Nexstar Media (NXST) 10-Q 3 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 02, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Trading Symbol	NXST
Entity Registrant Name	NEXSTAR MEDIA GROUP, INC.
Entity Central Index Key	0001142417
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	000-50478
Entity Tax Identification Number	23-3083125
Entity Address, Address Line One	545 E. John Carpenter Freeway
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Irving
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75062
City Area Code	972
Local Phone Number	373-8800
Entity Common Stock, Shares Outstanding		40,891,235
Title of 12(b) Security	Class A Common Stock
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents		$ 193,831	$ 152,701
Restricted cash and cash equivalents		16,608	16,608
Accounts receivable, net of allowance for doubtful accounts of $18,907 and $34,922, respectively		923,005	904,801
Prepaid expenses and other current assets		178,104	135,872
Total current assets		1,311,548	1,209,982
Property and equipment, net		1,585,703	1,604,881
Goodwill		3,051,892	2,984,008
FCC licenses		2,909,951	2,909,704
Intangible assets, net		2,791,313	2,939,201
Other intangible assets, net		683,581	688,918
Investments		1,188,759	1,333,778
Other noncurrent assets, net		443,828	422,722
Total assets	[1],[2]	13,282,994	13,404,276
Current liabilities:
Current portion of debt		40,715	21,429
Accounts payable		186,633	218,418
Broadcast rights payable		77,586	105,557
Accrued expenses		311,830	307,192
Operating lease liabilities		42,592	35,850
Other current liabilities		51,662	42,442
Total current liabilities		711,018	730,888
Debt		7,505,654	7,646,574
Deferred tax liabilities		1,695,466	1,674,008
Other noncurrent liabilities		737,432	815,930
Total liabilities	[1]	10,649,570	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 September 30, 2021 and December 31, 2020
Additional paid-in capital		1,335,370	1,362,510
Accumulated other comprehensive income		34,510	34,510
Retained earnings		1,964,018	1,488,031
Treasury stock - at cost; 6,073,224 and 4,034,635 shares as of September 30, 2021 and December 31, 2020, respectively		(715,630)	(367,132)
Total Nexstar Media Group, Inc. stockholders' equity		2,618,741	2,518,392
Noncontrolling interests		14,683	18,484
Total stockholders' equity		2,633,424	2,536,876
Total liabilities and stockholders' equity		13,282,994	13,404,276
Network affiliation agreements [Member]
Current assets:
Intangible assets, net		2,107,732	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 September 30, 2021 and December 31, 2020 include certain assets held by consolidated VIEs of $320.3 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 September 30, 2021 and December 31, 2020 include certain liabilities of consolidated VIEs of $166.2 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 ($1.160 billion at September 30, 2021 and $1.302 billion at December 31, 2020) 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		Sep. 30, 2021	Dec. 31, 2020
Current assets:
Accounts receivable, allowance for doubtful accounts		$ 18,907	$ 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		6,073,224	4,034,635
ASSETS
Total assets	[1],[2]	$ 13,282,994	$ 13,404,276
LIABILITIES AND STOCKHOLDERS' EQUITY
Total liabilities	[1]	10,649,570	10,867,400
Non Guarantor VIEs [Member]
ASSETS
Total assets		320,297	323,193
LIABILITIES AND STOCKHOLDERS' EQUITY
Total liabilities		$ 166,206	$ 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		41,218,239	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 September 30, 2021 and December 31, 2020 include certain assets held by consolidated VIEs of $320.3 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 September 30, 2021 and December 31, 2020 include certain liabilities of consolidated VIEs of $166.2 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 ($1.160 billion at September 30, 2021 and $1.302 billion at December 31, 2020) 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues [Abstract]
Net revenue	$ 1,157,012	$ 1,118,203	$ 3,402,533	$ 3,124,658
Operating expenses (income):
Direct operating expenses, excluding depreciation and amortization	480,056	423,091	1,391,773	1,284,789
Selling, general and administrative expenses, excluding depreciation and amortization	258,194	226,544	744,141	638,171
Amortization of broadcast rights	29,884	31,968	92,418	104,916
Amortization of intangible assets	75,730	69,265	223,229	209,360
Depreciation of property and equipment	41,354	36,611	120,726	107,787
Reimbursement from the FCC related to station repack	(5,585)	(12,873)	(17,926)	(51,347)
Gain on disposal of stations and business units, net			(2,455)	(7,025)
Change in the estimated fair value of contingent consideration attributable to a past merger				3,933
Gain on relinquishment of spectrum				(10,791)
Total operating expenses	879,633	774,606	2,551,906	2,279,793
Income from operations	277,379	343,597	850,627	844,865
Income from equity method investments, net	20,783	15,861	77,707	41,351
Interest expense, net	(70,377)	(77,265)	(212,557)	(260,800)
Loss on extinguishment of debt	(856)	(37,371)	(1,908)	(44,848)
Pension and other postretirement plans credit, net	17,657	10,761	52,972	32,285
Unrealized (loss) gain on an equity investment measured at fair value	(2,162)		5,695
Loss on write-off of an equity investment	(7,000)		(7,000)
Other expenses, net	(414)	(1,093)	(1,090)	(778)
Income before income taxes	235,010	254,490	764,446	612,075
Income tax expense	(65,853)	(65,177)	(196,338)	(166,927)
Net income	169,157	189,313	568,108	445,148
Net loss attributable to noncontrolling interests	407	1,371	2,467	2,046
Net income attributable to Nexstar Media Group, Inc.	$ 169,564	$ 190,684	$ 570,575	$ 447,194
Net income per common share attributable to Nexstar Media Group, Inc.:
Basic	$ 4.07	$ 4.24	$ 13.42	$ 9.87
Diluted	$ 3.90	$ 4.08	$ 12.84	$ 9.50
Weighted average number of common shares outstanding:
Basic	41,676	44,979	42,520	45,313
Diluted	43,476	46,737	44,422	47,064

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 [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	(197,600)					$ (197,600)
Purchase of treasury stock, shares						(2,250,000)
Stock-based compensation expense	35,917		35,917
Vesting of restricted stock units and exercise of stock options	(4,610)		(36,893)			$ 32,283
Vesting of restricted stock units and exercise of stock options, shares						535,227
Common stock dividends declared	(76,380)			(76,380)
Contribution from a noncontrolling interest	138							138
Disposal of an entity	(1,390)		(1,381)	(9)
Net income (loss)	445,148			447,194				(2,046)
Balance at Sep. 30, 2020	2,254,716	$ 473	1,351,372	1,149,638	19,850	$ (286,705)		20,088
Balance, Shares at Sep. 30, 2020		47,291,463
Balance, Shares at Sep. 30, 2020						3,256,448
Balance at Jun. 30, 2020	2,201,777	$ 473	1,340,526	984,316	19,850	$ (164,847)		21,459
Balance, Shares at Jun. 30, 2020		47,291,463
Balance, Shares at Jun. 30, 2020						2,004,823
Purchase of treasury stock	(125,013)					$ (125,013)
Purchase of treasury stock, shares						(1,300,000)
Stock-based compensation expense	12,483		12,483
Vesting of restricted stock units and exercise of stock options	1,518		(1,637)			$ 3,155
Vesting of restricted stock units and exercise of stock options, shares						48,375
Common stock dividends declared	(25,362)			(25,362)
Net income (loss)	189,313			190,684				(1,371)
Balance at Sep. 30, 2020	2,254,716	$ 473	1,351,372	1,149,638	19,850	$ (286,705)		20,088
Balance, Shares at Sep. 30, 2020		47,291,463
Balance, Shares at Sep. 30, 2020						3,256,448
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	$ (403,224)					$ (403,224)	$ (403,200)
Purchase of treasury stock, shares						(2,715,462)
Stock-based compensation expense	34,323		34,323
Vesting of restricted stock units and exercise of stock options	(7,191)		(61,917)			$ 54,726
Vesting of restricted stock units and exercise of stock options, shares						676,873
Common stock dividends declared	(89,497)			(89,497)
Contribution from a noncontrolling interest	451							451
Change in reporting entity resulting from common control transactions (Note 3)	(6,422)		454	(5,091)				(1,785)
Net income (loss)	568,108			570,575				(2,467)
Balance at Sep. 30, 2021	$ 2,633,424	$ 473	1,335,370	1,964,018	34,510	$ (715,630)		14,683
Balance, Shares at Sep. 30, 2021		47,291,463
Balance, Shares at Sep. 30, 2021	(6,073,224)					6,073,224
Balance at Jun. 30, 2021	$ 2,625,260	$ 473	1,327,205	1,823,706	34,510	$ (575,724)		15,090
Balance, Shares at Jun. 30, 2021		47,291,463
Balance, Shares at Jun. 30, 2021						5,135,854
Purchase of treasury stock	(144,349)					$ (144,349)
Purchase of treasury stock, shares						(980,770)
Stock-based compensation expense	12,302		12,302
Vesting of restricted stock units and exercise of stock options	306		(4,137)			$ 4,443
Vesting of restricted stock units and exercise of stock options, shares						43,400
Common stock dividends declared	(29,252)			(29,252)
Net income (loss)	169,157			169,564				(407)
Balance at Sep. 30, 2021	$ 2,633,424	$ 473	$ 1,335,370	$ 1,964,018	$ 34,510	$ (715,630)		$ 14,683
Balance, Shares at Sep. 30, 2021		47,291,463
Balance, Shares at Sep. 30, 2021	(6,073,224)					6,073,224

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Stockholders Equity [Abstract]
Common stock dividends declared (per share)	$ 0.70	$ 0.56	$ 2.10	$ 1.68

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income	$ 568,108	$ 445,148
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	223,229	209,360
Amortization of broadcast rights	92,418	104,916
Depreciation of property and equipment	120,726	107,787
Stock-based compensation expense	34,323	35,917
Provision for bad debt	4,440	24,735
Amortization of debt financing costs, debt discounts and premium	11,203	13,316
Loss on extinguishment of debt	1,908	44,848
Deferred income taxes	5,989	(20,940)
Gain on disposal of assets	(8,795)	(770)
Gain on relinquishment of spectrum		(10,791)
Gain on disposal of stations and business units, net	(2,455)	(7,025)
Change in the estimated fair value of contingent consideration attributable to a past merger		3,933
Spectrum repack reimbursements	(17,926)	(51,347)
Payments for broadcast rights	(133,042)	(147,214)
Income from equity method investments, net	(77,707)	(41,351)
Unrealized gain on an equity investment measured at fair value	(5,695)
Loss on write-off of an equity investment	7,000
Distribution from equity method investments - return on capital	222,389	206,997
Other operating activities, net	213	(1,834)
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable	(15,227)	93,368
Prepaid expenses and other current assets	4,776	10,000
Other noncurrent assets	540	11,874
Accounts payable	(32,547)	(95)
Accrued expenses and other current liabilities	(6,364)	(97,587)
Income tax payable	(49,823)	(15,021)
Other noncurrent liabilities	(66,027)	(40,736)
Net cash provided by operating activities	881,654	877,488
Cash flows from investing activities:
Purchases of property and equipment	(104,977)	(170,150)
Payments for acquisitions, net of cash acquired	(138,783)	(132,284)
Proceeds from sale of stations and business units	2,514	362,803
Deposits received associated with the sale of real estate assets	10,000
Proceeds from resolution of acquired contingency		98,000
Spectrum repack reimbursements	17,926	51,347
Proceeds from disposal of assets	16,591	1,029
Collection of investment in a loan receivable	2,500	49,014
Other investing activities, net	437	603
Net cash (used in) provided by investing activities	(193,792)	260,362
Cash flows from financing activities:
Proceeds from debt issuance, net of debt discounts	321,000	1,225,000
Repayments of long-term debt	(454,072)	(1,857,838)
Premium paid on debt extinguishment		(25,317)
Payments for debt financing costs	(952)	(10,741)
Purchase of treasury stock	(403,224)	(197,600)
Common stock dividends paid	(89,497)	(76,380)
Payments for finance lease and capitalized software obligations	(13,247)	(12,664)
Cash paid for shares withheld for taxes	(10,884)	(6,784)
Proceeds from exercise of stock options	3,693	2,174
Other financing activities, net	451	138
Net cash used in financing activities	(646,732)	(960,012)
Net increase in cash, cash equivalents and restricted cash	41,130	177,838
Cash, cash equivalents and restricted cash at beginning of period	169,309	248,678
Cash, cash equivalents and restricted cash at end of period	210,439	426,516
Supplemental information:
Interest paid	220,311	290,250
Income taxes paid, net of refunds	247,399	201,979
Non-cash investing and financing activities:
Accrued purchases of property and equipment	8,865	14,186
Noncash purchases of property and equipment		20,342
Right-of-use assets obtained in exchange for operating lease obligations	$ 41,650	$ 22,886

