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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number: 000-50478

NEXSTAR MEDIA GROUP, INC.

(Exact Name of Registrant as Specified in Its Charter)


Delaware		23-3083125
(State of Incorporation or Organization)		(I.R.S. Employer Identification No.)

545 E. John Carpenter Freeway, Suite 700, Irving, Texas		75062
(Address of Principal Executive Offices)		(Zip Code)

(972) 373-8800

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

     Title of each class

     Trading
Symbol(s)

     Name of each exchange on which registered

     Common Stock

     NXST

     NASDAQ Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that it was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 6, 2025, the registrant had 30,326,192 shares of Common Stock outstanding.

TABLE OF CONTENTS


		Page
PART I	FINANCIAL INFORMATION

ITEM 1.	Financial Statements (Unaudited)

	Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	3

	Condensed Consolidated Statements of Operations for the Three and Nine Months ended September 30, 2025 and 2024	4

	Condensed Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Noncontrolling Interests for the Three and Nine Months ended September 30, 2025 and 2024	5

	Condensed Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2025 and 2024	7

	Notes to Unaudited Condensed Consolidated Financial Statements
	Note 1: Organization and Business Operations	8
	Note 2: Summary of Significant Accounting Policies	9
	Note 3: Acquisition	13
	Note 4: Intangible Assets and Goodwill	13
	Note 5: Investments	14
	Note 6: Accrued Expenses	15
	Note 7: Debt	16
	Note 8: Leases	17
	Note 9: Retirement and Postretirement Plans	18
	Note 10: Commitments and Contingencies	19
	Note 11: Equity	22
	Note 12: Income Taxes	22
	Note 13: Income Per Share	22
	Note 14: Fair Value Measurements	23
	Note 15: Segment Data	24
	Note 16: Subsequent Events	26

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27

ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	36

ITEM 4.	Controls and Procedures	36

PART II	OTHER INFORMATION

ITEM 1.	Legal Proceedings	37

ITEM 1A.	Risk Factors	37

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	39

ITEM 3.	Defaults Upon Senior Securities	39

ITEM 4.	Mine Safety Disclosures	39

ITEM 5.	Other Information	39

ITEM 6.	Exhibits	39

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

NEXSTAR MEDIA GROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except for share and per share information, unaudited)


	September 30,			December 31,
	2025			2024
ASSETS
Current assets:
Cash and cash equivalents	$	236		$	144
Accounts receivable, net of allowance for credit losses of $17 and $16, respectively		1,013			1,028
Broadcast rights		62			84
Prepaid expenses and other current assets		82			41
Total current assets		1,393			1,297
Property and equipment, net		1,162			1,207
Goodwill		2,924			2,922
FCC licenses		2,949			2,929
Network affiliation agreements, net		1,353			1,494
Other intangible assets, net		306			353
Investments		774			877
Other noncurrent assets, net		388			389
Total assets(1)	$	11,249		$	11,468
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERSʼ EQUITY
Current liabilities:
Current portion of debt	$	111		$	124
Accounts payable		100			133
Broadcast rights payable		71			97
Accrued expenses		353			314
Operating lease liabilities		41			37
Other current liabilities		69			78
Total current liabilities		745			783
Debt		6,248			6,399
Deferred tax liabilities		1,467			1,487
Other noncurrent liabilities		505			531
Total liabilities(1)		8,965			9,200
Commitments and contingencies (Note 10)
Redeemable noncontrolling interests (Note 2)		17			26
Stockholdersʼ equity:
Preferred stock - $0.01 par value, 200,000 shares authorized; none issued and outstanding at each of September 30, 2025 and December 31, 2024		-			-
Common stock - $0.01 par value, 100,000,000 shares authorized; 47,282,823 shares issued, 30,323,806 shares outstanding as of September 30, 2025 and 47,282,823 shares issued, 30,621,241 shares outstanding as of December 31, 2024		-			-
Additional paid-in capital		1,312			1,304
Accumulated other comprehensive loss		(1	)		(1	)
Retained earnings		3,765			3,671
Treasury stock - at cost; 16,959,017 and 16,661,582 shares as of September 30, 2025 and December 31, 2024, respectively		(2,790	)		(2,717	)
Total Nexstar Media Group, Inc. stockholdersʼ equity		2,286			2,257
Noncontrolling interests		(19	)		(15	)
Total stockholdersʼ equity		2,267			2,242
Total liabilities, redeemable noncontrolling interests and stockholdersʼ equity	$	11,249		$	11,468

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

(1)

The condensed consolidated total assets as of September 30, 2025 and December 31, 2024 include certain assets held by consolidated VIEs of $295 million and $297 million, respectively, which are not available to be used to settle the obligations of Nexstar. The condensed consolidated total liabilities as of September 30, 2025 and December 31, 2024 include certain liabilities of consolidated VIEs of $147 million and $148 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information.

