Nexstar Media (NXST) 10-Q 8 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 06, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Trading Symbol	NXST
Entity Registrant Name	NEXSTAR MEDIA GROUP, INC.
Entity Central Index Key	0001142417
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	000-50478
Entity Tax Identification Number	23-3083125
Entity Address, Address Line One	545 E. John Carpenter Freeway
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Irving
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75062
City Area Code	972
Local Phone Number	373-8800
Entity Common Stock, Shares Outstanding		45,262,874
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		Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents		$ 434,067	$ 232,070
Restricted cash and cash equivalents		16,608	16,608
Accounts receivable, net of allowance for doubtful accounts of $22,175 and $17,205, respectively		888,738	883,921
Spectrum asset		67,171	67,171
Prepaid expenses and other current assets		107,706	151,997
Total current assets		1,514,290	1,351,767
Property and equipment, net		1,546,873	1,290,428
Goodwill		2,879,748	2,996,875
FCC licenses		2,832,457	2,921,465
Intangible assets, net		3,036,193	3,259,620
Other intangible assets, net		705,757	727,354
Assets held for sale		4,524	240,524
Investments		1,322,195	1,477,353
Other noncurrent assets, net		439,157	451,705
Total assets	[1]	13,575,437	13,989,737
Current liabilities:
Current portion of debt		56,228	109,310
Accounts payable		138,952	157,366
Accrued expenses		533,805	541,803
Income tax payable		53,341	873
Liability to surrender spectrum asset		77,962	77,962
Other current liabilities		55,710	60,243
Total current liabilities		915,998	947,557
Debt		7,990,635	8,383,278
Deferred tax liabilities		1,696,611	1,710,664
Other noncurrent liabilities		856,134	894,745
Total liabilities	[1]	11,459,378	11,936,244
Commitments and contingencies (Note 15)
Stockholders' equity:
Preferred stock - $0.01 par value, 200,000 shares authorized; none issued and outstanding at each of March 31, 2020 and December 31, 2019
Additional paid-in capital		1,333,717	1,353,729
Accumulated other comprehensive income		19,850	19,850
Retained earnings		910,063	778,833
Treasury stock - at cost; 2,096,058 and 1,541,675 shares as of March 31, 2020 and December 31, 2019, respectively		(170,957)	(121,388)
Total Nexstar Media Group, Inc. stockholders’ equity		2,093,146	2,031,497
Noncontrolling interests		22,913	21,996
Total stockholders’ equity		2,116,059	2,053,493
Total liabilities and stockholders’ equity		13,575,437	13,989,737
Network affiliation agreements [Member]
Current assets:
Intangible assets, net		2,330,436	2,532,266
Class A Common Stock [Member]
Stockholders' equity:
Common stock		473	473
Total stockholders’ equity		$ 473	$ 473
[1]	The consolidated total assets as of March 31, 2020 and December 31, 2019 include certain assets held by consolidated VIEs of $330.4 million and $332.6 million, respectively, which are not available to be used to settle the obligations of Nexstar. The consolidated total liabilities as of March 31, 2020 and December 31, 2019 include certain liabilities of consolidated VIEs of $57.2 million and $61.7 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		Mar. 31, 2020	Dec. 31, 2019
Current assets:
Accounts receivable, allowance for doubtful accounts		$ 22,175	$ 17,205
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		2,096,058	1,541,675
ASSETS
Total assets	[1]	$ 13,575,437	$ 13,989,737
LIABILITIES AND STOCKHOLDERS’ EQUITY
Total liabilities	[1]	11,459,378	11,936,244
Non Guarantor VIEs [Member]
ASSETS
Total assets		330,439	332,570
LIABILITIES AND STOCKHOLDERS’ EQUITY
Total liabilities		$ 57,186	$ 61,665
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		45,195,405	45,749,788
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
[1]	The consolidated total assets as of March 31, 2020 and December 31, 2019 include certain assets held by consolidated VIEs of $330.4 million and $332.6 million, respectively, which are not available to be used to settle the obligations of Nexstar. The consolidated total liabilities as of March 31, 2020 and December 31, 2019 include certain liabilities of consolidated VIEs of $57.2 million and $61.7 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information.

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues [Abstract]
Net revenue	$ 1,091,822	$ 626,647
Operating expenses (income):
Direct operating expenses, excluding depreciation and amortization	445,059	292,863
Selling, general and administrative expenses, excluding depreciation and amortization	218,384	142,360
Amortization of broadcast rights	37,208	14,362
Amortization of intangible assets	70,583	36,738
Depreciation	35,406	27,437
Reimbursement from the FCC related to station repack	(12,758)	(14,187)
Gain on disposal of stations and entities, net	(7,075)	(533)
Total operating expenses	786,807	499,573
Income from operations	305,015	127,074
Income (loss) on equity investments, net	14,158	(491)
Interest expense, net	(101,284)	(52,957)
Loss on extinguishment of debt	(7,477)	(1,698)
Pension and other postretirement plans credit, net	10,762	1,400
Other income (expenses), net	864
Income before income taxes	222,038	73,328
Income tax expense	(64,344)	(16,441)
Net income	157,694	56,887
Net income attributable to noncontrolling interests	(779)	(1,995)
Net income attributable to Nexstar Media Group, Inc.	$ 156,915	$ 54,892
Net income per common share attributable to Nexstar Media Group, Inc.:
Basic	$ 3.43	$ 1.20
Diluted	$ 3.30	$ 1.15
Weighted average number of common shares outstanding:
Basic	45,702	45,785
Diluted	47,615	47,784

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 Income [Member]	Treasury Stock [Member]	Treasury Stock [Member]Class A Common Stock [Member]	Noncontrolling interests [Member]
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
Stock-based compensation expense	8,069		8,069
Vesting of restricted stock units and exercise of stock options	(7,849)		(27,388)			$ 19,539
Vesting of restricted stock units and exercise of stock options, shares						390,125
Common stock dividends declared	(20,581)			(20,581)
Purchase of noncontrolling interest from a consolidated variable interest entity	(6,500)							(6,500)
Net income	56,887			54,892				1,995
Balance at Mar. 31, 2019	1,899,010	$ 473	1,332,612	654,682	(14,316)	$ (86,146)		11,705
Balance, Shares at Mar. 31, 2019		47,291,463
Balance, Shares at Mar. 31, 2019						1,275,092
Balance at Dec. 31, 2019	$ 2,053,493	$ 473	1,353,729	778,833	19,850	$ (121,388)		21,996
Balance, Shares at Dec. 31, 2019		47,291,463
Balance, Shares at Dec. 31, 2019	(1,541,675)					1,541,675
Purchase of treasury stock	$ (72,587)					$ (72,587)	$ (72,600)
Purchase of treasury stock, shares						(950,000)
Stock-based compensation expense	10,685		10,685
Vesting of restricted stock units and exercise of stock options	(6,298)		(29,316)			$ 23,018
Vesting of restricted stock units and exercise of stock options, shares						395,617
Common stock dividends declared	(25,676)			(25,676)
Contribution from a noncontrolling interest	138							138
Disposal of an entity	(1,390)		(1,381)	(9)
Net income	157,694			156,915				779
Balance at Mar. 31, 2020	$ 2,116,059	$ 473	$ 1,333,717	$ 910,063	$ 19,850	$ (170,957)		$ 22,913
Balance, Shares at Mar. 31, 2020		47,291,463
Balance, Shares at Mar. 31, 2020	(2,096,058)					2,096,058

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Stockholders Equity [Abstract]
Common stock dividends declared (per share)	$ 0.56	$ 0.45

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income	$ 157,694	$ 56,887
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	70,583	36,738
Depreciation of property and equipment	35,406	27,437
Amortization of broadcast rights	37,208	14,362
Stock-based compensation expense	10,685	8,069
Provision for bad debt	1,818	2,545
Amortization of debt financing costs, debt discounts and premium	4,636	1,942
Loss on extinguishment of debt	7,477	1,698
Gain on asset disposal, net	(388)
Deferred income taxes	(13,011)	2,309
Gain on disposal of stations and entities, net	(7,075)	(533)
Spectrum repack reimbursements	(12,758)	(14,187)
Payments for broadcast rights	(51,783)	(14,489)
(Income) loss on equity investments, net	(14,158)	491
Distribution from equity investments - return on capital	170,400
Other noncash operating activities, net	(230)	(889)
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable	(7,268)	4,184
Prepaid expenses and other current assets	(1,834)	(1,415)
Other noncurrent assets	214	2,248
Accounts payable	(18,324)	3,889
Accrued expenses and other current liabilities	(10,102)	(15,818)
Income tax payable	74,750	12,249
Other noncurrent liabilities	(18,822)	(3,128)
Net cash provided by operating activities	415,118	124,589
Cash flows from investing activities:
Purchases of property and equipment	(60,134)	(28,579)
Payments for acquisitions, net of cash acquired	(63,000)
Proceeds from sale of stations and entities	362,804
Spectrum repack reimbursements from the FCC	12,758	14,187
Proceeds from disposals of property and equipment	430	588
Proceeds from resolution of acquired contingency	98,000
Other investing activities, net	171	51
Net cash provided by (used in) investing activities	351,029	(13,753)
Cash flows from financing activities:
Repayments of long-term debt	(457,328)	(91,805)
Payments for debt financing costs	(379)
Common stock dividends paid	(25,676)	(20,581)
Cash paid for shares withheld for taxes	(6,483)	(9,276)
Purchase of noncontrolling interests		(6,393)
Proceeds from exercise of stock options	368	1,427
Payments for capital lease and capitalized software obligations	(1,792)	(732)
Purchase of treasury stock	(72,587)
Other financing activities, net	(273)
Net cash used in financing activities	(564,150)	(127,360)
Net increase (decrease) in cash, cash equivalents and restricted cash	201,997	(16,524)
Cash, cash equivalents and restricted cash at beginning of period	248,678	145,115
Cash, cash equivalents and restricted cash at end of period	450,675	128,591
Supplemental information:
Interest paid	125,516	58,839
Income taxes paid, net of refunds	2,110	1,883
Non-cash investing and financing activities:
Accrued purchases of property and equipment	28,024	27,796
Right-of-use assets obtained in exchange for operating lease obligations	$ 15,977	$ 113,598

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) ((Parenthetical)) $ in Thousands	Mar. 31, 2019USD ($)
ASC 842 Adoption Adjustments [Member]
Transition adjustment amount	$ 112,800

Organization and Business Opera

Organization and Business Operations	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Business Operations	Note 1: Organization and Business Operations Nexstar Media Group, Inc., together with its wholly owned subsidiaries (“Nexstar”), a Delaware corporation, 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
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 Note 2—Variable Interest Entities). 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): March 31, 2020 December 31, 2019 Current assets $ 9,421 $ 9,837 Property and equipment, net 19,539 19,586 Goodwill 102,447 102,447 FCC licenses 138,482 138,482 Network affiliation agreements, net 54,174 55,378 Other intangible assets, net - 22 Other noncurrent assets, net 6,376 6,818 Total assets $ 330,439 $ 332,570 Current liabilities $ 16,327 $ 19,653 Noncurrent liabilities 40,859 42,012 Total liabilities $ 57,186 $ 61,665 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, for instance, uncertainties surrounding the business outlook caused by Coronavirus Disease 2019 (“COVID-19”). COVID-19 was declared a global pandemic by the World Health Organization on March 11, 2020 and the President of the United States declared the COVID-19 outbreak a national emergency on March 13, 2020. The COVID-19 pandemic has not had a material adverse impact on the Company’s operations and liquidity as of March 31, 2020. As of this date, the Company’s unrestricted cash on hand amounted to $434.1 million and the Company had a positive working capital of $598.2 million, both increased from the December 31, 2019 levels of $232.1 million and $404.2 million, respectively. As of March 31, 2020, the Company was in compliance with its financial covenants contained in the amended credit agreements governing its senior secured credit facilities. The Company believes it has sufficient unrestricted cash on hand and has availability to access additional cash up to $139.7 million under its revolving credit facilities (with a maturity date of October 2023) to meet its business operating requirements, its capital expenditures and to continue to service its debt for at least the next 12 months as of the filing date of this Quarterly Report on Form 10-Q. The Company also believes its leverage is well positioned to withstand the current challenges as the nearest maturity of its outstanding debt will not occur until October 2023. The Company will continue to evaluate its liquidity, its best use of operating cash flow and the market conditions to determine if further steps are necessary. Interim Financial Statements The Condensed Consolidated Financial Statements as of March 31, 2020 and for the three months ended March 31, 2020 and 2019 are unaudited. However, in the opinion of management, such financial statements include all adjustments (consisting solely of normal recurring adjustments) necessary for the fair statement of the financial information included herein in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the period. Results of operations for interim periods are not necessarily indicative of results for the full year. Estimates are used for, but were not limited to, allowance for doubtful accounts, valuation of assets acquired and liabilities assumed in business combinations, distribution revenue recognized, income taxes, the recoverability of goodwill, FCC licenses and other long-lived assets, the recoverability of investments, the recoverability of broadcast rights and the useful lives of property and equipment and intangible assets. Given the global economic climate and additional or unforeseen effects from the COVID-19 pandemic, these estimates are becoming more challenging, and actual results could differ materially from those estimates. While based on our current assessment of these estimates there was not a material impact to our Condensed Consolidated Financial Statements as of and for the quarter ended March 31, 2020, as additional information becomes available to us, our future assessment of these estimates, including our expectations at the time regarding the duration, scope and severity of the pandemic, as well as other factors, could materially and adversely impact our consolidated financial statements in future reporting periods. Variable Interest Entities The Company may determine that an entity is a VIE as a result of local service agreements entered into with that entity. The term local service agreement generally refers to a contract 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 such VIE which permit Nexstar to acquire the assets and assume the liabilities of each of these VIEs’ stations, subject to FCC consent. The following table summarizes the various local service agreements Nexstar had in effect as of March 31, 2020 with its consolidated VIEs: Service Agreements Owner Full Power Stations TBA Only Mission Broadcasting, Inc. ("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 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. 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): March 31, 2020 December 31, 2019 Current assets: Cash and cash equivalents $ 8,766 $ 12,944 Accounts receivable, net 18,364 17,995 Prepaid expenses and other current assets 1,773 1,921 Total current assets 28,903 32,860 Property and equipment, net 42,147 42,308 Goodwill 135,634 135,634 FCC licenses 138,482 138,482 Network affiliation agreements, net 65,126 66,679 Other intangible assets, net 460 513 Other noncurrent assets, net 61,128 12,749 Total assets $ 471,880 $ 429,225 Current liabilities: Current portion of debt $ 3,548 $ 3,433 Interest payable 783 834 Other current liabilities 16,327 19,653 Total current liabilities 20,658 23,920 Debt 240,416 241,190 Other noncurrent liabilities 40,859 42,012 Total liabilities $ 301,933 $ 307,122 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. On December 1, 2014, Nexstar met the accounting criteria for a controlling financial interest in Marshall Broadcasting Group, Inc. (“Marshall”) as a result of (i) local service agreements Nexstar had with the Marshall stations (JSAs and SSAs) as of this date, (ii) Nexstar’s guarantee of the obligations incurred under Marshall’s senior secured credit facility, and (iii) Nexstar having power over activities affecting Marshall’s significant economic performance, including management advice and consultation on broadcast matters, the ability to sell certain advertising on the Marshall station, and the production of the Marshall station’s news and other programming. Thus, Nexstar consolidated Marshall and its stations beginning on this date. In December 2019, Marshall filed a voluntary petition for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. Effective on December 6, 2019, the bankruptcy court ordered the cancellation of certain executory contracts between Nexstar and Marshall, including the JSAs. As a result of Marshall’s filing for bankruptcy protection and the cancellation of the JSAs, Nexstar evaluated its remaining business arrangements with Marshall and determined that it still has a variable interest in the entity. The services under the SSAs are still active and Mission, a VIE that is consolidated by Nexstar, is a lender of Marshall. However, Nexstar also determined that it no longer had the power to direct the most significant economic activities of the entity and thus no longer meets the accounting criteria for a controlling financial interest in Marshall due to the bankruptcy court taking control of Marshall’s significant financial affairs. Therefore, in accordance with the applicable accounting standards, Nexstar deconsolidated Marshall’s assets, liabilities and equity effective in December 2019. Accordingly, the operating results and cash flows of Marshall for the three months ended March 31, 2020 were excluded and the operating results and cash flows of Marshall for the three months ended March 31, 2019 were included in the accompanying Condensed Consolidated Statements of Operations and Consolidated Statements of Cash Flows. The assets and liabilities of Marshall as of March 31, 2020 and December 31, 2019 were excluded in the accompanying Condensed Consolidated Balance Sheets. On March 30, 2020, Mission entered into an asset purchase agreement to acquire certain assets of the three television stations currently owned by Marshall: KMSS serving the Shreveport, Louisiana market, KPEJ serving the Odessa, Texas market and KLJB serving the Davenport, Iowa market. The purchase price for the acquisition is approximately $49.0 million, which will be applied against Marshall’s existing loans payable to Mission on a dollar-for-dollar basis. The purchase price is subject to customary adjustments. The transaction is subject to FCC and other customary approvals and is expected to close in 2020. 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 March 31, 2020 2019 Weighted average shares outstanding - basic 45,702 45,785 Dilutive effect of equity incentive plan instruments 1,913 1,999 Weighted average shares outstanding - diluted 47,615 47,784 During the three months ended March 31, 2020, there were no stock options and restricted stock units that were anti-dilutive. For the three months ended March 31, 2019, stock options and restricted stock units to acquire a weighted average of 30,000 shares of Class A common stock were excluded from the computation of diluted earnings per share because their impact would have been anti-dilutive. 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 April 2019, the Financial Accounting Standards Board ( FASB) issued Accounting Standards Update ( 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. We adopted this guidance concurrent with our adoption of ASU 2016-13 effective January 1, 2020. The adoption of this standard did not have a material impact on our Condensed Consolidated Financial Statements and related disclosures and there was no cumulative-effect adjustment required. 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. The guidance also provides that 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, and also includes additional disclosure requirements. The standard should be applied prospectively. We adopted this standard effective January 1, 2020. The adoption of this standard did not have a material impact on our Condensed Consolidated Financial Statements and related disclosures In October 2018, the FASB issued ASU 2018-17, “Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities”. The standard provides guidance for determining whether a decision-making fee is a variable interest and requires 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). We adopted this standard effective January 1, 2020. The adoption of this standard did not have a material impact on our Condensed Consolidated Financial Statements and related disclosures . In August 2018, the FASB issued ASU 2018-13, “ Fair Value Measurement (Topic 820) ” , which removes, modifies and adds to the disclosure requirements on fair value measurements in Topic 820. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. We adopted this standard effective January 1, 2020. The adoption of this standard did not have a material impact on our Condensed Consolidated Financial Statements and related disclosures. In August 2018, the FASB issued ASU 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20)”, which removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and adds additional disclosures. The standards 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. We early adopted this standard effective January 1, 2020. The adoption of this standard did not have a material impact on our Condensed Consolidated Financial Statements and related disclosures. In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, “ Financial Instruments - Credit Losses (Topic 326)”, New Accounting Standards Not Yet Adopted In January 2020, FASB issued ASU 2020-01, “ Investments—Equity securities (Topic 321)” (“ASU 2020-01”), which clarifies the interaction of the accounting for equity securities under Topic 321 and investments under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The amendments in ASU 2020-01 clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. The amendments in ASU 2020-01 are effective for all entities for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. does not expect the standard to have a material impact . In December 2019, the FASB issued ASU 2019-12, “ Income taxes (Topic 740)—Simplifying the accounting for income taxes” (“ASU 2019-12”),

