Nexstar Media (NXST) 10-Q 5 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 03, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
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		42,744,309
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, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents		$ 339,777	$ 152,701
Restricted cash and cash equivalents		16,608	16,608
Accounts receivable, net of allowance for doubtful accounts of $36,886 and $34,922, respectively		920,055	904,801
Prepaid expenses and other current assets		99,679	135,872
Total current assets		1,376,119	1,209,982
Property and equipment, net		1,600,909	1,604,881
Goodwill		2,982,507	2,984,008
FCC licenses		2,908,951	2,909,704
Intangible assets, net		2,867,282	2,939,201
Other intangible assets, net		664,606	688,918
Investments		1,185,541	1,333,778
Other noncurrent assets, net		426,240	422,722
Total assets	[1],[2]	13,347,549	13,404,276
Current liabilities:
Current portion of debt		24,804	21,429
Accounts payable		217,865	218,418
Broadcast rights payable		90,819	105,557
Accrued expenses		324,750	307,192
Other current liabilities		71,424	78,292
Total current liabilities		729,662	730,888
Debt		7,567,303	7,646,574
Deferred tax liabilities		1,673,207	1,674,008
Other noncurrent liabilities		786,369	815,930
Total liabilities	[1]	10,756,541	10,867,400
Commitments and contingencies (Note 14)
Stockholders' equity:
Preferred stock - $0.01 par value, 200,000 shares authorized; none issued and outstanding at each of March 31, 2021 and December 31, 2020
Additional paid-in capital		1,334,415	1,362,510
Accumulated other comprehensive income		34,510	34,510
Retained earnings		1,658,573	1,488,031
Treasury stock - at cost; 4,374,128 and 4,034,635 shares as of March 31, 2021 and December 31, 2020, respectively		(453,769)	(367,132)
Total Nexstar Media Group, Inc. stockholders’ equity		2,574,202	2,518,392
Noncontrolling interests		16,806	18,484
Total stockholders' equity		2,591,008	2,536,876
Total liabilities and stockholders' equity		13,347,549	13,404,276
Network affiliation agreements [Member]
Current assets:
Intangible assets, net		2,202,676	2,250,283
Class A Common Stock [Member]
Stockholders' equity:
Common stock		473	473
Total stockholders' equity		$ 473	$ 473
[1]	The condensed consolidated total assets as of March 31, 2021 and December 31, 2020 include certain assets held by consolidated VIEs of $321.3 million and $323.2 million, respectively, which are not available to be used to settle the obligations of Nexstar. The condensed consolidated total liabilities as of March 31, 2021 and December 31, 2020 include certain liabilities of consolidated VIEs of $148.3 million and $142.6 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information.
[2]	While the Company's investment in TV Food Network ($ billion at March 31, 202 1 and $ billion at December 31, 20 20 ) has not been allocated to a Company reporting unit or operating segment, such asset has been included in the Company's disclosure of Broadcast segment assets given the similar nature of the investment to that segment. For additional information on equity investments, see Note 5 .

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Current assets:
Accounts receivable, allowance for doubtful accounts		$ 36,886	$ 34,922
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		4,374,128	4,034,635
ASSETS
Total assets	[1],[2]	$ 13,347,549	$ 13,404,276
LIABILITIES AND STOCKHOLDERS' EQUITY
Total liabilities	[1]	10,756,541	10,867,400
Non Guarantor VIEs [Member]
ASSETS
Total assets		321,255	323,193
LIABILITIES AND STOCKHOLDERS' EQUITY
Total liabilities		$ 148,264	$ 142,589
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		42,917,335	43,256,828
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 condensed consolidated total assets as of March 31, 2021 and December 31, 2020 include certain assets held by consolidated VIEs of $321.3 million and $323.2 million, respectively, which are not available to be used to settle the obligations of Nexstar. The condensed consolidated total liabilities as of March 31, 2021 and December 31, 2020 include certain liabilities of consolidated VIEs of $148.3 million and $142.6 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information.
[2]	While the Company's investment in TV Food Network ($ billion at March 31, 202 1 and $ billion at December 31, 20 20 ) has not been allocated to a Company reporting unit or operating segment, such asset has been included in the Company's disclosure of Broadcast segment assets given the similar nature of the investment to that segment. For additional information on equity investments, see Note 5 .

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues [Abstract]
Net revenue	$ 1,113,931	$ 1,091,822
Operating expenses (income):
Direct operating expenses, excluding depreciation and amortization	449,392	445,059
Selling, general and administrative expenses, excluding depreciation and amortization	243,437	218,384
Amortization of broadcast rights	30,883	37,208
Amortization of intangible assets	73,687	70,583
Depreciation	39,468	35,406
Reimbursement from the FCC related to station repack	(5,415)	(12,758)
Gain on disposal of stations and business units, net	(2,441)	(7,075)
Total operating expenses	829,011	786,807
Income from operations	284,920	305,015
Income on equity investments, net	29,808	14,158
Interest expense, net	(72,054)	(101,284)
Loss on extinguishment of debt	(989)	(7,477)
Pension and other postretirement plans credit, net	17,657	10,762
Other (expenses) income, net	(423)	864
Income before income taxes	258,919	222,038
Income tax expense	(59,729)	(64,344)
Net income	199,190	157,694
Net loss (income) attributable to noncontrolling interests	1,717	(779)
Net income attributable to Nexstar Media Group, Inc.	$ 200,907	$ 156,915
Net income per common share attributable to Nexstar Media Group, Inc.:
Basic	$ 4.64	$ 3.43
Diluted	$ 4.42	$ 3.30
Weighted average number of common shares outstanding:
Basic	43,297	45,702
Diluted	45,421	47,615

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS 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 (Loss) [Member]	Treasury Stock [Member]	Treasury Stock [Member]Class A Common Stock [Member]	Noncontrolling interests [Member]
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
Purchase of treasury stock	(72,587)					$ (72,587)
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 (loss)	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
Balance at Dec. 31, 2020	$ 2,536,876	$ 473	1,362,510	1,488,031	34,510	$ (367,132)		18,484
Balance, Shares at Dec. 31, 2020		47,291,463
Balance, Shares at Dec. 31, 2020	(4,034,635)					4,034,635
Purchase of treasury stock	$ (121,011)					$ (121,011)	$ (121,000)
Purchase of treasury stock, shares						(808,530)
Stock-based compensation expense	11,603		11,603
Vesting of restricted stock units and exercise of stock options	(5,324)		(39,698)			$ 34,374
Vesting of restricted stock units and exercise of stock options, shares						469,037
Common stock dividends declared	(30,365)			(30,365)
Contribution from a noncontrolling interest	39							39
Net income (loss)	199,190			200,907				(1,717)
Balance at Mar. 31, 2021	$ 2,591,008	$ 473	$ 1,334,415	$ 1,658,573	$ 34,510	$ (453,769)		$ 16,806
Balance, Shares at Mar. 31, 2021		47,291,463
Balance, Shares at Mar. 31, 2021	(4,374,128)					4,374,128

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Stockholders Equity [Abstract]
Common stock dividends declared (per share)	$ 0.70	$ 0.56

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 199,190	$ 157,694
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	73,687	70,583
Amortization of broadcast rights	30,883	37,208
Depreciation of property and equipment	39,468	35,406
Stock-based compensation expense	11,603	10,685
Provision for bad debt	1,067	1,818
Amortization of debt financing costs, debt discounts and premium	3,694	4,636
Loss on extinguishment of debt	989	7,477
Deferred income taxes	(2,390)	(13,011)
Gain on disposal of stations and business units, net	(2,441)	(7,075)
Spectrum repack reimbursements	(5,415)	(12,758)
Payments for broadcast rights	(45,564)	(51,783)
Income on equity investments, net	(29,808)	(14,158)
Distribution from equity investments - return on capital	177,705	170,400
Other operating activities, net	1,687	(618)
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable	(16,466)	(7,268)
Prepaid expenses and other current assets	162	(1,834)
Other noncurrent assets	(1,515)	214
Accounts payable	(1,835)	(18,324)
Accrued expenses and other current liabilities	(29,834)	(10,102)
Income tax payable	62,924	74,750
Other noncurrent liabilities	(19,536)	(18,822)
Net cash provided by operating activities	448,255	415,118
Cash flows from investing activities:
Purchases of property and equipment	(32,103)	(60,134)
Payments for acquisitions, net of cash acquired		(63,000)
Proceeds from sale of stations and entities	2,500	362,804
Proceeds from resolution of acquired contingency		98,000
Spectrum repack reimbursements from the FCC	5,415	12,758
Other investing activities, net	1,381	601
Net cash provided by (used in) investing activities	(22,807)	351,029
Cash flows from financing activities:
Repayments of long-term debt	(80,357)	(457,328)
Purchase of treasury stock	(121,011)	(72,587)
Common stock dividends paid	(30,365)	(25,676)
Payments for finance lease and capitalized software obligations	(1,354)	(1,792)
Cash paid for shares withheld for taxes	(8,122)	(6,483)
Proceeds from exercise of stock options	2,798	368
Other financing activities, net	39	(652)
Net cash used in financing activities	(238,372)	(564,150)
Net increase in cash, cash equivalents and restricted cash	187,076	201,997
Cash, cash equivalents and restricted cash at beginning of period	169,309	248,678
Cash, cash equivalents and restricted cash at end of period	356,385	450,675
Supplemental information:
Interest paid	82,106	125,516
Income taxes paid, net of refunds	5,511	2,110
Non-cash investing and financing activities:
Accrued purchases of property and equipment	10,642	28,024
Noncash purchases of property and equipment	402
Right-of-use assets obtained in exchange for operating lease obligations	$ 12,525	$ 15,977

