Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Estimated Fair Values and Carrying Amounts of Long-term Debt Not Measured at Fair Value on a Recurring Basis

The estimated fair values and carrying amounts of the Company’s long-term debt not measured at fair value on a recurring basis but for which fair value disclosures were required under ASC 820 were as follows ($ in millions):


	September 30, 2026				December 31, 2025
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Nexstar
Revolving loans due 2030	$	292	$ 288(1)		$	144	$ 139(1)
Term Loan A due 2030		1,782	1,770(2)			1,852	1,820(2)
Term Loan B due 2032		1,269	1,289(2)			1,278	1,302(2)
Term Loan B due 2033		1,160	1,202(2)			-		-
7.75% Notes due 2027		202	202(2)			-		-
7.25% Notes due 2027		242	244(2)			-		-
6.50% Secured Notes due 2033		3,353	3,259(2)			-		-
5.625% Notes due 2027		-		-		1,715	1,712(2)
4.75% Notes due 2028		997	968(2)			996	990(2)
5.00% Notes due 2029		62	57(2)			-		-
7.25% Notes due 2034		1,704	1,660(2)			-		-
Mission
Revolving loans due 2030		62	61(1)			62	61(1)
Term Loan B due 2028		284	285(2)			286	288(2)

(1)

The fair value is based on the bid price provided by a third-party investment banking firm and is classified as Level 3 in the fair value hierarchy as the debt is not traded (unobservable in the market).

(2)

The fair value is based on the bid price provided by a third-party investment banking firm and is classified as Level 2 in the fair value hierarchy as the bid price is quoted in a major market news service and the investment banking firm stands ready to trade (observable in the market).