Organization and Business Opera

Organization and Business Operations	9 Months Ended
	Sep. 30, 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. (formerly known as Nexstar Inc. and Nexstar Broadcasting, Inc.), a Delaware corporation; the “Company” refers to Nexstar and the variable interest entities (“VIEs”) required to be consolidated in our financial statements due to our deemed controlling financial interests in those entities under authoritative guidance related to the consolidation of VIEs; and all references to “we,” “our,” “ours,” and “us” refer to Nexstar. On April 16, 2021, Nexstar Inc. filed a Certificate of Amendment with the Secretary of State of Delaware to change its name to Nexstar Media Inc. 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	9 Months Ended
	Sep. 30, 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 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 the Coronavirus Disease 2019 (“COVID-19”) pandemic. In March 2020, the World Health Organization declared COVID-19 a pandemic and the United States government declared a national emergency. The ongoing effect of the COVID-19 pandemic had an adverse impact on the Company’s financial results mostly in the first part of the second quarter in 2020. Since then, the Company’s business operations, financial results and cash flows have significantly improved. In 2021, the mass distribution of COVID-19 vaccines, the U.S. government’s stimulus programs, the reopening During the three and nine months ended September 30, 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 also 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 reflective of the economic recovery to date and the incremental operating results from the Company’s acquisitions in 2020. Overall, the ongoing COVID-19 pandemic did not have a material impact on the Company’s liquidity. As of September 30, 2021, the Company was in compliance with the financial covenants contained in the amended credit agreements governing its senior secured credit facilities. The Company believes it has sufficient unrestricted cash on hand, positive working capital, and availability to access additional cash under its revolving credit facilities 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 extent to which the COVID-19 pandemic impacts the Company’s business, its results of operations and its financial condition will depend on future developments, which remain highly uncertain and cannot be reasonably predicted, including future surges of the virus and the length of time that the pandemic continues, current challenges to increase vaccination rates in the U.S. and disruptions to supply chains. Interim Financial Statements The Condensed Consolidated Financial Statements as of September 30, 2021 and for the three and nine months ended September 30, 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 Broadcasting, Inc.’s (“Mission”) senior secured credit facility (see Note 8), (3) Nexstar having power over significant activities affecting these VIEs’ economic performance, including budgeting for advertising revenue, advertising sales and, in some cases, hiring and firing of sales force personnel and (4) purchase options granted by each consolidated VIE which permit Nexstar to acquire the assets and assume the liabilities of these VIEs’ stations, subject to FCC consent. On July 1, 2021, Mission granted Nexstar options to purchase stations KMSS, KPEJ and KLJB from Mission, subject to FCC consent. The following table summarizes the various local service agreements Nexstar had in effect as of September 30, 2021 with its consolidated VIEs: Owner Service Agreements Full Power Stations Mission TBA SSA & JSA ( 1)(2) WFXP, KHMT, KFQX and WPIX KJTL, KLRT, KASN, KOLR, KCIT, KAMC, KRBC, KSAN, WUTR, WAWV, WYOU, KODE, WTVO, KTVE, WTVW, WVNY, WXXA, WLAJ, KMSS, KPEJ, KLJB, KASY, KWBQ and KRWB LMA ( 3) WNAC White Knight Broadcasting (“White Knight”) SSA & JSA WVLA, KFXK and KSHV Vaughan Media, LLC (“Vaughan”) SSA & JSA WBDT, WYTV and KTKA LMA KNVA (1) On July 1, 2021, Mission entered into JSAs with Nexstar for stations KMSS, KPEJ, KLJB, KASY, KWBQ and KRWB in addition to the existing SSAs with these stations. Prior to entering these JSAs, Nexstar provided services to these stations under SSAs only. (2) On May 24, 2021, Mission acquired the license assets of television station KGBT-TV serving the Harlingen-Weslaco-Brownsville-McAllen, Texas market from Sinclair Broadcast Group, Inc. (“Sinclair”) for a nominal price. Upon closing of the acquisition, Mission entered into a new SSA with Nexstar for the station. Mission also granted Nexstar an option to purchase the station from Mission, subject to FCC consent. On July 1, 2021, Mission entered into a new JSA with Nexstar for this station in addition to the SSA. On September 15, 2021, Nexstar acquired KGBT-TV’s license assets from Mission for the same price Mission paid Sinclair (See Note 3). Effective September 15, 2021, KGBT-TV is no longer a VIE and the JSA and SSA between Nexstar and Mission for the station were terminated. (3) On June 17, 2021, Mission acquired WNAC-TV, the Fox affiliate full power television station serving the Providence, Rhode Island market, from Super Towers, Inc. (“Super Towers”) (See Note 3). Upon closing of the acquisition, Mission assumed the existing LMA with Nexstar for the acquired station. Mission also granted Nexstar an option to purchase the station from Mission, subject to FCC consent. Nexstar became the primary beneficiary of WNAC-TV under its previous owner, Super Towers, and has consolidated this station into Nexstar’s financial statements since January 2017. Upon Mission’s acquisition of WNAC-TV in June 2021, Nexstar continued to be the primary beneficiary and maintained its deemed controlling financial interest in the station for financial reporting purposes under authoritative guidance related to the consolidation of VIEs. Nexstar became the primary beneficiary of KGBT-TV upon Mission’s acquisition of the station from Sinclair on May 24, 2021 until Nexstar acquired the station from Mission on September 15, 2021. As Nexstar is the primary beneficiary of the operations of WNAC-TV and KGBT-TV, Mission’s purchase of WNAC-TV from Super Towers and Nexstar’s purchase of KGBT-TV from Mission were deemed to be common control transactions. Therefore, Mission recorded the net assets of WNAC-TV it acquired from Super Towers and Nexstar recorded the net assets of KGBT-TV it acquired from Mission at historical book values, rather than at estimated fair values. For financial reporting purposes, Nexstar continued to include both stations’ net assets and financial results at historical values for all periods presented in the accompanying Condensed Consolidated Financial Statements. The net assets of WNAC-TV have also been included as if they were owned by Mission as of the earliest period presented. Mission is a guarantor of Nexstar’s debt. On October 1, 2021, Nexstar acquired certain television stations from Mission and White Knight. See Note 16 for discussion of subsequent events. 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): September 30, 2021 December 31, 2020 Current assets: Cash and cash equivalents $ 4,300 $ 9,066 Accounts receivable, net 21,737 19,800 Prepaid expenses and other current assets 11,679 6,726 Total current assets 37,716 35,592 Property and equipment, net 61,599 61,938 Goodwill 152,058 153,704 FCC licenses 203,967 204,720 Network affiliation agreements, net 86,961 93,466 Other intangible assets, net 353 748 Other noncurrent assets, net 93,930 78,580 Total assets $ 636,584 $ 628,748 Current liabilities: Current portion of debt $ 3,000 $ - Other current liabilities 33,466 30,830 Total current liabilities 36,466 30,830 Debt 356,155 327,000 Deferred tax liabilities 33,422 29,433 Other noncurrent liabilities 100,059 82,821 Total liabilities $ 526,102 $ 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): September 30, 2021 December 31, 2020 Current assets $ 5,182 $ 4,402 Property and equipment, net 15,439 16,137 Goodwill 63,795 63,795 FCC licenses 203,967 204,720 Network affiliation agreements, net 29,250 31,571 Other noncurrent assets, net 2,664 2,568 Total assets $ 320,297 $ 323,193 Current liabilities $ 32,725 $ 30,335 Noncurrent liabilities 133,481 112,254 Total liabilities $ 166,206 $ 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 Nexstar’s 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. Cunningham does not guarantee Nexstar’s debt. Income Per Share Basic income per share is computed by dividing the net income attributable to Nexstar by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed using the weighted-average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares are calculated using the treasury stock method. They consist of stock options and restricted stock units outstanding during the period and reflect the potential dilution that could occur if common shares were issued upon exercise of stock options and vesting of restricted stock units. The following table shows the amounts used in computing Nexstar’s diluted shares (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Weighted average shares outstanding - basic 41,676 44,979 42,520 45,313 Dilutive effect of equity incentive plan instruments 1,800 1,758 1,902 1,751 Weighted average shares outstanding - diluted 43,476 46,737 44,422 47,064 During the three and nine months ended September 30, 2021, there were no stock options and restricted stock units that were anti-dilutive. During the three and nine months ended September 30, 2020, stock options and restricted stock units to acquire a weighted average of 85,000 shares and 157,000 shares, respectively, of Class A common stock were excluded from the computation of diluted earnings per share because their impact would have been anti-dilutive. Basis of Presentation Certain prior year financial statement amounts have been reclassified to conform to the current year presentation. These reclassifications had no effect on net income or stockholders’ equity as previously reported. Recent Accounting Pronouncements New Accounting Standards Adopted 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, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 In July 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842): Lessors—Certain leases with variable payments. Under the ASU, a lessor would classify a lease with variable lease payments that do not depend on an index or rate as an operating lease at lease commencement if the lease would have been classified as a sales-type lease or direct financing lease under Accounting Standards Codification (“ASC”) 842 classification criteria and the lessor would have otherwise recognized a day one loss. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the standard to have a material impact on its Consolidated Financial Statements upon its adoption effective on January 1, 2022. 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	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Acquisitions and Dispositions	Note 3: Acquisitions and Dispositions 2021 Acquisition of The Hill On August 20, 2021, pursuant to a merger agreement, Nexstar acquired 100% of the outstanding equity of News Communications, Inc. (“NCI”), a then Nevada corporation, for a total cash consideration of approximately $137.5 million, including preliminary working capital adjustments, funded by cash on hand. NCI is the owner of “The Hill,” an independent, political digital media platform. On August 27, 2021, NCI received approval for its conversion from a Nevada corporation to a Delaware corporation. This acquisition marks a continuation of Nexstar’s content-first strategy, focused primarily on news, designed to further leverage and monetize its expansive digital reach. Subject to final determination, which is expected to occur within twelve months of the acquisition date, the provisional fair values of the assets acquired and liabilities assumed are as follows (in thousands): Assets acquired Cash and cash equivalents $ 7,113 Accounts receivable, net 8,167 Prepaid expenses and other current assets 483 Property and equipment 726 Goodwill 69,291 Other intangible assets 67,930 Other noncurrent assets 4,055 Total assets acquired 157,765 Accounts payable (1,180 ) Accrued expenses (2,410 ) Other current liabilities (1,094 ) Deferred tax liabilities (13,032 ) Other noncurrent liabilities (2,561 ) Total assets acquired $ 137,488 The fair value assigned to goodwill is attributable to operating expense reductions and revenue synergies. The carryover tax bases in goodwill, other intangible assets and property and equipment are deductible for tax purposes but are not significant. Other intangible assets are amortized over an estimated weighted average useful life of 6.7 years. The net revenue, operating income and transaction costs from the acquisition date to September 30, 2021 have been included in the accompanying Condensed Consolidated Statements of Operations but were not significant. 2021 Common Control Transactions On June 17, 2021, Mission acquired WNAC-TV, the Fox affiliate in the Providence, Rhode Island market, from Super Towers for $6.5 million in cash. Upon closing of the acquisition, Mission assumed the existing LMA with Nexstar for the acquired station. Mission also granted Nexstar an option to purchase the station from Mission, subject to FCC consent. On May 24, 2021, Mission acquired the license assets of television station KGBT-TV serving the Harlingen-Weslaco-Brownsville-McAllen, Texas market from Sinclair for a nominal price. Upon closing of the acquisition, Mission entered into a SSA with Nexstar for the station. Mission also granted Nexstar an option to purchase the station, subject to FCC consent. On July 1, 2021, Mission entered into a JSA with Nexstar for this station in addition to the SSA. On September 15, 2021, Nexstar acquired the license assets of KGBT-TV from Mission for the same price Mission paid Sinclair. Effective September 15, 2021, KGBT-TV is no longer a VIE and the JSA and SSA between Nexstar and Mission for the station were terminated. As Nexstar is the primary beneficiary of the operations of WNAC-TV and KGBT-TV, Mission’s purchase of WNAC-TV from Super Towers and Nexstar’s purchase of KGBT-TV from Mission were deemed common control transactions in accordance with FASB ASC 805-50, “Business Combinations—Common Control Transactions.” Therefore, Mission recorded the net assets of WNAC-TV it acquired from Super Towers and Nexstar recorded the net assets of KGBT-TV it acquired from Mission at historical book values, rather than at estimated fair values. The excess of purchase price over carrying values of net assets was accounted for as a reduction to retained earnings. For financial reporting purposes, Nexstar continued to include both stations’ net assets and financial results at historical values for all periods presented in the accompanying Condensed Consolidated Financial Statements. The net assets of the stations have also been presented as if they were owned by Mission, a guarantor of Nexstar’s debt, as of the earliest period presented (see Note 2). 2020 Acquisitions On January 27, 2020, Nexstar acquired from Sinclair certain non-license assets associated with KGBT-TV 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. . On March 30, 2020, Mission entered into an asset purchase agreement to acquire certain assets of three television stations owned by Marshall Broadcasting Group, Inc. (“Marshall”): KMSS serving the Shreveport, Louisiana market, KPEJ serving the Odessa, Texas market and KLJB serving the Quad Cities, Iowa/Illinois market. On April 1, 2020, the acquisition was approved by the U.S. Bankruptcy Court for the Southern District of Texas. On September 1, 2020, Mission completed this acquisition which allowed it entrance into these markets. The purchase price for the acquisition was $53.2 million, of which $49.0 million was applied against Mission’s existing loans receivable from Marshall on a dollar-for-dollar basis and the remaining $4.2 million in cash was funded by cash on hand. On September 1, 2020, Mission also entered into SSAs with Nexstar for these stations. On September 17, 2020, Nexstar completed the acquisition of WDKY-TV, the Fox affiliate in the Lexington, KY market, from Sinclair for $18.0 million in cash, funded by cash on hand. This acquisition allowed Nexstar entrance into this market. Based on the preliminary purchase price allocation, the provisional fair values of identifiable net assets acquired were $37.0 million which led to a bargain purchase gain of $19.0 million. The bargain purchase gain was recognized as a result of Sinclair’s sale of the station to Nexstar as part of a January 27, 2020 resolution of litigation between Tribune Media Company (“Tribune”), a subsidiary of Nexstar and Sinclair. The fair values of the assets acquired and liabilities assumed associated with the above acquisitions are as follows (in thousands): Assets acquired Cash $ 2,099 Accounts receivable, net 3,918 Prepaid expenses and other current assets 375 Property and equipment 25,896 FCC licenses 39,217 Network affiliation agreements 71,739 Goodwill 7,643 Broadcast rights assets 5,099 Other intangible assets 6,693 Other noncurrent assets 1,973 Total assets acquired 164,652 Less: Broadcast rights payable (5,203 ) Accrued expenses and other current liabilities (4,207 ) Operating lease liabilities (1,879 ) Bargain purchase gain (18,980 ) Total asset acquired $ 134,383 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 $ 47.2 million and operating income of $ 17.9 million from the respective acquisition dates to September 30, 2020 have been included in the accompanying Condensed Consolidated Statements of Operations. Transaction costs related to these acquisitions, including legal and professional fees, were $1.7 million and $4.3 million during the three and nine months ended September 30, 2020, respectively Pro forma information for these acquisitions in 2021 and 2020 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 $7.0 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 business units, net in the accompanying Condensed Consolidated Statements of Operations for the nine months ended September 30, 2020.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	9 Months Ended
	Sep. 30, 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 September 30, 2021 December 31, 2020 useful life, Accumulated Accumulated in years Gross Amortization Net Gross Amortization Net Network affiliation agreements 15 $ 3,125,147 $ (1,017,415 ) $ 2,107,732 $ 3,125,320 $ (875,037 ) $ 2,250,283 Other definite-lived intangible assets 1-20 1,041,573 (357,992 ) 683,581 1,012,797 (323,879 ) 688,918 Other intangible assets $ 4,166,720 $ (1,375,407 ) $ 2,791,313 $ 4,138,117 $ (1,198,916 ) $ 2,939,201 During the nine months ended September 30, 2021, t he Company recorded immaterial measurement period adjustments related to acquisitions completed in 2020. 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 September 30, 2021 (in thousands): Remainder of 2021 $ 76,519 2022 296,198 2023 292,563 2024 291,229 2025 286,971 2026 262,438 Thereafter 1,285,395 $ 2,791,313 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 acquisitions 69,291 - 69,291 1,000 - 1,000 Current year divestitures (42,475 ) 42,475 - - - - Measurement period adjustments (1,407 ) - (1,407 ) (753 ) - (753 ) Balances as of September 30, 2021 $ 3,141,711 $ (89,819 ) $ 3,051,892 $ 2,957,361 $ (47,410 ) $ 2,909,951 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. Indefinite-lived intangible assets are not subject to amortization but are tested for impairment annually or whenever events or changes in circumstances indicate that such assets might be impaired.