Acquisitions and Dispositions

Acquisitions and Dispositions	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Acquisitions and Dispositions	Note 3: Acquisitions and Dispositions 2020 Acquisitions On January 27, 2020, Nexstar and Sinclair Broadcast Group, Inc. (“Sinclair”) Nexstar acquired from Sinclair certain non-license assets associated with television station KGBT-TV in the Harlingen-Weslaco-Brownsville-McAllen , Texas market for $18.0 million in cash (see Note 15, “Commitment and Contingencies”, “Termination of Tribune and Sinclair Merger Agreement” for additional information with respect to this litigation resolution). On March 2, 2020, Nexstar completed the acquisition of Fox affiliate television station WJZY and MyNetworkTV affiliate television station WMYT in the Charlotte, NC market from Fox Television Stations, LLC (“Fox”), a Delaware limited liability company, for $45.0 million in cash. . Subject to final determination, which is expected to occur within twelve months of the acquisition dates, the provisional fair values of the assets acquired and liabilities assumed associated with the acquisitions of KGBT, WJZY, and WMYT are as follows (in thousands): Assets acquired Broadcast rights $ 3,693 Property and equipment 20,380 FCC licenses 15,300 Network affiliation agreements 18,400 Goodwill 3,300 Other intangible assets 5,620 Total assets acquired 66,693 Less: Broadcast rights payable (3,693 ) Total asset acquired $ 63,000 The fair value assigned to goodwill is attributable to future expense reductions utilizing management’s leverage in programming and other station operating costs. The goodwill and FCC licenses are deductible for tax purposes. The intangible assets related to the network affiliation agreements are amortized over 15 years. Other intangible assets are amortized over an estimated weighted average useful life of 3 years. The stations’ combined net revenue of $ 7.7 million and operating income of $ 4.0 million from the respective stations’ acquisition dates to March 31, 2020 have been included in the accompanying Condensed Consolidated Statements of Operations. Transaction costs relating to these acquisitions were not significant during the three months ended March 31, 2020. Pro forma information for these acquisitions has not been provided as the Company believes that the impact of the historical financials for financial reporting purposes, both individually and in aggregate, to the Company’s revenue, operating income, net income, and earnings per share is not material. 2020 Dispositions On January 14, 2020, the Company sold its sports betting information website business to Star Enterprises Ltd., a subsidiary of Alto Holdings, Ltd. for a net consideration of $12.9 million (net of $2.4 million cash balance of this business that was transferred to the buyer upon sale). Nexstar recognized a $2.4 million gain on disposal of this business. On March 2, 2020, Nexstar also completed the sale of Fox affiliate television station KCPQ and MyNetworkTV affiliate television station KZJO in the Seattle, WA market, as well as Fox affiliate television station WITI in the Milwaukee, WI market, to Fox for approximately $349.9 million in cash, including working capital adjustments. Nexstar recognized a $4.7 million net gain on disposal of these stations . The proceeds from the sale of the stations were partially used to prepay the Company’s term loans (see Note 9). The net gain that resulted from the divestitures of stations and other business was recorded in the Gain on disposal of stations and entities, net in the accompanying Condensed Consolidated Statements of Operations. Future Acquisitions On January 27, 2020, Sinclair agreed to sell to Nexstar television station WDKY-TV in the Lexington, KY DMA, subject to FCC approval and other customary approvals (see Note 15, “Commitment and Contingencies”). The proposed acquisition by Nexstar of this station is projected to close in 2020. On March 30, 2020, Mission, a VIE consolidated by Nexstar, entered into an asset purchase agreement to acquire certain assets of the three television stations currently owned by Marshall: KMSS serving the Shreveport, Louisiana market, KPEJ serving the Odessa, Texas market and KLJB serving the Davenport, Iowa market. The purchase price for the acquisition is approximately $49.0 million, which will be applied against Marshall’s existing loans payable to Mission on a dollar-for-dollar basis. The purchase price is subject to customary adjustments. The transaction is subject to FCC and other customary approvals and is expected to close in 2020.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 December 31, 2019 useful life, Accumulated Accumulated in years Gross Amortization Net Gross Amortization Net Network affiliation agreements 15 $ 3,065,017 $ (734,581 ) $ 2,330,436 $ 3,223,906 $ (691,640 ) $ 2,532,266 Other definite-lived intangible assets 1-20 960,962 (255,205 ) 705,757 961,350 (233,996 ) 727,354 Other intangible assets $ 4,025,979 $ (989,786 ) $ 3,036,193 $ 4,185,256 $ (925,636 ) $ 3,259,620 The following table presents the Company’s estimate of amortization expense for the remainder of 2020, each of the five succeeding years ended December 31 and thereafter for definite-lived intangible assets as of March 31, 2020 (in thousands): Remainder of 2020 $ 203,168 2021 267,255 2022 320,563 2023 248,593 2024 247,930 Thereafter 1,748,684 $ 3,036,193 The amounts recorded to goodwill and FCC licenses were as follows (in thousands): Goodwill FCC Licenses Accumulated Accumulated Gross Impairment Net Gross Impairment Net Balances as of December 31, 2019 $ 3,129,169 $ (132,294 ) $ 2,996,875 $ 2,968,875 $ (47,410 ) $ 2,921,465 Acquisitions (See Note 3) 3,300 - 3,300 15,300 - 15,300 Divestitures and Disposals (See Note 3) (48,429 ) - (48,429 ) (104,308 ) - (104,308 ) Measurement period adjustments related to prior year acquisitions (71,998 ) - (71,998 ) - - - Balances as of March 31, 2020 $ 3,012,042 $ (132,294 ) $ 2,879,748 $ 2,879,867 $ (47,410 ) $ 2,832,457 During the quarter ended March 31, 2020, Nexstar recorded a measurement period adjustment related to its acquisition of Tribune in September 2019. The measurement period adjustment is primarily attributable to a $98.0 million cash consideration received by Nexstar (asset acquired) to settle an existing lawsuit between Tribune and Sinclair on January 27, 2020. The settlement resulted to a recognition of an income tax payable of $25.0 million and a decrease in goodwill of $73.0 million. See Note 15: Commitments and Contingencies —Termination of Tribune and Sinclair Merger Agreement for additional information. The measurement period adjustments recognized during the three months ended March 31, 2020 had no impact on the Company’s Condensed Consolidated Statements of Operations in prior year or in the current year. During the first quarter of 2020, the Company evaluated the changes in facts and circumstances and general market declines resulting from the COVID-19 pandemic, including their impact on its current operating results and whether an impairment triggering event has occurred on its indefinite-lived intangible assets, long-lived assets (including finite-lived intangible assets) and reporting units with goodwill. Based on the results of the evaluation, the Company concluded that, as of March 31, 2020, there were no impairment triggering events that occurred on these assets, mainly because as of this date, the Company’s market capitalization exceeded the carrying amount of its equity, its first quarter 2020 revenue substantially met management ’s initial expectations at the beginning of fiscal year 2020 , its first quarter 2020 operating performance exceeded management ’s initial expectations at the beginning of fiscal 2020 and there are no material changes in its customers, including advertisers, multichannel video programming distributors and online video distributors. However, due to the continued impact of the COVID-19 pandemic subsequent to March 31, 2020, the Company will continue to evaluate its indefinite-lived intangible assets, long-lived assets and goodwill for impairment and further assess if an impairment triggering event has occurred. Any significant adverse changes in future periods to our operating results or to the general market conditions could reasonably be expected to negatively impact the fair value of the Company’s indefinite-lived intangible assets and its reporting units as well as the recoverability of its long-lived assets and may result in future impairment charges which could be material.

Assets Held for Sale

Assets Held for Sale	3 Months Ended
	Mar. 31, 2020
Property Plant And Equipment Assets Held For Sale Disclosure [Abstract]
Assets Held for Sale	Note 5: Assets Held for Sale Assets held for sale in the Company’s Condensed Consolidated Balance Sheets consisted of the following (in thousands): March 31, 2020 December 31, 2019 Real estate $ 4,524 $ 240,524 In January 2020, management deferred its planned disposition of certain non-depreciable real estate property located in Chicago with a carrying amount of $236.0 million. In December 2019, the asset was previously classified as held for sale. The decision to defer the sale effort was driven by current uncertainties in the local government’s policies around property taxes which could impact a potential buyer’s perception of the property’s fair market value. Because the property is land with no limited useful life, management believes that, as of March 31, 2020, the fair value exceeded its carrying value and there was no impairment. As a result of this development, the property no longer meets the criteria of classifying as held for sale. Thus, the Company reclassified this asset from held for sale to property, plant and equipment (held and used) in the accompanying Condensed Consolidated Balance Sheets as of March 31, 2020. The reclassification of the land property did not impact the Company’s results of operations during the quarter ended March 31, 2020.

Investments

Investments	3 Months Ended
	Mar. 31, 2020
Investments Debt And Equity Securities [Abstract]
Investments	Note 6: Investments Investments consisted of the following (in thousands): March 31, 2020 December 31, 2019 Equity method investments $ 1,316,466 $ 1,471,866 Other equity investments 5,729 5,487 Total investments $ 1,322,195 $ 1,477,353 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 $1.297 billion as of March 31, 2020. The Company received cash distributions from TV Food Network totaling $170.4 million during the quarter ended March 31, 2020. 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. In connection with the Merger, Nexstar estimated a total of $853.0 million for its share of the basis difference attributable to investees’ amortizable intangible assets. Nexstar also estimated a basis difference of $501.8 million attributable to investees’ goodwill 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 March 31, 2020, the remaining identifiable assets subject to amortization of basis difference, totaled $771.5 million and have a weighted average remaining useful life of approximately 7.7 years Income (loss) on equity investments, net reported in the Company’s unaudited Condensed Consolidated Statements of Operations consisted of the following (in thousands): Three Months Ended March 31, 2020 2019 Income on equity investments, net, before amortization of basis difference $ 51,097 $ (388 ) Amortization of basis difference (36,939 ) (103 ) Income (loss) on equity investments, net $ 14,158 $ (491 ) Summarized financial information for TV Food Network is as follows (in thousands): Three Months Ended March 31, 2020 Net revenue $ 320,347 Costs and expenses 158,635 Income from operations 161,713 Net income 165,428 Net income attributable to Nexstar Media Group, Inc. 51,769 During the first quarter of 2020, the Company evaluated its equity method investments for other-than-temporary impairment (“OTTI”) due to the events and circumstances surrounding the COVID-19 pandemic. Based on the results of the review, the Company determined that an OTTI had not occurred as of March 31, 2020. The Company may experience future declines in the fair value of its equity method investments, and it may determine an impairment loss will be required to be recognized in a future reporting period. Such determination will be based on the prevailing facts and circumstances, including those related to the reported results and financial statement disclosures of the investees as well as the general market conditions. The Company will continue to evaluate its equity method investments in the future periods to determine if an OTTI has occurred. Other Equity Investments Other equity investments are investments without readily determinable fair values. All of the Company’s other equity investments are ownership interests in private companies. These assets were recorded at cost, subject to periodic evaluation of the carrying values.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2020
Payables And Accruals [Abstract]
Accrued Expenses	Note 7: Accrued Expenses Accrued expenses consisted of the following (in thousands): March 31, 2020 December 31, 2019 Compensation and related taxes $ 82,539 $ 88,372 Broadcast rights payable 116,540 120,165 Network affiliation fees 144,753 62,901 Interest payable 45,289 88,600 Capital expenditures 27,819 25,410 Other 116,865 156,355 $ 533,805 $ 541,803

Retirement and Postretirement P

Retirement and Postretirement Plans	3 Months Ended
	Mar. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Retirement and Postretirement Plans	Note 8: Retirement and Postretirement Plans On January 17, 2017, Nexstar assumed Media General’s pension and postretirement plan obligations upon consummation of the merger of the entities. As a result, Nexstar has a funded, qualified non-contributory defined benefit retirement plan which covers certain employees and former employees. Additionally, there are non-contributory unfunded supplemental executive retirement and ERISA excess plans which supplement the coverage available to certain executives. All of these retirement plans are frozen. Nexstar also has a 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. On September 19, 2019, Nexstar assumed Tribune’s pension and postretirement obligations upon consummation of the merger of the entities. As a result, Nexstar has 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 defined benefit pension plans (two of which are frozen with the third representing 2% of the total Tribune related projected benefit obligation) for Tribune’s other employees and former employees. These three plans are not material individually or in aggregate. Nexstar also provides postretirement health care and life insurance benefits to eligible employees (who retired prior to January 1, 2016) under a variety of plans. The following table provides the components of net periodic benefit cost (credit) for the Company’s pension and other postretirement benefit plans (“OPEB”) (in thousands): Media General Tribune Pension Benefits OPEB Pension Benefits OPEB Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31, 2020 2019 2020 2019 2020 Service cost $ - $ - $ 5 $ - $ 248 $ - Interest cost 2,925 3,875 138 200 13,374 33 Expected return on plan assets (4,925 ) (5,475 ) - - (22,341 ) - Amortization of net loss - - (13 ) - - - Settlement gain recognized - - 43 - - - Net periodic benefit cost (credit) $ (2,000 ) $ (1,600 ) $ 173 $ 200 $ (8,719 ) $ 33 For 2020, the Company expects to contribute $55.3 million to its qualified pension plans and $3.0 million to its other postretirement plans. During the three months ended March 31, 2020 and 2019, the Company contributed $5.7 million and $0 million, respectively, to its qualified pension plans. The primary investment objective of the pension benefit plans is to build and ensure an adequate pool of assets to support the benefit obligations to participants, retirees and beneficiaries. To meet this objective, the pension benefit plans seek to earn a rate of return on assets greater than the liability discount rate, with a prudent level of risk and diversification. The current investment policy includes a strategy intended to maintain an adequate level of diversification, subject to normal portfolio risks. As a result of the general market downturn in the first quarter of 2020 resulting from the COVID-19 pandemic, as of March 31, 2020, the fair value of the pension plans’ assets has declined. While the Company continues to monitor the performance of the pension plans’ assets, the declines as of March 31, 2020 have not materially impacted the Company’s financial position or liquidity. To the extent that there is further material deterioration in plan assets, the Company’s pension benefit plans may require additional contributions and/or may negatively impact future pension credit or expense of the Company.

