10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2015

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                     to                     .

Commission File Number: 000-50478

NEXSTAR BROADCASTING GROUP, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware	23-3083125
(State of Incorporation or Organization)	(I.R.S. Employer Identification No.)
545 E. John Carpenter Freeway, Suite 700, Irving, Texas	75062
(Address of Principal Executive Offices)	(Zip Code)

(972) 373-8800

(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that it was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (check one):

Large accelerated filer	x	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	¨
(Do not check if a smaller reporting company)

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No   x

As of May 4, 2015, the registrant had 31,291,608 shares of Class A Common Stock outstanding.

TABLE OF CONTENTS

		Page
PART I	FINANCIAL INFORMATION
ITEM 1.	Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets as of March 31, 2015 and December 31, 2014	1
	Condensed Consolidated Statements of Operations for the three months ended March 31, 2015 and 2014	2
	Condensed Consolidated Statement of Changes in Stockholders’ Equity for the three months ended March 31, 2015	3
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2015 and 2014	4
	Notes to Condensed Consolidated Financial Statements	5
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	36
ITEM 4.	Controls and Procedures	37
PART II	OTHER INFORMATION
ITEM 1.	Legal Proceedings	37
ITEM 1A.	Risk Factors	37
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
ITEM 3.	Defaults Upon Senior Securities	37
ITEM 4.	Mine Safety Disclosures	37
ITEM 5.	Other Information	37
ITEM 6.	Exhibits	38

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

NEXSTAR BROADCASTING GROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share information, unaudited)

	March 31,			December 31,
	2015			2014
ASSETS
Current assets:
Cash and cash equivalents	$	44,584		$	131,912
Accounts receivable, net of allowance for doubtful accounts of $4,544 and $3,002, respectively		164,581			127,878
Deferred tax assets, net		49,926			41,737
Broadcast rights		16,855			10,873
Prepaid expenses and other current assets		5,692			5,264
Total current assets		281,638			317,664
Property and equipment, net		277,837			237,739
Goodwill		441,129			256,491
FCC licenses		489,698			322,040
Other intangible assets, net		347,660			194,129
Other noncurrent assets, net		65,189			134,162
Total assets (1)	$	1,903,151		$	1,462,225
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of debt	$	17,189		$	15,840
Current portion of broadcast rights payable		17,937			11,935
Accounts payable		20,335			17,231
Accrued expenses		38,096			36,807
Taxes payable		19,064			4,899
Interest payable		16,612			4,601
Other current liabilities		7,180			5,953
Total current liabilities		136,413			97,266
Debt		1,526,830			1,220,304
Deferred tax liabilities		117,198			44,224
Other noncurrent liabilities		51,273			43,894
Total liabilities (1)		1,831,714			1,405,688
Commitments and contingencies
Stockholders' equity:
Preferred stock - $0.01 par value, 200,000 shares authorized; none issued and outstanding   at each of March 31, 2015 and December 31, 2014		-			-
Class A Common stock - $0.01 par value, 100,000,000 shares authorized; 31,291,608 and   31,172,060 shares issued and outstanding at March 31, 2015 and December 31, 2014,   respectively		313			312
Class B Common stock - $0.01 par value, 20,000,000 shares authorized; none issued and   outstanding at each of March 31, 2015 and December 31, 2014		-			-
Class C Common stock - $0.01 par value, 5,000,000 shares authorized; none issued and   outstanding at each of March 31, 2015 and December 31, 2014		-			-
Additional paid-in capital		398,116			398,029
Accumulated deficit		(332,897	)		(345,804	)
Total Nexstar Broadcasting Group, Inc. stockholders' equity		65,532			52,537
Noncontrolling interests in consolidated variable interest entities		5,905			4,000
Total stockholders' equity		71,437			56,537
Total liabilities and stockholders' equity	$	1,903,151		$	1,462,225

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

(1) The consolidated total assets as of March 31, 2015 and December 31, 2014 include certain assets held by consolidated VIEs of $122.9 million and $49.1 million, respectively, which are not available to be used to settle the obligations of Nexstar. The consolidated total liabilities as of March 31, 2015 and December 31, 2014 include certain liabilities of consolidated VIEs of $38.5 million and $17.9 million for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information.

1

NEXSTAR BROADCASTING GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share information, unaudited)

	Three Months Ended
	March 31,
	2015			2014
Net revenue	$	203,391		$	133,833
Operating expenses:
Direct operating expenses, excluding depreciation and amortization		69,685			41,849
Selling, general, and administrative expenses, excluding depreciation and amortization		57,289			41,040
Amortization of broadcast rights		14,581			8,632
Amortization of intangible assets		13,060			6,193
Depreciation		10,872			8,419
Total operating expenses		165,487			106,133
Income from operations		37,904			27,700
Interest expense, net		(19,293	)		(15,170	)
Other expenses		(118	)		(128	)
Income before income taxes		18,493			12,402
Income tax expense		(6,581	)		(5,049	)
Net income		11,912			7,353
Net loss attributable to noncontrolling interests		995			-
Net income attributable to Nexstar Broadcasting Group, Inc.	$	12,907		$	7,353
Net income per common share attributable to Nexstar Broadcasting Group, Inc.:
Basic	$	0.41		$	0.24
Diluted	$	0.40		$	0.23
Weighted average number of common shares outstanding:
Basic		31,196			30,603
Diluted		32,256			31,909
Dividends declared per common share	$	0.19		$	0.15

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

2

NEXSTAR BROADCASTING GROUP, INC.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

For the Three Months Ended March 31, 2015

(in thousands, except share information, unaudited)

																							Noncontrolling
																							interests in
					Common Stock												Additional						consolidated			Total
	Preferred Stock				Class A				Class B				Class C				Paid-In			Accumulated			variable			Stockholders'
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount		Capital			Deficit			interestentities			Equity
Balances as of December 31, 2014		-	$	-		31,172,060	$	312		-	$	-		-	$	-	$	398,029		$	(345,804	)	$	4,000		$	56,537
Stock-based compensation   expense		-		-		-		-		-		-		-		-		2,858			-			-			2,858
Exercise of stock options		-		-		119,548		1		-		-		-		-		1,464			-			-			1,465
Excess tax benefit from stock   option exercises		-		-		-		-		-		-		-		-		1,686			-			-			1,686
Common stock dividends   declared		-		-		-		-		-		-		-		-		(5,921	)		-			-			(5,921	)
Consolidation of a variable   interest entity		-		-		-		-		-		-		-		-		-			-			2,900			2,900
Net income		-		-		-		-		-		-		-		-		-			12,907			(995	)		11,912
Balances as of March 31, 2015		-	$	-		31,291,608	$	313		-	$	-		-	$	-	$	398,116		$	(332,897	)	$	5,905		$	71,437

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

3

NEXSTAR BROADCASTING GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, unaudited)

	Three Months Ended
	March 31,
	2015			2014
Cash flows from operating activities:
Net income	$	11,912		$	7,353
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for bad debt		453			1,015
Amortization of broadcast rights, excluding barter		5,162			2,960
Depreciation of property and equipment		10,872			8,419
Amortization of intangible assets		13,060			6,193
Loss (gain) on asset disposal, net		802			(15	)
Amortization of debt financing costs		820			647
Amortization of debt discount (premium), net		65			43
Stock-based compensation expense		2,858			1,643
Deferred income taxes		5,139			4,496
Payments for broadcast rights		(5,271	)		(3,149	)
Deferred gain recognition		(109	)		(109	)
Amortization of deferred representation fee incentive		(264	)		(205	)
Non-cash representation contract termination fee		1,516			-
Excess tax benefit from stock option exercises		(1,686	)		(274	)
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable		934			3,958
Prepaid expenses and other current assets		1,452			1,184
Other noncurrent assets		56			92
Accounts payable and accrued expenses		(5,781	)		1,528
Taxes payable		(4,478	)		141
Interest payable		12,011			8,932
Other noncurrent liabilities		103			(121	)
Net cash provided by operating activities		49,626			44,731
Cash flows from investing activities:
Purchases of property and equipment		(6,401	)		(3,983	)
Payments for acquisitions, net of cash acquired		(459,979	)		(22,057	)
Proceeds from disposal of a station		26,805			-
Proceeds from disposals of property and equipment		877			14
Net cash used in investing activities		(438,698	)		(26,026	)
Cash flows from financing activities:
Proceeds from long-term debt		411,950			-
Repayments of long-term debt		(104,140	)		(3,610	)
Payments for debt financing costs		(2,920	)		(77	)
Proceeds from exercise of stock options		1,465			107
Excess tax benefit from stock option exercises		1,686			274
Common stock dividends paid		(5,921	)		(4,588	)
Payments for capital lease obligations		(376	)		(259	)
Net cash provided by (used in) financing activities		301,744			(8,153	)
Net (decrease) increase in cash and cash equivalents		(87,328	)		10,552
Cash and cash equivalents at beginning of period		131,912			40,028
Cash and cash equivalents at end of period	$	44,584		$	50,580
Supplemental information:
Interest paid	$	6,397		$	5,547
Income taxes paid, net of refunds	$	5,925		$	47
Non-cash investing and financing activities:
Accrued purchases of property and equipment	$	1,321		$	966
Noncash purchases of property and equipment	$	1,276		$	14
Accrued debt financing costs	$	127		$	-

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

4

NEXSTAR BROADCASTING GROUP, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Organization and Business Operations

As of March 31, 2015, Nexstar Broadcasting Group, Inc. and its wholly-owned subsidiaries (“Nexstar”) owned, operated, programmed or provided sales and other services to 107 television stations and 36 digital multicast channels, including those owned by variable interest entities (“VIEs”), in 58 markets in the states of Alabama, Arizona, Arkansas, California, Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Maryland, Michigan, Missouri, Montana, Nevada, New York, Pennsylvania, Tennessee, Texas, Utah, Vermont, Virginia and Wisconsin. The stations are affiliates of ABC (20 stations), NBC (20 stations), FOX (28 stations), CBS (17 stations), The CW (10 stations and 2 digital multicast channels), MyNetworkTV (10 stations and 4 digital multicast channels), Telemundo (one station and one digital multicast channel), RTV (one station), Bounce TV (9 digital multicast channels), Me-TV (9 digital multicast channels), Estrella (6 digital multicast channels), LATV (one digital multicast channel), This TV (one digital multicast channel), Weather Nation Utah (one digital multicast channel), Movies! (one digital multicast channel) and News/Weather (one digital multicast channel). Through various local service agreements, Nexstar provided sales, programming and other services to 31 stations and 6 digital multicast channels owned and/or operated by independent third parties. Nexstar operates in one reportable television broadcasting segment. The economic characteristics, services, production process, customer type and distribution methods for Nexstar’s operations are substantially similar and are therefore aggregated as a single reportable segment.

2.  Summary of Significant Accounting Policies

Principles of Consolidation

The Condensed Consolidated Financial Statements include the accounts of Nexstar and the accounts of independently-owned VIEsfor which Nexstar is the primary beneficiary. Nexstar and the consolidated VIEs are collectively referred to as the “Company.” Noncontrolling interests represent the VIE owners’ share of the equity in the consolidated VIEs and are presented as a component separate from Nexstar Broadcasting Group, Inc. stockholders’ equity. All intercompany account balances and transactions have been eliminated in consolidation. Nexstar management evaluates each arrangement that may include variable interests and determines the need to consolidate an entity where it determines Nexstar is the primary beneficiary of a VIE in accordance with related authoritative literature and interpretive guidance. Effective January 1, 2015, Nexstar entered into local service agreements to provide programming and sales services to stations acquired from Communications Corporation of America (“CCA”) and sold to Marshall Broadcasting Group, Inc. (“Marshall”) and stations owned by White Knight Broadcasting (“White Knight”), which were considered as VIEs as of that date.

Certain assets of consolidated VIEs are not available to settle the obligations of Nexstar and there are certain liabilities of consolidated VIEs for which the creditors of the VIEs do not have recourse to the general credit of Nexstar. In previous filings, the Company presented such amounts as separate amounts on its Consolidated Balance Sheets.  The Company has elected to present these amounts in this and future filings in a combined footnote on the Consolidated Balance Sheets, with footnote disclosure of the related carrying amounts and classification, as follows (in thousands):

	March 31,		December 31,
	2015		2014
Current assets	$	3,196	$	12	(1)
Property and equipment, net		4,503		-
Goodwill		18,451		697	(1)
FCC licenses		74,312		46,727
Other intangible assets, net		21,419		1,695	(1)
Other noncurrent assets, net		974		-
Total assets		122,855		49,131
Current liabilities		11,370		7,852
Noncurrent liabilities		27,132		10,018
Total liabilities	$	38,502	$	17,870

(1) These balances relate to Parker Broadcasting of Colorado, LLC and were previously not presented separately on the Consolidated Balance Sheet. This correction is not considered material to the Consolidated Financial Statements as of December 31, 2014.

5

Liquidity

Nexstar is highly leveraged, which makes it vulnerable to changes in general economic conditions. Nexstar’s ability to repay or refinance its debt will depend on, among other things, financial, business, market, competitive and other conditions, many of which are beyond Nexstar’s control.

Interim Financial Statements

The Condensed Consolidated Financial Statements as of March 31, 2015 and for the three months ended March 31, 2015 and 2014 are unaudited. However, in the opinion of management, such financial statements include all adjustments (consisting solely of normal recurring adjustments) necessary for the fair statement of the financial information included herein in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Results of operations for interim periods are not necessarily indicative of results for the full year. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related Notes included in Nexstar’s Annual Report on Form 10-K for the year ended December 31, 2014. The balance sheet as of December 31, 2014 has been derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.

Variable Interest Entities

The Company may determine that an entity is a VIE as a result of local service agreements entered into with the owner-operator of an entity. The term local service agreements generally refers to a contract between two separately owned television stations serving the same market, whereby the owner-operator of one station contracts with the owner-operator of the other station to provide it with administrative, sales and other services required for the operation of its station. Nevertheless, the owner-operator of each station retains control and responsibility for the operation of its station, including ultimate responsibility over all programming broadcast on its station. A local service agreement can be (1) a time brokerage agreement (“TBA”) which allows Nexstar to program most of a station’s broadcast time, sell the station’s advertising time and retain the advertising revenue generated in exchange for monthly payments, based on the station’s monthly operating expenses, (2) a shared services agreement (“SSA”) which allows the Nexstar station in the market to provide services including news production, technical maintenance and security, in exchange for Nexstar’s right to receive certain payments as described in the SSA, or (3) a joint sales agreement (“JSA”) which permits Nexstar to sell certain of the station’s advertising time and retain a percentage of the related revenue, as described in the JSA.

Consolidated VIEs

Mission Broadcasting, Inc. (“Mission”), Marshall and Parker Broadcasting of Colorado, LLC (“Parker”) are consolidated by Nexstar because Nexstar is deemed under U.S. GAAP to have controlling financial interests in these entities for financial reporting purposes as a result of (1) local service agreements Nexstar has with these stations, (2) Nexstar’s guarantees of the obligations incurred under Mission’s and Marshall’s senior secured credit facilities (see Note 6), (3) Nexstar having power over significant activities affecting these entities’ economic performance, including budgeting for advertising revenue, certain advertising sales and, for Mission and Parker, hiring and firing of sales force personnel and (4) purchase options granted by Mission which permit Nexstar to acquire the assets and assume the liabilities of each Mission station, subject to Federal Communications Commission (“FCC”) consent.

Effective January 1, 2015, upon Nexstar’s acquisition of CCA, Nexstar assumed the contractual obligations under CCA’s local service agreements with White Knight, the owner of six television stations in the Baton Rouge, Louisiana, Shreveport, Louisiana and Tyler-Longview, Texas markets. Nexstar evaluated the business arrangements with White Knight and has determined that it has a variable interest in this entity. Nexstar has also determined that it is the primary beneficiary of the variable interest because it has the ultimate power to direct the activities that most significantly impact the economic performance of White Knight, including management advice and consultation in broadcast matters, the ability to sell certain advertising on the White Knight stations, the production of the White Knight stations’ news and other programming, and oversight and control of sales management personnel. Additionally, Nexstar assumed CCA’s options to acquire the assets and assume the liabilities of each White Knight station, subject to FCC consent. Simultaneous with Nexstar’s acquisition of CCA, Nexstar sold the assets of CCA stations KPEJ and KMSS to Marshall and, as discussed above, Nexstar is the primary beneficiary of Marshall. Therefore, Nexstar consolidated White Knight, KPEJ and KMSS as of January 1, 2015. See Note 3 for additional information with respect to these transactions.

6

The following table summarizes the various local service agreements Nexstar had in effect as of March 31, 2015 with Mission, Marshall, Parker and White Knight:

Service Agreements	Owner	Mission Stations
TBA Only	Mission	WFXP and KHMT
	Parker	KFQX
SSA & JSA	Mission	KJTL, KJBO-LP, KLRT, KASN, KOLR, KCIT, KCPN-LP, KAMC, KRBC, KSAN, WUTR, WAWV, WYOU, KODE, WTVO, KTVE, WTVW and WVNY
	Marshall	KLJB, KPEJ and KMSS
	White Knight	WVLA, KZUP, KFXK, KFXL, KLPN, KSHV

Nexstar’s ability to receive cash from Mission, Marshall, Parker and White Knight is governed by the local service agreements. Under these agreements, Nexstar has received substantially all of the consolidated VIEs’ available cash, after satisfaction of operating costs and debt obligations. Nexstar anticipates it will continue to receive substantially all of the consolidated VIEs’ available cash, after satisfaction of operating costs and debt obligations. In compliance with FCC regulations for all the parties, Mission, Marshall, Parker and White Knight maintain complete responsibility for and control over programming, finances, personnel and operations of their stations.

The carrying amounts and classification of the assets and liabilities of the VIEs mentioned above which have been included in the Condensed Consolidated Balance Sheets were as follows (in thousands):

	March 31,		December 31,
	2015		2014
Current assets:
Cash and cash equivalents	$	5,662	$	1,440
Accounts receivable, net		13,645		7,594
Deferred tax assets, net		9,474		9,389
Prepaid expenses and other current assets		3,709		2,657
Total current assets		32,490		21,080
Property and equipment, net		32,332		26,235
Goodwill		70,081		35,308
FCC licenses		74,312		46,727
Other intangible assets, net		62,368		30,333
Other noncurrent assets, net		24,561		64,858
Total assets	$	296,144	$	224,541
Current liabilities:
Current portion of debt	$	5,561	$	5,137
Interest payable		28		28
Other current liabilities		11,372		7,852
Total current liabilities		16,961		13,017
Debt		284,053		289,161
Other noncurrent liabilities		27,133		10,018
Total liabilities	$	328,147	$	312,196

Non-Consolidated VIEs

Nexstar has an outsourcing agreement with Cunningham Broadcasting Corporation (“Cunningham”), which continues through December 31, 2017. Under the outsourcing agreement, Nexstar provides certain engineering, production, sales and administrative services for WYZZ, the FOX affiliate in the Peoria, Illinois market, through WMBD, the Nexstar television station in that market. During the term of the outsourcing agreement, Nexstar retains the broadcasting revenue and related expenses of WYZZ and is obligated to pay a monthly fee based on the combined operating cash flow of WMBD and WYZZ, as defined in the agreement.

7

Nexstar has determined that it has a variable interest in WYZZ. Nexstar has evaluated its arrangements with Cunningham and has determined that it is not the primary beneficiary of the variable interest in WYZZ because it does not have the ultimate power to direct the activities that most significantly impact the economic performance of the station, including developing the annual operating budget, programming and oversight and control of sales management personnel. Therefore, Nexstar has not consolidated this station under authoritative guidance related to the consolidation of VIEs. Under the outsourcing agreement for WYZZ, Nexstar pays for certain operating expenses, and therefore may have unlimited exposure to any potential operating losses. Nexstar’s management believes that Nexstar’s minimum exposure to loss under the WYZZ outsourcing agreement consists of the fees paid to Cunningham. Additionally, Nexstar indemnifies the owner of WYZZ from and against all liability and claims arising out of or resulting from its activities, acts or omissions in connection with the agreement. The maximum potential amount of future payments Nexstar could be required to make for such indemnification is undeterminable at this time.