NEXSTAR MEDIA GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except for share and per share information, unaudited)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
Net revenue	$	1,198		$	1,366		$	3,660		$	3,920
Operating expenses:
Direct operating, excluding depreciation and amortization		562			563			1,670			1,663
Selling, general and administrative, excluding depreciation and amortization		270			277			790			818
Depreciation and amortization		190			190			592			588
Other		1			1			1			-
Total operating expenses		1,023			1,031			3,053			3,069
Income from operations		175			335			607			851
Income from equity method investments, net		5			17			24			52
Interest expense, net		(94	)		(113	)		(288	)		(340	)
Pension and other postretirement plans credit, net		7			6			23			20
Gain on disposal of an investment		-			-			-			40
Other income (expenses), net		3			(1	)		(2	)		(1	)
Income before income taxes		96			244			364			622
Income tax expense		(31	)		(64	)		(111	)		(169	)
Net income		65			180			253			453
Net loss attributable to noncontrolling interests		5			7			22			27
Net income attributable to Nexstar Media Group, Inc.	$	70		$	187		$	275		$	480

Net income per share available to common stockholders:
Basic	$	2.16		$	5.34		$	8.66		$	14.17
Diluted	$	2.14		$	5.27		$	8.57		$	13.96

Weighted average number of common shares outstanding:
Basic (in thousands)		30,319			32,020			30,357			32,759
Diluted (in thousands)		30,649			32,441			30,696			33,248

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

NEXSTAR MEDIA GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS

For the Three Months Ended September 30, 2025 and 2024

(in millions, except for share and per share information, unaudited)


														Accumulated
	Redeemable							Additional						Other												Total
	Noncontrolling			Common Stock				Paid-In			Retained			Comprehensive			Treasury Stock						Noncontrolling			Stockholdersʼ
	Interests			Shares		Amount		Capital			Earnings			Income (Loss)			Shares			Amount			interests			Equity
Balances as of June 30, 2025	$	18			47,282,823	$	-	$	1,293		$	3,755		$	(1	)		(16,967,525	)	$	(2,791	)	$	(18	)	$	2,238
Stock-based compensation expense		-			-		-		19			-			-			-			-			-			19
Vesting of restricted stock units and exercise of stock options		-			-		-		(1	)		-			-			8,508			1			-			-
Dividends declared on common stock ($1.86 per share)		-			-		-		-			(56	)		-			-			-			-			(56	)
Accretion of redeemable noncontrolling interests		4			-		-		-			(4	)		-			-			-			-			(4	)
Other		(1	)		-		-		1			-			-			-			-			-			1
Net income (loss)		(4	)		-		-		-			70			-			-			-			(1	)		69
Balances as of September 30, 2025	$	17			47,282,823	$	-	$	1,312		$	3,765		$	(1	)		(16,959,017	)	$	(2,790	)	$	(19	)	$	2,267

Balances as of June 30, 2024	$	-			47,282,823	$	-	$	1,281		$	3,369		$	1			(14,797,318	)	$	(2,384	)	$	13		$	2,280
Purchase of treasury stock		-			-		-		-			-			-			(1,061,852	)		(179	)		-			(179	)
Stock-based compensation expense		-			-		-		19			-			-			-			-			-			19
Vesting of restricted stock units and exercise of stock options		-			-		-		(8	)		-			-			52,462			4			-			(4	)
Dividends declared on common stock ($1.69 per share)		-			-		-		-			(55	)		-			-			-			-			(55	)
Adjustment to redeemable noncontrolling interests		27			-		-		-			-			-			-			-			(27	)		(27	)
Accretion of redeemable noncontrolling interests		16			-		-		-			(16	)		-			-			-			-			(16	)
Net income (loss)		(6	)		-		-		-			187			-			-			-			(1	)		186
Balances as of September 30, 2024	$	37			47,282,823	$	-	$	1,292		$	3,485		$	1			(15,806,708	)	$	(2,559	)	$	(15	)	$	2,204

