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NEXSTAR MEDIA GROUP, INC.

NEXSTAR MEDIA GROUP, INC.NXSTEarnings & Financial Report

Nasdaq · media industry

Nexstar Media Group, Inc. is an American publicly traded media company with headquarters in Irving, Texas; Midtown Manhattan; and Chicago. Founded on June 17, 1996, the company is the largest television station owner in the United States, owning 197 television stations across the United States, most of which are affiliated with the four major American television networks and MyNetworkTV in markets as large as New York City and as small as San Angelo, Texas. It also operates all of the station...

What changed in NEXSTAR MEDIA GROUP, INC.'s 10-K — 2022 vs 2023

Top changes in NEXSTAR MEDIA GROUP, INC.'s 2023 10-K

444 paragraphs added · 593 removed · 336 edited across 5 sections

Item 1. Business

Business — how the company describes what it does

184 edited+67 added−190 removed64 unchanged
Broadcasters may obtain carriage of their stations’ signals on cable, satellite and other MVPDs through either mandatory carriage or through “retransmission consent.” Every three years all stations must formally elect either mandatory carriage (“must-carry” for cable distributors and “carry one-carry all” for satellite television providers) or retransmission consent.
Broadcasters may obtain carriage of their television stations’ signals on cable, satellite and other MVPDs through either mandatory carriage or through “retransmission consent.” Every three years all stations must formally elect either mandatory carriage (“must-carry” for cable distributors and “carry one-carry all” for satellite television providers) or retransmission consent.
Though we are typically able to renegotiate our retransmission consent agreements on favorable terms, the payments due us under these agreements are customarily based on a price per subscriber of the applicable distributor.
Though we are typically able to renegotiate our retransmission consent agreements on favorable terms, the payments due to us under these agreements are customarily based on a price per subscriber of the applicable distributor.
An opinion of counsel represents counsel’s best legal judgment, is not binding on the IRS or the courts, and the IRS or the courts may not agree with the opinion.
An opinion of counsel represents counsel’s best legal judgment and is not binding on the IRS or the courts, and the IRS or the courts may not agree with the opinion.
If the IRS prevails in its position, the gain on the Chicago Cubs Transactions would be deemed to be taxable in 2009. We estimate that the federal and state income taxes would be approximately $225.0 million before interest and penalties. Any tax, interest and penalty due will be offset by tax payments made relating to this transaction subsequent to 2009.
If the IRS prevails in its position, the gain on the Chicago Cubs Transactions would be deemed to be taxable in 2009. We estimate that the federal and state income taxes would be approximately $225 million before interest and penalties. Any tax, interest and penalty due will be offset by tax payments made relating to this transaction subsequent to 2009.
On June 28, 2016, the IRS issued Tribune a Notice of Deficiency which presented the IRS’s position that the gain with respect to the Chicago Cubs Transactions should have been included in Tribune’s 2009 taxable income. Accordingly, the IRS proposed a $182.0 million tax and a $73.0 million gross valuation misstatement penalty.
On June 28, 2016, the IRS issued Tribune a Notice of Deficiency which presented the IRS’s position that the gain with respect to the Chicago Cubs Transactions should have been included in Tribune’s 2009 taxable income. Accordingly, the IRS proposed a $182 million tax and a $73 million gross valuation misstatement penalty.
A significant portion of Nexstar’s revenue comes from its retransmission consent agreements with MVPDs (mainly cable and satellite television providers) and OVDs. These agreements permit the distributors to retransmit our stations’ and our cable and broadcast networks’ signals to their subscribers in exchange for the payment of compensation to us.
A significant portion of Nexstar’s revenue comes from its retransmission consent and carriage agreements with MVPDs (mainly cable and satellite television providers) and OVDs. These agreements permit the distributors to retransmit our stations’ and our cable and broadcast networks’ signals to their subscribers in exchange for the payment of compensation to us.
We selectively pursue acquisitions where we believe we can improve revenue, operating income, EBITDA and cash flow through active management. We selectively pursue acquisitions of businesses that leverage our platform, scale and capabilities and are complementary to our vision of providing local news, entertainment, and sports content through broadcast and digital platforms.
We selectively pursue acquisitions where we believe we can improve revenue, operating income, net income, EBITDA and cash flow through active management. We selectively pursue acquisitions of businesses that leverage our platform, scale and capabilities and are complementary to our vision of providing local news, entertainment, and sports content through broadcast and digital platforms.
Our digital businesses include video and display advertising platforms that are delivered locally or nationally through our own and various third-party websites, mobile and over-the-top (“OTT”) applications, other digital media solutions to media publishers and advertisers and a consumer product reviews platform.
Digital Assets Our digital businesses include video and display advertising platforms that are delivered locally or nationally through our own and various third-party websites, mobile and over-the-top (“OTT”) applications, other digital media solutions to media publishers and advertisers and a consumer product reviews platform.
The duopoly rule also allows the FCC to consider waivers to permit the ownership of a second station, where otherwise prohibited, where the second station has failed or is failing or unbuilt. In certain markets, the Company owns and operates both full-power and low-power television broadcast stations.
The duopoly rule also allows the FCC to consider waivers to permit the ownership of a second station, where otherwise prohibited, where the second station has failed or is failing or unbuilt. In certain markets, the Company owns and operates both full-power and low-power television (“LPTV”) broadcast stations.
Tribune made approximately $154.0 million of tax payments prior to its merger with Nexstar. A bench trial in the U.S. Tax Court took place between October 28, 2019 and November 8, 2019, and closing arguments took place on December 11, 2019.
Tribune made approximately $154 million of tax payments prior to its merger with Nexstar. A bench trial in the U.S. Tax Court took place between October 28, 2019 and November 8, 2019, and closing arguments took place on December 11, 2019.
In the third quarter of 2020, the IRS completed its audit and issued a Revenue Agent’s Report which disallowed the reporting of certain assets and liabilities related to Tribune’s emergence from Chapter 11 bankruptcy on December 31, 2012.
In the third quarter of 2020, the IRS completed its audit of Tribune and issued a Revenue Agent’s Report which disallowed the reporting of certain assets and liabilities related to Tribune’s emergence from Chapter 11 bankruptcy on December 31, 2012.
Source: 2022-2023 Nielsen Local Television Market Universe Estimates , as published by The Nielsen Company (2) O&O refers to stations that we own and operate. LSA, or local service agreement, is the general term we use to refer to a contract under which we provide services utilizing our employees to a station owned and operated by an independent third-party.
Source: 2023-2024 Nielsen Local Television Market Universe Estimates , as published by The Nielsen Company. (2) O&O refers to stations that we own and operate. LSA, or local service agreement, is the general term we use to refer to a contract under which we provide services utilizing our employees to a station owned and operated by an independent third-party.
We seek to attract and retain corporate, business unit and station general managers with proven track records by providing equity incentives. 5 Attractive Financial Profile.
We seek to attract and retain corporate, business unit and station general managers with proven track records by providing equity incentives. Attractive Financial Profile.
Together, Nexstar can provide both national reach and activation of local audiences at scale, representing a differentiated and attractive value proposition for advertisers and brands in an increasingly fragmented marketplace. Leading Local Franchises. We are focused on building and maintaining leading local franchises in our 116 local markets which are core to our business model.
Together, Nexstar can provide both national reach and activation of local audiences at scale, representing a differentiated and attractive value proposition for advertisers and brands in an increasingly fragmented marketplace. Leading Local Franchises. We are focused on building and maintaining leading local franchises in our 117 local markets which are core to our business model.
National Television Ownership Limit. The FCC’s rules limit the percentage of U.S. television households which a party may reach through its attributable interests in television stations to 39%. When calculating a party’s nationwide aggregate audience coverage, the ownership of a UHF station is counted as 50% of a market’s percentage of total national audience.
National Television Multiple Ownership Rule. The FCC’s rules limit the percentage of U.S. television households which a party may reach through its attributable interests in television stations to 39%. When calculating a party’s nationwide aggregate audience coverage, the ownership of a UHF station is counted as 50% of a market’s percentage of total national audience.
The Company may experience a loss of advertising revenue and incur additional broadcasting expenses due to preemption of our regularly scheduled programming by network coverage of a major global news event such as a war or terrorist attack or by coverage of local disasters such as tornados and hurricanes.
In addition, the Company may experience a loss of advertising revenue and incur additional broadcasting expenses due to preemption of our regularly scheduled programming by network coverage of a major global news event such as a war or terrorist attack or by coverage of local disasters such as tornados and hurricanes.
We seek to continue to increase the viewership and revenues of our national television network assets, The CW and NewsNation. The CW. We acquired The CW in September 2022 for no consideration. As the largest affiliate of The CW, we acquired the network to sustain and grow our CW-related revenue streams and to improve this underexploited national broadcast network asset.
We seek to continue to increase the viewership, revenues and profitability of our national television network assets, The CW and NewsNation. The CW. As the largest affiliate of The CW, we acquired the network in September 2022 (for no consideration) in order to sustain and grow our CW-related revenue streams and to improve this underexploited national broadcast network asset.
Our local television stations compete for syndicated programming from national program distributors or syndicators as well as compete to secure broadcast rights for regional and local sporting events. We compete against in-market broadcast station operators, cable networks and streaming services for exclusive access to this programming in our markets.
Our local television stations compete for syndicated programming from national program distributors or syndicators and compete to secure broadcast rights for regional and local sporting events. We compete against in-market broadcast station operators, cable networks and streaming services for exclusive access to this programming in our markets.
However, we cannot assure you that our collective bargaining agreements will be renewed in the future, or that we will not experience a prolonged labor dispute, which could have a material adverse effect on our business, financial condition or results of operations.
However, we cannot assure you that our collective bargaining agreements will be renewed in the future, or that we will not experience a prolonged labor dispute, which could have a material adverse effect on our business, financial condition or results of operations. Community Outreach .
GAAP to have controlling financial interests in these entities because of (i) the local service agreements Nexstar has with the consolidated VIEs’ stations, (ii) Nexstar’s (excluding The CW) guarantee of the obligations incurred under the senior secured credit facility of Mission Broadcasting, Inc.
GAAP to have controlling financial interests in these entities because of Nexstar’s (i) local service agreements with the consolidated VIEs’ stations, (ii) guarantee (excluding The CW) of the obligations incurred under the senior secured credit facility of Mission Broadcasting, Inc.
For example, with any past or future acquisition, there is the possibility that: • we may not be able to successfully reduce costs, increase revenue or audience or realize anticipated synergies and economies of scale with respect to any acquired business; • we may not be able to generate adequate returns on our acquisitions or investments; • we may encounter and fail to address risks or other problems associated with or arising from our reliance on the representations and warranties and related indemnities, if any, provided to us by the sellers of acquired companies; 25 • an acquisition may increase our leverage and debt service requirements or may result in our assuming unexpected liabilities; • our management may be reassigned from overseeing existing operations by the need to integrate the acquired business; • we may experience difficulties integrating operations and systems, as well as company policies and cultures; • we may be unable to retain and grow relationships with the acquired company’s key customers; • we may fail to retain and assimilate employees of the acquired business; and • problems may arise in entering new markets in which we have little or no experience.
For example, with any past or future acquisition, there is the possibility that: we may not be able to manage the increased reporting and administrative demands; we may not be able to successfully reduce costs, increase revenue or audience or realize anticipated synergies and economies of scale with respect to any acquired business; we may not be able to generate adequate returns on our acquisitions or investments; we may encounter and fail to address risks or other problems associated with or arising from our reliance on the representations and warranties and related indemnities, if any, provided to us by the sellers of acquired companies; an acquisition may increase our leverage and debt service requirements or may result in our assuming unexpected liabilities; our management may be reassigned from overseeing existing operations by the need to integrate the acquired business; we may experience difficulties integrating operations and systems, as well as company policies and cultures; we may be unable to retain and grow relationships with the acquired company’s key customers; we may fail to retain and assimilate employees of the acquired business; and problems may arise in entering new markets in which we have little or no experience.
We believe we have the financial flexibility to both invest in organic and inorganic growth initiatives while continuing to return capital to our shareholders. Growth Strategies We continually seek to generate revenue, operating income, EBITDA and cash flow growth through the following strategies: Leverage Our Scale.
We believe we have the financial flexibility to invest in both organic and inorganic growth initiatives while continuing to return capital to our shareholders. Growth Strategies We continually seek to generate revenue, net income, EBITDA and cash flow growth through the following strategies: Leverage Our Scale.
