false--12-31Q10001142417http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberhttp://fasb.org/us-gaap/2025#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2025#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2025#OperatingLeaseLiabilityCurrenthttp://fasb.org/us-gaap/2025#OperatingLeaseLiabilityCurrenthttp://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent1http://nexstar.tv/20260331#ChairmanAndChiefExecutiveOfficerMember0001142417us-gaap:TreasuryStockCommonMember2025-01-012025-03-310001142417us-gaap:SecuredDebtMembernxst:TEGNAIncMembernxst:TermLoanBDueOnTwoThousandAndThirtyThreeMembersrt:SubsidiaryIssuerMember2026-01-012026-03-310001142417us-gaap:SeniorSubordinatedNotesMembernxst:SevenPointSevenFivePercentDueOnTwoThousandTwentySevenMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:SecuredDebtMembernxst:TermLoanBDueOnTwoThousandTwentyEightMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2026-01-012026-03-310001142417us-gaap:SecuredDebtMembernxst:SixPointFiveZeroPercentDueOnTwoThousandThirtyThreeMembersrt:SubsidiaryIssuerMember2026-01-012026-03-310001142417us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMembernxst:TEGNAIncMemberus-gaap:SubsequentEventMember2026-04-012026-04-300001142417us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2025-01-012025-03-310001142417us-gaap:SecuredDebtMembernxst:RevolvingLoansDueOnTwoThousandAndThirtyMembersrt:SubsidiaryIssuerMember2026-03-310001142417nxst:TEGNAIncMember2026-03-182026-03-180001142417us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMembernxst:RevolvingLoansDueOnTwoThousandThirtyMemberus-gaap:FairValueMeasurementsNonrecurringMembersrt:SubsidiaryIssuerMember2026-03-310001142417nxst:SevenPointTwoFivePercentDueOnTwoThousandTwentySevenMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembernxst:CustomerOneMember2025-01-012025-03-310001142417nxst:SevenPointTwoFivePercentDueOnTwoThousandTwentySevenMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2025-12-310001142417us-gaap:FairValueMeasurementsNonrecurringMembernxst:FivePointZeroZeroPercentDueOnTwoThousandTwentyNineMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2025-12-310001142417us-gaap:FairValueMeasurementsNonrecurringMembernxst:SixPointFiveZeroPercentDueOnTwoThousandThirtyThreeMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:SecuredDebtMembernxst:TermLoanBMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:PensionPlansDefinedBenefitMember2025-01-012025-03-310001142417us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:ContractBasedIntangibleAssetsMember2026-03-310001142417us-gaap:SecuredDebtMembernxst:TermLoanBDueOnTwoThousandAndThirtyTwoMembersrt:SubsidiaryIssuerMember2025-01-012025-12-310001142417us-gaap:AdvertisingMember2025-01-012025-03-310001142417us-gaap:FiniteLivedIntangibleAssetsMembernxst:TVFoodNetworkMember2025-12-310001142417nxst:MultiDistrictLitigationMember2026-01-012026-03-310001142417us-gaap:CorporateMemberus-gaap:OperatingSegmentsMembernxst:OtherMember2026-01-012026-03-310001142417nxst:SeniorSecuredNotesMembernxst:SevenPointSevenFivePercentDueOnTwoThousandTwentySevenMembersrt:SubsidiaryIssuerMember2026-03-3100011424172024-12-310001142417us-gaap:SecuredDebtMembernxst:TEGNAIncMembernxst:TermLoanBDueOnTwoThousandAndThirtyThreeMembersrt:SubsidiaryIssuerMember2026-03-310001142417nxst:SevenPointTwoFivePercentDueOnTwoThousandTwentySevenMemberus-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001142417nxst:TVFoodNetworkMemberus-gaap:GoodwillMember2025-12-310001142417nxst:VariousTowerJointVentureMember2026-03-310001142417us-gaap:FairValueMeasurementsNonrecurringMembernxst:SevenPointSevenFivePercentDueOnTwoThousandTwentySevenMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2025-12-310001142417us-gaap:SellingGeneralAndAdministrativeExpensesMember2026-01-012026-03-310001142417nxst:TEGNAIncMemberus-gaap:SeniorSubordinatedNotesMembernxst:FourPointSixTwoFivePercentDueOnMarchTwoThousandTwentySixMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembernxst:CustomerOneMember2026-01-012026-03-310001142417us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:SeniorSubordinatedNotesMembernxst:FivePointSixTwoFivePercentDueOnTwoThousandTwentySevenMemberus-gaap:EstimateOfFairValueFairValueDisclosureMembersrt:SubsidiaryIssuerMember2025-12-310001142417us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:ContractBasedIntangibleAssetsMember2025-12-310001142417us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-03-310001142417us-gaap:SecuredDebtMembernxst:TEGNAIncMembernxst:FivePointSixTwoFivePercentDueOnTwoThousandTwentySevenMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2026-01-012026-03-310001142417nxst:SixPointFiveZeroPercentDueOnTwoThousandThirtyThreeMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMembernxst:FivePointZeroZeroPercentDueOnTwoThousandTwentyNineMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:NoncontrollingInterestMember2025-01-012025-03-310001142417nxst:RedeemableNoncontrollingInterestsMember2024-12-310001142417us-gaap:CorporateMemberus-gaap:OperatingSegmentsMember2025-01-012025-03-310001142417nxst:O2026Q2DividendsMemberus-gaap:SubsequentEventMember2026-05-012026-05-010001142417nxst:SeniorSecuredNotesMembernxst:SixPointFiveZeroPercentDueOnTwoThousandThirtyThreeMembersrt:SubsidiaryIssuerMember2026-03-250001142417us-gaap:RetainedEarningsMember2026-01-012026-03-310001142417nxst:NonGuarantorVariableInterestEntitiesMemberus-gaap:ContractBasedIntangibleAssetsMember2026-03-310001142417us-gaap:SecuredDebtMembernxst:TermLoanBDueOnTwoThousandTwentyEightMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-01-012025-12-310001142417us-gaap:SeniorSubordinatedNotesMembernxst:FivePointSixTwoFivePercentDueOnTwoThousandTwentySevenMembersrt:SubsidiaryIssuerMember2026-03-310001142417nxst:TermLoanADueOnTwoThousandAndTwentySevenMember2026-01-012026-03-310001142417us-gaap:OperatingSegmentsMembernxst:ReportableBroadcastSegmentMember2025-01-012025-03-310001142417us-gaap:TreasuryStockCommonMember2025-03-310001142417us-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMembernxst:TermLoanBDueOnTwoThousandTwentyEightMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001142417us-gaap:SeniorSubordinatedNotesMembernxst:FourPointSixTwoFivePercentDueOnTwoThousandTwentySixMembersrt:SubsidiaryIssuerMember2026-03-3100011424172025-12-310001142417nxst:TEGNAIncMember2025-01-012025-03-310001142417nxst:TEGNAIncMemberus-gaap:SubsequentEventMember2026-04-270001142417nxst:TermLoanADueOnJuneTwoThousandAndTwentySevenMembernxst:TEGNAIncMemberus-gaap:SubsequentEventMember2026-04-302026-04-300001142417nxst:WBNX-TVAssetsAcquisitionMember2025-01-312025-01-310001142417us-gaap:SalesRevenueNetMember2026-01-012026-03-310001142417nxst:SevenPointTwoFivePercentDueOnTwoThousandTwentySevenMemberus-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMember2025-12-310001142417nxst:SevenPointSevenFivePercentDueOnTwoThousandTwentySevenMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2026-01-012026-03-310001142417us-gaap:RetainedEarningsMember2024-12-310001142417nxst:FivePointZeroZeroPercentDueOnTwoThousandTwentyNineMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2026-01-012026-03-310001142417us-gaap:AdvertisingMemberus-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2025-01-012025-03-310001142417us-gaap:SecuredDebtMembernxst:TermLoanBDueOnTwoThousandTwentyEightMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-12-310001142417us-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMember2026-01-012026-03-310001142417nxst:FourPointSevenFivePercentDueOnTwoThousandTwentyEightMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2025-01-012025-12-310001142417us-gaap:SecuredDebtMembernxst:SixPointFiveZeroPercentDueOnTwoThousandThirtyThreeMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310001142417nxst:SeniorSecuredNotesMemberus-gaap:DebtInstrumentRedemptionPeriodOneMembernxst:SixPointFiveZeroPercentDueOnTwoThousandThirtyThreeMembersrt:SubsidiaryIssuerMember2026-03-252026-03-250001142417us-gaap:SecuredDebtMembernxst:TermLoanBDueOnTwoThousandAndThirtyTwoMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:SeniorSubordinatedNotesMembernxst:FivePointSixTwoFivePercentDueOnTwoThousandTwentySevenMembersrt:SubsidiaryIssuerMember2026-01-012026-03-310001142417nxst:ReportableBroadcastSegmentMember2025-12-310001142417us-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembernxst:TermLoanBDueOnTwoThousandTwentyEightMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001142417nxst:SevenPointTwoFivePercentDueOnTwoThousandTwentySevenMemberus-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:SubsequentEventMemberus-gaap:SeniorSubordinatedNotesMembernxst:FivePointSixTwoFivePercentDueOnTwoThousandTwentySevenMembersrt:SubsidiaryIssuerMember2026-04-020001142417us-gaap:FairValueMeasurementsNonrecurringMembernxst:SevenPointSevenFivePercentDueOnTwoThousandTwentySevenMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2026-03-310001142417nxst:TheCwNetworkLlcMember2022-09-3000011424172025-03-310001142417us-gaap:OperatingExpenseMember2026-01-012026-03-310001142417nxst:FourPointSevenFivePercentDueOnTwoThousandTwentyEightMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2025-12-310001142417us-gaap:RetainedEarningsMember2025-03-310001142417nxst:FourPointSevenFivePercentDueOnNovemberTwoThousandTwentyEightMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:SeniorSubordinatedNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMembersrt:SubsidiaryIssuerMember2025-12-310001142417nxst:FinancialGuaranteeMissionDebtMember2026-03-310001142417nxst:AmendedComplaintMembernxst:MultiDistrictLitigationMember2026-01-012026-03-310001142417us-gaap:SecuredDebtMembernxst:TermLoanADueOnTwoThousandAndThirtyMembersrt:SubsidiaryIssuerMember2025-12-310001142417us-gaap:OperatingSegmentsMemberus-gaap:AdvertisingMemberus-gaap:AllOtherSegmentsMember2026-01-012026-03-310001142417us-gaap:CarryingReportedAmountFairValueDisclosureMembernxst:SevenPointTwoFivePercentDueOnTwoThousandTwentySevenMemberus-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:SecuredDebtMembernxst:TermLoanADueOnTwoThousandAndTwentySevenMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMembernxst:TermLoanADueOnTwoThousandAndThirtyMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMembersrt:SubsidiaryIssuerMember2025-12-310001142417nxst:TEGNAIncMember2026-03-192026-03-310001142417us-gaap:NoncontrollingInterestMember2026-03-310001142417nxst:OtherMember2026-01-012026-03-310001142417us-gaap:SecuredDebtMembernxst:TermLoanADueOnTwoThousandAndThirtyMembersrt:SubsidiaryIssuerMember2026-01-012026-03-310001142417us-gaap:FairValueMeasurementsNonrecurringMembernxst:FivePointZeroZeroPercentDueOnTwoThousandTwentyNineMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:CarryingReportedAmountFairValueDisclosureMembernxst:FourPointSevenFivePercentDueOnNovemberTwoThousandTwentyEightMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:CommonStockMember2026-03-310001142417us-gaap:IntersegmentEliminationMember2025-01-012025-03-310001142417us-gaap:AdvertisingMember2026-01-012026-03-310001142417us-gaap:SecuredDebtMembernxst:RevolvingLoansDueOnTwoThousandAndThirtyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-01-012025-12-310001142417us-gaap:DistributionServiceMemberus-gaap:IntersegmentEliminationMember2025-01-012025-03-310001142417us-gaap:TreasuryStockCommonMember2026-03-310001142417nxst:NonGuarantorVariableInterestEntitiesMember2026-01-012026-03-310001142417nxst:RedeemableNoncontrollingInterestsMember2026-01-012026-03-310001142417us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:SeniorSubordinatedNotesMembernxst:FivePointSixTwoFivePercentDueOnTwoThousandTwentySevenMembersrt:SubsidiaryIssuerMember2025-12-310001142417us-gaap:SecuredDebtMembernxst:SevenPointSevenFivePercentDueOnTwoThousandTwentySevenMembersrt:SubsidiaryIssuerMember2025-12-310001142417us-gaap:TreasuryStockCommonMember2025-12-310001142417us-gaap:SecuredDebtMembernxst:RevolvingLoansDueOnTwoThousandAndThirtyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2026-03-310001142417nxst:TVFoodNetworkMember2025-12-310001142417us-gaap:SecuredDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembernxst:TermLoanBDueOnTwoThousandTwentyEightMember2026-03-310001142417srt:MinimumMember2026-01-012026-03-310001142417us-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMembernxst:TermLoanBDueOnTwoThousandThirtyTwoMemberus-gaap:EstimateOfFairValueFairValueDisclosureMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:DistributionServiceMemberus-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2025-01-012025-03-310001142417us-gaap:OperatingSegmentsMembernxst:OtherMemberus-gaap:AllOtherSegmentsMember2025-01-012025-03-310001142417us-gaap:ContractBasedIntangibleAssetsMember2026-03-310001142417nxst:FivePointZeroZeroPercentDueOnTwoThousandTwentyNineMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2025-01-012025-12-310001142417us-gaap:TreasuryStockCommonMember2026-01-012026-03-310001142417us-gaap:TreasuryStockCommonMember2024-12-310001142417us-gaap:OtherIntangibleAssetsMember2025-12-310001142417nxst:FaulLitigationMember2026-03-022026-03-020001142417nxst:TEGNAIncMember2026-03-212026-03-210001142417us-gaap:DistributionServiceMemberus-gaap:OperatingSegmentsMembernxst:ReportableBroadcastSegmentMember2026-01-012026-03-310001142417us-gaap:FairValueMeasurementsNonrecurringMembernxst:SixPointFiveZeroPercentDueOnTwoThousandThirtyThreeMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2025-12-310001142417nxst:TEGNAIncMember2026-03-232026-03-230001142417us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2026-01-012026-03-310001142417nxst:OnePointSevenTwoFivePercentDueOnTwoThousandThirtyFourMemberus-gaap:SubsequentEventMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2026-04-020001142417us-gaap:OperatingSegmentsMembernxst:OtherMembernxst:ReportableBroadcastSegmentMember2025-01-012025-03-310001142417nxst:FivePointSixTwoFivePercentDueOnJulyTwoThousandTwentySevenMemberus-gaap:SubsequentEventMember2026-04-022026-04-020001142417us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2026-03-310001142417us-gaap:OtherIntangibleAssetsMember2026-03-310001142417us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001142417us-gaap:SecuredDebtMembernxst:TermLoanADueOnTwoThousandAndThirtyMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembernxst:CustomerTwoMember2025-01-012025-03-310001142417nxst:TribuneMediaCompanyMemberus-gaap:InternalRevenueServiceIRSMember2025-12-310001142417us-gaap:SecuredDebtMembernxst:TermLoanADueOnTwoThousandAndThirtyMembersrt:SubsidiaryIssuerMember2025-01-012025-12-310001142417us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:SeniorSubordinatedNotesMembernxst:FivePointSixTwoFivePercentDueOnTwoThousandTwentySevenMemberus-gaap:EstimateOfFairValueFairValueDisclosureMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:AdvertisingMemberus-gaap:OperatingSegmentsMembernxst:ReportableBroadcastSegmentMember2026-01-012026-03-310001142417us-gaap:SecuredDebtMembernxst:SixPointFiveZeroPercentDueOnTwoThousandThirtyThreeMembersrt:SubsidiaryIssuerMember2025-01-012025-12-310001142417us-gaap:FairValueInputsLevel2Membernxst:FourPointSevenFivePercentDueOnNovemberTwoThousandTwentyEightMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:SeniorSubordinatedNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMembersrt:SubsidiaryIssuerMember2026-03-310001142417nxst:ChicagoEntertainmentVenturesLLCMembernxst:ChicagoCubsTransactionsMember2009-08-210001142417us-gaap:SecuredDebtMembernxst:TermLoanBDueOnTwoThousandAndThirtyThreeMembersrt:SubsidiaryIssuerMember2026-01-012026-03-310001142417us-gaap:AdditionalPaidInCapitalMember2024-12-310001142417nxst:RedeemableNoncontrollingInterestsMember2025-03-310001142417us-gaap:OperatingExpenseMember2025-01-012025-03-310001142417nxst:TVFoodNetworkMember2025-01-012025-03-310001142417us-gaap:CommonStockMember2026-01-012026-03-310001142417us-gaap:SeniorSubordinatedNotesMembernxst:FivePointSixTwoFivePercentDueOnTwoThousandTwentySevenMembersrt:SubsidiaryIssuerMember2025-12-310001142417us-gaap:SecuredDebtMembernxst:TermLoanBDueOnTwoThousandAndThirtyThreeMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:AllOtherSegmentsMember2026-03-310001142417us-gaap:DistributionServiceMember2025-01-012025-03-310001142417nxst:SevenPointTwoFivePercentDueOnTwoThousandTwentySevenMembernxst:SeniorSecuredNotesMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:SalesRevenueNetMember2025-01-012025-03-310001142417us-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMembernxst:TermLoanADueOnTwoThousandAndTwentySevenMemberus-gaap:EstimateOfFairValueFairValueDisclosureMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:SecuredDebtMembernxst:TermLoanADueOnTwoThousandAndTwentySevenMembersrt:SubsidiaryIssuerMember2025-01-012025-12-310001142417us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:SeniorSubordinatedNotesMembernxst:FivePointSixTwoFivePercentDueOnTwoThousandTwentySevenMembersrt:SubsidiaryIssuerMember2025-12-310001142417nxst:WBDTVFoodNetworkMember2025-09-300001142417nxst:NonGuarantorVariableInterestEntitiesMember2026-03-310001142417us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:SeniorSubordinatedNotesMembernxst:FivePointSixTwoFivePercentDueOnTwoThousandTwentySevenMembersrt:SubsidiaryIssuerMember2026-03-310001142417nxst:SevenPointTwoFivePercentDueOnTwoThousandTwentySevenMemberus-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMember2025-01-012025-12-3100011424172025-01-012025-03-310001142417us-gaap:DebtInstrumentRedemptionPeriodThreeMembernxst:SeniorSecuredNotesMembernxst:SixPointFiveZeroPercentDueOnTwoThousandThirtyThreeMembersrt:SubsidiaryIssuerMember2026-03-252026-03-250001142417us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMembernxst:TermLoanADueOnTwoThousandAndTwentySevenMembersrt:SubsidiaryIssuerMember2026-03-310001142417nxst:TEGNAIncMember2026-03-190001142417us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembernxst:CustomerTwoMember2026-01-012026-03-310001142417us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMembernxst:TermLoanADueOnTwoThousandAndThirtyMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:SeniorSubordinatedNotesMembernxst:FivePointSixTwoFivePercentDueOnTwoThousandTwentySevenMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-310001142417us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2026-01-012026-03-310001142417us-gaap:SecuredDebtMembernxst:TermLoanADueOnTwoThousandAndThirtyMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMembersrt:SubsidiaryIssuerMember2025-12-310001142417us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMembernxst:TermLoanBDueOnTwoThousandThirtyTwoMembersrt:SubsidiaryIssuerMember2025-12-310001142417nxst:TVFoodNetworkMemberus-gaap:GoodwillMember2026-03-310001142417us-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:OperatingSegmentsMembernxst:ReportableBroadcastSegmentMember2026-01-012026-03-310001142417nxst:NonGuarantorVariableInterestEntitiesMember2025-12-310001142417srt:MaximumMember2026-03-310001142417srt:MinimumMember2026-03-310001142417us-gaap:SellingGeneralAndAdministrativeExpensesMember2025-01-012025-03-310001142417us-gaap:SeniorSubordinatedNotesMembernxst:FivePointSixTwoFivePercentDueOnTwoThousandTwentySevenMembersrt:SubsidiaryIssuerMember2025-01-012025-12-310001142417nxst:TEGNAIncMemberus-gaap:SeniorSubordinatedNotesMembernxst:FourPointSixTwoFivePercentDueOnMarchTwoThousandTwentySixMembersrt:SubsidiaryIssuerMember2026-01-012026-03-310001142417us-gaap:CommonStockMember2024-12-310001142417us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-12-310001142417nxst:FivePointZeroZeroPercentDueOnTwoThousandTwentyNineMembernxst:TEGNAIncMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2026-03-3100011424172026-05-070001142417us-gaap:CorporateMemberus-gaap:OperatingSegmentsMember2026-01-012026-03-310001142417us-gaap:AllOtherSegmentsMember2025-12-310001142417us-gaap:CorporateMemberus-gaap:OperatingSegmentsMembernxst:OtherMember2025-01-012025-03-310001142417us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2025-01-012025-03-310001142417us-gaap:SeniorSubordinatedNotesMembernxst:FourPointSevenFivePercentDueOnTwoThousandTwentyEightMembersrt:SubsidiaryIssuerMember2026-01-012026-03-310001142417nxst:TribuneMediaCompanyMembernxst:ChicagoCubsTransactionsMember2016-06-282016-06-280001142417us-gaap:SecuredDebtMembernxst:TermLoanBDueOnTwoThousandAndThirtyTwoMembersrt:SubsidiaryIssuerMember2025-12-310001142417us-gaap:SecuredDebtMembernxst:SixPointFiveZeroPercentDueOnTwoThousandThirtyThreeMembersrt:SubsidiaryIssuerMember2025-12-310001142417us-gaap:IntersegmentEliminationMembernxst:OtherMember2025-01-012025-03-310001142417us-gaap:SecuredDebtMembernxst:TermLoanADueOnTwoThousandAndThirtyMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:SecuredDebtMembernxst:TermLoanBDueOnTwoThousandAndThirtyTwoMembersrt:SubsidiaryIssuerMember2026-01-012026-03-310001142417us-gaap:SecuredDebtMembernxst:FivePointZeroZeroPercentDueOnTwoThousandTwentyNineMembernxst:TEGNAIncMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:SecuredDebtMembernxst:TermLoanBDueOnTwoThousandAndThirtyThreeMembersrt:SubsidiaryIssuerMember2025-01-012025-12-310001142417us-gaap:FairValueMeasurementsNonrecurringMembernxst:FourPointSevenFivePercentDueTwoThousandTwentyEightMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2025-12-310001142417us-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMembernxst:SevenPointSevenFivePercentDueOnTwoThousandTwentySevenMemberus-gaap:EstimateOfFairValueFairValueDisclosureMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001142417us-gaap:RetainedEarningsMember2026-03-310001142417nxst:NonGuarantorVariableInterestEntitiesMemberus-gaap:ContractBasedIntangibleAssetsMember2025-12-310001142417us-gaap:AdvertisingMemberus-gaap:OperatingSegmentsMembernxst:ReportableBroadcastSegmentMember2025-01-012025-03-310001142417us-gaap:OperatingSegmentsMembernxst:OtherMembernxst:ReportableBroadcastSegmentMember2026-01-012026-03-310001142417us-gaap:FiniteLivedIntangibleAssetsMembernxst:TVFoodNetworkMember2026-03-310001142417us-gaap:DebtInstrumentRedemptionPeriodTwoMembernxst:SeniorSecuredNotesMembernxst:SixPointFiveZeroPercentDueOnTwoThousandThirtyThreeMembersrt:SubsidiaryIssuerMember2026-03-252026-03-250001142417nxst:SeniorSecuredNotesMembernxst:SevenPointSevenFivePercentDueOnTwoThousandTwentySevenMembersrt:SubsidiaryIssuerMember2026-03-312026-03-310001142417nxst:FourPointSevenFivePercentDueOnTwoThousandTwentyEightMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:SecuredDebtMembernxst:TermLoanADueOnTwoThousandAndTwentySevenMembersrt:SubsidiaryIssuerMember2026-01-012026-03-310001142417us-gaap:FairValueInputsLevel3Memberus-gaap:SecuredDebtMembernxst:RevolvingLoansDueOnTwoThousandThirtyMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMembersrt:SubsidiaryIssuerMember2026-03-310001142417nxst:TribuneMediaCompanyMemberus-gaap:InternalRevenueServiceIRSMember2026-03-310001142417nxst:SevenPointTwoFivePercentDueOnTwoThousandTwentySevenMembernxst:SeniorSecuredNotesMembersrt:SubsidiaryIssuerMember2026-03-312026-03-310001142417nxst:SeniorSecuredNotesMemberus-gaap:DebtInstrumentRedemptionPeriodFourMembernxst:SixPointFiveZeroPercentDueOnTwoThousandThirtyThreeMembersrt:SubsidiaryIssuerMember2026-03-252026-03-250001142417us-gaap:RestrictedStockUnitsRSUMember2026-01-012026-03-310001142417us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMembernxst:TermLoanBDueOnTwoThousandTwentyEightMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2026-03-310001142417us-gaap:CommonStockMember2025-03-310001142417nxst:SevenPointTwoFivePercentDueOnTwoThousandTwentySevenMembernxst:TEGNAIncMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2026-03-3100011424172026-01-012026-03-310001142417us-gaap:FairValueInputsLevel3Memberus-gaap:SecuredDebtMembernxst:RevolvingLoansDueOnTwoThousandThirtyMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001142417us-gaap:DistributionServiceMemberus-gaap:IntersegmentEliminationMember2026-01-012026-03-310001142417nxst:SeniorSecuredNotesMembernxst:SixPointFiveZeroPercentDueOnTwoThousandThirtyThreeMembersrt:SubsidiaryIssuerMember2026-03-252026