Investments

Investments	9 Months Ended
	Sep. 30, 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): September 30, 2021 December 31, 2020 Equity method investments $ 1,178,001 $ 1,321,715 Other equity investments 10,758 12,063 Total investments $ 1,188,759 $ 1,333,778 Equity Method Investments During the three and nine months ended September 30, 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 and nine months ended September 30, 2021 and 2020, the income from equity method investments, net reported in the Company’s unaudited Condensed Consolidated Statements of Operations consisted of the following (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Income from equity method investments, net, before amortization of basis difference $ 55,134 $ 52,801 $ 185,937 $ 152,170 Amortization of basis difference (34,351 ) (36,940 ) (108,230 ) (110,819 ) Income from equity method investments, net $ 20,783 $ 15,861 $ 77,707 $ 41,351 At acquisition date, the Company measured its estimated share of the differences between the estimated fair values and carrying values (the “basis difference”) of the investees’ tangible assets and amortizable intangible assets had the fair value of the investments been allocated to the identifiable assets of the investees in accordance with ASC Topic 805, “Business Combinations.” Additionally, the Company measured its estimated share of the basis difference attributable to investees’ goodwill. The Company amortizes its share of the basis differences attributable to tangible assets and intangible long-lived assets of investees, including TV Food Network, and records the amortization (the “amortization of basis difference”) as a reduction of income from equity method investments, net in the accompanying Condensed Consolidated Statements of Operations. The Company’s share in these basis differences and related amortization is primarily attributable to its investment in TV Food Network (discussed in more detail below). Investment in TV Food Network Nexstar acquired its 31.3% equity investment in TV Food Network through its acquisition of 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 September 30, 2021, Nexstar’s investment in TV Food Network had a book value of $1.160 billion, compared to $1.302 billion as of December 31, 2020. As of September 5 During the three months ended September 30, 2021, the Company received cash distributions from TV Food Network of $15.0 million, recognized income on equity of this investment of $55.8 million, and recorded amortization of basis difference (expense) related to this investment of $34.2 million. During the nine months ended September 30, 2021, the Company received cash distributions from TV Food Network of $222.4 million, recognized income on equity of this investment of $188.3 million, and recorded amortization of basis difference (expense) related to this investment of $107.8 million. Summarized financial information for TV Food Network is as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net revenue $ 310,223 $ 306,390 $ 979,984 $ 933,929 Costs and expenses 132,415 137,156 384,044 448,760 Income from operations 177,808 169,233 595,941 485,169 Net income 178,411 170,543 601,651 491,957 Net income attributable to Nexstar Media Group, Inc. 55,832 53,370 188,281 153,953 There were no significant other-than-temporary impairment during the three and nine months ended September 30, 2021.

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2021
Payables And Accruals [Abstract]
Accrued Expenses	Note 6: Accrued Expenses Accrued expenses consisted of the following (in thousands): September 30, 2021 December 31, 2020 Compensation and related taxes $ 94,036 $ 104,133 Interest payable 48,928 67,885 Network affiliation fees 61,114 34,948 Other 107,752 100,226 $ 311,830 $ 307,192

Retirement and Postretirement P

Retirement and Postretirement Plans	9 Months Ended
	Sep. 30, 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 Tribune Pension Benefit Plans OPEB Pension Benefit Plans OPEB Three Months Ended Three Months Ended Three Months Ended Three Months Ended September 30, September 30, September 30, September 30, 2021 2020 2021 2020 2021 2020 2021 2020 Service cost $ - $ - $ 3 $ 5 $ 307 $ 248 $ - $ - Interest cost 1,850 2,925 80 138 8,061 13,374 12 33 Expected return on plan assets (4,450 ) (4,925 ) - - (23,578 ) (22,341 ) - - Amortization of prior service costs 275 - (13 ) (13 ) 42 - - - Amortization of net loss - - 103 43 - - - - Net periodic benefit cost (credit) $ (2,325 ) $ (2,000 ) $ 173 $ 173 $ (15,168 ) $ (8,719 ) $ 12 $ 33 Media General Tribune Pension Benefit Plans OPEB Pension Benefit Plans OPEB Nine Months Ended Nine Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2021 2020 2021 2020 2021 2020 2021 2020 Service cost $ - $ - $ 8 $ 15 $ 920 $ 744 $ - $ - Interest cost 5,550 8,775 240 413 24,183 40,122 36 99 Expected return on plan assets (13,350 ) (14,775 ) - - (70,734 ) (67,023 ) - - Amortization of prior service costs 825 - (38 ) (38 ) 126 - - - Amortization of net loss - - 308 128 - - - - Net periodic benefit cost (credit) $ (6,975 ) $ (6,000 ) $ 518 $ 518 $ (45,505 ) $ (26,157 ) $ 36 $ 99 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 on 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 nine months ended September 30, 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. On October 29, 2021, Nexstar completed the purchase of an annuity contract for certain participants of one of the Tribune defined benefit pension plans. See Note 16 for discussion of subsequent events.

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	Note 8: Debt Long-term debt consisted of the following (in thousands): September 30, 2021 December 31, 2020 Nexstar Term Loan A, due October 26, 2023 $ 485,400 $ 485,400 Team Loan A, due September 19, 2024 609,778 625,850 Term Loan B, due January 17, 2024 724,992 874,992 Term Loan B, due September 18, 2026 2,644,316 2,644,315 5.625% 1,785,000 1,785,000 4.75% 1,000,000 1,000,000 Mission Term Loan B, due June 3, 2028 300,000 - Revolving loans, due October 26, 2023 61,500 327,000 Total outstanding principal 7,610,986 7,742,557 Less: unamortized financing costs and discount - Nexstar Term Loan A due 2023 (1,184 ) (1,584 ) Less: unamortized financing costs and discount - Nexstar Term Loan A due 2024 (5,579 ) (7,102 ) Less: unamortized financing costs and discount - Nexstar Term Loan B due 2024 (7,715 ) (12,136 ) Less: unamortized financing costs and discount - Nexstar Term Loan B due 2026 (44,851 ) (50,644 ) Add: unamortized premium, net of financing costs - Nexstar 5.625% Notes due 2027 5,414 5,997 Less: unamortized financing costs and discount - Nexstar 4.75% Notes due 2028 (8,357 ) (9,085 ) Less: unamortized financing costs and discount - Mission Term Loan B due 2028 (2,345 ) - Total outstanding debt 7,546,369 7,668,003 Less: current portion (40,715 ) (21,429 ) Long-term debt, net of current portion $ 7,505,654 $ 7,646,574 2021 Transactions On June 3, 2021, Mission, a VIE consolidated by Nexstar, amended its senior secured credit facility. The amendment provides for a $300.0 million Term Loan B borrowing, issued at 99.50%, maturing on June 3, 2028 (“Term Loan B, due June 3, 2028”), with quarterly principal installment payments of $750 thousand beginning on October 1, 2021 through April 1, 2028, with the remaining principal balance of $279.8 million payable on the maturity date . The Term Loan B, due June 3, 2028 bears interest at the LIBOR rate of 2.50%, with a 0.00% LIBOR floor, and includes six months of 101 soft call protection. The net proceeds from the Term Loan B, due June 2028 were used to pay down $268.0 million of Mission’s outstanding loans under its existing revolving credit facilities, pay fees to Nexstar under the SSAs between Nexstar and Mission and for Mission’s general corporate purposes. In August 2021, Nexstar and Mission borrowed $20.0 million and $2.5 million under each of their respective revolving credit facilities. In September 2021, Nexstar repaid in full the $20.0 million outstanding debt under its revolving credit facility, funded by cash on hand. During the nine months ended September 30, 2021, Nexstar prepaid a total of $150.0 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 $16.1 million of its Term Loan A due 2024, funded by cash on hand. Unused Commitments and Borrowing Availability The Company had $349.7 million and $13.5 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 September 30, 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 September 30, 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 to acquire the assets and assume the liabilities of each Mission station, subject to FCC consent. These option agreements, which expire on various dates between 2021 and 2029, are freely exercisable or assignable by Nexstar without consent or approval by Mission. The Company expects these option agreements to be renewed upon expiration. Debt Covenants The Nexstar credit agreement (senior secured credit facility) contains a covenant which requires Nexstar to comply with a maximum consolidated first lien net leverage ratio of 4.25 to 1.00. The financial covenant, which is formally calculated on a quarterly basis, is based on the combined results of the Company. The Mission 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 September 30, 2021, Nexstar was in compliance with its financial covenants.