If the IRS prevails in its position and after taking into account the impact of the Tax Court opinion, Nexstar would be required to reduce its tax basis in certain assets resulting in a $16.0 million increase in its federal and state taxes payable and a $70.0 million increase in deferred income tax liability as of December 31, 2022.
If the IRS prevails in its position and after taking into account the impact of the Tax Court opinion, Nexstar would be required to reduce its tax basis in certain assets resulting in a $16 million increase in its federal and state taxes payable and a $70 million increase in deferred income tax liability as of December 31, 2023.
(“Mission”), a consolidated VIE, (iii) Nexstar having power over significant activities affecting the consolidated VIEs’ economic performance, including budgeting for advertising revenue, certain advertising sales and, in some cases, hiring and firing of sales force personnel and (iv) purchase options granted by each consolidated VIE which permit Nexstar to acquire the assets and assume the liabilities of all of the consolidated VIEs’ stations at any time, subject to FCC consent.
(“Mission”), a consolidated VIE, (iii) power over significant activities affecting the consolidated VIEs’ economic performance, including budgeting for advertising revenue, certain advertising sales and, in some cases, hiring and firing of sales force personnel and (iv) renewable, exercisable and assignable purchase options granted by each consolidated VIE which permit Nexstar to acquire the assets and assume the liabilities of all of the consolidated VIEs’ stations at any time, subject to FCC consent.
Although Tribune Publishing is required to indemnify us against taxes on the distribution that arise after the distribution as a result of actions or failures to act by Tribune Publishing or any member thereof, Tribune Publishing’s failure to meet such obligations and our administrative and legal costs in enforcing such obligations may have a material adverse effect on our financial condition.
Although Tribune Publishing is required to indemnify us against taxes on the distribution that arise after the distribution as a result of actions or failures to act by Tribune Publishing or any member thereof, Tribune Publishing’s failure to meet such obligations and our administrative and legal costs in enforcing such obligations may have a material adverse effect on our financial condition. 28 I tem 1B.
We compete against other broadcast television programming, cable and satellite television programming as well as the plethora of direct-to-consumer programming provided via a variety of streaming services, including some of the broadcast television networks with which our stations are affiliated. Other sources of competition for audience include the internet, gaming devices, home entertainment systems, video-on-demand and pay-per-view.
We compete against other broadcast television programming, cable and satellite television programming as well as the direct-to-consumer programming provided via a variety of streaming services, including some of the broadcast television networks with which our stations are affiliated. Other sources of competition for audience include the internet, gaming devices, home entertainment systems and video-on-demand.
(19) (19) 4/1/2030 19 Cleveland, OH O&O WJW FOX WJW-D2, D3, D4 Antenna TV, Comet, Charge! 10/1/2029 20 Sacramento, CA O&O KTXL FOX KTXL-D2, D3, D4 Antenna TV, GRIT, TBD (19) 21 Charlotte, NC O&O O&O WJZY WMYT FOX MNTV WJZY-D3, D4, D5, D6, D7, D8 Charge, Movies!, H&I, ION, TheGrio, Rewind TV 12/1/2028 12/1/2028 22 Portland, OR O&O O&O KOIN KRCW CBS The CW KOIN-D2, D3 KRCW-D2, D3, D4 getTV, Rewind TV Antenna TV, GRIT, TBD 2/1/2023 2/1/2023 23 Raleigh, NC O&O WNCN CBS WNCN-D2, D3, D4 Rewind TV, GRIT, Circle 12/1/2028 24 St.
(23) (23) 4/1/2030 19 Cleveland, OH O&O WJW FOX WJW-D2, D3, D4 Antenna TV, Comet, Charge! 10/1/2029 20 Sacramento, CA O&O KTXL FOX KTXL-D2, D3, D4 Antenna TV, GRIT, TBD (23) 21 Charlotte, NC O&O O&O WJZY WMYT FOX MNTV WJZY-D3, D4, D5, D6, D7, D8 Charge!, GRIT, TheGrio, ION, Antenna TV, Rewind TV 12/1/2028 12/1/2028 22 Raleigh, NC O&O WNCN CBS WNCN-D2, D3, D4 Rewind TV, GRIT, Antenna TV 12/1/2028 23 Portland, OR O&O O&O KOIN KRCW CBS The CW KOIN-D2, D3 KRCW-D2, D3, D4 getTV, Rewind TV Antenna TV, GRIT, TBD (23) 24 St.
With markets ranging from small to large to national, we offer a broad range of opportunities for every experience level, including for those who are just starting their broadcasting career or are ready to make the leap into a larger market or onto the national stage.
With markets ranging from small to large to national, we offer a broad range of opportunities for every experience level, including for those who are just starting their broadcasting career or are ready to move to a larger market or onto the national stage.
Wayne, IN O&O WANE CBS WANE-D2, D3, D4 ION, Laff, ION Mystery 8/1/2029 109 Altoona, PA O&O WTAJ CBS WTAJ-D2, D3, D4 ION Mystery, Laff, GRIT 8/1/2023 110 Augusta, GA O&O WJBF ABC WJBF-D2, D3, D4 MeTV, ION, ION Mystery 4/1/2029 111 Tyler-Longview, TX O&O O&O LSA KETK KFXK (13) NBC FOX KETK-D2, D3, D4 KTPN-LD KFXK-D2, D3, D4 GRIT, ION, Antenna TV MNTV MNTV, ION Mystery, Laff (19) 112 Sioux Falls, SD O&O O&O O&O KELO KDLO (14) KPLO (14) CBS CBS CBS KELO-D2, D3, D4 KDLO-D2, D3, D4 KPLO-D2, D3, D4 MNTV, ION, ION Mystery MNTV, ION, ION Mystery MNTV, ION, ION Mystery 4/1/2030 (19) (19) 4/1/2030 114 Springfield, MA O&O WWLP NBC WWLP-D2, D3, D4 The CW, ION, ION Mystery 4/1/2023 115 Lansing, MI O&O LSA WLNS (7) WLAJ (5) CBS ABC WLAJ-D2 The CW 10/1/2029 10/1/2029 116 Youngstown, OH O&O O&O LSA WKBN (7) WYTV (10) CBS ABC WKBN-D2 WYFX-LD, D2, D3, D4, D5, D6 WYTV- D2 FOX FOX, MNTV, ION, Bounce, Laff, Antenna TV MNTV 10/1/2029 10/1/2029 10/1/2029 122 Peoria, IL O&O LSA WMBD WYZZ (15) CBS FOX WMBD-D2, D3, D4 Bounce, Laff, ION Mystery 12/1/2029 (19) 123 Bakersfield, CA O&O O&O KGET NBC KGET-D2, D3, D4 KKEY-LP The CW, Telemundo, Laff Telemundo (19) 125 Lafayette, LA O&O KLFY CBS KLFY-D2, D3, D4 Dabl, ION, Laff 6/1/2029 126 Columbus, GA O&O WRBL CBS WRBL-D2, D3, D4 Rewind TV, ION, Laff 4/1/2029 128 La Crosse, WI O&O O&O WLAX WEUX (16) FOX FOX WLAX-D2, D3, D4 WEUX-D2, D3, D4 Antenna TV, Laff, GRIT Antenna TV, ION Mystery, Bounce 12/1/2029 12/1/2029 131 Amarillo, TX O&O O&O LSA KAMR KCIT (5) NBC FOX KAMR-D2, D3, D4 KCPN-LP-D2 KCIT-D2, D3, D4 MNTV, Laff, Antenna TV Rewind TV GRIT, ION Mystery, Bounce (19) 138 Rockford, IL O&O LSA WQRF WTVO (5) FOX ABC WQRF-D2, D3, D4 WTVO-D2, D3, D4 Bounce, ION Mystery, Rewind TV MNTV, Laff, GRIT 12/1/2029 12/1/2029 140 Monroe, LA O&O LSA KARD KTVE (5) FOX NBC KARD-D2, D3, D4 KTVE-D2, D3, D4 Bounce, GRIT, Antenna TV KARD, Laff, ION Mystery 6/1/2029 6/1/2029 141 Topeka, KS O&O O&O LSA KSNT KTKA (10) NBC ABC KSNT-D2, D3, D4 KTMJ-CD, D2, D3, D4 KTKA-D2, D3, D4 FOX, ION, Bounce FOX, ION Mystery, GRIT, Laff Dabl, The CW, Antenna TV 6/1/2030 (19) 6/1/2030 142 Lubbock, TX O&O LSA KLBK KAMC (5) CBS ABC KLBK-D2, D3, D4 KAMC-D2, D3, D4 Court TV, Antenna TV, Rewind TV ION Mystery, Bounce, QVC2 8/1/2030 (19) 145 Minot-Bismarck, ND O&O O&O O&O O&O KXMB (17) KXMC KXMD (17) KXMA CBS CBS CBS The CW KXMB-D2, D3, D4 KXMC-D2, D3, D4 KXMD-D2, D3, D4 KXMA-D2, D3, D4 The CW, Laff, ION Mystery The CW, Laff, ION Mystery The CW, Laff, ION Mystery CBS, Laff, ION Mystery 4/1/2030 4/1/2030 4/1/2030 (19) 147 Midland, TX O&O LSA KMID KPEJ (5) ABC FOX KMID-D2, D3, D4 KPEJ-D2, D3 Laff, ION Mystery, GRIT Estrella, Rewind TV 8/1/2030 (19) 148 Wichita Falls, TX O&O O&O LSA KFDX KJTL (5) NBC FOX KFDX-D2, D3, D4 KJBO-LP KJTL-D2, D3, D4 MNTV, Laff, Antenna TV MNTV GRIT, Bounce, ION Mystery (19) 10 Market Rank (1) Market Status (2) Full Power Stations Primary Affiliation (3) Low Power Stations / Multicast Channels Other Affiliation (3)(4) FCC License Expiration Date 149 Sioux City, IA O&O KCAU ABC KCAU-D2, D3, D4 ION Mystery, Laff, Bounce 2/1/2030 150 Erie, PA O&O LSA WJET WFXP (5) ABC FOX WJET-D2, D3, D4 WFXP-D2, D3, D4 Laff, ION Mystery, Cozi TV GRIT, Bounce, Antenna TV 8/1/2023 8/1/2023 152 Joplin, MO O&O LSA KSNF KODE (5) NBC ABC KSNF-D2, D3, D4 KODE-D2, D3, D4 Laff, ION Mystery, Antenna TV GRIT, Bounce, ION 2/1/2030 2/1/2030 153 Panama City, FL O&O WMBB ABC WMBB-D2, D3, D4 Antenna TV, Laff, ION Mystery 2/1/2029 158 Terre Haute, IN O&O LSA WTWO WAWV (5) NBC ABC WTWO-D2, D3, D4 WAWV-D2, D3, D4 Laff, ION Mystery, Antenna TV GRIT, Bounce, Rewind TV 8/1/2029 8/1/2029 161 Binghamton, NY O&O O&O WIVT ABC WIVT-D2, D3, D4 WBGH-CD, D2 NBC, Laff, ION Mystery NBC, ABC 6/1/2023 6/1/2023 163 Wheeling, WV O&O WTRF CBS WTRF-D2, D3, D4 MNTV, ABC, ION Mystery 10/1/2028 165 Beckley, WV O&O WVNS CBS WVNS-D2 FOX 10/1/2028 166 Billings, MT O&O LSA KSVI KHMT (5) ABC FOX KSVI-D2, D3, D4 KHMT-D2, D3, D4 ION Mystery, Bounce, Antenna TV Court TV, Laff, ION 4/1/2030 (19) 167 Abilene, TX O&O LSA KTAB KRBC (5) CBS NBC KTAB-D2, D3, D4 KRBC-D2, D3, D4 Telemundo, ION Mystery, ION GRIT, Laff, Bounce (19) 168 Hattiesburg, MS O&O WHLT CBS WHLT-D2, D3, D4 The CW, ION, ION Mystery 6/1/2029 169 Dothan, AL O&O WDHN ABC WDHN-D2, D3, D4 ION Mystery, Laff, Antenna TV 4/1/2029 170 Rapid City, SD O&O KCLO CBS KCLO-D2, D3, D4 The CW, ION, ION Mystery (19) 171 Jackson, TN O&O WJKT FOX WJKT-D2, D3, D4 ION Mystery, Laff, GRIT 8/1/2029 172 Utica, NY O&O O&O LSA WFXV WUTR (5) FOX ABC WFXV-D2, D3 WPNY-LP WUTR-D2, D3, D4 ION Mystery, Laff MNTV MNTV, GRIT, Bounce 6/1/2023 6/1/2023 6/1/2023 174 Clarksburg, WV O&O WBOY NBC WBOY-D2, D3, D4 ABC, ION Mystery, Laff 10/1/2028 178 Elmira, NY O&O WETM NBC WETM-D2, D3, D4 Antenna TV, Laff, ION Mystery 6/1/2023 179 Watertown, NY O&O WWTI ABC WWTI-D2, D3, D4 The CW, Laff, ION Mystery 6/1/2023 181 Alexandria, LA O&O WNTZ FOX WNTZ-D2, D3, D4 Bounce, ION Mystery, Laff 6/1/2029 182 Marquette, MI O&O WJMN MNTV WJMN-D2, D3, D4 ION Mystery, Laff, Bounce 10/1/2029 188 Grand Junction, CO O&O O&O O&O LSA KREX KREY (18) KFQX (5) CBS CBS FOX KREX-D2, D3, D4 KREY-D2, D3, D4 KGJT-CD KFQX-D2, D3, D4 Laff, MNTV, Bounce FOX, ION Mystery, GRIT MNTV CBS, ION Mystery, GRIT 4/1/2030 4/1/2030 4/1/2030 (19) 197 San Angelo, TX O&O LSA KLST KSAN (5) CBS NBC KLST-D2, D3, D4 KSAN-D2, D3, D4 ION Mystery, GRIT, Antenna TV Laff, Bounce, ION (19) 6/1/2029 (1) Market rank refers to ranking the size of the DMA in which the station is located in relation to other DMAs.
Wayne, IN O&O WANE CBS WANE-D2, D3, D4 ION, Laff, ION Mystery 8/1/2029 109 Tyler-Longview, TX O&O O&O LSA KETK KFXK (17) NBC FOX KETK-D2, D3, D4 KTPN-LD KFXK-D2, D3, D4 GRIT, ION, Antenna TV MNTV MNTV, ION Mystery, Laff (23) 8/1/2030 110 Augusta, GA O&O WJBF ABC WJBF-D2, D3, D4 MeTV, ION, ION Mystery 4/1/2029 111 Sioux Falls, SD O&O O&O O&O KELO KDLO (18) KPLO (18) CBS CBS CBS KELO-D2, D3, D4 KDLO-D2, D4 KPLO-D2 MNTV, ION, The CW MNTV, The CW MNTV 4/1/2030 (23) 4/1/2030 112 Altoona, PA O&O WTAJ CBS WTAJ-D2, D3, D4 ION Mystery, Laff, GRIT (23) 113 Lansing, MI O&O LSA WLNS (9) WLAJ (5) CBS ABC WLAJ-D2 The CW 10/1/2029 10/1/2029 115 Springfield, MA O&O WWLP NBC WWLP-D2, D3, D4 The CW, ION, ION Mystery (23) 117 Youngstown, OH O&O O&O LSA WKBN (9) WYTV (14) CBS ABC WKBN-D2 WYFX-LD, D2, D3, D4, D5, D6 WYTV- D2 FOX FOX, MNTV, ION, Bounce, Laff, Antenna TV MNTV 10/1/2029 10/1/2029 10/1/2029 123 Peoria, IL O&O LSA WMBD WYZZ (19) CBS FOX WMBD-D2, D3, D4 Bounce, Laff, ION Mystery 12/1/2029 (23) 124 Bakersfield, CA O&O O&O KGET NBC KGET-D2, D3, D4 KKEY-LP The CW, Telemundo, Laff Telemundo (23) 125 Lafayette, LA O&O KLFY CBS KLFY-D2, D3, D4 Dabl, ION, Laff 6/1/2029 126 Columbus, GA O&O WRBL CBS WRBL-D2, D3, D4 Rewind TV, ION, Laff 4/1/2029 129 La Crosse, WI O&O O&O WLAX WEUX (20) FOX FOX WLAX-D2, D3, D4 WEUX-D2, D3, D4 Antenna TV, Laff, GRIT Antenna TV, ION Mystery, Bounce 12/1/2029 12/1/2029 131 Amarillo, TX O&O O&O LSA KAMR KCIT (5) NBC FOX KAMR-D2, D3, D4 KCPN-LP-D2 KCIT-D2, D3, D4 MNTV, Laff, Antenna TV MNTV, Rewind TV GRIT, ION Mystery, Bounce (23) 137 Rockford, IL O&O LSA WQRF WTVO (5) FOX ABC WQRF-D2, D3, D4 WTVO-D2, D3, D4 Bounce, ION Mystery, Rewind TV MNTV, Laff, GRIT 12/1/2029 12/1/2029 140 Topeka, KS O&O O&O LSA KSNT KTKA (14) NBC ABC KSNT-D2, D3, D4 KTMJ-CD, D2, D3, D4 KTKA-D2, D3, D4 FOX, ION, Bounce FOX, ION Mystery, GRIT, Laff Rewind TV, The CW, Antenna TV 6/1/2030 (23) 6/1/2030 141 Lubbock, TX O&O LSA KLBK KAMC (5) CBS ABC KLBK-D2, D3, D4 KAMC-D2, D3, D4 Court TV, Antenna TV, Rewind TV ION Mystery, Bounce, QVC2 8/1/2030 (23) 142 Monroe, LA O&O LSA KARD KTVE (5) FOX NBC KARD-D2, D3, D4 KTVE-D2, D3, D4 Bounce, GRIT, Antenna TV KARD, Laff, ION Mystery 6/1/2029 6/1/2029 145 Minot-Bismarck, ND O&O O&O O&O O&O KXMB (21) KXMC KXMD (21) KXMA CBS CBS CBS The CW KXMB-D2, D3, D4 KXMC-D2, D3, D4 KXMD-D2, D3, D4 KXMA-D2, D3, D4 The CW, Laff, ION Mystery The CW, Laff, ION Mystery The CW, Laff, ION Mystery CBS, Laff, ION Mystery 4/1/2030 4/1/2030 4/1/2030 (23) 147 Midland, TX O&O LSA KMID KPEJ (5) ABC FOX KMID-D2, D3, D4 KPEJ-D2, D3 Laff, ION Mystery, GRIT Estrella, Rewind TV, Antenna TV 8/1/2030 (23) 148 Panama City, FL O&O WMBB ABC WMBB-D2, D3, D4 The CW, Laff, ION Mystery 2/1/2029 149 Wichita Falls, TX O&O O&O LSA KFDX KJTL (5) NBC FOX KFDX-D2, D3, D4 KJBO-LP KJTL-D2, D3, D4 MNTV, Laff, Antenna TV MNTV GRIT, Bounce, ION Mystery (23) 150 Sioux City, IA O&O KCAU ABC KCAU-D2, D3, D4 ION Mystery, Laff, Bounce 2/1/2030 151 Joplin, MO O&O LSA KSNF KODE (5) NBC ABC KSNF-D2, D3, D4 KODE-D2, D3, D4 Laff, ION Mystery, Antenna TV GRIT, Bounce, ION 2/1/2030 2/1/2030 9 Market Rank (1) Market Status (2) Full Power Stations Primary Affiliation (3) Low Power Stations / Multicast Channels Other Affiliation (3)(4) FCC License Expiration Date 153 Erie, PA O&O LSA WJET WFXP (5) ABC FOX WJET-D2, D3, D4 WFXP-D2, D3, D4 Laff, ION Mystery, Cozi TV GRIT, Bounce, Antenna TV (23) 159 Terre Haute, IN O&O LSA WTWO WAWV (5) NBC ABC WTWO-D2, D3, D4 WAWV-D2, D3, D4 Laff, ION Mystery, Antenna TV GRIT, Bounce, Rewind TV 8/1/2029 8/1/2029 162 Binghamton, NY O&O O&O WIVT ABC WIVT-D2, D3, D4 WBGH-CD, D2 NBC, Laff, ION Mystery NBC, ABC (23) 163 Wheeling, WV O&O WTRF CBS WTRF-D2, D3, D4 MNTV, ABC, ION Mystery 10/1/2028 165 Billings, MT O&O LSA KSVI KHMT (5) ABC FOX KSVI-D2 (6) , D3, D4 KHMT-D2, D3, D4 The CW, ION Mystery, Antenna TV Court TV, Laff, ION 4/1/2030 (23) 166 Beckley, WV O&O WVNS CBS WVNS-D2 FOX 10/1/2028 167 Abilene, TX O&O LSA KTAB KRBC (5) CBS NBC KTAB-D2, D3, D4 KRBC-D2, D3, D4 Telemundo, ION Mystery, ION GRIT, Laff, Bounce (23) 168 Hattiesburg, MS O&O WHLT CBS WHLT-D2, D3, D4 The CW, ION, ION Mystery 6/1/2029 169 Rapid City, SD O&O KCLO CBS KCLO-D2, D3, D4 The CW, ION, ION Mystery (23) 170 Dothan, AL O&O WDHN ABC WDHN-D2, D3, D4 ION Mystery, Laff, Antenna TV 4/1/2029 171 Utica, NY O&O O&O LSA WFXV WUTR (5) FOX ABC WFXV-D2, D3 WPNY-LP WUTR-D2, D3, D4 ION Mystery, Laff MNTV MNTV, GRIT, Bounce (23) 172 Clarksburg, WV O&O WBOY NBC WBOY-D2, D3, D4 ABC, ION Mystery, Laff 10/1/2028 175 Jackson, TN O&O WJKT FOX WJKT-D2, D3, D4 ION Mystery, Laff, GRIT 8/1/2029 178 Elmira, NY O&O WETM NBC WETM-D2, D3, D4 Antenna TV, Laff, ION Mystery (23) 179 Watertown, NY O&O WWTI ABC WWTI-D2, D3, D4 The CW, Laff, ION Mystery (23) 181 Marquette, MI O&O WJMN MNTV WJMN-D2, D3, D4 ION Mystery, Laff, Bounce 10/1/2029 182 Alexandria, LA O&O WNTZ FOX WNTZ-D2, D3, D4 Bounce, ION Mystery, Laff 6/1/2029 187 Grand Junction, CO O&O O&O O&O LSA KREX KREY (22) KFQX (5) CBS CBS FOX KREX-D2, D3, D4 KREY-D2, D3, D4 KGJT-CD KFQX-D2, D3, D4 Laff, MNTV, Bounce FOX, ION Mystery, GRIT MNTV CBS, ION Mystery, GRIT 4/1/2030 4/1/2030 4/1/2030 (23) 197 San Angelo, TX O&O LSA KLST KSAN (5) CBS NBC KLST-D2, D3, D4 KSAN-D2, D3, D4 ION Mystery, GRIT, Antenna TV Laff, Bounce, ION (23) 6/1/2029 (1) Market rank refers to ranking the size of the DMA in which the station is located in relation to other DMAs.
We emphasize strict controls on operating and programming costs in order to increase EBITDA and free cash flow.
We emphasize strict controls on operating and programming costs in order to increase net income, EBITDA and free cash flow.
Our primary sources of revenue include contractual distribution revenue from retransmission consent and carriage agreements with distributors (“MVPDs”), such as cable and satellite providers, and online video distributors (“OVDs”), companies that provide video content through internet streaming either directly or via our network affiliation partners as well as affiliation fees from local affiliates of The CW; the sale of commercial air time by the stations to local advertisers; the sale of commercial airtime by the stations and by our cable and broadcast networks to national advertisers; the sale of advertising on the stations’ websites, on our other owned or third party websites, and through mobile and OTT applications and other digital advertising solutions.