-03-250001142417us-gaap:RetainedEarningsMember2025-12-310001142417us-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMembernxst:TermLoanBDueOnTwoThousandAndThirtyThreeMemberus-gaap:EstimateOfFairValueFairValueDisclosureMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMembernxst:SevenPointSevenFivePercentDueOnTwoThousandTwentySevenMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMembernxst:TermLoanBDueOnTwoThousandAndThirtyThreeMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:NoncontrollingInterestMember2025-12-3100011424172026-03-310001142417us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMembernxst:SixPointFiveZeroPercentDueOnTwoThousandThirtyThreeMembersrt:SubsidiaryIssuerMember2026-03-310001142417nxst:AcquisitionsMember2025-01-310001142417nxst:TVFoodNetworkMember2026-01-012026-03-310001142417us-gaap:OtherPensionPlansPostretirementOrSupplementalPlansDefinedBenefitMembernxst:TEGNAIncMemberus-gaap:SubsequentEventMember2026-04-012026-04-300001142417srt:MaximumMember2026-01-012026-03-310001142417nxst:TheCwNetworkLlcMember2026-03-310001142417us-gaap:DistributionServiceMember2026-01-012026-03-310001142417us-gaap:DistributionServiceMemberus-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2026-01-012026-03-310001142417us-gaap:SecuredDebtMembernxst:RevolvingLoansDueOnTwoThousandAndThirtyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2026-01-012026-03-310001142417nxst:SevenPointTwoFivePercentDueOnTwoThousandTwentySevenMemberus-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMember2026-01-012026-03-310001142417us-gaap:SecuredDebtMembernxst:RevolvingLoansDueOnTwoThousandAndThirtyMembersrt:SubsidiaryIssuerMember2025-12-310001142417nxst:TribuneMediaCompanyMembernxst:ChicagoCubsTransactionsMember2026-01-012026-03-310001142417us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001142417us-gaap:OperatingSegmentsMembernxst:OtherMemberus-gaap:AllOtherSegmentsMember2026-01-012026-03-310001142417us-gaap:RetainedEarningsMember2025-01-012025-03-310001142417us-gaap:SecuredDebtMembernxst:SevenPointSevenFivePercentDueOnTwoThousandTwentySevenMembersrt:SubsidiaryIssuerMember2026-01-012026-03-310001142417us-gaap:PensionPlansDefinedBenefitMember2026-01-012026-03-310001142417nxst:TEGNAIncMember2026-01-012026-03-310001142417nxst:OtherMember2025-01-012025-03-310001142417us-gaap:SecuredDebtMembernxst:FivePointZeroZeroPercentDueOnTwoThousandTwentyNineMembernxst:TEGNAIncMembersrt:SubsidiaryIssuerMember2026-01-012026-03-310001142417us-gaap:SecuredDebtMembernxst:SevenPointSevenFivePercentDueOnTwoThousandTwentySevenMembersrt:SubsidiaryIssuerMember2025-01-012025-12-310001142417us-gaap:AllOtherSegmentsMember2026-01-012026-03-310001142417us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMembernxst:TermLoanBDueOnTwoThousandThirtyTwoMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:FairValueInputsLevel3Memberus-gaap:SecuredDebtMembernxst:RevolvingLoansDueOnTwoThousandThirtyMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMembersrt:SubsidiaryIssuerMember2025-12-310001142417nxst:TEGNAIncMember2026-03-192026-03-190001142417us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMembernxst:RevolvingLoansDueOnTwoThousandThirtyMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2026-03-310001142417us-gaap:AdditionalPaidInCapitalMember2026-03-310001142417us-gaap:NoncontrollingInterestMember2026-01-012026-03-310001142417us-gaap:CommonStockMember2026-03-310001142417nxst:TribuneMediaCompanyMemberus-gaap:InternalRevenueServiceIRSMember2026-01-012026-03-310001142417us-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMembernxst:TermLoanBDueOnTwoThousandThirtyTwoMemberus-gaap:EstimateOfFairValueFairValueDisclosureMembersrt:SubsidiaryIssuerMember2025-12-310001142417us-gaap:CommonStockMember2025-12-310001142417us-gaap:SecuredDebtMembernxst:RevolvingLoansDueOnTwoThousandAndThirtyMembersrt:SubsidiaryIssuerMember2026-01-012026-03-310001142417us-gaap:SecuredDebtMember2026-01-012026-03-310001142417nxst:RedeemableNoncontrollingInterestsMember2025-01-012025-03-310001142417us-gaap:ContractBasedIntangibleAssetsMember2025-12-310001142417nxst:TEGNAIncMembernxst:FourPointSixTwoFivePercentDueOnTwoThousandTwentyNineMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMembernxst:TermLoanBDueOnTwoThousandTwentyEightMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-12-310001142417nxst:NorthsideEntertainmentHoldingsLLCMembernxst:ChicagoCubsTransactionsMember2009-08-210001142417nxst:SevenPointTwoFivePercentDueOnTwoThousandTwentySevenMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2026-01-012026-03-310001142417us-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMembernxst:SixPointFiveZeroPercentDueOnTwoThousandThirtyThreeMemberus-gaap:EstimateOfFairValueFairValueDisclosureMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:AdditionalPaidInCapitalMember2025-12-310001142417nxst:FivePointZeroZeroPercentDueOnTwoThousandTwentyNineMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2025-12-310001142417us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Membernxst:FourPointSevenFivePercentDueOnNovemberTwoThousandTwentyEightMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2025-12-310001142417us-gaap:AllOtherSegmentsMember2025-01-012025-03-310001142417us-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMember2025-12-3100011424172026-03-190001142417nxst:RedeemableNoncontrollingInterestsMember2026-03-310001142417us-gaap:FairValueMeasurementsNonrecurringMembernxst:FourPointSevenFivePercentDueTwoThousandTwentyEightMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:FairValueInputsLevel3Memberus-gaap:SecuredDebtMembernxst:RevolvingLoansDueOnTwoThousandThirtyMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001142417us-gaap:NoncontrollingInterestMember2025-03-310001142417us-gaap:DistributionServiceMemberus-gaap:OperatingSegmentsMembernxst:ReportableBroadcastSegmentMember2025-01-012025-03-310001142417nxst:TVFoodNetworkMember2026-03-310001142417nxst:ReportableBroadcastSegmentMember2026-03-310001142417nxst:TribuneMediaCompanyMembernxst:ChicagoCubsTransactionsMember2019-09-192019-09-190001142417us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMembernxst:FivePointZeroZeroPercentDueOnTwoThousandTwentyNineMemberus-gaap:SeniorSubordinatedNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:SecuredDebtMembernxst:SevenPointSevenFivePercentDueOnTwoThousandTwentySevenMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:SecuredDebtMembernxst:RevolvingLoansDueOnTwoThousandAndThirtyMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-12-310001142417nxst:TEGNAIncMember2026-03-310001142417nxst:TEGNAIncMembernxst:SevenPointSevenFivePercentDueOnTwoThousandTwentySevenMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:SecuredDebtMembernxst:FivePointZeroZeroPercentDueOnTwoThousandTwentyNineMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SecuredDebtMembernxst:RevolvingLoansDueOnTwoThousandThirtyMemberus-gaap:FairValueMeasurementsNonrecurringMembersrt:SubsidiaryIssuerMember2025-12-310001142417nxst:SevenPointTwoFivePercentDueOnTwoThousandTwentySevenMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:SecuredDebtMembernxst:RevolvingLoansDueOnTwoThousandAndThirtyMembersrt:SubsidiaryIssuerMember2025-01-012025-12-310001142417us-gaap:NoncontrollingInterestMember2024-12-310001142417nxst:RedeemableNoncontrollingInterestsMember2025-12-310001142417nxst:FivePointZeroZeroPercentDueOnTwoThousandTwentyNineMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2026-03-310001142417us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMembernxst:RevolvingLoansDueOnTwoThousandThirtyMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-12-310001142417us-gaap:IntersegmentEliminationMember2026-01-012026-03-310001142417us-gaap:AdditionalPaidInCapitalMember2025-03-31nxst:Segmentxbrli:purenxst:Applicationnxst:TelevisionStationnxst:RadioStationnxst:NoticeOfAppealxbrli:sharesnxst:DigitalMulticastNetworknxst:Marketnxst:Websitenxst:Channelnxst:Complaintnxst:Statenxst:Stationiso4217:USDiso4217:USDxbrli:sharesnxst:NetworkService