Leases

Leases	9 Months Ended
	Sep. 30, 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 two monthsto 93 years, some of which may include options to extend the leases from three months 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 September 30, 2021 were not material. Supplemental balance sheet information related to leases was as follows (in thousands, except lease term and discount rate): Balance Sheet Classification September 30, 2021 December 31, 2020 Operating leases Operating lease right-of-use assets, net Other noncurrent assets, net $ 296,281 $ 282,834 Current lease liabilities Other current liabilities $ 42,592 $ 35,850 Noncurrent lease liabilities Other noncurrent liabilities $ 245,588 $ 234,208 Finance leases Finance lease right-of-use assets, net of accumulated depreciation of $3,891 as of September 30, 2021 and $3,349 as of December 31, 2020 Property, plant and equipment, net $ 7,099 $ 7,641 Current lease liabilities Other current liabilities $ 1,002 $ 1,003 Noncurrent lease liabilities Other noncurrent liabilities $ 13,411 $ 14,172 Weighted Average Remaining Lease Term Operating leases 8.3 years 8.7 years Finance leases 10.0 years 10.7 years Weighted Average Discount Rate Operating leases 5.1 % 5.4 % Finance leases 5.7 % 5.7 % Operating lease expense for the three months ended September 30, 2021 was $14.5 million, of which $6.9 million and $7.6 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 September 30, 2020 was $11.6 million, of which $6.0 million and $5.6 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 nine months ended September 30, 2021 was $42.2 million, of which $20.1 million and $22.1 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 nine months ended September 30, 2020 was $35.6 million, of which $18.3 million and $17.3 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. Supplemental cash flow information related to leases was as follows (in thousands): Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 37,335 $ 35,455 Operating cash flows from finance leases 636 676 Financing cash flows from finance leases 758 652 Future minimum lease payments under non-cancellable leases as of September 30, 2021 were as follows (in thousands): Operating Leases Finance Leases Remainder of 2021 $ 14,220 $ 450 2022 55,391 1,803 2023 53,015 1,818 2024 49,293 1,833 2025 36,834 1,879 Thereafter 154,797 11,479 Total future minimum lease payments 363,550 19,262 Less: imputed interest (75,370 ) (4,849 ) Total $ 288,180 $ 14,413 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	9 Months Ended
	Sep. 30, 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. Fair value of certain equity investments is based on quoted market price as of the balance sheet date. Estimated fair values and carrying amounts of the Company’s financial instruments that are not measured at fair value on a recurring basis were as follows (in thousands): September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Amount Value Amount Value Nexstar Term Loan A due 2023 (1) $ 484,216 $ 483,529 $ 483,816 $ 480,373 Team Loan A due 2024 (1) 604,199 607,704 618,748 619,619 Term Loan B due 2024 (1) 717,277 724,025 862,856 865,311 Term Loan B due 2026 (1) 2,599,465 2,640,633 2,593,671 2,601,619 5.625% Notes due 2027 (2) 1,790,414 1,892,600 1,790,997 1,912,181 4.75% Notes due 2028 (2) 991,643 1,034,400 990,915 1,040,000 Mission Term Loan B due 2028 (1) 297,655 300,608 - - Revolving loans due 2023 (1) 61,500 61,193 327,000 323,517 (1) (2) During the three and nine months ended September 30, 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	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Common Stock	Note 11: Common Stock On September 1, 2020, Nexstar’s Board of Directors approved a $300 million increase 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 an additional $1.0 billion of its Class A common stock, increasing the Company’s 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	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 12: Income Taxes Income tax expense was $65.9 million for the three months ended September 30, 2021 compared to $65.2 million for the same period in 2020. The effective tax rates were 28.0% and 25.6% for each of the respective periods. Income tax expense was $196.3 million for the nine months ended September 30, 2021, compared to $166.9 million for the same period in 2020. The effective tax rates were 25.7% and 27.3% 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 station divestitures in 2020, or a 1.3% 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 in income tax expense of $7.4 million in 2021, or a % decrease to the effective tax rate in 2021. These decreases were offset by a provision to return adjustment resulting in a 0.7% increase. 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 on 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	9 Months Ended
	Sep. 30, 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. Media Ownership The FCC is required to review its media ownership rules every four years and to eliminate those rules it finds are no longer “necessary in the public interest as a result of competition.” 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. On September 23, 2019, however, the U.S. Court of Appeals for the Third Circuit (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 and on April 1, 2021, it reversed the Third Circuit’s decision. Effective June 30, 2021, as a result of the Supreme Court’s ruling, (1) the radio/television cross-ownership rule, the newspaper/broadcast cross-ownership rule and the television JSA attribution rule have been eliminated, (2) the eight voices test has been eliminated from the local television ownership rule, and (3) the “top four” prohibition of the local television ownership rule remains but is subject to case-by-case review. In December 2018, the FCC initiated its 2018 quadrennial review with the issuance of a Notice of Proposed Rulemaking, seeking comment among other things 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. On June 4, 2021, the FCC issued a public notice soliciting further comment to update the record in the 2018 quadrennial review. Comments and reply comments in response to this public notice were filed in September and October 2021. 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. 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. 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 August 3, 2021, verified cost estimates were over $2.231 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. The FCC has reported that all repack stations have ceased operating on their former channel assignments. This includes all repack stations owned by Nexstar and its VIEs. During the three and nine months ended September 30, 2021, the Company spent a total of $1.6 of $19.4 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, certain online video distributors (“OVDs”) have successfully or unsuccessfully sought to stream 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 federal copyright law. 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, and the proceeding remains open. Although the FCC has not classified OVDs as MVPDs to date, several OVDs have signed agreements for retransmission of local stations within their markets and others are actively seeking to negotiate such agreements.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 14: Commitments and Contingencies Guarantee 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 September 30, 2021, Mission had a maximum commitment of $375.0 million under its amended credit agreement, of which $361.5 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 September 30, 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 September 30, 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 and nine months ended September 30, 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 September 30, 2021 would be approximately $132.0 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 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. 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 On October 26, 2021, the Tax Court issued an Opinion on the Chicago Cubs Transactions matter. See Note 16 for discussion of subsequent events. 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 September 30, 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	9 Months Ended
	Sep. 30, 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 general entertainment cable network, (iii) two owned and operated digital multicast networks and other multicast network services, and (iv) WGN-AM, a Chicago radio station. The other activities of the Company include (i) 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 September 30, 2021 Broadcast Other Consolidated Net revenue $ 1,129,523 $ 27,489 $ 1,157,012 Depreciation of property and equipment 36,707 4,647 41,354 Amortization of intangible assets 72,204 3,526 75,730 Income (loss) from operations 329,331 (51,952 ) 277,379 Nine Months Ended September 30, 2021 Broadcast Other Consolidated Net revenue $ 3,330,189 $ 72,344 $ 3,402,533 Depreciation of property and equipment 106,037 14,689 120,726 Amortization of intangible assets 215,290 7,939 223,229 Income (loss) from operations 981,466 (130,839 ) 850,627 Three Months Ended September 30, 2020 Broadcast Other Consolidated Net revenue $ 1,094,804 $ 23,399 $ 1,118,203 Depreciation of property and equipment 31,096 5,515 36,611 Amortization of intangible assets 68,591 674 69,265 Income (loss) from operations 377,172 (33,575 ) 343,597 Nine Months Ended September 30, 2020 Broadcast Other Consolidated Net revenue $ 3,060,279 $ 64,379 $ 3,124,658 Depreciation of property and equipment 91,187 16,600 107,787 Amortization of intangible assets 206,617 2,743 209,360 Income (loss) from operations 958,592 (113,727 ) 844,865 As of September 30, 2021 Broadcast Other Consolidated Goodwill $ 2,872,628 $ 179,264 $ 3,051,892 Assets ( 1) 12,037,434 1,245,560 13,282,994 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) The following tables present the disaggregation of the Company’s revenue for the periods presented (in thousands): Three Months Ended September 30, 2021 Broadcast Other Consolidated Core advertising (local and national) $ 432,696 $ - $ 432,696 Political advertising 12,387 - 12,387 Distribution 618,786 69 618,855 Digital 55,516 25,560 81,076 Other 7,080 1,860 8,940 Trade 3,058 - 3,058 Total net revenue $ 1,129,523 $ 27,489 $ 1,157,012 Nine Months Ended September 30, 2021 Broadcast Other Consolidated Core advertising (local and national) $ 1,267,868 $ - $ 1,267,868 Political advertising 26,306 - 26,306 Distribution 1,856,970 69 1,857,039 Digital 153,899 66,988 220,887 Other 18,197 5,287 23,484 Trade 6,949 - 6,949 Total net revenue $ 3,330,189 $ 72,344 $ 3,402,533 Three Months Ended September 30, 2020 Broadcast Other Consolidated Core advertising (local and national) $ 381,929 $ - $ 381,929 Political advertising 132,387 - 132,387 Distribution 538,271 105 538,376 Digital 33,488 21,743 55,231 Other 6,609 1,551 8,160 Trade 2,120 - 2,120 Total net revenue $ 1,094,804 $ 23,399 $ 1,118,203 Nine Months Ended September 30, 2020 Broadcast Other Consolidated Core advertising (local and national) $ 1,097,509 $ 39 $ 1,097,548 Political advertising 209,294 - 209,294 Distribution 1,622,639 1,997 1,624,636 Digital 100,949 57,383 158,332 Other 22,015 4,960 26,975 Trade 7,873 - 7,873 Total net revenue $ 3,060,279 $ 64,379 $ 3,124,658 The Company primarily derives its revenues from television and digital advertising and from distribution of its stations’ signals and networks. During the three and nine months ended September 30, 2021, revenues from these sources for two of the Company's customers exceeded 10%. Each of these customers represents approximately 12% and 13% of the Company’s consolidated net revenues during the three and nine months ended September 30, 2021. these sources for three of the Company's customers exceeded 10%. Each of these customers represents approximately 11%, 11% and 10% of the Company’s consolidated net revenues during the three months ended September 30, 2020, and 12%, 12% and 11% of the Company’s consolidated net revenues during the nine months ended September 30, 2020 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	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 16: Subsequent Events On October 1, 2021, Nexstar acquired KJBO-LP, a low power television station in the Wichita Falls, Texas market, and KCPN-LP, a low power television station in the Amarillo, Texas market, from Mission. On the same date, Nexstar also acquired KSHV, a full power television station in the Shreveport, Louisiana market and KTPN-LD, a low power television station in the Tyler-Longview, Texas market, from White Knight. As of September 30, 2021, these stations were consolidated into Nexstar’s financial statements as VIEs (see Note 2). The purchase prices Nexstar paid for each of these acquisitions are nominal. On October 26, 2021, the Tax Court issued an Opinion related to the Chicago Cubs Transactions as further described in Note 14, which held that Tribune’s structure was, in substantial part, in compliance with partnership provisions of the IRC and, as a result, did not trigger the entire 2009 taxable gain proposed by the IRS. The Company is currently evaluating the potential for appeal to the Court of Appeals for the holdings within the Opinion which are unfavorable to Tribune. While the Tax Court has issued its Opinion, it has not yet held further proceedings on the penalty issue and has not yet entered a final decision that starts the time in which either party may appeal the ruling to the Court of Appeals. The Company is currently evaluating the Court’s Opinion and the related impact, if any, to the condensed consolidated financial statements. On October 27, 2021, Nexstar’s Board of Directors declared a quarterly cash dividend of $0.70 per share of its Class A common stock. The dividend is payable on November 29, 2021 to stockholders of record on November 12, 2021. On October 29, 2021, Nexstar prepaid $30.0 million of the outstanding principal balance under its Term Loan B due 2024, funded by cash on hand. On October 29, 2021, Nexstar completed the purchase of an annuity contract for certain participants of one of the Tribune defined benefit pension plans. Pursuant to this agreement, $116.9 million of funds from the pension plan assets were transferred to an insurance company, along with the irrevocable transfer of pension plan obligations estimated at $117.5 million assumed by the same insurance company. From October 1, 2021 to November 2, 2021, we repurchased 332,004 shares of our Class A common stock for $50.4 million, funded by cash on hand. As of the date of filing this Quarterly Report on Form 10-Q, the remaining available amount under the share repurchase authorization was $721.4 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts of Nexstar and the accounts of 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 the Coronavirus Disease 2019 (“COVID-19”) pandemic. In March 2020, the World Health Organization declared COVID-19 a pandemic and the United States government declared a national emergency. The ongoing effect of the COVID-19 pandemic had an adverse impact on the Company’s financial results mostly in the first part of the second quarter in 2020. Since then, the Company’s business operations, financial results and cash flows have significantly improved. In 2021, the mass distribution of COVID-19 vaccines, the U.S. government’s stimulus programs, the reopening During the three and nine months ended September 30, 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 also 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 reflective of the economic recovery to date and the incremental operating results from the Company’s acquisitions in 2020. Overall, the ongoing COVID-19 pandemic did not have a material impact on the Company’s liquidity. As of September 30, 2021, the Company was in compliance with the financial covenants contained in the amended credit agreements governing its senior secured credit facilities. The Company believes it has sufficient unrestricted cash on hand, positive working capital, and availability to access additional cash under its revolving credit facilities 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 extent to which the COVID-19 pandemic impacts the Company’s business, its results of operations and its financial condition will depend on future developments, which remain highly uncertain and cannot be reasonably predicted, including future surges of the virus and the length of time that the pandemic continues, current challenges to increase vaccination rates in the U.S. and disruptions to supply chains.
Interim Financial Statements	Interim Financial Statements The Condensed Consolidated Financial Statements as of September 30, 2021 and for the three and nine months ended September 30, 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 Broadcasting, Inc.’s (“Mission”) senior secured credit facility (see Note 8), (3) Nexstar having power over significant activities affecting these VIEs’ economic performance, including budgeting for advertising revenue, advertising sales and, in some cases, hiring and firing of sales force personnel and (4) purchase options granted by each consolidated VIE which permit Nexstar to acquire the assets and assume the liabilities of these VIEs’ stations, subject to FCC consent. On July 1, 2021, Mission granted Nexstar options to purchase stations KMSS, KPEJ and KLJB from Mission, subject to FCC consent. The following table summarizes the various local service agreements Nexstar had in effect as of September 30, 2021 with its consolidated VIEs: Owner Service Agreements Full Power Stations Mission TBA SSA & JSA ( 1)(2) WFXP, KHMT, KFQX and WPIX KJTL, KLRT, KASN, KOLR, KCIT, KAMC, KRBC, KSAN, WUTR, WAWV, WYOU, KODE, WTVO, KTVE, WTVW, WVNY, WXXA, WLAJ, KMSS, KPEJ, KLJB, KASY, KWBQ and KRWB LMA ( 3) WNAC White Knight Broadcasting (“White Knight”) SSA & JSA WVLA, KFXK and KSHV Vaughan Media, LLC (“Vaughan”) SSA & JSA WBDT, WYTV and KTKA LMA KNVA (1) On July 1, 2021, Mission entered into JSAs with Nexstar for stations KMSS, KPEJ, KLJB, KASY, KWBQ and KRWB in addition to the existing SSAs with these stations. Prior to entering these JSAs, Nexstar provided services to these stations under SSAs only. (2) On May 24, 2021, Mission acquired the license assets of television station KGBT-TV serving the Harlingen-Weslaco-Brownsville-McAllen, Texas market from Sinclair Broadcast Group, Inc. (“Sinclair”) for a nominal price. Upon closing of the acquisition, Mission entered into a new SSA with Nexstar for the station. Mission also granted Nexstar an option to purchase the station from Mission, subject to FCC consent. On July 1, 2021, Mission entered into a new JSA with Nexstar for this station in addition to the SSA. On September 15, 2021, Nexstar acquired KGBT-TV’s license assets from Mission for the same price Mission paid Sinclair (See Note 3). Effective September 15, 2021, KGBT-TV is no longer a VIE and the JSA and SSA between Nexstar and Mission for the station were terminated. (3) On June 17, 2021, Mission acquired WNAC-TV, the Fox affiliate full power television station serving the Providence, Rhode Island market, from Super Towers, Inc. (“Super Towers”) (See Note 3). Upon closing of the acquisition, Mission assumed the existing LMA with Nexstar for the acquired station. Mission also granted Nexstar an option to purchase the station from Mission, subject to FCC consent. Nexstar became the primary beneficiary of WNAC-TV under its previous owner, Super Towers, and has consolidated this station into Nexstar’s financial statements since January 2017. Upon Mission’s acquisition of WNAC-TV in June 2021, Nexstar continued to be the primary beneficiary and maintained its deemed controlling financial interest in the station for financial reporting purposes under authoritative guidance related to the consolidation of VIEs. Nexstar became the primary beneficiary of KGBT-TV upon Mission’s acquisition of the station from Sinclair on May 24, 2021 until Nexstar acquired the station from Mission on September 15, 2021. As Nexstar is the primary beneficiary of the operations of WNAC-TV and KGBT-TV, Mission’s purchase of WNAC-TV from Super Towers and Nexstar’s purchase of KGBT-TV from Mission were deemed to be common control transactions. Therefore, Mission recorded the net assets of WNAC-TV it acquired from Super Towers and Nexstar recorded the net assets of KGBT-TV it acquired from Mission at historical book values, rather than at estimated fair values. For financial reporting purposes, Nexstar continued to include both stations’ net assets and financial results at historical values for all periods presented in the accompanying Condensed Consolidated Financial Statements. The net assets of WNAC-TV have also been included as if they were owned by Mission as of the earliest period presented. Mission is a guarantor of Nexstar’s debt. On October 1, 2021, Nexstar acquired certain television stations from Mission and White Knight. See Note 16 for discussion of subsequent events. 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): September 30, 2021 December 31, 2020 Current assets: Cash and cash equivalents $ 4,300 $ 9,066 Accounts receivable, net 21,737 19,800 Prepaid expenses and other current assets 11,679 6,726 Total current assets 37,716 35,592 Property and equipment, net 61,599 61,938 Goodwill 152,058 153,704 FCC licenses 203,967 204,720 Network affiliation agreements, net 86,961 93,466 Other intangible assets, net 353 748 Other noncurrent assets, net 93,930 78,580 Total assets $ 636,584 $ 628,748 Current liabilities: Current portion of debt $ 3,000 $ - Other current liabilities 33,466 30,830 Total current liabilities 36,466 30,830 Debt 356,155 327,000 Deferred tax liabilities 33,422 29,433 Other noncurrent liabilities 100,059 82,821 Total liabilities $ 526,102 $ 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): September 30, 2021 December 31, 2020 Current assets $ 5,182 $ 4,402 Property and equipment, net 15,439 16,137 Goodwill 63,795 63,795 FCC licenses 203,967 204,720 Network affiliation agreements, net 29,250 31,571 Other noncurrent assets, net 2,664 2,568 Total assets $ 320,297 $ 323,193 Current liabilities $ 32,725 $ 30,335 Noncurrent liabilities 133,481 112,254 Total liabilities $ 166,206 $ 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 Nexstar’s 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. Cunningham does not guarantee Nexstar’s debt.
Income Per Share	Income Per Share Basic income per share is computed by dividing the net income attributable to Nexstar by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed using the weighted-average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares are calculated using the treasury stock method. They consist of stock options and restricted stock units outstanding during the period and reflect the potential dilution that could occur if common shares were issued upon exercise of stock options and vesting of restricted stock units. The following table shows the amounts used in computing Nexstar’s diluted shares (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Weighted average shares outstanding - basic 41,676 44,979 42,520 45,313 Dilutive effect of equity incentive plan instruments 1,800 1,758 1,902 1,751 Weighted average shares outstanding - diluted 43,476 46,737 44,422 47,064 During the three and nine months ended September 30, 2021, there were no stock options and restricted stock units that were anti-dilutive. During the three and nine months ended September 30, 2020, stock options and restricted stock units to acquire a weighted average of 85,000 shares and 157,000 shares, respectively, of Class A common stock were excluded from the computation of diluted earnings per share because their impact would have been anti-dilutive.
Basis of Presentation	Basis of Presentation Certain prior year financial statement amounts have been reclassified to conform to the current year presentation. These reclassifications had no effect on net income or stockholders’ equity as previously reported.
Recent Accounting Pronouncements	Recent Accounting Pronouncements New Accounting Standards Adopted 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, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 In July 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842): Lessors—Certain leases with variable payments. Under the ASU, a lessor would classify a lease with variable lease payments that do not depend on an index or rate as an operating lease at lease commencement if the lease would have been classified as a sales-type lease or direct financing lease under Accounting Standards Codification (“ASC”) 842 classification criteria and the lessor would have otherwise recognized a day one loss. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the standard to have a material impact on its Consolidated Financial Statements upon its adoption effective on January 1, 2022. 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)	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Weighted average shares outstanding - basic 41,676 44,979 42,520 45,313 Dilutive effect of equity incentive plan instruments 1,800 1,758 1,902 1,751 Weighted average shares outstanding - diluted 43,476 46,737 44,422 47,064
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): September 30, 2021 December 31, 2020 Current assets: Cash and cash equivalents $ 4,300 $ 9,066 Accounts receivable, net 21,737 19,800 Prepaid expenses and other current assets 11,679 6,726 Total current assets 37,716 35,592 Property and equipment, net 61,599 61,938 Goodwill 152,058 153,704 FCC licenses 203,967 204,720 Network affiliation agreements, net 86,961 93,466 Other intangible assets, net 353 748 Other noncurrent assets, net 93,930 78,580 Total assets $ 636,584 $ 628,748 Current liabilities: Current portion of debt $ 3,000 $ - Other current liabilities 33,466 30,830 Total current liabilities 36,466 30,830 Debt 356,155 327,000 Deferred tax liabilities 33,422 29,433 Other noncurrent liabilities 100,059 82,821 Total liabilities $ 526,102 $ 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): September 30, 2021 December 31, 2020 Current assets $ 5,182 $ 4,402 Property and equipment, net 15,439 16,137 Goodwill 63,795 63,795 FCC licenses 203,967 204,720 Network affiliation agreements, net 29,250 31,571 Other noncurrent assets, net 2,664 2,568 Total assets $ 320,297 $ 323,193 Current liabilities $ 32,725 $ 30,335 Noncurrent liabilities 133,481 112,254 Total liabilities $ 166,206 $ 142,589