Operating Model Our primary sources of revenue include contractual distribution revenue from retransmission consent and carriage agreements with MVPDs, such as cable and satellite providers, and OVDs, companies that provide video content through internet streaming either directly or via our network affiliation partners, as well as affiliation fees from local affiliates of The CW; the sale of commercial air time by the stations to local advertisers; the sale of commercial airtime by the stations and by our broadcast and cable networks to national advertisers; the sale of advertising on the stations’ websites, on our other owned or third party websites, and through mobile and OTT applications and other digital advertising solutions.
NewsNation competes against other cable news networks for talent and stories. Advertising . Our stations compete for advertising revenue with other television stations in their respective markets and other advertising media such as online media (e.g., Alphabet Inc., Meta, etc.), OVDs, MVPDs, radio stations, newspapers, outdoor advertising, and direct mail, among others.
NewsNation competes against other cable news networks for talent and stories. Advertising . Our stations compete for advertising revenue with other television stations in their respective markets and other advertising media such as online media (e.g., Google, Meta, Tiktok, Snapchat, etc.), OVDs, MVPDs, radio stations, newspapers, outdoor advertising, and direct mail, among others.
The qualified retirement plans also had $1.562 billion in total net assets available, or underfunded by approximately $175.5 million, to pay benefits to participants enrolled in the plans as of December 31, 2022. Nexstar was not required and did not make contributions to its qualified pension benefit plans in 2022.
The qualified retirement plans also had $1.5 billion in total net assets available, or underfunded by approximately $171 million, to pay benefits to participants enrolled in the plans as of December 31, 2023. Nexstar was not required and did not make contributions to its qualified pension benefit plans in 2023.
We seek to grow our revenue, operating income, EBITDA and cash flow by continuing to provide high quality content that attracts and engages audiences as our reach and consumer engagement are important to our distribution partners and advertisers.
We seek to grow our revenue, net income, EBITDA and cash flow by continuing to provide high quality programming that attracts and engages audiences as our reach and consumer engagement are important to our distribution partners and advertisers.
Our and our partners’ 200 broadcast stations in 116 local markets reach approximately 68% of U.S. television households (without applying the FCC UHF discount), which local reach is augmented by the national reach we have via our broadcast network, The CW, and our cable news network, NewsNation.
Our and our partners’ over 200 broadcast stations in 117 local markets reach approximately 70% of U.S. television households (without applying the FCC UHF discount), which local reach is augmented by the national reach we have via our broadcast network, The CW, and our cable news network, NewsNation.
Our market diversity allows us to give our employees room to grow and progress in their careers. Our management team supports a culture of developing future leaders from our existing workforce, enabling us to promote from within for many leadership positions. As of December 31, 2022, our voluntary retention rate for employees was approximately 78%.
Our market diversity allows us to give our employees room to grow and progress in their careers. Our management team supports a culture of developing future leaders from our existing workforce, enabling us to promote from within for many leadership positions. As of December 31, 2023, our voluntary retention rate for employees was approximately 82%. Compensation and Benefits.
Nexstar also has non-contributory unfunded supplemental executive retirement and ERISA excess plans which supplement the coverage of the defined benefit retirement plans to certain employees and former employees. During 2022, Nexstar contributed $4.1 million to these plans. As of December 31, 2022, the total liability was $41.4 million.
Nexstar also has non-contributory unfunded supplemental executive retirement and ERISA excess plans which supplement the coverage of the defined benefit retirement plans to certain employees and former employees. During 2023, Nexstar contributed $4 million to these plans. As of December 31, 2023, the total liability was $40 million.
The FCC is required to grant an application for license renewal if during the preceding term the station served the public interest, the licensee did not commit any serious violations of the Communications Act or the FCC’s rules, and the licensee committed no other violations of the Communications Act or the FCC’s rules which, taken together, would constitute a pattern of abuse.
The FCC generally grants an application for license renewal if, during the preceding term, the station served the public interest, the licensee did not commit any serious violations of the Communications Act or the FCC’s rules, and the licensee committed no other violations of the Communications Act or the FCC’s rules which, taken together, would constitute a pattern of abuse.
During the third quarter of 2016, Tribune filed a petition in U.S. Tax Court to contest the IRS’s determination. After-tax interest on the aforementioned proposed tax and penalty through December 31, 2022 would be approximately $158.0 million.
During the third quarter of 2016, Tribune filed a petition in U.S. Tax Court to contest the IRS’s determination. After-tax interest on the aforementioned proposed tax and penalty through December 31, 2023 would be approximately $191 million.
Specifically, The CW, our broadcast television network, competes with other broadcast networks and other distribution technologies for viewers and NewsNation, our growing national cable news network, competes with other established national news networks such as CNN, FOX News and MSNBC for viewers. Programming .
The CW, our broadcast television network, competes with other broadcast networks and other video programming for viewers and NewsNation, our growing national cable news network, competes with other established national news networks such as CNN, FOX News and MSNBC for viewers. Programming .
(19) 6/1/2029 8 Market Rank (1) Market Status (2) Full Power Stations Primary Affiliation (3) Low Power Stations / Multicast Channels Other Affiliation (3)(4) FCC License Expiration Date 51 Providence, RI O&O LSA WPRI WNAC (5) CBS FOX WPRI-D2, D3, D4 WNAC-D2, D3, D4 MNTV, True Crime, Dabl The CW, Rewind TV, Antenna TV 4/1/2023 4/1/2023 52 Memphis, TN O&O WREG CBS WREG-D2, D3 News3, Antenna TV 8/1/2029 53 Fresno, CA O&O O&O KSEE KGPE NBC CBS KSEE-D2, D3, D4 KGPE-D2, D3, D4 Bounce, GRIT, Rewind TV ION Mystery, TheGrio, Court TV (19) 54 Buffalo, NY O&O O&O WIVB (7) WNLO CBS The CW WIVB-D2 WNLO-D2 QVC Rewind TV 6/1/2023 6/1/2023 56 Richmond, VA O&O WRIC ABC WRIC-D2, D3, D4 Rewind TV, Cozi TV, Laff 10/1/2028 57 Wilkes Barre, PA O&O LSA WBRE WYOU (5) NBC CBS WBRE-D2, D3, D4 WYOU-D2, D3, D4 Laff, Rewind TV, True Crime ION Mystery, Twist, Cozi TV 8/1/2023 8/1/2023 58 Mobile, AL O&O O&O WKRG WFNA CBS The CW WKRG-D2, D3, D4 WFNA-D2, D3, D4 ION, MeTV, Court TV Bounce, True Crime, GRIT 4/1/2029 4/1/2029 59 Albany, NY O&O LSA WTEN WXXA (5) ABC FOX WTEN-D2, D3, D4 WXXA-D2, D3, D4, D5 Cozi TV, Antenna TV, ION Mystery OTB-TV, Laff, Rewind TV, True Crime 6/1/2023 6/1/2023 60 Little Rock, AR O&O O&O LSA LSA KARK KARZ KLRT (5) KASN (5) NBC MNTV FOX The CW KARK-D2, D3, D4 KARZ-D2 KLRT-D2 KASN-D2, D3, D4, D5 Laff, GRIT, Antenna TV Bounce ION Mystery Rewind TV, ION, Defy, TrueReal 6/1/2029 6/1/2029 6/1/2029 6/1/2029 61 Knoxville, TN O&O WATE ABC WATE-D2, D3, D4 Antenna TV, Rewind TV, Cozi TV 8/1/2029 63 Lexington, KY O&O WDKY FOX WDKY-D2, D3, D4 Rewind TV, Charge, TBD 8/1/2029 64 Dayton, OH O&O LSA WDTN WBDT (7)(10) NBC The CW WDTN-D2, D3 WBDT-D2 ION Mystery, ION Bounce 10/1/2029 10/1/2029 66 Honolulu, HI O&O O&O O&O O&O O&O O&O KHON KHAW (11) KAII (11) KGMD (11) KGMV (11) KHII FOX FOX FOX MNTV MNTV MNTV KHON-D2, D3, D4 KHAW-D2, D3, D4 KAII-D2, D3, D4 The CW, GRIT, Rewind TV The CW, GRIT, Rewind TV The CW, GRIT, Rewind TV 2/1/2023 2/1/2023 2/1/2023 2/1/2023 2/1/2023 2/1/2023 68 Des Moines, IA O&O WHO NBC WHO-D2, D3, D4 Rewind TV, Antenna TV, Court TV 2/1/2030 69 Green Bay, WI O&O WFRV CBS WFRV-D2, D3, D4 Bounce, True Crime, Rewind TV 12/1/2029 70 Wichita, KS O&O O&O O&O O&O O&O KSNW KSNC (12) KSNG (12) KSNK (12) NBC NBC NBC NBC KSNW-D2, D3, D4 KSNG-D2 KSNL-LD Telemundo, ION, True Crime Telemundo NBC 6/1/2030 (19) (19) (19) (19) 6/1/2030 71 Roanoke, VA O&O O&O WFXR WWCW FOX The CW WFXR-D2, D3, D4 WWCW-D2, D3, D4 The CW, Bounce, Quest FOX, Rewind TV, GRIT 10/1/2028 10/1/2028 75 Springfield, MO O&O O&O LSA KRBK KOZL KOLR (5) FOX MNTV CBS KRBK-D2, D3, D4 KOZL-D2, D3, D4 KOLR-D2, D3, D4 Antenna TV, Dabl, ION ION Mystery, Bounce, Rewind TV Laff, GRIT, ShopLC (19) 2/1/2030 2/1/2030 77 Rochester, NY O&O WROC CBS WROC-D2, D3, D4 Bounce, Laff, ION Mystery 6/1/2023 79 Charleston, WV O&O WOWK CBS WOWK-D2, D3, D4 ION Mystery, Laff, Rewind TV 10/1/2028 81 Huntsville, AL O&O O&O WHNT WHDF CBS The CW WHNT-D2, D3 WHDF-D2, D3, D4 The CW, Antenna TV Court TV, Rewind TV, HSN 4/1/2029 4/1/2029 82 Waco-Bryan, TX O&O O&O KWKT KYLE FOX MNTV KWKT-D2, D3, D4 KYLE-D2, D3, D4 MNTV, Antenna TV, Bounce FOX, Antenna TV, Laff (19) 83 Brownsville, TX O&O O&O KVEO KGBT NBC MNTV KVEO-D2 KGBT-D2, D3, D4, D5, D6 CBS Rewind TV, Comet, Estrella, ION Mystery, GRIT 8/1/2030 (19) 85 Syracuse, NY O&O WSYR ABC WSYR-D2, D3, D4 Antenna TV, Bounce, Laff 6/1/2023 86 Colorado Springs, CO O&O O&O KXRM FOX KXRM-D2, D3, D4 KXTU-LD, D2, D3, D4 The CW, ION, ION Mystery The CW, Bounce, Laff, Antenna TV (19) 87 Savannah, GA O&O WSAV NBC WSAV-D2, D3, D4 The CW, Court TV/MNTV, Laff (19) 88 Charleston, SC O&O WCBD NBC WCBD-D2, D3, D4 The CW, ION, Laff 12/1/2028 89 Shreveport, LA O&O O&O LSA KTAL KSHV KMSS (5) NBC MNTV FOX KTAL-D2, D3, D4 KSHV-D2, D3, D4 KMSS-D2 Laff, Cozi TV, HSN ION Mystery, ION, Quest Rewind TV (19) 6/1/2029 6/1/2029 90 Champaign, IL O&O O&O WCIA WCIX CBS MNTV WCIA-D2, D3, D4 WCIX-D2, D3, D4 MNTV, Bounce, GRIT CBS, ION Mystery, Laff (19) 12/1/2029 91 El Paso, TX O&O KTSM NBC KTSM-D2, D3, D4 Estrella, ION Mystery, Laff (19) 9 Market Rank (1) Market Status (2) Full Power Stations Primary Affiliation (3) Low Power Stations / Multicast Channels Other Affiliation (3)(4) FCC License Expiration Date 94 Burlington, VT O&O LSA WFFF WVNY (5) FOX ABC WFFF-D2, D3,D4 WVNY-D2, D3, D4 ION Mystery, Bounce, Antenna TV Laff, GRIT, Quest 4/1/2023 4/1/2023 95 Baton Rouge, LA O&O O&O O&O LSA WGMB WVLA (13) FOX NBC WGMB-D2, D3 WBRL-CD KZUP-CD WVLA-D2, D3 The CW, Cozi TV The CW Independent Laff, ION 6/1/2029 (19) 6/1/2029 6/1/2029 96 Jackson, MS O&O WJTV CBS WJTV-D2, D3, D4 The CW, ION, Court TV 6/1/2029 97 Fayetteville, AR O&O O&O O&O KFTA KNWA KXNW FOX NBC MNTV KFTA-D2, D3, D4, D5 KNWA-D2, D3, D4 KXNW-D2, D3, D4 NBC, ION Mystery, True Real, MNTV FOX, Laff, GRIT Rewind TV, Comet, Bounce (19) (19) 6/1/2029 100 Myrtle Beach-Florence, SC O&O WBTW CBS WBTW-D2, D3, D4 MNTV/Antenna TV, ION, ION Mystery 12/1/2028 101 Tri-Cities, TN-VA O&O WJHL CBS WJHL-D2, D3 ABC, Antenna TV 8/1/2029 103 Greenville, NC O&O WNCT CBS WNCT-D2, D3, D4 The CW, True Crime, ION Mystery 12/1/2027 104 Quad Cities, IL O&O O&O LSA WHBF KGCW KLJB (5) CBS The CW FOX WHBF-D2, D3, D4 KGCW-D2, D3, D4 KLJB-D2, D3, D4 Court TV, GRIT, ION Mystery ThisTV, Laff, CBS MeTV, Rewind TV, Bounce 12/1/2029 2/1/2030 (19) 107 Evansville, IN O&O LSA WEHT WTVW (5) ABC The CW WEHT-D2, D3, D4 WTVW-D2, D3, D4 Laff, Cozi TV, Rewind TV Bounce, ION Mystery, ION 8/1/2029 8/1/2029 108 Ft.
(23) 6/1/2029 52 Fresno, CA O&O O&O KSEE KGPE NBC CBS KSEE-D2, D3, D4 KGPE-D2, D3, D4 Bounce, GRIT, Rewind TV ION Mystery, TheGrio, Court TV (23) 53 Providence, RI O&O LSA WPRI WNAC (5) CBS FOX WPRI-D2, D3, D4 WNAC-D2, D3, D4 MNTV, True Crime, Dabl The CW, Rewind TV, Antenna TV (23) 54 Buffalo, NY O&O O&O WIVB (9) WNLO CBS The CW WIVB-D2 WNLO-D2 QVC Rewind TV (23) 56 Richmond, VA O&O WRIC ABC WRIC-D2, D3, D4 Rewind TV, Cozi TV, Laff 10/1/2028 57 Mobile, AL O&O O&O WKRG WFNA CBS The CW WKRG-D2, D3, D4 WFNA-D2, D3, D4 ION, MeTV, Court TV Bounce, True Crime, GRIT 4/1/2029 4/1/2029 58 Wilkes Barre, PA O&O LSA WBRE WYOU (5) NBC CBS WBRE-D2, D3, D4 WYOU-D2, D3, D4 Laff, Rewind TV, True Crime ION Mystery, getTV, Cozi TV (23) 59 Little Rock, AR O&O O&O LSA LSA KARK KARZ KLRT (5) KASN (5) NBC MNTV FOX The CW KARK-D2, D3, D4 KARZ-D2 KLRT-D2 KASN-D2, D3, D4, D5 Laff, GRIT, Antenna TV Bounce ION Mystery Rewind TV, ION, Defy, GRIT 6/1/2029 6/1/2029 6/1/2029 6/1/2029 60 Albany, NY O&O LSA WTEN WXXA (5) ABC FOX WTEN-D2, D3, D4 WXXA-D2, D3, D4, D5 Cozi TV, Antenna TV, ION Mystery OTB-TV, GRIT, Rewind TV, True Crime (23) 61 Knoxville, TN O&O WATE ABC WATE-D2, D3, D4 Antenna TV, Rewind TV, Cozi TV 8/1/2029 63 Lexington, KY O&O WDKY FOX WDKY-D2, D3, D4 Rewind TV, Charge!, Comet 8/1/2029 66 Dayton, OH O&O LSA WDTN WBDT (9)(14) NBC The CW WDTN-D2, D3 WBDT-D2 ION Mystery, ION Bounce 10/1/2029 10/1/2029 67 Des Moines, IA O&O WHO NBC WHO-D2, D3, D4 Rewind TV, Antenna TV, Iowa’s Weather Channel 2/1/2030 68 Honolulu, HI O&O O&O O&O O&O O&O O&O KHON KHAW (15) KAII (15) KGMD (15) KGMV (15) KHII FOX FOX FOX MNTV MNTV MNTV KHON-D2, D3, D4 KHAW-D2, D3, D4 KAII-D2, D3, D4 The CW, GRIT, Rewind TV The CW, GRIT, Rewind TV The CW, GRIT, Rewind TV (23) 69 Green Bay, WI O&O WFRV CBS WFRV-D2, D3, D4 Bounce, True Crime, Rewind TV 12/1/2029 70 Roanoke, VA O&O O&O WFXR WWCW FOX The CW WFXR-D2, D3, D4 WWCW-D2, D3, D4 The CW, Bounce, Quest FOX, Rewind TV, GRIT 10/1/2028 10/1/2028 72 Wichita, KS O&O O&O O&O O&O O&O KSNW KSNC (16) KSNG (16) KSNK (16) NBC NBC NBC NBC KSNW-D2, D3, D4 KSNG-D2 KSNL-LD Telemundo, ION, True Crime Telemundo NBC 6/1/2030 (23) (23) (23) 6/1/2030 73 Springfield, MO O&O O&O LSA KRBK KOZL KOLR (5) FOX MNTV CBS KRBK-D2, D3, D4 KOZL-D2, D3, D4 KOLR-D2, D3, D4 Antenna TV, Dabl, ION ION Mystery, Bounce, Rewind TV Laff, GRIT, ShopLC (23) 2/1/2030 2/1/2030 76 Rochester, NY O&O WROC CBS WROC-D2, D3, D4 Bounce, GRIT, ION Mystery (23) 79 Charleston, WV O&O WOWK CBS WOWK-D2, D3, D4 ION Mystery, GRIT, Rewind TV 10/1/2028 81 Huntsville, AL O&O O&O WHNT WHDF CBS The CW WHNT-D2, D3 WHDF-D2, D3, D4 The CW, Antenna TV Court TV, Rewind TV, Charge! 4/1/2029 4/1/2029 82 Brownsville, TX O&O O&O KVEO KGBT NBC MNTV KVEO-D2 KGBT-D2, D3, D4, D5, D6 CBS Rewind TV, Comet, Estrella, ION Mystery, GRIT 8/1/2030 (23) 83 Waco-Bryan, TX O&O O&O KWKT KYLE FOX MNTV KWKT-D2, D3, D4 KYLE-D2, D3, D4 MNTV, Antenna TV, Bounce FOX, Antenna TV, Laff (23) 85 Savannah, GA O&O WSAV NBC WSAV-D2, D3, D4 The CW, Court TV/MNTV, Laff (23) 86 Colorado Springs, CO O&O O&O KXRM FOX KXRM-D2, D3, D4 KXTU-LD, D2, D3, D4 The CW, ION, ION Mystery The CW, Bounce, Laff, Antenna TV (23) 87 Syracuse, NY O&O WSYR ABC WSYR-D2, D3, D4 Antenna TV, Bounce, Laff (23) 88 Charleston, SC O&O WCBD NBC WCBD-D2, D3, D4 The CW, ION, Laff 12/1/2028 89 El Paso, TX O&O KTSM NBC KTSM-D2, D3, D4 Estrella, ION Mystery, Laff (23) 91 Champaign, IL O&O O&O WCIA WCIX CBS MNTV WCIA-D2, D3, D4 WCIX-D2, D3, D4 MNTV, Bounce, GRIT CBS, ION Mystery, Laff (23) 12/1/2029 92 Shreveport, LA O&O O&O LSA KTAL KSHV KMSS (5) NBC MNTV FOX KTAL-D2, D3, D4 KSHV-D2, D3, D4 KMSS-D2 Laff, Cozi TV, HSN ION Mystery, ION, Quest Rewind TV (23) 6/1/2029 6/1/2029 8 Market Rank (1) Market Status (2) Full Power Stations Primary Affiliation (3) Low Power Stations / Multicast Channels Other Affiliation (3)(4) FCC License Expiration Date 93 Burlington, VT O&O LSA WFFF WVNY (5) FOX ABC WFFF-D2, D3,D4 WVNY-D2, D3, D4 ION Mystery, Bounce, Antenna TV Laff, GRIT, Quest (23) 95 Baton Rouge, LA O&O O&O O&O LSA WGMB WVLA (17) FOX NBC WGMB-D2, D3 WBRL-CD KZUP-CD WVLA-D2, D3 The CW, Cozi TV The CW Independent Laff, ION 6/1/2029 (23) 6/1/2029 6/1/2029 96 Fayetteville, AR O&O O&O O&O KFTA KNWA KXNW FOX NBC MNTV KFTA-D2, D3, D4, D5 KNWA-D2, D3, D4 KXNW-D2, D3, D4 NBC, ION Mystery, Court TV, MNTV FOX, Laff, GRIT Rewind TV, Comet, Bounce (23) (23) 6/1/2029 98 Jackson, MS O&O WJTV CBS WJTV-D2, D3, D4 The CW, ION, Court TV 6/1/2029 99 Myrtle Beach-Florence, SC O&O WBTW CBS WBTW-D2, D3, D4 MNTV/Antenna TV, ION, ION Mystery 12/1/2028 101 Tri-Cities, TN-VA O&O WJHL CBS WJHL-D2, D3 ABC, Antenna TV 8/1/2029 102 Greenville, NC O&O WNCT CBS WNCT-D2, D3, D4 The CW, Rewind TV, ION Mystery 12/1/2028 104 Quad Cities, IL O&O O&O LSA WHBF KGCW KLJB (5) CBS The CW FOX WHBF-D2, D3, D4 KGCW-D2, D3, D4 KLJB-D2, D3, D4 Court TV, GRIT, ION Mystery ThisTV, Laff, CBS MeTV, Rewind TV, Bounce 12/1/2029 2/1/2030 (23) 107 Evansville, IN O&O LSA WEHT WTVW (5) ABC The CW WEHT-D2, D3, D4 WTVW-D2, D3, D4 Laff, Cozi TV, Rewind TV Bounce, ION Mystery, ION 8/1/2029 8/1/2029 108 Ft.