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 March 31, 2026


☐	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 May 7, 2026, the registrant had 30,538,965 shares of Common Stock outstanding.

TABLE OF CONTENTS


		Page
PART I	FINANCIAL INFORMATION

ITEM 1.	Financial Statements (Unaudited)

	Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025	3

	Condensed Consolidated Statements of Operations for the Three Months ended March 31, 2026 and 2025	4

	Condensed Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Noncontrolling Interests for the Three Months ended March 31, 2026 and 2025	5

	Condensed Consolidated Statements of Cash Flows for the Three Months ended March 31, 2026 and 2025	6

	Notes to Unaudited Condensed Consolidated Financial Statements
	Note 1: Organization and Business Operations	7
	Note 2: Summary of Significant Accounting Policies	7
	Note 3: Acquisitions	11
	Note 4: Intangible Assets and Goodwill	16
	Note 5: Investments	16
	Note 6: Accrued Expenses	18
	Note 7: Debt	18
	Note 8: Leases	21
	Note 9: Retirement and Postretirement Plans	22
	Note 10: Commitments and Contingencies	23
	Note 11: Equity	27
	Note 12: Income Taxes	27
	Note 13: Income Per Share	28
	Note 14: Fair Value Measurements	28
	Note 15: Segment Data	29
	Note 16: Subsequent Events	31

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32

ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	40

ITEM 4.	Controls and Procedures	40

PART II	OTHER INFORMATION

ITEM 1.	Legal Proceedings	41

ITEM 1A.	Risk Factors	41

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42

ITEM 3.	Defaults Upon Senior Securities	42

ITEM 4.	Mine Safety Disclosures	42

ITEM 5.	Other Information	42

ITEM 6.	Exhibits	43

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)


	March 31,			December 31,
	2026			2025
ASSETS
Current assets:
Cash and cash equivalents	$	379		$	280
Restricted cash		57			-
Accounts receivable, net of allowance for credit losses of $25 and $18, respectively		1,657			1,075
Broadcast rights		78			61
Prepaid expenses and other current assets		111			57
Total current assets		2,282			1,473
Property and equipment, net		1,855			1,158
Goodwill		5,046			2,910
FCC licenses		5,109			2,949
Network affiliation agreements, net		2,650			1,305
Other intangible assets, net		333			282
Investments		367			396
Other noncurrent assets, net		461			373
Total assets(1)	$	18,103		$	10,846
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERSʼ EQUITY
Current liabilities:
Current portion of debt	$	274		$	111
Accounts payable		200			133
Broadcast rights payable		74			48
Accrued expenses		591			314
Operating lease liabilities		52			41
Other current liabilities		108			64
Total current liabilities		1,299			711
Debt		11,878			6,222
Deferred tax liabilities		2,141			1,354
Other noncurrent liabilities		617			497
Total liabilities(1)		15,935			8,784
Commitments and contingencies (Note 10)
Redeemable noncontrolling interests (Note 2)		22			19
Stockholdersʼ equity:
Preferred stock - $0.01 par value, 200,000 shares authorized; none issued and outstanding at each of March 31, 2026 and December 31, 2025		-			-
Common stock - $0.01 par value, 100,000,000 shares authorized; 47,282,823 shares issued, 30,537,846 shares outstanding as of March 31, 2026 and 47,282,823 shares issued, 30,327,669 shares outstanding as of December 31, 2025		-			-
Additional paid-in capital		1,307			1,331
Accumulated other comprehensive loss		(15	)		(15	)
Retained earnings		3,639			3,537
Treasury stock - at cost; 16,744,977 and 16,955,154 shares as of March 31, 2026 and December 31, 2025, respectively		(2,763	)		(2,789	)
Total Nexstar Media Group, Inc. stockholdersʼ equity		2,168			2,064
Noncontrolling interests		(22	)		(21	)
Total stockholdersʼ equity		2,146			2,043
Total liabilities, redeemable noncontrolling interests and stockholdersʼ equity	$	18,103		$	10,846

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

(1)

The condensed consolidated total assets as of March 31, 2026 and December 31, 2025 include certain assets held by consolidated VIEs of $293 million and $292 million, respectively, which are not available to be used to settle the obligations of Nexstar. The condensed consolidated total liabilities as of March 31, 2026 and December 31, 2025 include certain liabilities of consolidated VIEs of $139 million and $139 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
	March 31,
	2026			2025
Net revenue	$	1,396		$	1,234
Operating expenses:
Direct operating, excluding depreciation and amortization		611			551
Selling, general and administrative, excluding depreciation and amortization		327			257
Amortization of broadcast rights		72			88
Depreciation and amortization of intangible assets		121			117
Other		-			1
Total operating expenses		1,131			1,014
Income from operations		265			220
Income from equity method investments, net		4			8
Interest expense, net		(120	)		(97	)
Pension and other postretirement plans credit, net		7			8
Other expenses, net		(3	)		(1	)
Income before income taxes		153			138
Income tax benefit (expense)		7			(41	)
Net income		160			97
Net loss attributable to noncontrolling interests		4			11
Net income attributable to Nexstar Media Group, Inc.	$	164		$	108

Net income per share available to common stockholders:
Basic	$	5.22		$	3.41
Diluted	$	5.09		$	3.37

Weighted average number of common shares outstanding:
Basic (in thousands)		30,371			30,532
Diluted (in thousands)		31,166			30,927

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 March 31, 2026 and 2025

(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			Loss			Shares			Amount			interests			Equity
Balances as of December 31, 2025	$	19			47,282,823	$	-	$	1,331		$	3,537		$	(15	)		(16,955,154	)	$	(2,789	)	$	(21	)	$	2,043
Stock-based compensation expense		-			-		-		20			-			-			-			-			-			20
Vesting of restricted stock units		-			-		-		(44	)		-			-			210,177			26			-			(18	)
Dividends declared on common stock ($1.86 per share)		-			-		-		-			(56	)		-			-			-			-			(56	)
Accretion of redeemable noncontrolling interests		6			-		-		-			(6	)		-			-			-			-			(6	)
Net income (loss)		(3	)		-		-		-			164			-			-			-			(1	)		163
Balances as of March 31, 2026	$	22			47,282,823	$	-	$	1,307		$	3,639		$	(15	)		(16,744,977	)	$	(2,763	)	$	(22	)	$	2,146

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		-			-		-		-			-			-			(441,164	)		(75	)		-			(75	)
Stock-based compensation expense		-			-		-		18			-			-			-			-			-			18
Vesting of restricted stock units		-			-		-		(18	)		-			-			177,846			18			-			-
Dividends declared on common stock ($1.86 per share)		-			-		-		-			(57	)		-			-			-			-			(57	)
Accretion of redeemable noncontrolling interests		4			-		-		-			(4	)		-			-			-			-			(4	)
Other		(1	)		-		-		-			-			-			-			-			-			-
Net income (loss)		(10	)		-		-		-			108			-			-			-			(1	)		107
Balances as of March 31, 2025	$	19			47,282,823	$	-	$	1,304		$	3,718		$	(1	)		(16,924,900	)	$	(2,774	)	$	(16	)	$	2,231

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)


	Three Months Ended March 31,
	2026			2025
Cash flows from operating activities:
Net income	$	160		$	97
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of broadcast rights		72			88
Depreciation and amortization of intangible assets		121			117
Stock-based compensation expense		20			18
Deferred income taxes		(51	)		(16	)
Payments for broadcast rights		(62	)		(80	)
Income from equity method investments, net		(4	)		(8	)
Distribution from equity method investments – return on capital		84			114
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		34			(2	)
Prepaid and other current assets		(6	)		(8	)
Other noncurrent assets		(5	)		3
Accounts payable		(31	)		(16	)
Accrued expenses and other current liabilities		(78	)		(21	)
Income tax payable		43			54
Other noncurrent liabilities		(13	)		(13	)
Other		5			10
Net cash provided by operating activities		289			337
Cash flows from investing activities:
Purchases of property and equipment		(22	)		(35	)
Payments for acquisitions, net of cash acquired		(3,341	)		(22	)
Proceeds received from life insurance policies		51			-
Other investing activities, net		(1	)		(4	)
Net cash used in investing activities		(3,313	)		(61	)
Cash flows from financing activities:
Proceeds from debt issuance, net of debt discounts		9,381			-
Repayments of long-term debt		(6,026	)		(31	)
Payments for debt financing costs		(85	)		-
Premium paid on debt extinguishment		(13	)		-
Purchase of treasury stock		-			(75	)
Common stock dividends paid		(56	)		(57	)
Cash paid for shares withheld for taxes		(18	)		-
Other financing activities, net		(3	)		(4	)
Net cash provided by (used in) financing activities		3,180			(167	)
Net increase in cash, cash equivalents and restricted cash		156			109
Cash, cash equivalents and restricted cash at beginning of period		280			144
Cash, cash equivalents and restricted cash at end of period	$	436		$	253
Supplemental information:
Interest paid	$	126		$	107

Non-cash investing and financing activities:
Purchases of property and equipment in accounts payable and accruals	$	8		$	12
Right-of-use assets obtained in exchange for operating lease obligations	$	-		$	10

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 March 31, 2026, we owned, operated, programmed or provided sales and other services to 265 full power television stations, two AM radio stations and one FM radio station, including those television stations owned by VIEs, in 132 markets in 44 states and the District of Columbia. The stations are affiliates of CBS, FOX, NBC, ABC, The CW, MyNetworkTV (“MNTV”), and other broadcast television networks. As of March 31, 2026, Nexstar’s stations reached approximately 80% of all U.S. television households. 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 March 31, 2026, Nexstar also owns an 80.8% ownership interest in The CW Network, LLC, the fifth major broadcast network in the U.S. (“The CW”); NewsNation, a national cable news network; Premion, a connected TV and over-the-top advertising platform; four digital multicast networks, Antenna TV, REWIND TV, True Crime and Quest; multicast network services provided to third parties; Locked On Podcast Network (“Locked On”), a network of sports podcasts; BestReviews LLC (“BestReviews”), a leading consumer product recommendations company and a 31.3% ownership stake in Television Food Network, G.P. (“TV Food Network”). Our digital assets include 176 local websites and 292 mobile applications across local stations, NewsNation, The Hill, BestReviews, Locked On and True Crime. The portfolio also includes 160 connected television applications and 61 free ad-supported television channels.