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

NEXSTAR MEDIA GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS

For the Nine Months Ended September 30, 2025 and 2024

(in millions, except for share and per share information, unaudited)


														Accumulated
	Redeemable							Additional						Other												Total
	Noncontrolling			Common Stock				Paid-In			Retained			Comprehensive			Treasury Stock						Noncontrolling			Stockholdersʼ
	Interests			Shares		Amount		Capital			Earnings			Income (Loss)			Shares			Amount			interests			Equity
Balances as of December 31, 2024	$	26			47,282,823	$	-	$	1,304		$	3,671		$	(1	)		(16,661,582	)	$	(2,717	)	$	(15	)	$	2,242
Purchase of treasury stock		-			-		-		-			-			-			(753,162	)		(126	)		-			(126	)
Stock-based compensation expense		-			-		-		58			-			-			-			-			-			58
Vesting of restricted stock units and exercise of stock options		-			-		-		(53	)		-			-			455,727			53			-			-
Dividends declared on common stock ($5.58 per share)		-			-		-		-			(169	)		-			-			-			-			(169	)
Accretion of redeemable noncontrolling interests		12			-		-		-			(12	)		-			-			-			-			(12	)
Other		(3	)		-		-		3			-			-			-			-			-			3
Net income (loss)		(18	)		-		-		-			275			-			-			-			(4	)		271
Balances as of September 30, 2025	$	17			47,282,823	$	-	$	1,312		$	3,765		$	(1	)		(16,959,017	)	$	(2,790	)	$	(19	)	$	2,267

Balances as of December 31, 2023	$	-			47,282,823	$	-	$	1,283		$	3,188		$	1			(13,681,897	)	$	(2,173	)	$	14		$	2,313
Purchase of treasury stock		-			-		-		-			-			-			(2,576,330	)		(427	)		-			(427	)
Stock-based compensation expense		-			-		-		57			-			-			-			-			-			57
Vesting of restricted stock units and exercise of stock options		-			-		-		(48	)		-			-			451,519			41			-			(7	)
Dividends declared on common stock ($5.07 per share)		-			-		-		-			(167	)		-			-			-			-			(167	)
Adjustment to redeemable noncontrolling interests		27			-		-		-			-			-			-			-			(27	)		(27	)
Contribution from noncontrolling interests		-			-		-		-			-			-			-			-			19			19
Accretion of redeemable noncontrolling interests		16			-		-		-			(16	)		-			-			-			-			(16	)
Net income (loss)		(6	)		-		-		-			480			-			-			-			(21	)		459
Balances as of September 30, 2024	$	37			47,282,823	$	-	$	1,292		$	3,485		$	1			(15,806,708	)	$	(2,559	)	$	(15	)	$	2,204

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

NEXSTAR MEDIA GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions, unaudited)


	Nine Months Ended September 30,
	2025			2024
Cash flows from operating activities:
Net income	$	253		$	453
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		592			588
Stock-based compensation expense		58			57
Amortization of debt financing costs, debt discounts and premium		6			9
Gain on disposal of an investment		-			(40	)
Deferred income taxes		(20	)		(26	)
Payments for broadcast rights		(249	)		(240	)
Income from equity method investments, net		(24	)		(52	)
Distribution from equity method investments – return on capital		131			143
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		15			80
Prepaid and other current assets		6			(10	)
Other noncurrent assets		3			(7	)
Accounts payable		(30	)		(99	)
Accrued expenses and other current liabilities		44			-
Income tax payable		(45	)		6
Other noncurrent liabilities		(50	)		(30	)
Other		11			7
Net cash provided by operating activities		701			839
Cash flows from investing activities:
Purchases of property and equipment		(94	)		(110	)
Payments for acquisitions, net of cash acquired		(22	)		-
Proceeds from disposal of an investment		-			40
Other investing activities, net		(2	)		2
Net cash used in investing activities		(118	)		(68	)
Cash flows from financing activities:
Proceeds from debt issuance, net of debt discounts		3,393			55
Repayments of long-term debt		(3,568	)		(201	)
Purchase of treasury stock		(125	)		(423	)
Common stock dividends paid		(169	)		(167	)
Payments for capitalized software obligations		(14	)		(13	)
Contribution from redeemable noncontrolling interests		-			19
Cash paid for shares withheld for taxes		-			(8	)
Other financing activities, net		(8	)		1
Net cash used in financing activities		(491	)		(737	)
Net increase in cash and cash equivalents		92			34
Cash and cash equivalents at beginning of period		144			147
Cash and cash equivalents at end of period	$	236		$	181
Supplemental information:
Interest paid	$	294		$	344
Income taxes paid, net of refunds	$	175		$	187

