Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2017

The following unaudited pro forma information has been presented for the periods indicated as if the acquisition of Media General and the related consolidation of VIEs had occurred on January 1, 2016 (in thousands, except per share data):

	Years Ended December 31,
	2017		2016
Net revenue	$	2,484,214	$	2,457,492
Income before income taxes		288,279		124,966
Net income		503,871		49,318
Net income attributable to Nexstar		503,541		46,547
Net income per common share attributable to Nexstar - basic	$	10.84	$	0.99
Net income per common share attributable to Nexstar - diluted	$	10.52	$	0.97

Media General [Member]

Business Acquisition [Line Items]

Components of Total Consideration Paid, Payable or Issued Upon Closing of Merger

The following table summarizes the components of the total consideration paid, payable or issued upon closing of the merger (in thousands):

Cash Consideration	$	1,376,108
Nexstar Common Stock issued (15,670,094 shares)		995,835
Reissued Nexstar Common Stock from treasury (560,316 shares)		35,608
Stock option replacement awards (228,438 options)		10,702
Repayment of Media General debt, including premium and accrued interest		1,658,135
Contingent consideration liability (CVR)		271,008
	$	4,347,396

Schedule of Assets Acquired and Liabilities Assumed

The fair values of the assets acquired and liabilities assumed (net of the effects of the Media General Divestitures but including the consolidation of the assets and liabilities of Shield, Tamer, Vaughan, WNAC, LLC and 54 Broadcasting) are as follows (in thousands):

Cash and cash equivalents	$	63,850
Accounts receivable		301,604
Spectrum asset		465,582
Prepaid expenses and other current assets		35,973
Property and equipment		482,144
FCC licenses		1,242,847
Network affiliation agreements		1,323,200
Other intangible assets		101,083
Goodwill		1,701,097
Other noncurrent assets		36,104
Total assets acquired and consolidated		5,753,484
Less: Accounts payable and accrued expenses		(187,721	)
Less: Taxes payable		(10,854	)
Less: Interest payable		(12,794	)
Less: Debt		(434,269	)
Less: Deferred tax liabilities		(957,779	)
Less: Other noncurrent liabilities		(227,378	)
Less: Noncontrolling interests in consolidated VIEs		(7,600	)
Net assets acquired and consolidated	$	3,915,089

WVMH [Member]

Business Acquisition [Line Items]

Schedule of Assets Acquired and Liabilities Assumed

The fair values of the assets acquired and liabilities assumed in the first closing are as follows (in thousands):

Accounts receivable	$	438
Prepaid expenses and other current assets		114
Property and equipment		18,362
Other intangible assets		3,402
Goodwill		35
Total assets acquired at first closing		22,351
Less: Accounts payable and accrued expenses		(623	)
Less: Other noncurrent liabilities		(307	)
Net assets acquired at first closing		21,421
Deposit on second closing		43,543
Total paid at first closing	$	64,964

WVMH [Member] | Consolidated VIEs [Member]

Business Acquisition [Line Items]

Schedule of Assets Acquired and Liabilities Assumed

The fair values of the assets consolidated were as follows (in thousands):

Broadcast rights	$	527
Property and equipment		3,489
FCC licenses		41,230
Network affiliation agreements		35,387
Goodwill		28,588
Consolidated assets of VIEs		109,221
Less: Broadcast rights payable		(527	)
Consolidated net asset of VIEs	$	108,694

Parker [Member]

Business Acquisition [Line Items]

Schedule of Assets Acquired and Liabilities Assumed

The fair values of the assets acquired and liabilities assumed are as follows (in thousands):

FCC licenses	$	1,539
Network affiliation agreements		1,743
Other intangible assets		20
Goodwill		698
Total assets acquired	$	4,000

WLWC [Member]

Business Acquisition [Line Items]

Schedule of Assets Acquired and Liabilities Assumed

The fair values of the assets acquired and liabilities assumed are as follows (in thousands):

Broadcast rights	$	1,599
Property and equipment		1,158
Network affiliation		2,517
Other intangible assets		385
Total assets acquired		5,659
Less: Broadcast rights payable		(1,599	)
Net assets acquired	$	4,060

Reiten [Member]

Business Acquisition [Line Items]

Schedule of Assets Acquired and Liabilities Assumed

The fair values of the assets acquired and liabilities assumed in the acquisition are as follows (in thousands):

Broadcast rights	$	13
Property and equipment		8,139
FCC licenses		9,779
Network affiliation agreements		16,084
Other intangible assets		2,073
Goodwill		7,931
Total assets acquired		44,019
Less: Broadcast rights payable		(13	)
Less: Accounts payable and accrued expenses		(8	)
Net assets acquired	$	43,998

KCWI [Member]

Business Acquisition [Line Items]

Schedule of Assets Acquired and Liabilities Assumed

Subject to final determination, which is expected to occur within twelve months of the acquisition date, the provisional fair values of the assets acquired and liabilities assumed in the acquisition are as follows (in thousands):

Accounts receivable	$	396
Broadcast rights		1,740
Prepaid expenses and other current assets		40
Property and equipment		1,076
FCC licenses		2,180
Other intangible assets		2
Goodwill		350
Total assets acquired		5,784
Less: Broadcast rights payable		(1,886	)
Less: Accrued expenses		(17	)
Net assets acquired	$	3,881