On March 19, 2026, Nexstar completed its acquisition of TEGNA Inc., a Delaware corporation (“TEGNA”), pursuant to the previously announced Agreement and Plan of Merger, dated as of August 18, 2025 (the “Merger Agreement”). On April 17, 2026, the United States District Court for the Eastern District of California in the antitrust litigation In re: Nexstar-TEGNA Merger Litigation issued a preliminary injunction prohibiting further integration of the companies, subject to certain exceptions, pending adjudication on the merits. See Note 3 for additional information.

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 March 31, 2026 and for the three months ended March 31, 2026 and 2025 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, Federal Communications Commission (“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 March 31, 2026, 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, 2025. The balance sheet as of December 31, 2025 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 March 31, 2026 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):


	March 31, 2026		December 31, 2025
Current assets:
Cash and cash equivalents	$	5	$	5
Accounts receivable, net		25		23
Prepaid expenses and other current assets		4		4
Total current assets		34		32
Property and equipment, net		47		48
Goodwill		151		151
FCC licenses		200		200
Network affiliation agreements, net		49		51
Other noncurrent assets, net		54		56
Total assets	$	535	$	538

Current liabilities:
Current portion of debt	$	3	$	3
Other current liabilities		36		36
Total current liabilities		39		39
Debt		344		345
Deferred tax liabilities		43		41
Other noncurrent liabilities		62		64
Total liabilities	$	488	$	489

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):


	March 31, 2026		December 31, 2025
Current assets	$	4	$	3
Property and equipment, net		9		9
Goodwill		62		62
FCC licenses		200		200
Network affiliation agreements, net		15		16
Other noncurrent assets, net		3		2
Total assets	$	293	$	292

Current liabilities	$	34	$	34
Noncurrent liabilities		105		105
Total liabilities	$	139	$	139

Non-Consolidated VIEs

Nexstar has an outsourcing agreement with Cunningham Broadcasting Corporation (“Cunningham”) which continues through December 31, 2027. 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 a multi-year TBA with KAZT, L.L.C., the owner of television station KAZT-TV, an affiliate of The CW in Phoenix, Arizona. Nexstar was also granted an option to purchase the station from KAZT, L.L.C., subject to FCC consent.

Nexstar has determined that it has variable interests in WYZZ and KAZT-TV. Nexstar has also evaluated its arrangements with Cunningham and KAZT, L.L.C. and has determined that it is not the primary beneficiary of the variable interests because it does not have the ultimate power to direct the activities that most significantly impact the stations’ economic performance. Therefore, Nexstar has not consolidated WYZZ and KAZT-TV under authoritative guidance related to the consolidation of VIEs. There were no significant transactions arising from Nexstar’s outsourcing agreement with Cunningham and TBA with KAZT, L.L.C. Neither Cunningham nor KAZT, L.L.C. guarantees Nexstar’s debt.

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.

Redeemable Noncontrolling Interests

On September 30, 2022, Nexstar acquired a 75.0% ownership interest in The CW. Since that time, Nexstar acquired additional ownership interest in the network increasing its ownership to 80.8% as of March 31, 2026. Pursuant to the operating agreement governing The CW, Nexstar has a call right to acquire the noncontrolling ownership interests in The CW that is exercisable during a certain period each year, and each noncontrolling owner has a put right to sell its ownership interest in The CW to Nexstar beginning in June 2026, subject to Nexstar’s one year deferral right, for cash. The amount at which the noncontrolling interests can be redeemed under either the call right or the put rights is the greater of the capital contributed by the minority owners or a multiple of The CW’s earnings.

Redeemable noncontrolling interests are presented as mezzanine equity (outside of liability and stockholders’ equity) in the accompanying Condensed Consolidated Balance Sheets as they are redeemable by the holders through their put rights and the redemption is outside Nexstar’s control. We accrete the changes in the redemption value of redeemable noncontrolling interests over the period from issuance to the earliest redemption date using the effective interest method. The accretion is recognized as an adjustment to retained earnings, or in the absence of retained earnings, additional paid-in capital. The balance of redeemable noncontrolling interests is measured at the greater of accreted redemption value at the end of each reporting period or the initial carrying value adjusted for the

noncontrolling interests’ contributions and share in income and losses. The inclusion of accretion in the calculation of earnings per share is disclosed in Note 13.

Income Per Share

Net income attributable to Nexstar Media Group, Inc. less accretion of redeemable noncontrolling interests is equal to net income available to Nexstar’s common stockholders. Basic income per share is computed by dividing the net income available to Nexstar’s common stockholders 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 common shares that could be issued from the vesting of outstanding restricted stock units and, in the prior year, the exercise of outstanding stock options. See Note 13 for additional information.

Recent Accounting Pronouncements

New Accounting Standards Not Yet Adopted

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03, “Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). Additionally, in January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. ASU 2024-03 requires a public entity to disclose additional information about specific expense categories in the notes to financial statements on an annual and interim basis. The amendments in ASU 2024-03 are effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted on either a prospective or retrospective basis. The Company is currently evaluating the potential impacts of ASU 2024-03 on its Condensed Consolidated Financial Statements and related disclosures.

In September 2025, the FASB issued ASU No. 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” (“ASU 2025-06”). ASU 2025-06 amends the existing standard to remove all references to prescriptive and sequential software development project stages and require that the entity capitalize software costs when both (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the intended function (referred to as the “probable-to-complete” recognition threshold). ASU 2025-06 is effective for all annual periods beginning after December 15, 2027, and for interim periods within those annual reporting periods, with early adoption permitted. The guidance may be applied on a prospective basis, a modified basis, or a retrospective basis. The Company is currently evaluating the potential impacts of ASU 2025-06 on its Condensed Consolidated Financial Statements and related disclosures.

Note 3: Acquisitions

Merger with TEGNA

On March 19, 2026 (the “Closing Date”), Nexstar completed its acquisition of TEGNA pursuant to the previously announced Merger Agreement by and among Nexstar, TEGNA and Teton Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Nexstar (“Merger Sub”). Pursuant to the Merger Agreement, Merger Sub merged with and into TEGNA, with TEGNA continuing as the surviving corporation and a wholly owned subsidiary of Nexstar (the “Merger”). As a result of the Merger, Nexstar acquired 64 full power stations and two radio stations in 51 markets; Premion, a connected TV and over-the-top advertising platform; two digital multicast networks, True Crime and Quest and Locked On Podcast Network.

On April 17, 2026, the United States District Court for the Eastern District of California in the antitrust litigation In re: Nexstar-TEGNA Merger Litigation issued a preliminary injunction prohibiting further integration of the companies, subject to certain exceptions, pending adjudication on the merits. Also, in connection with the regulatory approval of the Merger, Nexstar made certain commitments to the FCC, including a commitment to divest six television stations

within two years provided that a waiver of the FCC’s local television ownership rule remains necessary to own such stations at that time. No agreement has been executed with any prospective buyer at this time.

The Merger increased Nexstar’s operational and geographic diversity and scale to cover approximately 80% of U.S. television households, enhanced its presence in various localities and extended its footprint to additional areas experiencing contested elections.

The television stations (full power, low power, and multicast channels) acquired by Nexstar as a result of the Merger are as follows (Bold denotes networks owned by Nexstar):