As of March 31, 2015 and December 31, 2014, Nexstar had balances in accounts payable of $0.1 million and $0.5 million, respectively, for fees under this arrangement and had receivables for advertising aired on these stations of $0.5 million and $0.7 million, respectively. Fees incurred under this arrangement of $0.1 million and $0.3 million were included in direct operating expenses in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2015 and 2014, respectively.

Financial Instruments

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value due to their short-term nature. See Note 6 for fair value disclosures related to the Company’s debt.

Income Per Share

Basic income per share is computed by dividing the net income attributable to Nexstar by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed using the weighted-average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares are calculated using the treasury stock method. They consist of stock options and restricted stock units outstanding during the period and reflect the potential dilution that could occur if common stock were issued upon exercise of stock options and vesting of restricted stock units. The following table shows the amounts used in computing the Company’s diluted shares (in thousands):

	Three Months Ended
	March 31,
	2015		2014
Weighted average shares outstanding - basic		31,196		30,603
Dilutive effect of equity incentive plan instruments		1,060		1,306
Weighted average shares outstanding - diluted		32,256		31,909

Stock options and restricted stock units to acquire Class A common stock excluded from the computation of diluted earnings per share were comprised of a weighted average of 1,043,000 shares and 621,000 shares for the three months ended March 31, 2015 and 2014, respectively, because their impact would have been antidilutive.

Basis of Presentation

Certain prior year financial statement amounts have been reclassified to conform to the current year presentation. These reclassifications had no effect on net income or stockholders’ equity as previously reported.

8

Recent Accounting Pronouncements

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which updates the accounting guidance on revenue recognition. This standard is intended to provide a more robust framework for addressing revenue issues, improve comparability of revenue recognition practices and improve disclosure requirements. The standard is effective for interim and annual reporting periods beginning after December 15, 2016, with a proposed one year delay. Transition to the new guidance may be done using either a full or modified retrospective method. The Company is currently evaluating the impact of the provisions of the accounting standard update.

In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation Analysis, to improve certain areas of consolidation guidance for reporting organizations (i.e., public, private and not-for-profit) that are required to evaluate whether to consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures (e.g., collateralized debt/loan obligations). All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments (1) eliminate the presumption that a general partner should consolidate a limited partnership, (2) eliminate the indefinite deferral of FASB Statement No. 167, thereby reducing the number of VIE consolidation models from four to two (including the limited partnership consolidation model), (3) clarify when fees paid to a decision maker should be a factor to include in the consolidation of VIEs, (4) amend the guidance for assessing how related party relationships affect VIE consolidation analysis and (5) exclude certain money market funds from the consolidation guidance. The amendments in this accounting standard are effective for public business entities for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. The Company does not expect the implementation of this standard to have a material impact on its financial position or results of operations.

In April 2015, the FASB issued ASU No. 2015-03, Interest, Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The amendments in this accounting standard are effective for interim and annual periods ending after December 15, 2015, with early application permitted. The Company does not expect this guidance to have a significant impact on its financial statements, other than a change in the financial statement classification of debt issuance costs. As of March 31, 2015 and December 31, 2014, $19.1 million and $17.0 million, respectively, of net debt financing costs were included in other noncurrent assets in the Condensed Consolidated Balance Sheets. Under the new guidance, the carrying amount of debt financing costs would reduce the Company’s total debt.

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3.  Acquisitions and Dispositions

CCA

Effective January 1, 2015, Nexstar completed the acquisition of the outstanding equity of privately-held CCA from SP ComCorp LLC (“SP ComCorp”), NexPoint Credit Strategies Fund (“NexPoint”) and Highland Floating Rate Opportunities Fund (“Highland”) and assumed CCA’s rights and obligations under its existing local service agreements with White Knight, for $278.3 million in cash, less a $0.2 million receivable from the sellers representing working capital adjustment. CCA and White Knight, collectively, owned 19 television stations in 10 markets.

A deposit of $27.0 million was paid to CCA in April 2013 upon signing the stock purchase agreement. Nexstar paid the $251.3 million remaining purchase price at closing funded by a combination of cash on hand, term loans borrowed in October 2014 and borrowings from its revolving credit facility in January 2015 (See Note 6). The transaction costs relating to this acquisition, including legal and professional fees of $0.4 million, were expensed as incurred during the three months ended March 31, 2015. Additionally, employment charges of $0.5 million were incurred and included in the Condensed Consolidated Statements of Operations.

Simultaneous with Nexstar’s acquisition of CCA, Nexstar sold the assets of CCA stations KPEJ and KMSS to Marshall for $43.3 million in cash, funded primarily by a $43.0 million deposit made in December 2014 arising from Marshall’s term loan. Nexstar also entered into local service agreements with Marshall to perform certain sales and other services for these stations. Additionally, Nexstar sold the assets of CCA station WEVV, the CBS and FOX affiliate serving the Evansville, Indiana market, to Bayou City Broadcasting Evansville, Inc. (“BCB”) for $26.8 million in cash, plus a $0.8 million cash sale of certain real estate properties previously owned by Nexstar (not acquired from CCA). Nexstar recognized a net loss on disposal of $0.5 million in connection with this transaction. There is no relationship between Nexstar and BCB or their respective stations after the sale.

The above transactions allow the Company entrance into 7 new markets and create duopolies in 6 markets. The stations impacted are as follows:

Market	Market Rank	Station	Affiliation
Nexstar:
Harlingen-Weslaco-Brownsville-McAllen, TX	86	KVEO	NBC/Estrella
Waco-Temple-Bryan, TX	87	KWKT KYLE	FOX/MyNetworkTV/ Estrella FOX/MyNetworkTV/ Estrella
El Paso, TX	91	KTSM	NBC/Estrella
Baton Rouge, LA	93	WGMB WBRL	FOX The CW
Tyler-Longview, TX	108	KETK	NBC/Estrella
Lafayette, LA	124	KADN KLAF	FOX MyNetworkTV
Alexandria, LA	179	WNTZ	FOX/MyNetworkTV
Marshall:
Shreveport, LA	83	KMSS	FOX
Odessa-Midland, TX	146	KPEJ	FOX/Estrella
White Knight:
Baton Rouge, LA	93	WVLA KZUP	NBC RTV
Tyler-Longview, TX	108	KFXK KFXL KLPN	FOX FOX MyNetworkTV
Shreveport, LA	83	KSHV	MyNetworkTV

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As discussed in Note 2, Nexstar is the primary beneficiary of the variable interests in White Knight and Marshall and has consolidated White Knight and the stations Nexstar sold to Marshall, KPEJ and KMSS, into Nexstar’s Condensed Consolidated Financial Statements beginning January 1, 2015. Accordingly, all effects of the sale between Nexstar and Marshall have been eliminated in consolidation.

The consolidation of the assets and liabilities of White Knight into Nexstar resulted in a noncontrolling interest of $2.9 million, representing the fair value of interest held by the owners as of January 1, 2015, estimated by applying the income approach valuation technique.

The estimated fair values of the assets acquired and liabilities assumed in the CCA acquisition (net of the effects of the sale of WEVV to BCB), including the consolidation of the assets and liabilities of White Knight, KPEJ and KMSS, are as follows (in thousands):

Cash	$	1,847
Accounts receivable		19,624
Broadcast rights		10,233
Deferred tax assets		247
Prepaid expenses and other current assets		118
Property and equipment		25,647
FCC licenses		71,465
Network affiliation agreements		86,219
Other intangible assets		7,818
Goodwill		119,780
Other assets		59
Total assets acquired		343,057
Less:  Broadcast rights payable		(10,467	)
Less:  Accounts payable and accrued expenses		(4,685	)
Less: Taxes payable		(18,613	)
Less: Deferred tax liabilities		(55,454	)
Less:  Other noncurrent liabilities		(221	)
Less:  Noncontrolling interest in a consolidated VIE		(2,900	)
Net assets acquired	$	250,717

The fair value assigned to goodwill is attributable to future expense reductions utilizing management’s leverage in operating costs. The goodwill, FCC licenses and network affiliation agreements are not deductible for tax purposes. The intangible assets related to the network affiliation agreements are amortized over 15 years and other intangible assets are amortized over an estimated weighted average useful life of five years.

The acquired entities’ net revenue of $24.4 million and operating income of $4.7 million from the date of acquisition to March 31, 2015 have been included in the accompanying Condensed Consolidated Statements of Operations.

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KASW

Effective January 29, 2015, Nexstar acquired the assets of KASW, the CW affiliate in the Phoenix, Arizona market from Meredith Corporation (“Meredith”) and SagamoreHill of Phoenix, LLC (“SagamoreHill”) for $71.3 million in cash, less a $0.5 million receivable from the sellers representing working capital adjustment. The acquisition allows Nexstar entrance into this market and the purchase price was funded through Nexstar’s $275.0 million 6.125% senior unsecured notes (“6.125% Notes”) and borrowings under Nexstar’s existing credit facility (See Note 6). No significant transaction costs were incurred in connection with this acquisition during the three months ended March 31, 2015.

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

Accounts receivable	$	3,544
Broadcast rights		8,771
Prepaid expenses and other current assets		24
Property and equipment		987
FCC licenses		35,566
Other intangible assets		713
Goodwill		32,254
Total assets acquired		81,859
Less:  Broadcast rights payable		(10,291	)
Less:  Accounts payable and accrued expenses		(790	)
Net assets acquired	$	70,778

The fair value assigned to goodwill is attributable to future expense reductions utilizing management’s leverage in programming and other station operating costs. The goodwill and FCC licenses are deductible for tax purposes. The intangible assets related to the network affiliation agreements are amortized over 15 years. Other intangible assets are amortized over an estimated weighted average useful life of 1.5 years.

KASW’s net revenue of $3.5 million and operating income of $1.4 million from the date of acquisition to March 31, 2015 have been included in the accompanying Condensed Consolidated Statements of Operations.

Yashi

On February 2, 2015, Nexstar acquired the outstanding equity of Yashi, a local digital video advertising and targeted programmatic technology platform, for $33.4 million in cash, less a $0.4 million receivable from the sellers representing working capital adjustment. The acquisition is expected to broaden Nexstar’s digital media portfolio with technologies and offerings that are complementary to Nexstar’s digital businesses and multi-screen strategies. The purchase price was funded through Nexstar’s 6.125% Notes and borrowings under Nexstar’s existing credit facility (See Note 6). No significant transaction costs were incurred in connection with this acquisition during the three months ended March 31, 2015.

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

Cash	$	1,472
Accounts receivable		8,449
Property and equipment		114
Software and other intangible assets		22,321
Goodwill		16,904
Other assets		15
Total assets acquired		49,275
Less:  Accounts payable and accrued expenses		(7,681	)
Less: Deferred tax liabilities		(8,588	)
Net assets acquired	$	33,006

The fair value assigned to goodwill is attributable to future expense reductions utilizing management’s leverage in operating costs. Goodwill and Software and other intangible assets are not deductible for tax purposes. Software and other intangible assets are amortized over an estimated weighted average useful life of four years.

Yashi’s net revenue of $5.8 million and operating income of $0.4 million from the date of acquisition to March 31, 2015 have been included in the accompanying Condensed Consolidated Statements of Operations.

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KLAS

On February 13, 2015, Nexstar acquired the outstanding equity of KLAS, LLC, the owner of television station KLAS, the CBS affiliate serving the Las Vegas, Nevada market, from Landmark Television, LLC and Landmark Media Enterprises, LLC, for $150.4 million in cash, plus a $0.6 million payable to the sellers representing working capital adjustment. The acquisition allows Nexstar entrance into this market and the purchase price was funded through Nexstar’s 6.125% Notes and borrowings under Nexstar’s existing credit facility (See Note 6). Transaction costs relating to this acquisition, including legal and professional fees of $0.1 million, were expensed as incurred during the three months ended March 31, 2015.

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

Cash	$	18
Accounts receivable		6,474
Broadcast rights		58
Prepaid expenses and other current assets		438
Property and equipment		19,154
FCC licenses		60,627
Network affiliation agreements		49,485
Other intangible assets		35
Goodwill		15,700
Total assets of a consolidated VIE		151,989
Less:  Broadcast rights payable		(58	)
Less:  Accounts payable and accrued expenses		(838	)
Less:  Other current liabilities		(117	)
Net assets acquired	$	150,976

The fair value assigned to goodwill is attributable to future expense reductions utilizing management’s leverage in programming and other station operating costs. The goodwill and FCC licenses are deductible for tax purposes. The intangible assets related to the network affiliation agreements are amortized over 15 years. Other intangible assets are amortized over an estimated weighted average useful life of 12 years.

KLAS’ net revenue of $4.8 million and operating income of $1.3 million from the date of acquisition to March 31, 2015 have been included in the accompanying Condensed Consolidated Statements of Operations.

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Unaudited Pro Forma Information

The acquisitions of KASW, Yashi and KLAS are not significant for financial reporting purposes, both individually and in aggregate. Therefore, pro forma information has not been provided for these acquisitions. The following unaudited pro forma information has been presented for the periods indicated as if the 2014 acquisitions of Internet Broadcasting Systems, Inc. (“IBS”) and Grant Company, Inc. (“Grant”) had occurred on January 1, 2013 and the 2015 acquisition of CCA and the related consolidation of VIEs had occurred on January 1, 2014 (in thousands):

	Three Months Ended
	March 31,
	2015		2014
Net revenue	$	203,391	$	176,890
Income before income taxes		22,283		17,114
Net income		14,259		9,709
Net income attributable to Nexstar		14,661		9,465
Net income per common share attributable to Nexstar - basic		0.47		0.31
Net income per common share attributable to Nexstar - diluted		0.45		0.30

The above selected unaudited pro forma information is presented for illustrative purposes only and is not necessarily indicative of results of operations in future periods or results that would have been achieved had Nexstar owned IBS, Grant and CCA during the specified periods.

Please refer to Nexstar’s Annual Report on Form 10-K for the year ended December 31, 2014 for more information with respect to IBS and Grant.

Pending Acquisition

KCWI

On October 24, 2014, Nexstar entered into a definitive agreement to acquire the assets of KCWI, the CW affiliate in the Des Moines-Ames, Iowa market, from Pappas Telecasting of Iowa, LLC (“Pappas”) for $3.5 million, subject to adjustments for working capital. A deposit of $0.2 million was paid upon signing the purchase agreement. This acquisition is subject to bankruptcy approval and other customary conditions, and Nexstar expects it to close in the second quarter of 2015.

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4.  Intangible Assets and Goodwill

Intangible assets subject to amortization consisted of the following (in thousands):

	Estimated		March 31, 2015							December 31, 2014
	useful life,				Accumulated							Accumulated
	in years		Gross		Amortization			Net		Gross		Amortization			Net
Network affiliation agreements		15	$	614,592	$	(316,903	)	$	297,689	$	478,888	$	(310,097	)	$	168,791
Other definite-lived   intangible assets	1-15			82,939		(32,968	)		49,971		52,052		(26,714	)		25,338
Other intangible assets			$	697,531	$	(349,871	)	$	347,660	$	530,940	$	(336,811	)	$	194,129

The increases in network affiliation agreements and other definite-lived intangible assets relate to Nexstar’s acquisitions and VIE consolidations, as discussed in Notes 2 and 3.

The following table presents the Company’s estimate of amortization expense for the remainder of 2015, each of the five succeeding years ended December 31 and thereafter for definite-lived intangible assets as of March 31, 2015 (in thousands):

Remainder of 2015	$	32,696
2016		39,068
2017		36,418
2018		29,315
2019		26,440
2020		21,793
Thereafter		161,930
	$	347,660

The amounts recorded to goodwill and FCC licenses were as follows (in thousands):

	Goodwill							FCC Licenses
			Accumulated							Accumulated
	Gross		Impairment			Net		Gross		Impairment			Net
Balances as of December 31, 2014	$	302,482	$	(45,991	)	$	256,491	$	371,461	$	(49,421	)	$	322,040
Acquisitions and consolidation   of VIEs (See Notes 2 and 3)		184,638		-			184,638		167,658		-			167,658
Balances as of March 31, 2015	$	487,120	$	(45,991	)	$	441,129	$	539,119	$	(49,421	)	$	489,698

Indefinite-lived intangible assets are not subject to amortization, but are tested for impairment annually or whenever events or changes in circumstances indicate that such assets might be impaired. As of March 31, 2015, the Company did not identify any events that would trigger impairment assessment.

5.  Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	March 31,		December 31,
	2015		2014
Compensation and related taxes	$	9,299	$	9,918
Sales commissions		4,056		3,108
Employee benefits		2,425		2,410
Property taxes		1,442		886
Other		20,874		20,485
	$	38,096	$	36,807

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6.  Debt

Long-term debt consisted of the following (in thousands):

	March 31,			December 31,
	2015			2014
Term loans, net of discount of $1,639 and $1,725, respectively	$	701,450		$	705,054
Revolving loans		42,000			5,500
6.875% Senior unsecured notes due 2020, including premium of $569 and $590, respectively		525,569			525,590
6.125% Senior unsecured notes due 2022		275,000			-
		1,544,019			1,236,144
Less: current portion		(17,189	)		(15,840	)
	$	1,526,830		$	1,220,304

2015 Transactions

On January 29, 2015, Nexstar completed the issuance and sale of $275.0 million 6.125% Notes at par. The proceeds from these notes were used to partially finance acquisitions and to pay for related fees and expenses (See Note 3). Interest on the 6.125% Notes is payable semiannually in arrears on February 15 and August 15 of each year commencing on August 15, 2015. The notes are senior unsecured obligations of Nexstar and are guaranteed by Mission and certain of Nexstar’s and Mission’s future 100% owned subsidiaries, subject to certain customary release provisions. The notes will mature on February 15, 2022.

The 6.125% Notes are senior obligations of Nexstar and Mission but junior to the secured debt, including Nexstar’s, Mission’s and Marshall’s senior secured credit facilities to the extent of the value of the assets securing such debt. The 6.125% Notes rank equal to the 6.875% senior unsecured notes (“6.875% Notes”).

On January 30, 2015, Mission repaid the outstanding principal balance under its revolving credit facility of $5.5 million.

In January and February 2015, Nexstar borrowed a total of $134.9 million under its revolving credit facility, less repayments of $94.9 million during the period. The net proceeds from these borrowings were used to partially finance the acquisitions discussed in Note 3. In April 2015, Nexstar repaid the outstanding principal balance under its revolving credit facility of $30.0 million funded by cash on hand.

In January and March 2015, Marshall borrowed a total of $2.0 million under its revolving credit facility.

In March 2015, Nexstar, Mission and Marshall paid the contractual maturities under their senior secured credit facilities of $2.5 million, $0.5 million and $0.7 million, respectively.

Unused Commitments and Borrowing Availability

The Company had $63.0 million of total unused revolving loan commitments under its amended senior secured credit facilities, all of which was available for borrowing, based on the covenant calculations as of March 31, 2015. The Company’s ability to access funds under its senior secured credit facilities depends, in part, on its compliance with certain financial covenants. In April 2015, Nexstar repaid the outstanding principal balance under its revolving credit facility of $30.0 million. As of March 31, 2015, Nexstar was in compliance with all of its covenants.

Collateralization and Guarantees of Debt

The Company’s senior secured credit facilities are collateralized by a security interest in substantially all the combined assets, excluding FCC licenses and the other assets of consolidated VIEs unavailable to creditors of Nexstar (See Note 2). Nexstar guarantees full payment of all obligations incurred under the Mission and Marshall senior secured credit facilities in the event of their default. Similarly, Mission and Marshall are guarantors of the Nexstar senior secured credit facility. Mission is also a guarantor of Nexstar’s 6.875% Notes and 6.125% Notes. Marshall is not a guarantor of either the 6.875% Notes or the 6.125% Notes. White Knight and Parker do not guarantee Nexstar’s debt.

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Fair Value of Debt

The aggregate carrying amounts and estimated fair values of the Company’s debt were as follows (in thousands):

	March 31, 2015				December 31, 2014
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Term loans(1)	$	701,450	$	697,180	$	705,054	$	697,420
Revolving loans(1)		42,000		41,131		5,500		5,386
6.875% Senior unsecured notes(2)		525,569		557,813		525,590		547,313
6.125% Senior unsecured notes(2)		275,000		283,938		-		-

⁽¹⁾ The fair value of senior secured credit facilities is computed based on borrowing rates currently available to the Company for bank loans with similar terms and average maturities. These fair value measurements are considered Level 3, as significant inputs to the fair value calculation are unobservable in the market.