Organization and Business Opera

Organization and Business Operations	3 Months Ended
	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Business Operations	Note 1: Organization and Business Operations As used in this Quarterly Report on Form 10-Q, “Nexstar” refers to Nexstar Media Group, Inc., a Delaware corporation, and its consolidated wholly owned subsidiary, Nexstar Media Inc., a Delaware corporation; the “Company” refers to Nexstar and the variable interest entities (“VIEs”) required to be consolidated in our financial statements; and all references to “we,” “our,” “ours,” and “us” refer to Nexstar. Nexstar is a television broadcasting and digital media company focused on the acquisition, development and operation of television stations, interactive community websites and digital media services.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
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 we are the primary beneficiary (See “Variable Interest Entities” section below). Noncontrolling interests represent the VIE owners’ share of the equity in the consolidated VIEs and are presented as a component separate from Nexstar’s 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. 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”). In December 2020, the U.S. Food and Drug Administration issued emergency use authorizations of two vaccines for the prevention of COVID-19, with a third one approved in February 2021. COVID-19 has created and may continue to create significant uncertainty in global financial markets, which may reduce demand for the Company’s advertising, retransmission, and digital services, impact the productivity of its workforce, reduce its access to capital, and harm its business and results of operations. During the first quarter of 2021, the Company continued to be profitable and continued to generate positive cash flows from its operations, its current year to date financial results were higher than the comparable prior year, and its market capitalization continued to increase and exceed the carrying amount of its equity by a substantial amount. These favorable financial results are primarily attributable to the Company’s acquisitions of BestReviews, station WPIX and other stations in 2020 and the continuing signs of recovery from the effects of the COVID-19 pandemic, driven by the mass distribution of COVID-19 vaccines throughout the United States and the U.S. government’s stimulus programs. Overall, the ongoing COVID-19 pandemic did not have a material impact on the Company’s liquidity during the first quarter of 2021 . As of March 31, 2021, the Company’s unrestricted cash on hand amounted to $339.8 million and the Company had a positive working capital of $646.5 million, both increased from the December 31, 2020 levels of $152.7 million and $479.1 million, respectively. As of March 31, 2021, the Company was also 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 $94.7 million and $3.0 million under the respective amended Nexstar and Mission Broadcasting, Inc. (“Mission”) 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. Interim Financial Statements The Condensed Consolidated Financial Statements as of March 31, 2021 and for the three months ended March 31, 2021 and 2020 are unaudited. However, in the opinion of management, such financial statements include all adjustments (consisting solely of normal recurring adjustments) necessary for the fair statement of the financial information included herein in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the period. Results of operations for interim periods are not necessarily indicative of results for the full year. Estimates are used for, but are not limited to, allowance for doubtful accounts, valuation of assets acquired and liabilities assumed in business combinations, distribution revenue recognized, income taxes, the recoverability of goodwill, FCC licenses and long-lived assets, the recoverability of investments, the recoverability of broadcast rights and the useful lives of property and equipment and intangible assets. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related Notes included in Nexstar’s Annual Report on Form 10-K for the year ended December 31, 2020. The balance sheet as of December 31, 2020 has been derived from the audited financial statements as of that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Variable Interest Entities Nexstar may determine that an entity is a VIE as a result of local service agreements entered into with that entity. The term local service agreement generally refers to a contract 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 of and responsibility for the operation of its station, including ultimate responsibility over all programming broadcast on its station. A local service agreement can be (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 it 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 guarantee of the obligations incurred under Mission’s senior secured credit facility (see Note 8), (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 these VIEs’ stations (except for Mission’s full power television stations KMSS, KPEJ and KLJB), subject to FCC consent. The following table summarizes the various local service agreements Nexstar had in effect as of March 31, 2021 with its consolidated VIEs: Owner Service Agreements Full Power Stations Mission TBA Only SSA & JSA SSA Only WFXP, KHMT, KFQX and WPIX KJTL, KLRT, KASN, KOLR, KCIT, KAMC, KRBC, KSAN, WUTR, WAWV, WYOU, KODE, WTVO, KTVE, WTVW, WVNY, WXXA and WLAJ KMSS, KPEJ, KLJB, KWBQ, KASY and KRWB White Knight Broadcasting SSA & JSA WVLA, KFXK and KSHV Vaughan Media, LLC (“Vaughan”) SSA & JSA WBDT, WYTV and KTKA LMA Only KNVA WNAC, LLC LMA Only WNAC Nexstar’s ability to receive cash from Mission and the other consolidated VIEs is governed by the local service agreements. Under these agreements, Nexstar has received substantially all of the consolidated VIEs’ available cash, after satisfaction of operating costs and debt obligations. Nexstar anticipates it will continue to receive substantially all of the consolidated VIEs’ available cash, after satisfaction of operating costs and debt obligations. In compliance with FCC regulations for all the parties, each VIE maintains complete responsibility for and control over programming, finances, personnel and operations of its stations. The carrying amounts and classification of the assets and liabilities, excluding intercompany amounts, of the VIEs which have been included in the Condensed Consolidated Balance Sheets were as follows (in thousands): March 31, 2021 December 31, 2020 Current assets: Cash and cash equivalents $ 12,929 $ 9,066 Accounts receivable, net 22,792 19,800 Prepaid expenses and other current assets 5,745 6,726 Total current assets 41,466 35,592 Property and equipment, net 63,399 61,938 Goodwill 152,058 153,704 FCC licenses 203,967 204,720 Network affiliation agreements, net 91,182 93,466 Other intangible assets, net 613 748 Other noncurrent assets, net 81,481 78,580 Total assets $ 634,166 $ 628,748 Current liabilities: Interest payable $ 460 $ 495 Other current liabilities 31,694 30,335 Total current liabilities 32,154 30,830 Debt 327,000 327,000 Deferred tax liabilities 29,683 29,433 Other noncurrent liabilities 86,887 82,821 Total liabilities $ 475,724 $ 470,084 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, 2021 December 31, 2020 Current assets $ 4,496 $ 4,402 Property and equipment, net 15,839 16,137 Goodwill 63,795 63,795 FCC licenses 203,967 204,720 Network affiliation agreements, net 30,797 31,571 Other noncurrent assets, net 2,361 2,568 Total assets $ 321,255 $ 323,193 Current liabilities $ 31,694 $ 30,335 Noncurrent liabilities 116,570 112,254 Total liabilities $ 148,264 $ 142,589 Nexstar has an outsourcing agreement with Cunningham Broadcasting Corporation (“Cunningham”), which continues through December 31, 2021. 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 outsourcing agreement for WYZZ, Nexstar pays for certain operating expenses, and therefore may have unlimited exposure to any potential operating losses. Nexstar’s management believes that Nexstar’s minimum exposure to loss under the WYZZ 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. Income Per Share Basic income per share is computed by dividing the net income attributable to Nexstar by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed using the weighted-average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares are calculated using the treasury stock method. They consist of stock options and restricted stock units outstanding during the period and reflect the potential dilution that could occur if common shares were issued upon exercise of stock options and vesting of restricted stock units. The following table shows the amounts used in computing Nexstar’s diluted shares (in thousands): Three Months Ended March 31, 2021 2020 Weighted average shares outstanding - basic 43,297 45,702 Dilutive effect of equity incentive plan instruments 2,124 1,913 Weighted average shares outstanding - diluted 45,421 47,615 During the three months ended March 31, 2021 and 2020, there were no stock options and restricted stock units that were 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 On May 21, 2020, the SEC issued Final Rule Release No. 33-10786, “Amendments to Financial Disclosures about Acquired and Disposed Businesses” (“SEC Rule 33-10786”), which amends the 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. In December 2019, the FASB issued ASU 2019-12, “ Income taxes (Topic 740)—Simplifying the accounting for income taxes” (“ASU 2019-12”), New Accounting Standards Not Yet Adopted On November 19, 2020, the SEC issued Final Rule Release 33-10890, “ Management’s Discussion and Analysis, Selected Financial Data, and Supplementary Financial Information” (“SEC Rule 33-10890”), which amends certain sections of Regulation S-K In March 2020, FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848)” (“ASU 2020-04”) , which

Acquisitions and Dispositions

Acquisitions and Dispositions	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Acquisitions and Dispositions	Note 3: Acquisitions and Dispositions During the three months ended March 31, 2021, there were no acquisitions and no significant dispositions. There were also no significant measurement period adjustments in 2021 related to acquisitions completed in 2020 (See Note 4). 2020 Acquisitions On January 27, 2020, Nexstar acquired from Sinclair Broadcast Group, Inc. (“Sinclair”) certain non-license assets associated with television station KGBT-TV in the Harlingen-Weslaco-Brownsville-McAllen, Texas market for $17.9 million in cash funded by cash on hand. On March 2, 2020, Nexstar acquired the Fox affiliate television station WJZY and the MNTV affiliate television station WMYT in the Charlotte, NC market from Fox Television Stations, LLC (“Fox”), a Delaware limited liability company, for $45.3 million in cash. . The fair values of the assets acquired and liabilities assumed associated with the above acquisitions in the first quarter of 2020 are as follows (in thousands): Assets acquired Prepaid expenses and other current assets $ 261 Broadcast rights 3,693 Property and equipment 18,806 FCC licenses 15,917 Network affiliation agreements 18,479 Goodwill 4,340 Other intangible assets 5,458 Other noncurrent assets 95 Total assets acquired 67,049 Less: Broadcast rights payable (3,691 ) Accrued expenses and other current liabilities (144 ) Total asset acquired $ 63,214 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 10 years. The stations’ combined net revenue of $ 7.7 million and operating income of $ 4.0 million from the respective 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 given that these acquisitions are not significant pursuant to Rule 1-02 of Regulation S-K and that the Company believes that the impact of the historical financials for financial reporting purposes, both individually and in aggregate, on the Company’s revenue, operating income, net income, and earnings per share is not material. 2020 Dispositions On January 14, 2020, Nexstar 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). On March 2, 2020, Nexstar completed the sale of Fox affiliate television station KCPQ and MNTV 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. The proceeds from the sale of the stations were partially used to prepay a portion of Nexstar’s term loans (see Note 8). Nexstar recognized a $7.1 million net gain from disposal of these stations and business . The net gain that resulted from these divestitures was recorded in the Gain on disposal of stations and entities, net in the accompanying Condensed Consolidated Statements of Operations for the three months ended March 31, 2020.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 useful life, Accumulated Accumulated in years Gross Amortization Net Gross Amortization Net Network affiliation agreements 15 $ 3,125,147 $ (922,471 ) $ 2,202,676 $ 3,125,320 $ (875,037 ) $ 2,250,283 Other definite-lived intangible assets 1-20 968,000 (303,394 ) 664,606 1,012,797 (323,879 ) 688,918 Other intangible assets $ 4,093,147 $ (1,225,865 ) $ 2,867,282 $ 4,138,117 $ (1,198,916 ) $ 2,939,201 The following table presents the Company’s estimate of amortization expense for the remainder of 2021, each of the five succeeding years ended December 31 and thereafter for definite-lived intangible assets as of March 31, 2021 (in thousands): Remainder of 2021 $ 217,413 2022 283,663 2023 281,008 2024 279,842 2025 275,710 Thereafter 1,529,646 $ 2,867,282 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, 2020 $ 3,116,302 $ (132,294 ) $ 2,984,008 $ 2,957,114 $ (47,410 ) $ 2,909,704 Current year divestitures (42,475 ) 42,475 - - - - Measurement period adjustments (1,501 ) - (1,501 ) (753 ) - (753 ) Balances as of March 31, 2021 $ 3,072,326 $ (89,819 ) $ 2,982,507 $ 2,956,361 $ (47,410 ) $ 2,908,951 In January 2021, Nexstar sold certain of its digital businesses’ assets for a nominal price. As such, the gross amount of goodwill of $42.5 million and related accumulated impairment for the same amount were written off. The resulting gain from this disposition was not material. During the first quarter of 2021, the Company evaluated the ongoing impact of the COVID-19 pandemic and whether a change in facts and circumstances occurred and triggered an impairment event 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, 2021, no impairment triggering events had occurred on these assets mainly because as of this date, the Company continued to be profitable and continued to generate positive cash flows from its operations, its current year to date financial results were higher than the comparable prior year, and its market capitalization continued to increase and exceed the carrying amount of its equity by a substantial amount. These favorable financial results are primarily attributable to the Company’s acquisitions of BestReviews, station WPIX and other stations in 2020 and the continuing signs of recovery from the effects of the COVID-19 pandemic, driven by the mass distribution of COVID-19 vaccines throughout the United States and the U.S. government’s stimulus programs

Investments

Investments	3 Months Ended
	Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]
Investments	Note 5: Investments The Company’s investments and their book value balances consisted of the following (in thousands): March 31, 2021 December 31, 2020 Equity method investments $ 1,173,478 $ 1,321,715 Other equity investments 12,063 12,063 Total investments $ 1,185,541 $ 1,333,778 Equity Method Investments In the first quarter of 2021, the Company received cash distributions from its equity method investments, primarily from its investment in TV Food Network, as discussed below. During the three months ended March 31, 2021, the income (loss) on equity method investments, net reported in the Company’s unaudited Condensed Consolidated Statements of Operations consisted of the following (in thousands): Three Months Ended March 31, 2021 2020 Income on equity investments, net, before amortization of basis difference $ 66,747 $ 51,097 Amortization of basis difference (36,939 ) (36,939 ) Income on equity investments, net $ 29,808 $ 14,158 At acquisition date, the Company measured its estimated share of the differences between the estimated fair values and carrying values (the “basis difference”) of the investees’ tangible assets and amortizable intangible assets had the fair value of the investments been allocated to the identifiable assets of the investees in accordance with ASC Topic 805 “Business Combinations.” Additionally, the Company measured its estimated share of the basis difference attributable to investees’ goodwill. The Company amortizes its share of the basis differences attributable to tangible assets and intangible long-lived assets of investees, including TV Food Network, and records the amortization (the “amortization of basis difference”) as a reduction of income on equity investments, net in the accompanying Condensed Consolidated Statements of Operations. The Company’s share in these basis differences and related amortization is primarily attributable to its investment in TV Food Network (discussed in more detail below). Investment in TV Food Network Nexstar acquired its 31.3% equity investment in TV Food Network through its acquisition of Tribune Media Company (“Tribune”) on September 19, 2019. Nexstar’s partner in TV Food Network is Discovery, Inc. (“Discovery”), which owns a 68.7% interest in TV Food Network and operates the network on behalf of the partnership. 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, 2022. Nexstar intends to renew its partnership agreement with Discovery for TV Food Network before expiration. In the event of a liquidation, Nexstar would be entitled to its proportionate share of distributions to partners, which the partnership agreement provides would occur as promptly as is consistent with obtaining fair market value for the assets of TV Food Network. The partnership agreement also provides that the partnership may be continued or reconstituted in certain circumstances. As of March 31, 2021, Nexstar’s investment in TV Food Network had a book value of $1.155 billion, compared to the $1.302 billion as of December 31, 2020. As of March 31, 2021, Nexstar had a remaining share in amortizable basis difference of $630.6 million related to its investment in TV Food Network. This amortizable basis difference had a weighted average useful life of approximately 5.3 years as of this date. As of December 31, 2020, Nexstar had a remaining share in amortizable basis difference of $667.6 million related to its investment in TV Food Network. During 2021, there was no change in Nexstar’s share in the basis difference related to the investee’s goodwill. During the three months ended March 31, 2021, the Company received cash distributions from TV Food Network of $177.7 million, recognized income on equity of this investment of $67.5 million, and recorded amortization of basis difference (expense) related to this investment of $36.8 million. Summarized financial information for TV Food Network is as follows (in thousands): Three Months Ended March 31, 2021 2020 Net revenue $ 332,633 $ 320,347 Costs and expenses 119,578 158,635 Income from operations 213,055 161,713 Net income 215,540 165,428 Net income attributable to Nexstar Media Group, Inc. 67,451 51,769 During the first quarter of 2021, the Company evaluated its equity method investments for other-than-temporary impairment (“OTTI”) due to the ongoing impact of the COVID-19 pandemic. Based on the results of the review, the Company determined that there were no negative facts associated with OTTI as of March 31, 2021. 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 future periods to determine if an OTTI has occurred.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2021
Payables And Accruals [Abstract]
Accrued Expenses	Note 6: Accrued Expenses Accrued expenses consisted of the following (in thousands): March 31, 2021 December 31, 2020 Compensation and related taxes $ 74,955 $ 104,133 Interest payable 54,138 67,885 Network affiliation fees 52,680 34,948 Other 142,977 100,226 $ 324,750 $ 307,192