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Note 9: Debt Long-term debt consisted of the following (in thousands): March 31, 2020 December 31, 2019 Term loans $ 5,457,376 $ 5,914,703 5.625% Senior unsecured notes due 2024 900,000 900,000 5.625% Senior unsecured notes due 2027 1,785,000 1,785,000 Total outstanding principal 8,142,376 8,599,703 Less: unamortized financing costs and discount - Term Loans (92,590 ) (104,281 ) Less: unamortized financing costs and discount - 5.625% Notes due 2024 (9,478 ) (9,955 ) Less: unamortized financing costs and premium - 5.625% Notes due 2027 6,555 7,121 Total outstanding debt 8,046,863 8,492,588 Less: current portion (56,228 ) (109,310 ) Long-term debt, net of current portion $ 7,990,635 $ 8,383,278 2020 Transactions During the three months ended March 31, 2020, Nexstar prepaid a total of $230.0 million in principal balance under its term loans, funded by cash on hand. On March 9, 2020, Nexstar also made an additional principal prepayment of $200.0 million on its term loans pursuant to the mandatory prepayment requirement of the amended credit agreement of Nexstar Broadcasting, Inc. The mandatory prepayment resulted from the disposition of certain television station assets in the Seattle, WA and Milwaukee, WI markets to Fox (see Note 3, Acquisitions and Dispositions). The total prepayments of term loans resulted in a loss on extinguishment of debt of $7.5 million, representing write-offs of unamortized debt financing costs and discounts. During the three months ended March 31, 2020, the Company also repaid scheduled maturities of $27.3 million of its term loans, funded by cash on hand. Unused Commitments and Borrowing Availability The Company had $139.7 million of total unused revolving loan commitments under the respective Nexstar and Mission senior secured credit facilities, all of which was available for borrowing, based on the covenant calculations as of March 31, 2020. The Company’s ability to access funds under its senior secured credit facilities depends, in part, on its compliance with certain financial covenants. As of March 31, 2020, 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 and Shield senior secured credit facilities in the event of their default. Mission 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 Nexstar’s 5.625% Notes due 2024 and Nexstar’s 5.625% Notes due 2027. Nexstar Digital does not guarantee any of the notes. Shield is not a guarantor of any debt within the group. 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 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 March 31, 2020, the Company was in compliance with its financial covenants.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
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 94 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 one year. 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 March 31, 2020 were not material and are excluded. (In thousands) Balance Sheet Classification March 31, 2020 Operating leases Operating lease right-of-use assets, net Other noncurrent assets, net $ 230,386 Current lease liabilities Other current liabilities $ 34,119 Noncurrent lease liabilities Other noncurrent liabilities $ 181,954 Finance leases Finance lease right-of-use assets, net of accumulated depreciation of $2,802 Property, plant and equipment, net $ 8,188 Current lease liabilities Other current liabilities $ 935 Noncurrent lease liabilities Other noncurrent liabilities $ 14,926 Operating lease expense for the three months ended March 31, 2020 and 2019 was $12.2 million and $5.5 million, respectively, inclusive of immaterial short-term and variable lease costs. During the three months ended March 31, 2020 and 2019, $6.2 million and $3.1 million, respectively, of operating lease cost are included in Direct operating expenses, excluding depreciation and amortization. During the three months ended March 31, 2020 and 2019, $6.0 million and $2.4 million, respectively, of operating lease cost are included in Selling, general and administrative expenses, excluding depreciation and amortization in the accompanying Condensed Consolidated Statements of Operations. Other information related to leases as of March 31, 2020 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 $ 12,244 Operating cash flows from finance leases 228 Financing cash flows from finance leases 215 Weighted Average Remaining Lease Term Operating leases 7.2 years Finance leases 11.4 years Weighted Average Discount Rate Operating leases 5.2 % Finance leases 5.7 % Future minimum lease payments under non-cancellable leases as of March 31, 2020 were as follows (in millions): Operating Leases Finance Leases Remainder of 2020 $ 33,408 $ 1,351 2021 40,967 1,843 2022 38,145 1,803 2023 34,874 1,818 2024 32,141 1,833 Thereafter 83,000 13,365 Total future minimum lease payments 262,535 22,013 Less: imputed interest (46,462 ) (6,152 ) Total $ 216,073 $ 15,861 The Company as a Lessor The Company has various arrangements for 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	3 Months Ended
	Mar. 31, 2020
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): March 31, 2020 December 31, 2019 Carrying Fair Carrying Fair Amount Value Amount Value Term loans (1) $ 5,364,786 $ 4,891,926 $ 5,810,422 $ 5,915,451 5.625% Senior unsecured notes due 2024 (2) 890,522 852,750 890,045 938,250 5.625% Senior unsecured notes due 2027 (2) 1,791,555 1,664,513 1,792,121 1,883,175 (1) (2) During the three months ended March 31, 2020, there were no events or changes in circumstance that triggered an impairment to the Company’s significant assets, including equity method investments, indefinite-lived intangible assets, long-lived assets and goodwill. See Notes 4 and 6 for additional information.

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Common Stock	Note 12: Common Stock On April 26, 2018, Nexstar’s Board of Directors approved $200 million in Nexstar’s share repurchase authorization to repurchase its Class A common stock. During the quarter ended March 31, 2020, Nexstar repurchased a total of 950,000 shares of Class A common stock for $72.6 million, funded by cash on hand. As of March 31, 2020, the remaining available amount under the share repurchase authorization was $84.2 million, net of repurchases made since the authorization was approved by Nexstar’s Board of Directors, including the repurchases in the first quarter of 2020. 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.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 13: Income Taxes Income tax expense was $64.3 million for the three months ended March 31, 2020 compared to $16.4 million for the same period in 2019. The effective tax rates were 29.0% and 22.4% for each of the respective periods. The increase in the effective tax rate between the two periods was primarily due to nondeductible goodwill written off as a result of divestitures and a decrease in the deduction for excess tax benefits. The Company recognized an income tax expense of $8.1 million attributable to nondeductible goodwill written off as a result of divestitures, or a 3.7% increase to the effective tax rate. Additionally, the Company recognized an income tax expense of $1.4 million resulting from a decrease in the deduction for excess tax benefits related to stock-based compensation, or a 4.4% increase to the effective tax rate. The Company calculates its year-to-date provision for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income or loss and adjusts the provision for discrete tax items recorded in the period. Future changes in the forecasted annual income projections, including changes due to the impact of the COVID-19 pandemic, could result in significant adjustments to quarterly income tax expense in future periods.

FCC Regulatory Matters

FCC Regulatory Matters	3 Months Ended
	Mar. 31, 2020
Risks And Uncertainties [Abstract]
FCC Regulatory Matters	Note 14: 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 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 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 television JSA relationships attributable interests and (6) defined a category of sharing agreements designated as SSAs between commercial television 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 (the “eight voices test”), (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 later denied petitions for en banc rehearing and its decision took effect on November 29, 2019. On December 20, 2019, the FCC issued an order reinstating the local television ownership rule, the radio/television cross-ownership rule, the newspaper/broadcast cross-ownership rule and the television JSA attribution rule as they existed prior to the Reconsideration Order (including the eight voices test with respect to local television ownership). On April 17, 2020, the FCC and a group of media industry stakeholders (including Nexstar) filed separate petitions for certiorari requesting that the U.S. Supreme Court review the Third Circuit’s 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 a 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 June 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 as calculated employing the UHF discount. 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. 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. Of the two remaining stations, one moved to a VHF channel in 2019 and vacated its former channel. As such, the associated spectrum asset and liability to surrender spectrum, both amounting to $52.0 million, were derecognized in 2019. The remaining station will move to a VHF channel and must vacate its current channel by a date to be reset by the FCC as a result of the COVID-19 pandemic. 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. This date may be extended by the FCC as a result of the COVID-19 pandemic. 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, MVPDs and other parties have submitted to the FCC estimates of their reimbursable costs, and, in many cases, subsequent requests for reimbursement of those costs. As of December 6, 2019, verified cost estimates were approximately $1.95 billion, with 79 percent of the repack complete and reimbursements still to be made to certain low power television and FM radio stations affected by the repack. During the three months ended March 31, 2020 and 2019, the Company spent a total of $16.9 million and $14.7 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 months ended March 31, 2020 and 2019, the Company received $12.8 million and $14.2 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	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 15: Commitments and Contingencies Guarantees of Mission and Shield Debt Nexstar and its subsidiaries guarantee full payment of all obligations incurred under the Mission and Shield senior secured credit facilities. In the event that Mission 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 March 31, 2020, Mission had a maximum commitment of $228.7 million under its senior secured credit facility, of which $225.7 million principal balance of debt was outstanding. As of the same date, Shield had also used all of its commitment and had outstanding principal debt obligations of $21.5 million. Based on the terms of the credit agreements, Mission’s outstanding debt is due January 2024, and Shield’s outstanding debt is due October 2023. 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 and others alleging that they coordinated their pricing of television advertising, thereby harming a proposed class of all buyers of television advertising time from one or more of the Defendants since at least January 1, 2014. The plaintiff in each lawsuit seeks injunctive relief and money damages caused by the alleged antitrust violations. On October 9, 2018, these cases were consolidated in a multi-district litigation in the District Court for the Northern District of Illinois captioned In Re: Local TV Advertising Antitrust Litigation 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. That motion is currently pending. Nexstar and Tribune deny the allegations against them and will defend their advertising practices. In connection with the Tribune Merger on September 19, 2019 , Nexstar assumed contingencies from certain legal proceedings, as follows: Tribune Chapter 11 Reorganization and Confirmation Order Appeals — On December 8, 2008 (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 108 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 (as defined below) 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, 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 March 31, 2020, restricted cash and cash equivalents held by Tribune to satisfy the remaining claim obligations were $16.6 million and are estimated to be sufficient to satisfy such obligations. As of March 31, 2020, all but 347 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 during the quarter ended March 31, 2020. The Company expects to continue to incur certain expenses pertaining to the Chapter 11 proceedings throughout 2020 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 sought damages for all losses incurred as a result of Sinclair’s breach of contract under the merger agreement. On January 27, 2020, Nexstar and Sinclair agreed to settle the outstanding lawsuit between Tribune and Sinclair in connection with their terminated merger agreement. Tribune was acquired by Nexstar in September 2019. Sinclair concerning the terminated Tribune/Sinclair merger, and will release each other from any current and future claims relating to the terminated merger. Neither party has admitted any liability or wrongdoing in connection with the terminated merger. As such, both parties have settled the lawsuit to avoid the costs, distraction, and uncertainties of continued litigation. As part of the resolution, Sinclair has agreed to sell to Nexstar television station WDKY-TV in the Lexington, KY DMA, subject to FCC approval and other customary conditions. Sinclair has also sold to Nexstar certain non-license assets associated with television station KGBT-TV in the Harlingen-Weslaco-Brownsville-McAllen, Texas market for $18.0 million in cash. Nexstar and Sinclair have also modified an existing agreement regarding carriage of certain of Sinclair’s digital networks by stations acquired by Nexstar in connection with the Tribune acquisition. Finally, on January 28, 2020, Sinclair made a $98.0 million cash payment to Nexstar. Chicago Cubs Transactions— On August 21, 2009, Tribune and Chicago Entertainment Ventures, LLC (formerly Chicago Baseball Holdings, LLC) (“CEV LLC”), and its subsidiaries (collectively, “New Cubs LLC”), among other parties, entered into an agreement (the “Cubs Formation Agreement”) governing the contribution of certain assets and liabilities related to the businesses of the Chicago Cubs Major League Baseball franchise then owned by Tribune and its subsidiaries to New Cubs LLC. The transactions contemplated by the Cubs Formation Agreement and the related agreements thereto (the “Chicago Cubs Transactions”) closed on October 27, 2009. As a result of these transactions, Northside Entertainment Holdings LLC (f/k/a Ricketts Acquisition LLC) (“NEH”) owned 95% and Tribune owned 5% of the membership interests in CEV LLC. The fair market value of the contributed assets exceeded the tax basis and did not result in an immediate taxable gain as the transaction was structured to comply with the partnership provisions of the Internal Revenue Code (“IRC”) and related regulations On June 28, 2016, the IRS issued Tribune a Notice of Deficiency which presented the IRS’s position that the gain should have been included in Tribune’s 2009 taxable income. Accordingly, the IRS has proposed a $182.0 million tax and a $73.0 million gross valuation misstatement penalty. In addition, after-tax interest on the aforementioned proposed tax and penalty through March 31, 2020 would be approximately $107.0 million. During the third quarter of 2016, Tribune filed a petition in U.S. Tax Court to contest the IRS’s determination. A bench trial in the U.S. Tax Court took place between October 28, 2019 and November 8, 2019, and closing arguments took place on December 11, 2019. Briefing is ongoing, and an opinion on the merits is expected after briefing is complete. The U.S. Tax Court issued an opinion on January 6, 2020 holding that the IRS satisfied the procedural requirements for the imposition of the gross valuation misstatement penalty. Other aspects of this litigation remain in process. 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. 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 $147.0 million of tax payments prior to its merger with Nexstar . In addition, if the IRS prevails with its position, under the tax rules for determining tax basis upon emergence from bankruptcy, the Company would be required to reduce its tax basis in certain assets. The reduction in tax basis would be required to reflect the reduction in the amount of the Company’s guarantee of the New Cubs partnership debt which was included in the reported tax basis previously determined upon emergence from bankruptcy. Tribune no longer owns any portion of CEV LLC. The Company has not recorded any tax reserves related to the Chicago Cubs Transactions Marshall Litigation— On April 3, 2019, Marshall filed a lawsuit against Nexstar in the Supreme Court of the State of New York (the “New York litigation”). The lawsuit initially asserted nine causes of action, five of which were subsequently dismissed by the Supreme Court (the Court’s order dismissing those five claims is currently on appeal), and one of which was withdrawn by Marshall. The remaining causes of action allege: (i) breach of the SSAs between Nexstar and Marshall; (ii) breach of the guaranty agreement between Nexstar and Marshall’s lenders; and (iii) conversion of certain retransmission fees collected by Nexstar on Marshall’s behalf. Marshall is seeking monetary and punitive damages, in addition to attorneys’ fees. Nexstar denies these allegations and intends to defend itself vigorously . On November 20, 2019, Nexstar filed counterclaims against Marshall and Pluria Marshall, in his individual capacity, alleging breach of the SSAs, unjust enrichment, and fraudulent conveyance. Nexstar seeks payment of the outstanding amount due under the SSAs as compensatory damages, punitive damages for the alleged fraudulent conveyances, and attorneys’ fees and costs. The parties have agreed to stay the New York litigation until June 15, 2020 and have agreed to stay the related appeal until July 24, 2020. On March 31, 2020, Marshall filed a bankruptcy adversary proceeding against Nexstar in the Southern District of Texas. This lawsuit arises in the context of the MBG chapter 11 case and asserts many of the same causes of action that Marshall brought in the New York litigation, as well as turnover and fraudulent transfer claims. Marshall seeks monetary damages, punitive damages, and equitable relief, in addition to attorneys’ fees. Nexstar denies these allegations and intends to defend itself vigorously. Nexstar’s answer or motion to dismiss the adversary proceeding was filed on May 7, 2020.

