Acquisition (Table)

6 Months Ended

Jun. 30, 2026

Business Combination [Abstract]

Summary of Preliminary Values of Assets and Liabilities Assumed

Subject to final determination, which is expected to occur within twelve months of the acquisition date, the following table summarizes (in millions) the allocation of the purchase price to the preliminary fair values of the assets acquired and liabilities assumed. During the second quarter of 2026, Nexstar recorded measurement period adjustments to the preliminary purchase price allocation as a result of refinements to valuation assumptions and additional information identified that existed as of the acquisition date. These adjustments primarily reflected a $25 million increase in investments and a $28 million decrease in network affiliation agreements. The effect of the measurement period adjustments on the Company’s results of operations was not material.


Assets acquired:
Cash and cash equivalent		$	316
Accounts receivable			624
Prepaid expenses and other current assets			128
Property and equipment			732
FCC licenses			2,163
Network affiliation agreements			1,367
Other intangible assets			79
Investments			78
Other assets			76
Total assets acquired			5,563
Liabilities assumed:
Accounts payable			(95	)
Accrued expenses and other current liabilities			(383	)
Broadcast rights payable			(15	)
Debt			(2,559	)
Deferred tax liabilities			(846	)
Other noncurrent liabilities			(131	)
Total liabilities assumed			(4,029	)
Net assets acquired			1,534
Goodwill			2,123
Total Purchase Price		$	3,657

Summary of Proforma Information


		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Net revenue		$	1,993			$	1,903			$	4,001			$	3,815
Income before income taxes			247				139				479				22
Net income (loss)			177				99				409				(32	)
Net income (loss) attributable to Nexstar			184				105				420				(15	)