⁽²⁾ The fair value of the Company’s fixed rate debt is estimated based on bid prices obtained from an investment banking firm that regularly makes a market for these financial instruments. These fair value measurements are considered Level 2, as quoted market prices are available for low volume trading of these securities.

7.  FCC Regulatory Matters

Television broadcasting is subject to the jurisdiction of the FCC under the Communications Act of 1934, as amended (the “Communications Act”). The Communications Act prohibits the operation of television broadcasting stations except under a license issued by the FCC, and empowers the FCC, among other things, to issue, revoke and modify broadcasting licenses, determine the location of television stations, regulate the equipment used by television stations, adopt regulations to carry out the provisions of the Communications Act and impose penalties for the violation of such regulations. The FCC’s ongoing rule making proceedings could have a significant future impact on the television industry and on the operation of the Company’s stations and the stations to which it provides services. In addition, the U.S. Congress may act to amend the Communications Act or adopt other legislation in a manner that could impact the Company’s stations, the stations to which it provides services and the television broadcast industry in general.

The FCC has adopted rules with respect to the final conversion of existing low power and television translator stations to digital operations. The FCC has established a September 1, 2015 deadline by which low power and television translator stations must cease analog operations, but it recently has suspended that deadline pending action in an ongoing rulemaking proceeding.

Media Ownership

The FCC is required to review its media ownership rules every four years and to eliminate those rules it finds no longer serve the “public interest, convenience and necessity.”

In March 2014, the FCC initiated its 2014 quadrennial review with the adoption of a Further Notice of Proposed Rulemaking (“FNPRM”). The FNPRM incorporates the record of the uncompleted 2010 quadrennial review proceeding and solicits comment on proposed changes to the media ownership rules. Among the proposals in the FNPRM are (1) retention of the current local television ownership rule (but with modifications to certain service contour definitions to conform to digital television broadcasting), (2) elimination of the radio/television cross-ownership rule, (3) elimination of the newspaper/radio cross-ownership rule, and (4) retention of the newspaper/television cross-ownership rule, while considering waivers of that rule in certain circumstances. The FNPRM also proposes to define a category of sharing agreements designated as SSAs between television stations, and to require television stations to disclose those SSAs. Comments and reply comments on the FNPRM were filed in the third quarter of 2014.

Concurrently with its adoption of the FNPRM, the FCC also adopted a rule making television JSAs attributable to the seller of advertising time in certain circumstances. Under this rule, where a party owns a full-power television station in a market and sells more than 15% of the weekly advertising time for another, non-owned station in the same market under a JSA, that party will be deemed to have an attributable interest in the latter station for purposes of the local television ownership rule. Parties to newly attributable JSAs that do not comply with the local television ownership rule were given two years to modify or terminate their JSAs to come into compliance. Congressional legislation signed into law in late 2014 extended this compliance period for an additional six months, and the compliance deadline is now December 19, 2016. Although the FCC has indicated that it will consider waivers of the new JSA attribution rule, the FCC thus far has not granted any such waiver and has provided little guidance on what factors must be present for a waiver to be granted. Various parties, including Nexstar (and Mission, which has intervened), have appealed this new rule to the U.S. Court of Appeals for the D.C. Circuit. If Nexstar is required to amend or terminate its existing agreements with Mission and others, the Company could have a reduction in revenue and could incur increased costs if it is unable to successfully implement alternative arrangements that are as beneficial as the existing JSAs.

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Spectrum

The FCC has initiated various proceedings to assess the availability of spectrum to meet future wireless broadband needs. The FCC’s March 2010 “National Broadband Plan” recommends the reallocation of 120 megahertz of the spectrum currently used for broadcast television for wireless broadband use. The FCC has thus far adopted rules permitting television stations to share a single 6 megahertz channel and requested comment on proposals that include, among other things, whether to add new frequency allocations in the television bands for licensed fixed and mobile wireless uses and whether to implement technical rule modifications to improve the viability of certain channels that are underutilized by digital television stations. In February 2012, the U.S. Congress adopted legislation authorizing the FCC to conduct an incentive auction whereby television broadcasters could voluntarily relinquish their spectrum in exchange for consideration. In June 2014, the FCC released a Report and Order in which it adopted a framework for the auction.  This Report and Order is the subject of a pending court appeal.  In December 2014, the FCC released a public notice proposing certain procedures that the FCC will follow in the incentive auction and the subsequent “repacking” of broadcast television spectrum.  Comments on this public notice were filed in the first quarter of 2015. The FCC is deciding additional issues related to the incentive auction, including still-outstanding technical issues, in other proceedings. The FCC has stated its intention to conduct the incentive auction in 2016. The reallocation of television spectrum for wireless broadband use will require some television stations to change channel or otherwise modify their technical facilities. Future steps to reallocate television spectrum to broadband use may be to the detriment of the Company’s investment in digital facilities, could require substantial additional investment to continue current operations, and may require viewers to invest in additional equipment or subscription services to continue receiving broadcast television signals. The Company cannot predict the timing or results of television spectrum reallocation efforts or their impact to its business.

Retransmission Consent

On March 3, 2011, the FCC initiated a Notice of Proposed Rulemaking to reexamine its rules (i) governing the requirements for good faith negotiations between multichannel video program distributors (“MVPDs”) and broadcasters, including implementing a prohibition on one station negotiating retransmission consent terms for another station under a local service agreement; (ii) for providing advance notice to consumers in the event of dispute; and (iii) to extend certain cable-only obligations to all MVPDs. The FCC also asked for comment on eliminating the network non-duplication and syndicated exclusivity protection rules, which may permit MVPDs to import out-of-market television stations during a retransmission consent dispute.

In March 2014, the FCC adopted a rule that prohibits joint retransmission consent negotiation between television stations in the same market which are not commonly owned and which are ranked among the top four stations in the market in terms of audience share. This new rule requires Nexstar, Mission and other independent third parties with which Nexstar has local service agreements to separately negotiate retransmission consent agreements for certain of their stations. This new rule is now effective and is the subject of a pending court appeal. On December 5, 2014, federal legislation extended the joint negotiation prohibition to all non-commonly owned television stations in a market. This legislation also directed the FCC to commence a rulemaking to “review its totality of the circumstances test for good faith [retransmission consent] negotiations.”  The FCC has not yet commenced this proceeding, and we cannot predict its outcome.

Concurrently with its adoption of the prohibition on certain joint retransmission consent negotiation, the FCC also adopted a further notice of proposed rulemaking which seeks comment on the elimination or modification of the network non-duplication and syndicated exclusivity rules. The FCC’s prohibition on certain joint retransmission consent negotiations and its possible elimination or modification of the network non-duplication and syndicated exclusivity protection rules may affect the Company’s ability to sustain its current level of retransmission consent revenues or grow such revenues in the future and could have an adverse effect on the Company’s business, financial condition and results of operations. The Company cannot predict the resolution of the FCC’s network non-duplication and syndicated exclusivity proposals, or the impact of these proposals or the FCC’s new prohibition on certain joint negotiations, on its business.

Further, certain online video distributors and other over-the-top video distributors (“OTTDs”) have begun streaming broadcast programming over the Internet. In June 2014, the U.S. Supreme Court held that an OTTD’s retransmissions of broadcast television programs without the consent of the broadcast station violate the copyright holders’ exclusive right to perform their works publicly as provided under the Copyright Act. In December 2014, the FCC issued a Notice of Proposed Rulemaking proposing to interpret the term “MVPD” to encompass OTTDs that make available for purchase multiple streams of video programming distributed at a prescheduled time, and seeking comment on the effects of applying MVPD rules to such OTTDs. Comments and reply comments were filed in the first and second quarters of 2015 and we cannot predict the outcome of the proceeding. However, if the FCC ultimately determines that an OTTD is not an MVPD, or declines to apply certain rules governing MVPDs to OTTDs, our business and results of operations could be materially and adversely affected.

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8.  Commitments and Contingencies

Guarantees of Mission and Marshall Debt

Nexstar guarantees full payment of all obligations incurred under Mission’s and Marshall’s senior secured credit facilities. In the event that Mission and/or Marshall are unable to repay amounts due, Nexstar will be obligated to repay such amounts. The maximum potential amount of future payments that Nexstar would be required to make under this guarantee would be generally limited to the amount of borrowings outstanding. As of March 31, 2015, Mission had a maximum commitment of $237.2 million under its senior secured credit facility, of which $229.2 million of debt was outstanding, and Marshall had used all of its commitment and had outstanding obligations of $60.4 million.

Indemnification Obligations

In connection with certain agreements into which the Company enters in the normal course of its business, including local service agreements, business acquisitions and borrowing arrangements, the Company enters into contractual arrangements under which the Company agrees to indemnify the other party to such arrangement from losses, claims and damages incurred by the indemnified party for certain events as defined within the particular contract. Such indemnification obligations may not be subject to maximum loss clauses and the maximum potential amount of future payments the Company could be required to make under these indemnification arrangements may be unlimited. Historically, payments made related to these indemnifications have been immaterial and the Company has not incurred significant costs to defend lawsuits or settle claims related to these indemnification agreements.

Litigation

From time to time, the Company is involved with claims that arise out of the normal course of its business. In the opinion of management, any resulting liability with respect to these claims would not have a material adverse effect on the Company’s financial position, results of operations or cash flows.

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9.  Condensed Consolidating Financial Information

The following condensed consolidating financial information presents the financial position, results of operations and cash flows of the Company, including its 100%, directly or indirectly, owned subsidiaries and its consolidated VIEs. This information is presented in lieu of separate financial statements and other related disclosures pursuant to Regulation S-X Rule 3-10 of the Securities Exchange Act of 1934, as amended, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.”

The Nexstar column presents the parent company’s financial information (not including any subsidiaries). Nexstar owns 100% of Nexstar Finance Holdings, Inc. (“Nexstar Holdings”), which owns 100% of Nexstar Broadcasting, Inc. (“Nexstar Broadcasting”). The Nexstar Holdings column presents its financial information (not including any subsidiaries). The Nexstar Broadcasting column presents its financial information. The Mission column presents the financial information of Mission, an entity which Nexstar Broadcasting is required to consolidate as a VIE (see Note 2). The Non-Guarantors column presents the combined financial information of Nexstar Holdings (not including any subsidiaries) and other VIEs consolidated by Nexstar Broadcasting (See Note 2).

Nexstar Broadcasting’s outstanding 6.875% Notes and 6.125% Notes are fully and unconditionally guaranteed, jointly and severally, by Nexstar and Mission, subject to certain customary release provisions. These notes are not guaranteed by any other entities.

20

CONDENSED CONSOLIDATING BALANCE SHEET

As of March 31, 2015

(in thousands)

				Nexstar					Non-					Consolidated
	Nexstar			Broadcasting		Mission			Guarantors		Eliminations			Company
ASSETS
Current assets:
Cash and cash equivalents	$	-		$	38,922	$	3,137		$	2,525	$	-		$	44,584
Amounts due from consolidated entities		-			-		28,177			-		(28,177	)		-
Other current assets		-			210,226		19,415			7,413		-			237,054
Total current assets		-			249,148		50,729			9,938		(28,177	)		281,638
Investments in subsidiaries		118,702			38,931		-			133,944		(291,577	)		-
Amounts due from consolidated entities		1,564			13,674		-			-		(15,238	)		-
Property and equipment, net		-			245,505		23,596			8,736		-			277,837
Goodwill		-			371,048		32,489			37,592		-			441,129
FCC licenses		-			415,387		41,563			32,748		-			489,698
Other intangible assets, net		-			285,292		20,700			41,668		-			347,660
Other noncurrent assets		-			40,627		20,210			4,352		-			65,189
Total assets	$	120,266		$	1,659,612	$	189,287		$	268,978	$	(334,992	)	$	1,903,151
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Current portion of debt	$	-		$	11,628	$	1,961		$	3,600	$	-		$	17,189
Amounts due to consolidated entities		-			22,100		-			6,077		(28,177	)		-
Other current liabilities		-			107,824		6,431			4,969		-			119,224
Total current liabilities		-			141,552		8,392			14,646		(28,177	)		136,413
Debt		-			1,242,777		227,288			56,765		-			1,526,830
Amounts due to consolidated entities		-			-		-			15,238		(15,238	)		-
Other noncurrent liabilities		(3	)		141,339		7,764			19,371		-			168,471
Total liabilities		(3	)		1,525,668		243,444			106,020		(43,415	)		1,831,714
Stockholders' equity (deficit)		120,269			133,944		(54,157	)		162,958		(291,577	)		71,437
Total liabilities and stockholders'    equity (deficit)	$	120,266		$	1,659,612	$	189,287		$	268,978	$	(334,992	)	$	1,903,151

21

CONDENSED CONSOLIDATING BALANCE SHEET

As of December 31, 2014

(in thousands)

				Nexstar					Non-					Consolidated
	Nexstar			Broadcasting		Mission			Guarantors		Eliminations			Company
ASSETS
Current assets:
Cash and cash equivalents	$	-		$	130,472	$	880		$	560	$	-		$	131,912
Amounts due from consolidated entities		-			-		29,867			-		(29,867	)		-
Other current assets		-			166,112		17,972			1,668		-			185,752
Total current assets		-			296,584		48,719			2,228		(29,867	)		317,664
Investments in subsidiaries		109,834			-		-			125,076		(234,910	)		-
Amounts due from consolidated entities		1,476			13,764		-			-		(15,240	)		-
Property and equipment, net		-			211,504		24,166			2,069		-			237,739
Goodwill		-			221,183		32,489			2,819		-			256,491
FCC licenses		-			275,313		41,563			5,164		-			322,040
Other intangible assets, net		-			163,796		21,310			9,023		-			194,129
Other noncurrent assets		-			65,451		23,818			44,893		-			134,162
Total assets	$	111,310		$	1,247,595	$	192,065		$	191,272	$	(280,017	)	$	1,462,225
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Current portion of debt	$	-		$	10,703	$	1,837		$	3,300	$	-		$	15,840
Amounts due to consolidated entities		-			29,026		-			841		(29,867	)		-
Other current liabilities		-			73,546		6,713			1,167		-			81,426
Total current liabilities		-			113,275		8,550			5,308		(29,867	)		97,266
Debt		-			931,143		233,357			55,804		-			1,220,304
Amounts due to consolidated entities		-			-		-			15,240		(15,240	)		-
Other noncurrent liabilities		(3	)		78,101		8,667			1,353		-			88,118
Total liabilities		(3	)		1,122,519		250,574			77,705		(45,107	)		1,405,688
Stockholders' equity (deficit):		111,313			125,076		(58,509	)		113,567		(234,910	)		56,537
Total liabilities and stockholders'    equity (deficit)	$	111,310		$	1,247,595	$	192,065		$	191,272	$	(280,017	)	$	1,462,225

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CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

Three Months Ended March 31, 2015

(in thousands)

			Nexstar						Non-						Consolidated
	Nexstar		Broadcasting			Mission			Guarantors			Eliminations			Company
Net broadcast revenue (including trade and barter)	$	-	$	183,046		$	12,110		$	8,235		$	-		$	203,391
Revenue between consolidated entities		-		6,469			8,554			1,926			(16,949	)		-
Net revenue		-		189,515			20,664			10,161			(16,949	)		203,391
Operating expenses:
Direct operating expenses, excluding depreciation   and amortization		-		61,527			5,188			2,970			-			69,685
Selling, general, and administrative expenses,   excluding depreciation and amortization		-		55,121			862			1,306			-			57,289
Local service agreement fees between consolidated   entities		-		10,480			2,445			4,024			(16,949	)		-
Amortization of broadcast rights		-		11,662			1,468			1,451			-			14,581
Amortization of intangible assets		-		10,691			610			1,759			-			13,060
Depreciation		-		9,999			602			271			-			10,872
Total operating expenses		-		159,480			11,175			11,781			(16,949	)		165,487
Income from operations		-		30,035			9,489			(1,620	)		-			37,904
Interest expense, net		-		(16,580	)		(2,316	)		(397	)		-			(19,293	)
Other expenses		-		(118	)		-			-			-			(118	)
Equity in income of subsidiaries		8,868		-			-			8,868			(17,736	)		-
Income before income taxes		8,868		13,337			7,173			6,851			(17,736	)		18,493
Income tax expense		-		(4,469	)		(2,821	)		709			-			(6,581	)
Net income		8,868		8,868			4,352			7,560			(17,736	)		11,912
Net loss attributable to the noncontrolling interests		-		-			-			995			-			995
Net income attributable to Nexstar	$	8,868	$	8,868		$	4,352		$	8,555		$	(17,736	)	$	12,907

23

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

Three Months Ended March 31, 2014

(in thousands)

			Nexstar						Non-					Consolidated
	Nexstar		Broadcasting			Mission			Guarantors		Eliminations			Company
Net broadcast revenue (including trade and barter)	$	-	$	124,953		$	8,880		$	-	$	-		$	133,833
Revenue between consolidated entities		-		2,445			9,648			-		(12,093	)		-
Net revenue		-		127,398			18,528			-		(12,093	)		133,833
Operating expenses:
Direct operating expenses, excluding depreciation   and amortization		-		37,483			4,366			-		-			41,849
Selling, general, and administrative expenses,   excluding depreciation and amortization		-		40,217			823			-		-			41,040
Local service agreement fees between consolidated   entities		-		9,648			2,445			-		(12,093	)		-
Amortization of broadcast rights		-		7,142			1,490			-		-			8,632
Amortization of intangible assets		-		5,420			773			-		-			6,193
Depreciation		-		7,686			733			-		-			8,419
Total operating expenses		-		107,596			10,630			-		(12,093	)		106,133
Income from operations		-		19,802			7,898			-		-			27,700
Interest expense, net		-		(12,677	)		(2,493	)		-		-			(15,170	)
Other expenses		-		(128	)		-			-		-			(128	)
Equity in income of subsidiaries		4,049		-			-			4,049		(8,098	)		-
Income before income taxes		4,049		6,997			5,405			4,049		(8,098	)		12,402
Income tax expense		-		(2,948	)		(2,101	)		-		-			(5,049	)
Net income	$	4,049	$	4,049		$	3,304		$	4,049	$	(8,098	)	$	7,353

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CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Three Months Ended March 31, 2015

(in thousands)

				Nexstar						Non-						Consolidated
	Nexstar			Broadcasting			Mission			Guarantors			Eliminations			Company
Cash flows from operating activities	$	-		$	40,900		$	8,106		$	620		$	-		$	49,626
Cash flows from investing activities:
Purchases of property and equipment		-			(6,545	)		(32	)		-			176			(6,401	)
Deposits and payments for acquisitions		-			(503,200	)		-			(79	)		43,300			(459,979	)
Proceeds from sale of stations		-			70,105			-			-			(43,300	)		26,805
Other investing activities		-			727			150			176			(176	)		877
Net cash (used in) provided by   investing activities		-			(438,913	)		118			97			-			(438,698	)
Cash flows from financing activities:
Proceeds from long-term debt		-			409,950			-			2,000			-			411,950
Repayments of long-term debt		-			(97,431	)		(5,959	)		(750	)		-			(104,140	)
Common stock dividends paid		(5,921	)		-			-			-			-			(5,921	)
Inter-company payments		4,456			(4,456	)		-			-			-			-
Other financing activities		1,465			(1,600	)		(8	)		(2	)		-			(145	)
Net cash provided by (used in)   financing activities		-			306,463			(5,967	)		1,248			-			301,744
Net (decrease) increase in cash and cash   equivalents		-			(91,550	)		2,257			1,965			-			(87,328	)
Cash and cash equivalents at beginning   of period		-			130,472			880			560			-			131,912
Cash and cash equivalents at end of   period	$	-		$	38,922		$	3,137		$	2,525		$	-		$	44,584

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CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Three Months Ended March 31, 2014

(in thousands)

				Nexstar						Non-				Consolidated
	Nexstar			Broadcasting			Mission			Guarantors		Eliminations		Company
Cash flows from operating activities	$	-		$	46,269		$	(1,538	)	$	-	$	-	$	44,731
Cash flows from investing activities:
Purchases of property and equipment		-			(3,899	)		(84	)		-		-		(3,983	)
Deposits and payments for acquisitions		-			(22,057	)		-			-		-		(22,057	)
Other investing activities		-			14			-			-		-		14
Net cash used in investing activities		-			(25,942	)		(84	)		-		-		(26,026	)
Cash flows from financing activities:
Repayments of long-term debt		-			(2,155	)		(1,455	)		-		-		(3,610	)
Common stock dividends paid		(4,588	)		-			-			-		-		(4,588	)
Inter-company payments		4,481			(4,481	)		-			-		-		-
Other financing activities		107			10			(72	)		-		-		45
Net cash used in financing activities		-			(6,626	)		(1,527	)		-		-		(8,153	)
Net increase (decrease) in cash and   cash equivalents		-			13,701			(3,149	)		-		-		10,552
Cash and cash equivalents at beginning   of period		-			36,312			3,716			-		-		40,028
Cash and cash equivalents at end   of period	$	-		$	50,013		$	567		$	-	$	-	$	50,580

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10. Subsequent Events

On April 13, 2015, Nexstar repaid the outstanding principal balance of $30.0 million under its revolving credit facility, funded by cash on hand.