Retirement and Postretirement P

Retirement and Postretirement Plans	3 Months Ended
	Mar. 31, 2021
Compensation And Retirement Disclosure [Abstract]
Retirement and Postretirement Plans	Note 7: Retirement and Postretirement Plans On January 17, 2017, Nexstar assumed Media General, Inc.’s (“Media General”) 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 qualified and non-contributory defined benefit retirement plans which cover certain of Tribune’s employees and former employees. These retirement plans are frozen in terms of pay and service, except for a small plan representing 2% of the total Tribune projected benefit obligations. 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 tables provide the components of net periodic benefit cost (credit) for Nexstar’s pension and other postretirement benefit plans (“OPEB”) (in thousands): Media General Pension Benefit Plans OPEB Three Months Ended Three Months Ended March 31, March 31, 2021 2020 2021 2020 Service cost $ - $ - $ 3 $ 5 Interest cost 1,850 2,925 80 138 Expected return on plan assets (4,450 ) (4,925 ) - - Amortization of prior service costs 275 - (13 ) (13 ) Amortization of net (gain) loss - - 103 43 Net periodic benefit cost (credit) $ (2,325 ) $ (2,000 ) $ 173 $ 173 Tribune Pension Benefit Plans OPEB Three Months Ended Three Months Ended March 31, March 31, 2021 2020 2021 2020 Service cost $ 307 $ 248 $ - $ - Interest cost 8,061 13,374 12 33 Expected return on plan assets (23,578 ) (22,341 ) - - Settlement gain recognized 42 - - - Net periodic benefit cost (credit) $ (15,168 ) $ (8,719 ) $ 12 $ 33 On March 11, 2021, the American Rescue Plan Act of 2021 (“ARPA”) was signed into law. The ARPA includes changes to the employer funding requirements for single-employer pension plans and is designed to reduce the amounts of required contributions as a relief. The ARPA also includes multi-employer pension plan funding relief but had no significant impact to us. The two key aspects of the ARPA funding relief for single-employer plans are (i) the extended amortization and “fresh start” of funding shortfalls and (ii) the extended funding interest rate stabilization. Nexstar has no funding shortfalls to amortize but utilized the extended funding interest rate stabilization on its pension benefit plans. This relief increased Nexstar’s funding target attainment to above 100%. As such, Nexstar is currently not required to make contributions to its qualified pension benefit plans in 2021. During the three months ended March 31, 2020, the Company contributed $5.7 million 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. While the Company continues to monitor the performance of the pension plans’ assets, the fluctuations resulting from the COVID-19 pandemic have not materially impacted the Company’s financial position or liquidity. To the extent that there is any 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, 2021
Debt Disclosure [Abstract]
Debt	Note 8: Debt Long-term debt consisted of the following (in thousands): March 31, 2021 December 31, 2020 Nexstar Term Loan A, due October 26, 2023 $ 485,400 $ 485,400 Team Loan A, due September 19, 2024 620,493 625,850 Term Loan B, due January 17, 2024 799,992 874,992 Term Loan B, due September 18, 2026 2,644,315 2,644,315 5.625% 1,785,000 1,785,000 4.75% 1,000,000 1,000,000 Mission Revolving loans, due October 26, 2023 327,000 327,000 Total outstanding principal 7,662,200 7,742,557 Less: unamortized financing costs and discount - Nexstar Term Loan A due 2023 (1,454 ) (1,584 ) Less: unamortized financing costs and discount - Nexstar Term Loan A due 2024 (6,599 ) (7,102 ) Less: unamortized financing costs and discount - Nexstar Term Loan B due 2024 (10,240 ) (12,136 ) Less: unamortized financing costs and discount - Nexstar Term Loan B due 2026 (48,760 ) (50,644 ) Add: unamortized premium, net of financing costs - Nexstar 5.625% Notes due 2027 5,805 5,997 Less: unamortized financing costs and discount - Nexstar 4.75% Notes due 2028 (8,845 ) (9,085 ) Total outstanding debt 7,592,107 7,668,003 Less: current portion (24,804 ) (21,429 ) Long-term debt, net of current portion $ 7,567,303 $ 7,646,574 2021 Transactions During the three months ended March 31, 2021, Nexstar prepaid a total of $75.0 million in principal balance under its Term Loan B due 2024, funded by cash on hand, and the Company also repaid scheduled principal maturities of $5.4 million of its Term Loan A due 2024, funded by cash on hand. Unused Commitments and Borrowing Availability The Company had $94.7 million and $3.0 million of unused revolving loan commitments under the respective Nexstar and Mission senior secured credit facilities, all of which were available for borrowing, based on the covenant calculations as of March 31, 2021. 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, 2021, 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 senior secured credit facility in the event of its default. Mission is a guarantor of Nexstar’s senior secured credit facility, Nexstar’s 5.625% Notes due 2027 and Nexstar’s 4.750% Notes due 2028. In consideration of Nexstar’s guarantee of the Mission senior secured credit facility, Mission has granted Nexstar purchase options, exclusive of stations KMSS, KPEJ and KLJB, 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 amended credit agreement does not contain financial covenant ratio requirements but does provide for default in the event Nexstar does not comply with all covenants contained in its credit agreement. As of March 31, 2021, Nexstar was in compliance with its financial covenants.

Leases

Leases	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Leases	Note 9: Leases The Company as a Lessee The Company has operating and finance leases for office space, vehicles, tower facilities, antenna sites, studios and other real estate properties and equipment. The Company’s leases have remaining lease terms of one month to 93 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, 2021 were not material and are excluded. Supplemental balance sheet information related to leases was as follows (in thousands, except lease term and discount rate): Balance Sheet Classification March 31, 2021 December 31, 2020 Operating leases Operating lease right-of-use assets, net Other noncurrent assets, net $ 285,156 $ 282,834 Current lease liabilities Other current liabilities $ 35,842 $ 35,850 Noncurrent lease liabilities Other noncurrent liabilities $ 237,915 $ 234,208 Finance leases Finance lease right-of-use assets, net of accumulated depreciation of $3,528 as of March 31, 2021 and $3,349 as of December 31, 2020 Property, plant and equipment, net $ 7,462 $ 7,641 Current lease liabilities Other current liabilities $ 1,000 $ 1,003 Noncurrent lease liabilities Other noncurrent liabilities $ 13,922 $ 14,172 Weighted Average Remaining Lease Term Operating leases 8.6 years 8.7 years Finance leases 10.5 years 10.7 years Weighted Average Discount Rate Operating leases 5.3 % 5.4 % Finance leases 5.7 % 5.7 % Operating lease expense for the three months ended March 31, 2021 was $13.7 million, of which $6.4 million and $7.3 million were included in Direct operating and Selling, general and administrative expenses, respectively, excluding depreciation and amortization, in the accompanying Condensed Consolidated Statements of Operations. Operating lease expense for the three months ended March 31, 2020 was $12.2 million, of which $6.2 million and $6.0 million were included in Direct operating and Selling, general and administrative expenses, respectively, excluding depreciation and amortization, in the accompanying Condensed Consolidated Statements of Operations. Supplemental cash flow information related to leases was as follows (in thousands): Three Months Ended March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 12,344 $ 12,244 Operating cash flows from finance leases 215 228 Financing cash flows from finance leases 251 215 Future minimum lease payments under non-cancellable leases as of March 31, 2020 were as follows (in thousands): Operating Leases Finance Leases Remainder of 2021 $ 35,868 $ 1,377 2022 49,630 1,803 2023 47,306 1,818 2024 44,366 1,833 2025 31,752 1,879 Thereafter 143,358 11,482 Total future minimum lease payments 352,280 20,192 Less: imputed interest (78,523 ) (5,270 ) Total $ 273,757 $ 14,922 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 such, the Company has applied the practical expedient to combine lease and non-lease components in its arrangements as lessor.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 10: 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, accounts payable, and accrued expenses approximate fair value due to their short-term nature. 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, 2021 December 31, 2020 Carrying Fair Carrying Fair Amount Value Amount Value Nexstar Term Loan A due 2023 (1) $ 483,946 $ 481,392 $ 483,816 $ 480,373 Team Loan A due 2024 (1) 613,894 614,315 618,748 619,619 Term Loan B due 2024 (1) 789,752 794,616 862,856 865,311 Term Loan B due 2026 (1) 2,595,555 2,584,577 2,593,671 2,601,619 5.625% Notes due 2027 (2) 1,790,805 1,872,019 1,790,997 1,912,181 4.75% Notes due 2028 (2) 991,155 1,002,500 990,915 1,040,000 Mission Revolving loans due 2023 (1) 327,000 324,418 327,000 323,517 (1) (2) During the three months ended March 31, 2021, 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 5 for additional information.

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Common Stock	Note 11: Common Stock On September 1, 2020, Nexstar’s Board of Directors approved an additional $300 million in Nexstar’s share repurchase authorization to repurchase its Class A common stock. On January 27, 2021, Nexstar’s Board of Directors also approved a new share repurchase program authorizing the Company to repurchase up to $1.0 billion of its Class A common stock. The new $1.0 billion share repurchase program increased the Company’s existing share repurchase authorization to a total capacity of $1.175 billion 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, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income tax expense was $59.7 million for the three months ended March 31, 2021 compared to $64.3 million for the same period in 2020. The effective tax rates, which decreased in the current year, were 23.1% and 29.0% for each of the respective periods. In 2020, Nexstar recorded an income tax expense of $8.1 million attributable to nondeductible goodwill written off as a result of the sale of stations to Fox, or a 3.7% decrease to the effective tax rate in 2021. Additionally, certain state contingency reserves decreased as a result of audit settlements. This resulted in a decrease to income tax expense of $6.5 million in 2021, or a 2.5% decrease to the effective tax rate in 2021. 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 ongoing impact of the COVID-19 pandemic, could result in significant adjustments to quarterly income tax expense in future periods. The Company also considered the ongoing impact of COVID-19 in its ability to realize deferred tax assets in the future and determined that such conditions did not change its overall valuation allowance positions.

