets Held for Sale	5. Assets H As of September 30, 2019, the Company had certain real estate properties held for sale which are included in the Company’s unaudited Condensed Consolidated Financial Statements (in thousands): September 30, 2019 December 31, 2018 Real estate $ 242,999 $ 4,417 The increase in assets held for sale is due to new assets acquired in connection with the Merger (See Note 3 above) and mainly consist of a real estate property located in Chicago.

Investments

Investments	9 Months Ended
	Sep. 30, 2019
Investments Debt And Equity Securities [Abstract]
Investments	6. Inve Investments consist of the following (in thousands): September 30, 2019 December 31, 2018 Equity method investments $ 1,493,604 $ 13,666 Other equity investments 5,486 305 Total investments $ 1,499,090 $ 13,971 Equity Method Investments The Company’s equity method investments primarily included TV Food Network (in which Nexstar has an ownership stake of 31.3%) with a book value of $1.473 billion as of September 30, 2019. TV Food Network owns and operates “The Food Network,” a 24-hour lifestyle cable television channel focusing on food and related topics. TV Food Network also owns and operates “The Cooking Channel,” a cable television channel primarily devoted to cooking instruction, food information and other related topics. TV Food Network’s programming is distributed by cable and satellite television systems. The partnership agreement governing TV Food Network provides that the partnership shall, unless certain actions are taken by the partners, dissolve and commence winding up and liquidating TV Food Network upon the first to occur of certain enumerated liquidating events, one of which is a specified date of December 31, 2020. The Company would be entitled to its proportionate share of distributions to partners in the event of a liquidation, which the partnership agreement provides would occur as promptly as is consistent with obtaining fair market value for the assets of TV Food Network. The partnership agreement also provides that the partnership may be continued or reconstituted in certain circumstances. At acquisition date, the Company measured its estimated share of the differences between the estimated fair values and carrying values (the “basis difference”) of the investees’ tangible assets and amortizable intangible assets had the fair value of the investments been allocated to the identifiable assets of the investees in accordance with ASC Topic 805 “Business Combinations.” Additionally, the Company measures its estimated share of the basis difference attributable to investees’ goodwill and other intangible assets that are not amortizable, including brand name. In connection with the Merger, Nexstar estimated a total of $601.3 million for its share of the basis difference attributable to investees’ amortizable intangible assets. Nexstar also estimated a basis difference of $865.2 million attributable to investees’ goodwill and brand name The Company amortizes the basis differences attributable to tangible assets and intangible assets subject to amortization and records the amortization (the “amortization of basis difference”) as a reduction of income on equity investments, net in the unaudited Condensed Consolidated Statements of Operations. As of September 30, 2019, the remaining identifiable assets subject to amortization of basis difference, including those related to legacy and newly acquired investments, totaled $603.1 million and have a weighted average remaining useful life of approximately 8.1 years Income on equity investments, net reported in the Company’s unaudited Condensed Consolidated Statements of Operations consisted of the following (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Income on equity investments, net, before amortization of basis difference $ 7,255 $ (784 ) $ 6,302 $ (1,506 ) Amortization of basis difference (4,038 ) (103 ) (4,241 ) (307 ) Income on equity investments, net $ 3,217 $ (887 ) $ 2,061 $ (1,813 ) Summarized financial information for TV Food Network is as follows (in thousands): September 19, 2019 to September 30, 2019 Net revenue $ 46,437 Costs and expenses 16,852 Income from operations 29,585 Net income 24,991 Net income attributable to Nexstar Media Group, Inc. 7,822 Other Equity Investments Other equity investments are investments without readily determinable fair values. All of the Company’s other equity investments, including those acquired through the Merger, are ownership interests in private companies. These assets were recorded at cost, subject to periodic evaluation of the carrying values.

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2019
Payables And Accruals [Abstract]
Accrued Expenses	Note 7: Accrued Expenses Accrued expenses consisted of the following (in thousands): September 30, 2019 December 31, 2018 Compensation and related taxes $ 98,108 $ 44,269 Broadcast rights payable 133,099 8,340 Network affiliation fees 73,282 21,916 Interest payable 44,092 32,047 Capital expenditures 24,868 18,273 Other 123,752 48,293 $ 497,201 $ 173,138 The increases in accrued expenses are primarily attributable to liabilities assumed in connection with the Merger as discussed in Note 3 above.

Retirement and Postretirement P

Retirement and Postretirement Plans	9 Months Ended
	Sep. 30, 2019
Compensation And Retirement Disclosure [Abstract]
Retirement and Postretirement Plans	Note 8: Retirement and Postretirement Plans The Company has an existing funded, qualified non-contributory defined benefit retirement plan which covers certain employees and former employees. Additionally, there are existing non-contributory unfunded supplemental executive retirement and ERISA excess plans which supplement the coverage available to certain executives. All of these existing retirement plans are frozen. The Company also has an existing retiree medical savings account plan which reimburses eligible retired employees for certain medical expenses and an unfunded plan that provides certain health and life insurance benefits to retired employees who were hired prior to 1992. Nexstar recognizes the underfunded status of these existing plan liabilities on its Condensed Consolidated Balance Sheets. The funded status of a plan represents the difference between the fair value of plan assets and the related plan projected benefit obligation. Changes in the funded status are recognized through comprehensive income in the year in which the changes occur. In connection with the Merger, Nexstar assumed Tribune’s pension and postretirement obligations, including a qualified and non-contributory defined benefit retirement plan which covers certain of Tribune’s employees and former employees. This retirement plan is frozen in terms of pay and service. Nexstar also assumed three small defined benefit pension plans for Tribune’s other employees and former employees. Two of these small defined pension plans are frozen, and the other small defined benefit pension plan is not frozen and represents 2% of the total projected benefit obligation for all defined benefit retirement plans of Tribune. Tribune also provides postretirement health care and life insurance benefits to eligible employees (who retired prior to January 1, 2016) under a variety of plans. As of the Closing Date, the projected benefit obligation of the retirement plans was approximately $2.091 billion and the plan assets at fair value were approximately $1.673 billion resulting in a net liability for retirement plans of $418.2 million (included in other noncurrent liabilities). The following table provides the components of net periodic benefit cost (credit) for the Company’s pension and other postretirement benefit plans (“OPEB”), including the plans assumed through the Merger (in thousands): Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Pension Benefits OPEB Pension Benefits OPEB Service Cost $ 32 $ - $ 32 $ - Interest Cost 5,716 205 13,466 605 Expected return on plan assets (8,499 ) - (19,449 ) - Net periodic benefit (credit) cost $ (2,751 ) $ 205 $ (5,951 ) $ 605 Three Months Ended Nine Months Ended September 30, 2018 September 30, 2018 Pension Benefits OPEB Pension Benefits OPEB Interest cost $ 3,350 $ 150 $ 10,050 $ 450 Expected return on plan assets (6,000 ) - (18,900 ) - Net periodic benefit (credit) cost $ (2,650 ) $ 150 $ (8,850 ) $ 450 The Company has no required contributions to its qualified retirement plans in 2019. Total payments to fund the obligations under the existing plans and the plans assumed from Tribune are considered contributions and are expected to be less than $6.0 million

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt	Note 9: Debt Long-term debt consisted of the following (in thousands): September 30, 2019 December 31, 2018 Term loans, net of financing costs and discount of $108,645 and $37,679, respectively $ 5,861,112 $ 2,407,490 Revolving loans 5,628 5,628 6.125% Senior unsecured notes due 2022, net of financing costs of $1,210 and $1,556, respectively 273,790 273,444 5.875% Senior unsecured notes due 2022, plus premium of $4,906 and $6,233, respectively 404,906 406,233 5.625% Senior unsecured notes due 2024, net of financing costs of $10,425 and $11,792, respectively 889,575 888,208 5.625% Senior unsecured notes due 2027, net of financing costs of $19,174 1,100,826 - 8,535,837 3,981,003 Less: current portion (142,664 ) (96,093 ) $ 8,393,173 $ 3,884,910 2019 Transactions On July 3, 2019, Nexstar Escrow completed the sale and issuance of $1.120 billion 5.625% Notes due 2027 at par. The gross proceeds of the 5.625% Notes due 2027 were initially deposited in a segregated escrow account. The escrow account has been subsequently released on September 19, 2019 upon completion of the Merger. Immediately following the consummation of the Merger, Nexstar Escrow was merged with and into Nexstar Broadcasting , with Nexstar Broadcasting surviving the merger. Following the Escrow Merger, Nexstar, Mission, Nexstar Broadcasting , certain restricted subsidiaries of Nexstar Broadcasting and the trustee entered into the Nexstar 2027 Notes Supplemental Indenture, whereby Nexstar Broadcasting assumed the obligations of Nexstar Escrow under the 5.625% Notes due 2027 Indenture and the 5.625% Notes due 2027, and Nexstar, certain restricted subsidiaries of Nexstar Broadcasting and Mission provided guarantees of the 5.625% Notes due 2027 under the 5.625% Notes due 2027 Indenture. The 5.625% Notes due 2027 will mature on July 15, 2027. Interest on the 5.625% Notes due 2027 is payable semiannually in arrears on January 15 and July 15 of each year. The 5.625% Notes due 2027 were issued pursuant to the 5.625% Notes due 2027 Indenture. The 5.625% Notes due 2027 are senior unsecured obligations of Nexstar Broadcasting and the guarantors, rank equal in right of payment with all the existing and future senior indebtedness of Nexstar Broadcasting and the guarantors and rank senior in right of payment to all of the future subordinated indebtedness of Nexstar Broadcasting and the guarantors but junior to the secured debt to the extent of the value of the assets securing such debt. The 5.625% Notes rank equal to the 5.875% senior unsecured notes due 2022 (the “5.875% Notes”), the 6.125% senior unsecured notes due 2022 (“6.125% Notes”) and the 5.625% senior unsecured notes due 2024 (the “5.625% Notes due 2024”). Nexstar has the option to redeem all or a portion of the 5.625% Notes due 2027 at any time prior to July 15, 2022 at a price equal to 100% of the principal amount redeemed plus accrued and unpaid interest to the redemption date plus applicable premium as of the date of redemption. At any time on or after July 15, 2022, Nexstar may redeem the 5.625% Notes due 2027, in whole or in part, at the redemption prices set forth in the 5.625% Notes due 2027 Indenture. At any time prior to July 15, 2022, Nexstar may also redeem up to 40% of the aggregate principal amount at a redemption price of 105.625%, plus accrued and unpaid interest, if any, to the date of redemption, with the net cash proceeds from equity offerings. Upon the occurrence of a change in control (as defined in the 5.625% Notes due 2027 Indenture), each holder of the 5.625% Notes due 2027 may require Nexstar to repurchase all or a portion of the notes in cash at a price equal to 101.0% of the aggregate principal amount to be repurchased, plus accrued and unpaid interest, if any, thereon to the date of repurchase. The 5.625% Notes due 2027 Indenture contains covenants that limit, among other things, Nexstar’s ability to (1) incur additional debt, (2) pay dividends or make other distributions or repurchases or redeem its capital stock, (3) make certain investments, (4) create liens, (5) merge or consolidate with another person or transfer or sell assets, (6) enter into restrictions affecting the ability of Nexstar’s restricted subsidiaries to make distributions, loans or advances to it or other restricted subsidiaries, (7) prepay, redeem or repurchase certain indebtedness and (8) engage in transactions with affiliates. The 5.625% Notes due 2027 Indenture provides for customary events of default (subject in certain cases to customary grace and cure periods), which include nonpayment, breach of covenants, payment defaults or acceleration of other indebtedness, a failure to pay certain judgments and certain events of bankruptcy and insolvency. Generally, if an event of default occurs, the Trustee or holders of at least 25% in principal amount of the then outstanding 5.625% Notes due 2027 may declare the principal of and accrued but unpaid interest, including additional interest, on all the 5.625% Notes due 2027 to be due and payable. As of September 30, 2019, the Company recorded $19.7 million in legal, professional and underwriting fees related to the new 5.625% Notes due 2027. Debt financing costs are netted against the carrying amount of the related debt. On September 19, 2019, Nexstar amended its senior secured credit facility. The main provisions of the amendment included the following: • $675.0 million in new Term Loan A borrowing, issued at 99.31%, maturing on September 19, 2024, with quarterly principal installment payments of $8.4 million through and including September 30, 2021, $11.8 million thereafter through and including September 30, 2022, $16.9 million thereafter through and including until July 1, 2024, with the remaining principal balance of $442.1 million payable on the maturity date. • $3.065 billion in new Term Loan B, issued at 99.21%, maturing on September 18, 2026, with quarterly principal installment payments of $7.7 million with the remaining balance of $2.86 billion payable on the maturity date. • the financial covenant was reset, requiring quarterly compliance with a maximum consolidated first lien net leverage ratio of 4.25 to 1.00. These Term Loans contain certain financial and non-financial covenants which the Company has satisfactorily complied with as of September 30, 2019. On September 19, 2019, the Company recorded $45.6 million (Term Loan B) and $5.5 million (Term Loan A) in legal, professional and underwriting fees related to the new debt described above. Debt financing costs are netted against the carrying amount of the related debt. The proceeds from the new Term Loans, together with proceeds from the previously issued $1.120 billion 5.625% senior unsecured notes due 2027 at par, the net proceeds from certain station divestitures (See Note 3) and cash on hand were used to finance the following: • $4.2 billion Cash Consideration of the Merger (See Note 3); • $2.99 billion repayment of Tribune debt, including premium and accrued interest (See Note 3); and • related transactions, fees and expenses Nexstar prepaid a total of $ 180.0 million in principal balance under certain of its term loans, during the nine months ended September 30, 2019, funded by cash on hand. This resulted in loss on extinguishments of debt of $ 3.7 million for the nine months ended September 30, 2019, representing write-offs of unamortized debt financing costs and discounts. There were no prepayments of term loans during the three months ended September 30, 2019 During the nine months ended September 30, 2019, the Company also repaid scheduled maturities of $35.4 million of its term loans. Unused Commitments and Borrowing Availability The Company had $166.4 million of total unused revolving loan commitments under its senior secured credit facilities, all of which was available for borrowing, based on the covenant calculations as of September 30, 2019. 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 September 30, 2019, the Company was in compliance with its financial covenants. Collateralization and Guarantees of Debt The Company’s credit facilities described above 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, Marshall and Shield senior secured credit facilities in the event of their default. Mission, a consolidated VIE, and Nexstar Digital LLC (“Nexstar Digital”), a wholly-owned subsidiary of Nexstar, are both guarantors of Nexstar’s senior secured credit facility. Mission is also a guarantor of the 6.125% Notes, the 5.625% Notes due 2024, and the 5.625 In consideration of Nexstar’s guarantee of the Mission senior secured credit facility, Mission has granted Nexstar purchase options to acquire the assets and assume the liabilities of each Mission station, subject to FCC consent. These option agreements (which expire on various dates between 2021 and 2028) are freely exercisable or assignable by Nexstar without consent or approval by Mission. The Company expects these option agreements to be renewed upon expiration. Debt Covenants The Nexstar credit agreement (senior secured credit facility) contains a covenant which requires Nexstar to comply with a maximum consolidated first lien net leverage ratio of 4.25 to 1.00. The financial covenant, which is formally calculated on a quarterly basis, is based on the combined results of the Company. The Mission, Marshall and Shield amended credit agreements do not contain financial covenant ratio requirements but do provide for default in the event Nexstar does not comply with all covenants contained in its credit agreement. As of September 30, 2019, the Company was in compliance with its financial covenants.

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	Note 10: Leases The Company as a Lessee The Company has operating and finance leases for office space, vehicles, tower facilities, antenna sites, studio and other real estate properties and equipment. The Company’s leases have remaining lease terms of one month to 95 years, some of which may include options to extend the leases from two to 99 years, and some of which may include options to terminate the leases within two years. The depreciable lives of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Lease contracts that the Company has executed but which have not yet commenced as of September 30, 2019 were not material and are excluded. (In thousands) Balance Sheet Classification September 30, 2019 Operating leases Operating lease right-of-use assets, net Other noncurrent assets, net $ 237,563 Current lease liabilities Other current liabilities $ 34,224 Noncurrent lease liabilities Other noncurrent liabilities $ 188,123 Finance leases Finance lease right-of-use assets, net of accumulated depreciation of $2,438 Property, plant and equipment, net $ 8,551 Current lease liabilities Other current liabilities $ 864 Noncurrent lease liabilities Other noncurrent liabilities $ 15,427 On September 19, 2019, the Company recognized $142 million of ROU assets, $19 million in current lease liabilities and $123 million in noncurrent lease liabilities in connection with the Merger. See Note 3 for additional information about the Merger. Operating lease expenses for the three and nine months ended September 30, 2019 were $5.4 million and $16.2 million, respectively, inclusive of immaterial short-term and variable lease costs. During the three and nine months ended September 30, 2019, $3.1 million and $9.3 million, respectively, of operating lease costs are included in direct operating expenses, excluding depreciation and amortization, and $2.3 million and $7.0 million, respectively, of operating lease costs are included in selling, general and administrative expenses, excluding depreciation and amortization, in the accompanying Condensed Consolidated Statements of Operations. The depreciation expense and interest expense associated with finance leases during the three and nine months ended September 30, 2019 were not material. Other information related to leases as of September 30, 2019 was as follows (in thousands, except lease term and discount rate): Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 16,754 Operating cash flows from finance leases 712 Financing cash flows from finance leases 610 Weighted Average Remaining Lease Term Operating leases 7.6 years Finance leases 11.8 years Weighted Average Discount Rate Operating leases 5.3 % Finance leases 5.7 % Future minimum lease payments under non-cancellable leases as of September 30, 2019 were as follows (in thousands): Operating Leases Finance Leases Remainder of 2019 $ 9,443 $ 444 2020 44,112 1,795 2021 37,799 1,843 2022 34,904 1,803 2023 31,277 1,818 Thereafter 114,049 15,202 Total future minimum lease payments 271,584 22,905 Less: imputed interest (51,351 ) (6,611 ) Total $ 220,233 $ 16,294 The Company as a Lessor The Company has various arrangements under which it is the lessor for the use of its tower space. These leases meet the criteria for operating lease classification, but the associated lease income is not material. As part of the adoption, the Company elected the practical expedient to combine lease and non-lease components in its lessor arrangements.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 11: Fair Value Measurements The Company measures and records in its condensed consolidated financial statements certain assets and liabilities at fair value. ASC Topic 820 “Fair Value Measurement and Disclosures,” establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). This hierarchy consists of the following three levels: • Level 1 – Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market. • Level 2 – Assets and liabilities whose values are based on inputs other than those included in Level 1, including quoted market prices in markets that are not active; quoted prices of assets or liabilities with similar attributes in active markets; or valuation models whose inputs are observable or unobservable but corroborated by market data. • Level 3 – Assets and liabilities whose values are based on valuation models or pricing techniques that utilize unobservable inputs that are significant to the overall fair value measurement. Certain assets are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The carrying values of cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, broadcast rights, accounts payable, and accrued expenses approximate fair value due to their short term to maturity. Estimated fair values and carrying amounts of the Company’s financial instruments that are not measured at fair value on a recurring basis were as follows (in thousands): September 30, 2019 December 31, 2018 Carrying Fair Carrying Fair Amount Value Amount Value Term loans (1) $ 5,861,112 $ 5,973,312 $ 2,407,490 $ 2,389,439 Revolving loans (1) 5,628 5,436 5,628 5,528 6.125% Senior unsecured notes (2) 273,790 278,438 273,444 275,688 5.875% Senior unsecured notes (2) 404,906 409,000 406,233 397,000 5.625% Senior unsecured notes due 2024 (2) 889,575 938,250 888,208 837,000 5.625% Senior unsecured notes due 2027 (2) 1,100,826 1,170,400 - - (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 Other equity method investments in private companies (without readily determinable fair values) are recorded at cost, less impairments, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment, as further described in Note 6. During the nine months ended September 30, 2019, there were no events or changes in circumstance that suggested an impairment or an observable price change to any of these investments resulting from an orderly transaction for the identical or a similar investment. The non-equity method investments are classified in Level 3 of the fair value hierarchy.

Common Stock

Common Stock	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Common Stock	Note 12: Common Stock On April 26, 2018, Nexstar’s Board of Directors approved a $200 million increase in Nexstar’s share repurchase authorization to repurchase its Class A common stock. As of September 30, 2019, the remaining available amount under the share repurchase authorization was $201.9 million, inclusive of the 2018 authorization and the remaining balance from prior authorization. There were no share repurchases of Nexstar’s Class A common stock during the three and nine months ended September 30, 2019. Share repurchases may be made from time to time in open market transactions, block trades or in private transactions. There is no minimum number of shares that Nexstar is required to repurchase and the repurchase program may be suspended or discontinued at any time without prior notice.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	9 Months Ended
	Sep. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation Plans	Note 13: Stock-Based Compensation Plans During the three months ended September 30, 2019, Nexstar granted 22,500 time-based restricted stock units to employees with an estimated fair value of $2.2 million. During the nine months ended September 30, 2019, Nexstar granted 363,000 time-based restricted stock units and 113,334 performance-based restricted stock units to employees and non-employee directors with an estimated fair value of $35.2 million and $9.6 million, respectively. The time-based restricted stock units vest over four years from the date of the award. The performance-based restricted stock units vest over a range of two to four years from the date of the award, subject to the achievement of pre-established Company performance metrics. There were no significant equity incentive grants during the third quarter of 2018. During the nine months ended September 30, 2018, Nexstar granted 667,500 restricted stock units to employees and non-employee directors with an estimated fair value of $43.4 million. The restricted stock units vest over a range of three to four years from the date of the award. On September 5, 2019, a majority of Nexstar’s stockholders approved the 2019 Long-Term Equity Incentive Plan. A maximum of 3,100,000 shares of Nexstar’s Class A common stock may be issued under this plan, of which no stock-based awards were granted as of September 30, 2019.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 14: Income Taxes Income tax expense was $39.5 million for the three months ended September 30, 2019, compared to $35.2 million for the same period in 2018. The effective tax rates were 115.1% and 26.1% for each of the respective periods. In 2019, the Company recognized the tax impact of the divested stations previously owned by Nexstar (See Note 3) including an income tax expense of $12.8 million attributable to nondeductible goodwill written off as a result of the sale, or a 37.3% increase to the effective tax rate. Income tax expense was $82.6 million for the nine months ended September 30, 2019, compared to $86.0 million for the same period in 2018. The effective tax rates were 40.3% and 26.9% for each of the respective periods. including an income tax expense of $12.8 million attributable to nondeductible goodwill written off as a result of the sale, or a 6.3% increase to the effective tax rate. Chicago Cubs Transactions On August 21, 2009, Tribune and Chicago Entertainment Ventures, LLC (“CEV LLC”), and its subsidiaries (collectively, “New Cubs LLC”), among other parties, entered into an agreement (the “Cubs Formation Agreement”) governing the contribution of certain assets and liabilities related to the businesses of the Chicago Cubs Major League Baseball franchise then owned by Tribune and its subsidiaries to New Cubs LLC. The transactions contemplated by the Cubs Formation Agreement and the related agreements thereto (the “Chicago Cubs Transactions”) closed on October 27, 2009. As a result of these transactions, Northside Entertainment Holdings LLC (f/k/a Ricketts Acquisition LLC) (“NEH”) owned 95% and Tribune owned 5% of the membership interests in CEV LLC. The fair market value of the contributed assets exceeded the tax basis and did not result in an immediate taxable gain as the transaction was structured to comply with the partnership provisions of the Internal Revenue Code (“IRC”) and related regulations. On June 28, 2016, the IRS issued Tribune a Notice of Deficiency which presents the IRS’s position that the gain should have been included in Tribune’s 2009 taxable income. Accordingly, the IRS has proposed a $182 million tax and a $73 million gross valuation misstatement penalty. In addition, after-tax interest on the aforementioned proposed tax and penalty through September 30, 2019 would be approximately $96 million. During the third quarter of 2016, Tribune filed a petition in U.S. Tax Court to contest the IRS’s determination. The trial in U.S. Tax Court began on October 28, 2019. On January 22, 2019, Tribune sold its 5% membership interest in CEV LLC and paid the federal and state taxes due on the deferred gain and the gain on sale of its ownership of CEV LLC through its regular tax reporting process. The sale of Tribune’s ownership interest in CEV LLC has no impact on Tribune’s ongoing dispute with the IRS. On September 19, 2019, Tribune became a wholly owned subsidiary of Nexstar pursuant to the Merger Agreement (See Note 3). Nexstar continues to disagree with the IRS’s position that the Chicago Cubs Transactions generated a taxable gain in 2009, the proposed penalty and the IRS’s calculation of the gain. If the IRS prevails in its position, the gain on the Chicago Cubs Transactions would be deemed to be taxable in 2009. Nexstar estimates that the federal and state income taxes would be approximately million before interest and penalties. Any tax, interest and penalty due will be offset by tax payments made relating to this transaction subsequent to 2009. Tribune made approximately $147 million of tax payments prior to its merger with Nexstar. Tribune no longer own any portion of CEV LLC. The Company has not recorded any tax reserves related to the Chicago Cubs Transactions