On April 24, 2015, Nexstar’s Board of Directors declared a quarterly dividend of $0.19 per share of its Class A common stock. The dividend is payable on May 29, 2015 to stockholders of record on May 15, 2015.

27

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with our Condensed Consolidated Financial Statements and related Notes included elsewhere in this Quarterly Report on Form 10-Q and the Consolidated Financial Statements and related Notes contained in our Annual Report on Form 10-K for the year ended December 31, 2014.

As used in the report, unless the context indicates otherwise, “Nexstar” refers to Nexstar Broadcasting Group, Inc. and its consolidated subsidiaries Nexstar Finance Holdings, Inc. (“Nexstar Holdings”) and Nexstar Broadcasting, Inc. (“Nexstar Broadcasting”). “Mission” refers to Mission Broadcasting, Inc.; “Marshall” refers to Marshall Broadcasting Group, Inc.; and all references to the “Company” refer to Nexstar, Mission, Marshall and other consolidated VIEs collectively. All references to “we,” “our,” “ours” and “us” refer to Nexstar.

As a result of our deemed controlling financial interests in the consolidated VIEs in accordance with U.S. GAAP, we consolidate the financial position, results of operations and cash flows of these VIEs as if they were wholly-owned entities. We believe this presentation is meaningful for understanding our financial performance. Refer to Note 2 to our Condensed Consolidated Financial Statements for a discussion of our determination that we are required to consolidate these entities’ financial position, results of operations and cash flows under the authoritative guidance for variable interest entities. Therefore, the following discussion of our financial position and results of operations includes the consolidated VIEs’ financial position and results of operations.

Executive Summary

2015 Highlights

· Net revenue during the first quarter of 2015 increased by $69.6 million, or 52.0% compared to the same period in 2014. The increase in net revenue was primarily due to incremental revenue from our newly acquired stations and entities of $58.6 million and an increase in retransmission compensation on our legacy stations of $16.4 million, primarily related to the 2014 renewal of contracts providing for higher rates per subscriber. These increases were partially offset by decreases in advertising revenue due to 2015 not being a political or an Olympic year.

· On July 1, 2015, KLAF, our station serving the Lafayette, Louisiana market will launch as an NBC affiliate. Previously, Lafayette has not had an in-market NBC affiliate. KLAF will operate in conjunction with our FOX affiliate station in this market, KADN. Additionally, KYLE, our station serving the Waco-Temple-Bryan, Texas market will launch as a MyNetworkTV affiliate. KYLE will operate in conjunction with our FOX affiliate station in this market, KWKT. Previously, there was no stand-alone MyNetworkTV affiliate serving Waco-Temple-Bryan, Texas market and KYLE and KWKT shared MyNetworkTV and FOX affiliations.

· During the first quarter of 2015, our Board of Directors declared dividends of $0.19 per share of Nexstar’s outstanding common stock, or total dividend payments of $5.9 million.

· Effective January 1, 2015, we completed the acquisition of the outstanding equity of privately-held CCA as well as CCA’s rights and obligations with respect to certain operating agreements CCA had with White Knight from SP ComCorp, NexPoint and Highland for a total consideration of $278.3 million in cash, less a $0.2 million receivable from the sellers representing working capital adjustment. CCA and White Knight, collectively, owned 19 television stations in 10 markets. We paid a deposit of $27.0 million to CCA in April 2013 and the remaining purchase price of $251.3 million was funded at closing by a combination of cash on hand, proceeds from term loans borrowed in October 2014 and borrowings from our revolving credit facility in January 2015. Simultaneous with this acquisition, we sold the assets of two CCA stations, KPEJ and KMSS, to Marshall for $43.3 million in cash, funded primarily by a $43.0 million deposit made in December 2014 arising from Marshall’s term loan borrowings. We also entered into local service agreements with Marshall to perform certain sales and other services for these stations. Additionally, we sold the assets of a CCA station, WEVV, the CBS and FOX affiliate serving the Evansville, Indiana market, to BCB for $26.8 million in cash, plus a $0.8 million cash sale of certain real estate properties previously owned by Nexstar (not acquired from CCA). Nexstar recognized a net loss on disposal of $0.5 million in connection with this transaction. There is no relationship between Nexstar and BCB or their respective stations after the sale.

· Effective January 29, 2015, we acquired the assets of KASW, the CW affiliate in the Phoenix, Arizona market, from Meredith and SagamoreHill for $71.3 million in cash, less a $0.5 million receivable from the sellers representing working capital adjustment. We funded the purchase price through our 6.125% Notes and borrowings under our existing credit facility. This acquisition allows us entrance into this market.

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· On February 2, 2015, we acquired the outstanding equity of Yashi, a local digital video advertising and targeted programmatic technology platform, for $33.4 million in cash, less a $0.4 million receivable from the sellers representing working capital adjustment. This acquisition is expected to broaden our digital media portfolio with technologies and offerings that are complementary to our digital businesses and multi-screen strategies. The purchase price was funded through our 6.125% Notes and borrowings under our existing credit facility.

· On February 13, 2015, we acquired the outstanding equity of KLAS, LLC, the owner of television station KLAS, the CBS affiliate serving the Las Vegas, Nevada market, from Landmark Television and Landmark Media for $150.4 million in cash, plus a $0.6 million payable to the sellers representing working capital adjustment. We funded the purchase price through our 6.125% Notes and borrowings under our existing credit facility. This acquisition allows us entrance into this market.

· On January 29, 2015, we completed the issuance and sale of $275.0 million 6.125% Notes due 2022 at par. The notes are our senior unsecured obligations and are guaranteed by Mission and certain of our and Mission’s future 100% owned subsidiaries, subject to certain customary release provisions. In January and February 2015, we borrowed a net amount of $40.0 million under our revolving credit facility. The proceeds from our 6.125% Notes and borrowings under our revolving credit facility were used to partially finance the CCA, KASW, Yashi and KLAS acquisitions and to pay for related fees and expenses. In April 2015, we repaid the $30.0 million outstanding principal balance under our revolving credit facility funded by cash on hand.

· On January 30, 2015, Mission repaid the outstanding principal balance under its revolving credit facility of $5.5 million.

· In January and March 2015, Marshall borrowed a total of $2.0 million under its revolving credit facility.

· In March 2015, we, Mission and Marshall repaid the contractual maturities under each of our term loans, for a total of $3.7 million.

Overview of Operations

As of March 31, 2015, we owned, operated, programmed or provided sales and other services to 107 television stations and 36 digital multicast channels, including those owned by VIEs, in 58 markets in the states of Alabama, Arizona, Arkansas, California, Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Maryland, Michigan, Missouri, Montana, Nevada, New York, Pennsylvania, Tennessee, Texas, Utah, Vermont, Virginia and Wisconsin. The stations are affiliates of ABC (20 stations), NBC (20 stations), FOX (28 stations), CBS (17 stations), The CW (10 stations and 2 digital multicast channels), MyNetworkTV (10 stations and 4 digital multicast channels), Telemundo (one station and one digital multicast channel), RTV (one station), Bounce TV (9 digital multicast channels), Me-TV (9 digital multicast channels), Estrella (6 digital multicast channels), LATV (one digital multicast channel), This TV (one digital multicast channel), Weather Nation Utah (one digital multicast channel), Movies! (one digital multicast channel) and News/Weather (one digital multicast channel). Through various local service agreements, we provided sales, programming and other services to 31 stations and 6 digital multicast channels owned and/or operated by independent third parties. See Note 2—Variable Interest Entities to our Condensed Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q for a discussion of the local service agreements we have with these independent third parties.

We also guarantee all obligations incurred under Mission’s and Marshall’s senior secured credit facilities. Similarly, Mission and Marshall are guarantors of our senior secured credit facility. Mission is also a guarantor of our 6.875% Notes and 6.125% Notes but Marshall is not a guarantor of these notes. In consideration of our guarantee of Mission’s senior secured credit facility, Mission has granted us purchase options to acquire the assets and assume the liabilities of each Mission station, subject to FCC consent, for an amount equal to the greater of (1) seven times the station’s cash flow, as defined in the option agreement, less the amount of its indebtedness, as defined in the option agreement, or (2) the amount of its indebtedness. Additionally, we have an option to purchase any or all of Mission’s stock, subject to FCC consent, for a price equal to the pro rata portion of the greater of (1) five times the Mission stations’ cash flow, as defined in the agreement, reduced by the amount of indebtedness, as defined in the agreement, or (2) $100,000. These option agreements (which expire on various dates between 2017 and 2024) are freely exercisable or assignable by us without consent or approval by Mission or its shareholders. We expect these option agreements to be renewed upon expiration.

We do not own Mission, Marshall, Parker and White Knight or their television stations. However, we are deemed under U.S. GAAP to have controlling financial interests in these entities because of (1) the local service agreements Nexstar has with their stations, (2) our guarantees of the obligations incurred under Mission’s and Marshall’s senior secured credit facilities, (3) our power over significant activities affecting their economic performance, including budgeting for advertising revenue, advertising sales and, for Mission, Parker and White Knight, hiring and firing of sales force personnel and (4) purchase options granted by Mission and White Knight that permit Nexstar to acquire the assets and assume the liabilities of each Mission and White Knight station, subject to FCC consent. In compliance with FCC regulations for all the parties, each of Mission, Marshall, Parker and White Knight maintain complete responsibility for and control over programming, finances and personnel for their stations.

29

Industry Trends

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. In 2014, the FCC modified its television ownership rules such that a television licensee that sells more than 15 percent of the weekly advertising inventory of another television station in the same Designated Market Area is deemed to have an attributable ownership interest in that station. Parties to existing JSAs that would be deemed attributable interests and do not comply with the FCC’s local television ownership rule were given until December 19, 2016 to come into compliance. Although the FCC has indicated that it will consider waivers of the new JSA attribution rule, the FCC thus far has not granted any such waiver and has provided little guidance on what factors must be present for a waiver to be granted. The Company expects to incur additional costs in complying with this new rule. The Company does not expect the new rules to impact its JSA revenue in 2015; however, the Company may begin to be negatively impacted by the new JSA attribution rule in 2016. If the Company is unable to obtain waivers from the FCC and is required to amend or terminate its existing agreements, the Company could have a reduction in revenue and increased costs if it is unable to successfully implement alternative arrangements that are as beneficial as the existing JSAs. Various parties, including us (and Mission, which has intervened), have appealed this new rule to the U.S. Court of Appeals for the D.C. Circuit.

In March 2014, the FCC’s Media Bureau issued a public notice announcing “processing guidelines” for certain pending and future applications for FCC approval of television acquisitions. The public notice indicates that the FCC will “closely scrutinize” applications which propose a JSA, SSA or local marketing agreement (“LMA”) between television stations, combined with an option, a similar “contingent interest,” or a loan guarantee. The U.S. Court of Appeals for the D.C. Circuit has dismissed an appeal of the processing guidelines. These new processing guidelines have impacted the Company’s previously announced acquisitions and may affect the Company’s acquisition of additional stations in the future.

Also in March 2014, the FCC amended its rules governing retransmission consent negotiations. The amended rule initially prohibited two non-commonly owned stations ranked in the top four in viewership in a market from negotiating jointly with MVPDs. On December 5, 2014, federal legislation extended the joint negotiation prohibition to all non-commonly owned television stations in a market. Mission, Marshall, Parker and White Knight are now required to separately negotiate their future retransmission consent agreements with MVPDs for certain of their stations. We cannot predict at this time the impact this amended rule will have on future negotiations with MVPDs and the impact, if any, it will have on the Company’s revenues and expenses.

Seasonality

Advertising revenue is positively affected by strong local economies, national and regional political election campaigns, and certain events such as the Olympic Games or the Super Bowl. The Company’s stations’ 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. In addition, advertising revenue is generally higher during even-numbered years, when state, congressional and presidential elections occur and advertising airs during the Olympic Games. 2015 is not an election year or an Olympic year.

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Historical Performance

Revenue

The following table sets forth the amounts of the Company’s principal types of revenue (in thousands) and each type of revenue (other than trade and barter) as a percentage of total gross revenue:

	Three Months Ended March 31,
	2015					2014
	Amount			%		Amount			%
Local	$	84,524			40.7	$	65,642			47.1
National		35,578			17.1		27,189			19.5
Political		360			0.2		4,003			2.9
Retransmission compensation		66,564			32.1		35,129			25.2
Digital media revenue		19,312			9.3		6,277			4.5
Other		1,201			0.6		981			0.8
Total gross revenue		207,539			100.0		139,221			100.0
Less:  Agency commissions		(15,541	)				(12,516	)
Net broadcast revenue		191,998					126,705
Trade and barter revenue		11,393					7,128
Net revenue	$	203,391				$	133,833

Results of Operations

The following table sets forth a summary of the Company’s operations (in thousands) and each component of operating expense as a percentage of net revenue:

	Three Months Ended March 31,
	2015				2014
	Amount		%		Amount		%
Net revenue	$	203,391		100.0	$	133,833		100.0
Operating expenses:
Corporate expenses		11,683		5.7		8,504		6.4
Station direct operating expenses, net of trade		67,806		33.3		40,379		30.2
Station selling, general and administrative expenses		45,606		22.4		32,536		24.3
Trade and barter expense		11,298		5.6		7,142		5.3
Depreciation		10,872		5.3		8,419		6.3
Amortization of intangible assets		13,060		6.5		6,193		4.6
Amortization of broadcast rights, excluding barter		5,162		2.6		2,960		2.2
Income from operations	$	37,904			$	27,700

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Three Months Ended March 31, 2015 Compared to Three Months Ended March 31, 2014

Revenue

Gross local advertising revenue was $84.5 million for the three months ended March 31, 2015, compared to $65.6 million for the same period in 2014, an increase of $18.9 million, or 28.8%. Gross national advertising revenue was $35.6 million for the three months ended March 31, 2015, compared to $27.2 million for the same period in 2014, an increase of $8.4 million, or 30.9%. The increase in local and national advertising revenue was primarily attributable to incremental revenue from our newly acquired stations of $30.9 million. Our legacy stations’ local and national advertising revenue decreased by $3.7 million primarily due to prior year advertising revenue from the Olympics on our NBC affiliate stations. Our largest advertiser category, automotive, represented 23.9% and 24.2% of our legacy stations’ local and national advertising revenue for the three months ended March 31, 2015 and 2014, respectively. Overall, this category decreased by 2.1% for our legacy stations. The other categories representing the Company’s top five for its legacy stations were fast food/restaurants, which decreased 2.0%, furniture, which increased 1.4%, radio/TV/cable/newspaper, which decreased 8.1%, and medical/healthcare, which increased 9.0%.

Gross political advertising revenue was $0.4 million for the three months ended March 31, 2015, compared to $4.0 million for the same period in 2014, a decrease of $3.6 million, due to 2015 not being an election year.

Retransmission compensation was $66.6 million for the three months ended March 31, 2015, compared to $35.1 million for the same period in 2014, an increase of $31.4 million, or 89.5%. The increase in retransmission compensation was attributable to a $16.4 million increase on our legacy stations, primarily related to the 2014 renewal of contracts providing for higher rates per subscriber, and a $15.0 million incremental revenue from our newly acquired stations.

Digital media revenue, representing advertising revenue on our stations’ web and mobile sites and other internet-based revenue, was $19.3 million for the three months ended March 31, 2015, compared to $6.3 million for the same period in 2014, an increase of $13.0 million. The increase was primarily attributable to incremental revenue from our newly acquired stations and entities of $12.3 million.

Operating Expenses

Corporate expenses, related to costs associated with the centralized management of our stations, were $11.7 million for the three months ended March 31, 2015, compared to $8.5 million for the same period in 2014, an increase of $3.2 million, or 37.4%. This was primarily attributable to an increase in stock-based compensation expense of $1.2 million due to equity incentive awards in January 2015, an increase in payroll expense of $0.9 million related to the increased number of stations and an increase in legal and professional fees of $0.5 million associated with our acquisitions of stations and entities.

Station direct operating expenses, consisting primarily of news, engineering, programming and station selling, general and administrative expenses (net of trade expense) were $113.4 million for the three months ended March 31, 2015, compared to $72.9 million for the same period in 2014, an increase of $40.5 million, or 55.5%. The increase was primarily due to expenses of our newly acquired stations and entities of $30.4 million and an increase in programming costs for our legacy stations of $7.1 million primarily related to recently enacted network affiliation agreements. Network affiliation fees have been increasing industry wide and will continue to increase over the next several years.

Depreciation of property and equipment was $10.9 million for the three months ended March 31, 2015, compared to $8.4 million for the same period in 2014, an increase of $2.5 million, or 29.1%, primarily due to the incremental depreciation of fixed assets from the Company’s newly acquired stations and entities and an increase in depreciation from purchased software during 2014 and during the first quarter of 2015, partially offset by decreases in depreciation from certain fully depreciated property and equipment.

Amortization of intangible assets was $13.1 million for the three months ended March 31, 2015, compared to $6.2 million for the same period in 2014, an increase of $6.9 million. The increase was primarily attributable to incremental amortization of other intangible assets from the stations and entities acquired in 2014 and 2015, partially offset by decreases in amortization from certain fully amortized intangible assets.

Amortization of broadcast rights, excluding barter was $5.2 million for the three months ended March 31, 2015, compared to $3.0 million for the same period in 2014, an increase of $2.2 million, or 74.4%, primarily attributable to incremental amortization from the Company’s newly acquired stations of $2.6 million.

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Interest Expense

Interest expense, net was $19.3 million for the three months ended March 31, 2015, compared to $15.2 million for the same period in 2014, an increase of $4.1 million, or 26.9%, primarily attributable to increased borrowings during 2015 and 2014 to fund the Company’s acquisitions. This increase was partially offset by lower interest rates on the Company’s outstanding debt.

Income Taxes

Income tax expense was $6.6 million for the three months ended March 31, 2015, compared to $5.0 million for the same period in 2014, an increase of $1.5 million, or 30.3%. The effective tax rates for the three months ended March 31, 2015 and 2014 were 35.6% and 40.7%, respectively. The decrease in the effective tax rate primarily relates to the acquisitions of CCA, White Knight and KLAS, which resulted in reductions to the state tax rate applied to the pre-existing net deferred tax liabilities and pre-tax book income.  The reduction was due to the location of these companies and assets in jurisdictions with lower tax rates.

Liquidity and Capital Resources

The Company is highly leveraged, which makes us vulnerable to changes in general economic conditions. The Company’s ability to meet the future cash requirements described below depends on its ability to generate cash in the future, which is subject to general economic, financial, competitive, legislative, regulatory and other conditions, many of which are beyond the Company’s control. Based on current operations and anticipated future growth, the Company believes that its available cash, anticipated cash flow from operations and available borrowings under the senior secured credit facilities will be sufficient to fund working capital, capital expenditure requirements, interest payments and scheduled debt principal payments for at least the next twelve months. In order to meet future cash needs, we may, from time to time, borrow under our existing senior secured credit facility or issue other long- or short-term debt or equity, if the market and the terms of our existing debt arrangements permit, and Mission and Marshall may, from time to time, borrow under their existing senior secured credit facilities. The Company will continue to evaluate the best use of its operating cash flow among its capital expenditures, acquisitions and debt reduction.