Non-cash investing and financing activities:
Purchases of property and equipment in accounts payable and accruals	$	9		$	9
Capitalized software in other current and noncurrent liabilities	$	24		$	11
Right-of-use assets obtained in exchange for operating lease obligations	$	42		$	28

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

NEXSTAR MEDIA GROUP, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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 and majority-owned subsidiaries; the “Company” refers to Nexstar and the variable interest entities (“VIEs”) required to be consolidated in its financial statements under authoritative guidance related to the consolidation of VIEs; and all references to “we,” “our,” “ours,” and “us” refer to Nexstar.

Nexstar is a leading diversified media company with television broadcasting, television network and digital media assets operating in the United States. As of September 30, 2025, we owned, operated, programmed or provided sales and other services to 201 full power television stations and one AM radio station, including those television stations owned by VIEs, in 116 markets in 40 states and the District of Columbia. The stations are affiliates of CBS, FOX, NBC, ABC, The CW, MyNetworkTV, and other broadcast television networks. As of September 30, 2025, Nexstar’s stations reached approximately 39% of all U.S. television households (after applying the Federal Communications Commission’s (“FCC”) ultra-high frequency discount). Through various local service agreements, we provided sales, programming, and other services to 35 television stations owned by consolidated VIEs and two television stations owned by unconsolidated VIEs. As of September 30, 2025, Nexstar also owns a 79.7% ownership interest in The CW Network, LLC, the fifth major broadcast network in the U.S. (“The CW”); NewsNation, a national cable news network; two digital multicast networks, Antenna TV and REWIND TV; multicast network services provided to third parties; and a 31.3% ownership stake in Television Food Network, G.P. (“TV Food Network”). Our digital assets include 125 local websites and 229 mobile applications across local stations, NewsNation and The Hill. The portfolio also includes 72 connected television applications and three free ad-supported television channels from The CW and The Hill.

Merger Agreement with TEGNA

On August 18, 2025, Nexstar entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”) to acquire the outstanding equity of TEGNA Inc., a Delaware corporation (“TEGNA”) (such transaction, the “Merger”). TEGNA owns and operates 64 television stations and two radio stations in 51 designated market areas in the U.S. Upon closing, the Merger is expected to increase Nexstar’s operational and geographic diversity and scale, enhance its presence in various localities and extend its footprint to additional areas experiencing contested elections.

The Merger has been approved by the boards of directors of both companies and is projected to close by the second half of 2026, subject to (i) the approval of the Merger by the stockholders of TEGNA, (ii) FCC consent, (iii) receipt of other regulatory approvals including expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended and (iv) satisfaction of other customary closing conditions. The Merger does not require approval of Nexstar stockholders and is not subject to any financing condition.

Pursuant to the Merger Agreement, Nexstar will acquire TEGNA’s outstanding equity for $22 per share in a cash transaction (the “Merger Consideration”). All vested and unvested time-based and performance-based equity-based awards of TEGNA that are granted prior to fiscal year 2026 will vest in full at closing and will be converted into the right to receive the Merger Consideration. Each TEGNA time-based restricted stock unit and performance-based restricted stock unit granted during fiscal year 2026 or after will be converted into a time-based restricted stock unit award in respect of common shares of Nexstar based on the value of the Merger Consideration subject to the terms of the Merger Agreement. The estimated total purchase price, calculated in accordance with the authoritative accounting guidance, is valued at $5.8 billion. This preliminary estimate includes the Merger Consideration and the refinancing of certain existing TEGNA debt. The final purchase price at closing may differ materially from this estimate. On August 18, 2025, Nexstar entered into a debt commitment letter, which was subsequently amended and restated on September 11, 2025. Under this agreement, a syndicate of financial institutions committed to provide up to $5.725 billion in debt financing to support the Merger, the refinancing of certain TEGNA obligations, and related transactions.

