Acquisition (Table)

9 Months Ended

Sep. 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. From the acquisition date to September 30, 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 $23 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			622
Prepaid expenses and other current assets			128
Property and equipment			734
FCC licenses			2,163
Network affiliation agreements			1,367
Other intangible assets			78
Investments			76
Other assets			78
Total assets acquired			5,562
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			1,533
Goodwill			2,124
Total Purchase Price		$	3,657

Summary of Proforma Information


		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net revenue		$	2,133			$	1,848			$	6,133			$	5,664
Income before income taxes			372				88				850				54
Net income (loss)			279				58				687				(32	)
Net income (loss) attributable to Nexstar			284				63				703				(10	)