Overview

The following tables present summarized financial information management believes is helpful in evaluating the Company’s liquidity and capital resources (in thousands):

	Three Months Ended
	March 31,
	2015			2014
Net cash provided by operating activities	$	49,626		$	44,731
Net cash used in investing activities		(438,698	)		(26,026	)
Net cash provided by (used in) financing activities		301,744			(8,153	)
Net (decrease) increase in cash and cash equivalents	$	(87,328	)	$	10,552
Cash paid for interest	$	6,397		$	5,547
Cash paid for income taxes, net of refunds(1)	$	5,925		$	47

(1) The cash paid for income taxes, net of refunds, during the three months ended March 31, 2015 includes the payment of $5.9 million in taxes related to the tax gain on sale of a station to Marshall.

	As of		As of
	March 31,		December 31,
	2015		2014
Cash and cash equivalents	$	44,584	$	131,912
Long-term debt including current portion		1,544,019		1,236,144
Unused revolving loan commitments under senior secured credit facilities(1)		63,000		99,500

(1) Based on covenant calculations as of March 31, 2015, all of the $63.0 million unused revolving loan commitments under the Company’s senior secured credit facilities were available for borrowing.

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Cash Flows – Operating Activities

Net cash flows provided by operating activities increased by $5.0 million during the three months ended March 31, 2015 compared to the same period in 2014. This was primarily due to an increase in net revenue of $69.6 million less an increase in station and corporate operating expenses (excluding stock compensation) of $42.5 million. These transactions were partially offset by a $3.0 million use of cash resulting from timing of collections of accounts receivable, a $7.3 million use of cash due to the timing of payments to vendors, an increase in payments for income taxes of $5.9 million, an increase in cash paid for interest of $0.9 million and an increase in payments for broadcast rights of $2.1 million.

Cash paid for interest increased by $0.9 million during the three months ended March 31, 2015 compared to the same period in 2014, primarily due to increased borrowings during 2015 and 2014 to fund the Company’s acquisitions. This increase was partially offset by lower interest rates on the Company’s outstanding debt.

Cash Flows – Investing Activities

Net cash flows used in investing activities increased by $412.7 million during the three months ended March 31, 2015 compared to the same period in 2014. In 2015, we completed the acquisitions of CCA, KASW, Yashi and KLAS for total payments of $460.0 million. Simultaneous with our acquisition of CCA, we sold a station owned by CCA for $26.8 million in cash and certain real estate properties we owned for $0.8 million in cash. In 2014, we completed the acquisitions of KCAU, WHBF and WOI and paid the remaining purchase price of $22.1 million.

Capital expenditures during the three months ended March 31, 2015 increased by $2.4 million compared to the same period in 2014 primarily due to capital expenditures for newly acquired stations and entities.

Cash Flows – Financing Activities

Net cash flows provided by financing activities were $301.7 million during the three months ended March 31, 2015 compared to net cash used in financing activities of $8.2 million for the same period in 2014.

In 2015, the net cash flows provided by financing activities were primarily due to our sale and issuance of $275.0 million 6.125% Notes due 2022 at par. We also borrowed a net amount of $40.0 million under our revolving credit facility. These borrowings were used to partially finance the CCA, KASW, Yashi and KLAS acquisitions and to pay for related fees and expenses. We also received $1.5 million proceeds from stock option exercises and recognized a $1.7 million excess tax benefit from stock-based compensation arrangements. These cash flow increases were partially offset by $3.7 million scheduled repayments of outstanding principal balance under our, Mission’s and Marshall’s term loans, payments of dividends to our common stockholders of $5.9 million ($0.19 per share each quarter) and payments for capital lease obligations of $0.4 million.

In 2014, we and Mission repaid a total of $3.6 million outstanding principal under our and Mission’s term loans and we paid quarterly dividends to our common stockholders of $4.6 million ($0.15 per share).

Our senior secured credit facility may limit the amount of dividends we may pay to stockholders over the term of the agreement.

Future Sources of Financing and Debt Service Requirements

As of March 31, 2015, we, Mission and Marshall had total combined debt of $1.5 billion, which represented 96.0% of the Company’s combined capitalization. The Company’s high level of debt requires that a substantial portion of cash flow be dedicated to pay principal and interest on debt, which reduces the funds available for working capital, capital expenditures, acquisitions and other general corporate purposes.

The Company had $63.0 million of total unused revolving loan commitments under its senior secured credit facilities, all of which were available for borrowing, based on the covenant calculations as of March 31, 2015. The Company’s ability to access funds under its senior secured credit facilities depends, in part, on its compliance with certain financial covenants. Any additional drawings under the senior secured credit facilities will reduce the Company’s future borrowing capacity and the amount of total unused revolving loan commitments.

On April 13, 2015, we repaid the outstanding principal balance under our revolving credit facility of $30.0 million funded by cash on hand.

On April 24, 2015, our Board of Directors declared a quarterly dividend of $0.19 per share of our Class A common stock. The dividend is payable on May 29, 2015 to stockholders of record on May 15, 2015.

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We have also signed an agreement to acquire KCWI from Pappas. We will fund the $3.3 million remaining purchase price, subject to working capital adjustments, to Pappas through cash on hand upon closing which we expect to occur in the second quarter of 2015.

The following table summarizes the principal indebtedness scheduled to mature for the periods referenced as of March 31, 2015 (in thousands):

			Remainder
	Total		of 2015		2016-2017		2018-2019		Thereafter
Nexstar senior secured credit facility	$	454,985	$	8,223	$	74,913	$	123,627	$	248,222
Mission senior secured credit facility		229,604		1,377		4,670		4,670		218,887
Marshall senior secured credit facility		60,500		2,550		12,650		45,300		-
6.875% senior unsecured notes due 2020		525,000		-		-		-		525,000
6.125% senior unsecured notes due 2022		275,000		-		-		-		275,000
	$	1,545,089	$	12,150	$	92,233	$	173,597	$	1,267,109

We make semiannual interest payments on our $525.0 million 6.875% Notes on May 15 and November 15 of each year. We will make semiannual interest payments on our $275.0 million 6.125% Notes on February 15 and August 15 of each year beginning on August 15, 2015. Interest payments on our, Mission’s and Marshall’s senior secured credit facilities are generally paid every one to three months and are payable based on the type of interest rate selected.

The terms of our, Mission’s and Marshall’s senior secured credit facilities, as well as the indentures governing our 6.875% Notes and 6.125% Notes, limit, but do not prohibit us, Mission or Marshall from incurring substantial amounts of additional debt in the future.

The Company did 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.

Debt Covenants

The Company’s senior secured credit facility contains covenants that require us to comply with certain financial ratios, including: (a) a maximum consolidated total net leverage ratio, (b) a maximum consolidated first lien net leverage ratio, and (c) a minimum consolidated fixed charge coverage ratio. The covenants, which are calculated on a quarterly basis, include the combined results of the Company. Mission’s and Marshall’s senior secured credit facilities do not contain financial covenant ratio requirements; however, they do include events of default if Nexstar does not comply with all covenants contained in its credit agreement. The 6.875% Notes and the 6.125% Notes contain restrictive covenants customary for borrowing arrangements of these types. The Company believes it will be able to maintain compliance with all covenants contained in the credit agreements governing its senior secured facilities and the indentures governing our respective notes for a period of at least the next twelve months from March 31, 2015.

No Off-Balance Sheet Arrangements

As of March 31, 2015, we did not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. All of our arrangements with Mission, Marshall and other VIEs in which we are the primary beneficiary are on-balance sheet arrangements. Our variable interests in other entities are obtained through local service agreements, which have valid business purposes and transfer certain station activities from the station owners to us. We are, therefore, not materially exposed to any financing, liquidity, market or credit risk that could arise if we had engaged in such relationships.

Critical Accounting Policies and Estimates

The Company’s Condensed Consolidated Financial Statements have been prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements and reported amounts of revenue and expenses during the period. On an ongoing basis, the Company evaluates its estimates, including those related to goodwill and intangible assets, bad debts, broadcast rights, trade and barter and income taxes. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from those estimates. Results of operations for interim periods are not necessarily indicative of results for the full year.

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Information with respect to the Company’s critical accounting policies which it believes could have the most significant effect on the Company’s reported results and require subjective or complex judgments by management is contained in our Annual Report on Form 10-K for the year ended December 31, 2014. Management believes that as of March 31, 2015, there has been no material change to this information.

Recent Accounting Pronouncements

Refer to Note 2 of our Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for a discussion of recently issued accounting pronouncements, including our expected date of adoption and effects on results of operations and financial position.

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including: any projections or expectations of earnings, revenue, financial performance, liquidity and capital resources or other financial items; any assumptions or projections about the television broadcasting industry; any statements of our plans, strategies and objectives for our future operations, performance, liquidity and capital resources or other financial items; any statements concerning proposed new products, services or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements may include the words “may,” “will,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and other similar words.

Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ from a projection or assumption in any of our forward-looking statements. Our future financial position and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties, including those described in our Annual Report on Form 10-K for the year ended December 31, 2014 and in our other filings with the Securities and Exchange Commission. The forward-looking statements made in this Quarterly Report on Form 10-Q are made only as of the date hereof, and we do not have or undertake any obligation to update any forward-looking statements to reflect subsequent events or circumstances unless otherwise required by law.

ITEM 3. Quantitative and Qualitative 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 at March 31, 2015 under the Company’s senior secured credit facilities bear interest rates ranging from 2.2% to 3.8%, which represented the base rate, or LIBOR, plus the applicable margin, as defined. The revolving loans bear interest at LIBOR plus the applicable margin, which totaled 2.2% at March 31, 2015. Interest is payable in accordance with the credit agreements.

If LIBOR were to increase by 100 basis points, or one percentage point, from its March 31, 2015 level, the Company’s annual interest expense would increase and cash flow from operations would decrease by approximately $3.4 million, based on the outstanding balances of the Company’s senior secured credit facilities as of March 31, 2015. Due to the LIBOR floor on certain of our term loans, an increase of 50 basis points in LIBOR would result in a $1.3 million increase in annual interest expense and decrease in cash flow from operations. If LIBOR were to decrease either by 100 basis points or 50 basis points, the Company’s annual interest would decrease and cash flow from operations would decrease by $0.4 million. Our 6.875% Notes and 6.125% Notes are fixed rate debt obligations and therefore are not exposed to market interest rate changes. As of March 31, 2015, the Company has no financial instruments in place to hedge against changes in the benchmark interest rates on its senior secured credit facilities.

Impact of Inflation

We believe that the Company’s results of operations are not affected by moderate changes in the inflation rate.

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ITEM 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Nexstar’s management, with the participation of its President and Chief Executive Officer along with its Chief Financial Officer, conducted an evaluation as of the end of the period covered by this report of the effectiveness of the design and operation of Nexstar’s disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended.

Based upon that evaluation, Nexstar’s President and Chief Executive Officer and its Chief Financial Officer concluded that as of the end of the period covered by this report, Nexstar’s disclosure controls and procedures were effective, at a reasonable assurance level, to ensure that information required to be disclosed in the reports that it files or submits under the Securities Exchange Act of 1934, as amended (i) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) is accumulated and communicated to Nexstar’s management, including its President and Chief Executive Officer and its Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

As of the quarter ended March 31, 2015, there have been no changes in Nexstar’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. Legal Proceedings

From time to time, the Company is involved in litigation that arises from the ordinary operations of business, such as contractual or employment disputes or other general actions. In the event of an adverse outcome of these proceedings, the Company believes the resulting liabilities would not have a material adverse effect on its financial condition or results of operations.

ITEM  1A. Risk Factors

There are no material changes from the risk factors previously disclosed in Part I, Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2014.

ITEM  2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

ITEM 3. Defaults Upon Senior Securities

None.

ITEM  4. Mine Safety Disclosures

None.

ITEM 5. Other Information

The unaudited financial statements of Mission Broadcasting, Inc. as of March 31, 2015 and December 31, 2014 and for the three months ended March 31, 2015 and 2014, as filed in Mission Broadcasting, Inc.’s Quarterly Report on Form 10-Q, are incorporated herein by reference.

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ITEM  6. Exhibits

Exhibit No.	Description
4.1	Indenture, dated as of January 29, 2015, among Nexstar Broadcasting, Inc., Nexstar Broadcasting Group, Inc., as a guarantor, Mission Broadcasting, Inc., as a guarantor, and Wells Fargo Bank, National Association, as trustee (Incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K (File No. 000-50478) filed by Nexstar Broadcasting Group, Inc. on January 30, 2015).
4.2	Form of Senior Note (included in Exhibit 4.1).
10.1	Amendment to Executive Employment Agreement, dated as of January 29, 2015 between Perry A. Sook and Nexstar Broadcasting, Inc. (Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K (File No. 000-50478) filed by Nexstar Broadcasting Group, Inc. on February 5, 2015).
31.1	Certification of Perry A. Sook pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2	Certification of Thomas E. Carter pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1	Certification of Perry A. Sook pursuant to 18 U.S.C. ss. 1350.*
32.2	Certification of Thomas E. Carter pursuant to 18 U.S.C. ss. 1350.*
101	The Company’s unaudited Condensed Consolidated Financial Statements and related Notes for the quarter ended March 31, 2015 from this Quarterly Report on Form 10-Q, formatted in XBRL (eXtensible Business Reporting Language).*

* Filed herewith

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

NEXSTAR BROADCASTING GROUP, INC.
	/S/ PERRY A. SOOK
By:	Perry A. Sook
Its:	President and Chief Executive Officer (Principal Executive Officer)
	/S/ THOMAS E. CARTER
By:	Thomas E. Carter
Its:	Chief Financial Officer (Principal Accounting and Financial Officer)

Dated: May 8, 2015

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Perry A. Sook, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Nexstar Broadcasting Group, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: May 8, 2015

By:	/S/ PERRY A. SOOK
	Perry A. Sook President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Thomas E. Carter, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Nexstar Broadcasting Group, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: May 8, 2015

By:	/s/ THOMAS E. CARTER
	Thomas E. Carter Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Nexstar Broadcasting Group, Inc. (the “Company”), hereby certifies that the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2015 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 8, 2015	/S/ PERRY A. SOOK
	Perry A. Sook
	President and Chief Executive Officer (Principal Executive Officer)

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liability of that section. The foregoing certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

EX-32.2

Exhibit 32.2

CERTIFICATION

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Nexstar Broadcasting Group, Inc. (the “Company”), hereby certifies that the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2015 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 8, 2015	/S/ THOMAS E. CARTER
	Thomas E. Carter
	Chief Financial Officer (Principal Financial and Accounting Officer)

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liability of that section. The foregoing certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

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Debt - Long Term Debt (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Long term Debt [Abstract]
Debt	$ 1,544,019		$ 1,236,144
Less: current portion	(17,189)		(15,840)
Debt, noncurrent	1,526,830		1,220,304
Term Loans [Member]
Long term Debt [Abstract]
Debt	701,450	[1]	705,054	[1]
Revolving loans [Member]
Long term Debt [Abstract]
Debt	42,000	[1]	5,500	[1]
6.875 % Senior Unsecured Notes due 2020 [Member]
Long term Debt [Abstract]
Debt	525,569	[2]	525,590	[2]
6.125% Senior Unsecured Notes due 2022 [Member]
Long term Debt [Abstract]
Debt	$ 275,000	[2]

[1] The fair value of senior secured credit facilities is computed based on borrowing rates currently available to the Company for bank loans with similar terms and average maturities. These fair value measurements are considered Level 3, as significant inputs to the fair value calculation are unobservable in the market.

[2] The fair value of the Company’s fixed rate debt is estimated based on bid prices obtained from an investment banking firm that regularly makes a market for these financial instruments. These fair value measurements are considered Level 2, as quoted market prices are available for low volume trading of these securities.

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Subsequent Events - Additional Information (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Apr. 24, 2015	Apr. 13, 2015
Subsequent Event [Line Items]
Quarterly dividend declared per common share	$ 0.19	$ 0.15
Subsequent Event [Member]
Subsequent Event [Line Items]
Quarterly dividend declared per common share			$ 0.19
Dividends, date declared			Apr. 24, 2015
Dividends, date payable			May 29, 2015
Dividends, date of record			May 15, 2015
Revolving Credit Facility [Member] | Subsequent Event [Member] | Nexstar [Member]
Subsequent Event [Line Items]
Repayments of lines of credit				$ 30.0

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Condensed Consolidating Financial Information - Condensed Consolidated Statements of Operations (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net broadcast revenue (including trade and barter)	$ 203,391	$ 133,833
Net revenue	203,391	133,833
Operating expenses:
Direct operating expenses, excluding depreciation and amortization	69,685	41,849
Selling, general, and administrative expenses, excluding depreciation and amortization	57,289	41,040
Amortization of broadcast rights	14,581	8,632
Amortization of intangible assets	13,060	6,193
Depreciation	10,872	8,419
Total operating expenses	165,487	106,133
Income from operations	37,904	27,700
Interest expense, net	(19,293)	(15,170)
Other expenses	(118)	(128)
Income before income taxes	18,493	12,402
Income tax expense	(6,581)	(5,049)
Net income	11,912	7,353
Net loss attributable to noncontrolling interests	995
Net income attributable to Nexstar Broadcasting Group, Inc.	12,907	7,353
Eliminations [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Revenue between consolidated entities	(16,949)	(12,093)
Net revenue	(16,949)	(12,093)
Operating expenses:
Local service agreement fees between consolidated entities	(16,949)	(12,093)
Total operating expenses	(16,949)	(12,093)
Equity in income of subsidiaries	(17,736)	(8,098)
Income before income taxes	(17,736)	(8,098)
Net income	(17,736)
Net income attributable to Nexstar Broadcasting Group, Inc.	(17,736)	(8,098)
Nexstar [Member]
Operating expenses:
Equity in income of subsidiaries	8,868	4,049
Income before income taxes	8,868	4,049
Net income	8,868
Net income attributable to Nexstar Broadcasting Group, Inc.	8,868	4,049
Nexstar Broadcasting [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net broadcast revenue (including trade and barter)	183,046	124,953
Revenue between consolidated entities	6,469	2,445
Net revenue	189,515	127,398
Operating expenses:
Direct operating expenses, excluding depreciation and amortization	61,527	37,483
Selling, general, and administrative expenses, excluding depreciation and amortization	55,121	40,217
Local service agreement fees between consolidated entities	10,480	9,648
Amortization of broadcast rights	11,662	7,142
Amortization of intangible assets	10,691	5,420
Depreciation	9,999	7,686
Total operating expenses	159,480	107,596
Income from operations	30,035	19,802
Interest expense, net	(16,580)	(12,677)
Other expenses	(118)	(128)
Income before income taxes	13,337	6,997
Income tax expense	(4,469)	(2,948)
Net income	8,868
Net income attributable to Nexstar Broadcasting Group, Inc.	8,868	4,049
Mission [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net broadcast revenue (including trade and barter)	12,110	8,880
Revenue between consolidated entities	8,554	9,648
Net revenue	20,664	18,528
Operating expenses:
Direct operating expenses, excluding depreciation and amortization	5,188	4,366
Selling, general, and administrative expenses, excluding depreciation and amortization	862	823
Local service agreement fees between consolidated entities	2,445	2,445
Amortization of broadcast rights	1,468	1,490
Amortization of intangible assets	610	773
Depreciation	602	733
Total operating expenses	11,175	10,630
Income from operations	9,489	7,898
Interest expense, net	(2,316)	(2,493)
Income before income taxes	7,173	5,405
Income tax expense	(2,821)	(2,101)
Net income	4,352
Net income attributable to Nexstar Broadcasting Group, Inc.	4,352	3,304
Non-Guarantors [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net broadcast revenue (including trade and barter)	8,235
Revenue between consolidated entities	1,926
Net revenue	10,161
Operating expenses:
Direct operating expenses, excluding depreciation and amortization	2,970
Selling, general, and administrative expenses, excluding depreciation and amortization	1,306
Local service agreement fees between consolidated entities	4,024
Amortization of broadcast rights	1,451
Amortization of intangible assets	1,759
Depreciation	271
Total operating expenses	11,781
Income from operations	(1,620)
Interest expense, net	(397)
Equity in income of subsidiaries	8,868	4,049
Income before income taxes	6,851	4,049
Income tax expense	709
Net income	7,560
Net loss attributable to noncontrolling interests	995
Net income attributable to Nexstar Broadcasting Group, Inc.	$ 8,555	$ 4,049

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Acquisitions and Dispositions - Unaudited Pro Forma Information (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Business Combinations [Abstract]
Net revenue	$ 203,391	$ 176,890
Income before income taxes	22,283	17,114
Net income	14,259	9,709
Net income attributable to Nexstar	$ 14,661	$ 9,465
Net income per common share attributable to Nexstar - basic	$ 0.47	$ 0.31
Net income per common share attributable to Nexstar - diluted	$ 0.45	$ 0.30

XML

Summary of Significant Accounting Policies - Consolidated VIEs (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014		Mar. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 44,584	$ 131,912		$ 50,580	$ 40,028
Accounts receivable, net	164,581	127,878
Prepaid expenses and other current assets	5,692	5,264
Deferred tax assets, net	49,926	41,737
Total current assets	281,638	317,664
Property and equipment, net	277,837	237,739
Goodwill	441,129	256,491
FCC licenses	489,698	322,040
Other intangible assets, net	347,660	194,129
Other noncurrent assets, net	65,189	134,162
Current liabilities:
Current portion of debt	17,189	15,840
Interest payable	16,612	4,601
Other current liabilities	7,180	5,953
Total current liabilities	136,413	97,266
Debt	1,526,830	1,220,304
Other noncurrent liabilities	51,273	43,894
Consolidated VIEs [Member]
Current assets:
Cash and cash equivalents	5,662	1,440
Accounts receivable, net	13,645	7,594
Prepaid expenses and other current assets	3,709	2,657
Deferred tax assets, net	9,474	9,389
Total current assets	32,490	21,080
Property and equipment, net	32,332	26,235
Goodwill	70,081	35,308
FCC licenses	74,312	46,727
Other intangible assets, net	62,368	30,333
Other noncurrent assets, net	24,561	64,858
Total assets	296,144	224,541
Current liabilities:
Current portion of debt	5,561	5,137
Interest payable	28	28
Other current liabilities	11,372	7,852
Total current liabilities	16,961	13,017
Debt	284,053	289,161
Other noncurrent liabilities	27,133	10,018
Total liabilities	328,147	312,196
Nature of Restriction and Lack of Recourse [Member] | Consolidated VIEs [Member]
Current assets:
Total current assets	3,196	12	[1]
Property and equipment, net	4,503
Goodwill	18,451	697	[1]
FCC licenses	74,312	46,727
Other intangible assets, net	21,419	1,695	[1]
Other noncurrent assets, net	974
Total assets	122,855	49,131
Current liabilities:
Total current liabilities	11,370	7,852
Other noncurrent liabilities	27,132	10,018
Total liabilities	$ 38,502	$ 17,870

[1] These balances relate to Parker Broadcasting of Colorado, LLC and were previously not presented separately on the Consolidated Balance Sheet. This correction is not considered material to the Consolidated Financial Statements as of December 31, 2014.