FCC Regulatory Matters

FCC Regulatory Matters	3 Months Ended
	Mar. 31, 2021
Risks And Uncertainties [Abstract]
FCC Regulatory Matters	Note 13: 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. 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. The Supreme Court granted certiorari on October 2, 2020. On April 1, 2021, the Supreme Court reversed the Third Circuit’s decision. The effect of the Supreme Court’s ruling will be for the FCC to reinstate the Reconsideration Order, including that order’s elimination of the newspaper/broadcast and radio/television cross-ownership rules, the eight voices test and the JSA attribution rule 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. As of March 31, 2021, the proceeding remains open. 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 has repurposed a portion of the broadcast television spectrum for wireless broadband use. Pursuant to federal legislation enacted in 2012, the FCC conducted an incentive auction in 2016-2017 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 did not relinquish their spectrum were “repacked” into the frequency band still remaining for television broadcast use. 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 assets pending the relinquishment of spectrum assets or conversion from UHF to VHF. In 2017, one station that accepted a bid went off the air and the associated spectrum asset and liability to surrender spectrum, both amounting to $34.6 million, were derecognized. In 2018, eight stations that accepted bids ceased broadcasting on their previous channels and implemented channel sharing agreements. As such, the associated spectrum asset and liability to surrender spectrum, both amounting to $314.1 million, were derecognized. In 2019, one station that accepted a bid moved to a VHF channel and vacated its former channel after moving to the VHF channel. The associated spectrum asset and liability to surrender spectrum, both amounting to $52.0 million, were derecognized. The remaining station that accepted a bid moved to a VHF channel in April 2020 and vacated its former channel. As such, the associated spectrum asset of $67.2 million and liability to surrender spectrum of $78.0 million were derecognized resulting in a non-cash gain on relinquishment of spectrum of $10.8 million. The majority of the Company’s television stations did not accept bids to relinquish their television channels. Of those stations, 74 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 “repack” stations have commenced operation on their new assigned channels and have ceased operating on their former channels. Congress has allocated up to an industry-wide total of $2.75 billion to reimburse television broadcasters, MVPDs and other parties for costs reasonably incurred due to the repack. These funds are not available to reimburse repacking costs for stations which surrendered their spectrum in exchange for consideration and entered into channel sharing relationships. Broadcasters, MVPDs and other parties have submitted to the FCC estimates of their reimbursable costs, followed by subsequent requests for reimbursement of those costs. As of April 6, 2021, verified cost estimates were over $2.216 billion, with additional reimbursements still to be made to repack stations as well as certain low power television and FM radio stations affected by the repack. As of January 7, 2021, the FCC reported that all repack stations had ceased operating on their former channel assignments. This includes all repack stations owned by Nexstar and its VIEs, although the Company will continue to incur costs to convert one station from interim to permanent facilities on its new channel. During the three months ended March 31, 2021 and 2020, the Company spent a total of $4.4 . The Company cannot yet fully 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. These proceedings remain open. 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, 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, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 14: Commitments and Contingencies Guarantees of Mission Debt Nexstar and its subsidiaries guarantee full payment of all obligations incurred under the Mission senior secured credit facility. In the event that Mission is unable to repay amounts due, Nexstar will be obligated to repay such amounts. The maximum potential amount of future payments that Nexstar would be required to make under this guarantee would be generally limited to the outstanding principal amounts. As of March 31, 2021, Mission had a maximum commitment of $330.0 million under its amended credit agreement, of which $327.0 million principal balance of debt was outstanding. Indemnification Obligations In connection with certain agreements that the Company enters into in the normal course of its business, including local service agreements, business acquisitions and borrowing arrangements, the Company enters into contractual arrangements under which the Company agrees to indemnify the third-party to such arrangement from losses, claims and damages incurred by the indemnified party for certain events as defined within the particular contract. Such indemnification obligations may not be subject to maximum loss clauses and the maximum potential amount of future payments the Company could be required to make under these indemnification arrangements may be unlimited. Historically, payments made related to these indemnifications have been insignificant and the Company has not incurred significant costs to defend lawsuits or settle claims related to these indemnification agreements. Litigation From time to time, the Company is involved in litigation that arises from the ordinary operations of business, such as contractual or employment disputes or other general actions. In the event of an adverse outcome of these proceedings, the Company believes the resulting liabilities would not have a material adverse effect on its financial condition or results of operations. Local TV Advertising Antitrust Litigation — On March 16, 2018, a group of companies including Nexstar and Tribune (the “Defendants”) received a Civil Investigative Demand from the Antitrust Division of the 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. The Court denied that motion on November 6, 2020. The parties are in the discovery phase of litigation. The Court has not yet set a trial date. Nexstar and Tribune deny the allegations against them and will defend their advertising practices. In connection with Nexstar’s acquisition of Tribune on September 19, 2019, Nexstar assumed contingencies from certain legal proceedings, as follows: Tribune Chapter 11 Reorganization and Confirmation Order Appeals — On December 8, 2008, Tribune and 110 of its direct and indirect wholly-owned subsidiaries (collectively, the “Debtors”) filed voluntary petitions for relief under chapter 11 (“Chapter 11”) of title 11 of the United States Code in the U.S. Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). On July 23, 2012, the Bankruptcy Court issued an order confirming the Fourth Amended Joint Plan of Reorganization for Tribune and its Subsidiaries (as such plan was subsequently modified by its proponents, the “Plan”). The Plan became effective and the Debtors emerged from Chapter 11 on December 31, 2012 (the “Effective Date”). The Bankruptcy Court has entered final decrees that have collectively closed all of the Debtors’ Chapter 11 cases except for Tribune’s Chapter 11 case which continues to be administered under the caption In re Tribune Media Company, et al. , Case No. 08-13141. As of the Effective Date, approximately 7,400 proofs of claim had been filed against the Debtors. Amounts and payment terms for these claims, if applicable, were established in the Plan. The Plan requires Tribune to reserve cash in amounts sufficient to make certain additional payments that may become due and owing pursuant to the Plan subsequent to the Effective Date. As of March 31, 2021, 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, 2021, all but 141 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 and certain professionals formerly retained by Tribune, 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 Tribune thereafter becoming wholly-owned by the Tribune Company employee stock ownership plan. Those lawsuits were brought 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 Consolidated Statements of Operations and Comprehensive Income and primarily include professional advisory fees and other costs related to the resolution of unresolved claims. Such amounts were not significant during the three months ended March 31, 2021 and 2020. The Company expects to continue to incur certain expenses pertaining to the Chapter 11 proceedings throughout 2021 and potentially in future periods. Chicago Cubs Transactions— On August 21, 2009, Tribune and Chicago Entertainment Ventures, LLC (formerly Chicago Baseball Holdings, LLC) (“CEV LLC”), and its subsidiaries (collectively, “New Cubs LLC”), among other parties, entered into an agreement (the “Cubs Formation Agreement”) governing the contribution of certain assets and liabilities related to the businesses of the Chicago Cubs Major League Baseball franchise then owned by Tribune and its subsidiaries to New Cubs LLC. The transactions contemplated by the Cubs Formation Agreement and the related agreements thereto (the “Chicago Cubs Transactions”) closed on October 27, 2009. As a result of these transactions, Northside Entertainment Holdings LLC (f/k/a Ricketts Acquisition LLC) (“NEH”) owned 95% and Tribune owned 5% of the membership interests in CEV LLC. The fair market value of the contributed assets exceeded the tax basis and did not result in an immediate taxable gain as the transaction was structured to comply with the partnership provisions of the Internal Revenue Code (“IRC”) and related regulations On June 28, 2016, the Internal Revenue Service (“IRS”) issued Tribune a Notice of Deficiency which presented the IRS’s position that the gain 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, 2021 would be approximately $124.0 million. During the third quarter of 2016, Tribune filed a petition in the U.S. Tax Court (the “Tax Court”) to contest the IRS’s determination. A bench trial in the Tax Court took place between October 28, 2019 and November 8, 2019, and closing arguments took place on December 11, 2019. The Company has completed the Tax Court briefing process and expects an opinion on the merits to be issued in the first half of 2021. The 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. The judge deferred any litigation of the penalty until the tax issue has been resolved by the Tax Court. If Tribune prevails on the tax issue, then there would be no penalty to litigate. 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 Nexstar’s merger with Tribune. 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 $225.0 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 Revenue Agent’s Report on Tribune’s 2014 to 2015 Federal Income Tax Audits— Prior to Nexstar’s merger with Tribune in September 2019, Tribune and a few of its subsidiaries were undergoing separate 2014–2015 federal income tax audits. In the third quarter of 2020, the IRS completed its audits of the acquired Tribune entities, and with the exception of Tribune Media Company, all other entity audits have been resolved and closed. For Tribune Media Company, the IRS issued a Revenue Agent's Report which disallows the reporting of certain assets and liabilities related to Tribune’s emergence from Chapter 11 bankruptcy on December 31, 2012. Nexstar disagrees with the IRS’s proposed adjustments to the tax basis of certain assets and the related taxable income impact, and is contesting the adjustments through the IRS administrative appeal procedures. If the IRS prevails with its position, Nexstar would be required to reduce its tax basis in certain assets resulting in a $40.0 million increase in its federal and state taxes payable and a $140.0 million increase in deferred income tax liability as of March 31, 2021. In accordance with ASC Topic 740, the Company has appropriately reflected $11.0 million for certain contested issues in its liability for unrecognized tax benefits.

