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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 234 $ 144
Accounts receivable, net of allowance for credit losses of $17 and $16, respectively 1,022 1,028
Broadcast rights 54 84
Prepaid expenses and other current assets 80 41
Total current assets 1,390 1,297
Property and equipment, net 1,178 1,207
Goodwill 2,924 2,922
FCC licenses 2,949 2,929
Intangible assets, net 1,731 1,847
Investments 776 877
Other noncurrent assets, net 380 389
Total assets [1] 11,328 11,468
Current liabilities:    
Current portion of debt 108 124
Accounts payable 190 133
Broadcast rights payable 82 97
Accrued expenses 332 314
Other current liabilities 111 115
Total current liabilities 823 783
Debt 6,275 6,399
Deferred tax liabilities 1,463 1,487
Other noncurrent liabilities 511 531
Total liabilities [1] 9,072 9,200
Commitments and contingencies (Note 10)
Redeemable noncontrolling interests (Note 2) 18 26
Stockholders' equity:    
Preferred stock - $0.01 par value, 200,000 shares authorized; none issued and outstanding at each of June 30, 2025 and December 31, 2024
Common stock - $0.01 par value, 100,000,000 shares authorized; 47,282,823 shares issued, 30,315,298 shares outstanding as of June 30, 2025 and 47,282,823 shares issued, 30,621,241 shares outstanding as of December 31, 2024
Additional paid-in capital 1,293 1,304
Accumulated other comprehensive loss (1) (1)
Retained earnings 3,755 3,671
Treasury stock - at cost; 16,967,525 and 16,661,582 shares as of June 30, 2025 and December 31, 2024, respectively (2,791) (2,717)
Total Nexstar Media Group, Inc. stockholders' equity 2,256 2,257
Noncontrolling interests (18) (15)
Total stockholders' equity 2,238 2,242
Total liabilities, redeemable noncontrolling interests and stockholders' equity 11,328 11,468
Network Affiliation Agreements [Member]    
Current assets:    
Intangible assets, net 1,400 1,494
Other Intangible Assets [Member]    
Current assets:    
Intangible assets, net $ 331 $ 353
[1] The condensed consolidated total assets as of June 30, 2025 and December 31, 2024 include certain assets held by consolidated VIEs of $297 million and $297 million, respectively, which are not available to be used to settle the obligations of Nexstar. The condensed consolidated total liabilities as of June 30, 2025 and December 31, 2024 include certain liabilities of consolidated VIEs of $150 million and $148 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information.