FCC Regulatory Matters

FCC Regulatory Matters	9 Months Ended
	Sep. 30, 2019
Risks And Uncertainties [Abstract]
FCC Regulatory Matters	Note 15: 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 operation, which must be completed by July 2021. 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 August 2016, the FCC adopted a Second Report and Order (the “2016 Ownership Order”) concluding the agency’s 2010 and 2014 quadrennial reviews. The 2016 Ownership Order (1) retained the then-existing local television ownership rule and radio/television cross-ownership rule with minor technical modifications, (2) extended the ban on common ownership of two top-four television stations in a market to network affiliation swaps, (3) retained the then-existing ban on newspaper/broadcast cross-ownership in local markets while considering waivers and providing an exception for failed or failing entities, (4) retained the dual network rule, (5) made JSA relationships attributable interests and (6) defined a category of sharing agreements designated as SSAs between stations and required public disclosure of those SSAs (while not considering them attributable). The 2016 Ownership Order reinstated a previously adopted rule that attributed another in-market station toward the local television ownership limits when one station owner sells more than 15% of the second station’s weekly advertising inventory under a JSA. Parties to JSAs entered into prior to March 31, 2014 were permitted to continue to operate under those JSAs until September 30, 2025. Nexstar and other parties filed petitions seeking reconsideration of various aspects of the 2016 Ownership Order. On November 16, 2017, the FCC adopted an order (the “Reconsideration Order”) addressing the petitions for reconsideration. The Reconsideration Order (1) eliminated the rules prohibiting newspaper/broadcast cross-ownership and limiting television/radio cross-ownership, (2) eliminated the requirement that eight or more independently-owned television stations remain in a local market for common ownership of two television stations in that market to be permissible, (3) retained the general prohibition on common ownership of two “top four” stations in a local market but provided for case-by-case review, (4) eliminated the television JSA attribution rule, and (5) retained the SSA definition and disclosure requirement for television stations. These rule modifications took effect on February 7, 2018, when the U.S. Court of Appeals for the Third Circuit (the “Third Circuit”) denied a mandamus petition which had sought to stay their effectiveness. On September 23, 2019, however, the Third Circuit issued an opinion vacating the Reconsideration Order on the ground that the FCC had failed to adequately analyze the effect of the Reconsideration Order’s deregulatory rule changes on minority and woman ownership of broadcast stations. The Third Circuit’s opinion has not yet become effective and the FCC has stated its intention to seek further review of the decision. In December 2018, the FCC initiated its 2018 quadrennial review with the issuance of a Notice of Proposed Rulemaking. Among other things, the FCC seeks comment on all aspects of the local television ownership rule’s implementation and whether the current version of the rule remains necessary in the public interest. Comments and reply comments in the 2018 quadrennial review were filed in the second quarter of 2019. The FCC’s media ownership rules limit the percentage of U.S. television households which a party may reach through its attributable interests in television stations to 39% on a nationwide basis. Historically, the FCC has counted the ownership of an ultra-high frequency (“UHF”) station as reaching only 50% of a market’s percentage of total national audience. On August 24, 2016, the FCC adopted a Report and Order abolishing this “UHF discount,” and that rule change became effective in October 2016. On April 20, 2017, the FCC adopted an order on reconsideration that reinstated the UHF discount, which became effective again on September 15, 2017. A federal court of appeals dismissed a petition for review of the discount’s reinstatement in July 2018. In December 2017, the FCC initiated a comprehensive rulemaking to evaluate the UHF discount together with the national ownership limit. Comments and reply comments were filed in 2018, and the proceeding remains open. Nexstar is in compliance with the 39% national cap limitation. Spectrum The FCC is in the process of repurposing a portion of the broadcast television spectrum for wireless broadband use. Pursuant to federal legislation enacted in 2012, the FCC conducted an incentive auction for the purpose of making additional spectrum available to meet future wireless broadband needs. Under the auction statute and rules, certain television broadcasters accepted bids from the FCC to voluntarily relinquish their spectrum in exchange for consideration, and certain wireless broadband providers and other entities submitted successful bids to acquire the relinquished television spectrum. Over the next several years, television stations that are not relinquishing their spectrum are being “repacked” into the frequency band still remaining for television broadcast use. The incentive auction commenced on March 29, 2016 and officially concluded on April 13, 2017. Ten of Nexstar’s stations and one station owned by Vaughan, a consolidated VIE, accepted bids to relinquish their spectrum. On July 21, 2017, the Company received $478.6 million of gross proceeds from the FCC related to the incentive auction. These were recorded as liability to surrender spectrum asset pending the relinquishment of spectrum assets or conversion from UHF to VHF. Of the 11 total stations that accepted bids, one station went off the air in November 2017. The associated spectrum asset and liability to surrender spectrum, both amounting to $34.6 million, were derecognized in the fourth quarter of 2017. The station that went off the air did not have a significant impact on the Company’s financial results because it was located in a remote rural area of the country and the Company has other stations which serve the same area. Of the remaining ten stations, eight have ceased broadcasting on their previous channels and implemented channel sharing agreements. As a result, the associated spectrum asset and liability to surrender spectrum, both amounting to $314.1 million, were derecognized in the second quarter of 2018. The remaining two stations will move to VHF channels and must vacate their current channels by March 2020 and May 2020, respectively. The majority of the Company’s television stations did not accept bids to relinquish their television channels. Of those stations, 61 full power stations owned by Nexstar and 17 full power stations owned by VIEs were assigned to new channels in the reduced post-auction television band. These “repacked” stations are required to construct and license the necessary technical modifications to operate on their new assigned channels and must cease operating on their former channels on a rolling schedule ending in July 2020. Congress has allocated up to an industry-wide total of $2.75 billion to reimburse television broadcasters, multichannel video programming distributors (“MVPDs”) and other parties for costs reasonably incurred due to the repack. This allocation includes $1 billion added to the TV Broadcaster Relocation Fund as part of the Consolidated Appropriations Act, 2018. This fund is not available to reimburse repacking costs for stations which are surrendering their spectrum and entering into channel sharing relationships. Broadcasters and MVPDs have submitted estimates to the FCC of their reimbursable costs. As of February 6, 2019, these costs were approximately $1.9 billion, and the FCC has indicated that it expects those costs to rise. During the three and nine months ended September 30, 2019, the Company spent a total of $19.9 million and $56.3 million, respectively, in capital expenditures related to station repack which were recorded as assets under the property and equipment caption in the accompanying Condensed Consolidated Balance Sheets. During the three and nine months ended September 30, 2018, the Company spent a total of $6.6 million and $13.5 million, respectively, in capital expenditures related to station repack which were recorded as assets under the property and equipment caption in the accompanying Condensed Consolidated Balance Sheets. During the three and nine months ended September 30, 2019, the Company received $20.4 million and $54 million, respectively, in reimbursements from the FCC related to these expenditures which were recorded as operating income in the accompanying Condensed Consolidated Statements of Operations. During the three and nine months ended September 30, 2018, the Company received $5.4 million and $12.5 million, respectively, in reimbursements from the FCC related to these expenditures which were recorded as operating income in the accompanying Condensed Consolidated Statements of Operations. The Company cannot determine if the FCC will be able to fully reimburse its repacking costs as this is dependent on certain factors, including the Company’s ability to incur repacking costs that are equal to or less than the FCC’s allocation of funds to the Company and whether the FCC will have available funds to reimburse the Company for additional repacking costs that it previously may not have anticipated. Whether the FCC will have available funds for additional reimbursements will also depend on the repacking costs that will be incurred by other broadcasters, MVPDs and other parties that are also seeking reimbursements. The reallocation of 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 impact of the incentive auction and subsequent repack on its business. Exclusivity/Retransmission Consent On March 3, 2011, the FCC initiated a Notice of Proposed Rulemaking which among other things 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 in certain circumstances. In March 2014, the FCC adopted a further notice of proposed rulemaking which sought additional comment on the elimination or modification of the network non-duplication and syndicated exclusivity rules. The FCC’s 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 if they are adopted. On December 5, 2014, federal legislation directed the FCC to commence a rulemaking to “review its totality of the circumstances test for good faith [retransmission consent] negotiations.” The FCC commenced this proceeding in September 2015 and comments and reply comments were submitted. In July 2016, the then-Chairman of the FCC publicly announced that the agency would not adopt additional rules in this proceeding. However, the proceeding remains open. Further, online video distributors (“OVDs”) have begun streaming broadcast programming over the Internet. In September 2014, the U.S. Supreme Court held that an OVD’s retransmissions of broadcast television signals without the consent of the broadcast station violate 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 OVDs that make available for purchase multiple streams of video programming distributed at a prescheduled time and seeking comment on the effects of applying MVPD rules to such OVDs. Comments and reply comments were filed in 2015. Although the FCC has not classified OVDs as MVPDs to date, several OVDs have signed agreements for retransmission of local stations within their markets and others are actively seeking to negotiate such agreements.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 16: Commitments and Contingencies Guarantees of Mission, Marshall and Shield Debt Nexstar and its subsidiaries guarantee full payment of all obligations incurred under the Mission, Marshall and Shield senior secured credit facilities. In the event that Mission, Marshall or Shield is unable to repay amounts due, Nexstar will be obligated to repay such amounts. The maximum potential amount of future payments that Nexstar would be required to make under these guarantees would be generally limited to the borrowings outstanding. As of September 30, 2019, Mission had a maximum commitment of $226.5 million under its senior secured credit facility, of which $223.5 million of debt was outstanding, Marshall had used all of its commitment and had outstanding debt obligations of $49.4 million and Shield had also used all of its commitment and had outstanding obligations of $21.8 million. Based on the terms of the credit agreements, Mission’s outstanding debt is due January 2024, Marshall’s outstanding debt is due December 2019 and Shield’s outstanding debt is due October 2023. Marshall’s debt is included in the current liabilities in the accompanying Condensed Consolidated Balance Sheets. The other debts guaranteed by Nexstar are long-term debt obligations of Mission and Shield and are included within the long-term debt balance disclosed within the Condensed Consolidated Balance Sheet. Indemnification Obligations In connection with certain agreements that the Company enters into in the normal course of its business, including local service agreements, business acquisitions and borrowing arrangements, the Company enters into contractual arrangements under which the Company agrees to indemnify the third-party to such arrangement from losses, claims and damages incurred by the indemnified party for certain events as defined within the particular contract. Such indemnification obligations may not be subject to maximum loss clauses and the maximum potential amount of future payments the Company could be required to make under these indemnification arrangements may be unlimited. Historically, payments made related to these indemnifications have been insignificant and the Company has not incurred significant costs to defend lawsuits or settle claims related to these indemnification agreements. Litigation From time to time, the Company is involved in litigation that arises from the ordinary operations of business, such as contractual or employment disputes or other general actions. In the event of an adverse outcome of these proceedings, the Company believes the resulting liabilities would not have a material adverse effect on its financial condition or results of operations. Local TV Advertising Antitrust Litigation — On March 16, 2018, a group of companies including Nexstar and Tribune (the “Defendants”) received a Civil Investigative Demand from the Antitrust Division of the DOJ regarding an investigation into the exchange of certain information related to the pacing of sales related to the same period in the prior year among broadcast stations in some DMAs in alleged violation of federal antitrust law. Without admitting any wrongdoing, some Defendants, including Tribune, entered into a proposed consent decree (referred to herein as the “consent decree”) with the DOJ on November 6, 2018. Without admitting any wrongdoing, Nexstar agreed to settle the matter with the DOJ on December 5, 2018. The consent decree was entered in final form by the U.S. District Court for the District of Columbia on May 22, 2019. The consent decree, which settles claims by the government of alleged violations of federal antitrust laws in connection with the alleged information sharing, does not include any financial penalty. Pursuant to the consent decree, Nexstar and Tribune agreed not to exchange certain non-public information with other stations operating in the same DMA except in certain cases, and to implement certain antitrust compliance measures and to monitor and report on compliance with the consent decree. Starting in July 2018, a series of plaintiffs filed putative class action lawsuits against the Defendants alleging that the Defendants coordinated their pricing of television advertising, thereby harming a proposed class of all buyers of television advertising time from one or more of the Defendants since at least January 1, 2014. The plaintiff in each lawsuit seeks injunctive relief and money damages caused by the alleged antitrust violations. On October 9, 2018, these cases were consolidated in a multi-district litigation in the District Court for the Northern District of Illinois captioned In Re: Local TV Advertising Antitrust Litigation The MDL Litigation is ongoing. The Plaintiffs’ Consolidated Complaint was filed on April 3, 2019; Defendants filed a Motion to Dismiss on September 5, 2019. Before the Court ruled on that motion, the Plaintiffs filed their Second Amended Consolidated Complaint on September 9, 2019. This complaint added additional defendants and allegations. The Defendants filed a Motion to Dismiss and Strike on October 8, 2019. Nexstar and Tribune deny the allegations against them and will defend their advertising practices. In connection with the Merger, Nexstar assumed contingencies from certain legal proceedings, as follows: Tribune Chapter 11 Reorganization and Confirmation Order Appeals — On December 8, 2008 (the “Petition Date”), Tribune and 110 of its direct and indirect wholly-owned subsidiaries (collectively, the “Debtors”) filed voluntary petitions for relief under chapter 11 (“Chapter 11”) of title 11 of the United States Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). On April 12, 2012, the Debtors, Oaktree Capital Management, L.P. (“Oaktree”), Angelo, Gordon & Co. L.P. (“AG”), the Official Committee of Unsecured Creditors (the “Creditors’ Committee”), and JPMorgan Chase Bank, N.A. (“JPMorgan” and, together with the Debtors, Oaktree, AG and the Creditors’ Committee, the “Plan Proponents”) filed the Fourth Amended Joint Plan of Reorganization for Tribune and its Subsidiaries with the Bankruptcy Court (as subsequently modified by the Plan Proponents, the “Plan”). On July 23, 2012, the Bankruptcy Court issued an order confirming the Plan (the “Confirmation Order”). The Plan became effective and the Debtors emerged from Chapter 11 on December 31, 2012 (the “Effective Date”). The Bankruptcy Court has entered final decrees that have collectively closed 106 of the Debtors’ Chapter 11 cases. The remaining Debtors’ Chapter 11 proceedings continue to be jointly administered under the caption In re Tribune Media Company, et al. Notices of appeal of the Bankruptcy Court’s order confirming the Plan (the “Confirmation Order”) were filed by (i) Aurelius Capital Management, LP, on behalf of its managed entities that were holders of the Predecessor’s senior notes and Exchangeable Subordinated Debentures due 2029 (“PHONES”); (ii) Law Debenture Trust Company of New York (n/k/a Delaware Trust Company) (“Delaware Trust Company”) and Deutsche Bank Trust Company Americas (“Deutsche Bank”), each successor trustees under the respective indentures for the Predecessor’s senior notes; (iii) Wilmington Trust Company, as successor indenture trustee for the PHONES; and (iv) EGI-TRB, L.L.C., a Delaware limited liability company wholly-owned by Sam Investment Trust (a trust established for the benefit of Samuel Zell and his family) (the “Zell Entity”). The appellants sought, among other relief, to overturn the Confirmation Order and certain prior orders of the Bankruptcy Court embodied in the Plan, including the settlement of certain claims and causes of action related to the Leveraged ESOP Transactions) consummated by the Debtors, the Tribune employee stock ownership plan, the Zell Entity and Samuel Zell in 2007. Each of the Confirmation Order appeals has been dismissed or otherwise resolved by a final order, with the exception of the appeals of Delaware Trust Company and Deutsche Bank. On July 30, 2018, the United States District Court for the District of Delaware (the “District Court”) entered an order affirming (i) the Bankruptcy Court’s judgment overruling Delaware Trust Company’s and Deutsche Bank’s objections to confirmation of the Plan and (ii) the Bankruptcy Court’s order confirming the Plan. Delaware Trust Company and Deutsche Bank appealed the District Court’s order to the United States Court of Appeals for the Third Circuit (the “Third Circuit”) on August 27, 2018. That appeal remains pending before the Third Circuit. If the remaining appellants succeed on their appeals, the Tribune’s financial condition may be adversely affected. As of the Effective Date, approximately 7,400 proofs of claim had been filed against the Debtors. Amounts and payment terms for these claims, if applicable, were established in the Plan. The Plan requires Tribune to reserve cash in amounts sufficient to make certain additional payments that may become due and owing pursuant to the Plan subsequent to the Effective Date. As of September 30, 2019, restricted cash and cash equivalents held by Tribune to satisfy the remaining claim obligations were $17 million and are estimated to be sufficient to satisfy such obligations. As of September 30, 2019, all but 349 proofs of claim against the Debtors had been withdrawn, expunged, settled or otherwise satisfied. The majority of the remaining proofs of claim were filed by certain of Tribune’s former directors and officers, asserting indemnity and other related claims against Tribune for claims brought against them in lawsuits arising from the cancellation of all issued and outstanding shares of Tribune common stock as of December 20, 2007 and with Tribune becoming wholly-owned by the Tribune Company employee stock ownership plan (the “Leveraged ESOP Transactions”). Those lawsuits are pending in multidistrict litigation (“MDL”) before the U.S. District Court for the Southern District of New York in proceedings captioned In re Tribune Co. Fraudulent Conveyance Litigation The Debtors are continuing to evaluate the remaining proofs of claim. The ultimate amounts to be paid in resolutions of the remaining proofs of claim, including indemnity claims, continue to be subject to uncertainty. If the aggregate allowed amount of the remaining claims exceeds the restricted cash and cash equivalents held for satisfying such claims, Tribune would be required to satisfy the allowed claims from its cash on hand from operations. Reorganization Items, Net — Reorganization items, net are included in the “Other expenses, net” in the Company’s unaudited Condensed Consolidated Statements of Operations and primarily include professional advisory fees and other costs related to the resolution of unresolved claims , such amounts were not significant from September 19, 2019 to September 30, 2019. The Company expects to continue to incur certain expenses pertaining to the Chapter 11 proceedings throughout 2019 and potentially in future periods. Termination of Tribune and Sinclair Merger Agreement —On August 9, 2018, Tribune provided notification to Sinclair Broadcast Group, Inc. (“Sinclair”) that it terminated, effective immediately, the Agreement and Plan of Merger, dated May 8, 2017, with Sinclair, which provided for the acquisition by Sinclair of all of the outstanding shares of Tribune’s common stock. Additionally, on August 9, 2018, Tribune filed a complaint in the Delaware Court of Chancery against Sinclair, alleging that Sinclair willfully and materially breached its obligations under the merger agreement. The lawsuit seeks damages for all losses incurred as a result of Sinclair’s breach of contract under the merger agreement. On August 29, 2018, Sinclair filed an answer to Tribune’s complaint and a counterclaim. On September 18, 2018, Tribune filed an answer to Sinclair’s counterclaim. The Company believes that Sinclair’s counterclaim is without merit and intends to defend it vigorously. On September 10, 2018, The Arbitrage Event-Driven Fund filed a putative securities class action complaint (the “Securities Complaint”) against Tribune and members of its then senior management in the United States District Court for the Northern District of Illinois. The Securities Complaint alleges that Tribune and its then senior management violated Sections 10(b) and 20(a) of the Exchange Act by misrepresenting and omitting material facts concerning Sinclair’s conduct during the Sinclair and Tribune merger approval process (which has been terminated as discussed above). On December 18, 2018, the court appointed The Arbitrage Event-Driven Fund and related entities as Lead Plaintiffs. On January 31, 2019, Lead Plaintiffs and two other named plaintiffs filed an amended complaint (the “Amended Complaint”). The Amended Complaint eliminates the claim under Section 20(a) of the Exchange Act and adds a claim under Section 11 of the Securities Act related to a November 29, 2017 public offering of Tribune’s Class A Common Stock by Oaktree Tribune, L.P. (“Oaktree”). The Amended Complaint also names certain members of the then Board of Directors of Tribune as defendants. The Amended Complaint also includes claims against Oaktree, Oaktree Capital Management, L.P. and Morgan Stanley & Co. LLC. The lawsuit is purportedly brought on behalf of purchasers of Tribune Class A Common Stock between November 29, 2017 and July 16, 2018, contemporaneously with Oaktree’s sales in the November 29, 2017 public offering or pursuant or traceable to that offering. Plaintiffs seek damages in an amount to be determined at trial. On March 29, 2019, Tribune and the individual Tribune defendants filed a motion to dismiss the Amended Complaint, and that motion is now fully briefed before the Court. We believe this lawsuit is without merit and intend to defend it vigorously.