Segment Data

Segment Data	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Data	Note 15: 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) NewsNation, a live daily national newscast and a national general entertainment cable network, (iii) digital multicast network services, 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, 2021 Broadcast Other Consolidated Net revenue $ 1,092,375 $ 21,556 $ 1,113,931 Depreciation 34,030 5,438 39,468 Amortization of intangible assets 71,436 2,251 73,687 Income (loss) from operations 328,724 (43,804 ) 284,920 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 As of March 31, 2021 Broadcast Other Consolidated Goodwill $ 2,872,629 $ 109,878 $ 2,982,507 Assets ( 1) 12,760,333 587,216 13,347,549 As of December 31, 2020 Broadcast Other Consolidated Goodwill $ 2,874,274 $ 109,734 $ 2,984,008 Assets ( 1) 12,352,509 1,051,767 13,404,276 (1) While the Company's investment in TV Food Network ($ billion at March 31, 202 1 and $ billion at December 31, 20 20 ) has not been allocated to a Company reporting unit or operating segment, such asset has been included in the Company's disclosure of Broadcast segment assets given the similar nature of the investment to that segment. For additional information on equity investments, see Note 5 . The following tables present the disaggregation of the Company’s revenue for the periods presented (in thousands): Three Months Ended March 31, 2021 Broadcast Other Consolidated Core advertising (local and national) $ 411,714 $ - $ 411,714 Political advertising 5,408 - 5,408 Distribution 621,235 621,235 Digital 46,819 19,571 66,390 Other 5,748 1,985 7,733 Trade 1,451 - 1,451 Total net revenue $ 1,092,375 $ 21,556 $ 1,113,931 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 549,716 - 549,716 Digital 40,326 16,114 56,440 Other 8,460 1,692 10,152 Trade 2,794 - 2,794 Total net revenue $ 1,074,016 $ 17,806 $ 1,091,822 The Company primarily derives its revenues from television and digital advertising and from distribution of its stations’ signals and networks. During the three months ended March 31, 2021, revenues from these sources for two of the Company's customers exceeded 10%. Each of these customers represents approximately 12% and 13%, respectively, of the Company’s consolidated net revenues. No single customer provided more than 10% of the Company’s consolidated net revenues during the three 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 and the carriage of NewsNation. Distribution revenue is recognized at the point in time the broadcast signal is delivered to the distributors and is based on a price per subscriber.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 16: Subsequent Events On April 16, 2021, Nexstar Inc., a wholly-owned subsidiary of Nexstar, filed a Certificate of Amendment with the Secretary of State of Delaware to change its name to Nexstar Media Inc. On April 28, 2021 0.70 May 28, 2021 May 14, 2021 From April 1, 2021 to May 3, 2021, we repurchased 331,162 shares of our Class A common stock for $49.6 million, funded by cash on hand. As of the filing of this Quarterly Report on Form 10-Q, the remaining available amount under the share repurchase authorization was $1.004 billion.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
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 we are the primary beneficiary (See “Variable Interest Entities” section below). Noncontrolling interests represent the VIE owners’ share of the equity in the consolidated VIEs and are presented as a component separate from Nexstar’s 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.
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”). In December 2020, the U.S. Food and Drug Administration issued emergency use authorizations of two vaccines for the prevention of COVID-19, with a third one approved in February 2021. COVID-19 has created and may continue to create significant uncertainty in global financial markets, which may reduce demand for the Company’s advertising, retransmission, and digital services, impact the productivity of its workforce, reduce its access to capital, and harm its business and results of operations. During the first quarter of 2021, the Company continued to be profitable and continued to generate positive cash flows from its operations, its current year to date financial results were higher than the comparable prior year, and its market capitalization continued to increase and exceed the carrying amount of its equity by a substantial amount. These favorable financial results are primarily attributable to the Company’s acquisitions of BestReviews, station WPIX and other stations in 2020 and the continuing signs of recovery from the effects of the COVID-19 pandemic, driven by the mass distribution of COVID-19 vaccines throughout the United States and the U.S. government’s stimulus programs. Overall, the ongoing COVID-19 pandemic did not have a material impact on the Company’s liquidity during the first quarter of 2021 . As of March 31, 2021, the Company’s unrestricted cash on hand amounted to $339.8 million and the Company had a positive working capital of $646.5 million, both increased from the December 31, 2020 levels of $152.7 million and $479.1 million, respectively. As of March 31, 2021, the Company was also 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 $94.7 million and $3.0 million under the respective amended Nexstar and Mission Broadcasting, Inc. (“Mission”) 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.
Interim Financial Statements	Interim Financial Statements The Condensed Consolidated Financial Statements as of March 31, 2021 and for the three months ended March 31, 2021 and 2020 are unaudited. However, in the opinion of management, such financial statements include all adjustments (consisting solely of normal recurring adjustments) necessary for the fair statement of the financial information included herein in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the period. Results of operations for interim periods are not necessarily indicative of results for the full year. Estimates are used for, but are not limited to, allowance for doubtful accounts, valuation of assets acquired and liabilities assumed in business combinations, distribution revenue recognized, income taxes, the recoverability of goodwill, FCC licenses and long-lived assets, the recoverability of investments, the recoverability of broadcast rights and the useful lives of property and equipment and intangible assets. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related Notes included in Nexstar’s Annual Report on Form 10-K for the year ended December 31, 2020. The balance sheet as of December 31, 2020 has been derived from the audited financial statements as of that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.
Variable Interest Entities	Variable Interest Entities Nexstar may determine that an entity is a VIE as a result of local service agreements entered into with that entity. The term local service agreement generally refers to a contract 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 of and responsibility for the operation of its station, including ultimate responsibility over all programming broadcast on its station. A local service agreement can be (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 it 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 guarantee of the obligations incurred under Mission’s senior secured credit facility (see Note 8), (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 these VIEs’ stations (except for Mission’s full power television stations KMSS, KPEJ and KLJB), subject to FCC consent. The following table summarizes the various local service agreements Nexstar had in effect as of March 31, 2021 with its consolidated VIEs: Owner Service Agreements Full Power Stations Mission TBA Only SSA & JSA SSA Only WFXP, KHMT, KFQX and WPIX KJTL, KLRT, KASN, KOLR, KCIT, KAMC, KRBC, KSAN, WUTR, WAWV, WYOU, KODE, WTVO, KTVE, WTVW, WVNY, WXXA and WLAJ KMSS, KPEJ, KLJB, KWBQ, KASY and KRWB White Knight Broadcasting SSA & JSA WVLA, KFXK and KSHV Vaughan Media, LLC (“Vaughan”) SSA & JSA WBDT, WYTV and KTKA LMA Only KNVA WNAC, LLC LMA Only WNAC Nexstar’s ability to receive cash from Mission and the other consolidated VIEs is governed by the local service agreements. Under these agreements, Nexstar has received substantially all of the consolidated VIEs’ available cash, after satisfaction of operating costs and debt obligations. Nexstar anticipates it will continue to receive substantially all of the consolidated VIEs’ available cash, after satisfaction of operating costs and debt obligations. In compliance with FCC regulations for all the parties, each VIE maintains complete responsibility for and control over programming, finances, personnel and operations of its stations. The carrying amounts and classification of the assets and liabilities, excluding intercompany amounts, of the VIEs which have been included in the Condensed Consolidated Balance Sheets were as follows (in thousands): March 31, 2021 December 31, 2020 Current assets: Cash and cash equivalents $ 12,929 $ 9,066 Accounts receivable, net 22,792 19,800 Prepaid expenses and other current assets 5,745 6,726 Total current assets 41,466 35,592 Property and equipment, net 63,399 61,938 Goodwill 152,058 153,704 FCC licenses 203,967 204,720 Network affiliation agreements, net 91,182 93,466 Other intangible assets, net 613 748 Other noncurrent assets, net 81,481 78,580 Total assets $ 634,166 $ 628,748 Current liabilities: Interest payable $ 460 $ 495 Other current liabilities 31,694 30,335 Total current liabilities 32,154 30,830 Debt 327,000 327,000 Deferred tax liabilities 29,683 29,433 Other noncurrent liabilities 86,887 82,821 Total liabilities $ 475,724 $ 470,084 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, 2021 December 31, 2020 Current assets $ 4,496 $ 4,402 Property and equipment, net 15,839 16,137 Goodwill 63,795 63,795 FCC licenses 203,967 204,720 Network affiliation agreements, net 30,797 31,571 Other noncurrent assets, net 2,361 2,568 Total assets $ 321,255 $ 323,193 Current liabilities $ 31,694 $ 30,335 Noncurrent liabilities 116,570 112,254 Total liabilities $ 148,264 $ 142,589 Nexstar has an outsourcing agreement with Cunningham Broadcasting Corporation (“Cunningham”), which continues through December 31, 2021. 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 outsourcing agreement for WYZZ, Nexstar pays for certain operating expenses, and therefore may have unlimited exposure to any potential operating losses. Nexstar’s management believes that Nexstar’s minimum exposure to loss under the WYZZ 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.
Income Per Share	Income Per Share Basic income per share is computed by dividing the net income attributable to Nexstar by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed using the weighted-average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares are calculated using the treasury stock method. They consist of stock options and restricted stock units outstanding during the period and reflect the potential dilution that could occur if common shares were issued upon exercise of stock options and vesting of restricted stock units. The following table shows the amounts used in computing Nexstar’s diluted shares (in thousands): Three Months Ended March 31, 2021 2020 Weighted average shares outstanding - basic 43,297 45,702 Dilutive effect of equity incentive plan instruments 2,124 1,913 Weighted average shares outstanding - diluted 45,421 47,615 During the three months ended March 31, 2021 and 2020, there were no stock options and restricted stock units that were 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 On May 21, 2020, the SEC issued Final Rule Release No. 33-10786, “Amendments to Financial Disclosures about Acquired and Disposed Businesses” (“SEC Rule 33-10786”), which amends the 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. In December 2019, the FASB issued ASU 2019-12, “ Income taxes (Topic 740)—Simplifying the accounting for income taxes” (“ASU 2019-12”), New Accounting Standards Not Yet Adopted On November 19, 2020, the SEC issued Final Rule Release 33-10890, “ Management’s Discussion and Analysis, Selected Financial Data, and Supplementary Financial Information” (“SEC Rule 33-10890”), which amends certain sections of Regulation S-K In March 2020, FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848)” (“ASU 2020-04”) , which

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
Weighted Average Shares Outstanding	Basic income per share is computed by dividing the net income attributable to Nexstar by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed using the weighted-average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares are calculated using the treasury stock method. They consist of stock options and restricted stock units outstanding during the period and reflect the potential dilution that could occur if common shares were issued upon exercise of stock options and vesting of restricted stock units. The following table shows the amounts used in computing Nexstar’s diluted shares (in thousands): Three Months Ended March 31, 2021 2020 Weighted average shares outstanding - basic 43,297 45,702 Dilutive effect of equity incentive plan instruments 2,124 1,913 Weighted average shares outstanding - diluted 45,421 47,615
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, 2021 December 31, 2020 Current assets: Cash and cash equivalents $ 12,929 $ 9,066 Accounts receivable, net 22,792 19,800 Prepaid expenses and other current assets 5,745 6,726 Total current assets 41,466 35,592 Property and equipment, net 63,399 61,938 Goodwill 152,058 153,704 FCC licenses 203,967 204,720 Network affiliation agreements, net 91,182 93,466 Other intangible assets, net 613 748 Other noncurrent assets, net 81,481 78,580 Total assets $ 634,166 $ 628,748 Current liabilities: Interest payable $ 460 $ 495 Other current liabilities 31,694 30,335 Total current liabilities 32,154 30,830 Debt 327,000 327,000 Deferred tax liabilities 29,683 29,433 Other noncurrent liabilities 86,887 82,821 Total liabilities $ 475,724 $ 470,084
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, 2021 December 31, 2020 Current assets $ 4,496 $ 4,402 Property and equipment, net 15,839 16,137 Goodwill 63,795 63,795 FCC licenses 203,967 204,720 Network affiliation agreements, net 30,797 31,571 Other noncurrent assets, net 2,361 2,568 Total assets $ 321,255 $ 323,193 Current liabilities $ 31,694 $ 30,335 Noncurrent liabilities 116,570 112,254 Total liabilities $ 148,264 $ 142,589

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	3 Months Ended
	Mar. 31, 2021
2020 Acquisitions [Member]
Business Acquisition [Line Items]
Fair Values of Assets Acquired and Liabilities Assumed	The fair values of the assets acquired and liabilities assumed associated with the above acquisitions in the first quarter of 2020 are as follows (in thousands): Assets acquired Prepaid expenses and other current assets $ 261 Broadcast rights 3,693 Property and equipment 18,806 FCC licenses 15,917 Network affiliation agreements 18,479 Goodwill 4,340 Other intangible assets 5,458 Other noncurrent assets 95 Total assets acquired 67,049 Less: Broadcast rights payable (3,691 ) Accrued expenses and other current liabilities (144 ) Total asset acquired $ 63,214

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 useful life, Accumulated Accumulated in years Gross Amortization Net Gross Amortization Net Network affiliation agreements 15 $ 3,125,147 $ (922,471 ) $ 2,202,676 $ 3,125,320 $ (875,037 ) $ 2,250,283 Other definite-lived intangible assets 1-20 968,000 (303,394 ) 664,606 1,012,797 (323,879 ) 688,918 Other intangible assets $ 4,093,147 $ (1,225,865 ) $ 2,867,282 $ 4,138,117 $ (1,198,916 ) $ 2,939,201
Estimated Amortization Expense of Definite-Lived Intangible Assets	The following table presents the Company’s estimate of amortization expense for the remainder of 2021, each of the five succeeding years ended December 31 and thereafter for definite-lived intangible assets as of March 31, 2021 (in thousands): Remainder of 2021 $ 217,413 2022 283,663 2023 281,008 2024 279,842 2025 275,710 Thereafter 1,529,646 $ 2,867,282
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, 2020 $ 3,116,302 $ (132,294 ) $ 2,984,008 $ 2,957,114 $ (47,410 ) $ 2,909,704 Current year divestitures (42,475 ) 42,475 - - - - Measurement period adjustments (1,501 ) - (1,501 ) (753 ) - (753 ) Balances as of March 31, 2021 $ 3,072,326 $ (89,819 ) $ 2,982,507 $ 2,956,361 $ (47,410 ) $ 2,908,951

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]
Schedule of Investments and Book Value Balances	The Company’s investments and their book value balances consisted of the following (in thousands): March 31, 2021 December 31, 2020 Equity method investments $ 1,173,478 $ 1,321,715 Other equity investments 12,063 12,063 Total investments $ 1,185,541 $ 1,333,778
Summary of Income (Loss) on Equity Investments, Net	During the three months ended March 31, 2021, the income (loss) on equity method investments, net reported in the Company’s unaudited Condensed Consolidated Statements of Operations consisted of the following (in thousands): Three Months Ended March 31, 2021 2020 Income on equity investments, net, before amortization of basis difference $ 66,747 $ 51,097 Amortization of basis difference (36,939 ) (36,939 ) Income on equity investments, net $ 29,808 $ 14,158
Summary of Financial Information	Summarized financial information for TV Food Network is as follows (in thousands): Three Months Ended March 31, 2021 2020 Net revenue $ 332,633 $ 320,347 Costs and expenses 119,578 158,635 Income from operations 213,055 161,713 Net income 215,540 165,428 Net income attributable to Nexstar Media Group, Inc. 67,451 51,769