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Debt - Fair Value of Debt (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Debt Instrument [Line Items]
Debt, Carrying Amount	$ 1,544,019		$ 1,236,144
Term Loans [Member]
Debt Instrument [Line Items]
Debt, Carrying Amount	701,450	[1]	705,054	[1]
Debt, Fair Value	697,180	[1]	697,420	[1]
Revolving loans [Member]
Debt Instrument [Line Items]
Debt, Carrying Amount	42,000	[1]	5,500	[1]
Debt, Fair Value	41,131	[1]	5,386	[1]
6.875 % Senior Unsecured Notes due 2020 [Member]
Debt Instrument [Line Items]
Debt, Carrying Amount	525,569	[2]	525,590	[2]
Debt, Fair Value	557,813	[2]	547,313	[2]
6.125% Senior Unsecured Notes due 2022 [Member]
Debt Instrument [Line Items]
Debt, Carrying Amount	275,000	[2]
Debt, Fair Value	$ 283,938	[2]

[1] The fair value of senior secured credit facilities is computed based on borrowing rates currently available to the Company for bank loans with similar terms and average maturities. These fair value measurements are considered Level 3, as significant inputs to the fair value calculation are unobservable in the market.

[2] The fair value of the Company’s fixed rate debt is estimated based on bid prices obtained from an investment banking firm that regularly makes a market for these financial instruments. These fair value measurements are considered Level 2, as quoted market prices are available for low volume trading of these securities.

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Intangible Assets and Goodwill - Goodwill and FCC Licenses (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Goodwill [Roll Forward]
Goodwill, Gross	$ 487,120	$ 302,482
Goodwill, Accumulated Impairment	(45,991)	(45,991)
Goodwill, Net	441,129	256,491
FCC Licenses [Abstract]
FCC Licenses, Gross	539,119	371,461
FCC Licenses, Accumulated Impairment	(49,421)	(49,421)
FCC Licenses, Net	489,698	322,040
Acquisitions and consolidation of VIEs [Member]
Goodwill [Roll Forward]
Goodwill Acquisitions, Gross	184,638
Goodwill Acquisitions, Net	184,638
FCC Licenses [Abstract]
FCC Licenses Acquisitions, Gross	167,658
FCC Licenses Acquisitions, Net	$ 167,658

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Condensed Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]
Cash flows from operating activities	$ 49,626	$ 44,731
Cash flows from investing activities:
Purchases of property and equipment	(6,401)	(3,983)
Deposits and payments for acquisitions	(459,979)	(22,057)
Proceeds from disposal of a station	26,805
Other investing activities	877	14
Net cash used in investing activities	(438,698)	(26,026)
Cash flows from financing activities:
Proceeds from long-term debt	411,950
Repayments of long-term debt	(104,140)	(3,610)
Common stock dividends paid	(5,921)	(4,588)
Other financing activities	(145)	45
Net cash provided by (used in) financing activities	301,744	(8,153)
Net (decrease) increase in cash and cash equivalents	(87,328)	10,552
Cash and cash equivalents at beginning of period	131,912	40,028
Cash and cash equivalents at end of period	44,584	50,580
Eliminations [Member]
Cash flows from investing activities:
Purchases of property and equipment	176
Deposits and payments for acquisitions	43,300
Proceeds from disposal of a station	(43,300)
Other investing activities	(176)
Nexstar [Member]
Cash flows from financing activities:
Common stock dividends paid	(5,921)	(4,588)
Inter-company payments	4,456	4,481
Other financing activities	1,465	107
Nexstar Broadcasting [Member]
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]
Cash flows from operating activities	40,900	46,269
Cash flows from investing activities:
Purchases of property and equipment	(6,545)	(3,899)
Deposits and payments for acquisitions	(503,200)	(22,057)
Proceeds from disposal of a station	70,105
Other investing activities	727	14
Net cash used in investing activities	(438,913)	(25,942)
Cash flows from financing activities:
Proceeds from long-term debt	409,950
Repayments of long-term debt	(97,431)	(2,155)
Inter-company payments	(4,456)	(4,481)
Other financing activities	(1,600)	10
Net cash provided by (used in) financing activities	306,463	(6,626)
Net (decrease) increase in cash and cash equivalents	(91,550)	13,701
Cash and cash equivalents at beginning of period	130,472	36,312
Cash and cash equivalents at end of period	38,922	50,013
Mission [Member]
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]
Cash flows from operating activities	8,106	(1,538)
Cash flows from investing activities:
Purchases of property and equipment	(32)	(84)
Other investing activities	150
Net cash used in investing activities	118	(84)
Cash flows from financing activities:
Repayments of long-term debt	(5,959)	(1,455)
Other financing activities	(8)	(72)
Net cash provided by (used in) financing activities	(5,967)	(1,527)
Net (decrease) increase in cash and cash equivalents	2,257	(3,149)
Cash and cash equivalents at beginning of period	880	3,716
Cash and cash equivalents at end of period	3,137	567
Non-Guarantors [Member]
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]
Cash flows from operating activities	620
Cash flows from investing activities:
Deposits and payments for acquisitions	(79)
Other investing activities	176
Net cash used in investing activities	97
Cash flows from financing activities:
Proceeds from long-term debt	2,000
Repayments of long-term debt	(750)
Other financing activities	(2)
Net cash provided by (used in) financing activities	1,248
Net (decrease) increase in cash and cash equivalents	1,965
Cash and cash equivalents at beginning of period	560
Cash and cash equivalents at end of period	$ 2,525

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Acquisitions and Dispositions

3 Months Ended

Mar. 31, 2015

Business Combinations [Abstract]

Acquisitions and Dispositions

3.  Acquisitions and Dispositions

CCA

Effective January 1, 2015, Nexstar completed the acquisition of the outstanding equity of privately-held CCA from SP ComCorp LLC (“SP ComCorp”), NexPoint Credit Strategies Fund (“NexPoint”) and Highland Floating Rate Opportunities Fund (“Highland”) and assumed CCA’s rights and obligations under its existing local service agreements with White Knight, for $278.3 million in cash, less a $0.2 million receivable from the sellers representing working capital adjustment. CCA and White Knight, collectively, owned 19 television stations in 10 markets.

A deposit of $27.0 million was paid to CCA in April 2013 upon signing the stock purchase agreement. Nexstar paid the $251.3 million remaining purchase price at closing funded by a combination of cash on hand, term loans borrowed in October 2014 and borrowings from its revolving credit facility in January 2015 (See Note 6). The transaction costs relating to this acquisition, including legal and professional fees of $0.4 million, were expensed as incurred during the three months ended March 31, 2015. Additionally, employment charges of $0.5 million were incurred and included in the Condensed Consolidated Statements of Operations.

Simultaneous with Nexstar’s acquisition of CCA, Nexstar sold the assets of CCA stations KPEJ and KMSS to Marshall for $43.3 million in cash, funded primarily by a $43.0 million deposit made in December 2014 arising from Marshall’s term loan. Nexstar also entered into local service agreements with Marshall to perform certain sales and other services for these stations. Additionally, Nexstar sold the assets of CCA station WEVV, the CBS and FOX affiliate serving the Evansville, Indiana market, to Bayou City Broadcasting Evansville, Inc. (“BCB”) for $26.8 million in cash, plus a $0.8 million cash sale of certain real estate properties previously owned by Nexstar (not acquired from CCA). Nexstar recognized a net loss on disposal of $0.5 million in connection with this transaction. There is no relationship between Nexstar and BCB or their respective stations after the sale.

The above transactions allow the Company entrance into 7 new markets and create duopolies in 6 markets. The stations impacted are as follows:

Market	Market Rank	Station	Affiliation
Nexstar:
Harlingen-Weslaco-Brownsville-McAllen, TX	86	KVEO	NBC/Estrella
Waco-Temple-Bryan, TX	87	KWKT KYLE	FOX/MyNetworkTV/ Estrella FOX/MyNetworkTV/ Estrella
El Paso, TX	91	KTSM	NBC/Estrella
Baton Rouge, LA	93	WGMB WBRL	FOX The CW
Tyler-Longview, TX	108	KETK	NBC/Estrella
Lafayette, LA	124	KADN KLAF	FOX MyNetworkTV
Alexandria, LA	179	WNTZ	FOX/MyNetworkTV
Marshall:
Shreveport, LA	83	KMSS	FOX
Odessa-Midland, TX	146	KPEJ	FOX/Estrella
White Knight:
Baton Rouge, LA	93	WVLA KZUP	NBC RTV
Tyler-Longview, TX	108	KFXK KFXL KLPN	FOX FOX MyNetworkTV
Shreveport, LA	83	KSHV	MyNetworkTV

As discussed in Note 2, Nexstar is the primary beneficiary of the variable interests in White Knight and Marshall and has consolidated White Knight and the stations Nexstar sold to Marshall, KPEJ and KMSS, into Nexstar’s Condensed Consolidated Financial Statements beginning January 1, 2015. Accordingly, all effects of the sale between Nexstar and Marshall have been eliminated in consolidation.

The consolidation of the assets and liabilities of White Knight into Nexstar resulted in a noncontrolling interest of $2.9 million, representing the fair value of interest held by the owners as of January 1, 2015, estimated by applying the income approach valuation technique.

The estimated fair values of the assets acquired and liabilities assumed in the CCA acquisition (net of the effects of the sale of WEVV to BCB), including the consolidation of the assets and liabilities of White Knight, KPEJ and KMSS, are as follows (in thousands):

Cash	$	1,847
Accounts receivable		19,624
Broadcast rights		10,233
Deferred tax assets		247
Prepaid expenses and other current assets		118
Property and equipment		25,647
FCC licenses		71,465
Network affiliation agreements		86,219
Other intangible assets		7,818
Goodwill		119,780
Other assets		59
Total assets acquired		343,057
Less:  Broadcast rights payable		(10,467	)
Less:  Accounts payable and accrued expenses		(4,685	)
Less: Taxes payable		(18,613	)
Less: Deferred tax liabilities		(55,454	)
Less:  Other noncurrent liabilities		(221	)
Less:  Noncontrolling interest in a consolidated VIE		(2,900	)
Net assets acquired	$	250,717

The fair value assigned to goodwill is attributable to future expense reductions utilizing management’s leverage in operating costs. The goodwill, FCC licenses and network affiliation agreements are not deductible for tax purposes. The intangible assets related to the network affiliation agreements are amortized over 15 years and other intangible assets are amortized over an estimated weighted average useful life of five years.

The acquired entities’ net revenue of $24.4 million and operating income of $4.7 million from the date of acquisition to March 31, 2015 have been included in the accompanying Condensed Consolidated Statements of Operations.

KASW

Effective January 29, 2015, Nexstar acquired the assets of KASW, the CW affiliate in the Phoenix, Arizona market from Meredith Corporation (“Meredith”) and SagamoreHill of Phoenix, LLC (“SagamoreHill”) for $71.3 million in cash, less a $0.5 million receivable from the sellers representing working capital adjustment. The acquisition allows Nexstar entrance into this market and the purchase price was funded through Nexstar’s $275.0 million 6.125% senior unsecured notes (“6.125% Notes”) and borrowings under Nexstar’s existing credit facility (See Note 6). No significant transaction costs were incurred in connection with this acquisition during the three months ended March 31, 2015.

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

Accounts receivable	$	3,544
Broadcast rights		8,771
Prepaid expenses and other current assets		24
Property and equipment		987
FCC licenses		35,566
Other intangible assets		713
Goodwill		32,254
Total assets acquired		81,859
Less:  Broadcast rights payable		(10,291	)
Less:  Accounts payable and accrued expenses		(790	)
Net assets acquired	$	70,778

The fair value assigned to goodwill is attributable to future expense reductions utilizing management’s leverage in programming and other station operating costs. The goodwill and FCC licenses are deductible for tax purposes. The intangible assets related to the network affiliation agreements are amortized over 15 years. Other intangible assets are amortized over an estimated weighted average useful life of 1.5 years.

KASW’s net revenue of $3.5 million and operating income of $1.4 million from the date of acquisition to March 31, 2015 have been included in the accompanying Condensed Consolidated Statements of Operations.

Yashi

On February 2, 2015, Nexstar acquired the outstanding equity of Yashi, a local digital video advertising and targeted programmatic technology platform, for $33.4 million in cash, less a $0.4 million receivable from the sellers representing working capital adjustment. The acquisition is expected to broaden Nexstar’s digital media portfolio with technologies and offerings that are complementary to Nexstar’s digital businesses and multi-screen strategies. The purchase price was funded through Nexstar’s 6.125% Notes and borrowings under Nexstar’s existing credit facility (See Note 6). No significant transaction costs were incurred in connection with this acquisition during the three months ended March 31, 2015.

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

Cash	$	1,472
Accounts receivable		8,449
Property and equipment		114
Software and other intangible assets		22,321
Goodwill		16,904
Other assets		15
Total assets acquired		49,275
Less:  Accounts payable and accrued expenses		(7,681	)
Less: Deferred tax liabilities		(8,588	)
Net assets acquired	$	33,006

The fair value assigned to goodwill is attributable to future expense reductions utilizing management’s leverage in operating costs. Goodwill and Software and other intangible assets are not deductible for tax purposes. Software and other intangible assets are amortized over an estimated weighted average useful life of four years.

Yashi’s net revenue of $5.8 million and operating income of $0.4 million from the date of acquisition to March 31, 2015 have been included in the accompanying Condensed Consolidated Statements of Operations.

KLAS

On February 13, 2015, Nexstar acquired the outstanding equity of KLAS, LLC, the owner of television station KLAS, the CBS affiliate serving the Las Vegas, Nevada market, from Landmark Television, LLC and Landmark Media Enterprises, LLC, for $150.4 million in cash, plus a $0.6 million payable to the sellers representing working capital adjustment. The acquisition allows Nexstar entrance into this market and the purchase price was funded through Nexstar’s 6.125% Notes and borrowings under Nexstar’s existing credit facility (See Note 6). Transaction costs relating to this acquisition, including legal and professional fees of $0.1 million, were expensed as incurred during the three months ended March 31, 2015.

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

Cash	$	18
Accounts receivable		6,474
Broadcast rights		58
Prepaid expenses and other current assets		438
Property and equipment		19,154
FCC licenses		60,627
Network affiliation agreements		49,485
Other intangible assets		35
Goodwill		15,700
Total assets of a consolidated VIE		151,989
Less:  Broadcast rights payable		(58	)
Less:  Accounts payable and accrued expenses		(838	)
Less:  Other current liabilities		(117	)
Net assets acquired	$	150,976

The fair value assigned to goodwill is attributable to future expense reductions utilizing management’s leverage in programming and other station operating costs. The goodwill and FCC licenses are deductible for tax purposes. The intangible assets related to the network affiliation agreements are amortized over 15 years. Other intangible assets are amortized over an estimated weighted average useful life of 12 years.

KLAS’ net revenue of $4.8 million and operating income of $1.3 million from the date of acquisition to March 31, 2015 have been included in the accompanying Condensed Consolidated Statements of Operations.

Unaudited Pro Forma Information

The acquisitions of KASW, Yashi and KLAS are not significant for financial reporting purposes, both individually and in aggregate. Therefore, pro forma information has not been provided for these acquisitions. The following unaudited pro forma information has been presented for the periods indicated as if the 2014 acquisitions of Internet Broadcasting Systems, Inc. (“IBS”) and Grant Company, Inc. (“Grant”) had occurred on January 1, 2013 and the 2015 acquisition of CCA and the related consolidation of VIEs had occurred on January 1, 2014 (in thousands):

	Three Months Ended
	March 31,
	2015		2014
Net revenue	$	203,391	$	176,890
Income before income taxes		22,283		17,114
Net income		14,259		9,709
Net income attributable to Nexstar		14,661		9,465
Net income per common share attributable to Nexstar - basic		0.47		0.31
Net income per common share attributable to Nexstar - diluted		0.45		0.30

The above selected unaudited pro forma information is presented for illustrative purposes only and is not necessarily indicative of results of operations in future periods or results that would have been achieved had Nexstar owned IBS, Grant and CCA during the specified periods.

Please refer to Nexstar’s Annual Report on Form 10-K for the year ended December 31, 2014 for more information with respect to IBS and Grant.

Pending Acquisition

KCWI

On October 24, 2014, Nexstar entered into a definitive agreement to acquire the assets of KCWI, the CW affiliate in the Des Moines-Ames, Iowa market, from Pappas Telecasting of Iowa, LLC (“Pappas”) for $3.5 million, subject to adjustments for working capital. A deposit of $0.2 million was paid upon signing the purchase agreement. This acquisition is subject to bankruptcy approval and other customary conditions, and Nexstar expects it to close in the second quarter of 2015.