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	9 Months Ended
	Sep. 30, 2021
2021 Acquisition of The Hill [Member]
Business Acquisition [Line Items]
Fair Values of Assets Acquired and Liabilities Assumed	Subject to final determination, which is expected to occur within twelve months of the acquisition date, the provisional fair values of the assets acquired and liabilities assumed are as follows (in thousands): Assets acquired Cash and cash equivalents $ 7,113 Accounts receivable, net 8,167 Prepaid expenses and other current assets 483 Property and equipment 726 Goodwill 69,291 Other intangible assets 67,930 Other noncurrent assets 4,055 Total assets acquired 157,765 Accounts payable (1,180 ) Accrued expenses (2,410 ) Other current liabilities (1,094 ) Deferred tax liabilities (13,032 ) Other noncurrent liabilities (2,561 ) Total assets acquired $ 137,488
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 are as follows (in thousands): Assets acquired Cash $ 2,099 Accounts receivable, net 3,918 Prepaid expenses and other current assets 375 Property and equipment 25,896 FCC licenses 39,217 Network affiliation agreements 71,739 Goodwill 7,643 Broadcast rights assets 5,099 Other intangible assets 6,693 Other noncurrent assets 1,973 Total assets acquired 164,652 Less: Broadcast rights payable (5,203 ) Accrued expenses and other current liabilities (4,207 ) Operating lease liabilities (1,879 ) Bargain purchase gain (18,980 ) Total asset acquired $ 134,383

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets Subject to Amortization	Intangible assets subject to amortization consisted of the following (in thousands): Estimated September 30, 2021 December 31, 2020 useful life, Accumulated Accumulated in years Gross Amortization Net Gross Amortization Net Network affiliation agreements 15 $ 3,125,147 $ (1,017,415 ) $ 2,107,732 $ 3,125,320 $ (875,037 ) $ 2,250,283 Other definite-lived intangible assets 1-20 1,041,573 (357,992 ) 683,581 1,012,797 (323,879 ) 688,918 Other intangible assets $ 4,166,720 $ (1,375,407 ) $ 2,791,313 $ 4,138,117 $ (1,198,916 ) $ 2,939,201
Estimated Amortization Expense of Definite-Lived Intangible Assets	During the nine months ended September 30, 2021, t he Company recorded immaterial measurement period adjustments related to acquisitions completed in 2020. 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 September 30, 2021 (in thousands): Remainder of 2021 $ 76,519 2022 296,198 2023 292,563 2024 291,229 2025 286,971 2026 262,438 Thereafter 1,285,395 $ 2,791,313
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 acquisitions 69,291 - 69,291 1,000 - 1,000 Current year divestitures (42,475 ) 42,475 - - - - Measurement period adjustments (1,407 ) - (1,407 ) (753 ) - (753 ) Balances as of September 30, 2021 $ 3,141,711 $ (89,819 ) $ 3,051,892 $ 2,957,361 $ (47,410 ) $ 2,909,951

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2021 December 31, 2020 Equity method investments $ 1,178,001 $ 1,321,715 Other equity investments 10,758 12,063 Total investments $ 1,188,759 $ 1,333,778
Summary of Income (Loss) on Equity Investments, Net	During the three and nine months ended September 30, 2021 and 2020, the income from equity method investments, net reported in the Company’s unaudited Condensed Consolidated Statements of Operations consisted of the following (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Income from equity method investments, net, before amortization of basis difference $ 55,134 $ 52,801 $ 185,937 $ 152,170 Amortization of basis difference (34,351 ) (36,940 ) (108,230 ) (110,819 ) Income from equity method investments, net $ 20,783 $ 15,861 $ 77,707 $ 41,351
Summary of Financial Information	Summarized financial information for TV Food Network is as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net revenue $ 310,223 $ 306,390 $ 979,984 $ 933,929 Costs and expenses 132,415 137,156 384,044 448,760 Income from operations 177,808 169,233 595,941 485,169 Net income 178,411 170,543 601,651 491,957 Net income attributable to Nexstar Media Group, Inc. 55,832 53,370 188,281 153,953

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2021
Payables And Accruals [Abstract]
Accrued Expenses	Accrued expenses consisted of the following (in thousands): September 30, 2021 December 31, 2020 Compensation and related taxes $ 94,036 $ 104,133 Interest payable 48,928 67,885 Network affiliation fees 61,114 34,948 Other 107,752 100,226 $ 311,830 $ 307,192

Retirement and Postretirement_2

Retirement and Postretirement Plans (Tables)	9 Months Ended
	Sep. 30, 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 Tribune Pension Benefit Plans OPEB Pension Benefit Plans OPEB Three Months Ended Three Months Ended Three Months Ended Three Months Ended September 30, September 30, September 30, September 30, 2021 2020 2021 2020 2021 2020 2021 2020 Service cost $ - $ - $ 3 $ 5 $ 307 $ 248 $ - $ - Interest cost 1,850 2,925 80 138 8,061 13,374 12 33 Expected return on plan assets (4,450 ) (4,925 ) - - (23,578 ) (22,341 ) - - Amortization of prior service costs 275 - (13 ) (13 ) 42 - - - Amortization of net loss - - 103 43 - - - - Net periodic benefit cost (credit) $ (2,325 ) $ (2,000 ) $ 173 $ 173 $ (15,168 ) $ (8,719 ) $ 12 $ 33 Media General Tribune Pension Benefit Plans OPEB Pension Benefit Plans OPEB Nine Months Ended Nine Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2021 2020 2021 2020 2021 2020 2021 2020 Service cost $ - $ - $ 8 $ 15 $ 920 $ 744 $ - $ - Interest cost 5,550 8,775 240 413 24,183 40,122 36 99 Expected return on plan assets (13,350 ) (14,775 ) - - (70,734 ) (67,023 ) - - Amortization of prior service costs 825 - (38 ) (38 ) 126 - - - Amortization of net loss - - 308 128 - - - - Net periodic benefit cost (credit) $ (6,975 ) $ (6,000 ) $ 518 $ 518 $ (45,505 ) $ (26,157 ) $ 36 $ 99