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2021
Payables And Accruals [Abstract]
Accrued Expenses	Accrued expenses consisted of the following (in thousands): March 31, 2021 December 31, 2020 Compensation and related taxes $ 74,955 $ 104,133 Interest payable 54,138 67,885 Network affiliation fees 52,680 34,948 Other 142,977 100,226 $ 324,750 $ 307,192

Retirement and Postretirement_2

Retirement and Postretirement Plans (Tables)	3 Months Ended
	Mar. 31, 2021
Compensation And Retirement Disclosure [Abstract]
Summary of Components of Net Periodic Benefit Cost (Credit) for Plans	The following tables provide the components of net periodic benefit cost (credit) for Nexstar’s pension and other postretirement benefit plans (“OPEB”) (in thousands): Media General Pension Benefit Plans OPEB Three Months Ended Three Months Ended March 31, March 31, 2021 2020 2021 2020 Service cost $ - $ - $ 3 $ 5 Interest cost 1,850 2,925 80 138 Expected return on plan assets (4,450 ) (4,925 ) - - Amortization of prior service costs 275 - (13 ) (13 ) Amortization of net (gain) loss - - 103 43 Net periodic benefit cost (credit) $ (2,325 ) $ (2,000 ) $ 173 $ 173 Tribune Pension Benefit Plans OPEB Three Months Ended Three Months Ended March 31, March 31, 2021 2020 2021 2020 Service cost $ 307 $ 248 $ - $ - Interest cost 8,061 13,374 12 33 Expected return on plan assets (23,578 ) (22,341 ) - - Settlement gain recognized 42 - - - Net periodic benefit cost (credit) $ (15,168 ) $ (8,719 ) $ 12 $ 33

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Long Term Debt	Long-term debt consisted of the following (in thousands): March 31, 2021 December 31, 2020 Nexstar Term Loan A, due October 26, 2023 $ 485,400 $ 485,400 Team Loan A, due September 19, 2024 620,493 625,850 Term Loan B, due January 17, 2024 799,992 874,992 Term Loan B, due September 18, 2026 2,644,315 2,644,315 5.625% 1,785,000 1,785,000 4.75% 1,000,000 1,000,000 Mission Revolving loans, due October 26, 2023 327,000 327,000 Total outstanding principal 7,662,200 7,742,557 Less: unamortized financing costs and discount - Nexstar Term Loan A due 2023 (1,454 ) (1,584 ) Less: unamortized financing costs and discount - Nexstar Term Loan A due 2024 (6,599 ) (7,102 ) Less: unamortized financing costs and discount - Nexstar Term Loan B due 2024 (10,240 ) (12,136 ) Less: unamortized financing costs and discount - Nexstar Term Loan B due 2026 (48,760 ) (50,644 ) Add: unamortized premium, net of financing costs - Nexstar 5.625% Notes due 2027 5,805 5,997 Less: unamortized financing costs and discount - Nexstar 4.75% Notes due 2028 (8,845 ) (9,085 ) Total outstanding debt 7,592,107 7,668,003 Less: current portion (24,804 ) (21,429 ) Long-term debt, net of current portion $ 7,567,303 $ 7,646,574

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Summary of Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases was as follows (in thousands, except lease term and discount rate): Balance Sheet Classification March 31, 2021 December 31, 2020 Operating leases Operating lease right-of-use assets, net Other noncurrent assets, net $ 285,156 $ 282,834 Current lease liabilities Other current liabilities $ 35,842 $ 35,850 Noncurrent lease liabilities Other noncurrent liabilities $ 237,915 $ 234,208 Finance leases Finance lease right-of-use assets, net of accumulated depreciation of $3,528 as of March 31, 2021 and $3,349 as of December 31, 2020 Property, plant and equipment, net $ 7,462 $ 7,641 Current lease liabilities Other current liabilities $ 1,000 $ 1,003 Noncurrent lease liabilities Other noncurrent liabilities $ 13,922 $ 14,172 Weighted Average Remaining Lease Term Operating leases 8.6 years 8.7 years Finance leases 10.5 years 10.7 years Weighted Average Discount Rate Operating leases 5.3 % 5.4 % Finance leases 5.7 % 5.7 %
Summary of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases was as follows (in thousands): Three Months Ended March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 12,344 $ 12,244 Operating cash flows from finance leases 215 228 Financing cash flows from finance leases 251 215
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 thousands): Operating Leases Finance Leases Remainder of 2021 $ 35,868 $ 1,377 2022 49,630 1,803 2023 47,306 1,818 2024 44,366 1,833 2025 31,752 1,879 Thereafter 143,358 11,482 Total future minimum lease payments 352,280 20,192 Less: imputed interest (78,523 ) (5,270 ) Total $ 273,757 $ 14,922

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 Carrying Fair Carrying Fair Amount Value Amount Value Nexstar Term Loan A due 2023 (1) $ 483,946 $ 481,392 $ 483,816 $ 480,373 Team Loan A due 2024 (1) 613,894 614,315 618,748 619,619 Term Loan B due 2024 (1) 789,752 794,616 862,856 865,311 Term Loan B due 2026 (1) 2,595,555 2,584,577 2,593,671 2,601,619 5.625% Notes due 2027 (2) 1,790,805 1,872,019 1,790,997 1,912,181 4.75% Notes due 2028 (2) 991,155 1,002,500 990,915 1,040,000 Mission Revolving loans due 2023 (1) 327,000 324,418 327,000 323,517 (1) (2)

Segment Data (Tables)

Segment Data (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 Broadcast Other Consolidated Net revenue $ 1,092,375 $ 21,556 $ 1,113,931 Depreciation 34,030 5,438 39,468 Amortization of intangible assets 71,436 2,251 73,687 Income (loss) from operations 328,724 (43,804 ) 284,920 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 As of March 31, 2021 Broadcast Other Consolidated Goodwill $ 2,872,629 $ 109,878 $ 2,982,507 Assets ( 1) 12,760,333 587,216 13,347,549 As of December 31, 2020 Broadcast Other Consolidated Goodwill $ 2,874,274 $ 109,734 $ 2,984,008 Assets ( 1) 12,352,509 1,051,767 13,404,276 (1) While the Company's investment in TV Food Network ($ billion at March 31, 202 1 and $ billion at December 31, 20 20 ) has not been allocated to a Company reporting unit or operating segment, such asset has been included in the Company's disclosure of Broadcast segment assets given the similar nature of the investment to that segment. For additional information on equity investments, see Note 5 .
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, 2021 Broadcast Other Consolidated Core advertising (local and national) $ 411,714 $ - $ 411,714 Political advertising 5,408 - 5,408 Distribution 621,235 621,235 Digital 46,819 19,571 66,390 Other 5,748 1,985 7,733 Trade 1,451 - 1,451 Total net revenue $ 1,092,375 $ 21,556 $ 1,113,931 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 549,716 - 549,716 Digital 40,326 16,114 56,440 Other 8,460 1,692 10,152 Trade 2,794 - 2,794 Total net revenue $ 1,074,016 $ 17,806 $ 1,091,822

Organization and Business Ope_2

Organization and Business Operations (Details)	Mar. 31, 2021TelevisionStationMarketState.RadioStation
Organization And Business Operations [Line Items]
Number of full power television stations owned, operated, programmed or provided sales and other services	198
Number of markets in which the Company's stations broadcast | Market	116
Number of states in which the Company's stations broadcast | State.	39
Number of full power television stations owned or operated by independent third parties	37
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 - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Significant Accounting Policies [Line Items]
Unrestricted cash on hand	$ 339,777		$ 152,701
Working capital	$ 646,500		$ 479,100
Stock options and restricted stock units with potentially dilutive effect (in shares)	0	0
Accounting Standards Update 2020-01 [Member]
Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, adoption date	Jan. 1, 2021
Change in accounting principle, accounting standards update, immaterial effect [true false]	true
Accounting Standards Update 2019-12 [Member]
Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, adoption date	Jan. 1, 2021
Change in accounting principle, accounting standards update, immaterial effect [true false]	true
Revolving loans [Member]
Significant Accounting Policies [Line Items]
Line of credit facility, maturity period	2023-10
Nexstar [Member] | Revolving loans [Member]
Significant Accounting Policies [Line Items]
Available borrowing capacity	$ 94,700
Mission [Member] | Revolving loans [Member]
Significant Accounting Policies [Line Items]
Available borrowing capacity	$ 3,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Consolidated VIEs (Details) - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents		$ 339,777	$ 152,701
Accounts receivable, net		920,055	904,801
Prepaid expenses and other current assets		99,679	135,872
Total current assets		1,376,119	1,209,982
Property and equipment, net		1,600,909	1,604,881
Goodwill		2,982,507	2,984,008
FCC licenses		2,908,951	2,909,704
Finite lived intangible assets, net		2,867,282	2,939,201
Other noncurrent assets, net		426,240	422,722
Total assets	[1],[2]	13,347,549	13,404,276
Current liabilities:
Interest payable		54,138	67,885
Other current liabilities		71,424	78,292
Total current liabilities		729,662	730,888
Debt		7,567,303	7,646,574
Deferred tax liabilities		1,673,207	1,674,008
Other noncurrent liabilities		786,369	815,930
Total liabilities	[1]	10,756,541	10,867,400
Network affiliation agreements [Member]
Current assets:
Finite lived intangible assets, net		2,202,676	2,250,283
Other definite-lived intangible assets [Member]
Current assets:
Finite lived intangible assets, net		664,606	688,918
Consolidated VIEs [Member]
Current assets:
Cash and cash equivalents		12,929	9,066
Accounts receivable, net		22,792	19,800
Prepaid expenses and other current assets		5,745	6,726
Total current assets		41,466	35,592
Property and equipment, net		63,399	61,938
Goodwill		152,058	153,704
FCC licenses		203,967	204,720
Other noncurrent assets, net		81,481	78,580
Total assets		634,166	628,748
Current liabilities:
Interest payable		460	495
Other current liabilities		31,694	30,335
Total current liabilities		32,154	30,830
Debt		327,000	327,000
Deferred tax liabilities		29,683	29,433
Other noncurrent liabilities		86,887	82,821
Total liabilities		475,724	470,084
Consolidated VIEs [Member] | Network affiliation agreements [Member]
Current assets:
Finite lived intangible assets, net		91,182	93,466
Consolidated VIEs [Member] | Other definite-lived intangible assets [Member]
Current assets:
Finite lived intangible assets, net		613	748
Non Guarantor VIEs [Member]
Current assets:
Total current assets		4,496	4,402
Property and equipment, net		15,839	16,137
Goodwill		63,795	63,795
FCC licenses		203,967	204,720
Other noncurrent assets, net		2,361	2,568
Total assets		321,255	323,193
Current liabilities:
Total current liabilities		31,694	30,335
Noncurrent liabilities		116,570	112,254
Total liabilities		148,264	142,589
Non Guarantor VIEs [Member] | Network affiliation agreements [Member]
Current assets:
Finite lived intangible assets, net		$ 30,797	$ 31,571
[1]	The condensed consolidated total assets as of March 31, 2021 and December 31, 2020 include certain assets held by consolidated VIEs of $321.3 million and $323.2 million, respectively, which are not available to be used to settle the obligations of Nexstar. The condensed consolidated total liabilities as of March 31, 2021 and December 31, 2020 include certain liabilities of consolidated VIEs of $148.3 million and $142.6 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information.
[2]	While the Company's investment in TV Food Network ($ billion at March 31, 202 1 and $ billion at December 31, 20 20 ) has not been allocated to a Company reporting unit or operating segment, such asset has been included in the Company's disclosure of Broadcast segment assets given the similar nature of the investment to that segment. For additional information on equity investments, see Note 5 .