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Commitments and Contingencies - Additional Information (Details) (Financial Guarantee [Member], USD $) In Millions, unless otherwise specified	Mar. 31, 2015
Mission Debt [Member]
Guarantees of Mission and Marshall Debt [Abstract]
Maximum commitment under senior secured credit facility	$ 237.2
Commitment under senior secured credit facility at carrying value	229.2
Marshall Debt [Member]
Guarantees of Mission and Marshall Debt [Abstract]
Commitment under senior secured credit facility at carrying value	$ 60.4

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Acquisitions and Dispositions - Fair Values of Assets Acquired and Liabilities Assumed (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Jan. 29, 2015	Feb. 02, 2015	Feb. 13, 2015
Business Acquisition [Line Items]
Goodwill	$ 441,129	$ 256,491
Cca And White Knight
Business Acquisition [Line Items]
Cash		1,847
Accounts receivable		19,624
Broadcast rights		10,233
Deferred tax assets		247
Prepaid expenses and other current assets		118
Property and equipment		25,647
FCC licenses		71,465
Network affiliation agreements		86,219
Other intangible assets		7,818
Goodwill		119,780
Other assets		59
Total assets acquired		343,057
Less: Broadcast rights payable		(10,467)
Less: Accounts payable and accrued expenses		(4,685)
Less: Taxes payable		(18,613)
Less: Deferred tax liabilities		(55,454)
Less: Other noncurrent liabilities		(221)
Less: Noncontrolling interest in a consolidated VIE		(2,900)
Net assets acquired		250,717
KASW [Member]
Business Acquisition [Line Items]
Accounts receivable			3,544
Broadcast rights			8,771
Prepaid expenses and other current assets			24
Property and equipment			987
FCC licenses			35,566
Other intangible assets			713
Goodwill			32,254
Total assets acquired			81,859
Less: Broadcast rights payable			(10,291)
Less: Accounts payable and accrued expenses			(790)
Net assets acquired			70,778
Yashi [Member]
Business Acquisition [Line Items]
Cash				1,472
Accounts receivable				8,449
Property and equipment				114
Software and other intangible assets				22,321
Goodwill				16,904
Other assets				15
Total assets acquired				49,275
Less: Accounts payable and accrued expenses				(7,681)
Less: Deferred tax liabilities				(8,588)
Net assets acquired				33,006
KLAS [ Member]
Business Acquisition [Line Items]
Cash					18
Accounts receivable					6,474
Broadcast rights					58
Prepaid expenses and other current assets					438
Property and equipment					19,154
FCC licenses					60,627
Network affiliation agreements					49,485
Other intangible assets					35
Goodwill					15,700
Total assets acquired					151,989
Less: Broadcast rights payable					(58)
Less: Accounts payable and accrued expenses					(838)
Less: Other current liabilities					(117)
Net assets acquired					$ 150,976

XML

Acquisitions and Dispositions - CCA - Additional Information (Details) (USD $)	3 Months Ended		0 Months Ended	1 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014 TelevisionStation Market	Apr. 30, 2013
Business Acquisition [Line Items]
Proceeds from disposal of a station	$ 26,805,000
Proceeds from disposals of property and equipment	877,000	14,000
Non controlling interest, Fair value	5,905,000		4,000,000
Revenue included in consolidated statements of operations	203,391,000	133,833,000
Operating income	37,904,000	27,700,000
Eliminations [Member]
Business Acquisition [Line Items]
Proceeds from disposal of a station	(43,300,000)
Revenue included in consolidated statements of operations	(16,949,000)	(12,093,000)
Cca And White Knight
Business Acquisition [Line Items]
Acquisition date			Jan. 01, 2015
Purchase price of entities acquired			278,300,000
Working capital adjustment			200,000
Number of television stations acquired			19
Number of television market of stations acquired			10
Deposit paid upon signing an agreement to acquire a business				27,000,000
Cash paid in business acquisition			251,300,000
Acquisition related costs	400,000
One time employment charges	500,000
New television markets to be entered	7
New market duopolies to be operated	6
Non controlling interest, Fair value			2,900,000
Network affiliation agreements useful life			15 years
Weighted average estimated useful life of other intangible assets			5 years
Revenue included in consolidated statements of operations	24,400,000
Operating income	4,700,000
Cca And White Knight | Marshall Broadcasting Group Inc | Eliminations [Member]
Business Acquisition [Line Items]
Deposit paid upon signing an agreement to acquire a business			43,000,000
Proceeds from disposal of a station			43,300,000
Cca And White Knight | Bayou City Broadcasting Evansville Inc
Business Acquisition [Line Items]
Proceeds from disposal of a station			26,800,000
Proceeds from disposals of property and equipment			800,000
Loss on disposal of station			$ 500,000

XML

Condensed Consolidating Financial Information - Additional Information (Details)	Mar. 31, 2015
Senior note 6.875% due 2020 [Member]
Condensed Financial Statements, Captions [Line Items]
Interest rate	6.875%
Senior note 6.125% due 2022 [Member]
Condensed Financial Statements, Captions [Line Items]
Interest rate	6.125%
Nexstar Holdings [Member]
Condensed Financial Statements, Captions [Line Items]
Controlling ownership percentage	100.00%
Nexstar Broadcasting [Member]
Condensed Financial Statements, Captions [Line Items]
Controlling ownership percentage	100.00%

XML

Acquisitions and Dispositions - KASW - Additional Information (Details) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jan. 29, 2015
Business Acquisition [Line Items]
Proceeds from long-term debt	$ 411,950,000
Revenue included in consolidated statements of operations	203,391,000	133,833,000
Operating income	37,904,000	27,700,000
6.125% Senior Unsecured Notes due 2022 [Member]
Business Acquisition [Line Items]
Proceeds from long-term debt			275,000,000
Interest rate	6.125%		6.125%
KASW [Member]
Business Acquisition [Line Items]
Purchase price of entities acquired			71,300,000
Working capital adjustment			500,000
Acquisition related costs	0
Acquisition date			Jan. 29, 2015
Network affiliation agreements useful life			15 years
Weighted average estimated useful life of other intangible assets			1 year 6 months
Revenue included in consolidated statements of operations	3,500,000
Operating income	1,400,000
KASW [Member] | 6.125% Senior Unsecured Notes due 2022 [Member]
Business Acquisition [Line Items]
Proceeds from long-term debt			$ 275,000,000
Interest rate			6.125%

XML

Acquisitions and Dispositions - Yashi - Additional Information (Details) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Feb. 02, 2015	Jan. 29, 2015
Business Acquisition [Line Items]
Revenue included in consolidated statements of operations	$ 203,391,000	$ 133,833,000
Operating income	37,904,000	27,700,000
6.125% Senior Unsecured Notes due 2022 [Member]
Business Acquisition [Line Items]
Interest rate	6.125%			6.125%
Yashi [Member]
Business Acquisition [Line Items]
Purchase price of entities acquired			33,400,000
Working capital adjustment			400,000
Acquisition date			Feb. 02, 2015
Acquisition related costs	0
Weighted average estimated useful life of other intangible assets			4 years
Revenue included in consolidated statements of operations	5,800,000
Operating income	$ 400,000
Yashi [Member] | 6.125% Senior Unsecured Notes due 2022 [Member]
Business Acquisition [Line Items]
Interest rate				6.125%

XML

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2.  Summary of Significant Accounting Policies

Principles of Consolidation

The Condensed Consolidated Financial Statements include the accounts of Nexstar and the accounts of independently-owned VIEsfor which Nexstar is the primary beneficiary. Nexstar and the consolidated VIEs are collectively referred to as the “Company.” Noncontrolling interests represent the VIE owners’ share of the equity in the consolidated VIEs and are presented as a component separate from Nexstar Broadcasting Group, Inc. stockholders’ equity. All intercompany account balances and transactions have been eliminated in consolidation. Nexstar management evaluates each arrangement that may include variable interests and determines the need to consolidate an entity where it determines Nexstar is the primary beneficiary of a VIE in accordance with related authoritative literature and interpretive guidance. Effective January 1, 2015, Nexstar entered into local service agreements to provide programming and sales services to stations acquired from Communications Corporation of America (“CCA”) and sold to Marshall Broadcasting Group, Inc. (“Marshall”) and stations owned by White Knight Broadcasting (“White Knight”), which were considered as VIEs as of that date.

Certain assets of consolidated VIEs are not available to settle the obligations of Nexstar and there are certain liabilities of consolidated VIEs for which the creditors of the VIEs do not have recourse to the general credit of Nexstar. In previous filings, the Company presented such amounts as separate amounts on its Consolidated Balance Sheets.  The Company has elected to present these amounts in this and future filings in a combined footnote on the Consolidated Balance Sheets, with footnote disclosure of the related carrying amounts and classification, as follows (in thousands):

	March 31,		December 31,
	2015		2014
Current assets	$	3,196	$	12	(1)
Property and equipment, net		4,503		-
Goodwill		18,451		697	(1)
FCC licenses		74,312		46,727
Other intangible assets, net		21,419		1,695	(1)
Other noncurrent assets, net		974		-
Total assets		122,855		49,131
Current liabilities		11,370		7,852
Noncurrent liabilities		27,132		10,018
Total liabilities	$	38,502	$	17,870

(1) These balances relate to Parker Broadcasting of Colorado, LLC and were previously not presented separately on the Consolidated Balance Sheet. This correction is not considered material to the Consolidated Financial Statements as of December 31, 2014.

Liquidity

Nexstar is highly leveraged, which makes it vulnerable to changes in general economic conditions. Nexstar’s ability to repay or refinance its debt will depend on, among other things, financial, business, market, competitive and other conditions, many of which are beyond Nexstar’s control.

Interim Financial Statements

The Condensed Consolidated Financial Statements as of March 31, 2015 and for the three months ended March 31, 2015 and 2014 are unaudited. However, in the opinion of management, such financial statements include all adjustments (consisting solely of normal recurring adjustments) necessary for the fair statement of the financial information included herein in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Results of operations for interim periods are not necessarily indicative of results for the full year. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related Notes included in Nexstar’s Annual Report on Form 10-K for the year ended December 31, 2014. The balance sheet as of December 31, 2014 has been derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.

Variable Interest Entities

The Company may determine that an entity is a VIE as a result of local service agreements entered into with the owner-operator of an entity. The term local service agreements generally refers to a contract between two separately owned television stations serving the same market, whereby the owner-operator of one station contracts with the owner-operator of the other station to provide it with administrative, sales and other services required for the operation of its station. Nevertheless, the owner-operator of each station retains control and responsibility for the operation of its station, including ultimate responsibility over all programming broadcast on its station. A local service agreement can be (1) a time brokerage agreement (“TBA”) which allows Nexstar to program most of a station’s broadcast time, sell the station’s advertising time and retain the advertising revenue generated in exchange for monthly payments, based on the station’s monthly operating expenses, (2) a shared services agreement (“SSA”) which allows the Nexstar station in the market to provide services including news production, technical maintenance and security, in exchange for Nexstar’s right to receive certain payments as described in the SSA, or (3) a joint sales agreement (“JSA”) which permits Nexstar to sell certain of the station’s advertising time and retain a percentage of the related revenue, as described in the JSA.

Consolidated VIEs

Mission Broadcasting, Inc. (“Mission”), Marshall and Parker Broadcasting of Colorado, LLC (“Parker”) are consolidated by Nexstar because Nexstar is deemed under U.S. GAAP to have controlling financial interests in these entities for financial reporting purposes as a result of (1) local service agreements Nexstar has with these stations, (2) Nexstar’s guarantees of the obligations incurred under Mission’s and Marshall’s senior secured credit facilities (see Note 6), (3) Nexstar having power over significant activities affecting these entities’ economic performance, including budgeting for advertising revenue, certain advertising sales and, for Mission and Parker, hiring and firing of sales force personnel and (4) purchase options granted by Mission which permit Nexstar to acquire the assets and assume the liabilities of each Mission station, subject to Federal Communications Commission (“FCC”) consent.

Effective January 1, 2015, upon Nexstar’s acquisition of CCA, Nexstar assumed the contractual obligations under CCA’s local service agreements with White Knight, the owner of six television stations in the Baton Rouge, Louisiana, Shreveport, Louisiana and Tyler-Longview, Texas markets. Nexstar evaluated the business arrangements with White Knight and has determined that it has a variable interest in this entity. Nexstar has also determined that it is the primary beneficiary of the variable interest because it has the ultimate power to direct the activities that most significantly impact the economic performance of White Knight, including management advice and consultation in broadcast matters, the ability to sell certain advertising on the White Knight stations, the production of the White Knight stations’ news and other programming, and oversight and control of sales management personnel. Additionally, Nexstar assumed CCA’s options to acquire the assets and assume the liabilities of each White Knight station, subject to FCC consent. Simultaneous with Nexstar’s acquisition of CCA, Nexstar sold the assets of CCA stations KPEJ and KMSS to Marshall and, as discussed above, Nexstar is the primary beneficiary of Marshall. Therefore, Nexstar consolidated White Knight, KPEJ and KMSS as of January 1, 2015. See Note 3 for additional information with respect to these transactions.

The following table summarizes the various local service agreements Nexstar had in effect as of March 31, 2015 with Mission, Marshall, Parker and White Knight:

Service Agreements	Owner	Mission Stations
TBA Only	Mission	WFXP and KHMT
	Parker	KFQX
SSA & JSA	Mission	KJTL, KJBO-LP, KLRT, KASN, KOLR, KCIT, KCPN-LP, KAMC, KRBC, KSAN, WUTR, WAWV, WYOU, KODE, WTVO, KTVE, WTVW and WVNY
	Marshall	KLJB, KPEJ and KMSS
	White Knight	WVLA, KZUP, KFXK, KFXL, KLPN, KSHV

Nexstar’s ability to receive cash from Mission, Marshall, Parker and White Knight is governed by the local service agreements. Under these agreements, Nexstar has received substantially all of the consolidated VIEs’ available cash, after satisfaction of operating costs and debt obligations. Nexstar anticipates it will continue to receive substantially all of the consolidated VIEs’ available cash, after satisfaction of operating costs and debt obligations. In compliance with FCC regulations for all the parties, Mission, Marshall, Parker and White Knight maintain complete responsibility for and control over programming, finances, personnel and operations of their stations.

The carrying amounts and classification of the assets and liabilities of the VIEs mentioned above which have been included in the Condensed Consolidated Balance Sheets were as follows (in thousands):

	March 31,		December 31,
	2015		2014
Current assets:
Cash and cash equivalents	$	5,662	$	1,440
Accounts receivable, net		13,645		7,594
Deferred tax assets, net		9,474		9,389
Prepaid expenses and other current assets		3,709		2,657
Total current assets		32,490		21,080
Property and equipment, net		32,332		26,235
Goodwill		70,081		35,308
FCC licenses		74,312		46,727
Other intangible assets, net		62,368		30,333
Other noncurrent assets, net		24,561		64,858
Total assets	$	296,144	$	224,541
Current liabilities:
Current portion of debt	$	5,561	$	5,137
Interest payable		28		28
Other current liabilities		11,372		7,852
Total current liabilities		16,961		13,017
Debt		284,053		289,161
Other noncurrent liabilities		27,133		10,018
Total liabilities	$	328,147	$	312,196

Non-Consolidated VIEs

Nexstar has an outsourcing agreement with Cunningham Broadcasting Corporation (“Cunningham”), which continues through December 31, 2017. Under the outsourcing agreement, Nexstar provides certain engineering, production, sales and administrative services for WYZZ, the FOX affiliate in the Peoria, Illinois market, through WMBD, the Nexstar television station in that market. During the term of the outsourcing agreement, Nexstar retains the broadcasting revenue and related expenses of WYZZ and is obligated to pay a monthly fee based on the combined operating cash flow of WMBD and WYZZ, as defined in the agreement.

Nexstar has determined that it has a variable interest in WYZZ. Nexstar has evaluated its arrangements with Cunningham and has determined that it is not the primary beneficiary of the variable interest in WYZZ because it does not have the ultimate power to direct the activities that most significantly impact the economic performance of the station, including developing the annual operating budget, programming and oversight and control of sales management personnel. Therefore, Nexstar has not consolidated this station under authoritative guidance related to the consolidation of VIEs. Under the outsourcing agreement for WYZZ, Nexstar pays for certain operating expenses, and therefore may have unlimited exposure to any potential operating losses. Nexstar’s management believes that Nexstar’s minimum exposure to loss under the WYZZ outsourcing agreement consists of the fees paid to Cunningham. Additionally, Nexstar indemnifies the owner of WYZZ from and against all liability and claims arising out of or resulting from its activities, acts or omissions in connection with the agreement. The maximum potential amount of future payments Nexstar could be required to make for such indemnification is undeterminable at this time.

As of March 31, 2015 and December 31, 2014, Nexstar had balances in accounts payable of $0.1 million and $0.5 million, respectively, for fees under this arrangement and had receivables for advertising aired on these stations of $0.5 million and $0.7 million, respectively. Fees incurred under this arrangement of $0.1 million and $0.3 million were included in direct operating expenses in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2015 and 2014, respectively.

Financial Instruments

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value due to their short-term nature. See Note 6 for fair value disclosures related to the Company’s debt.

Income Per Share

Basic income per share is computed by dividing the net income attributable to Nexstar by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed using the weighted-average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares are calculated using the treasury stock method. They consist of stock options and restricted stock units outstanding during the period and reflect the potential dilution that could occur if common stock were issued upon exercise of stock options and vesting of restricted stock units. The following table shows the amounts used in computing the Company’s diluted shares (in thousands):

	Three Months Ended
	March 31,
	2015		2014
Weighted average shares outstanding - basic		31,196		30,603
Dilutive effect of equity incentive plan instruments		1,060		1,306
Weighted average shares outstanding - diluted		32,256		31,909

Stock options and restricted stock units to acquire Class A common stock excluded from the computation of diluted earnings per share were comprised of a weighted average of 1,043,000 shares and 621,000 shares for the three months ended March 31, 2015 and 2014, respectively, because their impact would have been antidilutive.

Basis of Presentation

Certain prior year financial statement amounts have been reclassified to conform to the current year presentation. These reclassifications had no effect on net income or stockholders’ equity as previously reported.

Recent Accounting Pronouncements

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which updates the accounting guidance on revenue recognition. This standard is intended to provide a more robust framework for addressing revenue issues, improve comparability of revenue recognition practices and improve disclosure requirements. The standard is effective for interim and annual reporting periods beginning after December 15, 2016, with a proposed one year delay. Transition to the new guidance may be done using either a full or modified retrospective method. The Company is currently evaluating the impact of the provisions of the accounting standard update.

In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation Analysis, to improve certain areas of consolidation guidance for reporting organizations (i.e., public, private and not-for-profit) that are required to evaluate whether to consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures (e.g., collateralized debt/loan obligations). All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments (1) eliminate the presumption that a general partner should consolidate a limited partnership, (2) eliminate the indefinite deferral of FASB Statement No. 167, thereby reducing the number of VIE consolidation models from four to two (including the limited partnership consolidation model), (3) clarify when fees paid to a decision maker should be a factor to include in the consolidation of VIEs, (4) amend the guidance for assessing how related party relationships affect VIE consolidation analysis and (5) exclude certain money market funds from the consolidation guidance. The amendments in this accounting standard are effective for public business entities for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. The Company does not expect the implementation of this standard to have a material impact on its financial position or results of operations.

In April 2015, the FASB issued ASU No. 2015-03, Interest, Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The amendments in this accounting standard are effective for interim and annual periods ending after December 15, 2015, with early application permitted. The Company does not expect this guidance to have a significant impact on its financial statements, other than a change in the financial statement classification of debt issuance costs. As of March 31, 2015 and December 31, 2014, $19.1 million and $17.0 million, respectively, of net debt financing costs were included in other noncurrent assets in the Condensed Consolidated Balance Sheets. Under the new guidance, the carrying amount of debt financing costs would reduce the Company’s total debt.