In addition, we have implemented Employee Resource Groups in the categories of Latinx, Women, African American, Veterans and LGBTQ+. These groups are designed to bring together employees who share similar cultures, backgrounds, and/or interests, as well as those employees who wish to provide support to that group. Training and Mentorship .
In addition, we have five Employee Resource Groups in the categories of Latinx, Women, African American, Veterans and LGBTQ+ designed to bring together employees who share similar cultures, backgrounds, and/or interests, as well as those employees who wish to provide support to that group.
In January 2023, our board of directors approved a 50% increase in the quarterly cash dividend to $1.35 per share beginning with the dividend declared in the first quarter of 2023. We expect to continue to pay quarterly cash dividends at the rate set forth in our current dividend policy.
In January 2024, our board of directors approved a 25% increase in the quarterly cash dividend to $1.69 per share beginning with the dividend declared in the first quarter of 2024. We expect to continue to pay quarterly cash dividends at the rate set forth in our current dividend policy.
Additionally, our television acquisitions over the past several years have significantly increased our national audience reach to a level that approaches national television ownership limits imposed by the Communications Act and FCC rules.
Additionally, our television acquisitions over the past several years have significantly increased our national audience reach to a level that is at the national television ownership limit imposed by the Communications Act and FCC rules.
If the earnings or losses of and distributions from our equity investments are material in any year, those earnings or losses and distributions may have a material effect on our net income, cash flows, financial condition and liquidity.
If the change in earnings and distributions from our equity investments are material in any year, those changes may have a material effect on our net income, cash flows, financial condition and liquidity.
A default could allow creditors to accelerate the related debt as well as any other debt to which a cross-acceleration or cross-default provision applies. A default could also allow creditors to foreclose on any collateral securing such debt.
A default could allow creditors to accelerate the related debt as well as any other debt to which a cross-acceleration or cross-default provision applies. A default could also allow creditors to foreclose on any collateral securing such debt. The Company could also incur additional debt in the future.
In addition, Nexstar’s senior secured credit facility requires us to maintain or meet certain financial ratios, including a maximum consolidated first lien net leverage ratio. Future financing agreements may contain similar, or even more restrictive, provisions and covenants.
Nexstar’s senior secured credit facility requires us to maintain or meet certain financial ratios, including a maximum consolidated first lien net leverage ratio of 4.25 to 1.00. Future financing agreements may contain similar, or even more restrictive, provisions and covenants.
As a result, the VIEs’ boards of directors and officers can make decisions with which we disagree and which could reduce the cash flow generated by these stations and, as a consequence, the amounts we receive under our local service agreements with the VIEs.
As a result, the VIEs’ boards of directors and officers can make decisions with which we disagree and which could reduce the cash flow generated by these stations and, as a consequence, the amounts we receive under our local service agreements with the VIEs. Future impairment charges could adversely affect our operating results .
In order to renew certain of our affiliation agreements we may be required to make cash payments to the network and to accept other material modifications of existing affiliation agreements.
In order to renew certain of our affiliation agreements, we may be required to make increased payments to the networks and to accept other modifications of existing affiliation agreements.
(8) KNVA is owned by 54 Broadcasting, a subsidiary of Vaughan Media LLC (“Vaughan”). (9) KREZ and KBIM operate as satellite stations of KRQE. (10) These stations and related multicast channels are owned by Vaughan. (11) KHAW and KAII operate as satellite stations of KHON. KGMD and KGMV are satellites of KHII.
(12) KNVA is owned by 54 Broadcasting, a subsidiary of Vaughan Media LLC (“Vaughan”). (13) KREZ and KBIM operate as satellite stations of KRQE. (14) These stations and related multicast channels are owned by Vaughan. (15) KHAW and KAII operate as satellite stations of KHON. KGMD and KGMV are satellites of KHII.
Louis, MO O&O O&O KTVI KPLR FOX The CW KTVI-D2, D3, D4 KPLR-D2, D3, D4 Antenna TV, ION Mystery, Dabl Court TV, Comet, Rewind TV (19) 2/1/2030 25 Indianapolis, IN O&O O&O O&O WTTV WTTK WXIN CBS CBS FOX WTTV-D2, D3, D4 WTTK-D2, D3 WXIN-D2, D3, D4 Independent, Comet, TBD Independent, Cozi TV Antenna TV, Court TV, Charge! 8/1/2029 8/1/2029 8/1/2029 27 Nashville, TN O&O WKRN ABC WKRN-D2, D3, D4 ION Mystery, True Crime, Rewind TV 8/1/2029 29 Salt Lake City, UT O&O O&O KTVX KUCW ABC The CW KTVX-D2, D3, D4 KUCW-D2, D3, D4 MeTV, Rewind TV, The Grio ION Mystery, Quest, HSN (19) 30 San Diego, CA O&O KSWB FOX KSWB-D2, D3, D4 Antenna TV, Court TV, ION, Rewind TV (19) 32 Columbus, OH O&O WCMH NBC WCMH-D2, D3, D4 Court TV, ION, Laff 10/1/2029 33 Kansas City, MO O&O WDAF FOX WDAF-D2, D3, D4 Antenna TV, Court TV, TBD (19) 34 New Haven, CT O&O O&O WTNH WCTX (7) ABC MNTV WTNH-D2 WCTX-D2 Rewind TV Comet 4/1/2023 4/1/2023 35 Austin, TX O&O O&O LSA KXAN KBVO KNVA (8) NBC MNTV The CW KXAN-D2, D3, D4 KBVO-D2, D3, D4 KNVA-D2, D3, D4 Cozi TV, ION, Rewind TV Bounce, Antenna TV, Defy GRIT, Laff, Court TV (19) (19) 8/1/2030 37 Spartanburg, SC O&O O&O WSPA WYCW (7) CBS The CW WSPA-D3 WYCW-D3 ION True Crime 12/1/2028 12/1/2028 40 Las Vegas, NV O&O KLAS CBS KLAS-D2, D3, D4 Rewind TV, getTV, ShopLC (19) 42 Grand Rapids, MI O&O O&O O&O WOOD WOTV NBC ABC WOOD-D2, D3 WOTV-D2, D3, D4 WXSP-CD, D2, D3 Rewind TV, TheGrio Dabl, Charge, Weather MNTV, Cozi TV, Comet 10/1/2029 10/1/2029 10/1/2029 43 Harrisburg, PA O&O WHTM ABC WHTM-D2, D3, D4, D5 ION, GRIT, Laff, WLYH 8/1/2023 44 Portsmouth, VA O&O O&O WAVY WVBT NBC FOX WAVY-D2, D3, D4 WVBT-D2, D3 Stadium, getTV, ShopLC Cozi TV, Rewind TV 10/1/2028 10/1/2028 45 Birmingham, AL O&O WIAT CBS WIAT-D2, D3, D4 ION Mystery, True Crime, TrueReal 4/1/2029 46 Oklahoma City, OK O&O O&O KFOR KAUT NBC Independent KFOR-D2, D3, D4 KAUT-D2, D3, D4 Antenna TV, True Crime, Dabl Court TV, ION Mystery, Cozi TV (19) 47 Greensboro, NC O&O WGHP FOX WGHP-D2, D3, D4 Antenna TV, Court TV, Dabl 12/1/2028 49 Albuquerque, NM O&O O&O O&O LSA LSA LSA KRQE KREZ (9) KBIM (9) KRWB (5) KWBQ (5) KASY (5) CBS CBS CBS The CW The CW MNTV KRQE-D2, D3 KREZ-D2 KBIM-D2 KRWB-D2 KWBQ-D2, D3, D4, D5 KASY-D2, D3, D4, D5 FOX, Bounce FOX FOX MNTV GRIT, Laff, ION, Rewind TV ION Mystery, getTV, Court TV, Antenna TV (19) 50 New Orleans, LA O&O O&O WGNO WNOL ABC The CW WGNO-D2, D3, D4 WNOL-D2, D3, D4 Antenna TV, Rewind TV, TBD Court TV, Comet, Charge!
Louis, MO O&O O&O KTVI KPLR FOX The CW KTVI-D2, D3, D4 KPLR-D2, D3, D4 Antenna TV, GRIT, Dabl Court TV, Comet, Rewind TV (23) 2/1/2030 25 Indianapolis, IN O&O O&O O&O WTTV WTTK WXIN CBS CBS FOX WTTV-D2, D3, D4 WTTK-D2, D3 WXIN-D2, D3, D4 Independent, Comet, TBD Independent, Cozi TV Antenna TV, Rewind TV, Charge! 8/1/2029 8/1/2029 8/1/2029 26 Nashville, TN O&O WKRN ABC WKRN-D2, D3, D4 ION Mystery, True Crime, Rewind TV 8/1/2029 27 Salt Lake City, UT O&O O&O KTVX KUCW ABC The CW KTVX-D2, D3, D4 KUCW-D2, D3, D4 MeTV, Rewind TV, TheGrio ION Mystery, Quest, ShopLC (23) 30 San Diego, CA O&O O&O KSWB KUSI (11) FOX Independent KSWB-D2, D3, D4 KUSI-D2 Antenna TV, Court TV, ION Rewind TV (23) 12/1/2030 32 New Haven, CT O&O O&O WTNH WCTX (9) ABC MNTV WTNH-D2 WCTX-D2 Rewind TV Comet (23) 33 Columbus, OH O&O WCMH NBC WCMH-D2, D3, D4 GRIT, ION, Laff 10/1/2029 34 Kansas City, MO O&O WDAF FOX WDAF-D2, D3, D4 Antenna TV, Rewind TV, TBD (23) 35 Austin, TX O&O O&O LSA KXAN KBVO KNVA (12) NBC MNTV The CW KXAN-D2, D3, D4 KBVO-D2, D3, D4 KNVA-D2, D3, D4 Cozi TV, ION, Rewind TV, Defy Bounce, Antenna TV, Defy GRIT, Laff, Court TV (23) (23) 8/1/2030 36 Spartanburg, SC O&O O&O WSPA WYCW (9) CBS The CW WSPA-D3 WYCW-D3 ION Rewind TV 12/1/2028 12/1/2028 40 Las Vegas, NV O&O KLAS CBS KLAS-D2, D3, D4 Rewind TV, getTV, ShopLC (23) 42 Grand Rapids, MI O&O O&O O&O WOOD WOTV NBC ABC WOOD-D2, D3 WOTV-D2, D3, D4 WXSP-CD, D2, D3 Rewind TV, TheGrio The CW, Charge!, DABL MNTV, Nest, Comet 10/1/2029 10/1/2029 10/1/2029 43 Portsmouth, VA O&O O&O WAVY WVBT NBC FOX WAVY-D2, D3, D4 WVBT-D2, D3 Nest, getTV, ShopLC Cozi TV, Rewind TV 10/1/2028 10/1/2028 44 Harrisburg, PA O&O WHTM ABC WHTM-D2, D3, D4, D5 ION, GRIT, Laff, WLYH (23) 45 Greensboro, NC O&O WGHP FOX WGHP-D2, D3, D4 Antenna TV, GRIT, Dabl 12/1/2028 46 Birmingham, AL O&O WIAT CBS WIAT-D2, D3, D4 ION Mystery, GRIT, Defy 4/1/2029 47 Oklahoma City, OK O&O O&O KFOR KAUT (6) NBC The CW KFOR-D2, D3, D4 KAUT-D2, D3, D4 Antenna TV, True Crime, Dabl Rewind TV, ION Mystery, Cozi TV (23) 49 Albuquerque, NM O&O O&O O&O LSA LSA LSA KRQE KREZ (13) KBIM (13) KRWB (5) KWBQ (5) KASY (5) CBS CBS CBS The CW The CW MNTV KRQE-D2, D3 KREZ-D2 KBIM-D2 KRWB-D2 KWBQ-D2, D3, D4, D5 KASY-D2, D3, D4, D5 FOX, Bounce FOX FOX MNTV GRIT, Laff, ION, Rewind TV ION Mystery, getTV, Court TV, Antenna TV (23) 50 Memphis, TN O&O WREG CBS WREG-D2, D3 News3, Antenna TV 8/1/2029 7 Market Rank (1) Market Status (2) Full Power Stations Primary Affiliation (3) Low Power Stations / Multicast Channels Other Affiliation (3)(4) FCC License Expiration Date 51 New Orleans, LA O&O O&O WGNO WNOL ABC The CW WGNO-D2, D3, D4 WNOL-D2, D3, D4 Antenna TV, Rewind TV, TBD GRIT, Comet, Charge!
The FCC has open proceedings to determine whether to standardize TV stations’ reporting of programming responsive to local needs and interests; whether to modify its network non-duplication and syndicated exclusivity rules; whether to modify its standards for “good faith” retransmission consent negotiations; and whether to broaden the definition of “MVPD” to include online video programming distributors.
The FCC has open proceedings to determine whether to standardize TV stations’ reporting of programming responsive to local needs and interests; whether to modify its network non-duplication and syndicated exclusivity rules; whether to modify its standards for “good faith” retransmission consent negotiations; whether to broaden the definition of “MVPD” to include online video programming distributors; and the appropriate substance and scope of its indecency enforcement policy; and the FCC has initiated a review of the broadcast ownership rules.
The Company’s ability to service its debt depends on its ability to generate the necessary cash flow. Generation of the necessary cash flow is partially subject to general economic, financial, competitive, legislative, regulatory and other factors that are beyond the Company’s control.
We may not be able to generate sufficient cash flow to meet our debt service requirements. The Company’s ability to service its debt depends on its ability to generate the necessary cash flow. Generation of the necessary cash flow is partially subject to general economic, financial, competitive, legislative, regulatory and other factors that are beyond the Company’s control.
According to Nielsen, The CW Network reaches 123.8 million television households, equal to the reach of the ABC, CBS, FOX and NBC broadcast networks and NewsNation reaches 70 million television households virtually equivalent to the reach of CNN and Fox News and greater than the reach of MSNBC.
According to Nielsen, The CW Network reaches 125 million television households, equal to the reach of the ABC, CBS, FOX and NBC broadcast networks, and NewsNation reaches approximately 69 million television households, virtually equivalent to the reach of CNN, Fox News and MSNBC.
The next election must be made by October 1, 2023 and will be effective January 1, 2024. Must-carry elections require that the MVPD carry one station programming stream and related data in the station’s local market. However, MVPDs may decline a must-carry election in certain circumstances. MVPDs do not pay a fee to stations that elect mandatory carriage.
The next election must be made by October 1, 2026 and will be effective January 1, 2027. Mandatory carriage elections require that the MVPD carry one station programming stream and related data in the station’s local market, subject to limited exceptions. MVPDs do not pay a fee to stations that elect mandatory carriage.
As of December 31, 2022, all of the VIEs and their stations are 100% owned by independent third parties. In compliance with FCC regulations for all the parties, the VIEs maintain complete responsibility for and control over programming, finances, personnel and operations of their stations. However, for the consolidated VIEs, we are deemed under U.S.
In compliance with FCC regulations for all the parties, all VIEs maintain complete responsibility for and control over programming, finances, personnel and operations of their stations. For the consolidated VIEs, we are deemed under U.S.
The Tax Court issued a separate opinion on January 6, 2020 holding that the IRS satisfied the procedural requirements for the imposition of the gross valuation misstatement penalty. The judge deferred any litigation of the penalty until the tax issue has been resolved by the Tax Court.
The Tax Court issued a separate opinion on January 6, 2020 holding that the IRS satisfied the procedural requirements for the imposition of the gross valuation misstatement penalty. The judge deferred any litigation of the penalty until a final determination was reached by the Tax Court or Court of Appeals.
Intense competition in the television industry and alternative forms of media could limit our growth and profitability. As a television broadcasting company, we face a significant level of competition, both directly and indirectly. We generally compete for our audience against all the other leisure activities in which one could choose to engage rather than watch television.
As a television broadcasting company, we face a significant level of competition, both directly and indirectly. We compete for our audience against other video services in addition to all the other leisure activities in which one could choose to engage rather than watch television.
(12) KSNC, KSNG and KSNK operate as satellite stations of KSNW. (13) These stations and related multicast channels are owned by White Knight. (14) KDLO and KPLO operate as satellite stations of KELO. (15) WYZZ is owned by Cunningham Broadcasting Corporation. (16) WEUX operates as a satellite station of WLAX. (17) KXMB and KXMD operate as satellite stations of KXMC.
(16) KSNC, KSNG and KSNK operate as satellite stations of KSNW. (17) These stations and related multicast channels are owned by White Knight Broadcasting (“White Knight”). (18) KDLO and KPLO operate as satellite stations of KELO. (19) WYZZ is owned by Cunningham Broadcasting Corporation. (20) WEUX operates as a satellite station of WLAX.