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Long Term Debt	Long-term debt consisted of the following (in thousands): September 30, 2021 December 31, 2020 Nexstar Term Loan A, due October 26, 2023 $ 485,400 $ 485,400 Team Loan A, due September 19, 2024 609,778 625,850 Term Loan B, due January 17, 2024 724,992 874,992 Term Loan B, due September 18, 2026 2,644,316 2,644,315 5.625% 1,785,000 1,785,000 4.75% 1,000,000 1,000,000 Mission Term Loan B, due June 3, 2028 300,000 - Revolving loans, due October 26, 2023 61,500 327,000 Total outstanding principal 7,610,986 7,742,557 Less: unamortized financing costs and discount - Nexstar Term Loan A due 2023 (1,184 ) (1,584 ) Less: unamortized financing costs and discount - Nexstar Term Loan A due 2024 (5,579 ) (7,102 ) Less: unamortized financing costs and discount - Nexstar Term Loan B due 2024 (7,715 ) (12,136 ) Less: unamortized financing costs and discount - Nexstar Term Loan B due 2026 (44,851 ) (50,644 ) Add: unamortized premium, net of financing costs - Nexstar 5.625% Notes due 2027 5,414 5,997 Less: unamortized financing costs and discount - Nexstar 4.75% Notes due 2028 (8,357 ) (9,085 ) Less: unamortized financing costs and discount - Mission Term Loan B due 2028 (2,345 ) - Total outstanding debt 7,546,369 7,668,003 Less: current portion (40,715 ) (21,429 ) Long-term debt, net of current portion $ 7,505,654 $ 7,646,574

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021 December 31, 2020 Operating leases Operating lease right-of-use assets, net Other noncurrent assets, net $ 296,281 $ 282,834 Current lease liabilities Other current liabilities $ 42,592 $ 35,850 Noncurrent lease liabilities Other noncurrent liabilities $ 245,588 $ 234,208 Finance leases Finance lease right-of-use assets, net of accumulated depreciation of $3,891 as of September 30, 2021 and $3,349 as of December 31, 2020 Property, plant and equipment, net $ 7,099 $ 7,641 Current lease liabilities Other current liabilities $ 1,002 $ 1,003 Noncurrent lease liabilities Other noncurrent liabilities $ 13,411 $ 14,172 Weighted Average Remaining Lease Term Operating leases 8.3 years 8.7 years Finance leases 10.0 years 10.7 years Weighted Average Discount Rate Operating leases 5.1 % 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): Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 37,335 $ 35,455 Operating cash flows from finance leases 636 676 Financing cash flows from finance leases 758 652
Summary of Future Minimum Lease Payments Under Non-Cancellable Leases	Future minimum lease payments under non-cancellable leases as of September 30, 2021 were as follows (in thousands): Operating Leases Finance Leases Remainder of 2021 $ 14,220 $ 450 2022 55,391 1,803 2023 53,015 1,818 2024 49,293 1,833 2025 36,834 1,879 Thereafter 154,797 11,479 Total future minimum lease payments 363,550 19,262 Less: imputed interest (75,370 ) (4,849 ) Total $ 288,180 $ 14,413

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Amount Value Amount Value Nexstar Term Loan A due 2023 (1) $ 484,216 $ 483,529 $ 483,816 $ 480,373 Team Loan A due 2024 (1) 604,199 607,704 618,748 619,619 Term Loan B due 2024 (1) 717,277 724,025 862,856 865,311 Term Loan B due 2026 (1) 2,599,465 2,640,633 2,593,671 2,601,619 5.625% Notes due 2027 (2) 1,790,414 1,892,600 1,790,997 1,912,181 4.75% Notes due 2028 (2) 991,643 1,034,400 990,915 1,040,000 Mission Term Loan B due 2028 (1) 297,655 300,608 - - Revolving loans due 2023 (1) 61,500 61,193 327,000 323,517 (1) (2)

Segment Data (Tables)

Segment Data (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021 Broadcast Other Consolidated Net revenue $ 1,129,523 $ 27,489 $ 1,157,012 Depreciation of property and equipment 36,707 4,647 41,354 Amortization of intangible assets 72,204 3,526 75,730 Income (loss) from operations 329,331 (51,952 ) 277,379 Nine Months Ended September 30, 2021 Broadcast Other Consolidated Net revenue $ 3,330,189 $ 72,344 $ 3,402,533 Depreciation of property and equipment 106,037 14,689 120,726 Amortization of intangible assets 215,290 7,939 223,229 Income (loss) from operations 981,466 (130,839 ) 850,627 Three Months Ended September 30, 2020 Broadcast Other Consolidated Net revenue $ 1,094,804 $ 23,399 $ 1,118,203 Depreciation of property and equipment 31,096 5,515 36,611 Amortization of intangible assets 68,591 674 69,265 Income (loss) from operations 377,172 (33,575 ) 343,597 Nine Months Ended September 30, 2020 Broadcast Other Consolidated Net revenue $ 3,060,279 $ 64,379 $ 3,124,658 Depreciation of property and equipment 91,187 16,600 107,787 Amortization of intangible assets 206,617 2,743 209,360 Income (loss) from operations 958,592 (113,727 ) 844,865 As of September 30, 2021 Broadcast Other Consolidated Goodwill $ 2,872,628 $ 179,264 $ 3,051,892 Assets ( 1) 12,037,434 1,245,560 13,282,994 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)
Summary of Disaggregation of Revenue	The following tables present the disaggregation of the Company’s revenue for the periods presented (in thousands): Three Months Ended September 30, 2021 Broadcast Other Consolidated Core advertising (local and national) $ 432,696 $ - $ 432,696 Political advertising 12,387 - 12,387 Distribution 618,786 69 618,855 Digital 55,516 25,560 81,076 Other 7,080 1,860 8,940 Trade 3,058 - 3,058 Total net revenue $ 1,129,523 $ 27,489 $ 1,157,012 Nine Months Ended September 30, 2021 Broadcast Other Consolidated Core advertising (local and national) $ 1,267,868 $ - $ 1,267,868 Political advertising 26,306 - 26,306 Distribution 1,856,970 69 1,857,039 Digital 153,899 66,988 220,887 Other 18,197 5,287 23,484 Trade 6,949 - 6,949 Total net revenue $ 3,330,189 $ 72,344 $ 3,402,533 Three Months Ended September 30, 2020 Broadcast Other Consolidated Core advertising (local and national) $ 381,929 $ - $ 381,929 Political advertising 132,387 - 132,387 Distribution 538,271 105 538,376 Digital 33,488 21,743 55,231 Other 6,609 1,551 8,160 Trade 2,120 - 2,120 Total net revenue $ 1,094,804 $ 23,399 $ 1,118,203 Nine Months Ended September 30, 2020 Broadcast Other Consolidated Core advertising (local and national) $ 1,097,509 $ 39 $ 1,097,548 Political advertising 209,294 - 209,294 Distribution 1,622,639 1,997 1,624,636 Digital 100,949 57,383 158,332 Other 22,015 4,960 26,975 Trade 7,873 - 7,873 Total net revenue $ 3,060,279 $ 64,379 $ 3,124,658

Organization and Business Ope_2

Organization and Business Operations (Details)	Sep. 30, 2021TelevisionStationMarketState.RadioStationNetworkService
Organization And Business Operations [Line Items]
Number of full power television stations owned, operated, programmed or provided sales and other services	199
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 AM radio station | RadioStation	1
Percentage of US television household reach	39.00%
Number of television stations owned by consolidated VIEs	36
Number of television station owned by an unconsolidated VIE	1
Number of multicast network services owned and operated | NetworkService	2
TV Food Network [Member]
Organization And Business Operations [Line Items]
Ownership stake	31.30%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Consolidated VIEs (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents		$ 193,831	$ 152,701
Accounts receivable, net		923,005	904,801
Prepaid expenses and other current assets		178,104	135,872
Total current assets		1,311,548	1,209,982
Property and equipment, net		1,585,703	1,604,881
Goodwill		3,051,892	2,984,008
FCC licenses		2,909,951	2,909,704
Finite lived intangible assets, net		2,791,313	2,939,201
Other noncurrent assets, net		443,828	422,722
Total assets	[1],[2]	13,282,994	13,404,276
Current liabilities:
Current portion of debt		40,715	21,429
Other current liabilities		51,662	42,442
Total current liabilities		711,018	730,888
Debt		7,505,654	7,646,574
Deferred tax liabilities		1,695,466	1,674,008
Other noncurrent liabilities		737,432	815,930
Total liabilities	[1]	10,649,570	10,867,400
Network affiliation agreements [Member]
Current assets:
Finite lived intangible assets, net		2,107,732	2,250,283
Other definite-lived intangible assets [Member]
Current assets:
Finite lived intangible assets, net		683,581	688,918
Consolidated VIEs [Member]
Current assets:
Cash and cash equivalents		4,300	9,066
Accounts receivable, net		21,737	19,800
Prepaid expenses and other current assets		11,679	6,726
Total current assets		37,716	35,592
Property and equipment, net		61,599	61,938
Goodwill		152,058	153,704
FCC licenses		203,967	204,720
Other noncurrent assets, net		93,930	78,580
Total assets		636,584	628,748
Current liabilities:
Current portion of debt		3,000
Other current liabilities		33,466	30,830
Total current liabilities		36,466	30,830
Debt		356,155	327,000
Deferred tax liabilities		33,422	29,433
Other noncurrent liabilities		100,059	82,821
Total liabilities		526,102	470,084
Consolidated VIEs [Member] | Network affiliation agreements [Member]
Current assets:
Finite lived intangible assets, net		86,961	93,466
Consolidated VIEs [Member] | Other definite-lived intangible assets [Member]
Current assets:
Finite lived intangible assets, net		353	748
Non Guarantor VIEs [Member]
Current assets:
Total current assets		5,182	4,402
Property and equipment, net		15,439	16,137
Goodwill		63,795	63,795
FCC licenses		203,967	204,720
Other noncurrent assets, net		2,664	2,568
Total assets		320,297	323,193
Current liabilities:
Total current liabilities		32,725	30,335
Noncurrent liabilities		133,481	112,254
Total liabilities		166,206	142,589
Non Guarantor VIEs [Member] | Network affiliation agreements [Member]
Current assets:
Finite lived intangible assets, net		$ 29,250	$ 31,571
[1]	The condensed consolidated total assets as of September 30, 2021 and December 31, 2020 include certain assets held by consolidated VIEs of $320.3 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 September 30, 2021 and December 31, 2020 include certain liabilities of consolidated VIEs of $166.2 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 ($1.160 billion at September 30, 2021 and $1.302 billion at December 31, 2020) 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_5

Summary of Significant Accounting Policies - Weighted Average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share Basic And Diluted Other Disclosures [Abstract]
Weighted average shares outstanding - basic	41,676	44,979	42,520	45,313
Dilutive effect of equity incentive plan instruments	1,800	1,758	1,902	1,751
Weighted average shares outstanding - diluted	43,476	46,737	44,422	47,064

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Significant Accounting Policies [Line Items]
Stock options and restricted stock units with potentially dilutive effect (in shares)	0	85,000	0	157,000
Accounting Standards Update 2020-01 [Member]
Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true		true
Change in accounting principle, accounting standards update, adoption date	Jan. 1, 2021		Jan. 1, 2021
Change in accounting principle, accounting standards update, immaterial effect [true false]	true		true
Accounting Standards Update 2019-12 [Member]
Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true		true
Change in accounting principle, accounting standards update, adoption date	Jan. 1, 2021		Jan. 1, 2021
Change in accounting principle, accounting standards update, immaterial effect [true false]	true		true

Acquisitions and Dispositions -

Acquisitions and Dispositions - 2021 Acquisition of The Hill - Additional Information (Details) - USD ($) $ in Millions	Aug. 20, 2021	Sep. 30, 2021
Other definite-lived intangible assets [Member]
Business Acquisition [Line Items]
Weighted average estimated useful life of other intangible assets		10 years
News Communications, Inc. [Member]
Business Acquisition [Line Items]
Percentage of outstanding equity acquired	100.00%
Cash consideration	$ 137.5
2021 Acquisition of The Hill [Member] | Other definite-lived intangible assets [Member]
Business Acquisition [Line Items]
Weighted average estimated useful life of other intangible assets		6 years 8 months 12 days