Market Rank(1)	Market	Status	Full Power Stations	Primary Affiliation	Low Power Stations / Multicast Channels	Other Affiliations	FCC License Expiration Date
4	Dallas, TX	O&O O&O	WFAA KFAA-DTV	ABC Independent	WFAA-D3, D4, D6 KFAA-D2	True Crime, Quest, ShopLC Estrella	8/1/2030 8/1/2030
6	Houston, TX	O&O O&O	KHOU KTBU	CBS Quest	KHOU-D2, D3, D4, D5 KTBU-D2, D3	ShopLC, True Crime, Comet, Roar True Crime, Nacion	8/1/2030 8/1/2030
7	Atlanta, GA	O&O O&O	WXIA-TV WATL	NBC MNTV	WXIA-D3, D4, D5, D6 WATL-D2, D3, D5, D6	True Crime, The Nest, ShopLC, Great Nosey, Antenna TV, QVC, Quest	4/1/2029 4/1/2029
8	DC/Hagerstown, MD	O&O	WUSA	CBS	WUSA-D2, D3, D4, D6	True Crime, Quest, The Nest, QVC	10/1/2028
11	Tampa, FL	O&O	WTSP	CBS	WTSP-D2, D3, D4, D5	Quest, True Crime, The Nest, Telemundo	2/1/2029
12	Phoenix, AZ	O&O O&O	KPNX KNAZ-TV	NBC NBC	KPNX-D2, D3, D4, D6 KNAZ-D2, D3, D4, D5	ShopLC, True Crime, Quest, The Nest ShopLC, True Crime, Quest, The Nest	10/1/2030 10/1/2030
13	Seattle-Tacoma, WA	O&O O&O	KING-TV KONG	NBC Independent	KING-D2, D3, D4, D5 KONG-D2, D3	True Crime, Quest, The 365, QVC2 Quest, True Crime	2/1/2031 2/1/2031
16	Minneapolis-St. Paul, MN	O&O	KARE	NBC	KARE-D2, D3, D4, D5, D8	Quest, True Crime, ShopLC, The Nest, HSN	4/1/2030
17	Denver, CO	O&O O&O	KUSA KTVD	NBC MNTV	KUSA-D2, D3, D5, D6 KTVD-D2, D3, D5	Cozi, True Crime, Quest, The Nest H&I, ShopLC, Quest	4/1/2030 4/1/2030
19	Cleveland, OH	O&O	WKYC	NBC	WKYC-D2, D3, D4, D5, D6, D7	True Crime, Cozi, Quest, The Nest, ShopLC, QVC2	10/1/2029
20	Sacramento, CA	O&O	KXTV	ABC	KXTV-D2, D3, D4, D5, D6, D9	True Crime, Quest, Laff, Comet, The Nest, ShopLC	8/1/2032
21	Charlotte, NC	O&O	WCNC-TV	NBC	WCNC-D2, D3, D4, D5	True Crime, Court TV, Quest, The Nest	12/1/2028
23	Portland, OR	O&O	KGW	NBC	KGW-D2, D3 KGWZ-LD, D2 D3	Quest, True Crime Quest, True Crime, QVC2	2/1/2031 2/1/2031
24	St. Louis, MO	O&O	KSDK	NBC	KSDK-D2, D3, D4, D5	Great, True Crime, Quest, Nosey	2/1/2030
25	Indianapolis, IN	O&O	WTHR	NBC	WTHR-D2, D3, D4, D6 WALV-CD, D3, D4	Quest, MeTV, True Crime Network, The Nest MeTV, True Crime Network, Shop LC	8/1/2029 8/1/2029
30	San Diego, CA	O&O	KFMB-TV	CBS	KFMB-D2, D3, D4, D6	MNTV, Quest, True Crime, The Nest	8/1/2032
31	San Antonio, TX	O&O	KENS	CBS	KENS-D2, D3, D4, D5, D7	Estrella, True Crime, Quest, Jewelry TV, ShopLC	8/1/2030
32	New Haven, CT	O&O O&O	WTIC-TV WCCT-TV	FOX The CW	WTIC-D2, D3, D4, D5 WCCT-D2, D3, D4	Antenna TV, Great, True Crime, The Nest Grit, Comet, Quest	4/1/2031 4/1/2031
34	Austin, TX	O&O	KVUE	ABC	KVUE-D2, D3, D4, D5, D6, D7, D8	Estrella, True Crime, Quest, The Nest, Outlaw, Busted, ShopLC	8/1/2030
35	Columbus, OH	O&O	WBNS-TV(2)	CBS	WBNS-D2, D3, D4, D5, D6, D7, D8	MeTV, Dabl, True Crime, Quest, ShopLC, Busted, Ion Plus	10/1/2029
41	Jacksonville, FL	O&O O&O	WTLV WJXX	NBC ABC	WTLV-D2, D3, D4, D5, D6, D7, D8 WJXX-D3, D4, D5, D6	Antenna TV, True Crime, Roar, ShopLC, HSN, Comet, Charge Quest, Mystery, The Nest, Nosey	2/1/2029 2/1/2029
42	Harrisburg, PA	O&O	WPMT	FOX	WPMT-D2	Antenna TV	8/1/2031
43	Grand Rapids, MI	O&O	WZZM	ABC	WZZM-D3, D4, D5, D6, D7, D9	True Crime, Quest, The 365, Outlaw, QVC, Start TV	10/1/2029
44	Portsmouth, VA	O&O	WVEC	ABC	WVEC-D2, D3, D4, D5, D6, D8 WJHJ-LD	True Crime, MeTV, Quest, The 365, Outlaw, ShopLC Quest	10/1/2028 10/1/2028
46	Greensboro, NC	O&O	WFMY-TV	CBS	WFMY-D2, D3, D4, D5, D6, D7, D8	True Crime, Ion Mystery, Quest, The 365, Outlaw, QVC, HSN	12/1/2028
49	Louisville, KY	O&O	WHAS-TV	ABC	WHAS-D2, D3, D4, D5, D6, D7, D8, D9	True Crime, Quest, Busted, The Nest, Great, HSN, QVC, Dabl	8/1/2029
50	New Orleans, LA	O&O O&O	WWL-TV WUPL	CBS MNTV	WWL-D2, D3, D4, D5, D6, D7, D8 WUPL-D2, D3, D4, D5 WBXN-CD	True Crime, The Nest, Confess, Great, Dabl, QVC2, ShopLC Quest, H&I, True Crime, Cozi MNTV	6/1/2029 6/1/2029 (4)


Market Rank(1)	Market	Status	Full Power Stations	Primary Affiliation	Low Power Stations / Multicast Channels	Other Affiliations	FCC License Expiration Date
51	Memphis, TN	O&O O&O	WATN-TV WLMT	ABC The CW	WATN-D2, D3, D4, D5, D6, D7, D8 WLMT-D2, D3, D4, D5, D6, D8	Quest, Cozi, True Crime, Laff, The Nest, Comet, Charge! MeTV, StartTV, Great, ShopLC, Nosey, Rewind TV	8/1/2029 8/1/2029
54	Buffalo, NY	O&O	WGRZ	NBC	WGRZ-D2, D3, D4, D5	Antenna TV, True Crime, Quest, Nosey	6/1/2031
58	Little Rock, AR	O&O	KTHV	CBS	KTHV-D2, D3, D5, D7, D8	Quest, True Crime, Nosey, Busted, ShopLC	6/1/2029
59	Wilkes Barre, PA	O&O	WNEP-TV	ABC	WNEP-D2	Antenna TV	8/1/2031
60	Knoxville, TN	O&O	WBIR-TV	NBC	WBIR-D2, D3, D4, D5, D6, D7, D8	MeTV, True Crime, Quest, The Nest, ShopLC, Nosey, Comet	8/1/2029
65	Tucson, AZ	O&O O&O	KMSB KTTU	FOX The CW	KMSB-D2, D3, D4, D5, D7, D8 KTTU-D2, D3, D4, D5, D6	Quest, True Crime, Nosey, ShopLC, Comet, QVC MNTV, The Nest, Start TV, H&I, HSN	10/1/2030 10/1/2030
66	Spokane, WA	O&O O&O	KREM KSKN	CBS The CW	KREM-D2, D3, D4, D5, D6, D7, D8 KSKN-D2, D3, D4, D5, D8	True Crime, Grit, ShopLC, Great, Outlaw, Comet, Cozi Quest, Laff, The Nest, The 365, Defy	2/1/2031 2/1/2031
67	Des Moines, IA	O&O O&O	WOI-DT KCWI-TV	ABC The CW	WOI-D2, D3, D4 KCWI-D2, D5, D8	True Crime, Grit, The Nest Quest, Great, Dabl	2/1/2030 2/1/2030
75	Huntsville, AL	O&O	WZDX	FOX	WZDX-D2, D3, D4, D5, D6, D7, D8, D9	MNTV, MeTV, Mystery, True Crime, Quest, The Nest, Nosey, Comet	4/1/2029
76	Columbia, SC	O&O	WLTX	CBS	WLTX-D2, D3, D4, D5, D6	True Crime, ShopLC, Quest, The Nest, Nosey	12/1/2028
78	Portland-Auburn, ME	O&O	WCSH	NBC	WCSH-D2, D3, D4, D5, D6, D8	True Crime, Quest, The 365, Outlaw, ShopLC, Defy	4/1/2031
81	Toledo, OH	O&O	WTOL	CBS	WTOL-D2, D3, D4, D5, D6, D7, D8	True Crime, Grit, Quest, ShopLC, Great, The Nest, Laff	10/1/2029
83	Waco-Bryan, TX	O&O	KCEN-TV	NBC	KCEN-D2, D3, D5, D8, D9 KAGS-LD, D2, D3, D5	Quest, True Crime, Great, Charge! ShopLC NBC, Quest, True Crime, Comet	8/1/2030 8/1/2030
96	Fayetteville, AR	O&O	KFSM-TV	CBS	KFSM-D2, D3, D4, D5, D6, D7, D8	True Crime, Antenna TV, Quest, The Nest, Busted, Great, Dabl	6/1/2029
98	Boise, ID	O&O	KTVB(3)	NBC	KTVB-D2, D3, D4, D5, D6, D7, D8	24-7 News, Quest, True Crime, The Nest, ShopLC, Nosey, Antenna TV	10/1/2030
104	Quad Cities, IL	O&O	WQAD-TV	ABC	WQAD-D2, D3, D4, D5, D6, D7	Antenna TV, MNTV, True Crime, Quest, The Nest, Busted	12/1/2029
106	Tyler-Longview, TX	O&O	KYTX	CBS	KYTX-D2, D3, D4, D5, D6, D7, D8	The CW, MeTV, True Crime, Court TV, Ion Plus, The Nest, Quest	8/1/2030
119	Macon, GA	O&O	WMAZ-TV	CBS	WMAZ-D2, D3, D4, D5, D6	The CW, True Crime, Quest The Nest, Busted	4/1/2029
130	Corpus Christi, TX	O&O	KIII	ABC	KIII-D2, D3, D4, D5, D6, D7, D8, D9	MeTV, Quest, Cozi, True Crime, The Nest, ShopLC, Great, QVC	8/1/2030
143	Beaumont-Port Arthur, TX	O&O	KBMT	ABC	KBMT-D2, D3, D4, D5, D6, D7 KUIL-LD, D2, D4, D5, D6, D7, D8, D9	NBC, Cozi, MeTV, True Crime, Quest, The 365 MNTV, Busted, Mystery, Grit, Laff, H&I, HSN, QVC	8/1/2030 8/1/2030
144	Midland, TX	O&O	KWES-TV	NBC	KWES-D2, D3, D4, D6, D7	Quest, True Crime, Bounce TV, ShopLC, Great	8/1/2030
156	Bangor, ME	O&O	WLBZ	NBC	WLBZ-D2, D3, D4, D6, D7, D8	True Crime, Quest, The Nest, Great, QVC, HSN	4/1/2031
166	Abilene, TX	O&O	KXVA	FOX	KXVA-D2, D3, D4, D5, D7, D8	MNTV, Cozi, Quest, True Crime, Great, ShopLC	(4)
197	San Angelo, TX	O&O	KIDY	FOX	KIDY-D2, D3, D4, D5, D6, D7	MNTV, Cozi, Quest, Busted, Outlaw, True Crime	(4)