Segment Data

Segment Data	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Data	Note 16: 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, and (iv) WGN-AM, a Chicago radio station. The other activities of the Company include (i) corporate functions, (ii) the management of certain real estate assets, 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 March 31, 2020 Broadcast Other Consolidated Net revenue $ 1,074,016 $ 17,806 $ 1,091,822 Depreciation 29,775 5,631 35,406 Amortization of intangible assets 69,421 1,162 70,583 Income (loss) from operations 363,027 (58,012 ) 305,015 Three Months Ended March 31, 2019 Broadcast Other Consolidated Net revenue $ 599,183 $ 27,464 $ 626,647 Depreciation 23,627 3,810 27,437 Amortization of intangible assets 30,845 5,893 36,738 Income (loss) from operations 168,500 (41,426 ) 127,074 As of March 31, 2020 Broadcast Other Consolidated Goodwill $ 2,879,748 $ - $ 2,879,748 Assets 12,330,096 1,245,341 13,575,437 As of December 31, 2019 Broadcast Other Consolidated Goodwill $ 2,996,875 $ - $ 2,996,875 Assets 12,918,966 1,070,771 13,989,737 The following tables present the disaggregation of the Company’s revenue for the periods presented (in thousands): Three Months Ended March 31, 2020 Broadcast Other Consolidated Core advertising (local and national) $ 417,379 $ - $ 417,379 Political advertising 55,341 - 55,341 Distribution revenue 549,716 - 549,716 Digital 40,326 16,114 56,440 Other 8,460 1,692 10,152 Trade revenue 2,794 - 2,794 Total revenue $ 1,074,016 $ 17,806 $ 1,091,822 Three Months Ended March 31, 2019 Broadcast Other Consolidated Core advertising (local and national) $ 251,844 $ - $ 251,844 Political advertising 1,307 - 1,307 Distribution revenue 313,974 - 313,974 Digital 25,386 27,449 52,835 Other 3,849 15 3,864 Trade and barter revenue 2,823 - 2,823 Net revenue $ 599,183 $ 27,464 $ 626,647 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 (core, 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	3 Months Ended
	Mar. 31, 2020
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Financial Information	Note 17: 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, Inc. (“Nexstar Broadcasting”), a wholly-owned subsidiary of Nexstar and issuer of the 5.625% Notes due 2024 and the 5.625% Notes due 2027. 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). Nexstar Broadcasting’s outstanding 5.625% Notes due 2024 and 5.625% Notes due 2027 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. CONDENSED CONSOLIDATING BALANCE SHEET As of March 31, 2020 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company ASSETS Current assets: Cash and cash equivalents $ - $ 417,914 $ 4,926 $ 11,227 $ - $ 434,067 Restricted cash and cash equivalents - 16,608 - - - 16,608 Accounts receivable 1,001 831,807 14,023 41,907 - 888,738 Amounts due from consolidated entities - 158,181 13,774 - (171,955 ) - Spectrum asset - 67,171 - - - 67,171 Other current assets - 105,163 533 2,010 - 107,706 Total current assets 1,001 1,596,844 33,256 55,144 (171,955 ) 1,514,290 Investments in subsidiaries 1,553,103 91,944 - - (1,645,047 ) - Amounts due from consolidated entities 584,175 - - - (584,175 ) - Property and equipment, net - 1,503,788 22,608 20,552 (75 ) 1,546,873 Goodwill - 2,744,114 33,187 102,447 - 2,879,748 FCC licenses - 2,693,975 43,102 95,380 - 2,832,457 Network affiliation agreements, net - 2,265,310 10,952 54,174 - 2,330,436 Other intangible assets, net - 703,560 460 1,737 - 705,757 Investments - 1,322,195 - - - 1,322,195 Assets held for sale - 4,524 - - - 4,524 Other noncurrent assets 1,687 374,009 54,752 19,601 (10,892 ) 439,157 Total assets $ 2,139,966 $ 13,300,263 $ 198,317 $ 349,035 $ (2,412,144 ) $ 13,575,437 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Current liabilities: Current portion of debt $ - $ 52,680 $ 2,285 $ 1,263 $ - $ 56,228 Accounts payable - 135,597 1,743 1,612 - 138,952 Amounts due to consolidated entities - - - 171,955 (171,955 ) - Liability to surrender spectrum asset - 77,962 - - - 77,962 Other current liabilities 1,001 607,933 7,103 26,819 - 642,856 Total current liabilities 1,001 874,172 11,131 201,649 (171,955 ) 915,998 Debt - 7,750,219 220,389 20,027 - 7,990,635 Amounts due to consolidated entities - 376,384 - 208,001 (584,385 ) - Deferred tax liabilities - 1,684,955 11,787 10,761 (10,892 ) 1,696,611 Other noncurrent liabilities - 834,084 9,259 12,791 - 856,134 Total liabilities 1,001 11,519,814 252,566 453,229 (767,232 ) 11,459,378 Total stockholders’ equity (deficit) 2,138,965 1,774,058 (54,249 ) (120,716 ) (1,644,912 ) 2,093,146 Noncontrolling interests in consolidated variable interest entities - 6,391 - 16,522 - 22,913 Total liabilities and stockholders’ equity (deficit) $ 2,139,966 $ 13,300,263 $ 198,317 $ 349,035 $ (2,412,144 ) $ 13,575,437 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2019 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company ASSETS Current assets: Cash and cash equivalents $ - $ 208,223 $ 8,686 $ 15,161 $ - $ 232,070 Restricted cash and cash equivalents - $ 16,608 $ - $ - $ - 16,608 Accounts receivable 997 826,868 13,705 42,351 - 883,921 Amounts due from consolidated entities - 156,112 15,232 - (171,344 ) - Spectrum asset - 67,171 - - - 67,171 Other current assets - 148,840 632 2,525 - 151,997 Total current assets 997 1,423,822 38,255 60,037 (171,344 ) 1,351,767 Investments in subsidiaries 1,391,014 108,884 - - (1,499,898 ) - Amounts due from consolidated entities 679,817 - - - (679,817 ) - Property and equipment, net - 1,246,263 22,722 21,518 (75 ) 1,290,428 Goodwill - 2,861,241 33,187 102,447 - 2,996,875 FCC licenses - 2,782,983 43,102 95,380 - 2,921,465 Network affiliation agreements, net - 2,465,587 11,301 55,378 - 2,532,266 Other intangible assets, net - 724,247 491 2,616 - 727,354 Investments - 1,477,353 - - - 1,477,353 Assets held for sale - 240,524 - - - 240,524 Other noncurrent assets 55 382,785 55,257 25,347 (11,739 ) 451,705 Total assets $ 2,071,883 $ 13,713,689 $ 204,315 $ 362,723 $ (2,362,873 ) $ 13,989,737 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Current liabilities: Current portion of debt $ - $ 105,877 $ 2,285 $ 1,148 $ - $ 109,310 Accounts payable - 142,377 3,074 11,915 - 157,366 Amounts due to consolidated entities - - - 171,344 (171,344 ) - Liability to surrender spectrum asset - 77,962 - - - 77,962 Other current liabilities 392 565,943 6,901 29,683 - 602,919 Total current liabilities 392 892,159 12,260 214,090 (171,344 ) 947,557 Debt - 8,142,088 220,780 20,410 - 8,383,278 Amounts due to consolidated entities - 476,414 - 203,613 (680,027 ) - Deferred tax liabilities - 1,699,774 11,753 10,876 (11,739 ) 1,710,664 Other noncurrent liabilities - 869,292 9,804 15,649 - 894,745 Total liabilities 392 12,079,727 254,597 464,638 (863,110 ) 11,936,244 Total Nexstar Media Group, Inc. stockholders’ equity (deficit) 2,071,491 1,627,712 (50,282 ) (117,661 ) (1,499,763 ) 2,031,497 Noncontrolling interests in consolidated variable interest entities - 6,250 - 15,746 - 21,996 Total liabilities and stockholders’ equity (deficit) $ 2,071,883 $ 13,713,689 $ 204,315 $ 362,723 $ (2,362,873 ) $ 13,989,737 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2020 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Net broadcast revenue (including trade) $ - $ 1,047,815 $ 20,241 $ 21,949 $ 1,817 $ 1,091,822 Revenue between consolidated entities 12,737 24,625 9,313 26,482 (73,157 ) - Net revenue 12,737 1,072,440 29,554 48,431 (71,340 ) 1,091,822 Operating expenses (income): Direct operating expenses, excluding depreciation and amortization 4 392,383 13,600 39,072 - 445,059 Selling, general, and administrative expenses, excluding depreciation and amortization 12,850 229,974 1,567 3,214 (29,221 ) 218,384 Local service agreement fees between consolidated entities - 19,311 16,033 6,775 (42,119 ) - Amortization of broadcast rights - 36,350 372 486 - 37,208 Amortization of intangible assets - 67,815 381 2,387 - 70,583 Depreciation - 33,800 636 970 - 35,406 Reimbursement from the FCC related to station repack - (10,547 ) (565 ) (1,646 ) - (12,758 ) Gain on disposal of stations and entities, net - (7,075 ) - - - (7,075 ) Total operating expenses 12,854 762,011 32,024 51,258 (71,340 ) 786,807 (Loss) income from operations (117 ) 310,429 (2,470 ) (2,827 ) - 305,015 Income (loss) from equity investment, net - 14,166 - (8 ) - 14,158 Interest expense, net - (99,620 ) (1,455 ) (209 ) - (101,284 ) Loss on extinguishment of debt - (7,477 ) - - - (7,477 ) Pension and other postretirement plans credit, net - 10,762 - - - 10,762 Other (expenses) income (1,502 ) 2,366 - - - 864 Equity in income of consolidated subsidiaries 162,086 - - - (162,086 ) - Income (loss) before income taxes 160,467 230,626 (3,925 ) (3,044 ) (162,086 ) 222,038 Income tax benefit (expense) 884 (65,953 ) (39 ) 764 - (64,344 ) Net income (loss) 161,351 164,673 (3,964 ) (2,280 ) (162,086 ) 157,694 Net income attributable to noncontrolling interests - - - (779 ) - (779 ) Net income (loss) attributable to Nexstar $ 161,351 $ 164,673 $ (3,964 ) $ (3,059 ) $ (162,086 ) $ 156,915 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2019 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Net broadcast revenue (including trade) $ - $ 567,780 $ 19,407 $ 39,460 $ - $ 626,647 Revenue between consolidated entities 8,418 22,233 7,762 17,717 (56,130 ) - Net revenue 8,418 590,013 27,169 57,177 (56,130 ) 626,647 Operating expenses (income): Direct operating expenses, excluding depreciation and amortization - 240,195 12,036 42,499 (1,867 ) 292,863 Selling, general, and administrative expenses, excluding depreciation and amortization 9,748 137,269 991 10,027 (15,675 ) 142,360 Local service agreement fees between consolidated entities - 16,354 14,575 7,659 (38,588 ) - Amortization of broadcast rights - 13,351 383 628 - 14,362 Amortization of intangible assets - 28,663 519 7,556 - 36,738 Depreciation - 25,227 608 1,602 - 27,437 Reimbursement from the FCC related to station repack - (9,685 ) (1,536 ) (2,966 ) - (14,187 ) Total operating expenses 9,748 451,374 27,576 67,005 (56,130 ) 499,573 (Loss) income from operations (1,330 ) 138,639 (407 ) (9,828 ) - 127,074 Loss from equity investment, net - (475 ) - (16 ) - (491 ) Interest expense, net - (49,208 ) (2,886 ) (863 ) - (52,957 ) Loss on extinguishment of debt - (1,698 ) - - - (1,698 ) Pension and other postretirement plans credit, net - 1,400 - - - 1,400 Equity in income of consolidated subsidiaries 60,758 - - - (60,758 ) - Income (loss) before income taxes 59,428 88,658 (3,293 ) (10,707 ) (60,758 ) 73,328 Income tax (expense) benefit 312 (19,822 ) 835 2,234 - (16,441 ) Net income (loss) 59,740 68,836 (2,458 ) (8,473 ) (60,758 ) 56,887 Net loss attributable to noncontrolling interests - - - (1,995 ) - (1,995 ) Net income (loss) attributable to Nexstar $ 59,740 $ 68,836 $ (2,458 ) $ (10,468 ) $ (60,758 ) $ 54,892 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2020 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Cash flows from operating activities $ - $ 421,262 $ (3,124 ) $ (3,020 ) $ - $ 415,118 Cash flows from investing activities: Payments for acquisitions, net of cash acquired - (63,000 ) - - - (63,000 ) Proceeds from sale of stations - 362,804 - - - 362,804 Purchases of property and equipment - (57,230 ) (630 ) (2,274 ) - (60,134 ) Spectrum repack reimbursements from the FCC - 10,547 565 1,646 - 12,758 Proceeds from disposals of property and equipment - 430 - - - 430 Proceeds from resolution of acquired contingency - 98,000 - - - 98,000 Other investing activities - 171 - - - 171 Net cash provided by (used in) investing activities - 351,722 (65 ) (628 ) - 351,029 Cash flows from financing activities: Repayments of long-term debt - (456,470 ) (571 ) (287 ) - (457,328 ) Payments for debt financing costs - (379 ) - - - (379 ) Common stock dividends paid (25,676 ) - - - - (25,676 ) Inter-company payments 104,378 (104,378 ) - - - - Purchase of treasury stock (72,587 ) - - - - (72,587 ) Cash paid for shares withheld for taxes (6,483 ) - - - - (6,483 ) Payments for capital lease and capitalized software obligations - (1,792 ) - - - (1,792 ) Proceeds from exercise of stock options 368 - - - - 368 Other financing activities - (274 ) - 1 - (273 ) Net cash used in financing activities - (563,293 ) (571 ) (286 ) - (564,150 ) Net increase (decrease) in cash, cash equivalents and restricted cash - 209,691 (3,760 ) (3,934 ) - 201,997 Cash, cash equivalents and restricted cash at beginning of period - 224,831 8,686 15,161 - 248,678 Cash, cash equivalents and restricted cash at end of period $ - $ 434,522 $ 4,926 $ 11,227 $ - $ 450,675 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2019 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Cash flows from operating activities $ - $ 124,410 $ (5,289 ) $ 5,468 $ - $ 124,589 Cash flows from investing activities: Purchases of property and equipment - (24,586 ) (891 ) (3,102 ) - (28,579 ) Spectrum repack reimbursements from the FCC - 9,685 1,536 2,966 - 14,187 Other investing activities - 639 - - - 639 Net cash used in investing activities - (14,262 ) 645 (136 ) - (13,753 ) Cash flows from financing activities: Repayments of long-term debt - (90,370 ) (571 ) (864 ) - (91,805 ) Common stock dividends paid (20,581 ) - - - - (20,581 ) Inter-company payments 28,430 (28,430 ) - - - - Purchase of noncontrolling interest from a consolidated variable interest entity - (6,393 ) - - - (6,393 ) Other financing activities (7,849 ) (711 ) - (21 ) - (8,581 ) Net cash used in financing activities - (125,904 ) (571 ) (885 ) - (127,360 ) Net increase in cash, cash equivalents and restricted cash - (15,756 ) (5,215 ) 4,447 - (16,524 ) 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 $ - $ 89,909 $ 5,583 $ 33,099 $ - $ 128,591

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 18: Subsequent Events On May 1, 2020, Nexstar’s Board of Directors declared a quarterly cash dividend of $0.56 per share of its Class A common stock. The dividend is payable on May 29, 2020 to stockholders of record on May 15, 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
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 Note 2—Variable Interest Entities). 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): March 31, 2020 December 31, 2019 Current assets $ 9,421 $ 9,837 Property and equipment, net 19,539 19,586 Goodwill 102,447 102,447 FCC licenses 138,482 138,482 Network affiliation agreements, net 54,174 55,378 Other intangible assets, net - 22 Other noncurrent assets, net 6,376 6,818 Total assets $ 330,439 $ 332,570 Current liabilities $ 16,327 $ 19,653 Noncurrent liabilities 40,859 42,012 Total liabilities $ 57,186 $ 61,665
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, for instance, uncertainties surrounding the business outlook caused by Coronavirus Disease 2019 (“COVID-19”). COVID-19 was declared a global pandemic by the World Health Organization on March 11, 2020 and the President of the United States declared the COVID-19 outbreak a national emergency on March 13, 2020. The COVID-19 pandemic has not had a material adverse impact on the Company’s operations and liquidity as of March 31, 2020. As of this date, the Company’s unrestricted cash on hand amounted to $434.1 million and the Company had a positive working capital of $598.2 million, both increased from the December 31, 2019 levels of $232.1 million and $404.2 million, respectively. As of March 31, 2020, the Company was in compliance with its financial covenants contained in the amended credit agreements governing its senior secured credit facilities. The Company believes it has sufficient unrestricted cash on hand and has availability to access additional cash up to $139.7 million under its revolving credit facilities (with a maturity date of October 2023) to meet its business operating requirements, its capital expenditures and to continue to service its debt for at least the next 12 months as of the filing date of this Quarterly Report on Form 10-Q. The Company also believes its leverage is well positioned to withstand the current challenges as the nearest maturity of its outstanding debt will not occur until October 2023. The Company will continue to evaluate its liquidity, its best use of operating cash flow and the market conditions to determine if further steps are necessary.
Interim Financial Statements	Interim Financial Statements The Condensed Consolidated Financial Statements as of March 31, 2020 and for the three months ended March 31, 2020 and 2019 are unaudited. However, in the opinion of management, such financial statements include all adjustments (consisting solely of normal recurring adjustments) necessary for the fair statement of the financial information included herein in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the period. Results of operations for interim periods are not necessarily indicative of results for the full year. Estimates are used for, but were not limited to, allowance for doubtful accounts, valuation of assets acquired and liabilities assumed in business combinations, distribution revenue recognized, income taxes, the recoverability of goodwill, FCC licenses and other long-lived assets, the recoverability of investments, the recoverability of broadcast rights and the useful lives of property and equipment and intangible assets. Given the global economic climate and additional or unforeseen effects from the COVID-19 pandemic, these estimates are becoming more challenging, and actual results could differ materially from those estimates. While based on our current assessment of these estimates there was not a material impact to our Condensed Consolidated Financial Statements as of and for the quarter ended March 31, 2020, as additional information becomes available to us, our future assessment of these estimates, including our expectations at the time regarding the duration, scope and severity of the pandemic, as well as other factors, could materially and adversely impact our consolidated financial statements in future reporting periods.
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 that 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 such VIE which permit Nexstar to acquire the assets and assume the liabilities of each of these VIEs’ stations, subject to FCC consent. The following table summarizes the various local service agreements Nexstar had in effect as of March 31, 2020 with its consolidated VIEs: Service Agreements Owner Full Power Stations TBA Only Mission Broadcasting, Inc. ("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 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. 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): March 31, 2020 December 31, 2019 Current assets: Cash and cash equivalents $ 8,766 $ 12,944 Accounts receivable, net 18,364 17,995 Prepaid expenses and other current assets 1,773 1,921 Total current assets 28,903 32,860 Property and equipment, net 42,147 42,308 Goodwill 135,634 135,634 FCC licenses 138,482 138,482 Network affiliation agreements, net 65,126 66,679 Other intangible assets, net 460 513 Other noncurrent assets, net 61,128 12,749 Total assets $ 471,880 $ 429,225 Current liabilities: Current portion of debt $ 3,548 $ 3,433 Interest payable 783 834 Other current liabilities 16,327 19,653 Total current liabilities 20,658 23,920 Debt 240,416 241,190 Other noncurrent liabilities 40,859 42,012 Total liabilities $ 301,933 $ 307,122 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. On December 1, 2014, Nexstar met the accounting criteria for a controlling financial interest in Marshall Broadcasting Group, Inc. (“Marshall”) as a result of (i) local service agreements Nexstar had with the Marshall stations (JSAs and SSAs) as of this date, (ii) Nexstar’s guarantee of the obligations incurred under Marshall’s senior secured credit facility, and (iii) Nexstar having power over activities affecting Marshall’s significant economic performance, including management advice and consultation on broadcast matters, the ability to sell certain advertising on the Marshall station, and the production of the Marshall station’s news and other programming. Thus, Nexstar consolidated Marshall and its stations beginning on this date. In December 2019, Marshall filed a voluntary petition for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. Effective on December 6, 2019, the bankruptcy court ordered the cancellation of certain executory contracts between Nexstar and Marshall, including the JSAs. As a result of Marshall’s filing for bankruptcy protection and the cancellation of the JSAs, Nexstar evaluated its remaining business arrangements with Marshall and determined that it still has a variable interest in the entity. The services under the SSAs are still active and Mission, a VIE that is consolidated by Nexstar, is a lender of Marshall. However, Nexstar also determined that it no longer had the power to direct the most significant economic activities of the entity and thus no longer meets the accounting criteria for a controlling financial interest in Marshall due to the bankruptcy court taking control of Marshall’s significant financial affairs. Therefore, in accordance with the applicable accounting standards, Nexstar deconsolidated Marshall’s assets, liabilities and equity effective in December 2019. Accordingly, the operating results and cash flows of Marshall for the three months ended March 31, 2020 were excluded and the operating results and cash flows of Marshall for the three months ended March 31, 2019 were included in the accompanying Condensed Consolidated Statements of Operations and Consolidated Statements of Cash Flows. The assets and liabilities of Marshall as of March 31, 2020 and December 31, 2019 were excluded in the accompanying Condensed Consolidated Balance Sheets. On March 30, 2020, Mission entered into an asset purchase agreement to acquire certain assets of the three television stations currently owned by Marshall: KMSS serving the Shreveport, Louisiana market, KPEJ serving the Odessa, Texas market and KLJB serving the Davenport, Iowa market. The purchase price for the acquisition is approximately $49.0 million, which will be applied against Marshall’s existing loans payable to Mission on a dollar-for-dollar basis. The purchase price is subject to customary adjustments. The transaction is subject to FCC and other customary approvals and is expected to close in 2020.
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 March 31, 2020 2019 Weighted average shares outstanding - basic 45,702 45,785 Dilutive effect of equity incentive plan instruments 1,913 1,999 Weighted average shares outstanding - diluted 47,615 47,784 During the three months ended March 31, 2020, there were no stock options and restricted stock units that were anti-dilutive. For the three months ended March 31, 2019, stock options and restricted stock units to acquire a weighted average of 30,000 shares of Class A common stock were excluded from the computation of diluted earnings per share because their impact would have been anti-dilutive.
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 April 2019, the Financial Accounting Standards Board ( FASB) issued Accounting Standards Update ( 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. We adopted this guidance concurrent with our adoption of ASU 2016-13 effective January 1, 2020. The adoption of this standard did not have a material impact on our Condensed Consolidated Financial Statements and related disclosures and there was no cumulative-effect adjustment required. 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. The guidance also provides that 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, and also includes additional disclosure requirements. The standard should be applied prospectively. We adopted this standard effective January 1, 2020. The adoption of this standard did not have a material impact on our Condensed Consolidated Financial Statements and related disclosures In October 2018, the FASB issued ASU 2018-17, “Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities”. The standard provides guidance for determining whether a decision-making fee is a variable interest and requires 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). We adopted this standard effective January 1, 2020. The adoption of this standard did not have a material impact on our Condensed Consolidated Financial Statements and related disclosures . In August 2018, the FASB issued ASU 2018-13, “ Fair Value Measurement (Topic 820) ” , which removes, modifies and adds to the disclosure requirements on fair value measurements in Topic 820. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. We adopted this standard effective January 1, 2020. The adoption of this standard did not have a material impact on our Condensed Consolidated Financial Statements and related disclosures. In August 2018, the FASB issued ASU 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20)”, which removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and adds additional disclosures. The standards 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. We early adopted this standard effective January 1, 2020. The adoption of this standard did not have a material impact on our Condensed Consolidated Financial Statements and related disclosures. In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, “ Financial Instruments - Credit Losses (Topic 326)”, New Accounting Standards Not Yet Adopted In January 2020, FASB issued ASU 2020-01, “ Investments—Equity securities (Topic 321)” (“ASU 2020-01”), which clarifies the interaction of the accounting for equity securities under Topic 321 and investments under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The amendments in ASU 2020-01 clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. The amendments in ASU 2020-01 are effective for all entities for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. does not expect the standard to have a material impact . In December 2019, the FASB issued ASU 2019-12, “ Income taxes (Topic 740)—Simplifying the accounting for income taxes” (“ASU 2019-12”),