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Weighted Average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share Basic And Diluted Other Disclosures [Abstract]
Weighted average shares outstanding - basic	43,297	45,702
Dilutive effect of equity incentive plan instruments	2,124	1,913
Weighted average shares outstanding - diluted	45,421	47,615

Acquisitions and Dispositions -

Acquisitions and Dispositions - 2020 Acquisitions - Additional Information (Details) - USD ($) $ in Thousands	Mar. 02, 2020	Jan. 27, 2020	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Business Acquisition [Line Items]
Operating income				$ 284,920	$ 305,015
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				10 years
KGBT-TV [Member]
Business Acquisition [Line Items]
Acquisition date		Jan. 27, 2020
Cash payment		$ 17,900
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	$ 45,300
2020 Acquisitions [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 and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Assets acquired
Goodwill	$ 2,982,507	$ 2,984,008
2020 Acquisitions [Member]
Assets acquired
Prepaid expenses and other current assets			$ 261
Broadcast rights			3,693
Property and equipment			18,806
FCC licenses			15,917
Other intangible assets			5,458
Goodwill			4,340
Other noncurrent assets			95
Total assets acquired			67,049
Less: Broadcast rights payable			(3,691)
Accrued expenses and other current liabilities			(144)
Total asset acquired			63,214
2020 Acquisitions [Member] | Network affiliation agreements [Member]
Assets acquired
Other intangible assets			$ 18,479

Acquisitions and Dispositions_3

Acquisitions and Dispositions - 2020 Dispositions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 02, 2020	Jan. 14, 2020
Business Acquisition [Line Items]
Gain (Loss) on sale of business	$ 2,441	$ 7,075
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
Television Stations KCPQ, KZJO and WITI [Member]
Business Acquisition [Line Items]
Selling price of entities sold			$ 349,900

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, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross	$ 4,093,147	$ 4,138,117
Accumulated Amortization	(1,225,865)	(1,198,916)
Net	$ 2,867,282	$ 2,939,201
Network affiliation agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life, in years	15 years	15 years
Gross	$ 3,125,147	$ 3,125,320
Accumulated Amortization	(922,471)	(875,037)
Net	2,202,676	2,250,283
Other definite-lived intangible assets [Member]
Finite-Lived Intangible Assets [Line Items]
Gross	968,000	1,012,797
Accumulated Amortization	(303,394)	(323,879)
Net	$ 664,606	$ 688,918
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, 2021	Dec. 31, 2020
Finite Lived Intangible Assets Future Amortization Expense Current And Five Succeeding Fiscal Years [Abstract]
Remainder of 2021	$ 217,413
2022	283,663
2023	281,008
2024	279,842
2025	275,710
Thereafter	1,529,646
Net	$ 2,867,282	$ 2,939,201

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, 2021	Jan. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Goodwill, Gross	$ 3,072,326	$ 42,500	$ 3,116,302
Goodwill, Accumulated Impairment	(89,819)		(132,294)
Goodwill, Net	2,982,507		2,984,008
Goodwill Current year divestitures, Gross	(42,475)
Goodwill Current year divestitures, Accumulated Impairment	42,475
Goodwill, Measurement period adjustments, Gross	(1,501)
Goodwill, Measurement period adjustments, Net	(1,501)
FCC Licenses [Abstract]
FCC Licenses, Gross	2,956,361		2,957,114
FCC Licenses, Accumulated Impairment	(47,410)		(47,410)
FCC Licenses, Net	2,908,951		$ 2,909,704
FCC Licenses, Measurement period adjustments, Gross	(753)
FCC Licenses, Measurement period adjustments, Net	$ (753)

Intangible Assets and Goodwil_5

Intangible Assets and Goodwill - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Jan. 31, 2021	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Gross amount of goodwill	$ 3,072,326	$ 42,500	$ 3,116,302

Investments - Schedule of Inves

Investments - Schedule of Investments and Book Value Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investments Debt And Equity Securities [Abstract]
Equity method investments	$ 1,173,478	$ 1,321,715
Other equity investments	12,063	12,063
Total investments	$ 1,185,541	$ 1,333,778

Investments - Summary of Income

Investments - Summary of Income (Loss) on Equity Investments, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investments Debt And Equity Securities [Abstract]
Income on equity investments, net, before amortization of basis difference	$ 66,747	$ 51,097
Amortization of basis difference	(36,939)	(36,939)
Income on equity investments, net	$ 29,808	$ 14,158

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Schedule Of Equity Method Investments [Line Items]
Equity method investments, book value	$ 1,173,478		$ 1,321,715
Basis difference related to equity method investment	630,600		667,600
Cash distributions received	177,705	$ 170,400
Income on equity investments, net, before amortization of basis difference	66,747	51,097
Amortization of basis difference (expense)	$ 36,939	$ 36,939
Tribune [Member]
Schedule Of Equity Method Investments [Line Items]
Weighted average remaining useful life of assets subjects to amortization of basis difference	5 years 3 months 18 days
TV Food Network [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership stake	31.30%
Ownership interest in affiliate of partnership	68.70%
Equity method investments, book value	$ 1,155,000		$ 1,302,000
TV Food Network [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership stake	31.30%
Cash distributions received	$ 177,700
Income on equity investments, net, before amortization of basis difference	67,500
Amortization of basis difference (expense)	$ (36,800)

Investments - Summary of Financ

Investments - Summary of Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule Of Equity Method Investments [Line Items]
Net revenue	$ 1,113,931	$ 1,091,822
Costs and expenses	829,011	786,807
Income from operations	284,920	305,015
Net income	199,190	157,694
Net income attributable to Nexstar Media Group, Inc.	200,907	156,915
TV Food Network [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Schedule Of Equity Method Investments [Line Items]
Net revenue	332,633	320,347
Costs and expenses	119,578	158,635
Income from operations	213,055	161,713
Net income	215,540	165,428
Net income attributable to Nexstar Media Group, Inc.	$ 67,451	$ 51,769

Accrued Expenses - Accrued Expe

Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Compensation and related taxes	$ 74,955	$ 104,133
Interest payable	54,138	67,885
Network affiliation fees	52,680	34,948
Other	142,977	100,226
Accrued expenses	$ 324,750	$ 307,192

Retirement and Postretirement_3

Retirement and Postretirement Plans - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Sep. 19, 2019
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan not frozen percent of projected benefit obligation		2.00%
Qualified Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	$ 5.7

Retirement and Postretirement_4

Retirement and Postretirement Plans - Summary of Components of Net Periodic Benefit Cost (Credit) for Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Media General [Member] | Pension Benefit Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 1,850	$ 2,925
Expected return on plan assets	(4,450)	(4,925)
Amortization of prior service costs	275
Net periodic benefit cost (credit)	(2,325)	(2,000)
Media General [Member] | OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	3	5
Interest cost	80	138
Amortization of prior service costs	(13)	(13)
Amortization of net (gain) loss	103	43
Net periodic benefit cost (credit)	173	173
Tribune [Member] | Pension Benefit Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	307	248
Interest cost	8,061	13,374
Expected return on plan assets	(23,578)	(22,341)
Settlement gain recognized	42
Net periodic benefit cost (credit)	(15,168)	(8,719)
Tribune [Member] | OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	12	33
Net periodic benefit cost (credit)	$ 12	$ 33

Debt - Long Term Debt (Details)

Debt - Long Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Long term Debt [Abstract]
Total outstanding principal	$ 7,662,200	$ 7,742,557
Total outstanding debt	7,592,107	7,668,003
Less: current portion	(24,804)	(21,429)
Long-term debt, net of current portion	7,567,303	7,646,574
Nexstar [Member] | Notes Payable to Banks [Member] | Term Loan A, due October 26, 2023 [Member]
Long term Debt [Abstract]
Total outstanding principal	485,400	485,400
Unamortized financing costs and (discount) premium	(1,454)	(1,584)
Nexstar [Member] | Notes Payable to Banks [Member] | Team Loan A, due September 19, 2024 [Member]
Long term Debt [Abstract]
Total outstanding principal	620,493	625,850
Unamortized financing costs and (discount) premium	(6,599)	(7,102)
Nexstar [Member] | Notes Payable to Banks [Member] | Term Loan B, due January 17, 2024 [Member]
Long term Debt [Abstract]
Total outstanding principal	799,992	874,992
Unamortized financing costs and (discount) premium	(10,240)	(12,136)
Nexstar [Member] | Notes Payable to Banks [Member] | Term Loan B, due September 18, 2026 [Member]
Long term Debt [Abstract]
Total outstanding principal	2,644,315	2,644,315
Unamortized financing costs and (discount) premium	(48,760)	(50,644)
Nexstar [Member] | Senior Subordinated Notes [Member] | 4.75% Notes, due November 1, 2028 [Member]
Long term Debt [Abstract]
Total outstanding principal	1,000,000	1,000,000
Unamortized financing costs and (discount) premium	(8,845)	(9,085)
Nexstar [Member] | Senior Subordinated Notes [Member] | 5.625% Notes, due July 15, 2027 [Member]
Long term Debt [Abstract]
Total outstanding principal	1,785,000	1,785,000
Nexstar [Member] | Senior Subordinated Notes [Member] | 5.625% Notes, due July 15, 2027 [Member]
Long term Debt [Abstract]
Unamortized financing costs and (discount) premium	5,805	5,997
Mission [Member] | Revolving loans, due October 26, 2023 [Member]
Long term Debt [Abstract]
Total outstanding principal	$ 327,000	$ 327,000

Debt - Long Term Debt (Parenthe

Debt - Long Term Debt (Parenthetical) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Nexstar [Member] | Senior Subordinated Notes [Member] | 4.75% Notes, due November 1, 2028 [Member]
Long term Debt [Abstract]
Interest rate	4.75%	4.75%
Due date	Nov. 1, 2028	Nov. 1, 2028
Nexstar [Member] | Senior Subordinated Notes [Member] | 5.625% Notes, due July 15, 2027 [Member]
Long term Debt [Abstract]
Interest rate	5.625%	5.625%
Due date	Jul. 15, 2027	Jul. 15, 2027
Nexstar [Member] | Notes Payable to Banks [Member] | Term Loan A, due October 26, 2023 [Member]
Long term Debt [Abstract]
Due date	Oct. 26, 2023	Oct. 26, 2023
Nexstar [Member] | Notes Payable to Banks [Member] | Team Loan A, due September 19, 2024 [Member]
Long term Debt [Abstract]
Due date	Sep. 19, 2024	Sep. 19, 2024
Nexstar [Member] | Notes Payable to Banks [Member] | Term Loan B, due January 17, 2024 [Member]
Long term Debt [Abstract]
Due date	Jan. 17, 2024	Jan. 17, 2024
Nexstar [Member] | Notes Payable to Banks [Member] | Term Loan B, due September 18, 2026 [Member]
Long term Debt [Abstract]
Due date	Sep. 18, 2026	Sep. 18, 2026
Mission [Member] | Revolving loans, due October 26, 2023 [Member]
Long term Debt [Abstract]
Due date	Oct. 26, 2023	Oct. 26, 2023

Debt - Additional Information (

Debt - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Senior Secured Credit Facility [Member] | Nexstar [Member]
Debt Instrument [Line Items]
Maximum consolidated first lien net leverage ratio	425.00%
Revolving loans, due October 26, 2023 [Member] | Mission [Member]
Debt Instrument [Line Items]
Available borrowing capacity	$ 3
Revolving loans, due October 26, 2023 [Member] | Nexstar [Member]
Debt Instrument [Line Items]
Available borrowing capacity	94.7
Term Loan A due 2024 [Member] | Senior Secured Credit Facility [Member]
Debt Instrument [Line Items]
Repayment of scheduled maturity of debt	5.4
Term Loan B due 2024 [Member] | Senior Secured Credit Facility [Member]
Debt Instrument [Line Items]
Prepayment of principal balance under term loan	$ 75
4.75% Due 2028 [Member] | Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Interest rate	4.75%
5.625% Due 2024 [Member] | Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Interest rate	5.625%

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Lessee Lease Description [Line Items]
Operating lease expense	$ 13.7	$ 12.2
Direct Operating Expenses [Member]
Lessee Lease Description [Line Items]
Operating lease expense	6.4	6.2
Selling General and Administrative Expenses [Member]
Lessee Lease Description [Line Items]
Operating lease expense	$ 7.3	$ 6
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	93 years
Leases option to extended lease term	99 years
Leases option to terminate term	1 year