Segment Data

Segment Data	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Segment Data	Note 17: Segment Data The Company evaluates the performance of its operating segments based on net revenue and operating income. The Company’s broadcast segment includes (i) television stations and related community-focused websites that Nexstar owns, operates, programs or provides sales and other services to in various markets across the United States, (ii) digital multicast network services, (iii) WGN America, a national general entertainment cable network, (iv) a sports betting information website, and (v) WGN-AM, a Chicago radio station. The other activities of the Company include (i) corporate functions, (ii) the management of certain real estate assets recently acquired through the Merger, including revenues from leasing certain owned office and production facilities, (iii) digital businesses and (iv) eliminations. Segment financial information is included in the following tables for the periods presented (in thousands): Three Months Ended September 30, 2019 Broadcast Other Consolidated Net revenue $ 637,148 $ 26,427 $ 663,575 Depreciation 26,538 2,825 29,363 Amortization of intangible assets 37,215 5,228 42,443 Income (loss) from operations 189,408 (67,793 ) 121,615 Three Months Ended September 30, 2018 Broadcast Other Consolidated Net revenue $ 650,303 $ 42,712 $ 693,015 Depreciation 21,587 6,086 27,673 Amortization of intangible assets 31,447 5,710 37,157 Income (loss) from operations 227,602 (34,709 ) 192,893 Nine Months Ended September 30, 2019 Broadcast Other Consolidated Net revenue $ 1,858,226 $ 81,008 $ 1,939,234 Depreciation 75,587 9,303 84,890 Amortization of intangible assets 98,830 16,708 115,538 Income (loss) from operations 550,001 (151,368 ) 398,633 Nine Months Ended September 30, 2018 Broadcast Other Consolidated Net revenue $ 1,850,176 $ 118,498 $ 1,968,674 Depreciation 63,948 14,629 78,577 Amortization of intangible assets 95,376 15,264 110,640 Income (loss) from operations 587,712 (102,709 ) 485,003 As of September 30, 2019 Broadcast Other Consolidated Goodwill $ 3,082,652 $ - $ 3,082,652 Assets 12,931,202 1,172,173 14,103,375 As of December 31, 2018 Broadcast Other Consolidated Goodwill $ 2,125,479 $ 42,475 $ 2,167,954 Assets 6,622,604 439,426 7,062,030 The following tables present the disaggregation of the Company’s revenue for the periods presented (in thousands): Three Months Ended September 30, 2019 Broadcast Other Consolidated Local $ 208,338 $ - $ 208,338 National 81,875 - 81,875 Political 10,899 - 10,899 Retransmission compensation 294,808 - 294,808 Digital 32,385 25,752 58,137 Other 4,995 675 5,670 Trade revenue 3,848 - 3,848 Total revenue $ 637,148 $ 26,427 $ 663,575 Three Months Ended September 30, 2018 Broadcast Other Consolidated Local $ 189,423 $ - $ 189,423 National 71,623 - 71,623 Political 70,147 - 70,147 Retransmission compensation 284,319 - 284,319 Digital 26,615 42,697 69,312 Other 4,013 15 4,028 Trade revenue 4,163 - 4,163 Total revenue $ 650,303 $ 42,712 $ 693,015 Nine Months Ended September 30, 2019 Broadcast Other Consolidated Local $ 595,783 $ - $ 595,783 National 213,885 - 213,885 Political 15,363 - 15,363 Retransmission compensation 923,050 - 923,050 Digital 86,906 80,303 167,209 Other 12,454 705 13,159 Trade revenue 10,785 - 10,785 Total revenue $ 1,858,226 $ 81,008 $ 1,939,234 Nine Months Ended September 30, 2018 Broadcast Other Consolidated Local $ 581,251 $ - $ 581,251 National 210,301 - 210,301 Political 111,049 - 111,049 Retransmission compensation 836,533 - 836,533 Digital 77,661 118,454 196,115 Other 22,358 44 22,402 Trade revenue 11,023 - 11,023 Total revenue $ 1,850,176 $ 118,498 $ 1,968,674 The Company is a television broadcasting and digital media company focused on the acquisition, development and operation of television stations and interactive community websites and digital media services in medium-sized markets in the United States. Advertising revenue (local, national, political and digital) is positively affected by national and regional political campaigns, and certain events such as the Olympic Games or the Super Bowl. Company stations’ advertising revenue is generally highest in the second and fourth quarters of each year, due in part to increases in consumer advertising in the spring and retail advertising in the period leading up to, and including, the holiday season. In addition, advertising revenue is generally higher during even-numbered years when congressional and presidential elections occur, and advertising is aired during the Olympic Games. The Company receives compensation from MVPDs and OVDs in return for the consent to the retransmission of the signals of its television stations. Retransmission compensation is recognized at the point in time the broadcast signal is delivered to the distributors and is based on er.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	9 Months Ended
	Sep. 30, 2019
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Financial Information	Note 18: 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, excluding consolidating entities. The Nexstar Broadcasting column presents the financial information of Nexstar Broadcasting, a wholly-owned subsidiary of Nexstar and issuer of the 5.625% Notes due 2027, the 5.625% Notes due 2024, the 6.125% Notes and the 5.875% Notes. 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 Digital, a wholly-owned subsidiary of Nexstar, and other VIEs consolidated by Nexstar Broadcasting (See Note 2). The outstanding 5.625% Notes due 2027, 5.625% Notes due 2024 and the 6.125% Notes are fully and unconditionally guaranteed, jointly and severally, by Nexstar, Mission and certain of Nexstar Broadcasting’s restricted subsidiaries, subject to certain customary release provisions. These notes are not guaranteed by any other entities. The 5.875% Notes are fully and unconditionally guaranteed, jointly and severally, by Nexstar and certain of Nexstar Broadcasting’s restricted subsidiaries, subject to certain customary release provisions. These notes are not guaranteed by any other entities. The indentures governing the 5.625% Notes due 2027, the 5.625% Notes due 2024 and the 6.125% Notes are not registered but require consolidating information that presents the guarantor information. As discussed in Note 2, the Company adopted ASU No. 2016-02 Leases (Topic 842) and all related amendments using the optional transition method. As a result, financial information for reporting periods beginning after January 1, 2019 is presented under ASC 842, while comparative financial information has not been adjusted and continues to be reported in accordance with the Company’s historical accounting policy for lease contracts prior to the adoption of ASC 842. The standard had a material impact on the Company’s current year Condensed Consolidated Balance Sheets but did not have an impact on its Condensed Consolidated Statement of Operations. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases, while the accounting for finance leases remained substantially unchanged. CONDENSED CONSOLIDATING BALANCE SHEET As of September 30, 2019 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company ASSETS Current assets: Cash and cash equivalents $ - $ 290,336 $ 3,254 $ 23,830 $ - $ 317,420 Restricted cash and cash equivalents - 16,609 - - - 16,609 Accounts receivable 12 800,110 14,728 45,944 - 860,794 Amounts due from consolidated entities - 117,424 69,606 - (187,030 ) - Spectrum asset - 119,047 - - - 119,047 Other current assets - 118,094 622 3,031 - 121,747 Total current assets 12 1,461,620 88,210 72,805 (187,030 ) 1,435,617 Investments in subsidiaries 1,255,566 108,885 - - (1,364,451 ) - Amounts due from consolidated entities 737,537 - - - (737,537 ) - Property and equipment, net - 1,215,120 22,549 19,492 (75 ) 1,257,086 Goodwill - 2,927,865 33,187 121,600 - 3,082,652 FCC licenses - 2,955,151 43,102 108,706 - 3,106,959 Network affiliation agreements, net - 2,478,495 11,687 70,121 - 2,560,303 Other intangible assets, net - 505,896 523 3,470 - 509,889 Investments - 1,499,090 - - - 1,499,090 Assets held for sale - 242,999 - - - 242,999 Other noncurrent assets 199 379,761 12,659 16,161 - 408,780 Total assets $ 1,993,314 $ 13,774,882 $ 211,917 $ 412,355 $ (2,289,093 ) $ 14,103,375 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Current liabilities: Current portion of debt $ - $ 89,778 $ 2,285 $ 50,601 $ - $ 142,664 Accounts payable - 98,518 26 10,584 - 109,128 Amounts due to consolidated entities - - - 187,030 (187,030 ) - Liability to surrender spectrum asset - 129,964 - - - 129,964 Other current liabilities 589 675,122 7,791 29,039 - 712,541 Total current liabilities 589 993,382 10,102 277,254 (187,030 ) 1,094,297 Debt - 8,151,347 221,169 20,657 - 8,393,173 Amounts due to consolidated entities - 536,541 - 201,206 (737,747 ) - Deferred tax liabilities - 1,685,628 - 2,962 - 1,688,590 Other noncurrent liabilities - 949,105 10,334 17,843 - 977,282 Total liabilities 589 12,316,003 241,605 519,922 (924,777 ) 12,153,342 Total stockholders’ equity (deficit) 1,992,725 1,452,678 (29,688 ) (122,674 ) (1,364,316 ) 1,928,725 Noncontrolling interests in consolidated variable interest entities - 6,201 - 15,107 - 21,308 Total liabilities and stockholders’ equity (deficit) $ 1,993,314 $ 13,774,882 $ 211,917 $ 412,355 $ (2,289,093 ) $ 14,103,375 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2018 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company ASSETS Current assets: Cash and cash equivalents $ - $ 105,665 $ 10,798 $ 28,652 $ - $ 145,115 Accounts receivable - 466,270 12,857 68,158 - 547,285 Amounts due from consolidated entities - 88,987 77,521 - (166,508 ) - Spectrum asset - 52,002 - - - 52,002 Other current assets - 17,420 1,655 3,598 - 22,673 Total current assets - 730,344 102,831 100,408 (166,508 ) 767,075 Investments in subsidiaries 1,119,605 108,884 - - (1,228,489 ) - Amounts due from consolidated entities 782,365 - - - (782,365 ) - Property and equipment, net - 696,910 19,867 14,833 (72 ) 731,538 Goodwill - 1,970,692 33,187 164,075 - 2,167,954 FCC licenses - 1,620,610 43,102 114,556 - 1,778,268 Network affiliation agreements, net - 1,313,894 13,095 74,976 - 1,401,965 Other intangible assets, net - 51,265 617 38,076 - 89,958 Assets held for sale - 4,417 - - - 4,417 Investments - 13,971 - - - 13,971 Other noncurrent assets - 98,272 4,421 4,191 - 106,884 Total assets $ 1,901,970 $ 6,609,259 $ 217,120 $ 511,115 $ (2,177,434 ) $ 7,062,030 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Current liabilities: Current portion of debt $ - $ 41,477 $ 2,285 $ 52,331 $ - $ 96,093 Accounts payable - 47,574 2,357 17,897 - 67,828 Liability to surrender spectrum asset - 52,002 - - - 52,002 Amounts due to consolidated entities - - - 166,508 (166,508 ) - Other current liabilities 299 155,023 4,441 28,486 - 188,249 Total current liabilities 299 296,076 9,083 265,222 (166,508 ) 404,172 Debt - 3,641,193 222,354 21,363 - 3,884,910 Amounts due to consolidated entities 559,057 - 223,519 (782,576 ) - Deferred tax liabilities 62 624,869 - 8,949 - 633,880 Other noncurrent liabilities - 255,228 6,820 8,036 - 270,084 Total liabilities 361 5,376,423 238,257 527,089 (949,084 ) 5,193,046 Total Nexstar Media Group, Inc. stockholders’ equity (deficit) 1,901,609 1,232,836 (21,137 ) (32,184 ) (1,228,350 ) 1,852,774 Noncontrolling interests in consolidated variable interest entities - - - 16,210 - 16,210 Total liabilities and stockholders’ equity (deficit) $ 1,901,970 $ 6,609,259 $ 217,120 $ 511,115 $ (2,177,434 ) $ 7,062,030 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended September 30, 2019 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Net broadcast revenue (including trade) $ - $ 606,964 $ 18,802 $ 37,809 $ - $ 663,575 Revenue between consolidated entities 8,848 24,558 8,231 20,619 (62,256 ) - Net revenue 8,848 631,522 27,033 58,428 (62,256 ) 663,575 Operating expenses (income): Direct operating expenses, excluding depreciation and amortization - 263,863 12,312 46,152 - 322,327 Selling, general, and administrative expenses, excluding depreciation and amortization 10,095 182,302 1,195 9,649 (20,158 ) 183,083 Local service agreement fees between consolidated entities - 17,539 16,032 8,525 (42,096 ) - Amortization of broadcast rights - 17,487 367 598 - 18,452 Amortization of intangible assets - 35,061 491 6,891 - 42,443 Depreciation - 27,756 645 962 - 29,363 Reimbursement from the FCC related to station repack - (15,809 ) (2,677 ) (1,931 ) - (20,417 ) Goodwill and intangible assets impairment - (2 ) - 63,319 - 63,317 Gain on disposal of stations, net - (96,608 ) - - - (96,608 ) Total operating expenses 10,095 431,589 28,365 134,165 (62,254 ) 541,960 (Loss) income from operations (1,247 ) 199,933 (1,332 ) (75,737 ) (2 ) 121,615 Income (loss) from equity investment, net - 3,229 - (12 ) - 3,217 Interest expense, net - (89,634 ) (2,794 ) (771 ) - (93,199 ) Pension and other postretirement plans credit, net - 2,578 - - - 2,578 Other income (expenses) (1 ) 119 - - - 118 Equity in income of consolidated subsidiaries 928 - - - (928 ) - Income (loss) before income taxes (320 ) 116,225 (4,126 ) (76,520 ) (930 ) 34,329 Income tax benefit (expense) (463 ) (47,733 ) 1,026 7,663 - (39,507 ) Net income (loss) (783 ) 68,492 (3,100 ) (68,857 ) (930 ) (5,178 ) Net income attributable to noncontrolling interests - - - (669 ) - (669 ) Net income (loss) attributable to Nexstar $ (783 ) $ 68,492 $ (3,100 ) $ (69,526 ) $ (930 ) $ (5,847 ) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended September 30, 2018 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Net broadcast revenue (including trade) $ - $ 620,385 $ 17,838 $ 54,792 $ - $ 693,015 Revenue between consolidated entities 7,948 23,657 10,018 18,452 (60,075 ) - Net revenue 7,948 644,042 27,856 73,244 (60,075 ) 693,015 Operating expenses (income): Direct operating expenses, excluding depreciation and amortization - 224,798 10,426 51,320 (1,181 ) 285,363 Selling, general, and administrative expenses, excluding depreciation and amortization 10,080 133,794 1,108 11,255 (15,940 ) 140,297 Local service agreement fees between consolidated entities - 19,297 14,575 9,082 (42,954 ) - Amortization of broadcast rights - 13,949 383 689 - 15,021 Amortization of intangible assets - 29,261 522 7,374 - 37,157 Depreciation - 25,545 508 1,620 - 27,673 Reimbursement from the FCC related to station repack - (4,809 ) (580 ) - - (5,389 ) Total operating expenses 10,080 441,835 26,942 81,340 (60,075 ) 500,122 (Loss) income from operations (2,132 ) 202,207 914 (8,096 ) - 192,893 Loss from equity investment, net - (887 ) - - - (887 ) Interest expense, net - (52,551 ) (2,864 ) (822 ) - (56,237 ) Loss on extinguishment of debt - (3,159 ) - - - (3,159 ) Pension and other postretirement plans credit, net - 2,458 - - - 2,458 Other income (expenses) - 5 - (2 ) - 3 Equity in income of consolidated subsidiaries 106,440 - - - (106,440 ) - Income (loss) before income taxes 104,308 148,073 (1,950 ) (8,920 ) (106,440 ) 135,071 Income tax (expense) benefit (410 ) (36,796 ) 268 1,695 - (35,243 ) Net income (loss) 103,898 111,277 (1,682 ) (7,225 ) (106,440 ) 99,828 Net loss attributable to noncontrolling interests - - - 686 - 686 Net income (loss) attributable to Nexstar $ 103,898 $ 111,277 $ (1,682 ) $ (6,539 ) $ (106,440 ) $ 100,514 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Nine Months Ended September 30, 2019 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Net broadcast revenue (including trade) $ - $ 1,765,722 $ 57,119 $ 116,393 $ - $ 1,939,234 Revenue between consolidated entities 25,830 69,216 24,255 57,615 (176,916 ) - Net revenue 25,830 1,834,938 81,374 174,008 (176,916 ) 1,939,234 Operating expenses (income): Direct operating expenses, excluding depreciation and amortization - 745,032 36,343 133,693 (3,834 ) 911,234 Selling, general, and administrative expenses, excluding depreciation and amortization 29,588 460,303 3,184 29,550 (53,124 ) 469,501 Local service agreement fees between consolidated entities - 50,741 45,182 24,033 (119,956 ) - Amortization of broadcast rights - 43,774 1,119 1,856 - 46,749 Amortization of intangible assets - 92,339 1,501 21,698 - 115,538 Depreciation - 79,661 1,873 3,356 - 84,890 Reimbursement from the FCC related to station repack - (40,040 ) (4,977 ) (9,003 ) - (54,020 ) Goodwill and intangible assets impairment - (2 ) - 63,319 - 63,317 Gain on disposal of stations, net - (96,608 ) - - - (96,608 ) Total operating expenses 29,588 1,335,200 84,225 268,502 (176,914 ) 1,540,601 (Loss) income from operations (3,758 ) 499,738 (2,851 ) (94,494 ) (2 ) 398,633 Income (loss) from equity investment, net - 2,101 - (40 ) - 2,061 Interest expense, net - (186,482 ) (8,578 ) (2,459 ) - (197,519 ) Loss on extinguishment of debt - (3,724 ) - - - (3,724 ) Pension and other postretirement plans credit, net - 5,378 - - - 5,378 Other income (expenses) (1 ) 210 - - - 209 Equity in income of consolidated subsidiaries 135,960 - - - (135,960 ) - Income (loss) before income taxes 132,201 317,221 (11,429 ) (96,993 ) (135,962 ) 205,038 Income tax benefit (expense) 10 (97,381 ) 2,877 11,900 - (82,594 ) Net income (loss) 132,211 219,840 (8,552 ) (85,093 ) (135,962 ) 122,444 Net income attributable to noncontrolling interests - - - (5,397 ) - (5,397 ) Net income (loss) attributable to Nexstar $ 132,211 $ 219,840 $ (8,552 ) $ (90,490 ) $ (135,962 ) $ 117,047 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Nine Months Ended September 30, 2018 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Net broadcast revenue (including trade) $ - $ 1,764,122 $ 51,601 $ 152,951 $ - $ 1,968,674 Revenue between consolidated entities 21,153 66,360 27,504 53,596 (168,613 ) - Net revenue 21,153 1,830,482 79,105 206,547 (168,613 ) 1,968,674 Operating expenses (income): Direct operating expenses, excluding depreciation and amortization - 664,717 30,586 147,307 (3,845 ) 838,765 Selling, general, and administrative expenses, excluding depreciation and amortization 25,261 403,066 3,436 33,506 (44,164 ) 421,105 Local service agreement fees between consolidated entities - 54,244 41,075 25,285 (120,604 ) - Amortization of broadcast rights - 43,741 1,204 2,089 - 47,034 Amortization of intangible assets - 88,780 1,606 20,254 - 110,640 Depreciation - 71,891 1,529 5,157 - 78,577 Reimbursement from the FCC related to station repack - (11,683 ) (767 ) - - (12,450 ) Total operating expenses 25,261 1,314,756 78,669 233,598 (168,613 ) 1,483,671 (Loss) income from operations (4,108 ) 515,726 436 (27,051 ) - 485,003 Loss from equity investment, net - (1,813 ) - - - (1,813 ) Interest expense, net - (156,124 ) (8,214 ) (2,769 ) - (167,107 ) Loss on extinguishment of debt - (4,645 ) - - - (4,645 ) Pension and other postretirement plans credit, net - 8,358 - - - 8,358 Other expenses - (10 ) - - - (10 ) Equity in income of consolidated subsidiaries 252,643 - - - (252,643 ) - Income (loss) before income taxes 248,535 361,492 (7,778 ) (29,820 ) (252,643 ) 319,786 Income tax (expense) benefit (833 ) (91,701 ) 1,674 4,849 - (86,011 ) Net income (loss) 247,702 269,791 (6,104 ) (24,971 ) (252,643 ) 233,775 Net loss attributable to noncontrolling interests - - - 2,593 - 2,593 Net income (loss) attributable to Nexstar $ 247,702 $ 269,791 $ (6,104 ) $ (22,378 ) $ (252,643 ) $ 236,368 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2019 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Cash flows from operating activities $ - $ 322,622 $ (6,421 ) $ (219 ) $ - $ 315,982 Cash flows from investing activities: Payments for acquisitions, net of cash acquired - (5,881,179 ) - - - (5,881,179 ) Proceeds from sale of stations - 1,352,958 - - - 1,352,958 Purchases of property and equipment - (94,870 ) (4,386 ) (10,969 ) - (110,225 ) Spectrum repack reimbursements from the FCC - 40,040 4,977 9,003 - 54,020 Proceeds from disposals of property and equipment - 2,012 - 14 - 2,026 Distribution from an equity investment - 1,557 - - - 1,557 Other investing activities - (1,310 ) - - - (1,310 ) Net cash provided by (used in) investing activities - (4,580,792 ) 591 (1,952 ) - (4,582,153 ) Cash flows from financing activities: Proceeds from long-term debt - 4,831,050 - - - 4,831,050 Payments for debt financing costs - (70,717 ) - - (70,717 ) Repayments of long-term debt - (211,108 ) (1,714 ) (2,591 ) - (215,413 ) Common stock dividends paid (62,062 ) - - - - (62,062 ) Inter-company payments 70,126 (70,126 ) - - - - Purchase of noncontrolling interest from a consolidated variable interest entity - (6,393 ) - - - (6,393 ) Cash paid for shares withheld for taxes (9,813 ) - - - - (9,813 ) Payments for capital lease and capitalized software obligations - (6,359 ) - (60 ) - (6,419 ) Proceeds from exercise of stock options 1,749 - - - - 1,749 Other financing activities - (6,897 ) - - - (6,897 ) Net cash provided by (used in) financing activities - 4,459,450 (1,714 ) (2,651 ) - 4,455,085 Net increase (decrease) in cash, cash equivalents and restricted cash - 201,280 (7,544 ) (4,822 ) - 188,914 Cash, cash equivalents and restricted cash at beginning of period - 105,665 10,798 28,652 - 145,115 Cash, cash equivalents and restricted cash at end of period $ - $ 306,945 $ 3,254 $ 23,830 $ - $ 334,029 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2018 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Cash flows from operating activities $ - $ 482,985 $ (2,063 ) $ 6,292 $ - $ 487,214 Cash flows from investing activities: Purchases of property and equipment - (56,944 ) (1,356 ) (5,286 ) - (63,586 ) Deposits and payments for acquisitions - (103,246 ) - - - (103,246 ) Spectrum repack reimbursements from the FCC - 11,683 767 - - 12,450 Proceeds from disposals of property and equipment - 4,277 - 5 - 4,282 Other investing activities - 812 - - - 812 Net cash used in investing activities - (143,418 ) (589 ) (5,281 ) - (149,288 ) Cash flows from financing activities: Proceeds from long-term debt - 44,000 - 57,387 - 101,387 Repayments of long-term debt - (266,182 ) (1,735 ) (59,572 ) - (327,489 ) Common stock dividends paid (51,524 ) - - - - (51,524 ) Purchase of treasury stock (50,524 ) - - - - (50,524 ) Inter-company payments 101,716 (101,716 ) - - - - Proceeds from exercise of stock options 5,184 - - - - 5,184 Cash paid for shares withheld for taxes (4,852 ) - - - - (4,852 ) Payments for capital lease obligations - (7,426 ) - - - (7,426 ) Other financing activities - (137 ) - 226 - 89 Net cash used in financing activities - (331,461 ) (1,735 ) (1,959 ) - (335,155 ) Net increase (decrease) in cash, cash equivalents and restricted cash - 8,106 (4,387 ) (948 ) - 2,771 Cash, cash equivalents and restricted cash at beginning of period - 90,860 9,524 15,268 - 115,652 Cash, cash equivalents and restricted cash at end of period $ - $ 98,966 $ 5,137 $ 14,320 $ - $ 118,423

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 19: Subsequent Events Dividends On October 25, 2019, Nexstar’s Board of Directors declared a quarterly cash dividend of $0.45 per share of its Class A common stock. The dividend is payable on November 22, 2019 to stockholders of record on November 8, 2019. Acquisitions and Divestitures On November 5, 2019, Nexstar entered into purchase and sale agreements with Fox Television Stations, LLC, a Delaware limited liability company and subsidiary of Fox Corporation (“Fox”), whereby Nexstar will purchase the Charlotte Fox Affiliate WJZY and MyNetworkTV Affiliate WMYT from Fox for approximately $45 million in cash, and will sell to Fox the Seattle Fox Affiliate KCPQ and MyNetworkTV Affiliate KZJO and the Milwaukee Fox Affiliate WITI for approximately $350 million in cash, subject to customary adjustments. The transaction is subject to FCC approval and other customary approvals and is expected to close in the first half of calendar year 2020