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 Weighted average shares outstanding - basic 45,702 45,785 Dilutive effect of equity incentive plan instruments 1,913 1,999 Weighted average shares outstanding - diluted 47,615 47,784
Non Guarantor VIEs [Member]
Consolidated VIEs	The following are assets of consolidated VIEs, excluding intercompany amounts, that are not available to settle the obligations of Nexstar and the liabilities of consolidated VIEs, excluding intercompany amounts, for which their creditors do not have recourse to the general credit of Nexstar (in thousands): March 31, 2020 December 31, 2019 Current assets $ 9,421 $ 9,837 Property and equipment, net 19,539 19,586 Goodwill 102,447 102,447 FCC licenses 138,482 138,482 Network affiliation agreements, net 54,174 55,378 Other intangible assets, net - 22 Other noncurrent assets, net 6,376 6,818 Total assets $ 330,439 $ 332,570 Current liabilities $ 16,327 $ 19,653 Noncurrent liabilities 40,859 42,012 Total liabilities $ 57,186 $ 61,665
Consolidated VIEs [Member]
Consolidated VIEs	The carrying amounts and classification of the assets and liabilities, excluding intercompany amounts, of the VIEs which have been included in the Condensed Consolidated Balance Sheets were as follows (in thousands): March 31, 2020 December 31, 2019 Current assets: Cash and cash equivalents $ 8,766 $ 12,944 Accounts receivable, net 18,364 17,995 Prepaid expenses and other current assets 1,773 1,921 Total current assets 28,903 32,860 Property and equipment, net 42,147 42,308 Goodwill 135,634 135,634 FCC licenses 138,482 138,482 Network affiliation agreements, net 65,126 66,679 Other intangible assets, net 460 513 Other noncurrent assets, net 61,128 12,749 Total assets $ 471,880 $ 429,225 Current liabilities: Current portion of debt $ 3,548 $ 3,433 Interest payable 783 834 Other current liabilities 16,327 19,653 Total current liabilities 20,658 23,920 Debt 240,416 241,190 Other noncurrent liabilities 40,859 42,012 Total liabilities $ 301,933 $ 307,122

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Fair Values of Assets Acquired, Liabilities Assumed	Subject to final determination, which is expected to occur within twelve months of the acquisition dates, the provisional fair values of the assets acquired and liabilities assumed associated with the acquisitions of KGBT, WJZY, and WMYT are as follows (in thousands): Assets acquired Broadcast rights $ 3,693 Property and equipment 20,380 FCC licenses 15,300 Network affiliation agreements 18,400 Goodwill 3,300 Other intangible assets 5,620 Total assets acquired 66,693 Less: Broadcast rights payable (3,693 ) Total asset acquired $ 63,000

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets Subject to Amortization	Intangible assets subject to amortization consisted of the following (in thousands): Estimated March 31, 2020 December 31, 2019 useful life, Accumulated Accumulated in years Gross Amortization Net Gross Amortization Net Network affiliation agreements 15 $ 3,065,017 $ (734,581 ) $ 2,330,436 $ 3,223,906 $ (691,640 ) $ 2,532,266 Other definite-lived intangible assets 1-20 960,962 (255,205 ) 705,757 961,350 (233,996 ) 727,354 Other intangible assets $ 4,025,979 $ (989,786 ) $ 3,036,193 $ 4,185,256 $ (925,636 ) $ 3,259,620
Estimated Amortization Expense of Definite-Lived Intangible Assets	The following table presents the Company’s estimate of amortization expense for the remainder of 2020, each of the five succeeding years ended December 31 and thereafter for definite-lived intangible assets as of March 31, 2020 (in thousands): Remainder of 2020 $ 203,168 2021 267,255 2022 320,563 2023 248,593 2024 247,930 Thereafter 1,748,684 $ 3,036,193
Goodwill, FCC Licenses and Other Indefinite-Lived Intangible Assets	The amounts recorded to goodwill and FCC licenses were as follows (in thousands): Goodwill FCC Licenses Accumulated Accumulated Gross Impairment Net Gross Impairment Net Balances as of December 31, 2019 $ 3,129,169 $ (132,294 ) $ 2,996,875 $ 2,968,875 $ (47,410 ) $ 2,921,465 Acquisitions (See Note 3) 3,300 - 3,300 15,300 - 15,300 Divestitures and Disposals (See Note 3) (48,429 ) - (48,429 ) (104,308 ) - (104,308 ) Measurement period adjustments related to prior year acquisitions (71,998 ) - (71,998 ) - - - Balances as of March 31, 2020 $ 3,012,042 $ (132,294 ) $ 2,879,748 $ 2,879,867 $ (47,410 ) $ 2,832,457

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)	3 Months Ended
	Mar. 31, 2020
Property Plant And Equipment Assets Held For Sale Disclosure [Abstract]
Schedule of Assets Held for Sale	Assets held for sale in the Company’s Condensed Consolidated Balance Sheets consisted of the following (in thousands): March 31, 2020 December 31, 2019 Real estate $ 4,524 $ 240,524

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2020
Investments Debt And Equity Securities [Abstract]
Schedule of Investment	Investments consisted of the following (in thousands): March 31, 2020 December 31, 2019 Equity method investments $ 1,316,466 $ 1,471,866 Other equity investments 5,729 5,487 Total investments $ 1,322,195 $ 1,477,353
Summary of Income (Loss) on Equity Investments, Net	Income (loss) on equity investments, net reported in the Company’s unaudited Condensed Consolidated Statements of Operations consisted of the following (in thousands): Three Months Ended March 31, 2020 2019 Income on equity investments, net, before amortization of basis difference $ 51,097 $ (388 ) Amortization of basis difference (36,939 ) (103 ) Income (loss) on equity investments, net $ 14,158 $ (491 )
Summary of Financial Information	Summarized financial information for TV Food Network is as follows (in thousands): Three Months Ended March 31, 2020 Net revenue $ 320,347 Costs and expenses 158,635 Income from operations 161,713 Net income 165,428 Net income attributable to Nexstar Media Group, Inc. 51,769

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2020
Payables And Accruals [Abstract]
Accrued Expenses	Accrued expenses consisted of the following (in thousands): March 31, 2020 December 31, 2019 Compensation and related taxes $ 82,539 $ 88,372 Broadcast rights payable 116,540 120,165 Network affiliation fees 144,753 62,901 Interest payable 45,289 88,600 Capital expenditures 27,819 25,410 Other 116,865 156,355 $ 533,805 $ 541,803

Retirement and Postretirement_2

Retirement and Postretirement Plans (Tables)	3 Months Ended
	Mar. 31, 2020
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”) (in thousands): Media General Tribune Pension Benefits OPEB Pension Benefits OPEB Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31, 2020 2019 2020 2019 2020 Service cost $ - $ - $ 5 $ - $ 248 $ - Interest cost 2,925 3,875 138 200 13,374 33 Expected return on plan assets (4,925 ) (5,475 ) - - (22,341 ) - Amortization of net loss - - (13 ) - - - Settlement gain recognized - - 43 - - - Net periodic benefit cost (credit) $ (2,000 ) $ (1,600 ) $ 173 $ 200 $ (8,719 ) $ 33

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Long Term Debt	Long-term debt consisted of the following (in thousands): March 31, 2020 December 31, 2019 Term loans $ 5,457,376 $ 5,914,703 5.625% Senior unsecured notes due 2024 900,000 900,000 5.625% Senior unsecured notes due 2027 1,785,000 1,785,000 Total outstanding principal 8,142,376 8,599,703 Less: unamortized financing costs and discount - Term Loans (92,590 ) (104,281 ) Less: unamortized financing costs and discount - 5.625% Notes due 2024 (9,478 ) (9,955 ) Less: unamortized financing costs and premium - 5.625% Notes due 2027 6,555 7,121 Total outstanding debt 8,046,863 8,492,588 Less: current portion (56,228 ) (109,310 ) Long-term debt, net of current portion $ 7,990,635 $ 8,383,278

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Summary of Components of Lease Expense	(In thousands) Balance Sheet Classification March 31, 2020 Operating leases Operating lease right-of-use assets, net Other noncurrent assets, net $ 230,386 Current lease liabilities Other current liabilities $ 34,119 Noncurrent lease liabilities Other noncurrent liabilities $ 181,954 Finance leases Finance lease right-of-use assets, net of accumulated depreciation of $2,802 Property, plant and equipment, net $ 8,188 Current lease liabilities Other current liabilities $ 935 Noncurrent lease liabilities Other noncurrent liabilities $ 14,926
Summary of Other Information Related to Leases	Other information related to leases as of March 31, 2020 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 $ 12,244 Operating cash flows from finance leases 228 Financing cash flows from finance leases 215 Weighted Average Remaining Lease Term Operating leases 7.2 years Finance leases 11.4 years Weighted Average Discount Rate Operating leases 5.2 % Finance leases 5.7 %
Summary of Future Minimum Lease Payments Under Non-Cancellable Leases	Future minimum lease payments under non-cancellable leases as of March 31, 2020 were as follows (in millions): Operating Leases Finance Leases Remainder of 2020 $ 33,408 $ 1,351 2021 40,967 1,843 2022 38,145 1,803 2023 34,874 1,818 2024 32,141 1,833 Thereafter 83,000 13,365 Total future minimum lease payments 262,535 22,013 Less: imputed interest (46,462 ) (6,152 ) Total $ 216,073 $ 15,861

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
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): March 31, 2020 December 31, 2019 Carrying Fair Carrying Fair Amount Value Amount Value Term loans (1) $ 5,364,786 $ 4,891,926 $ 5,810,422 $ 5,915,451 5.625% Senior unsecured notes due 2024 (2) 890,522 852,750 890,045 938,250 5.625% Senior unsecured notes due 2027 (2) 1,791,555 1,664,513 1,792,121 1,883,175 (1) (2)

Segment Data (Tables)

Segment Data (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 Broadcast Other Consolidated Net revenue $ 1,074,016 $ 17,806 $ 1,091,822 Depreciation 29,775 5,631 35,406 Amortization of intangible assets 69,421 1,162 70,583 Income (loss) from operations 363,027 (58,012 ) 305,015 Three Months Ended March 31, 2019 Broadcast Other Consolidated Net revenue $ 599,183 $ 27,464 $ 626,647 Depreciation 23,627 3,810 27,437 Amortization of intangible assets 30,845 5,893 36,738 Income (loss) from operations 168,500 (41,426 ) 127,074 As of March 31, 2020 Broadcast Other Consolidated Goodwill $ 2,879,748 $ - $ 2,879,748 Assets 12,330,096 1,245,341 13,575,437 As of December 31, 2019 Broadcast Other Consolidated Goodwill $ 2,996,875 $ - $ 2,996,875 Assets 12,918,966 1,070,771 13,989,737
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 March 31, 2020 Broadcast Other Consolidated Core advertising (local and national) $ 417,379 $ - $ 417,379 Political advertising 55,341 - 55,341 Distribution revenue 549,716 - 549,716 Digital 40,326 16,114 56,440 Other 8,460 1,692 10,152 Trade revenue 2,794 - 2,794 Total revenue $ 1,074,016 $ 17,806 $ 1,091,822