Acquisitions and Dispositions_2

Acquisitions and Dispositions - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets acquired
Goodwill	$ 3,051,892	$ 2,984,008
2021 Acquisition of The Hill [Member]
Assets acquired
Cash and cash equivalents	7,113
Accounts receivable, net	8,167
Prepaid expenses and other current assets	483
Property and equipment	726
Goodwill	69,291
Other noncurrent assets	4,055
Total assets acquired	157,765
Accounts payable	(1,180)
Accrued expenses	(2,410)
Other current liabilities	(1,094)
Deferred tax liabilities	(13,032)
Other noncurrent liabilities	(2,561)
Total assets acquired	137,488
2021 Acquisition of The Hill [Member] | Other definite-lived intangible assets [Member]
Assets acquired
Other intangible assets	67,930
2020 Acquisitions [Member]
Assets acquired
Cash and cash equivalents	2,099
Accounts receivable, net	3,918
Prepaid expenses and other current assets	375
Property and equipment	25,896
Goodwill	7,643
Broadcast rights assets	5,099
Other intangible assets	6,693
Other noncurrent assets	1,973
Total assets acquired	164,652
FCC licenses	39,217
Total assets acquired	134,383
Less: Broadcast rights payable	(5,203)
Accrued expenses and other current liabilities	(4,207)
Operating lease liabilities	(1,879)
Bargain purchase gain	(18,980)
2020 Acquisitions [Member] | Network affiliation agreements [Member]
Assets acquired
Other intangible assets	$ 71,739

Acquisitions and Dispositions_3

Acquisitions and Dispositions - 2021 Acquisitions - Additional Information (Details) - WNAC-TV [Member] $ in Millions	Jun. 17, 2021USD ($)
Business Acquisition [Line Items]
Acquisition date	Jun. 17, 2021
Cash payment	$ 6.5

Acquisitions and Dispositions_4

Acquisitions and Dispositions - 2020 Acquisitions - Additional Information (Details) $ in Thousands	Sep. 17, 2020USD ($)	Sep. 01, 2020USD ($)	Mar. 02, 2020USD ($)	Jan. 27, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020	Mar. 30, 2020TelevisionStation
Business Acquisition [Line Items]
Operating income					$ 277,379	$ 343,597		$ 850,627	$ 844,865
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 other intangible assets								10 years
Mission [Member] | Asset Purchase Agreement [Member] | Marshall Broadcasting Group, Inc [Member]
Business Acquisition [Line Items]
Cash payment		$ 4,200
Number of television stations owned | TelevisionStation											3
Purchase price		53,200
Purchase price settled against existing loans receivable		$ 49,000
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
WDKY-TV [Member]
Business Acquisition [Line Items]
Acquisition date	Sep. 17, 2020
Cash payment	$ 18,000
Net assets acquired	37,000
Bargain purchase gain	$ 19,000
2020 Acquisitions [Member]
Business Acquisition [Line Items]
Net assets acquired					$ 134,383			$ 134,383
Revenue included in consolidated statements of operations and comprehensive income							$ 47,200
Operating income							$ 17,900
Merger related costs						$ 1,700			$ 4,300

Acquisitions and Dispositions_5

Acquisitions and Dispositions - 2020 Dispositions - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Mar. 02, 2020	Jan. 14, 2020
Business Acquisition [Line Items]
Gain (Loss) on sale of business	$ 2,455	$ 7,025
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	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross	$ 4,166,720	$ 4,138,117
Accumulated Amortization	(1,375,407)	(1,198,916)
Net	$ 2,791,313	$ 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	(1,017,415)	(875,037)
Net	2,107,732	2,250,283
Other definite-lived intangible assets [Member]
Finite-Lived Intangible Assets [Line Items]
Gross	1,041,573	1,012,797
Accumulated Amortization	(357,992)	(323,879)
Net	$ 683,581	$ 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	Sep. 30, 2021	Dec. 31, 2020
Finite Lived Intangible Assets Future Amortization Expense Current And Five Succeeding Fiscal Years [Abstract]
Remainder of 2021	$ 76,519
2022	296,198
2023	292,563
2024	291,229
2025	286,971
2026	262,438
Thereafter	1,285,395
Net	$ 2,791,313	$ 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	9 Months Ended
	Sep. 30, 2021	Jan. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Goodwill, Gross	$ 3,141,711	$ 42,500	$ 3,116,302
Goodwill, Accumulated Impairment	(89,819)		(132,294)
Goodwill, Net	3,051,892		2,984,008
Goodwill Current year divestitures, Gross	69,291
Goodwill Current year divestitures, Net	69,291
Goodwill Current year divestitures, Gross	(42,475)
Goodwill Current year divestitures, Accumulated Impairment	42,475
Goodwill, Measurement period adjustments, Gross	(1,407)
Goodwill, Measurement period adjustments, Net	(1,407)
FCC Licenses [Abstract]
FCC Licenses, Gross	2,957,361		2,957,114
FCC Licenses, Accumulated Impairment	(47,410)		(47,410)
FCC Licenses, Net	2,909,951		$ 2,909,704
FCC Licenses Current year acquisitions, Gross	1,000
FCC Licenses Current year acquisitions, Net	1,000
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	Sep. 30, 2021	Jan. 31, 2021	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Gross amount of goodwill	$ 3,141,711	$ 42,500	$ 3,116,302

Investments - Schedule of Inves

Investments - Schedule of Investments and Book Value Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Investments Debt And Equity Securities [Abstract]
Equity method investments	$ 1,178,001	$ 1,321,715
Other equity investments	10,758	12,063
Total investments	$ 1,188,759	$ 1,333,778

Investments - Summary of Income

Investments - Summary of Income (Loss) on Equity Investments, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Investments Debt And Equity Securities [Abstract]
Income from equity method investments, net, before amortization of basis difference	$ 55,134	$ 52,801	$ 185,937	$ 152,170
Amortization of basis difference	(34,351)	(36,940)	(108,230)	(110,819)
Income from equity method investments, net	$ 20,783	$ 15,861	$ 77,707	$ 41,351

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Schedule Of Equity Method Investments [Line Items]
Equity method investments, book value	$ 1,178,001,000		$ 1,178,001,000		$ 1,321,715,000
Basis difference related to equity method investment	553,500,000		553,500,000		661,300,000
Cash distributions received			222,389,000	$ 206,997,000
Income from equity method investments, net, before amortization of basis difference	55,134,000	$ 52,801,000	185,937,000	152,170,000
Amortization of basis difference (expense)	$ 34,351,000	$ 36,940,000	$ 108,230,000	$ 110,819,000
Tribune [Member]
Schedule Of Equity Method Investments [Line Items]
Weighted average remaining useful life of assets subjects to amortization of basis difference			5 years
TV Food Network [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership stake	31.30%		31.30%
Ownership interest in affiliate of partnership	68.70%		68.70%
Equity method investments, book value	$ 1,160,000,000		$ 1,160,000,000		$ 1,302,000,000
TV Food Network [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership stake	31.30%		31.30%
Equity method investments, book value	$ 0		$ 0
Cash distributions received	15,000,000		222,400,000
Income from equity method investments, net, before amortization of basis difference	55,800,000		188,300,000
Amortization of basis difference (expense)	$ (34,200,000)		$ (107,800,000)

Investments - Summary of Financ

Investments - Summary of Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule Of Equity Method Investments [Line Items]
Net revenue	$ 1,157,012	$ 1,118,203	$ 3,402,533	$ 3,124,658
Costs and expenses	879,633	774,606	2,551,906	2,279,793
Income from operations	277,379	343,597	850,627	844,865
Net income	169,157	189,313	568,108	445,148
Net income attributable to Nexstar Media Group, Inc.	169,564	190,684	570,575	447,194
TV Food Network [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Schedule Of Equity Method Investments [Line Items]
Net revenue	310,223	306,390	979,984	933,929
Costs and expenses	132,415	137,156	384,044	448,760
Income from operations	177,808	169,233	595,941	485,169
Net income	178,411	170,543	601,651	491,957
Net income attributable to Nexstar Media Group, Inc.	$ 55,832	$ 53,370	$ 188,281	$ 153,953

Accrued Expenses - Accrued Expe

Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Compensation and related taxes	$ 94,036	$ 104,133
Interest payable	48,928	67,885
Network affiliation fees	61,114	34,948
Other	107,752	100,226
Accrued expenses	$ 311,830	$ 307,192

Retirement and Postretirement_3

Retirement and Postretirement Plans - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Media General [Member] | Pension Benefit Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 1,850	$ 2,925	$ 5,550	$ 8,775
Expected return on plan assets	(4,450)	(4,925)	(13,350)	(14,775)
Amortization of prior service costs	275		825
Net periodic benefit cost (credit)	(2,325)	(2,000)	(6,975)	(6,000)
Media General [Member] | OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	3	5	8	15
Interest cost	80	138	240	413
Amortization of prior service costs	(13)	(13)	(38)	(38)
Amortization of net loss	103	43	308	128
Net periodic benefit cost (credit)	173	173	518	518
Tribune [Member] | Pension Benefit Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	307	248	920	744
Interest cost	8,061	13,374	24,183	40,122
Expected return on plan assets	(23,578)	(22,341)	(70,734)	(67,023)
Amortization of prior service costs	42		126
Net periodic benefit cost (credit)	(15,168)	(8,719)	(45,505)	(26,157)
Tribune [Member] | OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	12	33	36	99
Net periodic benefit cost (credit)	$ 12	$ 33	$ 36	$ 99

Debt - Long Term Debt (Details)

Debt - Long Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Long term Debt [Abstract]
Total outstanding principal	$ 7,610,986	$ 7,742,557
Total outstanding debt	7,546,369	7,668,003
Less: current portion	(40,715)	(21,429)
Long-term debt, net of current portion	7,505,654	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	(1,184)	(1,584)
Nexstar [Member] | Notes Payable to Banks [Member] | Team Loan A, due September 19, 2024 [Member]
Long term Debt [Abstract]
Total outstanding principal	609,778	625,850
Unamortized financing costs and (discount) premium	(5,579)	(7,102)
Nexstar [Member] | Notes Payable to Banks [Member] | Term Loan B, due January 17, 2024 [Member]
Long term Debt [Abstract]
Total outstanding principal	724,992	874,992
Unamortized financing costs and (discount) premium	(7,715)	(12,136)
Nexstar [Member] | Notes Payable to Banks [Member] | Term Loan B, due September 18, 2026 [Member]
Long term Debt [Abstract]
Total outstanding principal	2,644,316	2,644,315
Unamortized financing costs and (discount) premium	(44,851)	(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	(8,357)	(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	5,414	5,997
Mission [Member] | Notes Payable to Banks [Member] | Term Loan B, due June 3, 2028 [Member]
Long term Debt [Abstract]
Total outstanding principal	300,000
Unamortized financing costs and (discount) premium	(2,345)
Mission [Member] | Revolving loans, due October 26, 2023 [Member]
Long term Debt [Abstract]
Total outstanding principal	$ 61,500	$ 327,000

Debt - Long Term Debt (Parenthe

Debt - Long Term Debt (Parenthetical) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 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] | Notes Payable to Banks [Member] | Term Loan B, due June 3, 2028 [Member]
Long term Debt [Abstract]
Due date	Jun. 3, 2028
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) - USD ($) $ in Thousands	Jun. 03, 2021	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Aug. 31, 2021
Debt Instrument [Line Items]
Paydown of outstanding loans			$ 454,072	$ 1,857,838
Senior Secured Credit Facility [Member] | Mission [Member]
Debt Instrument [Line Items]
Debt issuance						$ 2,500
Senior Secured Credit Facility [Member] | Nexstar [Member]
Debt Instrument [Line Items]
Debt issuance						$ 20,000
Paydown of outstanding loans		$ 20,000
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		13,500	$ 13,500
Revolving loans, due October 26, 2023 [Member] | Mission [Member]
Debt Instrument [Line Items]
Maturity date			Oct. 26, 2023		Oct. 26, 2023
Revolving loans, due October 26, 2023 [Member] | Nexstar [Member]
Debt Instrument [Line Items]
Available borrowing capacity		$ 349,700	$ 349,700
Term Loan B, due June 3, 2028 [Member] | Senior Secured Credit Facility [Member] | Mission [Member]
Debt Instrument [Line Items]
Debt issuance	$ 300,000
Debt issued percentage	99.50%
Maturity date	Jun. 3, 2028
Frequency of periodic principal payments	quarterly
Repayment of scheduled maturity of debt	$ 750
Debt instrument, first date of principal installment payments	Oct. 1, 2021
Debt instrument, last date of principal installment payments	Apr. 1, 2028
Remaining principal balance	$ 279,800
Paydown of outstanding loans	268,000
Available borrowing capacity	$ 255,000
Term Loan B, due June 3, 2028 [Member] | Senior Secured Credit Facility [Member] | Mission [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Interest rate	2.50%
Term Loan B, due June 3, 2028 [Member] | Senior Secured Credit Facility [Member] | Mission [Member] | LIBOR Floor [Member]
Debt Instrument [Line Items]
Interest rate	0.00%
Term Loan A due 2024 [Member] | Senior Secured Credit Facility [Member]
Debt Instrument [Line Items]
Repayment of scheduled maturity of debt			16,100
Term Loan B due 2024 [Member] | Senior Secured Credit Facility [Member]
Debt Instrument [Line Items]
Prepayment of principal balance under term loan			$ 150,000
4.75% Due 2028 [Member] | Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Interest rate		4.75%	4.75%
5.625% Notes, due July 15, 2027 [Member] | Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Interest rate		5.625%	5.625%