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
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 for which Nexstar is the primary beneficiary (See “Variable Interest Entities” section). Nexstar and the consolidated VIEs are collectively referred to as the “Company”. Noncontrolling interests represent the VIE owners’ share of the equity in the consolidated VIEs and are presented as a component separate from Nexstar Media Group, Inc. stockholders’ equity. All intercompany account balances and transactions have been eliminated in consolidation. Nexstar management evaluates each arrangement that may include variable interests and determines the need to consolidate an entity where it determines Nexstar is the primary beneficiary of a VIE in accordance with related authoritative literature and interpretive guidance. The following are assets of consolidated VIEs, excluding intercompany’ amounts, that are not available to settle the obligations of Nexstar and the liabilities of consolidated VIEs, excluding intercompany amounts, for which their creditors do not have recourse to the general credit of Nexstar (in thousands): September 30, 2019 December 31, 2018 Current assets $ 24,098 $ 20,898 Property and equipment, net 17,162 10,994 Goodwill 121,600 121,600 FCC licenses 151,808 157,658 Network affiliation agreements 70,122 74,726 Other intangible assets, net 152 787 Other noncurrent assets, net 9,013 3,652 Total assets $ 393,955 $ 390,315 Current liabilities $ 19,072 $ 17,594 Noncurrent liabilities 36,258 27,542 Total liabilities $ 55,330 $ 45,136
Liquidity	Liquidity The Company is leveraged, which makes it vulnerable to changes in general economic conditions. The Company’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 the Company’s control. On July 3, 2019, Nexstar Escrow, Inc., a wholly-owned indirect subsidiary of Nexstar (“Nexstar Escrow”), completed the sale and issuance of its $1.120 billion 5.625% Senior Unsecured Notes due 2027 (the “5.625% Notes due 2027”) at par. The gross proceeds of the 5.625% Notes due 2027 were directly deposited in a segregated escrow account until its utilization to partially fund the completion of the Merger on September 19, 2019. Immediately following the consummation of the Merger, Nexstar Escrow was merged with and into Nexstar Broadcasting, Inc. (“ Nexstar Broadcasting”) , with Nexstar Broadcasting surviving the merger (the “Escrow Merger”). Following the Escrow Merger, Nexstar, Mission Broadcasting, Inc. (“Mission”), Nexstar Broadcasting , certain restricted subsidiaries of Nexstar Broadcasting and the trustee entered into a supplement (the “Nexstar 2027 Notes Supplemental Indenture”) to an indenture, dated as of July 3, 2019 (the “5.625% Notes due 2027 Indenture”) , whereby Nexstar Broadcasting assumed the obligations of Nexstar Escrow under the 5.625% Notes due 2027 Indenture and the 5.625% Notes due 2027, and Nexstar, certain restricted subsidiaries of Nexstar Broadcasting and Mission provided guarantees of the 5.625% Notes due 2027 under the 5.625% Notes due 2027 Indenture On September 19, 2019, in connection with the Merger, Nexstar borrowed $3.065 billion in Term Loan B, issued at 99.21% and $675.0 million in Term Loan A, issued at 99.31%. The proceeds from the above loans, together with the net proceeds from certain station divestitures (as further discussed in Note 3) and cash on hand of Nexstar and Tribune, were used to finance the cash consideration for the Merger and repay all existing debt of Tribune prior to the Merger, including premium and accrued interest and related fees and expenses. See Notes 3 and 9 for additional information with respect to the merger and debt transactions, respectively.
Interim Financial Statements	Interim Financial Statements The Condensed Consolidated Financial Statements as of September 30, 2019 and for the three and nine months ended September 30, 2019 and 2018 are unaudited. However, in the opinion of management, such financial statements include all adjustments (consisting solely of normal recurring adjustments) necessary for the fair statement of the financial information included herein in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the 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, 2018. The balance sheet as of December 31, 2018 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 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”) or a local marketing agreement (“LMA”) which allows Nexstar to program most of a station’s broadcast time, sell the station’s advertising time and retain the advertising revenue generated in exchange for monthly payments, based on the station’s monthly operating expenses, (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 Nexstar consolidates entities in which Nexstar is deemed under U.S. GAAP to have controlling financial interests 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 certain VIEs’ senior secured credit facilities (see Note 9), (3) Nexstar having power over significant activities affecting these VIEs’ economic performance, including budgeting for advertising revenue, certain advertising sales and, in some cases, hiring and firing of sales force personnel and (4) purchase options granted by each VIE, exclusive of Marshall Broadcasting Group, Inc. (“Marshall”), which permit Nexstar to acquire the assets and assume the liabilities of each of the VIEs’ stations, subject to FCC consent. The following table summarizes the various local service agreements Nexstar had in effect as of September 30, 2019 with its consolidated VIEs: Service Agreements Owner Full Power Stations TBA Only Mission WFXP, KHMT and KFQX LMA Only WNAC, LLC WNAC 54 Broadcasting, Inc. (“54 Broadcasting”) KNVA SSA & JSA Mission KJTL, KLRT, KASN, KOLR, KCIT, KAMC, KRBC, KSAN, WUTR, WAWV, WYOU, KODE, WTVO, KTVE, WTVW and WVNY White Knight Broadcasting (“White Knight”) WVLA, KFXK, KSHV Shield Media, LLC (“Shield”) WXXA and WLAJ Vaughan Media, LLC (“Vaughan”) WBDT, WYTV and KTKA Marshall KLJB, KPEJ and KMSS SSA Only Tamer Media, LLC (“Tamer”) KWBQ, KASY and KRWB Nexstar’s ability to receive cash from its VIEs is governed by the local service agreements. Under these agreements, Nexstar has received substantially all of the consolidated VIEs’ available cash, after satisfaction of operating costs and debt obligations. Nexstar anticipates it will continue to receive substantially all of the consolidated VIEs’ available cash, after satisfaction of operating costs and debt obligations. In compliance with FCC regulations for all the parties, each VIE maintains complete responsibility for and control over programming, finances, personnel and operations of its stations. Nexstar had a variable interest in HITV License Subsidiary, Inc., the owner of station KHII, upon execution of a TBA effective November 1, 2018 and a purchase agreement to acquire certain assets of the station. On December 17, 2018, the FCC approved Nexstar’s acquisition of the station. Nexstar evaluated its business arrangement with KHII and determined that it was the primary beneficiary of the variable interest because it had the ultimate power to direct the activities that most significantly impact the economic performance of the station including developing the annual operating budget, selling advertising, and oversight and control of sales management personnel. Thus, Nexstar consolidated KHII as of December 17, 2018 under authoritative guidance related to the consolidation of VIEs. The assets that were consolidated into Nexstar included the license assets and network affiliation agreement of KHII but were attributed to the owner of the station at the time (noncontrolling interest). On January 28, 2019, Nexstar paid the former owner the remaining purchase price, acquired the noncontrolling interest in full and completed the acquisition. As of this date, KHII is no longer a VIE. See Note 3 for additional information. The carrying amounts and classification of the assets and liabilities, excluding intercompany amounts, of the VIEs which have been included in the Condensed Consolidated Balance Sheets were as follows (in thousands): September 30, 2019 December 31, 2018 Current assets: Cash and cash equivalents $ 16,206 $ 19,060 Accounts receivable, net 23,942 22,725 Prepaid expenses and other current assets 2,554 4,423 Total current assets 42,702 46,208 Property and equipment, net 39,711 30,861 Goodwill 154,787 154,787 FCC licenses 151,808 157,658 Network affiliation agreements 81,809 87,821 Other intangible assets, net 675 1,404 Other noncurrent assets, net 21,672 8,073 Total assets $ 493,164 $ 486,812 Current liabilities: Current portion of debt $ 52,886 $ 54,616 Interest payable 977 345 Other current liabilities 19,072 17,594 Total current liabilities 72,935 72,555 Debt 241,826 243,717 Other noncurrent liabilities 36,258 27,542 Total liabilities $ 351,019 $ 343,814 Non-Consolidated VIEs Nexstar has an outsourcing agreement with Cunningham Broadcasting Corporation (“Cunningham”), which continues through December 31, 2020. Under the outsourcing agreement, Nexstar provides certain engineering, production, sales and administrative services for WYZZ, the FOX affiliate in the Peoria, Illinois market, through WMBD, the Nexstar television station in that market. During the term of the outsourcing agreement, Nexstar retains the broadcasting revenue and related expenses of WYZZ and is obligated to pay a monthly fee to Cunningham based on the combined operating cash flow of WMBD and WYZZ, as defined in the agreement. Nexstar has determined that it has a variable interest in WYZZ. Nexstar has evaluated its arrangements with Cunningham and has determined that it is not the primary beneficiary of the variable interest in this station because it does not have the ultimate power to direct the activities that most significantly impact the station’s economic performance, including developing the annual operating budget, programming and oversight and control of sales management personnel. Therefore, Nexstar has not consolidated WYZZ under authoritative guidance related to the consolidation of VIEs. Under the local service 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 agreement consists of the fees paid to Cunningham. Additionally, Nexstar indemnifies the owners of Cunningham 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. There were no significant transactions arising from Nexstar’s outsourcing agreement with Cunningham. In connection with the Merger (See Note 3), Nexstar obtained an indirect variable interest in Topix, LLC (through its investment in TKG Holdings II, LLC) (“Topix”). Nexstar has determined that it is not the primary beneficiary of Topix and therefore has not consolidated it as of and for the periods presented in the unaudited condensed consolidated financial statements. Nexstar’s maximum loss exposure related to Topix is limited to its equity investment, which was $1.3 million at September 30, 2019
Assets Held for Sale	Assets Held for Sale We consider assets to be held for sale when management commits to a formal plan to actively market the assets for sale at a price reasonable in relation to fair value, the asset is available for immediate sale in its present condition, an active program to locate a buyer and other actions required to complete the sale have been initiated, the sale of the asset and the transfer is expected to be completed within one year and it is unlikely that significant changes will be made to the plan. Upon designation as held for sale, we record the carrying value of the assets at the lower of its carrying value or its estimated fair value, less costs to sell. In accordance with generally accepted accounting principles, assets held for sale are not depreciated or amortized. See Note 5.
Investments	Investments We account We recognize our share in earnings and losses of the investee as “Income (loss) in equity investments, net” in the Condensed Consolidated Statements of Operations. W e evaluate our equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. Investments in non-public businesses that do not have readily determinable pricing, and for which we do not have control or do not exert significant influence, are carried at cost less impairments, if any, plus or minus changes in observable prices for those investments. Gains or losses resulting from changes in the carrying value of these investments are included as non-operating expense in the Condensed Consolidated Statements of Operations.
Leases	Leases As discussed in the “Recent Accounting Pronouncements” section below, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) and all related amendments issued by the Financial Accounting Standards Board (“FASB”). Accounting Standards Codification (“ASC”) 842 establishes a comprehensive new lease accounting model that requires the recording of assets and liabilities arising from operating leases on the balance sheet accompanied by enhanced qualitative and quantitative disclosures in the notes to the financial statements. The standard was issued to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. The Company adopted this standard effective January 1, 2019 using the optional transition method. The most significant impact was the recognition of right-of-use (“ROU”) assets and lease liabilities for operating leases, while the Company’s accounting for finance leases remained substantially unchanged. Financial information for reporting periods beginning after January 1, 2019 is presented under ASC 842, while comparative financial information has not been adjusted and continues to be reported in accordance with the Company’s historical accounting policy for lease contracts prior to the adoption of ASC 842. The Company has elected the ‘package of practical expedients’ permitted under the transition guidance within ASC 842, which permits the Company to carry forward the historical lease classification and not reassess whether any expired or existing contracts are or contain leases. In addition, the Company is not required to reassess initial direct costs for any existing leases. The Company did not elect the land easements and the use of hindsight practical expedients in determining the lease term for existing leases. ASC 842 also provides practical expedients for an entity’s ongoing accounting. The Company has elected the short-term lease recognition exemption for all leases that qualify. As a result, for those leases with a term of less than 12 months, it will not recognize ROU assets or lease liabilities. The vast majority of the Company’s television station leases are comprised of fixed lease payments, with a small percentage of television station lease payments that are tied to a rate or index which may be subject to variability. For these leases, the calculation of the present value of future minimum lease payments is the base rate as of the later of (i) when the television station was acquired by the Company, or (ii) the commencement date of the lease agreement. Certain real estate leases also include executory costs such as common area maintenance (non-lease component), as well as property insurance and property taxes (non-components). These are not significant and the Company historically excluded these executory costs from its future minimum lease payments under its historical policy prior to the adoption of ASC 842. As such, the executory costs were excluded from the calculation of ROU assets and lease liabilities associated with operating leases upon transition. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. The discount rate represents a risk-adjusted rate on a secured basis, and is the rate at which the Company would borrow funds to satisfy the scheduled lease liability payment streams commensurate with the lease term. On January 1, 2019, the discount rate used on existing leases at adoption was determined based on the remaining lease term using available data as of that date. The Company recognized operating lease ROU assets on its Condensed Consolidated Balance Sheet as of January 1, 2019 of $112.8 million, inclusive of the present value of remaining future operating lease payments of $98.9 million and reclassifications of certain operating lease related assets and liabilities under the Company’s historical accounting policy prior to the adoption of ASC 842 such as favorable (unfavorable) lease intangible assets, deferred rent, short-term and long-term prepaid expenses and other accruals. These are summarized in the table below (in thousands). The adoption did not result in a cumulative impact on retained earnings as of January 1, 2019. ASC 842 Adoption Adjustments Present Value of Remaining Operating Lease Reclassifications of Operating Lease Related Balance Sheet Items to Operating Lease ROU Assets Impact on Consolidated Balance Sheets December 31, 2018 Payments as of January 1, 2019 Net Favorable Leases Deferred Rent Other Total Adjustments January 1, 2019 Prepaid expenses and other current assets $ 22,673 $ - $ - $ - $ (270 ) $ (270 ) $ 22,403 Other intangible assets, net 1,491,923 - (24,181 ) - - (24,181 ) 1,467,742 Other noncurrent assets, net 106,884 98,887 24,181 (9,781 ) (720 ) 112,567 219,451 Total assets 7,062,030 98,887 - (9,781 ) (990 ) 88,116 7,150,146 Other current liabilities 12,352 17,399 - (1,645 ) (423 ) 15,331 27,683 Other noncurrent liabilities 270,084 81,488 - (8,136 ) (567 ) 72,785 342,869 Total liabilities 5,193,046 98,887 - (9,781 ) (990 ) 88,116 5,281,162 After transition to ASC 842, the Company determines if an arrangement is a lease at inception. The ROU assets arising from operating leases are included in other noncurrent assets, other current liabilities and other noncurrent liabilities in the accompanying Condensed Consolidated Balance Sheets. Operating lease ROU assets and operating lease liabilities that are recognized after the adoption of ASC 842 are based on the present value of the future minimum lease payments over the lease term at the commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and executory costs (not significant). The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. When determining if a renewal option is reasonably certain of being exercised, the Company considers several factors, including but not limited to, the significance of leasehold improvements incurred on the property, whether the asset is difficult to replace, or specific characteristics unique to the particular lease that would make it reasonably certain that the Company would exercise such option. In most cases, the Company has concluded that renewal and early termination options are not reasonably certain of being exercised by the Company (and thus not included in its ROU asset and lease liability) unless there is an economic, financial or business reason to do so. As most of the Company’s leases do not provide an implicit rate, the incremental borrowing rate was used based on the information available at the commencement date in determining the present value of future lease payments. The discount rate represents a risk-adjusted rate on a secured basis and is the rate at which the Company would borrow funds to satisfy the scheduled lease liability payment streams commensurate with the lease term. For new or renewed leases starting in 2019, the discount rate is determined using available data at lease commencement and based on the lease term including any reasonably certain renewal periods. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. In rare circumstances, the Company may enter into finance leases for specific equipment or real estate used in its operations, in which the lease term is for the major part of the remaining economic life of the underlying asset or the present value of the lease payments equals or exceeds substantially all of the estimated fair value of the underlying asset. The Company records its finance leases within property and equipment, other current liabilities and other noncurrent liabilities on the accompanying Condensed Consolidated Balance Sheets. See Note 10 for additional disclosures on leases as of September 30, 2019.
Income Per Share	Income Per Share Basic income per share is computed by dividing the net income by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed using the weighted-average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares are calculated using the treasury stock method. They consist of stock options and restricted stock units outstanding during the period and reflect the potential dilution that could occur if common shares were issued upon exercise of stock options and vesting of restricted stock units. The following table shows the amounts used in computing the Company’s diluted shares (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Weighted average shares outstanding - basic 46,114 45,552 45,997 45,751 Dilutive effect of equity incentive plan instruments - 1,786 1,922 1,637 Weighted average shares outstanding - diluted 46,114 47,338 47,919 47,388 Because of their anti-dilutive effect, stock options and restricted stock units to acquire a weighted average of 2,700 and 10,900 shares of Class A common stock have been excluded from the computation of diluted earnings per share for the three and nine months ended September 30, 2019, respectively. Because of their anti-dilutive effect, stock options and restricted stock units to acquire a weighted average of 5,000 and 27,000 shares of Class A common stock have been excluded from the computation of diluted earnings per share for the three and nine months ended September 30, 2018, respectively.
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 New Accounting Standards Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The Company adopted this standard and all related amendments effective January 1, 2019 using the optional transition method. The standard had a material impact on the Company’s Condensed Consolidated Balance Sheets but did not impact its operating results, cash flows or equity. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases, while our accounting for finance leases remained substantially unchanged. The adoption did not result in a cumulative impact on retained earnings as of January 1, 2019. See Leases above for the Company’s updated accounting policy and Note 8 for expanded disclosures. New Accounting Standards Not Yet Adopted In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,” which provided certain improvements to ASU 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,” ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” and ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” As the Company has adopted ASU 2016-01 and ASU 2017-12, the improvements in ASU 2019-04 are effective for fiscal years beginning after December 15, 2019, and the interim periods within those fiscal years. Early adoption is permitted. The Company expects to adopt ASU 2016-13 in the first quarter of 2020, as described below, and the improvements in ASU 2019-04 will be adopted concurrently. The Company is currently evaluating the impact of adopting ASU 2019-04 on its Condensed Consolidated Financial Statements. In March 2019, the FASB issued ASU 2019-02, “Entertainment-Films-Other Assets-Film Costs (Subtopic 926-20) and Entertainment-Broadcasters-Intangibles-Goodwill and Other (Subtopic 920-350).” The standard requires production costs of episodic television series to be capitalized as incurred, which aligns the guidance with the accounting for production costs of films. In addition, once ASU 2019-02 is effective, capitalized costs associated with films and license agreements will be tested for impairment based on the lower of unamortized cost or fair value, as opposed to the existing guidance where the impairment test is based on estimated net realizable value. The guidance also includes additional disclosure requirements. The standard is effective for fiscal years beginning after December 15, 2019, and the interim periods within those fiscal years. Early adoption is permitted. The amendments in ASU 2019-02 should be applied prospectively. The Company is currently evaluating the impact of adopting ASU 2019-02 on its Condensed Consolidated Financial Statements In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities (“ASU 2018-17”). The amendments in ASU 2018-17 for determining whether a decision-making fee is a variable interest require reporting entities to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety (as currently required in GAAP). Therefore, these amendments likely will result in more decision makers not having a variable interest through their decision-making arrangements. The amendments in ASU 2018-17 are effective for interim and annual reporting periods beginning after December 15, 2019, and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2018-17 on its Condensed Consolidated Financial Statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) (“ASU 2018-13”), which modifies the disclosure requirements on fair value measurements. The amendments in this update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. In August 2018, the FASB issued ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20) (“ASU 2018-14”). ASU 2018-14 removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and adds additional disclosures. The amendments in ASU 2018-14 are effective for fiscal years ending after December 15, 2020, and early adoption is permitted. The updated standard should be applied on a retrospective basis. The Company is currently evaluating the impact of adopting ASU 2018-14 on its Condensed Consolidated Financial Statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”). The standard requires entities to estimate loss of financial assets measured at amortized cost, including trade receivables, debt securities and loans, using an expected credit loss model. The expected credit loss model differs from the previous incurred losses model primarily in that the loss recognition threshold of “probable” has been eliminated and that expected loss should consider reasonable and supportable forecasts in addition to the previously considered past events and current conditions. Additionally, the guidance requires additional disclosures related to the further disaggregation of information related to the credit quality of financial assets by year of the asset’s origination for as many as five years. In November 2018, the FASB issued ASU No. 2018-19 to clarify the scope of the guidance in the amendments in ASU 2016-13. Entities must apply the standard provision as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The standard is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. The Company is currently evaluating the impact of adopting ASU 2016-13 on its Condensed Consolidated Financial Statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2019
Consolidated VIEs	The carrying amounts and classification of the assets and liabilities, excluding intercompany amounts, of the VIEs which have been included in the Condensed Consolidated Balance Sheets were as follows (in thousands): September 30, 2019 December 31, 2018 Current assets: Cash and cash equivalents $ 16,206 $ 19,060 Accounts receivable, net 23,942 22,725 Prepaid expenses and other current assets 2,554 4,423 Total current assets 42,702 46,208 Property and equipment, net 39,711 30,861 Goodwill 154,787 154,787 FCC licenses 151,808 157,658 Network affiliation agreements 81,809 87,821 Other intangible assets, net 675 1,404 Other noncurrent assets, net 21,672 8,073 Total assets $ 493,164 $ 486,812 Current liabilities: Current portion of debt $ 52,886 $ 54,616 Interest payable 977 345 Other current liabilities 19,072 17,594 Total current liabilities 72,935 72,555 Debt 241,826 243,717 Other noncurrent liabilities 36,258 27,542 Total liabilities $ 351,019 $ 343,814
Schedule of ASC 842 Adoption Adjustments Impact on Condensed Balance Sheets	The Company recognized operating lease ROU assets on its Condensed Consolidated Balance Sheet as of January 1, 2019 of $112.8 million, inclusive of the present value of remaining future operating lease payments of $98.9 million and reclassifications of certain operating lease related assets and liabilities under the Company’s historical accounting policy prior to the adoption of ASC 842 such as favorable (unfavorable) lease intangible assets, deferred rent, short-term and long-term prepaid expenses and other accruals. These are summarized in the table below (in thousands). The adoption did not result in a cumulative impact on retained earnings as of January 1, 2019. ASC 842 Adoption Adjustments Present Value of Remaining Operating Lease Reclassifications of Operating Lease Related Balance Sheet Items to Operating Lease ROU Assets Impact on Consolidated Balance Sheets December 31, 2018 Payments as of January 1, 2019 Net Favorable Leases Deferred Rent Other Total Adjustments January 1, 2019 Prepaid expenses and other current assets $ 22,673 $ - $ - $ - $ (270 ) $ (270 ) $ 22,403 Other intangible assets, net 1,491,923 - (24,181 ) - - (24,181 ) 1,467,742 Other noncurrent assets, net 106,884 98,887 24,181 (9,781 ) (720 ) 112,567 219,451 Total assets 7,062,030 98,887 - (9,781 ) (990 ) 88,116 7,150,146 Other current liabilities 12,352 17,399 - (1,645 ) (423 ) 15,331 27,683 Other noncurrent liabilities 270,084 81,488 - (8,136 ) (567 ) 72,785 342,869 Total liabilities 5,193,046 98,887 - (9,781 ) (990 ) 88,116 5,281,162
Weighted Average Shares Outstanding	Basic income per share is computed by dividing the net income by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed using the weighted-average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares are calculated using the treasury stock method. They consist of stock options and restricted stock units outstanding during the period and reflect the potential dilution that could occur if common shares were issued upon exercise of stock options and vesting of restricted stock units. The following table shows the amounts used in computing the Company’s diluted shares (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Weighted average shares outstanding - basic 46,114 45,552 45,997 45,751 Dilutive effect of equity incentive plan instruments - 1,786 1,922 1,637 Weighted average shares outstanding - diluted 46,114 47,338 47,919 47,388
Consolidated VIEs [Member]
Consolidated VIEs	The following are assets of consolidated VIEs, excluding intercompany’ amounts, that are not available to settle the obligations of Nexstar and the liabilities of consolidated VIEs, excluding intercompany amounts, for which their creditors do not have recourse to the general credit of Nexstar (in thousands): September 30, 2019 December 31, 2018 Current assets $ 24,098 $ 20,898 Property and equipment, net 17,162 10,994 Goodwill 121,600 121,600 FCC licenses 151,808 157,658 Network affiliation agreements 70,122 74,726 Other intangible assets, net 152 787 Other noncurrent assets, net 9,013 3,652 Total assets $ 393,955 $ 390,315 Current liabilities $ 19,072 $ 17,594 Noncurrent liabilities 36,258 27,542 Total liabilities $ 55,330 $ 45,136

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	9 Months Ended
	Sep. 30, 2019
Business Acquisition [Line Items]
Unaudited Pro Forma Information	The following unaudited pro forma information (in thousands) has been presented for the periods indicated as if the Merger with Tribune had occurred on January 1, 2018. Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Net revenue $ 961,395 $ 1,061,752 $ 2,923,988 $ 3,030,272 Income before income taxes 38,205 120,270 350,155 444,671 Net income 1,112 119,571 236,214 385,668 Net income attributable to Nexstar 443 120,280 230,828 321,165
Tribune [Member]
Business Acquisition [Line Items]
Components of Total Consideration Paid or Payable Upon Closing of Merger	The following table summarizes the components of the total consideration paid or payable upon closing of the Merger (in thousands): Cash consideration and related taxes $ 4,197,198 Warrants replacement awards 1,008 Repayment of Tribune debt, including premium and accrued interest 2,988,833 Gross purchase price 7,187,039 Less: Gross selling price of Tribune Divestitures, including preliminary working capital adjustments (1,007,745 ) Net purchase price $ 6,179,294
Fair Values of Assets Acquired, Liabilities Assumed and Noncontrolling Interests	Subject to final determination, which is expected to occur within twelve months of the acquisition date, the provisional fair values of the assets acquired, liabilities assumed, and noncontrolling interests (net of the effects of the Tribune Divestitures) are as follows (in thousands): Assets acquired Cash and cash equivalents $ 1,289,251 Restricted cash and cash equivalents 16,609 Accounts receivable, net 368,869 Prepaid expenses and other current assets 106,226 Property and equipment 520,290 Goodwill 1,057,551 FCC licenses 1,421,454 Network affiliation agreements 1,269,060 Other intangible assets 490,143 Equity investments 1,482,960 Assets held for sale 239,750 Other noncurrent assets 276,118 Total assets acquired 8,538,281 Liabilities assumed Accounts payable (41,233 ) Accrued expenses and other current liabilities (362,953 ) Income taxes payable (130,296 ) Deferred tax liabilities (1,066,531 ) Other noncurrent liabilities (751,773 ) Total liabilities assumed (2,352,786 ) Noncontrolling interests (6,201 ) Net assets acquired and consolidated $ 6,179,294

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	9 Months Ended
	Sep. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets Subject to Amortization	Intangible assets subject to amortization consisted of the following (in thousands): Estimated September 30, 2019 December 31, 2018 useful life, Accumulated Accumulated in years Gross Amortization Net Gross Amortization Net Network affiliation agreements 15 $ 3,208,979 $ (648,676 ) $ 2,560,303 $ 1,977,825 $ (575,860 ) $ 1,401,965 Other definite-lived intangible assets (1) 1-20 551,189 (200,138 ) 351,051 246,137 (156,179 ) 89,958 Other intangible assets $ 3,760,168 $ (848,814 ) $ 2,911,354 $ 2,223,962 $ (732,039 ) $ 1,491,923 (1) Other intangible assets, net in the Condensed Consolidated Balance Sheet as of September 30, 2019 of $509.9 million represents the total other definite-lived intangible assets of $351.1 million in the table above and other indefinite-lived intangible asset of $158.8 million as shown in the table below.
Estimated Amortization Expense of Definite-Lived Intangible Assets	The following table presents the Company’s estimate of amortization expense for the remainder of 2019, each of the five succeeding years ended December 31 and thereafter for definite-lived intangible assets as of September 30, 2019 (in thousands): Remainder of 2019 $ 72,462 2020 243,112 2021 240,180 2022 237,603 2023 235,325 2024 233,935 Thereafter 1,648,737 $ 2,911,354
Goodwill, FCC Licenses and Other Indefinite-Lived Intangible Assets	The amounts recorded to goodwill, FCC licenses and other indefinite-lived intangible assets were as follows (in thousands): Goodwill FCC Licenses Other Indefinite-Lived Intangible Assets Accumulated Accumulated Accumulated Gross Impairment Net Gross Impairment Net Gross Impairment Net Balances as of December 31, 2018 $ 2,257,774 $ (89,820 ) $ 2,167,954 $ 1,825,678 $ (47,410 ) $ 1,778,268 $ - $ - $ - Acquisitions (See Note 3) 1,057,551 - 1,057,551 1,421,454 - 1,421,454 158,838 - 158,838 Nexstar Divestitures (See Note 3) (98,834 ) - (98,834 ) (92,763 ) - (92,763 ) - - - Impairment - (42,475 ) (42,475 ) - - - - - - Measurement period adjustments (1,544 ) - (1,544 ) - - - - - - Balances as of September 30, 2019 $ 3,214,947 $ (132,295 ) $ 3,082,652 $ 3,154,369 $ (47,410 ) $ 3,106,959 $ 158,838 $ - $ 158,838