Condensed Consolidating Finan_2

Condensed Consolidating Financial Information (Tables)	3 Months Ended
	Mar. 31, 2020
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
Schedule of Condensed Consolidating Balance Sheet	CONDENSED CONSOLIDATING BALANCE SHEET As of March 31, 2020 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company ASSETS Current assets: Cash and cash equivalents $ - $ 417,914 $ 4,926 $ 11,227 $ - $ 434,067 Restricted cash and cash equivalents - 16,608 - - - 16,608 Accounts receivable 1,001 831,807 14,023 41,907 - 888,738 Amounts due from consolidated entities - 158,181 13,774 - (171,955 ) - Spectrum asset - 67,171 - - - 67,171 Other current assets - 105,163 533 2,010 - 107,706 Total current assets 1,001 1,596,844 33,256 55,144 (171,955 ) 1,514,290 Investments in subsidiaries 1,553,103 91,944 - - (1,645,047 ) - Amounts due from consolidated entities 584,175 - - - (584,175 ) - Property and equipment, net - 1,503,788 22,608 20,552 (75 ) 1,546,873 Goodwill - 2,744,114 33,187 102,447 - 2,879,748 FCC licenses - 2,693,975 43,102 95,380 - 2,832,457 Network affiliation agreements, net - 2,265,310 10,952 54,174 - 2,330,436 Other intangible assets, net - 703,560 460 1,737 - 705,757 Investments - 1,322,195 - - - 1,322,195 Assets held for sale - 4,524 - - - 4,524 Other noncurrent assets 1,687 374,009 54,752 19,601 (10,892 ) 439,157 Total assets $ 2,139,966 $ 13,300,263 $ 198,317 $ 349,035 $ (2,412,144 ) $ 13,575,437 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Current liabilities: Current portion of debt $ - $ 52,680 $ 2,285 $ 1,263 $ - $ 56,228 Accounts payable - 135,597 1,743 1,612 - 138,952 Amounts due to consolidated entities - - - 171,955 (171,955 ) - Liability to surrender spectrum asset - 77,962 - - - 77,962 Other current liabilities 1,001 607,933 7,103 26,819 - 642,856 Total current liabilities 1,001 874,172 11,131 201,649 (171,955 ) 915,998 Debt - 7,750,219 220,389 20,027 - 7,990,635 Amounts due to consolidated entities - 376,384 - 208,001 (584,385 ) - Deferred tax liabilities - 1,684,955 11,787 10,761 (10,892 ) 1,696,611 Other noncurrent liabilities - 834,084 9,259 12,791 - 856,134 Total liabilities 1,001 11,519,814 252,566 453,229 (767,232 ) 11,459,378 Total stockholders’ equity (deficit) 2,138,965 1,774,058 (54,249 ) (120,716 ) (1,644,912 ) 2,093,146 Noncontrolling interests in consolidated variable interest entities - 6,391 - 16,522 - 22,913 Total liabilities and stockholders’ equity (deficit) $ 2,139,966 $ 13,300,263 $ 198,317 $ 349,035 $ (2,412,144 ) $ 13,575,437 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2019 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company ASSETS Current assets: Cash and cash equivalents $ - $ 208,223 $ 8,686 $ 15,161 $ - $ 232,070 Restricted cash and cash equivalents - $ 16,608 $ - $ - $ - 16,608 Accounts receivable 997 826,868 13,705 42,351 - 883,921 Amounts due from consolidated entities - 156,112 15,232 - (171,344 ) - Spectrum asset - 67,171 - - - 67,171 Other current assets - 148,840 632 2,525 - 151,997 Total current assets 997 1,423,822 38,255 60,037 (171,344 ) 1,351,767 Investments in subsidiaries 1,391,014 108,884 - - (1,499,898 ) - Amounts due from consolidated entities 679,817 - - - (679,817 ) - Property and equipment, net - 1,246,263 22,722 21,518 (75 ) 1,290,428 Goodwill - 2,861,241 33,187 102,447 - 2,996,875 FCC licenses - 2,782,983 43,102 95,380 - 2,921,465 Network affiliation agreements, net - 2,465,587 11,301 55,378 - 2,532,266 Other intangible assets, net - 724,247 491 2,616 - 727,354 Investments - 1,477,353 - - - 1,477,353 Assets held for sale - 240,524 - - - 240,524 Other noncurrent assets 55 382,785 55,257 25,347 (11,739 ) 451,705 Total assets $ 2,071,883 $ 13,713,689 $ 204,315 $ 362,723 $ (2,362,873 ) $ 13,989,737 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Current liabilities: Current portion of debt $ - $ 105,877 $ 2,285 $ 1,148 $ - $ 109,310 Accounts payable - 142,377 3,074 11,915 - 157,366 Amounts due to consolidated entities - - - 171,344 (171,344 ) - Liability to surrender spectrum asset - 77,962 - - - 77,962 Other current liabilities 392 565,943 6,901 29,683 - 602,919 Total current liabilities 392 892,159 12,260 214,090 (171,344 ) 947,557 Debt - 8,142,088 220,780 20,410 - 8,383,278 Amounts due to consolidated entities - 476,414 - 203,613 (680,027 ) - Deferred tax liabilities - 1,699,774 11,753 10,876 (11,739 ) 1,710,664 Other noncurrent liabilities - 869,292 9,804 15,649 - 894,745 Total liabilities 392 12,079,727 254,597 464,638 (863,110 ) 11,936,244 Total Nexstar Media Group, Inc. stockholders’ equity (deficit) 2,071,491 1,627,712 (50,282 ) (117,661 ) (1,499,763 ) 2,031,497 Noncontrolling interests in consolidated variable interest entities - 6,250 - 15,746 - 21,996 Total liabilities and stockholders’ equity (deficit) $ 2,071,883 $ 13,713,689 $ 204,315 $ 362,723 $ (2,362,873 ) $ 13,989,737
Schedule of Condensed Consolidating Statement of Operations	CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2020 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Net broadcast revenue (including trade) $ - $ 1,047,815 $ 20,241 $ 21,949 $ 1,817 $ 1,091,822 Revenue between consolidated entities 12,737 24,625 9,313 26,482 (73,157 ) - Net revenue 12,737 1,072,440 29,554 48,431 (71,340 ) 1,091,822 Operating expenses (income): Direct operating expenses, excluding depreciation and amortization 4 392,383 13,600 39,072 - 445,059 Selling, general, and administrative expenses, excluding depreciation and amortization 12,850 229,974 1,567 3,214 (29,221 ) 218,384 Local service agreement fees between consolidated entities - 19,311 16,033 6,775 (42,119 ) - Amortization of broadcast rights - 36,350 372 486 - 37,208 Amortization of intangible assets - 67,815 381 2,387 - 70,583 Depreciation - 33,800 636 970 - 35,406 Reimbursement from the FCC related to station repack - (10,547 ) (565 ) (1,646 ) - (12,758 ) Gain on disposal of stations and entities, net - (7,075 ) - - - (7,075 ) Total operating expenses 12,854 762,011 32,024 51,258 (71,340 ) 786,807 (Loss) income from operations (117 ) 310,429 (2,470 ) (2,827 ) - 305,015 Income (loss) from equity investment, net - 14,166 - (8 ) - 14,158 Interest expense, net - (99,620 ) (1,455 ) (209 ) - (101,284 ) Loss on extinguishment of debt - (7,477 ) - - - (7,477 ) Pension and other postretirement plans credit, net - 10,762 - - - 10,762 Other (expenses) income (1,502 ) 2,366 - - - 864 Equity in income of consolidated subsidiaries 162,086 - - - (162,086 ) - Income (loss) before income taxes 160,467 230,626 (3,925 ) (3,044 ) (162,086 ) 222,038 Income tax benefit (expense) 884 (65,953 ) (39 ) 764 - (64,344 ) Net income (loss) 161,351 164,673 (3,964 ) (2,280 ) (162,086 ) 157,694 Net income attributable to noncontrolling interests - - - (779 ) - (779 ) Net income (loss) attributable to Nexstar $ 161,351 $ 164,673 $ (3,964 ) $ (3,059 ) $ (162,086 ) $ 156,915 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2019 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Net broadcast revenue (including trade) $ - $ 567,780 $ 19,407 $ 39,460 $ - $ 626,647 Revenue between consolidated entities 8,418 22,233 7,762 17,717 (56,130 ) - Net revenue 8,418 590,013 27,169 57,177 (56,130 ) 626,647 Operating expenses (income): Direct operating expenses, excluding depreciation and amortization - 240,195 12,036 42,499 (1,867 ) 292,863 Selling, general, and administrative expenses, excluding depreciation and amortization 9,748 137,269 991 10,027 (15,675 ) 142,360 Local service agreement fees between consolidated entities - 16,354 14,575 7,659 (38,588 ) - Amortization of broadcast rights - 13,351 383 628 - 14,362 Amortization of intangible assets - 28,663 519 7,556 - 36,738 Depreciation - 25,227 608 1,602 - 27,437 Reimbursement from the FCC related to station repack - (9,685 ) (1,536 ) (2,966 ) - (14,187 ) Total operating expenses 9,748 451,374 27,576 67,005 (56,130 ) 499,573 (Loss) income from operations (1,330 ) 138,639 (407 ) (9,828 ) - 127,074 Loss from equity investment, net - (475 ) - (16 ) - (491 ) Interest expense, net - (49,208 ) (2,886 ) (863 ) - (52,957 ) Loss on extinguishment of debt - (1,698 ) - - - (1,698 ) Pension and other postretirement plans credit, net - 1,400 - - - 1,400 Equity in income of consolidated subsidiaries 60,758 - - - (60,758 ) - Income (loss) before income taxes 59,428 88,658 (3,293 ) (10,707 ) (60,758 ) 73,328 Income tax (expense) benefit 312 (19,822 ) 835 2,234 - (16,441 ) Net income (loss) 59,740 68,836 (2,458 ) (8,473 ) (60,758 ) 56,887 Net loss attributable to noncontrolling interests - - - (1,995 ) - (1,995 ) Net income (loss) attributable to Nexstar $ 59,740 $ 68,836 $ (2,458 ) $ (10,468 ) $ (60,758 ) $ 54,892
Schedule of Condensed Consolidating Cash Flow Statement	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2020 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Cash flows from operating activities $ - $ 421,262 $ (3,124 ) $ (3,020 ) $ - $ 415,118 Cash flows from investing activities: Payments for acquisitions, net of cash acquired - (63,000 ) - - - (63,000 ) Proceeds from sale of stations - 362,804 - - - 362,804 Purchases of property and equipment - (57,230 ) (630 ) (2,274 ) - (60,134 ) Spectrum repack reimbursements from the FCC - 10,547 565 1,646 - 12,758 Proceeds from disposals of property and equipment - 430 - - - 430 Proceeds from resolution of acquired contingency - 98,000 - - - 98,000 Other investing activities - 171 - - - 171 Net cash provided by (used in) investing activities - 351,722 (65 ) (628 ) - 351,029 Cash flows from financing activities: Repayments of long-term debt - (456,470 ) (571 ) (287 ) - (457,328 ) Payments for debt financing costs - (379 ) - - - (379 ) Common stock dividends paid (25,676 ) - - - - (25,676 ) Inter-company payments 104,378 (104,378 ) - - - - Purchase of treasury stock (72,587 ) - - - - (72,587 ) Cash paid for shares withheld for taxes (6,483 ) - - - - (6,483 ) Payments for capital lease and capitalized software obligations - (1,792 ) - - - (1,792 ) Proceeds from exercise of stock options 368 - - - - 368 Other financing activities - (274 ) - 1 - (273 ) Net cash used in financing activities - (563,293 ) (571 ) (286 ) - (564,150 ) Net increase (decrease) in cash, cash equivalents and restricted cash - 209,691 (3,760 ) (3,934 ) - 201,997 Cash, cash equivalents and restricted cash at beginning of period - 224,831 8,686 15,161 - 248,678 Cash, cash equivalents and restricted cash at end of period $ - $ 434,522 $ 4,926 $ 11,227 $ - $ 450,675 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2019 (in thousands) Nexstar Non- Consolidated Nexstar Broadcasting Mission Guarantors Eliminations Company Cash flows from operating activities $ - $ 124,410 $ (5,289 ) $ 5,468 $ - $ 124,589 Cash flows from investing activities: Purchases of property and equipment - (24,586 ) (891 ) (3,102 ) - (28,579 ) Spectrum repack reimbursements from the FCC - 9,685 1,536 2,966 - 14,187 Other investing activities - 639 - - - 639 Net cash used in investing activities - (14,262 ) 645 (136 ) - (13,753 ) Cash flows from financing activities: Repayments of long-term debt - (90,370 ) (571 ) (864 ) - (91,805 ) Common stock dividends paid (20,581 ) - - - - (20,581 ) Inter-company payments 28,430 (28,430 ) - - - - Purchase of noncontrolling interest from a consolidated variable interest entity - (6,393 ) - - - (6,393 ) Other financing activities (7,849 ) (711 ) - (21 ) - (8,581 ) Net cash used in financing activities - (125,904 ) (571 ) (885 ) - (127,360 ) Net increase in cash, cash equivalents and restricted cash - (15,756 ) (5,215 ) 4,447 - (16,524 ) 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 $ - $ 89,909 $ 5,583 $ 33,099 $ - $ 128,591

Organization and Business Ope_2

Organization and Business Operations (Details)	Mar. 31, 2020TelevisionStationMarketState.RadioStation
Organization And Business Operations [Line Items]
Number of full power television stations owned, operated, programmed or provided sales and other services	196
Number of markets in which the Company's stations broadcast | Market	114
Number of states in which the Company's stations broadcast | State.	38
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]
Organization And Business Operations [Line Items]
Ownership stake	31.30%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Consolidated VIEs (Details) - USD ($) $ in Thousands		Mar. 31, 2020		Dec. 31, 2019		Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents		$ 434,067		$ 232,070
Accounts receivable, net		888,738		883,921
Prepaid expenses and other current assets		107,706		151,997
Total current assets		1,514,290		1,351,767
Property and equipment, net		1,546,873		1,290,428
Goodwill		2,879,748		2,996,875		$ 2,996,875
FCC licenses		2,832,457		2,921,465
Finite lived intangible assets, net		3,036,193		3,259,620
Other noncurrent assets, net		439,157		451,705
Total assets		13,575,437	[1]	13,989,737	[1]	$ 13,989,737
Current liabilities		915,998		947,557
Total liabilities	[1]	11,459,378		11,936,244
Current liabilities:
Current portion of debt		56,228		109,310
Interest payable		45,289		88,600
Other current liabilities		55,710		60,243
Total current liabilities		915,998		947,557
Debt		7,990,635		8,383,278
Other noncurrent liabilities		856,134		894,745
Network affiliation agreements [Member]
Current assets:
Finite lived intangible assets, net		2,330,436		2,532,266
Other definite-lived intangible assets [Member]
Current assets:
Finite lived intangible assets, net		705,757		727,354
Non Guarantor VIEs [Member]
Current assets:
Total current assets		9,421		9,837
Property and equipment, net		19,539		19,586
Goodwill		102,447		102,447
FCC licenses		138,482		138,482
Other noncurrent assets, net		6,376		6,818
Total assets		330,439		332,570
Current liabilities		16,327		19,653
Noncurrent liabilities		40,859		42,012
Total liabilities		57,186		61,665
Current liabilities:
Total current liabilities		16,327		19,653
Non Guarantor VIEs [Member] | Network affiliation agreements [Member]
Current assets:
Finite lived intangible assets, net		54,174		55,378
Non Guarantor VIEs [Member] | Other definite-lived intangible assets [Member]
Current assets:
Finite lived intangible assets, net				$ 22
Consolidated VIEs [Member]
Current assets:
Cash and cash equivalents		8,766					$ 12,944
Accounts receivable, net		18,364					17,995
Prepaid expenses and other current assets		1,773					1,921
Total current assets		28,903					32,860
Property and equipment, net		42,147					42,308
Goodwill		135,634					135,634
FCC licenses		138,482					138,482
Other noncurrent assets, net		61,128					12,749
Total assets		471,880					429,225
Current liabilities		20,658					23,920
Total liabilities		301,933					307,122
Current liabilities:
Current portion of debt		3,548					3,433
Interest payable		783					834
Other current liabilities		16,327					19,653
Total current liabilities		20,658					23,920
Debt		240,416					241,190
Other noncurrent liabilities		40,859					42,012
Consolidated VIEs [Member] | Network affiliation agreements [Member]
Current assets:
Finite lived intangible assets, net		65,126					66,679
Consolidated VIEs [Member] | Other definite-lived intangible assets [Member]
Current assets:
Finite lived intangible assets, net		$ 460					$ 513
[1]	The consolidated total assets as of March 31, 2020 and December 31, 2019 include certain assets held by consolidated VIEs of $330.4 million and $332.6 million, respectively, which are not available to be used to settle the obligations of Nexstar. The consolidated total liabilities as of March 31, 2020 and December 31, 2019 include certain liabilities of consolidated VIEs of $57.2 million and $61.7 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information.

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	Mar. 30, 2020USD ($)TelevisionStation	Mar. 31, 2020USD ($)shares	Mar. 31, 2019shares	Dec. 31, 2019USD ($)
Significant Accounting Policies [Line Items]
Unrestricted cash on hand		$ 434,067		$ 232,070
Working capital		$ 598,200		$ 404,200
Stock options and restricted stock units with potentially dilutive effect (in shares) | shares		0	30,000
Mission [Member] | Marshall Broadcasting Group, Inc [Member] | Asset Purchase Agreement [Member]
Significant Accounting Policies [Line Items]
Number of television stations owned | TelevisionStation	3
Purchase price	$ 49,000
Revolving loans [Member]
Significant Accounting Policies [Line Items]
Available borrowing capacity		$ 139,700
Line of credit facility, maturity period		2023-10

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Weighted Average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share Basic And Diluted Other Disclosures [Abstract]
Weighted average shares outstanding - basic	45,702	45,785
Dilutive effect of equity incentive plan instruments	1,913	1,999
Weighted average shares outstanding - diluted	47,615	47,784

Acquisitions and Dispositions -

Acquisitions and Dispositions - 2020 Acquisitions - Additional Information (Details) - USD ($) $ in Thousands	Mar. 02, 2020	Jan. 27, 2020	Sep. 19, 2019	Mar. 31, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Business Acquisition [Line Items]
Operating income					$ 305,015	$ 127,074
Network affiliation agreements [Member]
Business Acquisition [Line Items]
Network affiliation agreements useful life					15 years		15 years
Other definite-lived intangible assets [Member]
Business Acquisition [Line Items]
Weighted average estimated useful life of intangible assets					3 years
Tribune [Member]
Business Acquisition [Line Items]
Acquisition date			Sep. 19, 2019
KGBT-TV [Member]
Business Acquisition [Line Items]
Cash payment		$ 18,000
Television Station WJZY [Member]
Business Acquisition [Line Items]
Acquisition date	Mar. 2, 2020
Television Station WMYT [Member]
Business Acquisition [Line Items]
Acquisition date	Mar. 2, 2020
Television Station WJZY and WMYT [Member]
Business Acquisition [Line Items]
Cash payment	$ 45,000
KGBT, WJZY, and WMYT [Member]
Business Acquisition [Line Items]
Revenue included in consolidated statements of operations and comprehensive income				$ 7,700
Operating income				$ 4,000

Acquisitions and Dispositions_2

Acquisitions and Dispositions - Fair Values of Assets Acquired, Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 02, 2020	Dec. 31, 2019	Mar. 31, 2019
Assets acquired
Goodwill	$ 2,879,748		$ 2,996,875	$ 2,996,875
KGBT, WJZY, and WMYT [Member]
Assets acquired
Broadcast rights		$ 3,693
Property and equipment		20,380
FCC licenses		15,300
Other intangible assets		5,620
Goodwill		3,300
Total assets acquired		66,693
Less: Broadcast rights payable		(3,693)
Total asset acquired		63,000
KGBT, WJZY, and WMYT [Member] | Network affiliation agreements [Member]
Assets acquired
Other intangible assets		$ 18,400

Acquisitions and Dispositions_3

Acquisitions and Dispositions - 2020 Dispositions - Additional Information (Details) - USD ($) $ in Thousands	Mar. 02, 2020	Jan. 14, 2020	Mar. 31, 2020	Mar. 31, 2019
Business Acquisition [Line Items]
Gain (Loss) on sale of business			$ 7,075	$ 533
Website Business [Member]
Business Acquisition [Line Items]
Selling price of entities net of cash sold		$ 12,900
Cash transferred on sale of entity		2,400
Gain (Loss) on sale of business		$ 2,400
Television Stations KCPQ, KZJO and WITI [Member]
Business Acquisition [Line Items]
Gain (Loss) on sale of business	$ 4,700
Selling price of entities sold	$ 349,900

Acquisitions and Dispositions_4

Acquisitions and Dispositions - Future Acquisitions - Additional Information (Details) $ in Millions	Mar. 30, 2020USD ($)
Mission [Member] | Marshall Broadcasting Group, Inc [Member] | Asset Purchase Agreement [Member]
Business Acquisition [Line Items]
Total purchase price	$ 49

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross	$ 4,025,979	$ 4,185,256
Accumulated Amortization	(989,786)	(925,636)
Net	$ 3,036,193	$ 3,259,620
Network affiliation agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life, in years	15 years	15 years
Gross	$ 3,065,017	$ 3,223,906
Accumulated Amortization	(734,581)	(691,640)
Net	2,330,436	2,532,266
Other definite-lived intangible assets [Member]
Finite-Lived Intangible Assets [Line Items]
Gross	960,962	961,350
Accumulated Amortization	(255,205)	(233,996)
Net	$ 705,757	$ 727,354
Other definite-lived intangible assets [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life, in years	1 year	1 year
Other definite-lived intangible assets [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life, in years	20 years	20 years

