$NXST
NEXSTAR MEDIA GROUP, INC.

2024 Q1 Form 10-K Financial Statement

#000095017024021979 Filed on February 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.284B $1.304B $4.933B
YoY Change 2.15% -12.29% -5.33%
Cost Of Revenue $548.0M $540.0M $2.153B
YoY Change 3.2% 9.02% 8.9%
Gross Profit $736.0M $764.0M $2.780B
YoY Change 1.38% -22.94% -14.04%
Gross Profit Margin 57.32% 58.59% 56.36%
Selling, General & Admin $271.0M $289.0M $1.096B
YoY Change 1.88% -13.34% -0.54%
% of Gross Profit 36.82% 37.83% 39.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $190.0M $210.0M $941.0M
YoY Change -23.69% -9.09% 42.12%
% of Gross Profit 25.82% 27.49% 33.85%
Operating Expenses $271.0M $499.0M $1.096B
YoY Change 1.88% -11.6% -0.54%
Operating Profit $275.0M $265.0M $708.0M
YoY Change 34.8% -37.92% -46.04%
Interest Expense -$95.00M -$92.00M -$343.0M
YoY Change 15.85% 52.82% 87.23%
% of Operating Profit -34.55% -34.72% -48.45%
Other Income/Expense, Net $1.000M $9.000M $36.00M
YoY Change -200.0% -32.33% -573.68%
Pretax Income $228.0M $147.0M $401.0M
YoY Change 75.38% -40.17% -67.05%
Income Tax $61.00M $47.00M $131.0M
% Of Pretax Income 26.75% 31.97% 32.67%
Net Earnings $175.0M $115.0M $346.0M
YoY Change 57.66% -43.43% -64.37%
Net Earnings / Revenue 13.63% 8.82% 7.01%
Basic Earnings Per Share $5.25 $9.78
Diluted Earnings Per Share $5.16 $3.36 $9.64
COMMON SHARES
Basic Shares Outstanding 33.43M 33.93M 35.32M
Diluted Shares Outstanding 34.02M 35.83M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $237.0M $135.0M $135.0M
YoY Change -42.62% -33.86% -33.86%
Cash & Equivalents $237.0M $135.0M $135.0M
Short-Term Investments
Other Short-Term Assets $206.0M $236.0M $236.0M
YoY Change -25.63% -28.7% -28.7%
Inventory
Prepaid Expenses
Receivables $1.051B $1.095B $1.095B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.494B $1.466B $1.466B
YoY Change -12.01% -9.2% -9.2%
LONG-TERM ASSETS
Property, Plant & Equipment $1.264B $1.269B $1.559B
YoY Change 0.64% 0.52% 0.57%
Goodwill $2.946B $2.946B
YoY Change -0.51% -0.5%
Intangibles
YoY Change
Long-Term Investments $854.0M $953.0M $958.0M
YoY Change -6.77% -14.55% -14.39%
Other Assets $401.0M $386.0M $96.00M
YoY Change 11.7% 2.2% 6.79%
Total Long-Term Assets $10.45B $10.61B $10.61B
YoY Change -2.93% -4.09% -4.09%
TOTAL ASSETS
Total Short-Term Assets $1.494B $1.466B $1.466B
Total Long-Term Assets $10.45B $10.61B $10.61B
Total Assets $11.95B $12.08B $12.08B
YoY Change -4.16% -4.74% -4.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $115.0M $235.0M $235.0M
YoY Change -44.44% 18.87% 18.87%
Accrued Expenses $315.0M $350.0M $397.0M
YoY Change 3.28% 9.55% 7.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $124.0M $124.0M $124.0M
YoY Change 0.0% -0.24% -0.24%
Total Short-Term Liabilities $831.0M $961.0M $961.0M
YoY Change -3.82% 7.59% 7.59%
LONG-TERM LIABILITIES
Long-Term Debt $6.686B $6.713B $6.713B
YoY Change -1.66% -1.67% -1.67%
Other Long-Term Liabilities $574.0M $571.0M $571.0M
YoY Change 3.42% -2.16% -2.16%
Total Long-Term Liabilities $7.260B $7.284B $7.284B
YoY Change -1.28% -1.71% -1.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $831.0M $961.0M $961.0M
Total Long-Term Liabilities $7.260B $7.284B $7.284B
Total Liabilities $9.599B $9.765B $9.779B
YoY Change -2.16% -1.46% -1.6%
SHAREHOLDERS EQUITY
Retained Earnings $3.306B $3.188B
YoY Change 6.85% 5.11%
Common Stock $0.00 $0.00
YoY Change -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.276B $2.173B
YoY Change 28.44% 35.22%
Treasury Stock Shares
Shareholders Equity $2.321B $2.299B $2.299B
YoY Change
Total Liabilities & Shareholders Equity $11.95B $12.08B $12.08B
YoY Change -4.16% -4.74% -4.74%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $175.0M $115.0M $346.0M
YoY Change 57.66% -43.43% -64.37%
Depreciation, Depletion And Amortization $190.0M $210.0M $941.0M
YoY Change -23.69% -9.09% 42.12%
Cash From Operating Activities $276.0M $182.0M $999.0M
YoY Change -44.13% -16.51% -28.8%
INVESTING ACTIVITIES
Capital Expenditures $44.00M $74.00M $149.0M
YoY Change 22.22% 29.14% -5.28%
Acquisitions $38.00M
YoY Change
Other Investing Activities $40.00M $38.00M $4.000M
YoY Change -80.35% 300.0%
Cash From Investing Activities -$4.000M -$36.00M -$173.0M
YoY Change -88.89% -126.45% -238.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $605.0M
YoY Change -31.3%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -182.0M -163.0M -899.0M
YoY Change -27.49% -67.18% -40.66%
NET CHANGE
Cash From Operating Activities 276.0M 182.0M 999.0M
Cash From Investing Activities -4.000M -36.00M -173.0M
Cash From Financing Activities -182.0M -163.0M -899.0M
Net Change In Cash 90.00M -17.00M -73.00M
YoY Change -56.52% -88.07% -653.03%
FREE CASH FLOW
Cash From Operating Activities $276.0M $182.0M $999.0M
Capital Expenditures $44.00M $74.00M $149.0M
Free Cash Flow $232.0M $108.0M $850.0M
YoY Change -49.34% -32.79% -31.77%