As of December 31, 2022, $8.305 billion, or 65.5%, of the Company’s combined total assets consisted of goodwill and intangible assets, including FCC licenses and network affiliation agreements. During the fourth quarter of 2022, Nexstar recorded a $90.8 million goodwill impairment attributable to a digital business.
As of December 31, 2023, $8.0 billion, or 66.2%, of the Company’s combined total assets consisted of goodwill and intangible assets, including FCC licenses and network affiliation agreements. During the fourth quarter of 2023, Nexstar recorded a $35 million impairment of goodwill and finite-lived intangible assets attributable to a digital business.
If any of those risks occur, the Company’s business, financial condition and results of operations could suffer. The risks discussed below also include forward-looking statements, and the Company’s actual results may differ substantially from those discussed in these forward-looking statements. See “Cautionary Note Regarding Forward-Looking Statements” for further information.
The risks discussed below also include forward-looking statements, and the Company’s actual results may differ substantially from those discussed in these forward-looking statements. See “Cautionary Note Regarding Forward-Looking Statements” for further information.
Our business, financial condition or results of operations may be adversely affected as a result. Cybersecurity risks could affect the Company’s operating effectiveness. The Company uses computers in substantially all aspects of its business operations. Its revenues are increasingly dependent on digital products. Such use exposes the Company to potential cyber incidents resulting from deliberate attacks or unintentional events.
Our business, financial condition or results of operations may be adversely affected as a result. Cybersecurity risks could adversely affect the Company’s operating effectiveness and operating results. The Company uses computers in substantially all aspects of its business operations. Its revenues are increasingly dependent on digital products.
As part of this strategy, in January 2023, we announced a newly created advertising sales structure and leadership team designed to drive advertising sales across our diversified media portfolio by further emphasizing our client-first approach, combined with a new data-driven, multi-platform focus. Continue to Grow Distribution and Core and Political Advertising Revenues.
As part of this strategy, in 2023, we centralized our national advertising sales in house in order to drive advertising sales across our diversified media portfolio by further emphasizing our client-first approach, combined with a new data-driven, multi-platform focus. Continue to Grow Distribution and Advertising Revenues.
There can be no assurances concerning continuing dividend payments and any decrease or suspension of the dividend could cause our stock price to decline. Our common stockholders are only entitled to receive the dividends declared by our board of directors.
Any decrease in our dividend payments or suspension of our dividend payments or stock repurchases could cause our stock price to decline. Our common stockholders are only entitled to receive the dividends declared by our board of directors.
The changes in our work environment as a result of the COVID-19 pandemic could also impact the security of our systems, as well as our ability to protect against attacks and detect and respond to them quickly.
The changes in our work environment as a result of health-related events and the subsequent transition to increased remote work could also impact the security of our systems, as well as our ability to protect against attacks and detect and respond to them quickly.
Technological innovation and the resulting proliferation of television entertainment, such as cable television, wireless cable, satellite-to-home distribution services, pay-per-view, home video and entertainment systems and internet and mobile distribution of video programming have fractionalized television viewing audiences and have subjected free over-the-air television broadcast stations to increased competition.
Technological innovation and the resulting proliferation of television entertainment, such as streaming video, cable television, wireless cable, satellite-to-home distribution services, home video and entertainment systems and the internet have fractionalized television viewing audiences and have subjected television broadcast networks, cable networks and television stations to increased competition and declining viewership.
Based on our assessment of the Company’s deferred tax assets, we determined that as of December 31, 2022, based on projected future income, approximately $199.4 million of the Company’s deferred tax assets, net of valuation allowance, will more likely than not be realized in the future.
Based on our assessment of the Company’s deferred tax assets, we determined that as of December 31, 2023, based on projected future income, approximately $185 million of the Company’s deferred tax assets, net of valuation allowance, primarily related to NOLs attributable to a consolidated VIE, will more likely than not be realized in the future.
Nexstar sales employees also participate in a media sales training program provided by The Center for Sales Strategy, a third-party vendor. 18 Safety and Health . We value our employees and are committed to providing a safe and healthy workplace.
S elected Nexstar employees also participate in annual training to ensure understanding of antitrust laws and how they apply to Nexstar and media sales training program provided by The Center for Sales Strategy, a third-party vendor . Safety and Health . We are committed to providing a safe and healthy workplace for our employees.
We believe we are the largest local broadcasting company in the United States, generating $5.2 billion of revenue for the year ended December 31, 2022.
We are the largest local television broadcasting company in the United States, generating $4.9 billion of revenue for the year ended December 31, 2023.
If a shareholder of Nexstar holds a voting stock interest of 5% or more (20% or more in the case of certain passive investors, such as insurance companies and bank trust departments), we must report that shareholder, its parent entities, and attributable individuals and entities of both, as attributable interest holders in Nexstar. 15 The FCC multiple ownership rules currently applicable to television broadcasters are summarized below: Local Television Ownership (Duopoly) Rule .
If a shareholder of Nexstar holds a voting stock interest of 5% or more (20% or more in the case of certain passive investors), we must report that shareholder, its parent entities, and attributable individuals and entities of both, as attributable interest holders in Nexstar. Local Television Multiple Ownership (Duopoly) Rule .
For additional information on VIEs, see Note 2 to our Consolidated Financial Statements in Part IV, Item 15(a) of this Annual Report on Form 10-K. 7 The Stations The following chart sets forth general information about the television stations (full power, low power and multicast channels) we currently own, operate, program or provide sales and other services to: Market Rank (1) Market Status (2) Full Power Stations Primary Affiliation (3) Low Power Stations / Multicast Channels Other Affiliation (3)(4) FCC License Expiration Date 1 New York, NY LSA WPIX (5) The CW WPIX-D2, D3, D4, D5 Antenna TV, Court TV, Rewind TV, QVC 6/1/2023 2 Los Angeles, CA O&O KTLA The CW KTLA-D2, D3, D4, D5 Antenna TV, Court TV, TBD, Rewind TV (19) 3 Chicago, IL O&O WGN Independent WGN-D2, D3, D4, D5 Antenna TV, GRIT, Rewind TV, TBD 4/1/2030 4 Philadelphia, PA O&O WPHL MNTV WPHL-D2, D3, D4 Antenna TV, Court TV, Comet 8/1/2023 5 Dallas, TX O&O KDAF The CW KDAF-D2, D3, D4, D5 Antenna TV, Court TV, Charge!, Rewind TV 8/1/2030 7 Houston, TX O&O KIAH The CW KIAH-D2, D3, D4, D5 Antenna TV, Comet, TBD, Court TV (19) 8 DC/Hagerstown, MD O&O O&O WDCW WDVM (6) The CW Independent WDCW-D2, D3, D4 WDVM-D2, D3, D4 Antenna TV, WDVM, Univision ION Mystery, Rewind TV, HSN 10/1/2028 10/1/2028 10 San Francisco, CA O&O KRON MNTV KRON-D2, D3, D4, D5 Antenna TV, Rewind TV, Quest, ShopLC (19) 13 Tampa, FL O&O O&O WFLA WTTA (7) NBC MNTV WFLA-D2, D3 WTTA-D2 Charge, Antenna TV Cozi TV 2/1/2029 2/1/2029 16 Denver, CO O&O O&O O&O KDVR KFCT KWGN FOX FOX The CW KDVR-D2, D3 KWGN-D2, D3, D4 Antenna TV, TBD getTV, Comet, Charge!
The following table sets forth general information about the television stations (full power, low power and multicast channels) we own, operate, program or provide sales and other services to as of January 2024. 6 Market Rank (1) Market Status (2) Full Power Stations Primary Affiliation (3) Low Power Stations / Multicast Channels Other Affiliation (3)(4) FCC License Expiration Date 1 New York, NY LSA WPIX (5) The CW WPIX-D2, D4 Antenna TV, Rewind TV (23) 2 Los Angeles, CA O&O KTLA The CW KTLA-D2, D3, D4, D5 Antenna TV, GRIT, TBD, Rewind TV (23) 3 Chicago, IL O&O WGN Independent WGN-D2, D3, D4, D5 Antenna TV, GRIT, Rewind TV, TBD 4/1/2030 4 Philadelphia, PA O&O WPHL (6) The CW WPHL-D2, D3, D4 Antenna TV/MNTV, GRIT, Comet (23) 5 Dallas, TX O&O KDAF The CW KDAF-D2, D3, D4, D5 Antenna TV, GRIT, Charge!, Rewind TV 8/1/2030 6 Houston, TX O&O KIAH The CW KIAH-D2, D3, D4, D5 Antenna TV, Comet, TBD, Court TV (23) 9 DC/Hagerstown, MD O&O O&O WDCW WDVM (7) The CW Independent WDCW-D2, D3, D4 WDVM-D2, D3, D4 Antenna TV, WDVM, Univision ION Mystery, Rewind TV, ShopLC 10/1/2028 10/1/2028 10 San Francisco, CA O&O KRON (6) The CW/ MNTV KRON-D2, D3, D4, D5 Antenna TV, Rewind TV, Charge!, ShopLC (23) 11 Phoenix, AZ LSA KAZT (8) The CW KAZT-D2, D3, D4, D5 MeTV, HSN, Charge!, AZTV 10/1/2030 12 Tampa, FL O&O O&O O&O WFLA WTTA (6)(9) NBC The CW WFLA-D2, D3 WTTA-D2 WSNN-LD (10) , D2, D3, D4 Charge!, Antenna TV Cozi TV MNTV, GRIT, Laff, Court TV 2/1/2029 2/1/2029 2/1/2029 17 Denver, CO O&O O&O O&O KDVR KFCT KWGN FOX FOX The CW KDVR-D2, D3 KWGN-D2, D3, D4 Antenna TV, TBD getTV, Comet, Charge!
The results of these incidents could include, but are not limited to, business interruption, disclosure of nonpublic information, decreased advertising revenues, misstated financial data, liability for stolen assets or information, increased cybersecurity protection costs, litigation and reputational damage adversely affecting customer or investor confidence. The Company’s Cybersecurity Committee helps mitigate cybersecurity risks.
The results of these incidents could include, but are not limited to, business interruption, disclosure of nonpublic information, decreased advertising revenues, misstated financial data, liability for stolen assets or information, increased cybersecurity protection costs, litigation and reputational damage adversely affecting customer or investor confidence. 26 Risks Related to Our Industry Intense competition in the television industry and alternative forms of media could limit our growth and profitability.
Conversely, declines in advertising budgets of advertisers, particularly in recessionary periods, adversely affect the broadcast industry and, as a result, may contribute to a decrease in the revenue of broadcast television stations. 12 In even-numbered years we generate substantial advertising revenue from the political advertising we sell to candidates, political action committees and political parties primarily through national advertising sales representation firms.
Advertising revenue is positively affected by a strong economy. Conversely, declines in advertising budgets of advertisers, particularly in recessionary periods, adversely affect the broadcast industry and, as a result, may contribute to a decrease in our advertising revenue. In even-numbered years we generate substantial advertising revenue from the political advertising we sell to candidates, political action committees and political parties.
The FCC is required to grant an application for license renewal if, during the preceding term, the station served the public interest, the licensee did not commit any serious violations of the Communications Act or the FCC’s rules, and the licensee committed no other violations of the Communications Act or the FCC’s rules which, taken together, would constitute a pattern of abuse.
The FCC grants an application for license renewal if the station served the public interest, the licensee did not commit any serious violations of the Communications Act or the FCC’s rules and the licensee committed no other violations which, taken together, would constitute a pattern of abuse. A majority of renewal applications are routinely granted under this standard.
(“TV Food Network”). Our digital assets include more than 140 local websites, 280 mobile applications, 22 connected television applications, and six free-ad supported television (“FAST”) channels representing content from our local television stations, The CW, NewsNation, The Hill, and BestReviews as well as a suite of advertising solutions for brands and advertisers.
Our digital assets include 140 local websites, 278 mobile applications, 25 connected television applications, six free-ad supported television (“FAST”) channels representing content from our local television stations, The CW, NewsNation, The Hill, and BestReviews, and a suite of advertising solutions. The Hill.
Our growth may be limited if we are unable to implement our acquisition strategy. We achieved much of our growth through acquisitions. We intend to continue our growth by selectively pursuing acquisitions of businesses that leverage our platform, scale and capabilities. Some of our competitors may have greater financial or management resources with which to pursue acquisition targets.
We intend to continue our growth by selectively pursuing acquisitions of businesses that leverage our platform, scale and capabilities. Some of our competitors may have greater financial or management resources with which to pursue acquisition targets. Therefore, even if we are successful in identifying attractive acquisition targets, we may face considerable competition and our acquisition strategy may not be successful.
Our scale provides us with unique operating advantages in the form of services we can provide to our advertisers, audience and employees, a platform for growth and operating expense synergies and access to capital.
Our digital assets attract an audience that makes us a top ten digital news and information property, according to Comscore. Our scale provides us with unique operating advantages in the form of services we can provide to our advertisers, audience and employees, a platform for growth and operating expense synergies and access to capital.
Additionally, these businesses are subject to laws, regulations, market conditions and other risks inherent in their operations. Any of these factors could adversely impact our results of operations, our cash flows and the value of our investment. We have made investments in digital businesses. We have invested in content-driven digital businesses as well as digital offerings through our broadcast stations.
Additionally, these businesses are subject to laws, regulations, market conditions and other risks inherent in their operations. Any of these factors could adversely impact our results of operations, our cash flows and the value of our investment.
We believe that our success depends upon our ability to retain the services of Perry A. Sook, our founder and Chief Executive Officer. Mr. Sook has been instrumental in determining our strategic direction and focus. The loss of Mr. Sook’s services could adversely affect our ability to manage effectively our overall operations and successfully execute current or future business strategies.
The loss of the services of our chief executive officer could disrupt management of our business and impair the execution of our business strategies. We believe that our success depends upon our ability to retain the services of Perry A. Sook, our founder and Chief Executive Officer. Mr. Sook has been instrumental in determining our strategic direction and focus.
Our board of directors declared in 2022 a total cash dividend of $3.60 per share (in equal quarterly installments of $0.90 per share) to the outstanding shares of our common stock.
Our board of directors declared in 2023 a total cash dividend of $5.40 per share (in equal quarterly installments of $1.35 per share) to the outstanding shares of our common stock.