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Estimated Amortization Expense of Definite-Lived Intangibles Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Finite Lived Intangible Assets Future Amortization Expense Current And Five Succeeding Fiscal Years [Abstract]
Remainder of 2020	$ 203,168
2021	267,255
2022	320,563
2023	248,593
2024	247,930
Thereafter	1,748,684
Net	$ 3,036,193	$ 3,259,620

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Goodwill, FCC Licenses and Other Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Goodwill [Roll Forward]
Goodwill, Gross	$ 3,012,042	$ 3,129,169
Goodwill, Accumulated Impairment	(132,294)	(132,294)
Goodwill, Net	2,879,748	2,996,875	$ 2,996,875
Goodwill Acquisitions, Gross	3,300
Goodwill Acquisitions, Net	3,300
Goodwill Divestitures and Disposals, Gross	(48,429)
Goodwill Divestitures and Disposals, Net	(48,429)
Measurement period adjustments, Gross	(71,998)
Measurement period adjustments, Net	(71,998)
FCC Licenses [Abstract]
FCC Licenses, Gross	2,879,867	2,968,875
FCC Licenses, Accumulated Impairment	(47,410)	(47,410)
FCC Licenses, Net	2,832,457	$ 2,921,465
FCC Licenses Acquisitions, Gross	15,300
FCC Licenses Acquisition, Net	15,300
FCC Licenses Divestitures and Disposals, Gross	(104,308)
FCC Licenses Divestitures and Disposals, Net	$ (104,308)

Intangible Assets and Goodwil_5

Intangible Assets and Goodwill - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Consideration received from measurement period adjustment	$ 98
Income tax payable	25
Decrease in goodwill	$ 73

Assets Held for Sale - Schedule

Assets Held for Sale - Schedule of Assets Held for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Long Lived Assets Held For Sale [Line Items]
Real estate	$ 4,524	$ 240,524
Real Estate [Member]
Long Lived Assets Held For Sale [Line Items]
Real estate	$ 4,524	$ 240,524

Assets Held for Sale - Addition

Assets Held for Sale - Additional Information (Details) $ in Millions	Jan. 31, 2020USD ($)
Property Plant And Equipment Assets Held For Sale Disclosure [Abstract]
Non-depreciable real estate property carrying amount	$ 236

Investments - Schedule of Inves

Investments - Schedule of Investment (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investments Debt And Equity Securities [Abstract]
Equity method investments	$ 1,316,466	$ 1,471,866
Other equity investments	5,729	5,487
Total investments	$ 1,322,195	$ 1,477,353

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 19, 2019
Schedule Of Equity Method Investments [Line Items]
Equity method investments, book value	$ 1,316,466	$ 1,471,866
Cash distributions received	170,400
Equity method investment, basis difference amount of remaining identifiable assets subject to amortization	$ 771,500
Tribune [Member]
Schedule Of Equity Method Investments [Line Items]
Weighted average remaining useful life of assets subjects to amortization of basis difference	7 years 8 months 12 days
Tribune [Member] | Goodwill [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method investment, basis difference amount			$ 501,800
Tribune [Member] | Amortizable Intangible Assets [Member]
Schedule Of Equity Method Investments [Line Items]
Equity method investment, basis difference amount			$ 853,000
TV Food Network [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership stake	31.30%
Equity method investments, book value	$ 1,297,000
Cash distributions received	$ 170,400

Investments - Summary of Income

Investments - Summary of Income (Loss) on Equity Investments, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Investments Debt And Equity Securities [Abstract]
Income on equity investments, net, before amortization of basis difference	$ 51,097	$ (388)
Amortization of basis difference	(36,939)	(103)
Income (loss) on equity investments, net	$ 14,158	$ (491)

Investments - Summary of Financ

Investments - Summary of Financial Information (Details) - TV Food Network [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Schedule Of Equity Method Investments [Line Items]
Net revenue	$ 320,347
Costs and expenses	158,635
Income from operations	161,713
Net income	165,428
Net income attributable to Nexstar Media Group, Inc.	$ 51,769

Accrued Expenses - Accrued Expe

Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Compensation and related taxes	$ 82,539	$ 88,372
Broadcast rights payable	116,540	120,165
Network affiliation fees	144,753	62,901
Interest payable	45,289	88,600
Capital expenditures	27,819	25,410
Other	116,865	156,355
Accrued expenses	$ 533,805	$ 541,803

Retirement and Postretirement_3

Retirement and Postretirement Plans - Additional Information (Details) $ in Millions	Sep. 19, 2019PensionPlan	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of 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%
Other Postretirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions		$ 3
Qualified Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions		55.3
Contributions to qualified retirement plan by Company		$ 5.7	$ 0

Retirement and Postretirement_4

Retirement and Postretirement Plans - Summary of Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Media General [Member] | Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 2,925	$ 3,875
Expected return on plan assets	(4,925)	(5,475)
Net periodic benefit cost (credit)	(2,000)	(1,600)
Media General [Member] | OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	5
Interest cost	138	200
Amortization of net loss	(13)
Settlement gain recognized	43
Net periodic benefit cost (credit)	173	$ 200
Tribune [Member] | Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	248
Interest cost	13,374
Expected return on plan assets	(22,341)
Net periodic benefit cost (credit)	(8,719)
Tribune [Member] | OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	33
Net periodic benefit cost (credit)	$ 33

Debt - Long Term Debt (Details)

Debt - Long Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Long term Debt [Abstract]
Total outstanding principal	$ 8,142,376	$ 8,599,703
Total outstanding debt	8,046,863	8,492,588
Less: current portion	(56,228)	(109,310)
Long-term debt, net of current portion	7,990,635	8,383,278
Notes Payable to Banks [Member] | Term Loans [Member]
Long term Debt [Abstract]
Total outstanding principal	5,457,376	5,914,703
Unamortized financing costs and (discount) premium	(92,590)	(104,281)
Senior Subordinated Notes [Member] | 5.625 % Due 2024 [Member]
Long term Debt [Abstract]
Total outstanding principal	900,000	900,000
Unamortized financing costs and (discount) premium	(9,478)	(9,955)
Senior Subordinated Notes [Member] | 5.625 % Due 2027 [Member]
Long term Debt [Abstract]
Total outstanding principal	1,785,000	1,785,000
Unamortized financing costs and (discount) premium	$ 6,555	$ 7,121

Debt - Long Term Debt (Parenthe

Debt - Long Term Debt (Parenthetical) (Details)	Mar. 31, 2020	Dec. 31, 2019
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%
Senior Subordinated Notes [Member] | 5.625 % Due 2024 [Member]
Long term Debt [Abstract]
Interest rate	5.625%	5.625%
Senior Subordinated Notes [Member] | 5.625 % Due 2027 [Member]
Long term Debt [Abstract]
Interest rate	5.625%	5.625%

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands	Mar. 09, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 7,477	$ 1,698
Senior Secured Credit Facility [Member] | Nexstar [Member]
Debt Instrument [Line Items]
Maximum consolidated first lien net leverage ratio		425.00%
Revolving Loans [Member]
Debt Instrument [Line Items]
Available borrowing capacity		$ 139,700
Term Loans [Member] | Senior Secured Credit Facility [Member]
Debt Instrument [Line Items]
Prepayment of principal balance under term loan	$ 200,000	230,000
Loss on extinguishment of debt		7,500
Repayment of debt		$ 27,300
5.625 % Due 2024 [Member]
Debt Instrument [Line Items]
Interest rate		5.625%
5.625 % Due 2024 [Member] | Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Interest rate		5.625%		5.625%
5.625 % Due 2027 [Member]
Debt Instrument [Line Items]
Interest rate		5.625%
5.625 % Due 2027 [Member] | Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Interest rate		5.625%		5.625%

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Lessee Lease Description [Line Items]
Operating lease expense	$ 12.2	$ 5.5
Direct Operating Expenses [Member]
Lessee Lease Description [Line Items]
Operating lease expense	6.2	3.1
Selling General and Administrative Expenses [Member]
Lessee Lease Description [Line Items]
Operating lease expense	$ 6	$ 2.4
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	94 years
Leases option to extended lease term	99 years
Leases option to terminate term	1 year

Leases - Summary of Components

Leases - Summary of Components of Lease Expense (Details) $ in Thousands	Mar. 31, 2020USD ($)
Operating leases
Operating lease right-of-use assets, net	$ 230,386
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent
Current lease liabilities	$ 34,119
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent
Noncurrent lease liabilities	$ 181,954
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	$ 8,188
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentNet
Current lease liabilities	$ 935
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent
Noncurrent lease liabilities	$ 14,926
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent

Leases - Summary of Component_2

Leases - Summary of Components of Lease Expense (Parenthetical) (Details) $ in Thousands	Mar. 31, 2020USD ($)
Leases [Abstract]
Finance lease right-of-use-assets, accumulated depreciation	$ 2,802

Leases - Summary of Other Infor

Leases - Summary of Other Information Related to Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 12,244
Operating cash flows from finance leases	228
Financing cash flows from finance leases	$ 215
Weighted Average Remaining Lease Term
Operating leases	7 years 2 months 12 days
Finance leases	11 years 4 months 24 days
Weighted Average Discount Rate
Operating leases	5.20%
Finance leases	5.70%

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments Under Non-Cancellable Leases (Details) $ in Thousands	Mar. 31, 2020USD ($)
Operating Leases
Remainder of 2020	$ 33,408
2021	40,967
2022	38,145
2023	34,874
2024	32,141
Thereafter	83,000
Total future minimum lease payments	262,535
Less: imputed interest	(46,462)
Total	216,073
Finance Leases
Remainder of 2020	1,351
2021	1,843
2022	1,803
2023	1,818
2024	1,833
Thereafter	13,365
Total future minimum lease payments	22,013
Less: imputed interest	(6,152)
Total	$ 15,861

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		Mar. 31, 2020	Dec. 31, 2019
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]	$ 5,364,786	$ 5,810,422
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]	4,891,926	5,915,451
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]	890,522	890,045
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]	852,750	938,250
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]	1,791,555	1,792,121
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]	$ 1,664,513	$ 1,883,175
[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)	Mar. 31, 2020	Dec. 31, 2019
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] | 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%
Fair Value, Nonrecurring | 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%
Fair Value, Nonrecurring | 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 ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Apr. 26, 2018
Class Of Stock [Line Items]
Purchase of treasury stock	$ 72,587
Class A Common Stock [Member]
Class Of Stock [Line Items]
Authorization of share repurchase		$ 200,000
Authorization of share repurchase, remaining available amount	$ 84,200
Treasury Stock [Member]
Class Of Stock [Line Items]
Purchase of treasury stock, shares	950,000
Purchase of treasury stock	$ 72,587
Treasury Stock [Member] | Class A Common Stock [Member]
Class Of Stock [Line Items]
Purchase of treasury stock	$ 72,600

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 64,344	$ 16,441
Effective income tax rates	29.00%	22.40%
Income tax expense due to decrease in deduction for excess tax benefits related stock-based compensation	$ 1,400
Increase in effective tax rate on decrease in excess tax benefits related stock-based compensation	4.40%
Nondeductible goodwill on divestitures	$ 8,100
Increase in effective tax rate on nondeductible goodwill on divestitures	3.70%

FCC Regulatory Matters - Additi

FCC Regulatory Matters - Additional Information (Details)	Dec. 06, 2019USD ($)	Jul. 21, 2017USD ($)	Apr. 13, 2017USD ($)TelevisionStation	Nov. 30, 2017TelevisionStation	Mar. 31, 2020USD ($)TelevisionStation	Mar. 31, 2019USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)
FCC Regulatory Matters [Line Items]
Number of voices test local television ownership					8
Maximum percentage of US television household reach					39.00%
Percentage reach of ultra high frequency station					50.00%
Effective date of reinstating the ultra high frequency discount					Jun. 15, 2017
Date of abolishing the UHF discount					Aug. 24, 2016
Number of stations owned			11
Number of stations to move to very high frequency channels					1
Number of stations went off the air				1
Number of remaining stations owned before ceased					10
Number of ceased broadcasting channels					8
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 | $	$ 1,950,000,000
Effective rate of reimbursement for repack	79.00%
Capital expenditures related to station repack | $					16,900,000	$ 14,700,000
Reimbursement from the FCC related to station repack | $					$ 12,758,000	$ 14,187,000
Nexstar [Member]
FCC Regulatory Matters [Line Items]
Number of full power stations repacked					61
Consolidated VIEs [Member]
FCC Regulatory Matters [Line Items]
Number of full power stations repacked					17
Media General [Member]
FCC Regulatory Matters [Line Items]
Number of stations owned			10
Number of stations owned				1
Gross proceeds to surrender of spectrum auction | $		$ 478,600,000
Derecognition of spectrum asset to surrender spectrum | $			$ 52,000,000				$ 314,100,000	$ 34,600,000
Derecognition of spectrum liability to surrender spectrum | $			$ 52,000,000				$ 314,100,000	$ 34,600,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	Jan. 28, 2020USD ($)	Jan. 27, 2020USD ($)	Jan. 22, 2019USD ($)	Jun. 28, 2016USD ($)	Dec. 31, 2012Proof	Mar. 31, 2020USD ($)	Mar. 31, 2020USD ($)Proof	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Aug. 21, 2009
Loss Contingency, Information about Litigation Matters [Abstract]
Restricted cash and cash equivalents						$ 16,608	$ 16,608		$ 16,608
Payment for non-license assets		$ 18,000
Cash payment	$ 98,000
Income tax expense (benefit)							64,344	$ 16,441
Chicago Cubs Transactions [Member]
Loss Contingency, Information about Litigation Matters [Abstract]
Estimated federal and state income taxes			$ 225,000
Tax payments			$ 147,000
Chicago Cubs Transactions [Member] | IRS [Member]
Loss Contingency, Information about Litigation Matters [Abstract]
Income tax expense (benefit)				$ 182,000
Income tax penalties expense				$ 73,000		107,000
Chicago Cubs Transactions [Member] | Northside Entertainment Holdings LLC [Member]
Loss Contingency, Information about Litigation Matters [Abstract]
Ownership interest percentage										95.00%
Chicago Cubs Transactions [Member] | Chicago Entertainment Ventures, LLC [Member]
Loss Contingency, Information about Litigation Matters [Abstract]
Ownership interest percentage										5.00%
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						16,600	$ 16,600
Number of proofs of claim against debtors withdrawn | Proof							347
Tribune [Member] | Chicago Cubs Transactions [Member] | Chicago Entertainment Ventures, LLC [Member]
Loss Contingency, Information about Litigation Matters [Abstract]
Percentage of membership interest sold			5.00%
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						228,700	$ 228,700
Commitment under senior secured credit facility at carrying value						225,700	$ 225,700
Line of credit facility maturity period							2024-01
Nexstar [Member] | Financial Guarantee Shield Debt [Member]
Guarantees of Mission, Marshall and Shield Debt [Abstract]
Commitment under senior secured credit facility at carrying value						$ 21,500	$ 21,500
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
	Mar. 31, 2020		Mar. 31, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net revenue	$ 1,091,822		$ 626,647
Depreciation	35,406		27,437
Amortization of intangible assets	70,583		36,738
Income (loss) from operations	305,015		127,074
Goodwill	2,879,748		2,996,875	$ 2,996,875
Total assets	13,575,437	[1]	13,989,737	$ 13,989,737	[1]
Broadcast [Member]
Segment Reporting Information [Line Items]
Net revenue	1,074,016		599,183
Depreciation	29,775		23,627
Amortization of intangible assets	69,421		30,845
Income (loss) from operations	363,027		168,500
Goodwill	2,879,748		2,996,875
Total assets	12,330,096		12,918,966
Other [Member]
Segment Reporting Information [Line Items]
Net revenue	17,806		27,464
Depreciation	5,631		3,810
Amortization of intangible assets	1,162		5,893
Income (loss) from operations	(58,012)		(41,426)
Total assets	$ 1,245,341		$ 1,070,771
[1]	The consolidated total assets as of March 31, 2020 and December 31, 2019 include certain assets held by consolidated VIEs of $330.4 million and $332.6 million, respectively, which are not available to be used to settle the obligations of Nexstar. The consolidated total liabilities as of March 31, 2020 and December 31, 2019 include certain liabilities of consolidated VIEs of $57.2 million and $61.7 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
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation Of Revenue [Line Items]
Net revenue	$ 1,091,822	$ 626,647
Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	1,074,016	599,183
Other [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	17,806	27,464
Core Advertising (Local and National) [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	417,379	251,844
Core Advertising (Local and National) [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	417,379	251,844
Political Advertising [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	55,341	1,307
Political Advertising [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	55,341	1,307
Distribution Revenue [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	549,716	313,974
Distribution Revenue [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	549,716	313,974
Digital [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	56,440	52,835
Digital [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	40,326	25,386
Digital [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	16,114	27,449
Other [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	10,152	3,864
Other [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	8,460	3,849
Other [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	1,692	15
Trade Revenue [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	2,794	2,823
Trade Revenue [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	$ 2,794	$ 2,823

Condensed Consolidating Finan_3

Condensed Consolidating Financial Information - Additional Information (Details)	Mar. 31, 2020
5.625 % Due 2024 [Member]
Condensed Financial Statements Captions [Line Items]
Interest rate	5.625%
5.625 % Due 2027 [Member]
Condensed Financial Statements Captions [Line Items]
Interest rate	5.625%