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<p id="organization_and_business_operations" style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Note 1: Organization and Business Operations</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">As used in these Consolidated Financial Statements and unless the context indicates otherwise, “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 our financial statements under authoritative guidance related to the consolidation of VIEs; and all references to “we,” “our,” “ours,” and “us” refer to Nexstar.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Nexstar is a leading diversified media company with television broadcasting, television network and digital media assets operating in the United States. As of December 31, 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, we owned, operated, programmed or provided sales and other services to </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">200</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> full power television stations and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">one</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> AM radio station, including those television stations owned by VIEs, in </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">116</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> markets in </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">39</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> states and the District of Columbia. The stations are affiliates of CBS, FOX, NBC, ABC, The CW, </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">MyNetworkTV, and other broadcast television networks. As of December 31, 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, Nexstar’s stations reached approximately </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">39</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of all U.S. television households (after applying the Federal Communications Commission’s (“FCC”) ultra-high frequency (“UHF”) discount). Through various local service agreements, we provided sales, programming, and other services to </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">35</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> television stations owned by consolidated VIEs and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">one</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> television station owned by an unconsolidated VIE. Nexstar also owns a </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">75.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% ownership interest in The CW Network, LLC, the fifth major broadcast network in the U.S. (“The CW”), NewsNation, a national cable news network, </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">two</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> digital multicast networks, Antenna TV and Rewind TV, multicast network services provided to third parties, and a </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">31.3</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% ownership stake in Television Food Network, G.P. (“TV Food Network”). </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Our digital assets include more than </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">140</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> local websites, </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">278</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> mobile applications, </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">25</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> connected television applications, </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">six</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> free-ad supported television channels representing products of our local television stations, The CW, NewsNation, The Hill and BestReviews, and a suite of advertising solutions.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023Q4 nxst Number Of Full Power Television Stations Owned Operated Programmed Or Provided Sales And Other Services
NumberOfFullPowerTelevisionStationsOwnedOperatedProgrammedOrProvidedSalesAndOtherServices
200
CY2023Q4 nxst Number Of Am Radio Station
NumberOfAMRadioStation
1
CY2023Q4 nxst Number Of Television Markets
NumberOfTelevisionMarkets
116
CY2023Q4 nxst Number Of States
NumberOfStates
39
CY2023Q4 nxst Percentage Of Us Television House Hold Reach After Applying Fccuhf Discount
PercentageOfUsTelevisionHouseHoldReachAfterApplyingFccuhfDiscount
0.39
CY2023Q4 nxst Number Of Television Stations Owned By Consolidated Vi Es
NumberOfTelevisionStationsOwnedByConsolidatedVIEs
35
CY2023Q4 nxst Number Of Television Station Owned By An Unconsolidated Vie
NumberOfTelevisionStationOwnedByAnUnconsolidatedVIE
1
CY2023Q4 nxst Number Of Multicast Network Services Owned And Operated
NumberOfMulticastNetworkServicesOwnedAndOperated
2
CY2023Q4 nxst Number Of Mobile Applications
NumberOfMobileApplications
278
CY2023 nxst Number Of Connected Television Applications
NumberOfConnectedTelevisionApplications
25
CY2023 nxst Number Of Ad Supported Television Channels
NumberOfAdSupportedTelevisionChannels
6
CY2023 us-gaap Entertainment License Agreement For Program Material Amortization Expense
EntertainmentLicenseAgreementForProgramMaterialAmortizationExpense
453000000
CY2022 us-gaap Entertainment License Agreement For Program Material Amortization Expense
EntertainmentLicenseAgreementForProgramMaterialAmortizationExpense
193000000
CY2021 us-gaap Entertainment License Agreement For Program Material Amortization Expense
EntertainmentLicenseAgreementForProgramMaterialAmortizationExpense
121000000
CY2023 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="margin-left:2.253%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Basis of Presentation</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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.</span></p>