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)	9 Months Ended
	Sep. 30, 2019
Property Plant And Equipment Assets Held For Sale Disclosure [Abstract]
Schedule of Real Estate Properties Held for Sale	As of September 30, 2019, the Company had certain real estate properties held for sale which are included in the Company’s unaudited Condensed Consolidated Financial Statements (in thousands): September 30, 2019 December 31, 2018 Real estate $ 242,999 $ 4,417

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2019
Investments Debt And Equity Securities [Abstract]
Schedule of Investment	Investments consist of the following (in thousands): September 30, 2019 December 31, 2018 Equity method investments $ 1,493,604 $ 13,666 Other equity investments 5,486 305 Total investments $ 1,499,090 $ 13,971
Summary of Income on Equity Investments, Net	Income on equity investments, net reported in the Company’s unaudited Condensed Consolidated Statements of Operations consisted of the following (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Income on equity investments, net, before amortization of basis difference $ 7,255 $ (784 ) $ 6,302 $ (1,506 ) Amortization of basis difference (4,038 ) (103 ) (4,241 ) (307 ) Income on equity investments, net $ 3,217 $ (887 ) $ 2,061 $ (1,813 )
Summary of Financial Information	Summarized financial information for TV Food Network is as follows (in thousands): September 19, 2019 to September 30, 2019 Net revenue $ 46,437 Costs and expenses 16,852 Income from operations 29,585 Net income 24,991 Net income attributable to Nexstar Media Group, Inc. 7,822

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2019
Payables And Accruals [Abstract]
Accrued Expenses	Accrued expenses consisted of the following (in thousands): September 30, 2019 December 31, 2018 Compensation and related taxes $ 98,108 $ 44,269 Broadcast rights payable 133,099 8,340 Network affiliation fees 73,282 21,916 Interest payable 44,092 32,047 Capital expenditures 24,868 18,273 Other 123,752 48,293 $ 497,201 $ 173,138

Retirement and Postretirement_2

Retirement and Postretirement Plans (Tables)	9 Months Ended
	Sep. 30, 2019
Compensation And Retirement Disclosure [Abstract]
Summary of Components of Net Periodic Benefit Cost (Credit)	The following table provides the components of net periodic benefit cost (credit) for the Company’s pension and other postretirement benefit plans (“OPEB”), including the plans assumed through the Merger (in thousands): Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Pension Benefits OPEB Pension Benefits OPEB Service Cost $ 32 $ - $ 32 $ - Interest Cost 5,716 205 13,466 605 Expected return on plan assets (8,499 ) - (19,449 ) - Net periodic benefit (credit) cost $ (2,751 ) $ 205 $ (5,951 ) $ 605 Three Months Ended Nine Months Ended September 30, 2018 September 30, 2018 Pension Benefits OPEB Pension Benefits OPEB Interest cost $ 3,350 $ 150 $ 10,050 $ 450 Expected return on plan assets (6,000 ) - (18,900 ) - Net periodic benefit (credit) cost $ (2,650 ) $ 150 $ (8,850 ) $ 450

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Long Term Debt	Long-term debt consisted of the following (in thousands): September 30, 2019 December 31, 2018 Term loans, net of financing costs and discount of $108,645 and $37,679, respectively $ 5,861,112 $ 2,407,490 Revolving loans 5,628 5,628 6.125% Senior unsecured notes due 2022, net of financing costs of $1,210 and $1,556, respectively 273,790 273,444 5.875% Senior unsecured notes due 2022, plus premium of $4,906 and $6,233, respectively 404,906 406,233 5.625% Senior unsecured notes due 2024, net of financing costs of $10,425 and $11,792, respectively 889,575 888,208 5.625% Senior unsecured notes due 2027, net of financing costs of $19,174 1,100,826 - 8,535,837 3,981,003 Less: current portion (142,664 ) (96,093 ) $ 8,393,173 $ 3,884,910

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Summary of Components of Lease Expense	(In thousands) Balance Sheet Classification September 30, 2019 Operating leases Operating lease right-of-use assets, net Other noncurrent assets, net $ 237,563 Current lease liabilities Other current liabilities $ 34,224 Noncurrent lease liabilities Other noncurrent liabilities $ 188,123 Finance leases Finance lease right-of-use assets, net of accumulated depreciation of $2,438 Property, plant and equipment, net $ 8,551 Current lease liabilities Other current liabilities $ 864 Noncurrent lease liabilities Other noncurrent liabilities $ 15,427
Summary of Other Information Related to Leases	Other information related to leases as of September 30, 2019 was as follows (in thousands, except lease term and discount rate): Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 16,754 Operating cash flows from finance leases 712 Financing cash flows from finance leases 610 Weighted Average Remaining Lease Term Operating leases 7.6 years Finance leases 11.8 years Weighted Average Discount Rate Operating leases 5.3 % Finance leases 5.7 %
Summary of Future Minimum Lease Payments Under Non-Cancellable Leases	Future minimum lease payments under non-cancellable leases as of September 30, 2019 were as follows (in thousands): Operating Leases Finance Leases Remainder of 2019 $ 9,443 $ 444 2020 44,112 1,795 2021 37,799 1,843 2022 34,904 1,803 2023 31,277 1,818 Thereafter 114,049 15,202 Total future minimum lease payments 271,584 22,905 Less: imputed interest (51,351 ) (6,611 ) Total $ 220,233 $ 16,294

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Schedule of Estimated Fair Values and Carrying Amounts of Financial Instruments Not Measured at Fair Value on a Recurring Basis	Estimated fair values and carrying amounts of the Company’s financial instruments that are not measured at fair value on a recurring basis were as follows (in thousands): September 30, 2019 December 31, 2018 Carrying Fair Carrying Fair Amount Value Amount Value Term loans (1) $ 5,861,112 $ 5,973,312 $ 2,407,490 $ 2,389,439 Revolving loans (1) 5,628 5,436 5,628 5,528 6.125% Senior unsecured notes (2) 273,790 278,438 273,444 275,688 5.875% Senior unsecured notes (2) 404,906 409,000 406,233 397,000 5.625% Senior unsecured notes due 2024 (2) 889,575 938,250 888,208 837,000 5.625% Senior unsecured notes due 2027 (2) 1,100,826 1,170,400 - - (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

Segment Data (Tables)

Segment Data (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Schedule of Segment Financial Information	Segment financial information is included in the following tables for the periods presented (in thousands): Three Months Ended September 30, 2019 Broadcast Other Consolidated Net revenue $ 637,148 $ 26,427 $ 663,575 Depreciation 26,538 2,825 29,363 Amortization of intangible assets 37,215 5,228 42,443 Income (loss) from operations 189,408 (67,793 ) 121,615 Three Months Ended September 30, 2018 Broadcast Other Consolidated Net revenue $ 650,303 $ 42,712 $ 693,015 Depreciation 21,587 6,086 27,673 Amortization of intangible assets 31,447 5,710 37,157 Income (loss) from operations 227,602 (34,709 ) 192,893 Nine Months Ended September 30, 2019 Broadcast Other Consolidated Net revenue $ 1,858,226 $ 81,008 $ 1,939,234 Depreciation 75,587 9,303 84,890 Amortization of intangible assets 98,830 16,708 115,538 Income (loss) from operations 550,001 (151,368 ) 398,633 Nine Months Ended September 30, 2018 Broadcast Other Consolidated Net revenue $ 1,850,176 $ 118,498 $ 1,968,674 Depreciation 63,948 14,629 78,577 Amortization of intangible assets 95,376 15,264 110,640 Income (loss) from operations 587,712 (102,709 ) 485,003 As of September 30, 2019 Broadcast Other Consolidated Goodwill $ 3,082,652 $ - $ 3,082,652 Assets 12,931,202 1,172,173 14,103,375 As of December 31, 2018 Broadcast Other Consolidated Goodwill $ 2,125,479 $ 42,475 $ 2,167,954 Assets 6,622,604 439,426 7,062,030
Summary of Disaggregation of Revenue	The following tables present the disaggregation of the Company’s revenue for the periods presented (in thousands): Three Months Ended September 30, 2019 Broadcast Other Consolidated Local $ 208,338 $ - $ 208,338 National 81,875 - 81,875 Political 10,899 - 10,899 Retransmission compensation 294,808 - 294,808 Digital 32,385 25,752 58,137 Other 4,995 675 5,670 Trade revenue 3,848 - 3,848 Total revenue $ 637,148 $ 26,427 $ 663,575 Three Months Ended September 30, 2018 Broadcast Other Consolidated Local $ 189,423 $ - $ 189,423 National 71,623 - 71,623 Political 70,147 - 70,147 Retransmission compensation 284,319 - 284,319 Digital 26,615 42,697 69,312 Other 4,013 15 4,028 Trade revenue 4,163 - 4,163 Total revenue $ 650,303 $ 42,712 $ 693,015 Nine Months Ended September 30, 2019 Broadcast Other Consolidated Local $ 595,783 $ - $ 595,783 National 213,885 - 213,885 Political 15,363 - 15,363 Retransmission compensation 923,050 - 923,050 Digital 86,906 80,303 167,209 Other 12,454 705 13,159 Trade revenue 10,785 - 10,785 Total revenue $ 1,858,226 $ 81,008 $ 1,939,234 Nine Months Ended September 30, 2018 Broadcast Other Consolidated Local $ 581,251 $ - $ 581,251 National 210,301 - 210,301 Political 111,049 - 111,049 Retransmission compensation 836,533 - 836,533 Digital 77,661 118,454 196,115 Other 22,358 44 22,402 Trade revenue 11,023 - 11,023 Total revenue $ 1,850,176 $ 118,498 $ 1,968,674

Condensed Consolidating Finan_2

Condensed Consolidating Financial Information (Tables)	9 Months Ended
	Sep. 30, 2019
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
Schedule of Condensed Consolidating Balance Sheet	CONDENSED CONSOLIDATING BALANCE SHEET As of September 30, 2019 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company ASSETS Current assets: Cash and cash equivalents $ - $ 290,336 $ 3,254 $ 23,830 $ - $ 317,420 Restricted cash and cash equivalents - 16,609 - - - 16,609 Accounts receivable 12 800,110 14,728 45,944 - 860,794 Amounts due from consolidated entities - 117,424 69,606 - (187,030 ) - Spectrum asset - 119,047 - - - 119,047 Other current assets - 118,094 622 3,031 - 121,747 Total current assets 12 1,461,620 88,210 72,805 (187,030 ) 1,435,617 Investments in subsidiaries 1,255,566 108,885 - - (1,364,451 ) - Amounts due from consolidated entities 737,537 - - - (737,537 ) - Property and equipment, net - 1,215,120 22,549 19,492 (75 ) 1,257,086 Goodwill - 2,927,865 33,187 121,600 - 3,082,652 FCC licenses - 2,955,151 43,102 108,706 - 3,106,959 Network affiliation agreements, net - 2,478,495 11,687 70,121 - 2,560,303 Other intangible assets, net - 505,896 523 3,470 - 509,889 Investments - 1,499,090 - - - 1,499,090 Assets held for sale - 242,999 - - - 242,999 Other noncurrent assets 199 379,761 12,659 16,161 - 408,780 Total assets $ 1,993,314 $ 13,774,882 $ 211,917 $ 412,355 $ (2,289,093 ) $ 14,103,375 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Current liabilities: Current portion of debt $ - $ 89,778 $ 2,285 $ 50,601 $ - $ 142,664 Accounts payable - 98,518 26 10,584 - 109,128 Amounts due to consolidated entities - - - 187,030 (187,030 ) - Liability to surrender spectrum asset - 129,964 - - - 129,964 Other current liabilities 589 675,122 7,791 29,039 - 712,541 Total current liabilities 589 993,382 10,102 277,254 (187,030 ) 1,094,297 Debt - 8,151,347 221,169 20,657 - 8,393,173 Amounts due to consolidated entities - 536,541 - 201,206 (737,747 ) - Deferred tax liabilities - 1,685,628 - 2,962 - 1,688,590 Other noncurrent liabilities - 949,105 10,334 17,843 - 977,282 Total liabilities 589 12,316,003 241,605 519,922 (924,777 ) 12,153,342 Total stockholders’ equity (deficit) 1,992,725 1,452,678 (29,688 ) (122,674 ) (1,364,316 ) 1,928,725 Noncontrolling interests in consolidated variable interest entities - 6,201 - 15,107 - 21,308 Total liabilities and stockholders’ equity (deficit) $ 1,993,314 $ 13,774,882 $ 211,917 $ 412,355 $ (2,289,093 ) $ 14,103,375 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2018 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company ASSETS Current assets: Cash and cash equivalents $ - $ 105,665 $ 10,798 $ 28,652 $ - $ 145,115 Accounts receivable - 466,270 12,857 68,158 - 547,285 Amounts due from consolidated entities - 88,987 77,521 - (166,508 ) - Spectrum asset - 52,002 - - - 52,002 Other current assets - 17,420 1,655 3,598 - 22,673 Total current assets - 730,344 102,831 100,408 (166,508 ) 767,075 Investments in subsidiaries 1,119,605 108,884 - - (1,228,489 ) - Amounts due from consolidated entities 782,365 - - - (782,365 ) - Property and equipment, net - 696,910 19,867 14,833 (72 ) 731,538 Goodwill - 1,970,692 33,187 164,075 - 2,167,954 FCC licenses - 1,620,610 43,102 114,556 - 1,778,268 Network affiliation agreements, net - 1,313,894 13,095 74,976 - 1,401,965 Other intangible assets, net - 51,265 617 38,076 - 89,958 Assets held for sale - 4,417 - - - 4,417 Investments - 13,971 - - - 13,971 Other noncurrent assets - 98,272 4,421 4,191 - 106,884 Total assets $ 1,901,970 $ 6,609,259 $ 217,120 $ 511,115 $ (2,177,434 ) $ 7,062,030 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Current liabilities: Current portion of debt $ - $ 41,477 $ 2,285 $ 52,331 $ - $ 96,093 Accounts payable - 47,574 2,357 17,897 - 67,828 Liability to surrender spectrum asset - 52,002 - - - 52,002 Amounts due to consolidated entities - - - 166,508 (166,508 ) - Other current liabilities 299 155,023 4,441 28,486 - 188,249 Total current liabilities 299 296,076 9,083 265,222 (166,508 ) 404,172 Debt - 3,641,193 222,354 21,363 - 3,884,910 Amounts due to consolidated entities 559,057 - 223,519 (782,576 ) - Deferred tax liabilities 62 624,869 - 8,949 - 633,880 Other noncurrent liabilities - 255,228 6,820 8,036 - 270,084 Total liabilities 361 5,376,423 238,257 527,089 (949,084 ) 5,193,046 Total Nexstar Media Group, Inc. stockholders’ equity (deficit) 1,901,609 1,232,836 (21,137 ) (32,184 ) (1,228,350 ) 1,852,774 Noncontrolling interests in consolidated variable interest entities - - - 16,210 - 16,210 Total liabilities and stockholders’ equity (deficit) $ 1,901,970 $ 6,609,259 $ 217,120 $ 511,115 $ (2,177,434 ) $ 7,062,030
Schedule of Condensed Consolidating Statement of Operations	CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended September 30, 2019 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Net broadcast revenue (including trade) $ - $ 606,964 $ 18,802 $ 37,809 $ - $ 663,575 Revenue between consolidated entities 8,848 24,558 8,231 20,619 (62,256 ) - Net revenue 8,848 631,522 27,033 58,428 (62,256 ) 663,575 Operating expenses (income): Direct operating expenses, excluding depreciation and amortization - 263,863 12,312 46,152 - 322,327 Selling, general, and administrative expenses, excluding depreciation and amortization 10,095 182,302 1,195 9,649 (20,158 ) 183,083 Local service agreement fees between consolidated entities - 17,539 16,032 8,525 (42,096 ) - Amortization of broadcast rights - 17,487 367 598 - 18,452 Amortization of intangible assets - 35,061 491 6,891 - 42,443 Depreciation - 27,756 645 962 - 29,363 Reimbursement from the FCC related to station repack - (15,809 ) (2,677 ) (1,931 ) - (20,417 ) Goodwill and intangible assets impairment - (2 ) - 63,319 - 63,317 Gain on disposal of stations, net - (96,608 ) - - - (96,608 ) Total operating expenses 10,095 431,589 28,365 134,165 (62,254 ) 541,960 (Loss) income from operations (1,247 ) 199,933 (1,332 ) (75,737 ) (2 ) 121,615 Income (loss) from equity investment, net - 3,229 - (12 ) - 3,217 Interest expense, net - (89,634 ) (2,794 ) (771 ) - (93,199 ) Pension and other postretirement plans credit, net - 2,578 - - - 2,578 Other income (expenses) (1 ) 119 - - - 118 Equity in income of consolidated subsidiaries 928 - - - (928 ) - Income (loss) before income taxes (320 ) 116,225 (4,126 ) (76,520 ) (930 ) 34,329 Income tax benefit (expense) (463 ) (47,733 ) 1,026 7,663 - (39,507 ) Net income (loss) (783 ) 68,492 (3,100 ) (68,857 ) (930 ) (5,178 ) Net income attributable to noncontrolling interests - - - (669 ) - (669 ) Net income (loss) attributable to Nexstar $ (783 ) $ 68,492 $ (3,100 ) $ (69,526 ) $ (930 ) $ (5,847 ) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended September 30, 2018 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Net broadcast revenue (including trade) $ - $ 620,385 $ 17,838 $ 54,792 $ - $ 693,015 Revenue between consolidated entities 7,948 23,657 10,018 18,452 (60,075 ) - Net revenue 7,948 644,042 27,856 73,244 (60,075 ) 693,015 Operating expenses (income): Direct operating expenses, excluding depreciation and amortization - 224,798 10,426 51,320 (1,181 ) 285,363 Selling, general, and administrative expenses, excluding depreciation and amortization 10,080 133,794 1,108 11,255 (15,940 ) 140,297 Local service agreement fees between consolidated entities - 19,297 14,575 9,082 (42,954 ) - Amortization of broadcast rights - 13,949 383 689 - 15,021 Amortization of intangible assets - 29,261 522 7,374 - 37,157 Depreciation - 25,545 508 1,620 - 27,673 Reimbursement from the FCC related to station repack - (4,809 ) (580 ) - - (5,389 ) Total operating expenses 10,080 441,835 26,942 81,340 (60,075 ) 500,122 (Loss) income from operations (2,132 ) 202,207 914 (8,096 ) - 192,893 Loss from equity investment, net - (887 ) - - - (887 ) Interest expense, net - (52,551 ) (2,864 ) (822 ) - (56,237 ) Loss on extinguishment of debt - (3,159 ) - - - (3,159 ) Pension and other postretirement plans credit, net - 2,458 - - - 2,458 Other income (expenses) - 5 - (2 ) - 3 Equity in income of consolidated subsidiaries 106,440 - - - (106,440 ) - Income (loss) before income taxes 104,308 148,073 (1,950 ) (8,920 ) (106,440 ) 135,071 Income tax (expense) benefit (410 ) (36,796 ) 268 1,695 - (35,243 ) Net income (loss) 103,898 111,277 (1,682 ) (7,225 ) (106,440 ) 99,828 Net loss attributable to noncontrolling interests - - - 686 - 686 Net income (loss) attributable to Nexstar $ 103,898 $ 111,277 $ (1,682 ) $ (6,539 ) $ (106,440 ) $ 100,514 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Nine Months Ended September 30, 2019 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Net broadcast revenue (including trade) $ - $ 1,765,722 $ 57,119 $ 116,393 $ - $ 1,939,234 Revenue between consolidated entities 25,830 69,216 24,255 57,615 (176,916 ) - Net revenue 25,830 1,834,938 81,374 174,008 (176,916 ) 1,939,234 Operating expenses (income): Direct operating expenses, excluding depreciation and amortization - 745,032 36,343 133,693 (3,834 ) 911,234 Selling, general, and administrative expenses, excluding depreciation and amortization 29,588 460,303 3,184 29,550 (53,124 ) 469,501 Local service agreement fees between consolidated entities - 50,741 45,182 24,033 (119,956 ) - Amortization of broadcast rights - 43,774 1,119 1,856 - 46,749 Amortization of intangible assets - 92,339 1,501 21,698 - 115,538 Depreciation - 79,661 1,873 3,356 - 84,890 Reimbursement from the FCC related to station repack - (40,040 ) (4,977 ) (9,003 ) - (54,020 ) Goodwill and intangible assets impairment - (2 ) - 63,319 - 63,317 Gain on disposal of stations, net - (96,608 ) - - - (96,608 ) Total operating expenses 29,588 1,335,200 84,225 268,502 (176,914 ) 1,540,601 (Loss) income from operations (3,758 ) 499,738 (2,851 ) (94,494 ) (2 ) 398,633 Income (loss) from equity investment, net - 2,101 - (40 ) - 2,061 Interest expense, net - (186,482 ) (8,578 ) (2,459 ) - (197,519 ) Loss on extinguishment of debt - (3,724 ) - - - (3,724 ) Pension and other postretirement plans credit, net - 5,378 - - - 5,378 Other income (expenses) (1 ) 210 - - - 209 Equity in income of consolidated subsidiaries 135,960 - - - (135,960 ) - Income (loss) before income taxes 132,201 317,221 (11,429 ) (96,993 ) (135,962 ) 205,038 Income tax benefit (expense) 10 (97,381 ) 2,877 11,900 - (82,594 ) Net income (loss) 132,211 219,840 (8,552 ) (85,093 ) (135,962 ) 122,444 Net income attributable to noncontrolling interests - - - (5,397 ) - (5,397 ) Net income (loss) attributable to Nexstar $ 132,211 $ 219,840 $ (8,552 ) $ (90,490 ) $ (135,962 ) $ 117,047 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Nine Months Ended September 30, 2018 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Net broadcast revenue (including trade) $ - $ 1,764,122 $ 51,601 $ 152,951 $ - $ 1,968,674 Revenue between consolidated entities 21,153 66,360 27,504 53,596 (168,613 ) - Net revenue 21,153 1,830,482 79,105 206,547 (168,613 ) 1,968,674 Operating expenses (income): Direct operating expenses, excluding depreciation and amortization - 664,717 30,586 147,307 (3,845 ) 838,765 Selling, general, and administrative expenses, excluding depreciation and amortization 25,261 403,066 3,436 33,506 (44,164 ) 421,105 Local service agreement fees between consolidated entities - 54,244 41,075 25,285 (120,604 ) - Amortization of broadcast rights - 43,741 1,204 2,089 - 47,034 Amortization of intangible assets - 88,780 1,606 20,254 - 110,640 Depreciation - 71,891 1,529 5,157 - 78,577 Reimbursement from the FCC related to station repack - (11,683 ) (767 ) - - (12,450 ) Total operating expenses 25,261 1,314,756 78,669 233,598 (168,613 ) 1,483,671 (Loss) income from operations (4,108 ) 515,726 436 (27,051 ) - 485,003 Loss from equity investment, net - (1,813 ) - - - (1,813 ) Interest expense, net - (156,124 ) (8,214 ) (2,769 ) - (167,107 ) Loss on extinguishment of debt - (4,645 ) - - - (4,645 ) Pension and other postretirement plans credit, net - 8,358 - - - 8,358 Other expenses - (10 ) - - - (10 ) Equity in income of consolidated subsidiaries 252,643 - - - (252,643 ) - Income (loss) before income taxes 248,535 361,492 (7,778 ) (29,820 ) (252,643 ) 319,786 Income tax (expense) benefit (833 ) (91,701 ) 1,674 4,849 - (86,011 ) Net income (loss) 247,702 269,791 (6,104 ) (24,971 ) (252,643 ) 233,775 Net loss attributable to noncontrolling interests - - - 2,593 - 2,593 Net income (loss) attributable to Nexstar $ 247,702 $ 269,791 $ (6,104 ) $ (22,378 ) $ (252,643 ) $ 236,368
Schedule of Condensed Consolidating Cash Flow Statement	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2019 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Cash flows from operating activities $ - $ 322,622 $ (6,421 ) $ (219 ) $ - $ 315,982 Cash flows from investing activities: Payments for acquisitions, net of cash acquired - (5,881,179 ) - - - (5,881,179 ) Proceeds from sale of stations - 1,352,958 - - - 1,352,958 Purchases of property and equipment - (94,870 ) (4,386 ) (10,969 ) - (110,225 ) Spectrum repack reimbursements from the FCC - 40,040 4,977 9,003 - 54,020 Proceeds from disposals of property and equipment - 2,012 - 14 - 2,026 Distribution from an equity investment - 1,557 - - - 1,557 Other investing activities - (1,310 ) - - - (1,310 ) Net cash provided by (used in) investing activities - (4,580,792 ) 591 (1,952 ) - (4,582,153 ) Cash flows from financing activities: Proceeds from long-term debt - 4,831,050 - - - 4,831,050 Payments for debt financing costs - (70,717 ) - - (70,717 ) Repayments of long-term debt - (211,108 ) (1,714 ) (2,591 ) - (215,413 ) Common stock dividends paid (62,062 ) - - - - (62,062 ) Inter-company payments 70,126 (70,126 ) - - - - Purchase of noncontrolling interest from a consolidated variable interest entity - (6,393 ) - - - (6,393 ) Cash paid for shares withheld for taxes (9,813 ) - - - - (9,813 ) Payments for capital lease and capitalized software obligations - (6,359 ) - (60 ) - (6,419 ) Proceeds from exercise of stock options 1,749 - - - - 1,749 Other financing activities - (6,897 ) - - - (6,897 ) Net cash provided by (used in) financing activities - 4,459,450 (1,714 ) (2,651 ) - 4,455,085 Net increase (decrease) in cash, cash equivalents and restricted cash - 201,280 (7,544 ) (4,822 ) - 188,914 Cash, cash equivalents and restricted cash at beginning of period - 105,665 10,798 28,652 - 145,115 Cash, cash equivalents and restricted cash at end of period $ - $ 306,945 $ 3,254 $ 23,830 $ - $ 334,029 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2018 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Cash flows from operating activities $ - $ 482,985 $ (2,063 ) $ 6,292 $ - $ 487,214 Cash flows from investing activities: Purchases of property and equipment - (56,944 ) (1,356 ) (5,286 ) - (63,586 ) Deposits and payments for acquisitions - (103,246 ) - - - (103,246 ) Spectrum repack reimbursements from the FCC - 11,683 767 - - 12,450 Proceeds from disposals of property and equipment - 4,277 - 5 - 4,282 Other investing activities - 812 - - - 812 Net cash used in investing activities - (143,418 ) (589 ) (5,281 ) - (149,288 ) Cash flows from financing activities: Proceeds from long-term debt - 44,000 - 57,387 - 101,387 Repayments of long-term debt - (266,182 ) (1,735 ) (59,572 ) - (327,489 ) Common stock dividends paid (51,524 ) - - - - (51,524 ) Purchase of treasury stock (50,524 ) - - - - (50,524 ) Inter-company payments 101,716 (101,716 ) - - - - Proceeds from exercise of stock options 5,184 - - - - 5,184 Cash paid for shares withheld for taxes (4,852 ) - - - - (4,852 ) Payments for capital lease obligations - (7,426 ) - - - (7,426 ) Other financing activities - (137 ) - 226 - 89 Net cash used in financing activities - (331,461 ) (1,735 ) (1,959 ) - (335,155 ) Net increase (decrease) in cash, cash equivalents and restricted cash - 8,106 (4,387 ) (948 ) - 2,771 Cash, cash equivalents and restricted cash at beginning of period - 90,860 9,524 15,268 - 115,652 Cash, cash equivalents and restricted cash at end of period $ - $ 98,966 $ 5,137 $ 14,320 $ - $ 118,423

