Nexstar Media Group Files 2023 Annual Report on Form 10-K

TL;DR

<b>Nexstar Media Group filed its 2023 10-K, providing a comprehensive overview of its financial health and operational details.</b>

AI Summary

NEXSTAR MEDIA GROUP, INC. (NXST) filed a Annual Report (10-K) with the SEC on February 28, 2024. Nexstar Media Group, Inc. filed its annual report for the fiscal year ending December 31, 2023. The report details financial performance and business operations for the period. Key financial data and disclosures are provided as of December 31, 2023. The filing includes information on various assets, liabilities, and equity accounts. Specific debt instruments and their maturity dates are mentioned, including revolving loans due June 2027 and term loans due September 2026.

Why It Matters

For investors and stakeholders tracking NEXSTAR MEDIA GROUP, INC., this filing contains several important signals. This 10-K filing provides stakeholders with the latest official financial statements and management's discussion of results for Nexstar Media Group. Understanding the details within this report is crucial for investors to assess the company's performance, risks, and future outlook.

Risk Assessment

Risk Level: medium — NEXSTAR MEDIA GROUP, INC. shows moderate risk based on this filing. The company's financial disclosures, including debt instruments and asset valuations, indicate a complex financial structure that warrants careful review for potential risks.

Analyst Insight

Investors should analyze the detailed financial statements and risk factors in the 10-K to understand Nexstar Media Group's current financial position and future prospects.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-02-28 — Filing Date (Date of submission)
• 000-50478 — SEC File Number (Nexstar's SEC file number)
• 24694644 — Film Number (Associated film number)

Key Players & Entities

• NEXSTAR MEDIA GROUP, INC. (company) — Filer name
• NXST (company) — Ticker symbol
• 20231231 (date) — Fiscal year end
• 20240228 (date) — Filing date
• Irving, TX (location) — Business address city and state
• 972-373-8800 (phone) — Business phone number
• NEXSTAR BROADCASTING GROUP INC (company) — Former company name
• Tribune Media Company (company) — Mentioned in context of intangible assets

FAQ

Risk Factors

• Debt Instruments [medium — financial]: The company has various debt instruments, including revolving loans due June 2027 and term loans due September 2026, which represent financial obligations.
• Fair Value Measurements [medium — financial]: The filing includes fair value measurements for certain assets and liabilities, particularly those categorized under Level 3 inputs, indicating subjective valuation methods.
• FCC Licenses [low — regulatory]: Nexstar holds FCC licenses, which are subject to regulatory oversight and renewal processes.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document for investors to assess a company's annual financial health.)

Key Financial Figures

• $4.9 billion — ompany in the United States, generating $4.9 billion of revenue for the year ended December
• $5.2 b — d total net revenue of $4.9 billion and $5.2 billion, respectively, generated net cash
• $1 billion — low from operating activities of nearly $1 billion and $1.4 billion, respectively, and ret
• $1.4 b — ing activities of nearly $1 billion and $1.4 billion, respectively, and returned a sig
• $796 million — form of share repurchases and dividends—$796 million in 2023 and $1.0 billion in 2022—while
• $1.0 billion — and dividends—$796 million in 2023 and $1.0 billion in 2022—while maintaining a corporate c

Filing Documents

• nxst-20231231.htm (10-K) — 4507KB
• nxst-ex4_8.htm (EX-4.8) — 29KB
• nxst-ex21_1.htm (EX-21.1) — 6KB
• nxst-ex23_1.htm (EX-23.1) — 3KB
• nxst-ex31_1.htm (EX-31.1) — 13KB
• nxst-ex31_2.htm (EX-31.2) — 13KB
• nxst-ex32_1.htm (EX-32.1) — 6KB
• nxst-ex32_2.htm (EX-32.2) — 7KB
• nxst-ex97_1.htm (EX-97.1) — 31KB
• img150685600_0.jpg (GRAPHIC) — 267KB
• 0000950170-24-021979.txt (&nbsp;) — 20687KB
• nxst-20231231.xsd (EX-101.SCH) — 2829KB
• nxst-20231231_htm.xml (XML) — 4273KB

Business

Business 4 ITEM 1A.