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Item 2. Properties

Properties — owned and leased real estate

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See Item 1, “Business—The Stations” for a complete list of stations by market. Item 3. Legal Proceedings The information set forth under Note 16 to our Consolidated Financial Statements included in Part IV, Item 15(a) of this Annual Report on Form 10-K is incorporated herein by reference.
See Item 1, “Business—The Stations” for a complete list of stations by market. I tem 3. Legal Proceedings The information set forth under Note 16 to our Consolidated Financial Statements included in Part IV, Item 15(a) of this Annual Report on Form 10-K is incorporated herein by reference.
For additional discussion of certain risks associated with legal proceedings, see “Risk Factors” above. Item 4. Mine Safety Disclosures None. 38 PART II
For additional discussion of certain risks associated with legal proceedings, see “Risk Factors” above. Item 4. Mine Safety Disclosures None. 30 PART II
Item 2. Pr operties We have office space for our corporate headquarters in Irving, TX, which is leased through 2033. Each of our markets has facilities consisting of offices, studios, sales offices and tower and transmitter sites. We own approximately 54% of our office and studio locations and approximately 57% of our tower and transmitter locations.
Item 2. Pr operties We have office space for our corporate headquarters in Irving, TX, which is leased through 2033. Each of our markets has facilities consisting of offices, studios, sales offices and tower and transmitter sites. We own approximately 53% of our office and studio locations and approximately 55% of our tower and transmitter locations.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Our peer group index consists of the following publicly traded companies: Gray Television, Inc., Tegna, Inc., Sinclair Broadcast Group, Inc. (“Sinclair”), The E.W. Scripps Company, Fox Corporation and Paramount Global.
Our peer group index consists of the following publicly traded companies: Gray Television, Inc., Tegna, Inc., Sinclair, Inc. (“Sinclair”), The E.W. Scripps Company, Fox Corporation and Paramount Global.
The graph assumes the investment of $100 in our common stock and in both of the indices on December 31, 2017, with the reinvestment of dividends into shares of our common stock or the indices, as applicable. The performance shown is not necessarily indicative of future performance. 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 Nexstar Media Group, Inc.
The graph assumes the investment of $100 in our common stock and in both of the indices on December 31, 2018, with the reinvestment of dividends into shares of our common stock or the indices, as applicable. The performance shown is not necessarily indicative of future performance. 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 Nexstar Media Group, Inc.
Comparative Stock Performance Graph The following graph compares the total return of our common stock based on closing prices for the period from December 31, 2017 through December 31, 2022 with the total return of the NASDAQ Composite Index and our peer index of comparable television companies.
Comparative Stock Performance Graph The following graph compares the total return of our common stock based on closing prices for the period from December 31, 2018 through December 31, 2023 with the total return of the NASDAQ Composite Index and our peer index of comparable television companies.
Pursuant to our current dividend policy, our board of directors declared in 2022, 2021 and 2020 total annual cash dividends of $3.60 per share, $2.80 per share and $2.24 per share, respectively, with respect to outstanding shares of our common stock. The dividends were paid in equal quarterly installments.
Pursuant to our current dividend policy, our board of directors declared in 2023, 2022 and 2021 total annual cash dividends of $5.40 per share, $3.60 per share and $2.80 per share, respectively, with respect to outstanding shares of our common stock. The dividends were paid in equal quarterly installments.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Prices; Record Holders and Dividends Our common stock (f/k/a Class A common stock) trades on The NASDAQ Global Select Market (“NASDAQ”) under the symbol “NXST.” As of February 27, 2023, there were approximately 107,000 shareholders of record of our common stock, including shares held in nominee names by brokers and other institutions.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Prices; Record Holders and Dividends Our common stock trades on The NASDAQ Global Select Market (“NASDAQ”) under the symbol “NXST.” As of February 27, 2024, there were approximately 180,000 shareholders of record of our common stock, including shares held in nominee names by brokers and other institutions.
On January 26, 2023, our board of directors approved a 50% increase in the quarterly cash dividend to $1.35 per share of outstanding common stock beginning with the first quarter of 2023.
On January 26, 2024, our board of directors approved a 25% increase in the quarterly cash dividend to $1.69 per share of outstanding common stock beginning with the first quarter of 2024.
During the year ended December 31, 2022, Nexstar repurchased a total of 5.1 million shares of its common stock for $880.7 million, funded by cash on hand, which were accounted for as treasury stock. As of December 31, 2022, the remaining available amount under the share repurchase authorization was $1.258 billion.
During the year ended December 31, 2023, Nexstar repurchased a total of 3,782,104 shares of its common stock for $605 million, funded by cash on hand, which were accounted for as treasury stock. As of December 31, 2023, the remaining available amount under the share repurchase authorization was $652 million.
Issuer Purchases of Equity Securities The following is a summary of Nexstar’s repurchases of its common stock by month during the fourth quarter of 2022 (in millions, except for share and per share information): Total Number of Shares Approximate Dollar Value Purchased as Part of of Shares That May Yet Be Total Number Average Price Publicly Announced Purchased Under the of Shares Purchased Paid per Share Plans or Programs Plans or Programs October 5 - 24, 2022 570,514 $ 175.26 570,514 $ 1,417.0 November 15 - 30, 2022 466,442 $ 171.09 466,442 1,337.2 December 7 - 29, 2022 448,675 $ 177.40 448,675 1,257.6 1,485,631 $ 174.60 1,485,631 On July 27, 2022, our board of directors approved a new share repurchase program authorizing the Company to repurchase up to an additional $1.5 billion of its common stock.
Issuer Purchases of Equity Securities The following is a summary of Nexstar’s repurchases of its common stock by month during the fourth quarter of 2023 (in millions, except for share and per share information): Total Number of Shares Approximate Dollar Value Purchased as Part of of Shares That May Yet Be Total Number Average Price Publicly Announced Purchased Under the of Shares Purchased Paid per Share Plans or Programs Plans or Programs October 4 ̶ 25, 2023 267,321 $ 140.27 267,321 $ 706 November 15 ̶ 30, 2023 132,390 $ 148.18 132,390 687 December 1 ̶ 29, 2023 229,758 $ 149.01 229,758 652 629,469 $ 145.13 629,469 On July 27, 2022, our board of directors approved a new share repurchase program authorizing the Company to repurchase up to an additional $1.5 billion of its common stock, of which $1.258 billion remained available as of December 31, 2022.
Securities Authorized for Issuance Under Equity Compensation Plans as of December 31, 2022 Number of securities Number of securities to be issued upon Weighted average remaining available exercise of outstanding exercise price of for future issuance options and vesting of outstanding excluding securities Plan Category restricted stock units options reflected in column (a) (a) (b) (c) Equity compensation plans approved by security holders (1) 1,458,616 $ 46.87 2,051,861 Equity compensation plans not approved by security holders - - - 1,458,616 $ 46.87 2,051,861 (1) The 1,458,616 securities to be issued consist of 337,136 outstanding stock options, with a weighted average exercise price of $46.87 and 1,121,480 time-based and performance-based restricted stock units. 39 For a more detailed description of our equity plans and grants, we refer you to Note 13 to the Consolidated Financial Statements included in Part IV, Item 15(a) of this Annual Report on Form 10-K.
The repurchase program does not have an expiration date and may be suspended or discontinued at any time without prior notice. 31 Securities Authorized for Issuance Under Equity Compensation Plans as of December 31, 2023 Number of securities Number of securities to be issued upon Weighted average remaining available exercise of outstanding exercise price of for future issuance options and vesting of outstanding excluding securities Plan Category restricted stock units options reflected in column (a) (a) (b) (c) Equity compensation plans approved by security holders (1) 1,232,959 $ 47.17 1,562,447 Equity compensation plans not approved by security holders - - - 1,232,959 $ 47.17 1,562,447 (1) The 1,232,959 securities to be issued consist of 244,068 outstanding stock options, with a weighted average exercise price of $47.17 and 988,891 time-based and performance-based restricted stock units.
Removed
(NXST) $ 100.00 $ 102.64 $ 155.88 $ 148.83 $ 209.76 $ 248.15 NASDAQ Composite Index $ 100.00 $ 97.16 $ 132.81 $ 192.47 $ 235.15 $ 158.65 Peer Group $ 100.00 $ 76.70 $ 84.05 $ 73.64 $ 74.89 $ 55.32
Added
Share repurchases are executed from time to time in open market transactions, block trades or in private transactions, including through Rule 10b5-1 plans. There is no minimum number of shares that Nexstar is required to repurchase.
Added
For a more detailed description of our equity plans and grants, we refer you to Note 13 to the Consolidated Financial Statements included in Part IV, Item 15(a) of this Annual Report on Form 10-K.
Added
(NXST) $ 100.00 $ 151.87 $ 145.00 $ 204.37 $ 241.77 $ 223.71 NASDAQ Composite Index $ 100.00 $ 136.69 $ 198.10 $ 242.03 $ 163.28 $ 236.17 Peer Group $ 100.00 $ 109.58 $ 96.01 $ 97.64 $ 72.12 $ 65.21

Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

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For each quarter we present, our legacy business units include those business units that we owned or consolidated into our financial statements for the complete quarter in the current and prior years. For our annual and year to date presentations, we combine the legacy business unit amounts presented in each quarter.
For each quarter we present, our legacy business units include those business units that we owned or consolidated into our financial statements for the complete quarter in the current and prior years. For our annual and year to date presentations, we combine the legacy business unit amounts presented in each quarter.
The increase was primarily due to scheduled annual escalation of rates per subscriber, renewals of contracts in 2021 providing for higher rates per subscriber and incremental revenue from our acquisition of The CW of $17.2 million, partially offset by continued MVPD subscriber attrition, a few periods during the negotiation of new contracts with our MVPD partners where our partners’ stations were not available and a settlement of a dispute in connection with a new contract with one of our distributors.
The increase was primarily due to scheduled annual escalation of rates per subscriber, renewals of contracts in 2021 providing for higher rates per subscriber and incremental revenue from our acquisition of The CW of $17 million, partially offset by continued MVPD subscriber attrition, a few periods during the negotiation of new contracts with our MVPD partners where our partners’ stations were not available and a settlement of a dispute in connection with a new contract with one of our distributors.
The Greenfield Method also includes an estimated terminal value by discounting an estimated annual cash flow with an estimated long-term growth rate. 56 The assumptions used in estimating the fair value of a network affiliation agreement acquired in a business combination are similar to those used in the valuation of an FCC license.
The Greenfield Method also includes an estimated terminal value by discounting an estimated annual cash flow with an estimated long-term growth rate. The assumptions used in estimating the fair value of a network affiliation agreement acquired in a business combination are similar to those used in the valuation of an FCC license.
Our qualitative impairment test includes, but is not limited to, assessing the changes in macroeconomic conditions, regulatory environment, industry and market conditions, and the financial performance versus budget of the reporting units, as well as any other events or circumstances specific to the reporting unit or the FCC licenses.
The qualitative impairment test includes, but is not limited to, assessing the changes in macroeconomic conditions, regulatory environment, industry and market conditions, and the financial performance versus budget of the reporting units, as well as any other events or circumstances specific to the reporting unit or the FCC licenses.
Adjustments associated with the resolution of such estimates have, historically, been inconsequential. Income Taxes We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and tax basis of assets and liabilities.
Adjustments associated with the resolution of such estimates have, historically, been inconsequential. 48 Income Taxes We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and tax basis of assets and liabilities.
This was primarily due to an increase in cost related to incremental operating expenses from our acquisitions of The CW in September 2022 of $70.2 million and a digital business we acquired in the third quarter of 2021 of $16.1 million, an increase in variable costs associated with the increase in net revenue, an increase in station programming costs due to network affiliation renewals and annual increases in network affiliation costs, increased promotion costs, partially offset by a reversal of an accrual in connection with a settlement of a dispute in connection with a new contract with one of our distributors and some administrative savings, primarily related to healthcare.
This was primarily due to an increase in cost related to incremental operating expenses from our acquisitions of The CW in September 2022 of $70 million and a digital business we acquired in the third quarter of 2021 of $16 million, an increase in variable costs associated with the increase in net revenue, an increase in station programming costs due to network affiliation renewals and annual increases in network affiliation costs, and increased promotion costs, partially offset by a reversal of an accrual in connection with a settlement of a dispute in connection with a new contract with one of our distributors and some administrative savings, primarily related to healthcare.
We believe the following critical accounting policies are those that are the most important to the presentation of our Consolidated Financial Statements, affect our more significant estimates and assumptions, and require the most subjective or complex judgments by management.
We believe the following critical accounting estimates are those that are the most important to the presentation of our Consolidated Financial Statements, affect our more significant estimates and assumptions, and require the most subjective or complex judgments by management.
This information is not intended to present the financial position or results of operations of the consolidated group of companies in accordance with U.S.
This information is not intended to present the financial position or results of operations of the consolidated group of companies in accordance with U.S. GAAP.
The stations are affiliates of ABC, NBC, FOX, CBS, The CW, MNTV and other broadcast television networks. Through various local service agreements, we provided sales, programming and other services to 36 full power television stations owned by independent third parties, of which 35 full power television stations are VIEs that are consolidated into our financial statements.
The stations are affiliates of ABC, NBC, FOX, CBS, The CW, MNTV and other broadcast television networks. Through various local service agreements, we provided sales, programming and other services to 37 full power television stations owned by independent third parties, of which 35 full power television stations are VIEs that are consolidated into our financial statements.
Item 6. Reserved 40 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with our Consolidated Financial Statements and related Notes included in Part IV, Item 15(a) of this Annual Report on Form 10-K.
Item 6. Reserved 32 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with our Consolidated Financial Statements and related Notes included in Part IV, Item 15(a) of this Annual Report on Form 10-K.
We also own NewsNation, a national cable news network, a recently acquired 75.0% ownership interest in The CW, the fifth major broadcast network in the U.S., two digital multicast networks, Antenna TV and Rewind TV, multicast network services provided to third parties, and a 31.3% ownership stake in TV Food Network.
We also own a 75.0% ownership interest in The CW, the fifth major broadcast network in the U.S., NewsNation, a national cable news network, two digital multicast networks, Antenna TV and Rewind TV, multicast network services provided to third parties, and a 31.3% ownership stake in TV Food Network.
The carrying value of a long-lived asset or asset group is considered impaired when the projected future undiscounted cash flows to be generated from the asset or asset group over its remaining life, or primary asset’s life, plus proceeds received from its eventual disposition are less than its carrying value.
The carrying value of a long-lived asset or asset group is considered impaired when the projected future undiscounted cash flows to be generated from the asset or asset group over its remaining life, or primary asset’s life, plus any proceeds from the eventual disposition are less than its carrying value.
The Mission amended credit agreement does not contain financial covenant ratio requirements but does provide for default in the event we do not comply with all covenants contained in our credit agreement. As of December 31, 2022, we were in compliance with our financial covenant.
The Mission amended credit agreement does not contain financial covenant ratio requirements but does provide for default in the event we do not comply with all covenants contained in our credit agreement. As of December 31, 2023, we were in compliance with our financial covenants.
The estimate of the Company’s tax liabilities relating to uncertain tax positions requires management to assess uncertainties and to make judgements about the application of complex tax laws and regulations. We recognize interest and penalties relating to income taxes as components of income tax expense.
The estimate of the Company’s tax liabilities relating to uncertain tax positions requires management to assess uncertainties and to make judgments about the application of complex tax laws and regulations. We recognize interest and penalties relating to income taxes as components of income tax expense.
If it is more likely than not that the fair value of a reporting unit or an FCC license is greater than its respective carrying amount, no further testing will be required. Otherwise, we will apply the quantitative impairment test method.
If it is more likely than not that the fair value of a reporting unit or an FCC license is greater than its respective carrying amount, no further testing will be required. Otherwise, the quantitative impairment test method is applied.
Gain on bargain purchase Gain on bargain purchase of $55.6 million for the year ended December 31, 2022 pertains to our acquisition of The CW representing the excess of the fair value of the net assets acquired over the $0 purchase consideration and the fair value of noncontrolling interests.
Gain on bargain purchase Gain on bargain purchase of $56 million for the year ended December 31, 2022 pertains to our acquisition of The CW, representing the excess of the fair value of the net assets acquired over the $0 purchase consideration and the fair value of noncontrolling interests.
Digital revenue, representing advertising revenue on our stations’ web and mobile sites and other internet-based revenue, was $364.6 million for the year ended December 31, 2022 compared to $322.6 million for the same period in 2021, an increase of $42.0 million, or 13.0%, primarily due to growth in our television stations digital advertising and services revenue, incremental revenue from our acquisitions of The CW in September 2022 of $17.0 million and a digital business we acquired in the third quarter of 2021 of $22.1 million, offset by weakness in the national digital advertising market and ecommerce.
Digital revenue, representing advertising revenue on our stations’ web and mobile sites and other internet-based revenue, was $365 million for the year ended December 31, 2022 compared to $322 million for the same period in 2021, an increase of $43 million, or 13.0%, primarily due to growth in our television stations digital advertising and services revenue, incremental revenue from our acquisitions of The CW in September 2022 of $17 million and a digital business we acquired in the third quarter of 2021 of $22 million, offset by weakness in the national digital advertising market and ecommerce.
Due to designations as held for sale assets, the properties’ carrying amounts were written down to their estimated fair value, less estimated cost to sell resulting to the Company’s recognition of impairment charges of $36.8 million and $23.0 million in the fourth quarter of 2022 and 2021, respectively.
Due to designations as held for sale assets, the properties’ carrying amounts were written down to their estimated fair value, less estimated cost to sell, resulting in the Company’s recognition of impairment charges of $37 million and $23 million in the fourth quarter of 2022 and 2021, respectively.
As of December 31, 2022, the Company was in compliance with the financial covenants contained in the amended credit agreements governing its senior secured credit facilities. Any future adverse economic conditions, including those resulting from the COVID-19 pandemic, heightened and sustained inflation and higher interest rates, could adversely affect the Company’s future operating results, cash flows and financial condition.
As of December 31, 2023, the Company was in compliance with the financial covenants contained in the amended credit agreements governing its senior secured credit facilities. Any future adverse economic conditions, including those resulting from heightened and sustained inflation and higher interest rates, could adversely affect the Company’s future operating results, cash flows and financial condition.
These decreases were partially offset by the proceeds from the sale of stations and business units and asset disposals of $20.1 million, reimbursements from the FCC related to station repack of $19.7 million and deposits received associated with the sale of real estate assets of $13.5 million.
These decreases were partially offset by the proceeds from the sale of stations and business units and asset disposals of $20 million, reimbursements from the FCC related to station repack of $20 million and deposits received associated with the sale of real estate assets of $13 million.
These outflows were partially offset by the proceeds from the exercise of stock options during the year amounting to $8.2 million. Mission also received $298.5 million (net of $1.5 million discount) from its new Term Loan B, due June 2028 and utilized $268.0 million to repay a portion of its revolving loans.
These outflows were partially offset by the proceeds from the exercise of stock options during the year amounting to $8 million. Mission also received $299 million (net of $2 million discount) from its new Term Loan B, due June 2028 and utilized $268 million to repay a portion of its revolving loans.
(2) As of December 31, 2022, we had $29.8 million of unrecognized tax benefits, inclusive of interest and certain deduction benefits. This liability represents an estimate of tax positions that the Company has taken in its tax returns, which may ultimately not be sustained upon examination by the tax authorities.
(2) As of December 31, 2023, we had $30 million of unrecognized tax benefits, inclusive of interest and certain deduction benefits. This liability represents an estimate of tax positions that the Company has taken in its tax returns, which may ultimately not be sustained upon examination by the tax authorities.
These interest rates were a mixture of SOFR plus CSA, or credit spread adjustment used to account for the difference between SOFR and LIBOR, plus applicable margin and U.S. LIBOR plus applicable margin in 2022 compared to U.S. LIBOR plus applicable margin only in 2021.
These interest rates were a mixture of SOFR plus CSA used to account for the difference between SOFR and LIBOR, plus applicable margin and U.S. LIBOR plus applicable margin in 2022 compared to U.S. LIBOR plus applicable margin only in 2021.
This was primarily due to an increase in operating income (excluding non-cash transactions) of $356.9 million, sources of cash resulting from timing of accounts receivable collections of $108.2 million, and an increase in distributions from our equity investment in TV Food Network of $10.1 million.
This was primarily due to an increase in operating income (excluding non-cash transactions) of $357 million, sources of cash resulting from timing of accounts receivable collections of $108 million, and an increase in distributions from our equity investment in TV Food Network of $10 million.
For additional information on basis difference in our investment in TV Food Network, refer to Note 6 to our Consolidated Financial Statements.
For additional information on our investment in TV Food Network, including the accounting for basis difference, refer to Note 6 to our Consolidated Financial Statements.
Any adverse impact of the COVID-19 pandemic or any future adverse economic conditions, including those resulting from heightened and sustained inflation and higher interest rates could adversely affect our future operating results and cash flows and may cause us to seek alternative sources of funding, including accessing capital markets, subject to market conditions.
Any future adverse economic conditions, including those resulting from heightened and sustained inflation and higher interest rates, could adversely affect our future operating results and cash flows and may cause us to seek alternative sources of funding, including accessing capital markets, subject to market conditions.
The Company will continue to evaluate its equity method investments for OTTI in future periods. Pension plans and other postretirement benefits A determination of the liabilities and cost of Nexstar’s pension and other postretirement plans (“OPEB”) requires the use of assumptions.
In 2023, the Company evaluated its equity method investments for OTTI and none was identified. The Company will continue to evaluate its equity method investments for OTTI in future periods. Pension plans and other postretirement benefits A determination of the liabilities and cost of Nexstar’s pension and other postretirement plans (“OPEB”) requires the use of assumptions.
Interest Expense, net Interest expense, net was $336.6 million for the year ended December 31, 2022 compared to $282.7 million for the same period in 2021, an increase of $53.9 million, or 19.1%, primarily due to increases in interest rates in the Company’s outstanding loans under its senior secured credit facilities, partially offset by decreases in interest expense from debt repayments and lower interest rates obtained in connection with the refinancing of certain of our term loans in June 2022.
Interest Expense, net Interest expense, net was $337 million for the year ended December 31, 2022 compared to $283 million for the same period in 2021, an increase of $54 million, or 19.1%, primarily due to increases in interest rates in the Company’s outstanding loans under its senior secured credit facilities, partially offset by decreases in interest expense from debt repayments and lower interest rates obtained in connection with the refinancing of certain of our term loans in June 2022.
(3) As of December 31, 2022, we had $216.8 million and $21.3 million of funding obligations with respect to our pension benefit plans and other postretirement benefit plans, respectively, which are not included in the table above.
(3) As of December 31, 2023, we had $212 million and $21 million of funding obligations with respect to our pension benefit plans and other postretirement benefit plans, respectively, which are not included in the table above.
The assumptions used in developing the required estimates include the following key factors: • discount rates • expected return on plan assets • mortality rates • retirement rates • expected contributions As of December 31, 2022, the effective discount rates used for determining pension benefit obligations were 4.98% to 4.99%.
The assumptions used in developing the required estimates include the following key factors: • discount rates • expected return on plan assets • mortality rates • retirement rates • expected contributions As of December 31, 2023, the effective discount rates used for determining pension benefit obligations were 4.78% to 4.79%.
Corporate expenses, related to costs associated with the centralized management of our stations, were $198.4 million for the year ended December 31, 2022 compared to $175.8 million for the same period in 2021, an increase of $22.6 million, or 12.9% primarily due to an increase in stock-based compensation of $14.9 million.
Corporate expenses, related to costs associated with the centralized management of our stations, were $198 million for the year ended December 31, 2022 compared to $176 million for the same period in 2021, an increase of $22 million, or 12.9%, primarily due to an increase in stock-based compensation of $15 million.
In 2021, we spent a total of $150.7 million in capital expenditures and $138.4 million to acquire television stations, a digital business and certain license assets.
In 2021, we spent a total of $151 million in capital expenditures and $138 million to acquire television stations, a digital business and certain license assets.
Operating Expenses Direct operating expenses, consisting primarily of news, engineering and programming, and selling, general and administrative expenses were $2,908.3 million for the year ended December 31, 2022 compared to $2,710.8 million for the same period in 2021, an increase of $197.5 million, or 7.3%.
Operating Expenses Direct operating expenses, consisting primarily of news, engineering and programming, and selling, general and administrative expenses were $2.91 billion for the year ended December 31, 2022 compared to $2.71 billion for the same period in 2021, an increase of $197 million, or 7.3%.
These increases were partially offset by an increase in payments for broadcast rights of $76.9 million, use of cash from timing of payments to our vendors of $107.0 million, higher interest payments of $56.9 million, and higher tax payments of $50.0 million and other items.
These increases were partially offset by an increase in payments for broadcast rights of $77 million, use of cash from timing of payments to our vendors of $107 million, higher interest payments of $57 million, higher tax payments of $50 million and other items.
Depreciation and amortization expense were $662.1 million for the year ended December 31, 2022 compared to $588.6 million for the same period in 2021, an increase of $73.5 million, or 12.5%.
Depreciation and amortization expense was $662 million for the year ended December 31, 2022 compared to $589 million for the same period in 2021, an increase of $73 million, or 12.5%.
Depreciation and amortization expense consists of the following: • Amortization of broadcast rights was $192.9 million for the year ended December 31, 2022 compared to $121.1 million for the same period in 2021, an increase of $71.8 million, or 59.3%.
Depreciation and amortization expense consists of the following: • Amortization of broadcast rights was $193 million for the year ended December 31, 2022 compared to $121 million for the same period in 2021, an increase of $72 million, or 59.3%.
These purchase options are freely exercisable or assignable by Nexstar without consent or approval by the VIEs. These option agreements expire on various dates between 2023 and 2033. We expect to renew these option agreements upon expiration. Therefore, these VIEs are consolidated into these financial statements.
These purchase options are freely exercisable or assignable by Nexstar without consent or approval by the VIEs. These option agreements expire on various dates between 2024 and 2033. We expect to renew these option agreements upon expiration.
In 2022, the Company received proceeds from the sale of certain real estate properties of $241.8 million, received a deposit associated with a proposed sale of real estate property of $10.0 million and recorded cash acquired from The CW acquisition of $28.9 million, partially offset by capital expenditures of $157.3 million.
In 2022, we received proceeds from the sale of certain real estate properties of $241 million, received a deposit associated with a proposed sale of real estate property of $10 million and recorded cash acquired from The CW acquisition of $29 million, partially offset by capital expenditures of $157 million.
Revenue Core advertising revenue was $1,718.3 million for the year ended December 31, 2022 compared to $1,761.7 million for the same period in 2021, a decrease of $43.4 million, or 2.5%, primarily due to a weaker national advertising market, the absence of third quarter advertising revenue from the Olympics on our NBC affiliate stations and changes in the mix between our core and political advertising revenues of $70.1 million, partially offset by incremental revenue from our acquisition of The CW of $26.6 million.
Revenue Core advertising revenue was $1.72 billion for the year ended December 31, 2022 compared to $1.76 billion for the same period in 2021, a decrease of $44 million, or 2.5%, primarily due to a weaker national advertising market, the absence of third quarter advertising revenue from the Olympics on our NBC affiliate stations and changes in the mix between our core and political advertising revenues of $70 million, partially offset by incremental revenue from our acquisition of The CW of $27 million.
Pension and other postretirement plans credit, net Pension and other postretirement plans credit, net was $43.1 million for the year ended December 31, 2022 compared to $80.9 million for the same period in 2021, a decrease of $37.8 million, primarily due to lower estimated expected return on plan assets of $18.6 million, higher estimated interest cost of $6.7 million and a $12.5 million settlement gain from the purchase of an annuity contract related to certain participants of a qualified pension plan during the fourth quarter of 2021.
Pension and other postretirement plans credit, net Pension and other postretirement plans credit, net was $43 million for the year ended December 31, 2022 compared to $81 million for the same period in 2021, a decrease of $38 million, primarily due to lower estimated expected return on plan assets of $19 million, higher estimated interest cost of $7 million and a $13 million settlement gain from the purchase of an annuity contract related to certain participants of a qualified pension plan during the fourth quarter of 2021.
As of December 31, 2022, a 1% change in the discount rates would have the following effects (in millions): 1% Increase 1% Decrease Projected impact on net periodic benefit credit $ 13.9 $ (14.6 ) Projected impact on pension benefit obligations (142.3 ) 165.8 58 For additional information on our pension and OPEB, see Note 10 to our Consolidated Financial Statements included in Part IV, Item 15(a) of this Annual Report on Form 10-K.
As of December 31, 2023, a 1% change in the discount rates would have the following effects (in millions): 1% Increase 1% Decrease Projected impact on net periodic benefit credit $ 2 $ (3) Projected impact on pension benefit obligations (132) 154 For additional information on our pension and OPEB, see Note 10 to our Consolidated Financial Statements included in Part IV, Item 15(a) of this Annual Report on Form 10-K.
Regulatory Developments As a television broadcaster, the Company is highly regulated, and its operations require that it retain or renew a variety of government approvals and comply with changing federal regulations. On April 1, 2021, the U.S.
A large percentage of the costs involved in our operations is relatively fixed. 34 Regulatory Developments As a television broadcaster, the Company is highly regulated, and its operations require that it retain or renew a variety of government approvals and comply with changing federal regulations. On April 1, 2021, the U.S.
Political advertising revenue was $505.6 million for the year ended December 31, 2022 compared to $45.2 million for the same period in 2021, an increase of $460.4 million, as 2022 was a mid-term election year.
Political advertising revenue was $506 million for the year ended December 31, 2022 compared to $45 million for the same period in 2021, an increase of $461 million, as 2022 was a mid-term election year.
The decrease in the effective tax rate is primarily related to changes in the valuation allowance resulted in an incremental income tax benefit of $23.8 million, or 2.1% decrease to the effective tax rate in 2022.
The decrease in the effective tax rate is primarily related to changes in the valuation allowance resulting in an incremental income tax benefit of $24 million, or a 2.1% decrease to the effective tax rate in 2022.
Income Taxes Income tax expense was $273.6 million for the year ended December 31, 2022 compared to an income tax expense of $262.9 million for the same period in 2021, an increase of $10.7 million. The effective tax rates during the years ended December 31, 2022 and 2021 were 22.5% and 24.1%, respectively.
Income Taxes Income tax expense was $274 million for the year ended December 31, 2022 compared to an income tax expense of $263 million for the same period in 2021, an increase of $11 million. The effective tax rates during the years ended December 31, 2022 and 2021 were 22.5% and 24.1%, respectively.
Distribution revenue was $2,571.3 million for the year ended December 31, 2022 compared to $2,472.9 million for the same period in 2021, an increase of $98.4 million, or 4.0%.
Distribution revenue was $2.57 billion for the year ended December 31, 2022 compared to $2.47 billion for the same period in 2021, an increase of $98 million, or 4.0%.
We test our definite-lived intangible assets and other long-lived assets to be held and used for impairment whenever events or circumstances indicate that their carrying amount may not be recoverable, relying on certain factors including operating results, business plans, economic projections and anticipated future cash flows.
An impairment is recorded when the carrying value of an FCC license exceeds its fair value. 46 We test our definite-lived intangible assets and other long-lived assets to be held and used for impairment whenever events or circumstances indicate that their carrying amount may not be recoverable, relying on certain factors including operating results, business plans, economic projections and anticipated future cash flows.
The quantitative impairment test for FCC licenses consists of a market-by-market comparison of the carrying amounts of FCC licenses with their fair values, using the Greenfield Method of discounted cash flow analysis. An impairment is recorded when the carrying value of an FCC license exceeds its fair value.