(1)

Market rank refers to ranking the size of the Designated Market Areas (“DMAs”) in which the station is located in relation to other DMAs. Source: 2025-2026 Nielsen Local Television Market Universe Estimates, as published by The Nielsen Company.

(2)

Nexstar also acquired two radio stations, WBNS (AM) and WBNS-FM in the Columbus, OH market, as a result of the Merger.

(3)

TEGNA also owns low power television station KTFT-LD, an NBC affiliate, in the neighboring Twin Falls, ID DMA. (KTFT-LD, D2, D3, D4, D5, D6, D8; Other Affiliations: NBC, 24-7 News, Quest, True Crime, Defy, The Nest, QVC).

(4)

Application for renewal of license was submitted timely to the FCC. Under the FCC’s rules, the license expiration date is automatically extended pending FCC review of and action on the renewal application.

Pursuant to the terms of the Merger Agreement, at the Closing Date, each issued and outstanding equity share of TEGNA immediately prior to the closing of the Merger was converted into the right to receive $22 in cash (the “Merger Consideration”). All vested and unvested time-based and performance-based equity-based awards of TEGNA granted prior to August 18, 2025 and outstanding immediately prior to the effective time of the Merger were vested in full and converted into the right to receive the Merger Consideration at the Closing Date. Each TEGNA time-based restricted stock unit granted on or after August 18, 2025 was converted into a time-based restricted stock unit based on the Merger Consideration and the terms of the Merger Agreement.

The acquisition purchase price was $3.7 billion and reflects the Merger Consideration paid to acquire TEGNA’s outstanding equity and unvested equity-based awards granted before August 18, 2025. The purchase price was funded through a combination of proceeds from certain term loans and revolving loans, the issuance of secured notes (see Note 7) and cash on hand.

Subject to final determination, which is expected to occur within twelve months of the acquisition date, the allocation of the purchase price to the preliminary fair values of the assets acquired and liabilities assumed are as follows (in millions):


Assets acquired:
Cash and cash equivalent	$	316
Accounts receivable		624
Prepaid expenses and other current assets		128
Property and equipment		718
FCC licenses		2,160
Network affiliation agreements		1,395
Other intangible assets		72
Investments		53
Other assets		76
Total assets acquired		5,542
Liabilities assumed:
Accounts payable		(95	)
Accrued expenses and other current liabilities		(384	)
Broadcast rights payable		(15	)
Debt		(2,559	)
Deferred tax liabilities		(838	)
Other noncurrent liabilities		(130	)
Total liabilities assumed		(4,021	)
Net assets acquired		1,521
Goodwill		2,136
Total Purchase Price	$	3,657

The preliminary purchase price allocation presented above is based upon management’s estimate of the fair value of the acquired assets and assumed liabilities using valuation techniques including income, cost, and market approaches. The fair value estimates (subject to final determination) are based on, but not limited to, estimated future revenue and cash flows, estimated long-term growth rates, and estimated discount rates. For assumed debt, refer to Note 14 for estimated fair values.

Property and equipment, excluding land of $163 million and construction in progress of $16 million, are depreciated over a weighted-average estimated useful life of 8.7 years.

FCC licenses are classified as indefinite-lived intangible assets and are not amortized. The intangible assets attributable to network affiliation agreements are amortized over an estimated useful life of 15 years. Other definite-lived intangible assets (primarily customer relationships, developed technology and brand value) are amortized over a

weighted-average estimated useful life of 6.6 years.

Goodwill is attributable to future synergies and cost reductions resulting from increased purchasing leverage of key expenses, the ability to leverage shared costs across a larger organization, and operational knowledge from experienced management.

The carryovers of the tax basis in goodwill ($169 million), FCC licenses ($343 million), network affiliation agreements ($77 million), other intangible assets ($110 million) and property and equipment ($164 million) are deductible for tax purposes.

Other assets acquired and other liabilities assumed include right-of-use assets and lease liabilities, respectively, from various operating leases (see Note 8).

Certain assumed debt obligations were repaid subsequent to the Closing Date in late March 2026. Refer to Note 7 for additional information.

For additional information regarding the assumed pension benefit obligations (included in other noncurrent liabilities), refer to Note 9.

In connection with the Merger, Nexstar also assumed certain commitments and contingencies as described in Note 10.

TEGNA’s net revenue of $106 million and operating income of $24 million from March 19, 2026 to March 31, 2026 have been included in the accompanying Condensed Consolidated Statements of Operations.

Transaction costs relating to the Merger, including legal and professional fees and severance costs of $38 million, were expensed as incurred during the three months ended March 31, 2026. These costs were included in selling, general and administrative expense, excluding depreciation and amortization in the accompanying Condensed Consolidated Statements of Operations. No costs were incurred during the three months ended March 31, 2025.

Unaudited Pro Forma Information

The following unaudited pro forma information (in millions) has been presented for the periods indicated as if the Merger with TEGNA had occurred on January 1, 2025. The unaudited pro forma information combined the historical results of Nexstar and TEGNA, adjusted for business combination accounting effects including transaction costs attributable to the Merger, the depreciation and amortization charges from acquired intangible assets, the interest on new debt and the related tax effects. The pro forma financial information as presented below is for informational purposes only and is not indicative of the results of operations that would have been achieved if the Merger had taken place at the beginning of fiscal year 2025.


	Three Months Ended March 31,
	2026		2025
Net revenue	$	2,007	$	1,913
Income (loss) before income taxes		228		(49	)
Net income (loss)		209		(66	)
Net income (loss) attributable to Nexstar		213		(55	)

2025 Acquisition

On January 31, 2025, Nexstar acquired certain assets of WBNX-TV, an independent full power television station serving the Cleveland, OH market, from Winston Broadcasting Network, Inc. for a $22 million cash purchase price. The acquired assets and assumed liabilities were recorded at fair value as of the closing date of the transaction and consisted primarily of $20 million related to the FCC license.

Note 4: Intangible Assets and Goodwill

The Company’s goodwill by segment, indefinite-lived intangible assets and definite-lived intangible assets consisted of the following ($ in millions):


	Reportable Broadcast Segment							Other Segments							Total
			Accumulated							Accumulated							Accumulated
Goodwill	Gross		Impairment			Net		Gross		Impairment			Net		Gross		Impairment			Net
Balances as of December 31, 2025	$	2,922	$	(43	)	$	2,879	$	225	$	(194	)	$	31	$	3,147	$	(237	)	$	2,910
Current year acquisition (Note 3)		-		-			-		2,136		-			2,136		2,136		-			2,136
Balances as of March 31, 2026	$	2,922	$	(43	)	$	2,879	$	2,361	$	(194	)	$	2,167	$	5,283	$	(237	)	$	5,046


	FCC Licenses
			Accumulated
Indefinite-lived Intangible Assets	Gross		Impairment			Net
Balances as of December 31, 2025	$	2,997	$	(48	)	$	2,949
Current year acquisition (Note 3)		2,160		-			2,160
Balances as of March 31, 2026	$	5,157	$	(48	)	$	5,109

          
         Network Affiliation Agreements

         Other Definite-Lived Intangible Assets

         Total

          
         Accumulated

         Accumulated

         Accumulated

          
         Amortization

         Amortization

         Amortization

         Definite-Lived Intangible Assets

         Gross

         and Impairment

         Net

         Gross

NEXSTAR MEDIA GROUP, INC. 10-Q