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:2.253%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and use assumptions that affect the reported amounts of assets and liabilities and the disclosure for contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The more significant estimates made by management include, but are not limited to, those relating to allowance for credit losses, valuation of assets acquired and liabilities assumed in business combinations, distribution revenue recognized, deferred income tax asset valuation allowances, fair value of stock-based compensation, the recoverability of goodwill, FCC licenses and long-lived assets, pension and postretirement obligations, the recoverability of investments, the recoverability of broadcast rights and the useful lives of property and equipment and intangible assets. As of December 31, 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, 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. Such judgments and assumptions could result in a meaningful impact on 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 consolidated financial statements.</span></p>
CY2023 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-left:2.267%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments which potentially expose the Company to a concentration of credit risk consist principally of cash and cash equivalents, restricted cash, and accounts receivable. Cash deposits are maintained with several financial institutions. Deposits held with banks may exceed the amount of insurance provided on such deposits; however, the Company believes these deposits are maintained with financial institutions of reputable credit and are not subject to any unusual credit risk. A significant portion of the Company’s accounts receivable is due from multichannel video programming distributors (“MVPDs”) and local and national advertising agencies. The Company does not require collateral from its customers but maintains reserves for potential credit losses. Management believes that the allowance for credit losses is adequate, but if the financial condition of the Company’s customers were to deteriorate, additional allowances may be required. The Company has not experienced significant losses related to receivables from individual customers or by geographical area.</span></p>
CY2022 us-gaap Equity Method Investment Other Than Temporary Impairment
EquityMethodInvestmentOtherThanTemporaryImpairment
0
CY2021 us-gaap Equity Method Investment Other Than Temporary Impairment
EquityMethodInvestmentOtherThanTemporaryImpairment
0
CY2023 us-gaap Equity Method Investment Other Than Temporary Impairment
EquityMethodInvestmentOtherThanTemporaryImpairment
0
CY2023 nxst Cost Of Completed Program But Not Yet Delivered
CostOfCompletedProgramButNotYetDelivered
64000000
CY2022 nxst Cost Of Completed Program But Not Yet Delivered
CostOfCompletedProgramButNotYetDelivered
66000000
CY2023 us-gaap Advertising Expense
AdvertisingExpense
14000000
CY2022 us-gaap Advertising Expense
AdvertisingExpense
24000000
CY2021 us-gaap Advertising Expense
AdvertisingExpense
21000000
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2434000000
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1768000000
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35317000
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39349000
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42133000
CY2023 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
517000
CY2022 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
838000
CY2021 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1849000
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35834000
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40187000
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43982000
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
69000
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
26000
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2022 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
5514000000
CY2021 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
5107000000
CY2022 nxst Business Acquisitions Pro Forma Income Or Loss Before Taxes
BusinessAcquisitionsProFormaIncomeOrLossBeforeTaxes
917000000
CY2021 nxst Business Acquisitions Pro Forma Income Or Loss Before Taxes
BusinessAcquisitionsProFormaIncomeOrLossBeforeTaxes
786000000
CY2022 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
689000000
CY2021 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
592000000
CY2022 nxst Business Acquisitions Pro Forma Net Income Loss Attributable To Parent
BusinessAcquisitionsProFormaNetIncomeLossAttributableToParent
781000000
CY2021 nxst Business Acquisitions Pro Forma Net Income Loss Attributable To Parent
BusinessAcquisitionsProFormaNetIncomeLossAttributableToParent
690000000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2179000000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2097000000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
910000000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
835000000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1269000000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1262000000
CY2023 us-gaap Depreciation
Depreciation
176000000
CY2022 us-gaap Depreciation
Depreciation
160000000
CY2021 us-gaap Depreciation
Depreciation
167000000
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
4218000000
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2094000000
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2124000000
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
4202000000
CY2023 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
311000000
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
309000000
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
301000000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
291000000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
284000000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
265000000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
252000000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
237000000
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
795000000