The quantitative impairment test for FCC licenses consists of a market-by-market comparison of the carrying amounts of FCC licenses with their fair values, using the Greenfield Method of discounted cash flow analysis.
Political advertising is affected by the number of competitive races there are and the location of the Company’s station in the relevant competitive markets, the amount of funds raised by candidates, PACs and others, the availability and pricing of television advertising inventory as well as the availability of alternative media.
Political advertising is affected by the number of competitive races there are and the extent to which the Company’s stations are located in the relevant competitive markets, the amount of funds raised by candidates, PACs and others, the availability and pricing of television advertising inventory and the availability of alternative media.
On January 26, 2023, our board of directors approved a 50% increase in the quarterly cash dividend to $1.35 per share of our common stock beginning with the dividend declared for the first quarter of 2023. The dividend was paid on February 24, 2023 to stockholders of record on February 10, 2023.
On January 26, 2024, our board of directors approved a 25% increase in the quarterly cash dividend to $1.69 per share of our common stock beginning with the dividend declared for the first quarter of 2024. The dividend was paid on February 23, 2024 to stockholders of record on February 9, 2024.
Cash Flows – Financing Activities Net cash used in financing activities for the years ended December 31, 2022, 2021 and 2020 was $1,515.0 million, $945.5 million and $1,293.8 million, respectively.
Cash Flows—Financing Activities Net cash used in financing activities for the years ended December 31, 2023, 2022 and 2021 was $899 million, $1,515 million and $945 million, respectively.
Cash paid for interest increased primarily due to increases in the effective interest rates in the Company’s outstanding floating rate loans under its senior secured credit facilities due to the increase in SOFR and LIBOR, partially offset by decreases in interest expense from debt repayments and lower interest rates obtained in connection with the refinancing of certain of our term loans in June 2022.
The increase in payments for broadcast rights was due to incremental payments from our acquisition of The CW of $119 million, partially offset by a decrease in payments for our syndicated programming of $42 million. 40 Cash paid for interest increased primarily due to increases in the effective interest rates in the Company’s outstanding floating rate loans under its senior secured credit facilities due to the increase in SOFR and LIBOR, partially offset by decreases in interest expense from debt repayments and lower interest rates obtained in connection with the refinancing of certain of our term loans in June 2022.
For the year ended December 31, 2022, our pension plans’ net periodic benefit credit was $37.6 million.
For the year ended December 31, 2023, our pension plans’ net periodic benefit credit was $36 million.
We are, therefore, not materially exposed to any financing, liquidity, market or credit risk that could arise if we had engaged in such relationships. As of December 31, 2022, we have outstanding standby letters of credit with various financial institutions amounting to $20.2 million, of which $16.7 million was in support of the worker’s compensation insurance program.
We are, therefore, not materially exposed to any financing, liquidity, market or credit risk that could arise if we had engaged in such relationships. As of December 31, 2023, we have outstanding standby letters of credit with various financial institutions amounting to $20 million.
During 2022, the assumptions utilized in determining net periodic benefit credit on our pension plans were (i) 4.01% to 5.01% expected rate of return on plan assets and (ii) 2.69% to 2.70% effective discount rates. As of December 31, 2022, our pension plans’ benefit obligations were $1.779 billion.
During 2023, the assumptions utilized in determining net periodic benefit credit on our pension plans were (i) 5.53% to 6.38% expected rate of return on plan assets and (ii) 4.98% to 4.99% effective discount rates. As of December 31, 2023, our pension plans’ benefit obligations were $1.7 billion.
See Note 10 to our Consolidated Financial Statements included in Part IV, Item 15(a) of this Annual Report on Form 10-K for further information regarding our funding obligations for these benefit plans.
See Note 10 to our Consolidated Financial Statements included in Part IV, Item 15(a) of this Annual Report on Form 10-K for further information regarding our funding obligations for these benefit plans. (4) Future minimum payments for network affiliation agreements during the contract period.
We first assess the qualitative factors to determine the likelihood of our goodwill and FCC licenses being impaired.
The Company first assesses the qualitative factors to determine the likelihood of goodwill and FCC licenses being impaired.
While these restrictions are no longer in effect, the FCC’s 2018 quadrennial media ownership review is currently pending and the 2022 quadrennial review has also commenced. An FCC proceeding is also pending to review the current national limit on television station ownership. The FCC could reinstitute its earlier restrictions or impose other limitations in these or any future reviews.
While these restrictions are no longer in effect, the FCC’s 2022 quadrennial media ownership review and an FCC proceeding to review the current national limit on television ownership are currently pending. The FCC could reinstitute its earlier restrictions or impose other limitations in these or any future reviews. Seasonality Advertising revenue is positively affected by a strong economy.
Nexstar anticipates that retransmission fees will continue to increase until there is a more balanced relationship between viewers delivered and fees paid for delivery of such viewers. We also generate revenue from core television advertising and digital advertising revenue.
Nexstar anticipates that retransmission fees will continue to increase until there is a more balanced relationship between viewers delivered and fees paid for delivery of such viewers.
The Company does not have any rating downgrade triggers that would accelerate the maturity dates of its debt. However, a downgrade in the Company’s credit rating could adversely affect its ability to renew the existing credit facilities, obtain access to new credit facilities or otherwise issue debt in the future and could increase the cost of such debt.
However, a downgrade in the Company’s credit rating could adversely affect its ability to renew the existing credit facilities, obtain access to new credit facilities or otherwise issue debt in the future and could increase the cost of such debt.
See Note 2 to our Consolidated Financial Statements included in Part IV, Item 15(a) of this Annual Report on Form 10-K for a discussion of the local service agreements we have with these independent third parties.
See Note 2 to our Consolidated Financial Statements included in Part IV, Item 15(a) of this Annual Report on Form 10-K for a discussion of the local service agreements we have with these independent third parties. We do not own the consolidated VIEs or their television stations. However, we are deemed under U.S.
Issuer and Guarantor Summarized Financial Information Nexstar Media Inc. (the “Issuer”) is the issuer of 5.625% Notes, due July 2027 and 4.75% Notes, due November 2028. These notes are fully and unconditionally guaranteed, jointly and severally, by Nexstar Media Group, Inc. (“Parent”) and Mission (a consolidated VIE) and the Subsidiary Guarantors (as defined below).
These notes are fully and unconditionally guaranteed, jointly and severally, by Nexstar Media Group, Inc. (“Parent”), Mission (a consolidated VIE) and the Subsidiary Guarantors (as defined below). The Issuer, Subsidiary Guarantors, Parent and Mission are collectively referred to as the “Obligor Group” for the 5.625% Notes, due July 2027 and 4.75% Notes, due November 2028.
The increase was primarily due to incremental amortization from our acquisition of The CW of $89.8 million, partially offset by a reduction in NewsNation ’s costs of $9.4 million as it continues to shift its focus from syndicated programming to national news programs . 45 • Amortization of intangible assets was $309.3 million for the year ended December 31, 2022 compared to $300.9 million for the same period in 2021, an increase of $8.4 million, or 2.8% (no significant change). • Depreciation of property and equipment was $159.9 million for the year ended December 31, 2022 compared to $166.6 million for the same period in 2021, a decrease of $6.7 million, or 4.0% (no significant change).
The increase was primarily due to incremental amortization from our acquisition of The CW of $90 million, partially offset by a reduction in NewsNation ’s costs of $9 million as it continues to shift its focus from syndicated programming to national news programs . • Amortization of intangible assets was $309 million for the year ended December 31, 2022 compared to $301 million for the same period in 2021, an increase of $8 million, or 2.8% (no significant change). • Depreciation of property and equipment was $160 million for the year ended December 31, 2022 compared to $167 million for the same period in 2021, a decrease of $7 million, or 4.0% (no significant change). 38 In the fourth quarter of 2022, we recorded a $96 million goodwill and intangible assets impairment on our product review and recommendation platform reporting unit.
Mission also borrowed $61.5 million in a revolving loan, due June 2027 and utilized the proceeds to repay all of its outstanding borrowings under its revolving loan, due October 2023 of $61.5 million. 51 In 2021, we prepaid a portion of the outstanding principal balance of our Term Loan B, due January 2024 of $280.0 million and made scheduled principal payments on our Term Loan A, due September 2024 of $21.4 million, paid dividends to our common stockholders of $118.2 million ($0.70 per share during each quarter), repurchased common shares of $536.8 million, paid cash for taxes in exchange for shares of common stock withheld of $10.9 million resulting from net share settlements of certain stock-based compensation, and paid finance lease and software obligations of $18.0 million.
In 2021, we prepaid a portion of the outstanding principal balance of our Term Loan B, due January 2024 of $280 million and made scheduled principal payments on our Term Loan A, due September 2024 of $21 million, paid dividends to our common stockholders of $118 million ($0.70 per share during each quarter), repurchased common shares of $537 million, paid cash for taxes in exchange for shares of common stock withheld of $11 million resulting from net share settlements of certain stock-based compensation, and paid finance lease and software obligations of $18 million.
The following combined summarized financial information is presented for the Obligor Group after elimination of intercompany transactions between Parent, Issuer, Subsidiary Guarantors and Mission in the Obligor Group and amounts related to investments in any subsidiary that is a non-guarantor.
The 5.625% Notes, due July 2027 and 4.75% Notes, due November 2028 are not registered with the SEC. The following combined summarized financial information is presented for the Obligor Group after elimination of intercompany transactions between Parent, Issuer, Subsidiary Guarantors and Mission in the Obligor Group and amounts related to investments in any subsidiary that is a non-guarantor.
The increase in payments for broadcast rights was due to incremental payments from our acquisition of The CW of $118.5 million, partially offset by a decrease in payments for our syndicated programming of $41.6 million.
The increase in payments for broadcast rights was due to incremental payments from our acquisition of The CW (acquired on September 30, 2022) of $211 million, partially offset by a decrease in payments for our syndicated programming of $38 million.
Advertising revenue is generally highest in the second and fourth quarters of each year, due in part to increases in consumer advertising in the spring and retail advertising in the period leading up to, and including, the holiday season.
Advertising revenue is also positively affected by certain events such as the Olympic Games or the Super Bowl. Advertising revenue is generally highest in the second and fourth quarters of each year, due in part to increases in consumer advertising in the spring and retail advertising in the period leading up to, and including, the holiday season.
Historical Performance Revenue The following table sets forth the amounts of the Company’s principal types of revenue (dollars in millions) and each type of revenue as a percentage of total net revenue for the years ended December 31: 2022 2021 2020 Amount % Amount % Amount % Core advertising $ 1,718.3 33.0 $ 1,761.7 37.9 $ 1,571.1 34.9 Political advertising 505.6 9.7 45.2 1.0 507.6 11.3 Distribution 2,571.3 49.3 2,472.9 53.2 2,152.6 47.8 Digital 364.6 7.0 322.6 6.9 223.4 5.0 Other 51.2 1.0 46.0 1.0 46.6 1.0 Total net revenue $ 5,211.0 100.0 $ 4,648.4 100.0 $ 4,501.3 100.0 Results of Operations The following table sets forth a summary of the Company’s operations for the years ended December 31 (dollars in millions), and each component of operating expense as a percentage of net revenue: 2022 2021 2020 Amount % Amount % Amount % Net revenue $ 5,211.0 100.0 $ 4,648.4 100.0 $ 4,501.3 100.0 Operating expenses (income): Direct operating expenses 2,004.8 38.5 1,862.4 40.0 1,720.5 38.2 Selling, general and administrative expenses, excluding corporate 903.5 17.3 848.4 18.3 729.1 16.2 Corporate expenses 198.4 3.8 175.8 3.8 183.0 4.1 Depreciation and amortization expense 662.1 12.8 588.6 12.6 564.9 12.5 Goodwill and other long-lived asset impairments 132.9 2.5 23.0 0.5 - - Reimbursement from the FCC related to station repack (2.8 ) (0.1 ) (19.7 ) (0.4 ) (57.3 ) (1.3 ) Gain on relinquishment of spectrum - - - - (10.8 ) (0.2 ) Other - - (5.5 ) (0.1 ) (3.5 ) (0.1 ) Total operating expenses 3,898.9 3,473.0 3,125.9 Income from operations $ 1,312.1 $ 1,175.4 $ 1,375.4 44 Year Ended December 31, 2022 Compared to Year Ended December 31, 2021 The period-to-period comparability of our consolidated operating results is affected by acquisitions.
Historical Performance Revenue The following table sets forth the amounts of the Company’s principal types of revenue (dollars in millions) and each type of revenue as a percentage of total net revenue for the years ended December 31: 2023 2022 2021 Amount % Amount % Amount % Core advertising $ 1,660 33.7 $ 1,718 33.0 $ 1,762 37.9 Political advertising 66 1.3 506 9.7 45 1.0 Distribution 2,727 55.3 2,571 49.3 2,473 53.2 Digital 395 8.0 365 7.0 322 6.9 Other 85 1.7 51 1.0 46 1.0 Total net revenue $ 4,933 100.0 $ 5,211 100.0 $ 4,648 100.0 Results of Operations The following table sets forth a summary of the Company’s operations for the years ended December 31 (dollars in millions), and each component of operating expense as a percentage of net revenue: 2023 2022 2021 Amount % Amount % Amount % Net revenue $ 4,933 100.0 $ 5,211 100.0 $ 4,648 100.0 Operating expenses (income): Direct operating 2,153 43.6 2,005 38.5 1,862 40.0 Selling, general and administrative, excluding corporate 903 18.3 904 17.3 848 18.2 Corporate 193 3.9 198 3.8 176 3.8 Depreciation and amortization 941 19.1 662 12.7 589 12.7 Goodwill and other long-lived asset impairments 35 0.7 133 2.6 23 0.5 Reimbursement from the FCC related to station repack - - (3 ) (0.1 ) (20 ) (0.4 ) Other - - - - (5 ) (0.1 ) Total operating expenses 4,225 3,899 3,473 Income from operations $ 708 $ 1,312 $ 1,175 35 Year Ended December 31, 2023 Compared to Year Ended December 31, 2022 The period-to-period comparability of our consolidated operating results is affected by acquisitions.
As of December 31, 2022 2021 Cash, cash equivalents and restricted cash $ 219.7 $ 206.5 Cash Flows – Operating Activities Net cash provided by operating activities increased by $188.2 million during the year ended December 31, 2022 compared to the same period in 2021.
Net cash provided by operating activities increased by $188 million during the year ended December 31, 2022 compared to the same period in 2021.
The guarantees of the notes are subject to release in limited circumstances upon the occurrence of certain customary conditions set forth in the indentures governing the 5.625% Notes, due July 2027 and the 4.75% Notes, due November 2028. The 5.625% Notes, due July 2027 and 4.75% Notes, due November 2028 are not registered with the SEC.
“Subsidiary Guarantors” refers to certain of the Issuer’s restricted subsidiaries (excluding The CW) that guarantee these notes. The guarantees of the notes are subject to release in limited circumstances upon the occurrence of certain customary conditions set forth in the indentures governing the 5.625% Notes, due July 2027 and the 4.75% Notes, due November 2028.
On September 30, 2022, Nexstar acquired a 75.0% ownership interest in The CW (see Note 3, “Acquisitions and Dispositions” to our Consolidated Financial Statements included in Part IV, Item 15(a) of this Annual Report on Form 10-K for additional information).
On September 30, 2022, Nexstar acquired a 75.0% ownership interest in The CW (see Note 3, “Acquisitions” to our Consolidated Financial Statements included in Part IV, Item 15(a) of this Annual Report on Form 10-K for additional information). (2) Excludes Issuer’s equity investments of $958 million and $1,119 million as of December 31, 2023 and 2022, respectively, in unconsolidated investees.
Subsequent Investing and Financing Activities From January 1, 2023 to February 27, 2023, we repurchased 171,208 shares of our common stock for $32.9 million, funded by cash on hand. As of the date of filing this Annual Report on Form 10-K, the total remaining available amount under the existing and new share repurchase authorizations was $1.225 billion.
From January 1 to February 27, 2024, we repurchased 190,297 shares of our common stock for $32 million, funded by cash on hand. As of the date of filing this Annual Report on Form 10-K, the remaining available amount under the share repurchase authorization was $620 million.
Cash Flow Summary The following tables present the Company’s total operating, investing and financing activity cash flows for the three years ended December 31 (in millions): 2022 2021 2020 Net cash provided by operating activities $ 1,403.0 $ 1,214.8 $ 1,254.2 Net cash provided by (used in) investing activities (1) 125.2 (232.1 ) (39.8 ) Net cash used in financing activities (1,515.0 ) (945.5 ) (1,293.8 ) Net increase (decrease) in cash, cash equivalents and restricted cash $ 13.2 $ 37.2 $ (79.4 ) Cash paid for interest $ 330.1 $ 273.2 $ 324.3 Income taxes paid, net of refunds (2) $ 369.9 $ 319.9 $ 351.7 (1) In 2022, 2021 and 2020, the investing activities included total capital expenditures of $157.3 million, $150.7 million and $217.0 million, respectively, of which $0.8 million, $10.0 million and $54.7 million, respectively, were reimbursed from the FCC in connection with the station repack.
Cash Flow Summary The following tables present the Company’s total operating, investing and financing activity cash flows for the three years ended December 31 (in millions): 2023 2022 2021 Net cash provided by operating activities $ 999 $ 1,403 $ 1,215 Net cash provided by (used in) investing activities (1) (173 ) 125 (232 ) Net cash used in financing activities (899 ) (1,515 ) (945 ) Net increase (decrease) in cash, cash equivalents and restricted cash $ (73 ) $ 13 $ 38 Cash paid for interest $ 437 $ 330 $ 273 Income taxes paid, net of refunds (2) $ 169 $ 370 $ 320 (1) In 2023, 2022 and 2021, the investing activities included total capital expenditures of $149 million, $157 million and $151 million, respectively, of which none, $1 million and $10 million, respectively, were reimbursed from the FCC in connection with the station repack.
Based on our estimate of undiscounted future pre-tax cash flows expected to result from the use and eventual disposition of these assets, we determined that the carrying amounts are recoverable except for an immaterial impairment on definite-lived intangible assets of one digital reporting unit recorded in the fourth quarter of 2022.
Based on our estimate of undiscounted future pre-tax cash flows expected to result from the use and eventual disposition of these assets, the Company determined that the carrying amounts are recoverable other than the long-lived intangible assets of a digital reporting unit for which an impairment was recognized (discussed above).
For the year ended December 31, 2022, the Company’s distribution revenue represented 49.3% of total net revenue. MVPDs generally pay for retransmission rights on a rate per subscriber basis.
For the year ended December 31, 2023, the Company’s distribution revenue represented 55.3% of total net revenue. Distributors generally pay for retransmission rights of local stations and for carriage of our networks on a per subscriber basis.
GAAP. 54 Summarized Balance Sheet Information for the Obligor Group as of December 31 (in millions): 2022 2021 Current assets - external (1) $ 1,358.4 $ 1,407.6 Current assets - due from consolidated entities outside of Obligor Group 38.8 37.2 Total current assets $ 1,397.2 $ 1,444.8 Noncurrent assets - external (1)(2) 9,747.9 10,479.5 Noncurrent assets - due from consolidated entities outside of Obligor Group 74.4 55.8 Total noncurrent assets $ 9,822.3 $ 10,535.3 Total current liabilities (1) $ 741.9 $ 783.8 Total noncurrent liabilities (1) $ 8,993.9 $ 9,610.2 Noncontrolling interests $ - $ 6.5 (1) Excludes the assets and liabilities of The CW as it is not a guarantor of the 4.75% Notes due November 2028 and 5.625% Notes due July 2027.
Summarized Balance Sheet Information for the Obligor Group as of December 31 (in millions): December 31, 2023 December 31, 2022 Current assets – external (1) $ 1,246 $ 1,358 Current assets – due from consolidated entities outside of Obligor Group 7 39 Total current assets $ 1,253 $ 1,397 Noncurrent assets – external (1)(2) 9,429 9,748 Noncurrent assets – due from consolidated entities outside of Obligor Group 75 74 Total noncurrent assets $ 9,504 $ 9,822 Total current liabilities (1) $ 818 $ 742 Total noncurrent liabilities (1) $ 8,775 $ 8,994 Noncontrolling interests $ - $ - (1) Excludes the assets and liabilities of The CW as it is not a guarantor of the 4.75% Notes, due November 2028 and 5.625% Notes, due July 2027.
In 2022, we received $2,420.2 million (net of $4.8 million discount) from our new Term Loan A, due June 2027 and utilized $2,414.3 million to repay outstanding principal balances of our Term Loan A, due October 2023, Term Loan A, due September 2024, Term Loan B, due January 2024 and a portion of Term Loan B, due September 2026.
In 2022, we received $2,420 million of proceeds (net of capitalized lenders’ fees of $5 million) from the issuance of a Term Loan A, due June 2027 and used $2,414 million to repay our then outstanding Term Loan A, due October 2023, Term Loan A, due September 2024, Term Loan B, due January 2024 and a portion of Term Loan B, due September 2026.
Our senior secured credit facilities and the indentures governing our existing notes may limit the amount of dividends we may pay to stockholders and share repurchases we may make over the term of the agreement.
Our senior secured credit facilities and the indentures governing our existing notes may limit the amount of dividends we may pay to stockholders and share repurchases we may make over the term of the agreement. The Company does not have any rating downgrade triggers that would accelerate the maturity dates of its debt.
As of December 31, 2022 2021 Nexstar senior secured credit facility $ 3,925.7 $ 4,329.1 Mission senior secured credit facility 357.8 360.8 5.625% Notes, due July 2027 1,713.8 1,785.0 4.75% Notes, due November 2028 1,000.0 1,000.0 6,997.3 7,474.9 Less: Unamortized financing costs, discounts and premium, net (45.8 ) (59.8 ) Total outstanding debt $ 6,951.5 $ 7,415.1 Unused revolving loan commitments under senior secured credit facilities (1) $ 542.6 $ 363.2 ______________________________________________ (1) Based on the covenant calculations as of December 31, 2022, all of the $529.1 million (net of outstanding standby letters of credit of $20.9 million) and $13.5 million unused revolving loan commitments under the respective Nexstar and Mission senior secured credit facilities were available for borrowing.
As of December 31, (dollars in millions) 2023 2022 Nexstar senior secured credit facility $ 3,804 $ 3,925 Mission senior secured credit facility 354 358 5.625% Notes, due July 2027 1,714 1,714 4.75% Notes, due November 2028 1,000 1,000 Total outstanding principal 6,872 6,997 Less: Unamortized financing costs, discounts and premium, net (35 ) (46 ) Total outstanding debt $ 6,837 $ 6,951 Unused revolving loan commitments under senior secured credit facilities (1) $ 544 $ 543 (1) Based on the covenant calculations as of December 31, 2023, all of the $530 million (net of outstanding standby letters of credit of $20 million) and $14 million unused revolving loan commitments under the respective Nexstar and Mission senior secured credit facilities were available for borrowing.
With respect to the Company’s digital reporting units, the Company elected to perform quantitative impairment tests due to uncertain economic conditions in the fourth quarter of 2022. The Company’s assessment indicated that the fair value of one digital reporting unit exceeded the carrying amount by over 19%, and therefore no goodwill impairment was identified.
With respect to goodwill allocated to the cable network reporting unit and the two digital reporting units, the Company elected to perform quantitative impairment tests due to recent performance and uncertain economic conditions. The Company’s assessment indicated that the cable network reporting unit’s fair value exceeded the related carrying amount by approximately 14%, therefore no impairment was recorded.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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As of December 31, 2022, the Company has no financial instruments in place to hedge against changes in the benchmark interest rates on its senior secured credit facilities. Item 8. Financial Statemen ts and Supplementary Data Our Consolidated Financial Statements are filed with this report.
As of December 31, 2023, the Company has no financial instruments in place to hedge against changes in the benchmark interest rates on its senior secured credit facilities. Item 8. Financial Statemen ts and Supplementary Data Our Consolidated Financial Statements are filed with this report.
The Consolidated Financial Statements and Supplementary Data are included in Part IV, Item 15(a) of this Annual Report on Form 10-K. 59 Item 9. Changes in and Disagreements with Accou ntants on Accounting and Financial Disclosure None.
The Consolidated Financial Statements and Supplementary Data are included in Part IV, Item 15(a) of this Annual Report on Form 10-K. Item 9. Changes in and Disagreements with Accou ntants on Accounting and Financial Disclosure None. 49
A decrease in each of SOFR and US LIBOR by 100 basis points would decrease our annual interest expense and increase our cash flow from operations by $42.8 million (excluding tax effects). Our 5.625% Notes due July 2027 and 4.75% Notes due November 2028 are fixed rate debt obligations and therefore are not exposed to market interest rate changes.
A decrease in each of SOFR by 100 basis points would decrease our annual interest expense and increase our cash flow from operations by $42 million (excluding tax effects). Our 5.625% Notes due July 2027 and 4.75% Notes due November 2028 are fixed rate debt obligations and therefore are not exposed to market interest rate changes.
Based on the outstanding balances of the Company’s senior secured credit facilities (term loans and revolving loans) as of December 31, 2022, an increase in each of SOFR and US LIBOR by 100 basis points would increase our annual interest expense and decrease our cash flow from operations by $42.8 million (excluding tax effects).
Based on the outstanding balances of the Company’s senior secured credit facilities (term loans and revolving loans) as of December 31, 2023, an increase in each of SOFR by 100 basis points would increase our annual interest expense and decrease our cash flow from operations by $42 million (excluding tax effects).
Item 7A. Quantitative and Qualitat ive Disclosures About Market Risk Interest Rate Risk Our exposure to market risk for changes in interest rates relates primarily to our long-term debt obligations.
Item 7A. Quantitative and Qualitat ive Disclosures About Market Risk Interest Rate Risk The Company’s exposure to market risk for changes in interest rates relates primarily to its long-term debt obligations.
The term loan borrowings under the Company’s senior credit facilities bear interest at rates ranging from 5.86% to 6.89% as of December 31, 2022, which represent (i) the base rate, the SOFR or the US LIBOR plus (ii) a credit spread adjustment in the case of SOFR-based loans, and (iii) the applicable margin, as defined.
The term loan borrowings under the Company’s senior secured credit facilities bear interest at rates ranging from 6.85% to 7.85% as of December 31, 2023, which represent (i) the base rate, the SOFR plus (ii) a credit spread adjustment, and (iii) the applicable margin, as defined. Interest is payable in accordance with the credit agreements.
Removed
Interest is payable in accordance with the credit agreements.

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