Leases - Summary of Supplementa

Leases - Summary of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Operating leases
Operating lease right-of-use assets, net	$ 285,156	$ 282,834
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other noncurrent assets, net	Other noncurrent assets, net
Current lease liabilities	$ 35,842	$ 35,850
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Noncurrent lease liabilities	$ 237,915	$ 234,208
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other noncurrent liabilities	Other noncurrent liabilities
Finance leases
Finance lease right-of-use assets, net of accumulated depreciation	$ 7,462	$ 7,641
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property and equipment, net	Property and equipment, net
Current lease liabilities	$ 1,000	$ 1,003
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Noncurrent lease liabilities	$ 13,922	$ 14,172
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other noncurrent liabilities	Other noncurrent liabilities
Weighted Average Remaining Lease Term
Operating leases	8 years 7 months 6 days	8 years 8 months 12 days
Finance leases	10 years 6 months	10 years 8 months 12 days
Weighted Average Discount Rate
Operating leases	5.30%	5.40%
Finance leases	5.70%	5.70%

Leases - Summary of Supplemen_2

Leases - Summary of Supplemental Balance Sheet Information Related to Leases (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Finance lease right-of-use-assets, accumulated depreciation	$ 3,528	$ 3,349

Leases - Summary of Supplemen_3

Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 12,344	$ 12,244
Operating cash flows from finance leases	215	228
Financing cash flows from finance leases	$ 251	$ 215

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments Under Non-Cancellable Leases (Details) $ in Thousands	Mar. 31, 2021USD ($)
Operating Leases
Remainder of 2021	$ 35,868
2022	49,630
2023	47,306
2024	44,366
2025	31,752
Thereafter	143,358
Total future minimum lease payments	352,280
Less: imputed interest	(78,523)
Total	273,757
Finance Leases
Remainder of 2021	1,377
2022	1,803
2023	1,818
2024	1,833
2025	1,879
Thereafter	11,482
Total future minimum lease payments	20,192
Less: imputed interest	(5,270)
Total	$ 14,922

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 [Member] - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Notes Payable to Banks [Member] | Term Loan A due 2023 [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]	$ 483,946	$ 483,816
Notes Payable to Banks [Member] | Term Loan A due 2023 [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]	481,392	480,373
Notes Payable to Banks [Member] | Term Loan A due 2024 [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]	613,894	618,748
Notes Payable to Banks [Member] | Term Loan A due 2024 [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]	614,315	619,619
Notes Payable to Banks [Member] | Term Loan B due 2024 [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]	789,752	862,856
Notes Payable to Banks [Member] | Term Loan B due 2024 [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]	794,616	865,311
Notes Payable to Banks [Member] | Term Loan B due 2026 [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]	2,595,555	2,593,671
Notes Payable to Banks [Member] | Term Loan B due 2026 [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]	2,584,577	2,601,619
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]	1,790,805	1,790,997
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]	1,872,019	1,912,181
Senior Subordinated Notes [Member] | 4.75% Due 2028 [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]	991,155	990,915
Senior Subordinated Notes [Member] | 4.75% Due 2028 [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]	1,002,500	1,040,000
Revolving loans [Member] | Carrying Amount [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Financial Instrument	[1]	327,000	327,000
Revolving loans [Member] | Fair Value [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Financial Instrument	[1]	$ 324,418	$ 323,517
[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) - Senior Subordinated Notes [Member]	Mar. 31, 2021	Dec. 31, 2020
5.625% Due 2024 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	5.625%
4.75% Due 2028 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	4.75%
Fair Value, Nonrecurring [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 [Member] | 4.75% Due 2028 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	4.75%	4.75%

Common Stock - Additional Infor

Common Stock - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jan. 27, 2021	Sep. 01, 2020
Class Of Stock [Line Items]
Purchase of treasury stock	$ 121,011	$ 72,587
Class A Common Stock [Member]
Class Of Stock [Line Items]
Authorization of share repurchase	1,175,000		$ 1,000,000	$ 300,000
Authorization of share repurchase, remaining available amount	$ 1,054,000
Treasury Stock [Member]
Class Of Stock [Line Items]
Purchase of treasury stock, shares	808,530	950,000
Purchase of treasury stock	$ 121,011	$ 72,587
Treasury Stock [Member] | Class A Common Stock [Member]
Class Of Stock [Line Items]
Purchase of treasury stock	$ 121,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 59,729	$ 64,344
Effective income tax rates	23.10%	29.00%
Income tax expense related to nondeductible goodwill written off			$ 8,100
Decrease to effective tax rate related to nondeductible goodwill written off	3.70%
Income tax expense related to nondeductible expenses, audit settlements	$ 6,500
Decrease to effective tax rate related to nondeductible expense, audit settlements	2.50%

FCC Regulatory Matters - Additi

FCC Regulatory Matters - Additional Information (Details)	Apr. 06, 2021USD ($)	Jul. 21, 2017USD ($)	Apr. 13, 2017TelevisionStation	Apr. 30, 2020USD ($)	Nov. 30, 2017TelevisionStation	Mar. 31, 2021USD ($)TelevisionStation	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)TelevisionStation	Dec. 31, 2017USD ($)TelevisionStation	Jan. 07, 2021TelevisionStation	Dec. 31, 2018USD ($)TelevisionStation
FCC Regulatory Matters [Line Items]
Number of voices test local television ownership | TelevisionStation						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 to move to very high frequency channels | TelevisionStation								1
Number of stations went off the air | TelevisionStation									1
Number of ceased broadcasting channels | TelevisionStation											8
Asset and (liability) surrender value											$ 314,100,000
Maximum amount allocated by Congress for reimbursement of repack costs industry-wide						$ 2,750,000,000
Capital expenditures related to station repack						4,400,000	$ 16,900,000
Reimbursement from the FCC related to station repack						5,415,000	$ 12,758,000
Number of stations to convert from interim to permanent facility | TelevisionStation										1
Estimated remaining cost related to station repack						$ 27,600,000
Subsequent Event [Member]
FCC Regulatory Matters [Line Items]
Excess over maximum amount allocated by Congress for reimbursement of repack costs industry-wide	$ 2,216,000,000
Nexstar [Member]
FCC Regulatory Matters [Line Items]
Number of full power stations repacked | TelevisionStation						74
Consolidated VIEs [Member]
FCC Regulatory Matters [Line Items]
Number of full power stations repacked | TelevisionStation						17
Media General [Member]
FCC Regulatory Matters [Line Items]
Number of stations owned | TelevisionStation			10
Number of stations owned | TelevisionStation					1
Gross proceeds to surrender of spectrum auction		$ 478,600,000
Derecognition of spectrum asset to surrender spectrum				$ 67,200,000				$ 52,000,000	$ 34,600,000
Derecognition of spectrum liability to surrender spectrum				78,000,000				$ 52,000,000	$ 34,600,000
Non-cash gain on relinquishment of spectrum				$ 10,800,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	Jan. 22, 2019USD ($)	Jun. 28, 2016USD ($)	Mar. 31, 2021USD ($)Proof	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Aug. 21, 2009
Loss Contingency, Information about Litigation Matters [Abstract]
Restricted cash and cash equivalents to be held			$ 16,608		$ 16,608
Income tax expense			59,729	$ 64,344
Increase in deferred income tax liability			2,390	$ 13,011
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] | Internal Revenue Service ("IRS") [Member]
Loss Contingency, Information about Litigation Matters [Abstract]
Income tax expense		$ 182,000
Income tax penalties expense		$ 73,000	$ 124,000
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 to be held			$ 16,600
Number of proofs of claim against debtors withdrawn | Proof			141
Tribune [Member] | Internal Revenue Service ("IRS") [Member]
Loss Contingency, Information about Litigation Matters [Abstract]
Increase in federal and state taxes payable			$ 40,000
Increase in deferred income tax liability			140,000
Unrecognized tax benefits			$ 11,000
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
Financial Guarantee of Mission Debt [Member]
Guarantees of Mission, Marshall and Shield Debt [Abstract]
Maximum commitment under senior secured credit facility			$ 330,000
Commitment under senior secured credit facility at carrying value			$ 327,000

Segment Data - Summary of Segme

Segment Data - Summary of Segment Financial Information (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net revenue		$ 1,113,931	$ 1,091,822
Depreciation		39,468	35,406
Amortization of intangible assets		73,687	70,583
Income (loss) from operations		284,920	305,015
Goodwill		2,982,507		$ 2,984,008
Total assets	[1],[2]	13,347,549		13,404,276
Broadcast [Member]
Segment Reporting Information [Line Items]
Net revenue		1,092,375	1,074,016
Depreciation		34,030	29,775
Amortization of intangible assets		71,436	69,421
Income (loss) from operations		328,724	363,027
Goodwill		2,872,629		2,874,274
Total assets	[2]	12,760,333		12,352,509
Other [Member]
Segment Reporting Information [Line Items]
Net revenue		21,556	17,806
Depreciation		5,438	5,631
Amortization of intangible assets		2,251	1,162
Income (loss) from operations		(43,804)	$ (58,012)
Goodwill		109,878		109,734
Total assets	[2]	$ 587,216		$ 1,051,767
[1]	The condensed consolidated total assets as of March 31, 2021 and December 31, 2020 include certain assets held by consolidated VIEs of $321.3 million and $323.2 million, respectively, which are not available to be used to settle the obligations of Nexstar. The condensed consolidated total liabilities as of March 31, 2021 and December 31, 2020 include certain liabilities of consolidated VIEs of $148.3 million and $142.6 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information.
[2]	While the Company's investment in TV Food Network ($ billion at March 31, 202 1 and $ billion at December 31, 20 20 ) has not been allocated to a Company reporting unit or operating segment, such asset has been included in the Company's disclosure of Broadcast segment assets given the similar nature of the investment to that segment. For additional information on equity investments, see Note 5 .

Segment Data - Summary of Seg_2

Segment Data - Summary of Segment Financial Information (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Equity method investments, book value	$ 1,173,478	$ 1,321,715
TV Food Network [Member]
Segment Reporting Information [Line Items]
Equity method investments, book value	$ 1,155,000	$ 1,302,000

Segment Data - Summary of Disag

Segment Data - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation Of Revenue [Line Items]
Net revenue	$ 1,113,931	$ 1,091,822
Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	1,092,375	1,074,016
Other [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	21,556	17,806
Core Advertising (Local and National) [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	411,714	417,379
Core Advertising (Local and National) [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	411,714	417,379
Political Advertising [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	5,408	55,341
Political Advertising [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	5,408	55,341
Distribution [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	621,235	549,716
Distribution [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	621,235	549,716
Digital [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	66,390	56,440
Digital [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	46,819	40,326
Digital [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	19,571	16,114
Other [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	7,733	10,152
Other [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	5,748	8,460
Other [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	1,985	1,692
Trade [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	1,451	2,794
Trade [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	$ 1,451	$ 2,794

Segment Data - Additional Infor

Segment Data - Additional Information (Details) - Revenue [Member] - Customer	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation Of Revenue [Line Items]
Number of major customers	2	0
Customer 1
Disaggregation Of Revenue [Line Items]
Concentration of risk, percentage	12.00%
Customer 2
Disaggregation Of Revenue [Line Items]
Concentration of risk, percentage	13.00%

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 28, 2021	May 03, 2021	Mar. 31, 2021	Mar. 31, 2020
Subsequent Event [Line Items]
Dividends declared per common share			$ 0.70	$ 0.56
Purchase of treasury stock			$ 121,011	$ 72,587
Treasury Stock [Member]
Subsequent Event [Line Items]
Purchase of treasury stock, shares			808,530	950,000
Purchase of treasury stock			$ 121,011	$ 72,587
Class A Common Stock [Member]
Subsequent Event [Line Items]
Authorization of share repurchase, remaining available amount			1,054,000
Class A Common Stock [Member] | Treasury Stock [Member]
Subsequent Event [Line Items]
Purchase of treasury stock			$ 121,000
Class A Common Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends declared per common share	$ 0.70
Dividends, date declared	Apr. 28, 2021
Dividends, date payable	May 28, 2021
Dividends, date of record	May 14, 2021
Authorization of share repurchase, remaining available amount		$ 1,004,000
Class A Common Stock [Member] | Subsequent Event [Member] | Treasury Stock [Member]
Subsequent Event [Line Items]
Purchase of treasury stock, shares		331,162
Purchase of treasury stock		$ 49,600