Investments in the Company’s Condensed Consolidated Balance Sheets consisted of the following (in millions):


	September 30, 2026		December 31, 2025
Equity method investments	$	343	$	390
Other equity investments		42		6
Total investments	$	385	$	396

In connection with the Merger (Note 3), Nexstar acquired equity method investments in various tower joint ventures of $39 million and other equity investments of $37 million.

Nexstar’s equity method investments primarily include its 31.3% ownership stake in TV Food Network which was acquired upon Nexstar’s acquisition of Tribune Media Company (“Tribune”) on September 19, 2019. Nexstar’s partner in TV Food Network is Skydance Corporation (“SKYD”), which owns a 68.7% interest in TV Food Network and operates the network on behalf of the partnership.

TV Food Network operates two 24-hour television networks, Food Network and Cooking Channel, offering quality television, video, internet and mobile entertainment and information focusing on food and entertaining.

The partnership agreement governing TV Food Network provides that the partnership shall, unless certain actions are taken by the partners, dissolve and commence winding up and liquidating TV Food Network upon the first to occur of certain enumerated liquidating events, one of which is a specified date of December 31, 2026. Nexstar intends to renew its partnership agreement with SKYD for TV Food Network before expiration. In the event of a liquidation, Nexstar would be entitled to its proportionate share of distributions to partners, which the partnership agreement provides would occur as promptly as is consistent with obtaining fair market value for the assets of TV Food Network. The partnership agreement also provides that the partnership may be continued or reconstituted in certain circumstances.

As of September 30, 2026, Nexstar’s investment in TV Food Network had a book value of $284 million, compared to $372 million as of December 31, 2025.

As of September 30, 2026, Nexstar’s remaining share in the amortizable basis difference related to its investment in TV Food Network was $206 million, which will be amortized over a remaining estimated life of approximately 2.97 years, and Nexstar’s share in basis difference attributable to the investee’s goodwill was $119 million. As of December 31, 2025, Nexstar’s share in the amortizable basis difference and goodwill was $258 million and $119 million, respectively.

Nexstar had the following transactions related to its investment in TV Food Network during the three and nine months ended September 30, 2026 and 2025, respectively (in millions):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Cash distributions received	$	4		$	6		$	100		$	131
Recognized share in TV Food Networkʼs net income		19			23			64			78
Recorded amortization of basis difference (expense)		(17	)		(17	)		(52	)		(52	)

Summarized financial information for TV Food Network is as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Net revenue	$	172	$	189	$	540	$	606
Costs and expenses		111		117		339		363
Income from operations		61		72		201		243
Net income		61		73		203		246
Net income attributable to Nexstar Media Group, Inc.		19		23		64		78

Other equity investments represent interests in non-public entities that lack readily determinable fair values and in which we do not have control or significant influence. These investments are measured either at cost, adjusted for any impairment and observable price changes, or at fair value using the net asset value per share practical expedient.