Organization and Business Ope_2

Organization and Business Operations (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019TelevisionStationMarketRadioStation	Sep. 19, 2019USD ($)TelevisionStationMarket
Television stations and digital multi channel by affiliates [Line Items]
Number of full power television stations owned, operated, programmed or provided sales and other services	197
Number of markets in which the Company's stations broadcast | Market	115
Number of full power television stations owned or operated by independent third parties	36
Number of AM radio station | RadioStation	1
Percentage of US television household reach	39.00%
TV Food Network [Member]
Television stations and digital multi channel by affiliates [Line Items]
Ownership stake	31.30%	31.30%
Tribune [Member]
Television stations and digital multi channel by affiliates [Line Items]
Acquisition date	Sep. 19, 2019
Number of full power television stations sold		21
Number of television market of stations sol | Market		16
Selling price of entities sold | $		$ 1,360

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Consolidated VIEs (Details) - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents		$ 317,420	$ 145,115
Accounts receivable, net		860,794	547,285
Prepaid expenses and other current assets		121,747	22,673
Total current assets		1,435,617	767,075
Property and equipment, net		1,257,086	731,538
Goodwill		3,082,652	2,167,954
FCC licenses		3,106,959	1,778,268
Finite lived intangible assets, net		2,911,354	1,491,923
Other noncurrent assets, net		408,780	106,884
Total assets	[1]	14,103,375	7,062,030
Current liabilities		1,094,297	404,172
Total liabilities	[1]	12,153,342	5,193,046
Current liabilities:
Current portion of debt		142,664	96,093
Interest payable		44,092	32,047
Other current liabilities		54,399	12,352
Total current liabilities		1,094,297	404,172
Debt		8,393,173	3,884,910
Other noncurrent liabilities		977,282	270,084
Network affiliation agreements [Member]
Current assets:
Finite lived intangible assets, net		2,560,303	1,401,965
Other definite-lived intangible assets [Member]
Current assets:
Finite lived intangible assets, net	[2]	351,051	89,958
Non Guarantor VIEs [Member]
Current assets:
Total current assets		24,098	20,898
Property and equipment, net		17,162	10,994
Goodwill		121,600	121,600
FCC licenses		151,808	157,658
Other noncurrent assets, net		9,013	3,652
Total assets		393,955	390,315
Current liabilities		19,072	17,594
Noncurrent liabilities		36,258	27,542
Total liabilities		55,330	45,136
Current liabilities:
Total current liabilities		19,072	17,594
Non Guarantor VIEs [Member] | Network affiliation agreements [Member]
Current assets:
Finite lived intangible assets, net		70,122	74,726
Non Guarantor VIEs [Member] | Other definite-lived intangible assets [Member]
Current assets:
Finite lived intangible assets, net		152	787
Consolidated VIEs [Member]
Current assets:
Cash and cash equivalents		16,206	19,060
Accounts receivable, net		23,942	22,725
Prepaid expenses and other current assets		2,554	4,423
Total current assets		42,702	46,208
Property and equipment, net		39,711	30,861
Goodwill		154,787	154,787
FCC licenses		151,808	157,658
Other noncurrent assets, net		21,672	8,073
Total assets		493,164	486,812
Current liabilities		72,935	72,555
Total liabilities		351,019	343,814
Current liabilities:
Current portion of debt		52,886	54,616
Interest payable		977	345
Other current liabilities		19,072	17,594
Total current liabilities		72,935	72,555
Debt		241,826	243,717
Other noncurrent liabilities		36,258	27,542
Consolidated VIEs [Member] | Network affiliation agreements [Member]
Current assets:
Finite lived intangible assets, net		81,809	87,821
Consolidated VIEs [Member] | Other definite-lived intangible assets [Member]
Current assets:
Finite lived intangible assets, net		$ 675	$ 1,404
[1]	The consolidated total assets as of September 30, 2019 and December 31, 2018 include certain assets held by consolidated variable interest entities of $394.0 million and $390.3 million, respectively, which are not available to be used to settle the obligations of Nexstar Media Group, Inc. The consolidated total liabilities as of September 30, 2019 and December 31, 2018 include certain liabilities of consolidated variable interest entities of $55.3 million and $45.1 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information.
[2]	Other intangible assets, net in the Condensed Consolidated Balance Sheet as of September 30, 2019 of $509.9 million represents the total other definite-lived intangible assets of $351.1 million in the table above and other indefinite-lived intangible asset of $158.8 million as shown in the table below.

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	Sep. 19, 2019	Dec. 17, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jul. 03, 2019	Jan. 01, 2019	Dec. 31, 2018
Significant Accounting Policies [Line Items]
Maximum loss exposure limited to its equity investment			$ (3,217,000)	$ 887,000	$ (2,061,000)	$ 1,813,000
Operating lease ROU assets			237,563,000		237,563,000
Future operating lease payments			220,233,000		220,233,000
Retained earnings			$ 675,356,000		$ 675,356,000				$ 620,371,000
Stock options and restricted stock units with potentially dilutive effect (in shares)			2,700	5,000	10,900	27,000
ASC 842 Adoption Adjustments [Member]
Significant Accounting Policies [Line Items]
Operating lease ROU assets								$ 112,800,000
Future operating lease payments								98,900,000
Retained earnings								$ 0
Topix [Member]
Significant Accounting Policies [Line Items]
Maximum loss exposure limited to its equity investment					$ 1,300,000
Tribune [Member]
Significant Accounting Policies [Line Items]
Acquisition date	Sep. 19, 2019
Operating lease ROU assets	$ 142,000
KHII [Member] | Consolidated VIEs [Member]
Significant Accounting Policies [Line Items]
Acquisition date		Nov. 1, 2018
5.625 % Due 2027 [Member]
Significant Accounting Policies [Line Items]
Interest rate			5.625%		5.625%
Term Loan B [Member] | Tribune [Member]
Significant Accounting Policies [Line Items]
Debt issuance	$ 3,065,000,000
Debt issued percentage	99.21%
Term Loan A [Member] | Tribune [Member]
Significant Accounting Policies [Line Items]
Debt issuance	$ 675,000,000
Debt issued percentage	99.31%
Senior Subordinated Notes [Member] | 5.625 % Due 2027 [Member]
Significant Accounting Policies [Line Items]
Interest rate			5.625%		5.625%				5.625%
Senior Subordinated Notes [Member] | 5.625 % Due 2027 [Member] | Tribune [Member]
Significant Accounting Policies [Line Items]
Debt issuance	$ 1,120,000,000
Interest rate	5.625%
Senior Subordinated Notes [Member] | 5.625 % Due 2027 [Member] | Nexstar Escrow Corporation [Member]
Significant Accounting Policies [Line Items]
Debt issuance							$ 1,120,000,000
Interest rate							5.625%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of ASC 842 Adoption Adjustments Impact on Condensed Balance Sheets (Details) - USD ($) $ in Thousands		Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Prepaid expenses and other current assets		$ 121,747		$ 22,673
Other intangible assets, net		2,911,354		1,491,923
Other noncurrent assets, net		408,780		106,884
Total assets	[1]	14,103,375		7,062,030
Other current liabilities		54,399		12,352
Other noncurrent liabilities		977,282		270,084
Total liabilities	[1]	$ 12,153,342		$ 5,193,046
ASC 842 Adoption Adjustments [Member]
Prepaid expenses and other current assets			$ 22,403
Other intangible assets, net			1,467,742
Other noncurrent assets, net			219,451
Total assets			7,150,146
Other current liabilities			27,683
Other noncurrent liabilities			342,869
Total liabilities			5,281,162
ASC 842 Adoption Adjustments [Member] | Present Value of Remaining Operating Lease Payments Adjustments [Member]
Other noncurrent assets, net			98,887
Total assets			98,887
Other current liabilities			17,399
Other noncurrent liabilities			81,488
Total liabilities			98,887
ASC 842 Adoption Adjustments [Member] | Reclassifications Adjustments of Operating Lease Favorable (Unfavorable) Leases to Operating Lease Right of Use Assets {Member]
Other intangible assets, net			(24,181)
Other noncurrent assets, net			24,181
ASC 842 Adoption Adjustments [Member] | Reclassifications Adjustments of Operating Lease Deferred Rent to Operating Lease Right of Use Assets {Member]
Other noncurrent assets, net			(9,781)
Total assets			(9,781)
Other current liabilities			(1,645)
Other noncurrent liabilities			(8,136)
Total liabilities			(9,781)
ASC 842 Adoption Adjustments [Member] | Reclassifications Adjustments of Operating Lease Other to Operating Lease Right of Use Assets [Member]
Prepaid expenses and other current assets			(270)
Other noncurrent assets, net			(720)
Total assets			(990)
Other current liabilities			(423)
Other noncurrent liabilities			(567)
Total liabilities			(990)
ASC 842 Adoption Adjustments [Member] | Reclassifications Adjustments of Operating Lease Total to Operating Lease Right of Use Assets [Member]
Prepaid expenses and other current assets			(270)
Other intangible assets, net			(24,181)
Other noncurrent assets, net			112,567
Total assets			88,116
Other current liabilities			15,331
Other noncurrent liabilities			72,785
Total liabilities			$ 88,116
[1]	The consolidated total assets as of September 30, 2019 and December 31, 2018 include certain assets held by consolidated variable interest entities of $394.0 million and $390.3 million, respectively, which are not available to be used to settle the obligations of Nexstar Media Group, Inc. The consolidated total liabilities as of September 30, 2019 and December 31, 2018 include certain liabilities of consolidated variable interest entities of $55.3 million and $45.1 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information.

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Weighted Average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share Basic And Diluted Other Disclosures [Abstract]
Weighted average shares outstanding - basic	46,114	45,552	45,997	45,751
Dilutive effect of equity incentive plan instruments		1,786	1,922	1,637
Weighted average shares outstanding - diluted	46,114	47,338	47,919	47,388

Acquisitions and Dispositions -

Acquisitions and Dispositions - Tribune Divestitures - Merger with Tribune - Additional Information (Details)	Sep. 30, 2019USD ($)$ / shares	Sep. 19, 2019USD ($)TelevisionStationMarketRadioStationStation$ / shares	Sep. 30, 2019USD ($)$ / shares	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)$ / shares	Sep. 30, 2018USD ($)	Dec. 31, 2018$ / shares
Business Acquisition [Line Items]
Percentage of US television household reach	39.00%		39.00%		39.00%
Gain (Loss) on sale of business			$ 96,608,000		$ 96,608,000
Operating loss			$ 121,615,000	$ 192,893,000	$ 398,633,000	$ 485,003,000
5.625 % Due 2027 [Member]
Business Acquisition [Line Items]
Interest rate	5.625%		5.625%		5.625%
Senior Subordinated Notes [Member] | 5.625 % Due 2027 [Member]
Business Acquisition [Line Items]
Interest rate	5.625%		5.625%		5.625%		5.625%
Class A Common Stock [Member]
Business Acquisition [Line Items]
Common stock, par value | $ / shares	$ 0.01		$ 0.01		$ 0.01		$ 0.01
Class B Common Stock [Member]
Business Acquisition [Line Items]
Common stock, par value | $ / shares	$ 0.01		$ 0.01		$ 0.01		$ 0.01
WGN America [Member] | Television Food Network and Portfolio of Real Estate Assets [Member]
Business Acquisition [Line Items]
Ownership stake		31.30%
TV Food Network [Member]
Business Acquisition [Line Items]
Ownership stake	31.30%	31.30%	31.30%		31.30%
Tribune [Member]
Business Acquisition [Line Items]
Acquisition date		Sep. 19, 2019
Percentage of US television household reach		39.00%
Number of full power stations acquired | TelevisionStation		31
Number of AM radio stations acquired | RadioStation		1
Number of television market of stations acquired | Market		23
Number of stations divested | TelevisionStation		13
Number of television market of stations sol | Market		11
Outstanding equity acquired, price per share | $ / shares		$ 46.687397
Number of full power television stations sold | TelevisionStation		21
Number of market to be sold | Market		16
Provisional fair value of equity investment		$ 1,469,000,000
Carryover of tax basis in goodwill, deductible for tax purposes		634,000,000
Carryover of tax basis in equity investments, deductible for tax purposes		379,000,000
Carryover of tax basis in property and equipment including assets held for sale, deductible for tax purposes		246,000,000
Noncontrolling interests		6,201,000
Revenue included in consolidated statements of operations and comprehensive income	$ 55,100,000
Operating loss	7,900,000
One-time charges	$ 17,400,000
Merger related costs			$ 31,000,000	$ 0	$ 38,300,000	$ 0
Tribune [Member] | FCC Licenses [Member]
Business Acquisition [Line Items]
Carryover of tax basis in intangible assets, deductible for tax purposes		$ 60,000,000
Tribune [Member] | Network affiliation agreements [Member]
Business Acquisition [Line Items]
Weighted average estimated useful life of intangible assets		14 years 10 months 24 days
Carryover of tax basis in intangible assets, deductible for tax purposes		$ 102,000,000
Tribune [Member] | Other definite-lived intangible assets [Member]
Business Acquisition [Line Items]
Weighted average estimated useful life of intangible assets		7 years 6 months
Carryover of tax basis in intangible assets, deductible for tax purposes		$ 288,000,000
Tribune [Member] | Minimum [Member]
Business Acquisition [Line Items]
Property and equipment, Estimated useful life		3 years
Tribune [Member] | Maximum [Member]
Business Acquisition [Line Items]
Property and equipment, Estimated useful life		39 years
Tribune [Member] | Senior Subordinated Notes [Member] | 5.625 % Due 2027 [Member]
Business Acquisition [Line Items]
Debt issuance		$ 1,120,000,000
Interest rate		5.625%
Tribune [Member] | Nexstar Divestitures
Business Acquisition [Line Items]
Selling price of entities sold		$ 358,600,000
Number of divested television stations sold | Station		8
Gain (Loss) on sale of business		$ 106,400,000
Tribune [Member] | Tribune Divestitures
Business Acquisition [Line Items]
Selling price of entities sold		$ 1,008,000,000
Number of divested television stations sold | Station		13
Gain (Loss) on sale of business		$ 9,800,000
Tribune [Member] | Class A Common Stock [Member]
Business Acquisition [Line Items]
Common stock, par value | $ / shares		$ 0.001
Tribune [Member] | Class B Common Stock [Member]
Business Acquisition [Line Items]
Common stock, par value | $ / shares		$ 0.001
TEGNA, Inc., E.W. Scripps Company and Circle City Broadcasting I, Inc [Member]
Business Acquisition [Line Items]
Selling price of entities sold		$ 1,360,000,000

Acquisitions and Dispositions_2

Acquisitions and Dispositions - Components of Total Consideration Paid or Payable Upon Closing of Merger (Details) - USD ($) $ in Thousands	Sep. 19, 2019	Sep. 30, 2019	Sep. 30, 2018
Business Acquisition [Line Items]
Repayment of Tribune debt, including premium and accrued interest		$ 215,413	$ 327,489
Less: Gross selling price of Tribune Divestitures, including preliminary working capital adjustments		$ (1,352,958)
Tribune [Member]
Business Acquisition [Line Items]
Cash consideration and related taxes	$ 4,197,198
Warrants replacement awards	1,008
Repayment of Tribune debt, including premium and accrued interest	2,990,000
Gross purchase price	7,187,039
Less: Gross selling price of Tribune Divestitures, including preliminary working capital adjustments	(1,007,745)
Net purchase price	6,179,294
Tribune [Member] | Term Loans [Member]
Business Acquisition [Line Items]
Repayment of Tribune debt, including premium and accrued interest	$ 2,988,833

Acquisitions and Dispositions_3

Acquisitions and Dispositions - Fair Values of Assets Acquired, Liabilities Assumed and Noncontrolling Interests (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Sep. 19, 2019	Dec. 31, 2018
Assets acquired
Goodwill	$ 3,082,652		$ 2,167,954
Tribune [Member]
Assets acquired
Cash and cash equivalents		$ 1,289,251
Restricted cash and cash equivalents		16,609
Accounts receivable, net		368,869
Prepaid expenses and other current assets		106,226
Property and equipment		520,290
Goodwill		1,057,551
FCC licenses		1,421,454
Other intangible assets		490,143
Equity investments		1,482,960
Assets held for sale		239,750
Other noncurrent assets		276,118
Total assets acquired		8,538,281
Liabilities assumed
Accounts payable		(41,233)
Accrued expenses and other current liabilities		(362,953)
Income taxes payable		(130,296)
Deferred tax liabilities		(1,066,531)
Other noncurrent liabilities		(751,773)
Total liabilities assumed		(2,352,786)
Noncontrolling interests		6,201
Net assets acquired and consolidated		6,179,294
Tribune [Member] | Network affiliation agreements [Member]
Assets acquired
Other intangible assets		$ 1,269,060

Acquisitions and Dispositions_4

Acquisitions and Dispositions - Tribune Divestitures - KHII - Additional Information (Details) - USD ($) $ in Thousands	Jan. 28, 2019	Sep. 30, 2019
Business Acquisition [Line Items]
Noncontrolling interest		$ 6,500
KHII [Member]
Business Acquisition [Line Items]
Cash paid in business acquisition	$ 6,400
Utilization of deposit previously paid	100
Noncontrolling interest	$ 6,500

Acquisitions and Dispositions_5

Acquisitions and Dispositions - Unaudited Pro Forma Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Business Combinations [Abstract]
Net revenue	$ 961,395	$ 1,061,752	$ 2,923,988	$ 3,030,272
Income before income taxes	38,205	120,270	350,155	444,671
Net income	1,112	119,571	236,214	385,668
Net income attributable to Nexstar	$ 443	$ 120,280	$ 230,828	$ 321,165

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Gross		$ 3,760,168	$ 2,223,962
Accumulated Amortization		(848,814)	(732,039)
Net		$ 2,911,354	$ 1,491,923
Network affiliation agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life, in years		15 years	15 years
Gross		$ 3,208,979	$ 1,977,825
Accumulated Amortization		(648,676)	(575,860)
Net		2,560,303	1,401,965
Other definite-lived intangible assets [Member]
Finite-Lived Intangible Assets [Line Items]
Gross	[1]	551,189	246,137
Accumulated Amortization	[1]	(200,138)	(156,179)
Net	[1]	$ 351,051	$ 89,958
Other definite-lived intangible assets [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life, in years	[1]	1 year	1 year
Other definite-lived intangible assets [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life, in years	[1]	20 years	20 years
[1]	Other intangible assets, net in the Condensed Consolidated Balance Sheet as of September 30, 2019 of $509.9 million represents the total other definite-lived intangible assets of $351.1 million in the table above and other indefinite-lived intangible asset of $158.8 million as shown in the table below.

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Intangible Assets Subject to Amortization (Parenthetical) (Details) - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net		$ 509,889	$ 89,958
Intangible assets, net		2,911,354	1,491,923
Other indefinite-lived intangible asset		158,800
Other definite-lived intangible assets [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	[1]	$ 351,051	$ 89,958
[1]	Other intangible assets, net in the Condensed Consolidated Balance Sheet as of September 30, 2019 of $509.9 million represents the total other definite-lived intangible assets of $351.1 million in the table above and other indefinite-lived intangible asset of $158.8 million as shown in the table below.