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Lessee Lease Description [Line Items]
Operating lease expense	$ 14.5	$ 11.6	$ 42.2	$ 35.6
Direct Operating Expenses [Member]
Lessee Lease Description [Line Items]
Operating lease expense	6.9	6	20.1	18.3
Selling General and Administrative Expenses [Member]
Lessee Lease Description [Line Items]
Operating lease expense	$ 7.6	$ 5.6	$ 22.1	$ 17.3
Minimum [Member]
Lessee Lease Description [Line Items]
Leases remaining lease term			2 months
Leases option to extended lease term			3 months
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	Sep. 30, 2021	Dec. 31, 2020
Operating leases
Operating lease right-of-use assets, net	$ 296,281	$ 282,834
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	us-gaap:OtherAssets	us-gaap:OtherAssets
Operating lease liabilities	$ 42,592	$ 35,850
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Noncurrent lease liabilities	$ 245,588	$ 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	$ 7,099	$ 7,641
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	us-gaap:OtherAssets	us-gaap:OtherAssets
Current lease liabilities	$ 1,002	$ 1,003
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Noncurrent lease liabilities	$ 13,411	$ 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 3 months 18 days	8 years 8 months 12 days
Finance leases	10 years	10 years 8 months 12 days
Weighted Average Discount Rate
Operating leases	5.10%	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	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Finance lease right-of-use-assets, accumulated depreciation	$ 3,891	$ 3,349

Leases - Summary of Supplemen_3

Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 37,335	$ 35,455
Operating cash flows from finance leases	636	676
Financing cash flows from finance leases	$ 758	$ 652

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments Under Non-Cancellable Leases (Details) $ in Thousands	Sep. 30, 2021USD ($)
Operating Leases
Remainder of 2021	$ 14,220
2022	55,391
2023	53,015
2024	49,293
2025	36,834
Thereafter	154,797
Total future minimum lease payments	363,550
Less: imputed interest	(75,370)
Total	288,180
Finance Leases
Remainder of 2021	450
2022	1,803
2023	1,818
2024	1,833
2025	1,879
Thereafter	11,479
Total future minimum lease payments	19,262
Less: imputed interest	(4,849)
Total	$ 14,413

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		Sep. 30, 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]	$ 484,216	$ 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]	483,529	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]	604,199	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]	607,704	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]	717,277	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]	724,025	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]	2,599,465	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]	2,640,633	2,601,619
Notes Payable to Banks [Member] | Term Loan B due 2028 [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]	297,655
Notes Payable to Banks [Member] | Term Loan B due 2028 [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]	300,608
Senior Subordinated Notes [Member] | 5.625 % Notes due 2027 [Member] | Carrying Amount [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Financial Instrument	[2]	1,790,414	1,790,997
Senior Subordinated Notes [Member] | 5.625 % Notes due 2027 [Member] | Fair Value [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Financial Instrument	[2]	1,892,600	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]	991,643	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]	1,034,400	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]	61,500	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]	$ 61,193	$ 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]	Sep. 30, 2021	Dec. 31, 2020
5.625 % Notes due 2027 [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 % Notes due 2027 [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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jan. 27, 2021	Sep. 01, 2020
Class Of Stock [Line Items]
Purchase of treasury stock	$ 144,349	$ 125,013	$ 403,224	$ 197,600
Class A Common Stock [Member]
Class Of Stock [Line Items]
Authorization of share repurchase	1,175,000		1,175,000		$ 1,000,000	$ 300,000
Authorization of share repurchase, remaining available amount	$ 771,800		$ 771,800
Treasury Stock [Member]
Class Of Stock [Line Items]
Purchase of treasury stock, shares	980,770	1,300,000	2,715,462	2,250,000
Purchase of treasury stock	$ 144,349	$ 125,013	$ 403,224	$ 197,600
Treasury Stock [Member] | Class A Common Stock [Member]
Class Of Stock [Line Items]
Purchase of treasury stock			$ 403,200

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 65,853	$ 65,177	$ 196,338	$ 166,927
Effective income tax rates	28.00%	25.60%	25.70%	27.30%
Income tax expense related to nondeductible goodwill written off					$ 8,100
Decrease to effective tax rate related to nondeductible goodwill written off			1.30%
Income tax expense related to nondeductible expenses, audit settlements			$ 7,400
Decrease to effective tax rate related to nondeductible expense, audit settlements			1.00%
Increase to effective tax rate, offset by a provision to return adjustment			0.70%

FCC Regulatory Matters - Additi

FCC Regulatory Matters - Additional Information (Details)	Aug. 03, 2021USD ($)	Jul. 21, 2017USD ($)	Apr. 13, 2017TelevisionStation	Apr. 30, 2020USD ($)	Nov. 30, 2017TelevisionStation	Sep. 30, 2021USD ($)TelevisionStation	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)TelevisionStation	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)TelevisionStation	Dec. 31, 2017USD ($)TelevisionStation	Dec. 31, 2018USD ($)TelevisionStation
FCC Regulatory Matters [Line Items]
Number of voices test local television ownership | TelevisionStation						8		8
Maximum percentage of US television household reach						39.00%		39.00%
Percentage reach of ultra high frequency station						50.00%		50.00%
Effective date of reinstating the ultra high frequency discount								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
Non-cash gain on relinquishment of spectrum									$ 10,791,000
Maximum amount allocated by Congress for reimbursement of repack costs industry-wide								$ 2,750,000,000
Excess over maximum amount allocated by Congress for reimbursement of repack costs industry-wide	$ 2,231,000,000
Capital expenditures related to station repack						$ 1,600,000	$ 19,400,000	7,000,000	49,300,000
Reimbursement from the FCC related to station repack						$ 5,585,000	$ 12,873,000	$ 17,926,000	$ 51,347,000
Nexstar [Member]
FCC Regulatory Matters [Line Items]
Number of full power stations repacked | TelevisionStation						74		74
Consolidated VIEs [Member]
FCC Regulatory Matters [Line Items]
Number of full power stations repacked | TelevisionStation						17		17
Media General [Member]
FCC Regulatory Matters [Line Items]
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 ($)	Jun. 28, 2016USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)Proof	Sep. 30, 2020USD ($)	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		$ 16,608
Income tax expense			65,853	$ 65,177	196,338	$ 166,927
Increase in deferred income tax liability					(5,989)	$ 20,940
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			$ 132,000
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		$ 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		$ 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]
Guarantee of Mission, Marshall and Shield Debt [Abstract]
Maximum commitment under senior secured credit facility			375,000		$ 375,000
Commitment under senior secured credit facility at carrying value			$ 361,500		$ 361,500

Segment Data - Additional Infor

Segment Data - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021NetworkServiceCustomer	Sep. 30, 2020Customer	Sep. 30, 2021NetworkServiceCustomer	Sep. 30, 2020Customer
Disaggregation Of Revenue [Line Items]
Number of multicast network services owned and operated | NetworkService	2		2
Revenue [Member]
Disaggregation Of Revenue [Line Items]
Number of major customers | Customer	2	3	2	3
Revenue [Member] | Customer 1 | Customer Concentration Risk [Member]
Disaggregation Of Revenue [Line Items]
Concentration of risk, percentage	12.00%	11.00%	12.00%	12.00%
Revenue [Member] | Customer 2 | Customer Concentration Risk [Member]
Disaggregation Of Revenue [Line Items]
Concentration of risk, percentage	13.00%	11.00%	13.00%	12.00%
Revenue [Member] | Customer 3 | Customer Concentration Risk [Member]
Disaggregation Of Revenue [Line Items]
Concentration of risk, percentage		10.00%		11.00%

Segment Data - Summary of Segme

Segment Data - Summary of Segment Financial Information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net revenue		$ 1,157,012	$ 1,118,203	$ 3,402,533	$ 3,124,658
Depreciation of property and equipment		41,354	36,611	120,726	107,787
Amortization of intangible assets		75,730	69,265	223,229	209,360
Income (loss) from operations		277,379	343,597	850,627	844,865
Goodwill		3,051,892		3,051,892		$ 2,984,008
Total assets	[1],[2]	13,282,994		13,282,994		13,404,276
Broadcast [Member]
Segment Reporting Information [Line Items]
Net revenue		1,129,523	1,094,804	3,330,189	3,060,279
Depreciation of property and equipment		36,707	31,096	106,037	91,187
Amortization of intangible assets		72,204	68,591	215,290	206,617
Income (loss) from operations		329,331	377,172	981,466	958,592
Goodwill		2,872,628		2,872,628		2,874,274
Total assets	[2]	12,037,434		12,037,434		12,352,509
Other [Member]
Segment Reporting Information [Line Items]
Net revenue		27,489	23,399	72,344	64,379
Depreciation of property and equipment		4,647	5,515	14,689	16,600
Amortization of intangible assets		3,526	674	7,939	2,743
Income (loss) from operations		(51,952)	$ (33,575)	(130,839)	$ (113,727)
Goodwill		179,264		179,264		109,734
Total assets	[2]	$ 1,245,560		$ 1,245,560		$ 1,051,767
[1]	The condensed consolidated total assets as of September 30, 2021 and December 31, 2020 include certain assets held by consolidated VIEs of $320.3 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 September 30, 2021 and December 31, 2020 include certain liabilities of consolidated VIEs of $166.2 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 ($1.160 billion at September 30, 2021 and $1.302 billion at December 31, 2020) 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	Sep. 30, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Equity method investments, book value	$ 1,178,001	$ 1,321,715
TV Food Network [Member]
Segment Reporting Information [Line Items]
Equity method investments, book value	$ 1,160,000	$ 1,302,000

Segment Data - Summary of Disag

Segment Data - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation Of Revenue [Line Items]
Net revenue	$ 1,157,012	$ 1,118,203	$ 3,402,533	$ 3,124,658
Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	1,129,523	1,094,804	3,330,189	3,060,279
Other [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	27,489	23,399	72,344	64,379
Core Advertising (Local and National) [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	432,696	381,929	1,267,868	1,097,548
Core Advertising (Local and National) [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	432,696	381,929	1,267,868	1,097,509
Core Advertising (Local and National) [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Net revenue				39
Political Advertising [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	12,387	132,387	26,306	209,294
Political Advertising [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	12,387	132,387	26,306	209,294
Distribution [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	618,855	538,376	1,857,039	1,624,636
Distribution [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	618,786	538,271	1,856,970	1,622,639
Distribution [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	69	105	69	1,997
Digital [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	81,076	55,231	220,887	158,332
Digital [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	55,516	33,488	153,899	100,949
Digital [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	25,560	21,743	66,988	57,383
Other [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	8,940	8,160	23,484	26,975
Other [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	7,080	6,609	18,197	22,015
Other [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	1,860	1,551	5,287	4,960
Trade [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	3,058	2,120	6,949	7,873
Trade [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	$ 3,058	$ 2,120	$ 6,949	$ 7,873

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 29, 2021	Oct. 27, 2021	Oct. 01, 2021	Nov. 02, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Subsequent Event [Line Items]
Dividends declared per common share					$ 0.70	$ 0.56	$ 2.10	$ 1.68
Purchase of treasury stock					$ 144,349	$ 125,013	$ 403,224	$ 197,600
Class A Common Stock [Member]
Subsequent Event [Line Items]
Authorization of share repurchase, remaining available amount					$ 771,800		$ 771,800
Treasury Stock [Member]
Subsequent Event [Line Items]
Purchase of treasury stock, shares					980,770	1,300,000	2,715,462	2,250,000
Purchase of treasury stock					$ 144,349	$ 125,013	$ 403,224	$ 197,600
Treasury Stock [Member] | Class A Common Stock [Member]
Subsequent Event [Line Items]
Purchase of treasury stock							$ 403,200
Subsequent Event [Member]
Subsequent Event [Line Items]
Reduction in pension plan assets due to annuity contract purchases	$ 116,900
Estimation of irrevocable transfer of pension plan obligation	117,500
Subsequent Event [Member] | Term Loan B due 2024 [Member]
Subsequent Event [Line Items]
Prepayment of principal balance under term loan	$ 30,000
Subsequent Event [Member] | Class A Common Stock [Member]
Subsequent Event [Line Items]
Dividends declared per common share		$ 0.70
Dividends, date declared		Oct. 27, 2021
Dividends, date payable		Nov. 29, 2021
Dividends, date of record		Nov. 12, 2021
Authorization of share repurchase, remaining available amount				$ 721,400
Subsequent Event [Member] | Treasury Stock [Member] | Class A Common Stock [Member]
Subsequent Event [Line Items]
Purchase of treasury stock, shares				332,004
Purchase of treasury stock				$ 50,400
Subsequent Event [Member] | KJBO-LP [Member]
Subsequent Event [Line Items]
Business acquisition, description			On October 1, 2021, Nexstar acquired KJBO-LP, a low power television station in the Wichita Falls, Texas market, and KCPN-LP, a low power television station in the Amarillo, Texas market, from Mission. On the same date, Nexstar also acquired KSHV, a full power television station in the Shreveport, Louisiana market and KTPN-LD, a low power television station in the Tyler-Longview, Texas market, from White Knight.