Condensed Consolidating Finan_4

Condensed Consolidating Financial Information - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands		Mar. 31, 2020		Dec. 31, 2019		Mar. 31, 2019
Current assets:
Cash and cash equivalents		$ 434,067		$ 232,070
Restricted cash and cash equivalents		16,608		16,608
Accounts receivable		888,738		883,921
Spectrum asset		67,171		67,171
Other current assets		107,706		151,997
Total current assets		1,514,290		1,351,767
Property and equipment, net		1,546,873		1,290,428
Goodwill		2,879,748		2,996,875		$ 2,996,875
FCC licenses		2,832,457		2,921,465
Intangible assets, net		3,036,193		3,259,620
Other intangible assets, net		705,757		727,354
Investments		1,322,195		1,477,353
Assets held for sale		4,524		240,524
Other noncurrent assets		439,157		451,705
Total assets		13,575,437	[1]	13,989,737	[1]	$ 13,989,737
Current liabilities:
Current portion of debt		56,228		109,310
Accounts payable		138,952		157,366
Liability to surrender spectrum asset		77,962		77,962
Other current liabilities		642,856		602,919
Total current liabilities		915,998		947,557
Debt		7,990,635		8,383,278
Deferred tax liabilities		1,696,611		1,710,664
Other noncurrent liabilities		856,134		894,745
Total liabilities	[1]	11,459,378		11,936,244
Total Nexstar Media Group, Inc. stockholders’ equity (deficit)		2,093,146		2,031,497
Noncontrolling interests in consolidated variable interest entities		22,913		21,996
Total liabilities and stockholders’ equity		13,575,437		13,989,737
Eliminations [Member]
Current assets:
Amounts due from consolidated entities		(171,955)		(171,344)
Total current assets		(171,955)		(171,344)
Investments in subsidiaries		(1,645,047)		(1,499,898)
Amounts due from consolidated entities		(584,175)		(679,817)
Property and equipment, net		(75)		(75)
Other noncurrent assets		(10,892)		(11,739)
Total assets		(2,412,144)		(2,362,873)
Current liabilities:
Amounts due to consolidated entities		(171,955)		(171,344)
Total current liabilities		(171,955)		(171,344)
Amounts due to consolidated entities		(584,385)		(680,027)
Deferred tax liabilities		(10,892)		(11,739)
Total liabilities		(767,232)		(863,110)
Total Nexstar Media Group, Inc. stockholders’ equity (deficit)		(1,644,912)		(1,499,763)
Total liabilities and stockholders’ equity		(2,412,144)		(2,362,873)
Network affiliation agreements [Member]
Current assets:
Intangible assets, net		2,330,436		2,532,266
Nexstar [Member] | Reportable Legal Entities [Member]
Current assets:
Accounts receivable		1,001		997
Total current assets		1,001		997
Investments in subsidiaries		1,553,103		1,391,014
Amounts due from consolidated entities		584,175		679,817
Other noncurrent assets		1,687		55
Total assets		2,139,966		2,071,883
Current liabilities:
Other current liabilities		1,001		392
Total current liabilities		1,001		392
Total liabilities		1,001		392
Total Nexstar Media Group, Inc. stockholders’ equity (deficit)		2,138,965		2,071,491
Total liabilities and stockholders’ equity		2,139,966		2,071,883
Nexstar Broadcasting [Member] | Reportable Legal Entities [Member]
Current assets:
Cash and cash equivalents		417,914		208,223
Restricted cash and cash equivalents		16,608		16,608
Accounts receivable		831,807		826,868
Amounts due from consolidated entities		158,181		156,112
Spectrum asset		67,171		67,171
Other current assets		105,163		148,840
Total current assets		1,596,844		1,423,822
Investments in subsidiaries		91,944		108,884
Property and equipment, net		1,503,788		1,246,263
Goodwill		2,744,114		2,861,241
FCC licenses		2,693,975		2,782,983
Other intangible assets, net		703,560		724,247
Investments		1,322,195		1,477,353
Assets held for sale		4,524		240,524
Other noncurrent assets		374,009		382,785
Total assets		13,300,263		13,713,689
Current liabilities:
Current portion of debt		52,680		105,877
Accounts payable		135,597		142,377
Liability to surrender spectrum asset		77,962		77,962
Other current liabilities		607,933		565,943
Total current liabilities		874,172		892,159
Debt		7,750,219		8,142,088
Amounts due to consolidated entities		376,384		476,414
Deferred tax liabilities		1,684,955		1,699,774
Other noncurrent liabilities		834,084		869,292
Total liabilities		11,519,814		12,079,727
Total Nexstar Media Group, Inc. stockholders’ equity (deficit)		1,774,058		1,627,712
Noncontrolling interests in consolidated variable interest entities		6,391		6,250
Total liabilities and stockholders’ equity		13,300,263		13,713,689
Nexstar Broadcasting [Member] | Network affiliation agreements [Member] | Reportable Legal Entities [Member]
Current assets:
Intangible assets, net		2,265,310		2,465,587
Mission [Member] | Reportable Legal Entities [Member]
Current assets:
Cash and cash equivalents		4,926		8,686
Accounts receivable		14,023		13,705
Amounts due from consolidated entities		13,774		15,232
Other current assets		533		632
Total current assets		33,256		38,255
Property and equipment, net		22,608		22,722
Goodwill		33,187		33,187
FCC licenses		43,102		43,102
Other intangible assets, net		460		491
Other noncurrent assets		54,752		55,257
Total assets		198,317		204,315
Current liabilities:
Current portion of debt		2,285		2,285
Accounts payable		1,743		3,074
Other current liabilities		7,103		6,901
Total current liabilities		11,131		12,260
Debt		220,389		220,780
Deferred tax liabilities		11,787		11,753
Other noncurrent liabilities		9,259		9,804
Total liabilities		252,566		254,597
Total Nexstar Media Group, Inc. stockholders’ equity (deficit)		(54,249)		(50,282)
Total liabilities and stockholders’ equity		198,317		204,315
Mission [Member] | Network affiliation agreements [Member] | Reportable Legal Entities [Member]
Current assets:
Intangible assets, net		10,952		11,301
Non-Guarantors [Member] | Reportable Legal Entities [Member]
Current assets:
Cash and cash equivalents		11,227		15,161
Accounts receivable		41,907		42,351
Other current assets		2,010		2,525
Total current assets		55,144		60,037
Property and equipment, net		20,552		21,518
Goodwill		102,447		102,447
FCC licenses		95,380		95,380
Other intangible assets, net		1,737		2,616
Other noncurrent assets		19,601		25,347
Total assets		349,035		362,723
Current liabilities:
Current portion of debt		1,263		1,148
Accounts payable		1,612		11,915
Amounts due to consolidated entities		171,955		171,344
Other current liabilities		26,819		29,683
Total current liabilities		201,649		214,090
Debt		20,027		20,410
Amounts due to consolidated entities		208,001		203,613
Deferred tax liabilities		10,761		10,876
Other noncurrent liabilities		12,791		15,649
Total liabilities		453,229		464,638
Total Nexstar Media Group, Inc. stockholders’ equity (deficit)		(120,716)		(117,661)
Noncontrolling interests in consolidated variable interest entities		16,522		15,746
Total liabilities and stockholders’ equity		349,035		362,723
Non-Guarantors [Member] | Network affiliation agreements [Member] | Reportable Legal Entities [Member]
Current assets:
Intangible assets, net		$ 54,174		$ 55,378
[1]	The consolidated total assets as of March 31, 2020 and December 31, 2019 include certain assets held by consolidated VIEs of $330.4 million and $332.6 million, respectively, which are not available to be used to settle the obligations of Nexstar. The consolidated total liabilities as of March 31, 2020 and December 31, 2019 include certain liabilities of consolidated VIEs of $57.2 million and $61.7 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
	Mar. 31, 2020	Mar. 31, 2019
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net revenue	$ 1,091,822	$ 626,647
Operating expenses (income):
Direct operating expenses, excluding depreciation and amortization	445,059	292,863
Selling, general, and administrative expenses, excluding depreciation and amortization	218,384	142,360
Amortization of broadcast rights	37,208	14,362
Amortization of intangible assets	70,583	36,738
Depreciation	35,406	27,437
Reimbursement from the FCC related to station repack	(12,758)	(14,187)
Gain on disposal of stations and entities, net	(7,075)	(533)
Total operating expenses	786,807	499,573
Income from operations	305,015	127,074
Income (loss) from equity investment, net	14,158	(491)
Interest expense, net	(101,284)	(52,957)
Loss on extinguishment of debt	(7,477)	(1,698)
Pension and other postretirement plans credit, net	10,762	1,400
Other (expenses) income	864
Income before income taxes	222,038	73,328
Income tax benefit (expense)	(64,344)	(16,441)
Net income	157,694	56,887
Net (income) loss attributable to noncontrolling interests	(779)	(1,995)
Net income attributable to Nexstar Media Group, Inc.	156,915	54,892
Eliminations [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net revenue	(71,340)	(56,130)
Revenue between consolidated entities	(73,157)	(56,130)
Operating expenses (income):
Direct operating expenses, excluding depreciation and amortization		(1,867)
Selling, general, and administrative expenses, excluding depreciation and amortization	(29,221)	(15,675)
Local service agreement fees between consolidated entities	(42,119)	(38,588)
Total operating expenses	(71,340)	(56,130)
Equity in income of consolidated subsidiaries	(162,086)	(60,758)
Income before income taxes	(162,086)	(60,758)
Net income	(162,086)	(60,758)
Net income attributable to Nexstar Media Group, Inc.	(162,086)	(60,758)
Net Broadcast Revenue (Including Trade) [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net revenue	1,091,822	626,647
Net Broadcast Revenue (Including Trade) [Member] | Eliminations [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net revenue	1,817
Nexstar [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net revenue	12,737	8,418
Revenue between consolidated entities	12,737	8,418
Operating expenses (income):
Direct operating expenses, excluding depreciation and amortization	4
Selling, general, and administrative expenses, excluding depreciation and amortization	12,850	9,748
Total operating expenses	12,854	9,748
Income from operations	(117)	(1,330)
Other (expenses) income	(1,502)
Equity in income of consolidated subsidiaries	162,086	60,758
Income before income taxes	160,467	59,428
Income tax benefit (expense)	884	312
Net income	161,351	59,740
Net income attributable to Nexstar Media Group, Inc.	161,351	59,740
Nexstar Broadcasting [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net revenue	1,072,440	590,013
Revenue between consolidated entities	24,625	22,233
Operating expenses (income):
Direct operating expenses, excluding depreciation and amortization	392,383	240,195
Selling, general, and administrative expenses, excluding depreciation and amortization	229,974	137,269
Local service agreement fees between consolidated entities	19,311	16,354
Amortization of broadcast rights	36,350	13,351
Amortization of intangible assets	67,815	28,663
Depreciation	33,800	25,227
Reimbursement from the FCC related to station repack	(10,547)	(9,685)
Gain on disposal of stations and entities, net	(7,075)
Total operating expenses	762,011	451,374
Income from operations	310,429	138,639
Income (loss) from equity investment, net	14,166	(475)
Interest expense, net	(99,620)	(49,208)
Loss on extinguishment of debt	(7,477)	(1,698)
Pension and other postretirement plans credit, net	10,762	1,400
Other (expenses) income	2,366
Income before income taxes	230,626	88,658
Income tax benefit (expense)	(65,953)	(19,822)
Net income	164,673	68,836
Net income attributable to Nexstar Media Group, Inc.	164,673	68,836
Nexstar Broadcasting [Member] | Net Broadcast Revenue (Including Trade) [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net revenue	1,047,815	567,780
Mission [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net revenue	29,554	27,169
Revenue between consolidated entities	9,313	7,762
Operating expenses (income):
Direct operating expenses, excluding depreciation and amortization	13,600	12,036
Selling, general, and administrative expenses, excluding depreciation and amortization	1,567	991
Local service agreement fees between consolidated entities	16,033	14,575
Amortization of broadcast rights	372	383
Amortization of intangible assets	381	519
Depreciation	636	608
Reimbursement from the FCC related to station repack	(565)	(1,536)
Total operating expenses	32,024	27,576
Income from operations	(2,470)	(407)
Interest expense, net	(1,455)	(2,886)
Income before income taxes	(3,925)	(3,293)
Income tax benefit (expense)	(39)	835
Net income	(3,964)	(2,458)
Net income attributable to Nexstar Media Group, Inc.	(3,964)	(2,458)
Mission [Member] | Net Broadcast Revenue (Including Trade) [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net revenue	20,241	19,407
Non-Guarantors [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net revenue	48,431	57,177
Revenue between consolidated entities	26,482	17,717
Operating expenses (income):
Direct operating expenses, excluding depreciation and amortization	39,072	42,499
Selling, general, and administrative expenses, excluding depreciation and amortization	3,214	10,027
Local service agreement fees between consolidated entities	6,775	7,659
Amortization of broadcast rights	486	628
Amortization of intangible assets	2,387	7,556
Depreciation	970	1,602
Reimbursement from the FCC related to station repack	(1,646)	(2,966)
Total operating expenses	51,258	67,005
Income from operations	(2,827)	(9,828)
Income (loss) from equity investment, net	(8)	(16)
Interest expense, net	(209)	(863)
Income before income taxes	(3,044)	(10,707)
Income tax benefit (expense)	764	2,234
Net income	(2,280)	(8,473)
Net (income) loss attributable to noncontrolling interests	(779)	(1,995)
Net income attributable to Nexstar Media Group, Inc.	(3,059)	(10,468)
Non-Guarantors [Member] | Net Broadcast Revenue (Including Trade) [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net revenue	$ 21,949	$ 39,460

Condensed Consolidating Finan_6

Condensed Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]
Cash flows from operating activities	$ 415,118	$ 124,589
Cash flows from investing activities:
Payments for acquisitions, net of cash acquired	(63,000)
Proceeds from sale of stations	362,804
Purchases of property and equipment	(60,134)	(28,579)
Spectrum repack reimbursements from the FCC	12,758	14,187
Proceeds from disposals of property and equipment	430	588
Proceeds from resolution of acquired contingency	98,000
Other investing activities	171	639
Net cash provided by (used in) investing activities	351,029	(13,753)
Cash flows from financing activities:
Repayments of long-term debt	(457,328)	(91,805)
Payments for debt financing costs	(379)
Common stock dividends paid	(25,676)	(20,581)
Purchase of treasury stock	(72,587)
Cash paid for shares withheld for taxes	(6,483)	(9,276)
Payments for capital lease and capitalized software obligations	(1,792)	(732)
Proceeds from exercise of stock options	368	1,427
Purchase of noncontrolling interest from a consolidated variable interest entity		(6,393)
Other financing activities	(273)	(8,581)
Net cash used in financing activities	(564,150)	(127,360)
Net increase (decrease) in cash, cash equivalents and restricted cash	201,997	(16,524)
Cash, cash equivalents and restricted cash at beginning of period	248,678	145,115
Cash, cash equivalents and restricted cash at end of period	450,675	128,591
Nexstar [Member] | Reportable Legal Entities [Member]
Cash flows from financing activities:
Common stock dividends paid	(25,676)	(20,581)
Inter-company payments	104,378	28,430
Purchase of treasury stock	(72,587)
Cash paid for shares withheld for taxes	(6,483)
Proceeds from exercise of stock options	368
Other financing activities		(7,849)
Nexstar Broadcasting [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]
Cash flows from operating activities	421,262	124,410
Cash flows from investing activities:
Payments for acquisitions, net of cash acquired	(63,000)
Proceeds from sale of stations	362,804
Purchases of property and equipment	(57,230)	(24,586)
Spectrum repack reimbursements from the FCC	10,547	9,685
Proceeds from disposals of property and equipment	430
Proceeds from resolution of acquired contingency	98,000
Other investing activities	171	639
Net cash provided by (used in) investing activities	351,722	(14,262)
Cash flows from financing activities:
Repayments of long-term debt	(456,470)	(90,370)
Payments for debt financing costs	(379)
Inter-company payments	(104,378)	(28,430)
Payments for capital lease and capitalized software obligations	(1,792)
Purchase of noncontrolling interest from a consolidated variable interest entity		(6,393)
Other financing activities	(274)	(711)
Net cash used in financing activities	(563,293)	(125,904)
Net increase (decrease) in cash, cash equivalents and restricted cash	209,691	(15,756)
Cash, cash equivalents and restricted cash at beginning of period	224,831	105,665
Cash, cash equivalents and restricted cash at end of period	434,522	89,909
Mission [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]
Cash flows from operating activities	(3,124)	(5,289)
Cash flows from investing activities:
Purchases of property and equipment	(630)	(891)
Spectrum repack reimbursements from the FCC	565	1,536
Net cash provided by (used in) investing activities	(65)	645
Cash flows from financing activities:
Repayments of long-term debt	(571)	(571)
Net cash used in financing activities	(571)	(571)
Net increase (decrease) in cash, cash equivalents and restricted cash	(3,760)	(5,215)
Cash, cash equivalents and restricted cash at beginning of period	8,686	10,798
Cash, cash equivalents and restricted cash at end of period	4,926	5,583
Non-Guarantors [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]
Cash flows from operating activities	(3,020)	5,468
Cash flows from investing activities:
Purchases of property and equipment	(2,274)	(3,102)
Spectrum repack reimbursements from the FCC	1,646	2,966
Net cash provided by (used in) investing activities	(628)	(136)
Cash flows from financing activities:
Repayments of long-term debt	(287)	(864)
Other financing activities	1	(21)
Net cash used in financing activities	(286)	(885)
Net increase (decrease) in cash, cash equivalents and restricted cash	(3,934)	4,447
Cash, cash equivalents and restricted cash at beginning of period	15,161	28,652
Cash, cash equivalents and restricted cash at end of period	$ 11,227	$ 33,099

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - $ / shares	May 01, 2020	Mar. 31, 2020	Mar. 31, 2019
Subsequent Event [Line Items]
Dividends declared per common share		$ 0.56	$ 0.45
Class A Common Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends declared per common share	$ 0.56
Dividends, date declared	May 1, 2020
Dividends, date payable	May 29, 2020
Dividends, date of record	May 15, 2020