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2124000000
CY2022Q4 us-gaap Goodwill Gross
GoodwillGross
3141000000
CY2022Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
180000000
CY2022Q4 us-gaap Goodwill
Goodwill
2961000000
CY2022Q4 nxst Indefinite Lived License Agreements Gross
IndefiniteLivedLicenseAgreementsGross
2958000000
CY2022Q4 nxst Indefinite Lived Intangible Assets Accumulated Impairment Loss
IndefiniteLivedIntangibleAssetsAccumulatedImpairmentLoss
48000000
CY2022Q4 us-gaap Indefinite Lived License Agreements
IndefiniteLivedLicenseAgreements
2910000000
CY2023 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
4000000
CY2023 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
4000000
CY2023 us-gaap Indefinitelived Intangible Assets Acquired
IndefinitelivedIntangibleAssetsAcquired
19000000
CY2023 us-gaap Indefinitelived Intangible Assets Acquired
IndefinitelivedIntangibleAssetsAcquired
19000000
CY2023 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
19000000
CY2023 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
19000000
CY2023Q4 us-gaap Goodwill Gross
GoodwillGross
3145000000
CY2023Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
199000000
CY2023Q4 us-gaap Goodwill
Goodwill
2946000000
CY2023Q4 nxst Indefinite Lived License Agreements Gross
IndefiniteLivedLicenseAgreementsGross
2977000000
CY2023Q4 nxst Indefinite Lived Intangible Assets Accumulated Impairment Loss
IndefiniteLivedIntangibleAssetsAccumulatedImpairmentLoss
48000000
CY2023Q4 us-gaap Indefinite Lived License Agreements
IndefiniteLivedLicenseAgreements
2929000000
CY2023Q4 us-gaap Equity Method Investments
EquityMethodInvestments
953000000
CY2022Q4 us-gaap Equity Method Investments
EquityMethodInvestments
1115000000
CY2023Q4 us-gaap Other Long Term Investments
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5000000
CY2022Q4 us-gaap Other Long Term Investments
OtherLongTermInvestments
4000000
CY2023Q4 us-gaap Long Term Investments
LongTermInvestments
958000000
CY2022Q4 us-gaap Long Term Investments
LongTermInvestments
1119000000
CY2023 nxst Income Loss From Equity Method Investments Net Before Amortization Of Basis Difference
IncomeLossFromEquityMethodInvestmentsNetBeforeAmortizationOfBasisDifference
174000000
CY2022 nxst Income Loss From Equity Method Investments Net Before Amortization Of Basis Difference
IncomeLossFromEquityMethodInvestmentsNetBeforeAmortizationOfBasisDifference
223000000
CY2021 nxst Income Loss From Equity Method Investments Net Before Amortization Of Basis Difference
IncomeLossFromEquityMethodInvestmentsNetBeforeAmortizationOfBasisDifference
250000000
CY2023 nxst Equity Method Investments Amortization Of Basis Difference
EquityMethodInvestmentsAmortizationOfBasisDifference
70000000
CY2022 nxst Equity Method Investments Amortization Of Basis Difference
EquityMethodInvestmentsAmortizationOfBasisDifference
70000000
CY2021 nxst Equity Method Investments Amortization Of Basis Difference
EquityMethodInvestmentsAmortizationOfBasisDifference
125000000
CY2023 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
104000000
CY2022 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
153000000
CY2021 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
125000000
CY2023Q4 us-gaap Equity Method Investment Difference Between Carrying Amount And Underlying Equity
EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity
397000000
CY2022Q4 us-gaap Equity Method Investment Difference Between Carrying Amount And Underlying Equity
EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity
467000000
CY2023Q4 nxst Equity Method Investment Basis Difference Related To Investees Goodwill
EquityMethodInvestmentBasisDifferenceRelatedToInvesteesGoodwill
500000000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
113000000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
113000000
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
55000000
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
56000000
CY2023Q4 nxst Accrued Network Affiliation Fees Current
AccruedNetworkAffiliationFeesCurrent
85000000
CY2022Q4 nxst Accrued Network Affiliation Fees Current
AccruedNetworkAffiliationFeesCurrent
50000000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
97000000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
100000000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
350000000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
319000000
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
6872000000
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
6997000000
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
6837000000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
6951000000
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
124000000
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
124000000
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
6713000000
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
6827000000
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
124000000
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
124000000
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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1685000000
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
3658000000
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
1281000000
CY2023Q4 us-gaap Debt Instrument Carrying Amount
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6872000000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
290000000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
288000000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
47000000
CY2022Q4 us-gaap Operating Lease Liability Current
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