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Other noncurrent assets, net	$ 408,780,000		$ 106,884,000
Measurement period adjustments	1,544,000
Goodwill	3,082,652,000		$ 2,167,954,000
ASC 842 [Member]
Finite-Lived Intangible Assets [Line Items]
Other noncurrent assets, net		$ 219,451,000
ASC 842 [Member] | Reclassifications Adjustments of Operating Lease Favorable Leases to Operating Lease Right of Use Assets {Member]
Finite-Lived Intangible Assets [Line Items]
Other noncurrent assets, net		$ 24,181,000
One Digital Reporting Unit [Member]
Finite-Lived Intangible Assets [Line Items]
Non-cash pre-tax impairment charge	42,400,000
Goodwill	0
One Digital Reporting Unit [Member] | Other definite-lived intangible assets [Member]
Finite-Lived Intangible Assets [Line Items]
Non-cash pre-tax impairment charge	$ 20,800,000

Intangible Assets and Goodwil_5

Intangible Assets and Goodwill - Estimated Amortization Expense of Definite-Lived Intangibles Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Finite Lived Intangible Assets Future Amortization Expense Current And Five Succeeding Fiscal Years [Abstract]
Remainder of 2019	$ 72,462
2020	243,112
2021	240,180
2022	237,603
2023	235,325
2024	233,935
Thereafter	1,648,737
Net	$ 2,911,354	$ 1,491,923

Intangible Assets and Goodwil_6

Intangible Assets and Goodwill - Goodwill, FCC Licenses and Other Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Goodwill [Roll Forward]
Goodwill, Gross	$ 3,214,947	$ 2,257,774
Goodwill, Accumulated Impairment	(132,295)	(89,820)
Goodwill, Net	3,082,652	2,167,954
Goodwill Acquisitions, Gross	1,057,551
Goodwill Acquisitions, Net	1,057,551
Goodwill Nexstar Divestitures, Gross	(98,834)
Goodwill Nexstar Divestitures, Net	(98,834)
Goodwill, Impairment	(42,475)
Goodwill	3,082,652	2,167,954
Measurement period adjustments, Gross	(1,544)
Measurement period adjustments, Net	(1,544)
FCC Licenses [Abstract]
FCC Licenses, Gross	3,154,369	1,825,678
FCC Licenses, Accumulated Impairment	(47,410)	(47,410)
FCC Licenses, Net	3,106,959	$ 1,778,268
FCC Licenses Acquisitions, Gross	1,421,454
FCC Licenses Acquisition, Net	1,421,454
FCC Licenses Divestitures, Gross	(92,763)
FCC Licenses Nexstar Divestitures, Net	(92,763)
Other Indefinite-Lived Intangible Assets [Member]
Indefinite-lived Intangible Assets [Roll Forward]
Other indefinite-lived intangible assets	158,838
Other Indefinite-Lived Intangible Assets, Acquisitions	$ 158,838

Assets Held for Sale - Schedule

Assets Held for Sale - Schedule of Real Estate Properties Held for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Long Lived Assets Held For Sale [Line Items]
Real estate	$ 242,999	$ 4,417
Real Estate [Member]
Long Lived Assets Held For Sale [Line Items]
Real estate	$ 242,999	$ 4,417

Investments - Schedule of Inves

Investments - Schedule of Investment (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Investments Debt And Equity Securities [Abstract]
Equity method investments	$ 1,493,604	$ 13,666
Other equity investments	5,486	305
Total investments	$ 1,499,090	$ 13,971

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 19, 2019	Dec. 31, 2018
Schedule Of Equity Method Investments [Line Items]
Equity method investments, book value	$ 1,493,604		$ 13,666
Equity method investment, basis difference amount of remaining identifiable assets subject to amortization	$ 603,100
Tribune [Member]
Schedule Of Equity Method Investments [Line Items]
Weighted average remaining useful life of assets subjects to amortization of basis difference	8 years 1 month 6 days
Tribune [Member] | Amortizable Intangible Assets [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method investment, basis difference amount		$ 601,300
Tribune [Member] | Goodwill and Brand Name [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method investment, basis difference amount		$ 865,200
TV Food Network [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership percentage	31.30%	31.30%
Equity method investments, book value	$ 1,473,000

Investments - Summary of Income

Investments - Summary of Income on Equity Investments, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Investments Debt And Equity Securities [Abstract]
Income on equity investments, net, before amortization of basis difference	$ 7,255	$ (784)	$ 6,302	$ (1,506)
Amortization of basis difference	(4,038)	(103)	(4,241)	(307)
Income on equity investments, net	$ 3,217	$ (887)	$ 2,061	$ (1,813)

Investments - Summary of Financ

Investments - Summary of Financial Information (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Schedule Of Equity Method Investments [Line Items]
Income (loss) on equity investments, net		$ 3,217	$ (887)	$ 2,061	$ (1,813)
TV Food Network [Member]
Schedule Of Equity Method Investments [Line Items]
Net revenue	$ 46,437
Costs and expenses	16,852
Income from operations	29,585
Net income	24,991
Income (loss) on equity investments, net	$ 7,822

Accrued Expenses - Accrued Expe

Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Payables And Accruals [Abstract]
Compensation and related taxes	$ 98,108	$ 44,269
Broadcast rights payable	133,099	8,340
Network affiliation fees	73,282	21,916
Interest payable	44,092	32,047
Capital expenditures	24,868	18,273
Other	123,752	48,293
Accrued expenses	$ 497,201	$ 173,138

Retirement and Postretirement_3

Retirement and Postretirement Plans - Additional Information (Details)	9 Months Ended
	Sep. 30, 2019USD ($)PensionPlan	Sep. 19, 2019USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of small defined benefit plans assumed | PensionPlan	3
Number of frozen defined benefit plans | PensionPlan	2
Defined benefit plan not frozen percent of projected benefit obligation	2.00%
Contributions to qualified retirement plan by Company	$ 0
Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions	$ 6,000,000
Retirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation of retirement plans		$ 2,091,000,000
Fair value of plan assets		1,673,000,000
Defined benefit plan liability		$ 418,200,000

Retirement and Postretirement_4

Retirement and Postretirement Plans - Summary of Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service Cost	$ 32		$ 32
Interest Cost	5,716	$ 3,350	13,466	$ 10,050
Expected return on plan assets	(8,499)	(6,000)	(19,449)	(18,900)
Net periodic benefit (credit) cost	(2,751)	(2,650)	(5,951)	(8,850)
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest Cost	205	150	605	450
Net periodic benefit (credit) cost	$ 205	$ 150	$ 605	$ 450

Debt - Long Term Debt (Details)

Debt - Long Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Long term Debt [Abstract]
Debt	$ 8,535,837	$ 3,981,003
Less: current portion	(142,664)	(96,093)
Debt, noncurrent	8,393,173	3,884,910
Notes Payable to Banks [Member] | Term Loans [Member]
Long term Debt [Abstract]
Debt	5,861,112	2,407,490
Revolving loans [Member]
Long term Debt [Abstract]
Debt	5,628	5,628
Senior Subordinated Notes [Member] | 6.125% Due 2022 [Member]
Long term Debt [Abstract]
Debt	273,790	273,444
Senior Subordinated Notes [Member] | 5.875% Due 2022 [Member]
Long term Debt [Abstract]
Debt	404,906	406,233
Senior Subordinated Notes [Member] | 5.625 % Due 2024 [Member]
Long term Debt [Abstract]
Debt	889,575	$ 888,208
Senior Subordinated Notes [Member] | 5.625 % Due 2027 [Member]
Long term Debt [Abstract]
Debt	$ 1,100,826

Debt - Long Term Debt (Parenthe

Debt - Long Term Debt (Parenthetical) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
6.125% Due 2022 [Member]
Long term Debt [Abstract]
Interest rate	6.125%
5.625 % Due 2024 [Member]
Long term Debt [Abstract]
Interest rate	5.625%
5.625 % Due 2027 [Member]
Long term Debt [Abstract]
Interest rate	5.625%
Notes Payable to Banks [Member] | Term Loans [Member]
Long term Debt [Abstract]
Debt financing costs and discount	$ 108,645	$ 37,679
Senior Subordinated Notes [Member] | 6.125% Due 2022 [Member]
Long term Debt [Abstract]
Debt financing costs and discount	$ 1,210	$ 1,556
Interest rate	6.125%	6.125%
Senior Subordinated Notes [Member] | 5.875% Due 2022 [Member]
Long term Debt [Abstract]
Debt financing costs and discount	$ 4,906	$ 6,233
Interest rate	5.875%	5.875%
Senior Subordinated Notes [Member] | 5.625 % Due 2024 [Member]
Long term Debt [Abstract]
Debt financing costs and discount	$ 10,425	$ 11,792
Interest rate	5.625%	5.625%
Senior Subordinated Notes [Member] | 5.625 % Due 2027 [Member]
Long term Debt [Abstract]
Debt financing costs and discount	$ 19,174
Interest rate	5.625%	5.625%

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	Sep. 19, 2019	Jul. 03, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Debt Instrument [Line Items]
Repayments of debt					$ 215,413,000	$ 327,489,000
Loss on extinguishment of debt				$ 3,159,000	$ 3,724,000	$ 4,645,000
Tribune [Member]
Debt Instrument [Line Items]
Cash consideration and related taxes	$ 4,197,198,000
Repayments of debt	2,990,000,000
5.625 % Due 2027 [Member]
Debt Instrument [Line Items]
Interest rate			5.625%		5.625%
Term Loan A [Member] | Tribune [Member]
Debt Instrument [Line Items]
Debt issuance	$ 675,000,000
Debt issued percentage	99.31%
Term Loan B [Member] | Tribune [Member]
Debt Instrument [Line Items]
Debt issuance	$ 3,065,000,000
Debt issued percentage	99.21%
6.125% Due 2022 [Member]
Debt Instrument [Line Items]
Interest rate			6.125%		6.125%
5.625 % Due 2024 [Member]
Debt Instrument [Line Items]
Interest rate			5.625%		5.625%
Senior Subordinated Notes [Member] | 5.625 % Due 2027 [Member]
Debt Instrument [Line Items]
Interest rate			5.625%		5.625%		5.625%
Maturity date		Jul. 15, 2027
Frequency of periodic principal payments					semiannually
Debt redemption percentage		100.00%
Minimum debt holders that may declare debt due and payable upon default		25.00%
Debt finance costs			$ 19,700,000		$ 19,700,000
Senior Subordinated Notes [Member] | 5.625 % Due 2027 [Member] | Tribune [Member]
Debt Instrument [Line Items]
Debt issuance	$ 1,120,000,000
Interest rate	5.625%
Senior Subordinated Notes [Member] | 5.625 % Due 2027 [Member] | At Any Time Prior to July 15, 2022 [Member]
Debt Instrument [Line Items]
Debt redemption percentage		40.00%
Senior Subordinated Notes [Member] | 5.625 % Due 2027 [Member] | At Any Time Prior to July 15, 2022, Up to 40% of Aggregate Principal Amount [Member]
Debt Instrument [Line Items]
Debt redemption percentage		105.625%
Senior Subordinated Notes [Member] | 5.625 % Due 2027 [Member] | Change in Control [Member]
Debt Instrument [Line Items]
Debt redemption percentage		101.00%
Senior Subordinated Notes [Member] | 5.625 % Due 2027 [Member] | Nexstar Escrow Corporation [Member]
Debt Instrument [Line Items]
Debt issuance		$ 1,120,000,000
Interest rate		5.625%
Senior Subordinated Notes [Member] | 6.125% Due 2022 [Member]
Debt Instrument [Line Items]
Interest rate			6.125%		6.125%		6.125%
Senior Subordinated Notes [Member] | 5.625 % Due 2024 [Member]
Debt Instrument [Line Items]
Interest rate			5.625%		5.625%		5.625%
Senior Subordinated Notes [Member] | 5.875% Due 2022 [Member]
Debt Instrument [Line Items]
Interest rate			5.875%		5.875%		5.875%
Senior Secured Credit Facility [Member]
Debt Instrument [Line Items]
Frequency of periodic principal payments					quarterly
Maximum consolidated first lien net leverage ratio	425.00%				425.00%
Senior Secured Credit Facility [Member] | Term Loan A [Member]
Debt Instrument [Line Items]
Debt issuance	$ 675,000,000
Maturity date	Sep. 19, 2024
Frequency of periodic principal payments					quarterly
Debt issued percentage	99.31%
Debt payment terms					$675.0 million in new Term Loan A borrowing, issued at 99.31%, maturing on September 19, 2024, with quarterly principal installment payments of $8.4 million through and including September 30, 2021, $11.8 million thereafter through and including September 30, 2022, $16.9 million thereafter through and including until July 1, 2024, with the remaining principal balance of $442.1 million payable on the maturity date.
Debt financing costs	$ 5,500,000
Senior Secured Credit Facility [Member] | Term Loan A [Member] | Principal Installment Payments Through and Including September 30, 2021 [Member]
Debt Instrument [Line Items]
Principal installment payments	8,400,000
Senior Secured Credit Facility [Member] | Term Loan A [Member] | Principal Installment Payments Thereafter Through and Including September 30, 2022 [Member]
Debt Instrument [Line Items]
Principal installment payments	11,800,000
Senior Secured Credit Facility [Member] | Term Loan A [Member] | Principal Installment Payments Thereafter Through and Including Until July 1, 2024 [Member]
Debt Instrument [Line Items]
Principal installment payments	16,900,000
Senior Secured Credit Facility [Member] | Term Loan A [Member] | Remaining Principal Payable on Maturity Date [Member]
Debt Instrument [Line Items]
Principal installment payments	442,100,000
Senior Secured Credit Facility [Member] | Term Loan B [Member]
Debt Instrument [Line Items]
Debt issuance	$ 3,065,000,000
Maturity date	Sep. 18, 2026
Frequency of periodic principal payments					quarterly
Debt issued percentage	99.21%
Debt payment terms					3.065 billion in new Term Loan B, issued at 99.21%, maturing on September 18, 2026, with quarterly principal installment payments of $7.7 million with the remaining balance of $2.86 billion payable on the maturity date.
Debt financing costs	$ 45,600,000
Senior Secured Credit Facility [Member] | Term Loan B [Member] | Quarterly Principal Installment Payments [Member]
Debt Instrument [Line Items]
Principal installment payments	7,700,000
Senior Secured Credit Facility [Member] | Term Loan B [Member] | Remaining Balance Payable on Maturity Date [Member]
Debt Instrument [Line Items]
Principal installment payments	$ 2,860,000
Senior Secured Credit Facility [Member] | Term Loans [Member]
Debt Instrument [Line Items]
Principal installment payments					$ 35,400,000
Prepayment of principal balance under term loan			$ 0		180,000,000
Loss on extinguishment of debt					3,700,000
Revolving loans [Member]
Debt Instrument [Line Items]
Available borrowing capacity			$ 166,400,000		$ 166,400,000

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Sep. 19, 2019
Lessee Lease Description [Line Items]
Operating lease right-of-use assets	$ 237,563	$ 237,563
Current lease liabilities	34,224	34,224
Noncurrent lease liabilities	188,123	188,123
Operating lease expenses	5,400	16,200
Direct Operating Expenses [Member]
Lessee Lease Description [Line Items]
Operating lease expenses	3,100	9,300
Selling General and Administrative Expenses [Member]
Lessee Lease Description [Line Items]
Operating lease expenses	$ 2,300	$ 7,000
Tribune [Member]
Lessee Lease Description [Line Items]
Operating lease right-of-use assets			$ 142
Current lease liabilities			19
Noncurrent lease liabilities			$ 123
Minimum [Member]
Lessee Lease Description [Line Items]
Leases remaining lease term		1 month
Leases option to extended lease term		2 years
Maximum [Member]
Lessee Lease Description [Line Items]
Leases remaining lease term		95 years
Leases option to extended lease term		99 years
Leases option to terminate term		2 years

Leases - Summary of Components

Leases - Summary of Components of Lease Expense (Details) $ in Thousands	Sep. 30, 2019USD ($)
Operating leases
Operating lease right-of-use assets, net	$ 237,563
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent
Current lease liabilities	$ 34,224
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent
Noncurrent lease liabilities	$ 188,123
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent
Finance leases
Finance lease right-of-use assets, net of accumulated depreciation	$ 8,551
Current lease liabilities	864
Noncurrent lease liabilities	$ 15,427
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentNet
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent

Leases - Summary of Component_2

Leases - Summary of Components of Lease Expense (Parenthetical) (Details) $ in Thousands	Sep. 30, 2019USD ($)
Leases [Abstract]
Finance lease right-of-use-assets, accumulated depreciation	$ 2,438

Leases - Summary of Other Infor

Leases - Summary of Other Information Related to Leases (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 16,754
Operating cash flows from finance leases	712
Financing cash flows from finance leases	$ 610
Weighted Average Remaining Lease Term
Operating leases	7 years 7 months 6 days
Finance leases	11 years 9 months 18 days
Weighted Average Discount Rate
Operating leases	5.30%
Finance leases	5.70%

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments Under Non-Cancellable Leases (Details) $ in Thousands	Sep. 30, 2019USD ($)
Operating Leases
Remainder of 2019	$ 9,443
2020	44,112
2021	37,799
2022	34,904
2023	31,277
Thereafter	114,049
Total future minimum lease payments	271,584
Less: imputed interest	(51,351)
Total	220,233
Finance Leases
Remainder of 2019	444
2020	1,795
2021	1,843
2022	1,803
2023	1,818
Thereafter	15,202
Total future minimum lease payments	22,905
Less: imputed interest	(6,611)
Total	$ 16,294

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Estimated Fair Values and Carrying Amounts of Financial Instruments Not Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Nonrecurring - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
Notes Payable to Banks [Member] | Term Loans [Member] | Carrying Amount [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Financial Instrument	[1]	$ 5,861,112	$ 2,407,490
Notes Payable to Banks [Member] | Term Loans [Member] | Fair Value [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Financial Instrument	[1]	5,973,312	2,389,439
Revolving loans [Member] | Carrying Amount [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Financial Instrument	[1]	5,628	5,628
Revolving loans [Member] | Fair Value [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Financial Instrument	[1]	5,436	5,528
Senior Subordinated Notes [Member] | 6.125% Due 2022 [Member] | Carrying Amount [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Financial Instrument	[2]	273,790	273,444
Senior Subordinated Notes [Member] | 6.125% Due 2022 [Member] | Fair Value [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Financial Instrument	[2]	278,438	275,688
Senior Subordinated Notes [Member] | 5.875% Senior Notes Due 2022 [Member] | Carrying Amount [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Financial Instrument	[2]	404,906	406,233
Senior Subordinated Notes [Member] | 5.875% Senior Notes Due 2022 [Member] | Fair Value [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Financial Instrument	[2]	409,000	397,000
Senior Subordinated Notes [Member] | 5.625 % Due 2024 [Member] | Carrying Amount [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Financial Instrument	[2]	889,575	888,208
Senior Subordinated Notes [Member] | 5.625 % Due 2024 [Member] | Fair Value [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Financial Instrument	[2]	938,250	$ 837,000
Senior Subordinated Notes [Member] | 5.625 % Due 2027 [Member] | Carrying Amount [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Financial Instrument	[2]	1,100,826
Senior Subordinated Notes [Member] | 5.625 % Due 2027 [Member] | Fair Value [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Financial Instrument	[2]	$ 1,170,400
[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

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Estimated Fair Values and Carrying Amounts of Financial Instruments Not Measured at Fair Value on a Recurring Basis (Parenthetical) (Details)	Sep. 30, 2019	Dec. 31, 2018
6.125% Due 2022 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	6.125%
5.875% Senior Notes Due 2022 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	5.875%
5.625 % Due 2024 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	5.625%
5.625 % Due 2027 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	5.625%
Senior Subordinated Notes [Member] | 6.125% Due 2022 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	6.125%	6.125%
Senior Subordinated Notes [Member] | 5.875% Senior Notes Due 2022 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	5.875%	5.875%
Senior Subordinated Notes [Member] | 5.625 % Due 2024 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	5.625%	5.625%
Senior Subordinated Notes [Member] | 5.625 % Due 2027 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	5.625%	5.625%

Common Stock - Additional Infor

Common Stock - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018	Apr. 26, 2018
Treasury Stock [Member]
Class Of Stock [Line Items]
Purchase of treasury stock, shares			751,920
Class A Common Stock [Member]
Class Of Stock [Line Items]
Authorization of share repurchase				$ 200,000,000
Authorization of share repurchase, remaining amount available	$ 201,900,000	$ 201,900,000
Class A Common Stock [Member] | Treasury Stock [Member]
Class Of Stock [Line Items]
Purchase of treasury stock, shares	0	0

Stock-Based Compensation Plans

Stock-Based Compensation Plans - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 05, 2019
2019 Long-Term Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock award to employees and non-employee directors granted		0
Maximum [Member] | 2019 Long-Term Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Available for Grant, Equity incentive Plan shares Approved				3,100,000
Time Based Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock award to employees and non-employee directors granted	22,500	363,000
Estimated fair value of RSU	$ 2.2	$ 35.2
Time Based Restricted Stock Units [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award vesting period		4 years
Performance Based Restricted Stock Unit [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock award to employees and non-employee directors granted		113,334
Estimated fair value of RSU		$ 9.6
Performance Based Restricted Stock Unit [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award vesting period		2 years
Performance Based Restricted Stock Unit [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award vesting period		4 years
Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock award to employees and non-employee directors granted			667,500
Estimated fair value of RSU			$ 43.4
Restricted Stock Units [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award vesting period			3 years
Restricted Stock Units [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award vesting period			4 years

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	Jan. 22, 2019	Jun. 28, 2016	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Aug. 21, 2009
Operating Loss Carryforwards [Line Items]
Income tax expense (benefit)				$ 39,507	$ 35,243	$ 82,594	$ 86,011
Effective income tax rates				115.10%	26.10%	40.30%	26.90%
Income tax benefit related to nondeductible goodwill written off				$ 12,800		$ 12,800
Increase to effective tax rate related to nondeductible goodwill written off				37.30%		6.30%
Income tax expense related to nondeductible expenses				$ 11,100		$ 11,100
Increase to effective tax rate related to nondeductible expenses				32.30%		5.40%
Income tax expense related to nondeductible expenses, transaction and severance costs				$ 6,000		$ 6,000
Increase to effective tax rate related to nondeductible expenses, transaction and severance costs				17.60%		2.90%
Chicago Cubs Transactions [Member]
Operating Loss Carryforwards [Line Items]
Estimated federal and state income taxes	$ 225,000
Tax payments	$ 147,000
Chicago Cubs Transactions [Member] | IRS [Member]
Operating Loss Carryforwards [Line Items]
Income tax expense (benefit)		$ 182,000
Income tax penalties expense		$ 73,000	$ 96,000
Chicago Cubs Transactions [Member] | Northside Entertainment Holdings LLC [Member]
Operating Loss Carryforwards [Line Items]
Ownership interest percentage								95.00%
Chicago Cubs Transactions [Member] | Chicago Entertainment Ventures, LLC [Member]
Operating Loss Carryforwards [Line Items]
Ownership interest percentage								5.00%
Chicago Cubs Transactions [Member] | Chicago Entertainment Ventures, LLC [Member] | Tribune [Member]
Operating Loss Carryforwards [Line Items]
Percentage of membership interest sold	5.00%

FCC Regulatory Matters - Additi

FCC Regulatory Matters - Additional Information (Details)	Feb. 06, 2019USD ($)	Jul. 21, 2017USD ($)	Apr. 13, 2017TelevisionStation	Nov. 30, 2017TelevisionStation	Sep. 30, 2019USD ($)TelevisionStation	Sep. 30, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2019USD ($)TelevisionStation	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)
FCC Regulatory Matters [Line Items]
Maximum percentage of US television household reach					39.00%			39.00%
Percentage reach of ultra high frequency station					50.00%			50.00%
Effective date of reinstating the ultra high frequency discount								Sep. 15, 2017
Date of abolishing the UHF discount								Aug. 24, 2016
Number of stations owned | TelevisionStation			11
Number of stations to move to very high frequency channels | TelevisionStation					2			2
Number of stations went off the air | TelevisionStation				1
Number of remaining stations owned before ceased | TelevisionStation					10			10
Number of ceased broadcasting channels | TelevisionStation					8			8
Asset and (liability) surrender value | $										$ 314,100,000
Maximum amount allocated by Congress for reimbursement of repack costs industry-wide | $								$ 2,750,000,000
Amount of reimbursement for repack cost allocated to television broadcaster relocation fund | $								1,000,000,000
Excess over maximum amount allocated by Congress for reimbursement of repack costs industry-wide | $	$ 1,900,000,000
Capital expenditures related to station repack | $					$ 19,900,000	$ 6,600,000		56,300,000	$ 13,500,000
Reimbursement from the FCC related to station repack | $					$ 20,417,000	$ 5,389,000		$ 54,020,000	$ 12,450,000
Consolidated VIEs [Member]
FCC Regulatory Matters [Line Items]
Number of full power stations repacked | TelevisionStation					17			17
Media General [Member]
FCC Regulatory Matters [Line Items]
Gross proceeds to surrender of spectrum auction | $		$ 478,600,000
Derecognition of spectrum asset to surrender spectrum | $							$ 34,600,000
Derecognition of spectrum liability to surrender spectrum | $							$ 34,600,000
Nexstar [Member]
FCC Regulatory Matters [Line Items]
Number of stations owned | TelevisionStation			10
Number of stations owned | TelevisionStation				1
Number of full power stations repacked | TelevisionStation					61			61

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	Dec. 31, 2012Proof	Sep. 30, 2019USD ($)Proof
Loss Contingency, Information about Litigation Matters [Abstract]
Restricted cash and cash equivalents to be held		$ 16,609
Tribune [Member]
Loss Contingency, Information about Litigation Matters [Abstract]
Number of proofs of claim filed against debtors | Proof	7,400
Restricted cash and cash equivalents to be held		$ 17,000
Number of proofs of claim against debtors withdrawn | Proof		349
Multi District Litigation[Member]
Loss Contingency, Information about Litigation Matters [Abstract]
Loss contingency lawsuit filing date		April 3, 2019
Loss contingency dismissal date		Sep. 5, 2019
Multi District Litigation[Member] | Second Amended Complaint [Member]
Loss Contingency, Information about Litigation Matters [Abstract]
Loss contingency lawsuit filing date		September 9, 2019
Loss contingency dismissal date		Oct. 8, 2019
Nexstar [Member] | Financial Guarantee of Mission Debt [Member]
Guarantees of Mission, Marshall and Shield Debt [Abstract]
Maximum commitment under senior secured credit facility		$ 226,500
Commitment under senior secured credit facility at carrying value		$ 223,500
Line of credit facility maturity period		2024-01
Nexstar [Member] | Financial Guarantee of Marshall Debt [Member]
Guarantees of Mission, Marshall and Shield Debt [Abstract]
Commitment under senior secured credit facility at carrying value		$ 49,400
Line of credit facility maturity period		2019-12
Nexstar [Member] | Financial Guarantee Shield Debt [Member]
Guarantees of Mission, Marshall and Shield Debt [Abstract]
Commitment under senior secured credit facility at carrying value		$ 21,800
Line of credit facility maturity period		2023-10

Segment Data - Summary of Segme

Segment Data - Summary of Segment Financial Information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Net revenue		$ 663,575	$ 693,015	$ 1,939,234	$ 1,968,674
Depreciation		29,363	27,673	84,890	78,577
Amortization of intangible assets		42,443	37,157	115,538	110,640
Income (loss) from operations		121,615	192,893	398,633	485,003
Goodwill		3,082,652		3,082,652		$ 2,167,954
Total assets	[1]	14,103,375		14,103,375		7,062,030
Broadcast [Member]
Segment Reporting Information [Line Items]
Net revenue		637,148	650,303	1,858,226	1,850,176
Depreciation		26,538	21,587	75,587	63,948
Amortization of intangible assets		37,215	31,447	98,830	95,376
Income (loss) from operations		189,408	227,602	550,001	587,712
Goodwill		3,082,652		3,082,652		2,125,479
Total assets		12,931,202		12,931,202		6,622,604
Other [Member]
Segment Reporting Information [Line Items]
Net revenue		26,427	42,712	81,008	118,498
Depreciation		2,825	6,086	9,303	14,629
Amortization of intangible assets		5,228	5,710	16,708	15,264
Income (loss) from operations		(67,793)	$ (34,709)	(151,368)	$ (102,709)
Goodwill						42,475
Total assets		$ 1,172,173		$ 1,172,173		$ 439,426
[1]	The consolidated total assets as of September 30, 2019 and December 31, 2018 include certain assets held by consolidated variable interest entities of $394.0 million and $390.3 million, respectively, which are not available to be used to settle the obligations of Nexstar Media Group, Inc. The consolidated total liabilities as of September 30, 2019 and December 31, 2018 include certain liabilities of consolidated variable interest entities of $55.3 million and $45.1 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information.