The Merger Agreement contains certain termination rights for both parties. Either party may terminate the Merger Agreement if the Merger is not consummated at or before 5:00 p.m. Eastern Time on August 18, 2026, which may be

extended to November 18, 2026 at the election of either TEGNA or Nexstar if all conditions other than certain regulatory conditions have been satisfied or waived. If the Merger Agreement is terminated in connection with TEGNA entering into a definitive agreement with respect to a superior proposal, as well as under certain other circumstances, TEGNA will be required to pay Nexstar a termination fee of $120 million. If the Merger Agreement is terminated because TEGNA stockholder approval is not obtained at a stockholder meeting duly held for such purpose, TEGNA will be required to reimburse Nexstar for costs and expenses incurred in connection with the transaction in an amount not to exceed $30 million. If the Merger Agreement is terminated by either party under certain circumstances, including because certain required regulatory clearances are not obtained on or before November 18, 2026, Nexstar will be required to pay TEGNA a termination fee of $125 million.

Transaction costs relating to this proposed merger, including legal and professional fees, of $8 million were expensed as incurred during the three and nine months ended September 30, 2025.

Note 2: Summary of Significant Accounting Policies

Principles of Consolidation

The Condensed Consolidated Financial Statements include the accounts of Nexstar, subsidiaries consolidated through voting interests and VIEs for which we are the primary beneficiary (see “Variable Interest Entities” section below). 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.

Interim Financial Statements

The Condensed Consolidated Financial Statements as of September 30, 2025 and for the three and nine months ended September 30, 2025 and 2024 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, valuation of assets acquired and liabilities assumed in business combinations, distribution revenue recognized, income taxes, the recoverability of goodwill, FCC licenses, long-lived assets (property and equipment and amortizable intangible assets), investments, broadcast rights, the useful lives of long-lived assets, pension and postretirement obligations, fair value of stock-based compensation, accretion of redeemable noncontrolling interests and allowance for credit losses. As of September 30, 2025, the Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or revision of the carrying value of its assets or liabilities. However, these estimates and judgments may change as new events occur and additional information is obtained, which may result in changes being recognized in the Company’s consolidated financial statements in future periods. Actual results could differ from those estimates and any such differences may have a material impact on the Company’s Condensed Consolidated Financial Statements.

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, 2024. The balance sheet as of December 31, 2024 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 whereby the owner-operator of a television station contracts with a third party (typically another television station owner-operator) 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 (i) 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, frequently based on the station’s monthly operating expenses, (ii) a shared services agreement (“SSA”) which allows Nexstar to provide services to a station including news production, technical maintenance and security, in exchange for Nexstar’s right to receive certain payments as described in the SSA, or (iii) a joint sales agreement (“JSA”) which permits Nexstar to sell certain of a 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 (i) local service agreements Nexstar has with the stations owned by these entities, (ii) Nexstar’s (excluding The CW) guarantee of the obligations incurred under Mission Broadcasting, Inc.’s (“Mission”) senior secured credit facility (see Note 7), (iii) Nexstar having power over significant activities affecting these VIEs’ economic performance, including budgeting for advertising revenue, certain advertising sales and, in some cases, hiring and firing of sales force personnel and (iv) 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.

The following table summarizes the various local service agreements Nexstar had in effect as of September 30, 2025 with its consolidated VIEs:


Owner	Service Agreements	Full Power Stations
Mission	TBA	WFXP, KHMT and KFQX
	SSA & JSA	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	WNAC and WPIX
White Knight Broadcasting (“White Knight”)	SSA & JSA	WVLA and KFXK
Vaughan Media, LLC (“Vaughan”)	SSA & JSA	WBDT, WYTV and KTKA
	LMA	KNVA

Nexstar’s ability to receive cash from the 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 millions):


	September 30, 2025		December 31, 2024
Current assets:
Cash and cash equivalents	$	6	$	7
Accounts receivable, net		23		26
Prepaid expenses and other current assets		5		4
Total current assets		34		37
Property and equipment, net		48		52
Goodwill		151		151
FCC licenses		200		200
Network affiliation agreements, net		53		59
Other noncurrent assets, net		58		63
Total assets	$	544	$	562

Current liabilities:
Current portion of debt	$	3	$	3
Other current liabilities		41		37
Total current liabilities		44		40
Debt		346		348
Deferred tax liabilities		42		41
Other noncurrent liabilities		66		72
Total liabilities	$	498	$	501

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 millions):


	September 30, 2025		December 31, 2024
Current assets	$	4	$	3
Property and equipment, net		9		10
Goodwill		62		62
FCC licenses		200		200
Network affiliation agreements, net		17

NEXSTAR MEDIA GROUP, INC. 10-Q