Risk Factors

Risk Factors 18 ITEM 1B. Unresolved Staff Comments 29 ITEM 1C. Cybersecurity 29 ITEM 2.

Properties

Properties 30 ITEM 3.

Legal Proceedings

Legal Proceedings 30 ITEM 4. Mine Safety Disclosures 30 PART II ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31 ITEM 6. Reserved 32 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 ITEM 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 49 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 49 ITEM 9A.

Controls and Procedures

Controls and Procedures 50 ITEM 9B. Other Information 50 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 50 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 51 ITEM 11.

Executive Compensation

Executive Compensation 51 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management, and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management, and Related Stockholder Matters 51 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 51 ITEM 14. Principal Accountant Fees and Services 51 PART IV ITEM 15. Exhibits and Financial Statement Schedules 52 ITEM 16. Form 10-K Summary 52 Index to Exhibits 53 Index to Financial Statements F- 1 General As used in this Annual Report on Form 10-K and unless the context indicates otherwise, "Nexstar" refers to Nexstar Media Group, Inc., a Delaware corporation, and its consolidated wholly owned and majority owned subsidiaries, "Nexstar Media" refers to Nexstar Media Inc., a Delaware corporation and Nexstar's wholly owned subsidiary; the "Company" refers to Nexstar and the variable interest entities ("VIEs") required to be consolidated in our financial statements; and all references to "we," "our," "ours," and "us" refer to Nexstar. Nexstar Media has time brokerage agreements ("TBAs"), shared services agreements ("SSAs"), joint sales agreements ("JSAs"), local marketing agreements ("LMAs") and outsourcing agreements (which we generally and collectively refer to as "local service agreements") relating to the television stations owned by VIEs but does not own any of the equity interests in these entities. For a description of the relationship between Nexstar and these VIEs, see Item 1, "Business." The information in this Annual Report on Form 10-K includes information related to Nexstar and the VIEs with which Nexstar has relationships. In accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and as discussed in Note 2 to our Consolidated Financial Statements in Part IV, Item 15(a) of this Annual Report on Form 10-K, the financial results of the consolidated VIEs are included in the Consolidated Financial Statements contained herein. In the context of describing ownership of television stations in a par

Bu siness

Item 1. Bu siness Company Overview We are a leading diversified media company that produces and distributes engaging local and national news, sports and entertainment content across our television and digital platforms, including more than 310,000 hours of programming produced annually by our business units. Nexstar owns America's largest local television broadcasting group comprised of top network affiliates, with over 200 owned or partner stations in 117 U.S. markets in 40 states and the District of Columbia reaching over 220 million people. Nexstar's national television properties include a 75% interest in The CW Network, LLC ("The CW"), America's fifth major broadcast network, NewsNation, America's fastest-growing national cable news network in primetime, popular entertainment multicast networks Antenna TV and REWIND TV, and a 31.3% ownership stake in TV Food Network. The Company's portfolio of digital assets, including its local TV station websites, The Hill and NewsNationNow.com, is collectively a Top 10 U.S. digital news and information property, attracting almost 99 million unique users for December 2023 according to Comscore. We are a Delaware corporation formed in 1996. Our principal offices are at 545 E. John Carpenter Freeway, Suite 700, Irving, TX 75062. Our telephone number is (972) 373-8800 and our website is http://www.nexstar.tv . The information contained on, or accessible through, our website is not part of this Annual Report on Form 10-K and is not incorporated herein by reference. Competitive Strengths Unique Combination of Scaled Local Audiences and Powerful National Reach. 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. 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 re

View Full Filing

View this 10-K filing on SEC EDGAR