Segment Data - Summary of Disag

Segment Data - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation Of Revenue [Line Items]
Net revenue	$ 663,575	$ 693,015	$ 1,939,234	$ 1,968,674
Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	637,148	650,303	1,858,226	1,850,176
Other [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	26,427	42,712	81,008	118,498
Local [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	208,338	189,423	595,783	581,251
Local [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	208,338	189,423	595,783	581,251
National [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	81,875	71,623	213,885	210,301
National [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	81,875	71,623	213,885	210,301
Political [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	10,899	70,147	15,363	111,049
Political [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	10,899	70,147	15,363	111,049
Retransmission Compensation {Member]
Disaggregation Of Revenue [Line Items]
Net revenue	294,808	284,319	923,050	836,533
Retransmission Compensation {Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	294,808	284,319	923,050	836,533
Digital [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	58,137	69,312	167,209	196,115
Digital [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	32,385	26,615	86,906	77,661
Digital [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	25,752	42,697	80,303	118,454
Other [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	5,670	4,028	13,159	22,402
Other [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	4,995	4,013	12,454	22,358
Other [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	675	15	705	44
Trade Revenue [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	3,848	4,163	10,785	11,023
Trade Revenue [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	$ 3,848	$ 4,163	$ 10,785	$ 11,023

Condensed Consolidating Finan_3

Condensed Consolidating Financial Information - Additional Information (Details)	Sep. 30, 2019
5.625 % Due 2027 [Member]
Condensed Financial Statements Captions [Line Items]
Interest rate	5.625%
5.625 % Due 2024 [Member]
Condensed Financial Statements Captions [Line Items]
Interest rate	5.625%
6.125% Due 2022 [Member]
Condensed Financial Statements Captions [Line Items]
Interest rate	6.125%
5.875% Senior Notes Due 2022 [Member]
Condensed Financial Statements Captions [Line Items]
Interest rate	5.875%

Condensed Consolidating Finan_4

Condensed Consolidating Financial Information - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents		$ 317,420	$ 145,115
Restricted cash and cash equivalents		16,609
Accounts receivable, net		860,794	547,285
Spectrum asset		119,047	52,002
Other current assets		121,747	22,673
Total current assets		1,435,617	767,075
Property and equipment, net		1,257,086	731,538
Goodwill		3,082,652	2,167,954
FCC licenses		3,106,959	1,778,268
Intangible assets, net		2,911,354	1,491,923
Intangible assets, net		509,889	89,958
Investments		1,499,090	13,971
Assets held for sale		242,999	4,417
Other noncurrent assets		408,780	106,884
Total assets	[1]	14,103,375	7,062,030
Current liabilities:
Current portion of debt		142,664	96,093
Accounts payable		109,128	67,828
Liability to surrender spectrum asset		129,964	52,002
Other current liabilities		712,541	188,249
Total current liabilities		1,094,297	404,172
Debt		8,393,173	3,884,910
Deferred tax liabilities		1,688,590	633,880
Other noncurrent liabilities		977,282	270,084
Total liabilities	[1]	12,153,342	5,193,046
Total Nexstar Media Group, Inc. stockholders’ equity (deficit)		1,928,725	1,852,774
Noncontrolling interests in consolidated variable interest entities		21,308	16,210
Total liabilities and stockholders’ equity		14,103,375	7,062,030
Eliminations [Member]
Current assets:
Amounts due from consolidated entities		(187,030)	(166,508)
Total current assets		(187,030)	(166,508)
Investments in subsidiaries		(1,364,451)	(1,228,489)
Amounts due from consolidated entities		(737,537)	(782,365)
Property and equipment, net		(75)	(72)
Total assets		(2,289,093)	(2,177,434)
Current liabilities:
Amounts due to consolidated entities		(187,030)	(166,508)
Total current liabilities		(187,030)	(166,508)
Amounts due to consolidated entities		(737,747)	(782,576)
Total liabilities		(924,777)	(949,084)
Total Nexstar Media Group, Inc. stockholders’ equity (deficit)		(1,364,316)	(1,228,350)
Total liabilities and stockholders’ equity		(2,289,093)	(2,177,434)
Network affiliation agreements [Member]
Current assets:
Intangible assets, net		2,560,303	1,401,965
Nexstar [Member] | Reportable Legal Entities [Member]
Current assets:
Accounts receivable, net		12
Total current assets		12
Investments in subsidiaries		1,255,566	1,119,605
Amounts due from consolidated entities		737,537	782,365
Other noncurrent assets		199
Total assets		1,993,314	1,901,970
Current liabilities:
Other current liabilities		589	299
Total current liabilities		589	299
Deferred tax liabilities			62
Total liabilities		589	361
Total Nexstar Media Group, Inc. stockholders’ equity (deficit)		1,992,725	1,901,609
Total liabilities and stockholders’ equity		1,993,314	1,901,970
Nexstar Broadcasting [Member] | Reportable Legal Entities [Member]
Current assets:
Cash and cash equivalents		290,336	105,665
Restricted cash and cash equivalents		16,609
Accounts receivable, net		800,110	466,270
Amounts due from consolidated entities		117,424	88,987
Spectrum asset		119,047	52,002
Other current assets		118,094	17,420
Total current assets		1,461,620	730,344
Investments in subsidiaries		108,885	108,884
Property and equipment, net		1,215,120	696,910
Goodwill		2,927,865	1,970,692
FCC licenses		2,955,151	1,620,610
Intangible assets, net		505,896	51,265
Investments		1,499,090	13,971
Assets held for sale		242,999	4,417
Other noncurrent assets		379,761	98,272
Total assets		13,774,882	6,609,259
Current liabilities:
Current portion of debt		89,778	41,477
Accounts payable		98,518	47,574
Liability to surrender spectrum asset		129,964	52,002
Other current liabilities		675,122	155,023
Total current liabilities		993,382	296,076
Debt		8,151,347	3,641,193
Amounts due to consolidated entities		536,541	559,057
Deferred tax liabilities		1,685,628	624,869
Other noncurrent liabilities		949,105	255,228
Total liabilities		12,316,003	5,376,423
Total Nexstar Media Group, Inc. stockholders’ equity (deficit)		1,452,678	1,232,836
Noncontrolling interests in consolidated variable interest entities		6,201
Total liabilities and stockholders’ equity		13,774,882	6,609,259
Nexstar Broadcasting [Member] | Network affiliation agreements [Member] | Reportable Legal Entities [Member]
Current assets:
Intangible assets, net		2,478,495	1,313,894
Mission [Member] | Reportable Legal Entities [Member]
Current assets:
Cash and cash equivalents		3,254	10,798
Accounts receivable, net		14,728	12,857
Amounts due from consolidated entities		69,606	77,521
Other current assets		622	1,655
Total current assets		88,210	102,831
Property and equipment, net		22,549	19,867
Goodwill		33,187	33,187
FCC licenses		43,102	43,102
Intangible assets, net		523	617
Other noncurrent assets		12,659	4,421
Total assets		211,917	217,120
Current liabilities:
Current portion of debt		2,285	2,285
Accounts payable		26	2,357
Other current liabilities		7,791	4,441
Total current liabilities		10,102	9,083
Debt		221,169	222,354
Other noncurrent liabilities		10,334	6,820
Total liabilities		241,605	238,257
Total Nexstar Media Group, Inc. stockholders’ equity (deficit)		(29,688)	(21,137)
Total liabilities and stockholders’ equity		211,917	217,120
Mission [Member] | Network affiliation agreements [Member] | Reportable Legal Entities [Member]
Current assets:
Intangible assets, net		11,687	13,095
Non-Guarantors [Member] | Reportable Legal Entities [Member]
Current assets:
Cash and cash equivalents		23,830	28,652
Accounts receivable, net		45,944	68,158
Other current assets		3,031	3,598
Total current assets		72,805	100,408
Property and equipment, net		19,492	14,833
Goodwill		121,600	164,075
FCC licenses		108,706	114,556
Intangible assets, net		3,470	38,076
Other noncurrent assets		16,161	4,191
Total assets		412,355	511,115
Current liabilities:
Current portion of debt		50,601	52,331
Accounts payable		10,584	17,897
Amounts due to consolidated entities		187,030	166,508
Other current liabilities		29,039	28,486
Total current liabilities		277,254	265,222
Debt		20,657	21,363
Amounts due to consolidated entities		201,206	223,519
Deferred tax liabilities		2,962	8,949
Other noncurrent liabilities		17,843	8,036
Total liabilities		519,922	527,089
Total Nexstar Media Group, Inc. stockholders’ equity (deficit)		(122,674)	(32,184)
Noncontrolling interests in consolidated variable interest entities		15,107	16,210
Total liabilities and stockholders’ equity		412,355	511,115
Non-Guarantors [Member] | Network affiliation agreements [Member] | Reportable Legal Entities [Member]
Current assets:
Intangible assets, net		$ 70,121	$ 74,976
[1]	The consolidated total assets as of September 30, 2019 and December 31, 2018 include certain assets held by consolidated variable interest entities of $394.0 million and $390.3 million, respectively, which are not available to be used to settle the obligations of Nexstar Media Group, Inc. The consolidated total liabilities as of September 30, 2019 and December 31, 2018 include certain liabilities of consolidated variable interest entities of $55.3 million and $45.1 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information.

Condensed Consolidating Finan_5

Condensed Consolidating Financial Information - Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net revenue	$ 663,575	$ 693,015	$ 1,939,234	$ 1,968,674
Operating expenses (income):
Direct operating expenses, excluding depreciation and amortization	322,327	285,363	911,234	838,765
Selling, general, and administrative expenses, excluding depreciation and amortization	183,083	140,297	469,501	421,105
Amortization of broadcast rights	18,452	15,021	46,749	47,034
Amortization of intangible assets	42,443	37,157	115,538	110,640
Depreciation	29,363	27,673	84,890	78,577
Reimbursement from the FCC related to station repack	(20,417)	(5,389)	(54,020)	(12,450)
Goodwill and intangible assets impairment	63,317		63,317
Gain on disposal of stations, net	(96,608)		(96,608)
Total operating expenses	541,960	500,122	1,540,601	1,483,671
Income from operations	121,615	192,893	398,633	485,003
Income (loss) on equity investments, net	3,217	(887)	2,061	(1,813)
Interest expense, net	(93,199)	(56,237)	(197,519)	(167,107)
Loss on extinguishment of debt		(3,159)	(3,724)	(4,645)
Pension and other postretirement plans credit, net	2,578	2,458	5,378	8,358
Other income (expenses)	118	3	209	(10)
Income (loss) before income taxes	34,329	135,071	205,038	319,786
Income tax benefit (expense)	(39,507)	(35,243)	(82,594)	(86,011)
Net income (loss)	(5,178)	99,828	122,444	233,775
Net (income) loss attributable to noncontrolling interests	(669)	686	(5,397)	2,593
Net income (loss) attributable to Nexstar Media Group, Inc.	(5,847)	100,514	117,047	236,368
Eliminations [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net revenue	(62,256)	(60,075)	(176,916)	(168,613)
Revenue between consolidated entities	(62,256)	(60,075)	(176,916)	(168,613)
Operating expenses (income):
Direct operating expenses, excluding depreciation and amortization		(1,181)	(3,834)	(3,845)
Selling, general, and administrative expenses, excluding depreciation and amortization	(20,158)	(15,940)	(53,124)	(44,164)
Local service agreement fees between consolidated entities	(42,096)	(42,954)	(119,956)	(120,604)
Total operating expenses	(62,254)	(60,075)	(176,914)	(168,613)
Income from operations	(2)		(2)
Equity in income of consolidated subsidiaries	(928)	(106,440)	(135,960)	(252,643)
Income (loss) before income taxes	(930)	(106,440)	(135,962)	(252,643)
Net income (loss)	(930)	(106,440)	(135,962)	(252,643)
Net income (loss) attributable to Nexstar Media Group, Inc.	(930)	(106,440)	(135,962)	(252,643)
Net Broadcast Revenue (Including Trade) [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net revenue	663,575	693,015	1,939,234	1,968,674
Nexstar [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net revenue	8,848	7,948	25,830	21,153
Revenue between consolidated entities	8,848	7,948	25,830	21,153
Operating expenses (income):
Selling, general, and administrative expenses, excluding depreciation and amortization	10,095	10,080	29,588	25,261
Total operating expenses	10,095	10,080	29,588	25,261
Income from operations	(1,247)	(2,132)	(3,758)	(4,108)
Other income (expenses)	(1)		(1)
Equity in income of consolidated subsidiaries	928	106,440	135,960	252,643
Income (loss) before income taxes	(320)	104,308	132,201	248,535
Income tax benefit (expense)	(463)	(410)	10	(833)
Net income (loss)	(783)	103,898	132,211	247,702
Net income (loss) attributable to Nexstar Media Group, Inc.	(783)	103,898	132,211	247,702
Nexstar Broadcasting [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net revenue	631,522	644,042	1,834,938	1,830,482
Revenue between consolidated entities	24,558	23,657	69,216	66,360
Operating expenses (income):
Direct operating expenses, excluding depreciation and amortization	263,863	224,798	745,032	664,717
Selling, general, and administrative expenses, excluding depreciation and amortization	182,302	133,794	460,303	403,066
Local service agreement fees between consolidated entities	17,539	19,297	50,741	54,244
Amortization of broadcast rights	17,487	13,949	43,774	43,741
Amortization of intangible assets	35,061	29,261	92,339	88,780
Depreciation	27,756	25,545	79,661	71,891
Reimbursement from the FCC related to station repack	(15,809)	(4,809)	(40,040)	(11,683)
Goodwill and intangible assets impairment	(2)		(2)
Gain on disposal of stations, net	(96,608)		(96,608)
Total operating expenses	431,589	441,835	1,335,200	1,314,756
Income from operations	199,933	202,207	499,738	515,726
Income (loss) on equity investments, net	3,229	(887)	2,101	(1,813)
Interest expense, net	(89,634)	(52,551)	(186,482)	(156,124)
Loss on extinguishment of debt		(3,159)	(3,724)	(4,645)
Pension and other postretirement plans credit, net	2,578	2,458	5,378	8,358
Other income (expenses)	119	5	210	(10)
Income (loss) before income taxes	116,225	148,073	317,221	361,492
Income tax benefit (expense)	(47,733)	(36,796)	(97,381)	(91,701)
Net income (loss)	68,492	111,277	219,840	269,791
Net income (loss) attributable to Nexstar Media Group, Inc.	68,492	111,277	219,840	269,791
Nexstar Broadcasting [Member] | Net Broadcast Revenue (Including Trade) [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net revenue	606,964	620,385	1,765,722	1,764,122
Mission [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net revenue	27,033	27,856	81,374	79,105
Revenue between consolidated entities	8,231	10,018	24,255	27,504
Operating expenses (income):
Direct operating expenses, excluding depreciation and amortization	12,312	10,426	36,343	30,586
Selling, general, and administrative expenses, excluding depreciation and amortization	1,195	1,108	3,184	3,436
Local service agreement fees between consolidated entities	16,032	14,575	45,182	41,075
Amortization of broadcast rights	367	383	1,119	1,204
Amortization of intangible assets	491	522	1,501	1,606
Depreciation	645	508	1,873	1,529
Reimbursement from the FCC related to station repack	(2,677)	(580)	(4,977)	(767)
Total operating expenses	28,365	26,942	84,225	78,669
Income from operations	(1,332)	914	(2,851)	436
Interest expense, net	(2,794)	(2,864)	(8,578)	(8,214)
Income (loss) before income taxes	(4,126)	(1,950)	(11,429)	(7,778)
Income tax benefit (expense)	1,026	268	2,877	1,674
Net income (loss)	(3,100)	(1,682)	(8,552)	(6,104)
Net income (loss) attributable to Nexstar Media Group, Inc.	(3,100)	(1,682)	(8,552)	(6,104)
Mission [Member] | Net Broadcast Revenue (Including Trade) [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net revenue	18,802	17,838	57,119	51,601
Non-Guarantors [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net revenue	58,428	73,244	174,008	206,547
Revenue between consolidated entities	20,619	18,452	57,615	53,596
Operating expenses (income):
Direct operating expenses, excluding depreciation and amortization	46,152	51,320	133,693	147,307
Selling, general, and administrative expenses, excluding depreciation and amortization	9,649	11,255	29,550	33,506
Local service agreement fees between consolidated entities	8,525	9,082	24,033	25,285
Amortization of broadcast rights	598	689	1,856	2,089
Amortization of intangible assets	6,891	7,374	21,698	20,254
Depreciation	962	1,620	3,356	5,157
Reimbursement from the FCC related to station repack	(1,931)		(9,003)
Goodwill and intangible assets impairment	63,319		63,319
Total operating expenses	134,165	81,340	268,502	233,598
Income from operations	(75,737)	(8,096)	(94,494)	(27,051)
Income (loss) on equity investments, net	(12)		(40)
Interest expense, net	(771)	(822)	(2,459)	(2,769)
Other income (expenses)		(2)
Income (loss) before income taxes	(76,520)	(8,920)	(96,993)	(29,820)
Income tax benefit (expense)	7,663	1,695	11,900	4,849
Net income (loss)	(68,857)	(7,225)	(85,093)	(24,971)
Net (income) loss attributable to noncontrolling interests	(669)	686	(5,397)	2,593
Net income (loss) attributable to Nexstar Media Group, Inc.	(69,526)	(6,539)	(90,490)	(22,378)
Non-Guarantors [Member] | Net Broadcast Revenue (Including Trade) [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net revenue	$ 37,809	$ 54,792	$ 116,393	$ 152,951

Condensed Consolidating Finan_6

Condensed Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]
Cash flows from operating activities	$ 315,982	$ 487,214
Cash flows from investing activities:
Payments for acquisitions, net of cash acquired	(5,881,179)	(103,246)
Proceeds from sale of stations	1,352,958
Purchases of property and equipment	(110,225)	(63,586)
Spectrum repack reimbursements from the FCC	54,020	12,450
Proceeds from disposals of property and equipment	2,026	4,282
Distribution from an equity investment	1,557
Other investing activities	(1,310)	812
Net cash used in investing activities	(4,582,153)	(149,288)
Cash flows from financing activities:
Proceeds from long-term debt	4,831,050	101,387
Payments for debt financing costs	(70,717)
Repayments of long-term debt	(215,413)	(327,489)
Common stock dividends paid	(62,062)	(51,524)
Purchase of treasury stock		(50,524)
Purchase of noncontrolling interest from a consolidated variable interest entity	(6,393)
Cash paid for shares withheld for taxes	(9,813)	(4,852)
Payments for capital lease and capitalized software obligations	(6,419)	(7,426)
Proceeds from exercise of stock options	1,749	5,184
Other financing activities	(6,897)	89
Net cash provided by (used in) financing activities	4,455,085	(335,155)
Net increase in cash, cash equivalents and restricted cash	188,914	2,771
Cash, cash equivalents and restricted cash at beginning of period	145,115	115,652
Cash, cash equivalents and restricted cash at end of period	334,029	118,423
Nexstar [Member] | Reportable Legal Entities [Member]
Cash flows from financing activities:
Common stock dividends paid	(62,062)	(51,524)
Purchase of treasury stock		(50,524)
Inter-company payments	70,126	101,716
Cash paid for shares withheld for taxes	(9,813)	(4,852)
Proceeds from exercise of stock options	1,749	5,184
Nexstar Broadcasting [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]
Cash flows from operating activities	322,622	482,985
Cash flows from investing activities:
Payments for acquisitions, net of cash acquired	(5,881,179)	(103,246)
Proceeds from sale of stations	1,352,958
Purchases of property and equipment	(94,870)	(56,944)
Spectrum repack reimbursements from the FCC	40,040	11,683
Proceeds from disposals of property and equipment	2,012	4,277
Distribution from an equity investment	1,557
Other investing activities	(1,310)	812
Net cash used in investing activities	(4,580,792)	(143,418)
Cash flows from financing activities:
Proceeds from long-term debt	4,831,050	44,000
Payments for debt financing costs	(70,717)
Repayments of long-term debt	(211,108)	(266,182)
Inter-company payments	(70,126)	(101,716)
Purchase of noncontrolling interest from a consolidated variable interest entity	(6,393)
Payments for capital lease and capitalized software obligations	(6,359)	(7,426)
Other financing activities	(6,897)	(137)
Net cash provided by (used in) financing activities	4,459,450	(331,461)
Net increase in cash, cash equivalents and restricted cash	201,280	8,106
Cash, cash equivalents and restricted cash at beginning of period	105,665	90,860
Cash, cash equivalents and restricted cash at end of period	306,945	98,966
Mission [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]
Cash flows from operating activities	(6,421)	(2,063)
Cash flows from investing activities:
Purchases of property and equipment	(4,386)	(1,356)
Spectrum repack reimbursements from the FCC	4,977	767
Net cash used in investing activities	591	(589)
Cash flows from financing activities:
Repayments of long-term debt	(1,714)	(1,735)
Net cash provided by (used in) financing activities	(1,714)	(1,735)
Net increase in cash, cash equivalents and restricted cash	(7,544)	(4,387)
Cash, cash equivalents and restricted cash at beginning of period	10,798	9,524
Cash, cash equivalents and restricted cash at end of period	3,254	5,137
Non-Guarantors [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]
Cash flows from operating activities	(219)	6,292
Cash flows from investing activities:
Purchases of property and equipment	(10,969)	(5,286)
Spectrum repack reimbursements from the FCC	9,003
Proceeds from disposals of property and equipment	14	5
Net cash used in investing activities	(1,952)	(5,281)
Cash flows from financing activities:
Proceeds from long-term debt		57,387
Repayments of long-term debt	(2,591)	(59,572)
Payments for capital lease and capitalized software obligations	(60)
Other financing activities		226
Net cash provided by (used in) financing activities	(2,651)	(1,959)
Net increase in cash, cash equivalents and restricted cash	(4,822)	(948)
Cash, cash equivalents and restricted cash at beginning of period	28,652	15,268
Cash, cash equivalents and restricted cash at end of period	$ 23,830	$ 14,320

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Nov. 05, 2019	Oct. 25, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Subsequent Event [Line Items]
Dividends declared per common share			$ 0.45	$ 0.375	$ 1.35	$ 1.125
Subsequent Event [Member] | Purchase and Sale Agreements [Member]
Subsequent Event [Line Items]
Purchase price of entities to be acquired	$ 45
Payments to acquire business in cash subjected to customary adjustments	$ 350
Class A Common Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends declared per common share		$ 0.45
Dividends, date declared		Oct. 25, 2019
Dividends, date payable		Nov. 22, 2019
Dividends, date of record		Nov. 8, 2019