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Acquisitions and Dispositions - KLAS - Additional Information (Details) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Feb. 13, 2015	Jan. 29, 2015
Business Acquisition [Line Items]
Revenue included in consolidated statements of operations	$ 203,391,000	$ 133,833,000
Operating income	37,904,000	27,700,000
6.125% Senior Unsecured Notes due 2022 [Member]
Business Acquisition [Line Items]
Interest rate	6.125%			6.125%
KLAS [ Member]
Business Acquisition [Line Items]
Purchase price of entities acquired			150,400,000
Working capital adjustment			600,000
Acquisition related costs	100,000
Acquisition date			Feb. 13, 2015
Network affiliation agreements useful life			15 years
Weighted average estimated useful life of other intangible assets			12 years
Revenue included in consolidated statements of operations	4,800,000
Operating income	$ 1,300,000
KLAS [ Member] | 6.125% Senior Unsecured Notes due 2022 [Member]
Business Acquisition [Line Items]
Interest rate				6.125%

XML

Debt - Long Term Debt (Parenthetical) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Jan. 29, 2015
Term Loans [Member]
Long term Debt [Abstract]
Debt discount	$ 1,639	$ 1,725
6.875 % Senior Unsecured Notes due 2020 [Member]
Long term Debt [Abstract]
Debt premium	$ 569	$ 590
Interest rate	6.875%	6.875%
6.125% Senior Unsecured Notes due 2022 [Member]
Long term Debt [Abstract]
Interest rate	6.125%		6.125%

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 44,584		$ 131,912
Accounts receivable, net of allowance for doubtful accounts of $4,544 and $3,002, respectively	164,581		127,878
Deferred tax assets, net	49,926		41,737
Broadcast rights	16,855		10,873
Prepaid expenses and other current assets	5,692		5,264
Total current assets	281,638		317,664
Property and equipment, net	277,837		237,739
Goodwill	441,129		256,491
FCC licenses	489,698		322,040
Other intangible assets, net	347,660		194,129
Other noncurrent assets, net	65,189		134,162
Total assets	1,903,151	[1]	1,462,225	[1]
Current liabilities:
Current portion of debt	17,189		15,840
Current portion of broadcast rights payable	17,937		11,935
Accounts payable	20,335		17,231
Accrued expenses	38,096		36,807
Taxes payable	19,064		4,899
Interest payable	16,612		4,601
Other current liabilities	7,180		5,953
Total current liabilities	136,413		97,266
Debt	1,526,830		1,220,304
Deferred tax liabilities	117,198		44,224
Other noncurrent liabilities	51,273		43,894
Total liabilities	1,831,714	[1]	1,405,688	[1]
Commitments and contingencies
Stockholders' equity:
Preferred stock - $0.01 par value, 200,000 shares authorized; none issued and outstanding at each of March 31, 2015 and December 31, 2014
Additional paid-in capital	398,116		398,029
Accumulated deficit	(332,897)		(345,804)
Total Nexstar Broadcasting Group, Inc. stockholders' equity	65,532		52,537
Noncontrolling interests in consolidated variable interest entities	5,905		4,000
Total stockholders' equity	71,437		56,537
Total liabilities and stockholders' equity	1,903,151		1,462,225
Class A Common Stock [Member]
Stockholders' equity:
Common stock	313		312
Total stockholders' equity	$ 313		$ 312

[1] The consolidated total assets as of March 31, 2015 and December 31, 2014 include certain assets held by consolidated VIEs of $122.9 million and $49.1 million, respectively, which are not available to be used to settle the obligations of Nexstar. The consolidated total liabilities as of March 31, 2015 and December 31, 2014 include certain liabilities of consolidated VIEs of $38.5 million and $17.9 million for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information

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Condensed Consolidating Financial Information - Condensed Consolidated Balance Sheets (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014		Mar. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 44,584		$ 131,912		$ 50,580	$ 40,028
Other current assets	237,054		185,752
Total current assets	281,638		317,664
Property and equipment, net	277,837		237,739
Goodwill	441,129		256,491
FCC licenses	489,698		322,040
Other intangible assets, net	347,660		194,129
Other noncurrent assets	65,189		134,162
Total assets	1,903,151	[1]	1,462,225	[1]
Current liabilities:
Current portion of debt	17,189		15,840
Other current liabilities	119,224		81,426
Total current liabilities	136,413		97,266
Debt	1,526,830		1,220,304
Other noncurrent liabilities	168,471		88,118
Total liabilities	1,831,714	[1]	1,405,688	[1]
Stockholders' equity (deficit)	71,437		56,537
Total liabilities and stockholders' equity	1,903,151		1,462,225
Eliminations [Member]
Current assets:
Amounts due from consolidated entities	(28,177)		(29,867)
Total current assets	(28,177)		(29,867)
Investments in subsidiaries	(291,577)		(234,910)
Amounts due from consolidated entities	(15,238)		(15,240)
Total assets	(334,992)		(280,017)
Current liabilities:
Amounts due to consolidated entities	(28,177)		(29,867)
Total current liabilities	(28,177)		(29,867)
Amounts due to consolidated entities	(15,238)		(15,240)
Total liabilities	(43,415)		(45,107)
Stockholders' equity (deficit)	(291,577)		(234,910)
Total liabilities and stockholders' equity	(334,992)		(280,017)
Nexstar [Member]
Current assets:
Investments in subsidiaries	118,702		109,834
Amounts due from consolidated entities	1,564		1,476
Total assets	120,266		111,310
Current liabilities:
Other noncurrent liabilities	(3)		(3)
Total liabilities	(3)		(3)
Stockholders' equity (deficit)	120,269		111,313
Total liabilities and stockholders' equity	120,266		111,310
Nexstar Broadcasting [Member]
Current assets:
Cash and cash equivalents	38,922		130,472		50,013	36,312
Other current assets	210,226		166,112
Total current assets	249,148		296,584
Investments in subsidiaries	38,931
Amounts due from consolidated entities	13,674		13,764
Property and equipment, net	245,505		211,504
Goodwill	371,048		221,183
FCC licenses	415,387		275,313
Other intangible assets, net	285,292		163,796
Other noncurrent assets	40,627		65,451
Total assets	1,659,612		1,247,595
Current liabilities:
Current portion of debt	11,628		10,703
Amounts due to consolidated entities	22,100		29,026
Other current liabilities	107,824		73,546
Total current liabilities	141,552		113,275
Debt	1,242,777		931,143
Other noncurrent liabilities	141,339		78,101
Total liabilities	1,525,668		1,122,519
Stockholders' equity (deficit)	133,944		125,076
Total liabilities and stockholders' equity	1,659,612		1,247,595
Mission [Member]
Current assets:
Cash and cash equivalents	3,137		880		567	3,716
Amounts due from consolidated entities	28,177		29,867
Other current assets	19,415		17,972
Total current assets	50,729		48,719
Property and equipment, net	23,596		24,166
Goodwill	32,489		32,489
FCC licenses	41,563		41,563
Other intangible assets, net	20,700		21,310
Other noncurrent assets	20,210		23,818
Total assets	189,287		192,065
Current liabilities:
Current portion of debt	1,961		1,837
Other current liabilities	6,431		6,713
Total current liabilities	8,392		8,550
Debt	227,288		233,357
Other noncurrent liabilities	7,764		8,667
Total liabilities	243,444		250,574
Stockholders' equity (deficit)	(54,157)		(58,509)
Total liabilities and stockholders' equity	189,287		192,065
Non-Guarantors [Member]
Current assets:
Cash and cash equivalents	2,525		560
Other current assets	7,413		1,668
Total current assets	9,938		2,228
Investments in subsidiaries	133,944		125,076
Property and equipment, net	8,736		2,069
Goodwill	37,592		2,819
FCC licenses	32,748		5,164
Other intangible assets, net	41,668		9,023
Other noncurrent assets	4,352		44,893
Total assets	268,978		191,272
Current liabilities:
Current portion of debt	3,600		3,300
Amounts due to consolidated entities	6,077		841
Other current liabilities	4,969		1,167
Total current liabilities	14,646		5,308
Debt	56,765		55,804
Amounts due to consolidated entities	15,238		15,240
Other noncurrent liabilities	19,371		1,353
Total liabilities	106,020		77,705
Stockholders' equity (deficit)	162,958		113,567
Total liabilities and stockholders' equity	$ 268,978		$ 191,272

[1] The consolidated total assets as of March 31, 2015 and December 31, 2014 include certain assets held by consolidated VIEs of $122.9 million and $49.1 million, respectively, which are not available to be used to settle the obligations of Nexstar. The consolidated total liabilities as of March 31, 2015 and December 31, 2014 include certain liabilities of consolidated VIEs of $38.5 million and $17.9 million for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$ 11,912	$ 7,353
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for bad debt	453	1,015
Amortization of broadcast rights, excluding barter	5,162	2,960
Depreciation of property and equipment	10,872	8,419
Amortization of intangible assets	13,060	6,193
Loss (gain) on asset disposal, net	802	(15)
Amortization of debt financing costs	820	647
Amortization of debt discount (premium), net	65	43
Stock-based compensation expense	2,858	1,643
Deferred income taxes	5,139	4,496
Payments for broadcast rights	(5,271)	(3,149)
Deferred gain recognition	(109)	(109)
Amortization of deferred representation fee incentive	(264)	(205)
Non-cash representation contract termination fee	1,516
Excess tax benefit from stock option exercises	(1,686)	(274)
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable	934	3,958
Prepaid expenses and other current assets	1,452	1,184
Other noncurrent assets	56	92
Accounts payable and accrued expenses	(5,781)	1,528
Taxes payable	(4,478)	141
Interest payable	12,011	8,932
Other noncurrent liabilities	103	(121)
Net cash provided by operating activities	49,626	44,731
Cash flows from investing activities:
Purchases of property and equipment	(6,401)	(3,983)
Payments for acquisitions, net of cash acquired	(459,979)	(22,057)
Proceeds from disposal of a station	26,805
Proceeds from disposals of property and equipment	877	14
Net cash used in investing activities	(438,698)	(26,026)
Cash flows from financing activities:
Proceeds from long-term debt	411,950
Repayments of long-term debt	(104,140)	(3,610)
Payments for debt financing costs	(2,920)	(77)
Proceeds from exercise of stock options	1,465	107
Excess tax benefit from stock option exercises	1,686	274
Common stock dividends paid	(5,921)	(4,588)
Payments for capital lease obligations	(376)	(259)
Net cash provided by (used in) financing activities	301,744	(8,153)
Net (decrease) increase in cash and cash equivalents	(87,328)	10,552
Cash and cash equivalents at beginning of period	131,912	40,028
Cash and cash equivalents at end of period	44,584	50,580
Supplemental information:
Interest paid	6,397	5,547
Income taxes paid, net of refunds	5,925	47
Non-cash investing and financing activities:
Accrued purchases of property and equipment	1,321	966
Noncash purchases of property and equipment	1,276	14
Accrued debt financing costs	$ 127

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Intangible Assets and Goodwill - Intangible Assets Subject to Amortization (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Gross	$ 697,531	$ 530,940
Accumulated Amortization	(349,871)	(336,811)
Net	347,660	194,129
Network affiliation agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life, in years	15 years	15 years
Gross	614,592	478,888
Accumulated Amortization	(316,903)	(310,097)
Net	297,689	168,791
Other definite-lived intangible assets [Member]
Finite-Lived Intangible Assets [Line Items]
Gross	82,939	52,052
Accumulated Amortization	(32,968)	(26,714)
Net	$ 49,971	$ 25,338
Other definite-lived intangible assets [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life, in years	1 year	1 year
Other definite-lived intangible assets [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life, in years	15 years	15 years

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Debt (Tables)

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Long Term Debt

Long-term debt consisted of the following (in thousands):

	March 31,			December 31,
	2015			2014
Term loans, net of discount of $1,639 and $1,725, respectively	$	701,450		$	705,054
Revolving loans		42,000			5,500
6.875% Senior unsecured notes due 2020, including premium of $569 and $590, respectively		525,569			525,590
6.125% Senior unsecured notes due 2022		275,000			-
		1,544,019			1,236,144
Less: current portion		(17,189	)		(15,840	)
	$	1,526,830		$	1,220,304

Fair Value of Debt

The aggregate carrying amounts and estimated fair values of the Company’s debt were as follows (in thousands):

	March 31, 2015				December 31, 2014
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Term loans(1)	$	701,450	$	697,180	$	705,054	$	697,420
Revolving loans(1)		42,000		41,131		5,500		5,386
6.875% Senior unsecured notes(2)		525,569		557,813		525,590		547,313
6.125% Senior unsecured notes(2)		275,000		283,938		-		-

⁽¹⁾ The fair value of senior secured credit facilities is computed based on borrowing rates currently available to the Company for bank loans with similar terms and average maturities. These fair value measurements are considered Level 3, as significant inputs to the fair value calculation are unobservable in the market.

⁽²⁾ The fair value of the Company’s fixed rate debt is estimated based on bid prices obtained from an investment banking firm that regularly makes a market for these financial instruments. These fair value measurements are considered Level 2, as quoted market prices are available for low volume trading of these securities.

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Intangible Assets and Goodwill - Estimated Amortization Expense of Definite-Lived Intangible Assets (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Finite Lived Intangible Assets Future Amortization Expense Current And Five Succeeding Fiscal Years [Abstract]
Remainder of 2015	$ 32,696
2016	39,068
2017	36,418
2018	29,315
2019	26,440
2020	21,793
Thereafter	161,930
Net	$ 347,660	$ 194,129

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Organization and Business Operations (Details)	3 Months Ended
	Mar. 31, 2015 Segment Channel TelevisionStation Market
Television stations and digital multi channel by affiliates [Line Items]
Number of television stations owned, operated, programmed or provided sales and other services	107
Number of digital multi-cast channels owned, operated, programmed or provided sales and other services to	36
Number of markets in various states	58
Number of television stations owned or operated by independent third parties	31
Number of digital multicast channels owned or operated by independent third parties	6
Number of reportable segments	1
ABC [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of television stations owned, operated, programmed or provided sales and other services	20
NBC [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of television stations owned, operated, programmed or provided sales and other services	20
FOX [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of television stations owned, operated, programmed or provided sales and other services	28
CBS [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of television stations owned, operated, programmed or provided sales and other services	17
The CW [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of television stations owned, operated, programmed or provided sales and other services	10
Number of digital multi-cast channels owned, operated, programmed or provided sales and other services to	2
MyNetworkTV [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of television stations owned, operated, programmed or provided sales and other services	10
Number of digital multi-cast channels owned, operated, programmed or provided sales and other services to	4
Telemundo [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of television stations owned, operated, programmed or provided sales and other services	1
Number of digital multi-cast channels owned, operated, programmed or provided sales and other services to	1
RTV [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of television stations owned, operated, programmed or provided sales and other services	1
Bounce TV [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of digital multi-cast channels owned, operated, programmed or provided sales and other services to	9
Me-TV [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of digital multi-cast channels owned, operated, programmed or provided sales and other services to	9
Estrella [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of digital multi-cast channels owned, operated, programmed or provided sales and other services to	6
LATV [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of digital multi-cast channels owned, operated, programmed or provided sales and other services to	1
This TV [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of digital multi-cast channels owned, operated, programmed or provided sales and other services to	1
Weather Nation Utah [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of digital multi-cast channels owned, operated, programmed or provided sales and other services to	1
Movies [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of digital multi-cast channels owned, operated, programmed or provided sales and other services to	1
News/Weather [Member]
Television stations and digital multi channel by affiliates [Line Items]
Number of digital multi-cast channels owned, operated, programmed or provided sales and other services to	1

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Organization and Business Operations

3 Months Ended

Mar. 31, 2015

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Business Operations

1. Organization and Business Operations

As of March 31, 2015, Nexstar Broadcasting Group, Inc. and its wholly-owned subsidiaries (“Nexstar”) owned, operated, programmed or provided sales and other services to 107 television stations and 36 digital multicast channels, including those owned by variable interest entities (“VIEs”), in 58 markets in the states of Alabama, Arizona, Arkansas, California, Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Maryland, Michigan, Missouri, Montana, Nevada, New York, Pennsylvania, Tennessee, Texas, Utah, Vermont, Virginia and Wisconsin. The stations are affiliates of ABC (20 stations), NBC (20 stations), FOX (28 stations), CBS (17 stations), The CW (10 stations and 2 digital multicast channels), MyNetworkTV (10 stations and 4 digital multicast channels), Telemundo (one station and one digital multicast channel), RTV (one station), Bounce TV (9 digital multicast channels), Me-TV (9 digital multicast channels), Estrella (6 digital multicast channels), LATV (one digital multicast channel), This TV (one digital multicast channel), Weather Nation Utah (one digital multicast channel), Movies! (one digital multicast channel) and News/Weather (one digital multicast channel). Through various local service agreements, Nexstar provided sales, programming and other services to 31 stations and 6 digital multicast channels owned and/or operated by independent third parties. Nexstar operates in one reportable television broadcasting segment. The economic characteristics, services, production process, customer type and distribution methods for Nexstar’s operations are substantially similar and are therefore aggregated as a single reportable segment.

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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
ASSETS
Accounts receivable, allowance for doubtful accounts	$ 4,544	$ 3,002
Stockholders' equity:
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	200,000	200,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Consolidated VIEs [Member]
ASSETS
Total assets	296,144	224,541
LIABILITIES AND STOCKHOLDERS' EQUITY
Total liabilities	328,147	312,196
Consolidated VIEs [Member] | Nature of Restriction and Lack of Recourse [Member]
ASSETS
Total assets	122,855	49,131
LIABILITIES AND STOCKHOLDERS' EQUITY
Total liabilities	$ 38,502	$ 17,870
Class A Common Stock [Member]
Stockholders' equity:
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	31,291,608	31,172,060
Common stock, shares outstanding	31,291,608	31,172,060
Class B Common Stock [Member]
Stockholders' equity:
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0
Class C Common Stock [Member]
Stockholders' equity:
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	5,000,000	5,000,000
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation

The Condensed Consolidated Financial Statements include the accounts of Nexstar and the accounts of independently-owned VIEsfor which Nexstar is the primary beneficiary. Nexstar and the consolidated VIEs are collectively referred to as the “Company.” Noncontrolling interests represent the VIE owners’ share of the equity in the consolidated VIEs and are presented as a component separate from Nexstar Broadcasting Group, Inc. stockholders’ equity. All intercompany account balances and transactions have been eliminated in consolidation. Nexstar management evaluates each arrangement that may include variable interests and determines the need to consolidate an entity where it determines Nexstar is the primary beneficiary of a VIE in accordance with related authoritative literature and interpretive guidance. Effective January 1, 2015, Nexstar entered into local service agreements to provide programming and sales services to stations acquired from Communications Corporation of America (“CCA”) and sold to Marshall Broadcasting Group, Inc. (“Marshall”) and stations owned by White Knight Broadcasting (“White Knight”), which were considered as VIEs as of that date.

Certain assets of consolidated VIEs are not available to settle the obligations of Nexstar and there are certain liabilities of consolidated VIEs for which the creditors of the VIEs do not have recourse to the general credit of Nexstar. In previous filings, the Company presented such amounts as separate amounts on its Consolidated Balance Sheets.  The Company has elected to present these amounts in this and future filings in a combined footnote on the Consolidated Balance Sheets, with footnote disclosure of the related carrying amounts and classification, as follows (in thousands):

	March 31,		December 31,
	2015		2014
Current assets	$	3,196	$	12	(1)
Property and equipment, net		4,503		-
Goodwill		18,451		697	(1)
FCC licenses		74,312		46,727
Other intangible assets, net		21,419		1,695	(1)
Other noncurrent assets, net		974		-
Total assets		122,855		49,131
Current liabilities		11,370		7,852
Noncurrent liabilities		27,132		10,018
Total liabilities	$	38,502	$	17,870

(1) These balances relate to Parker Broadcasting of Colorado, LLC and were previously not presented separately on the Consolidated Balance Sheet. This correction is not considered material to the Consolidated Financial Statements as of December 31, 2014.

Interim Financial Statements

Interim Financial Statements

The Condensed Consolidated Financial Statements as of March 31, 2015 and for the three months ended March 31, 2015 and 2014 are unaudited. However, in the opinion of management, such financial statements include all adjustments (consisting solely of normal recurring adjustments) necessary for the fair statement of the financial information included herein in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Results of operations for interim periods are not necessarily indicative of results for the full year. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related Notes included in Nexstar’s Annual Report on Form 10-K for the year ended December 31, 2014. The balance sheet as of December 31, 2014 has been derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.

Variable Interest Entities

Variable Interest Entities

The Company may determine that an entity is a VIE as a result of local service agreements entered into with the owner-operator of an entity. The term local service agreements generally refers to a contract between two separately owned television stations serving the same market, whereby the owner-operator of one station contracts with the owner-operator of the other station to provide it with administrative, sales and other services required for the operation of its station. Nevertheless, the owner-operator of each station retains control and responsibility for the operation of its station, including ultimate responsibility over all programming broadcast on its station. A local service agreement can be (1) a time brokerage agreement (“TBA”) which allows Nexstar to program most of a station’s broadcast time, sell the station’s advertising time and retain the advertising revenue generated in exchange for monthly payments, based on the station’s monthly operating expenses, (2) a shared services agreement (“SSA”) which allows the Nexstar station in the market to provide services including news production, technical maintenance and security, in exchange for Nexstar’s right to receive certain payments as described in the SSA, or (3) a joint sales agreement (“JSA”) which permits Nexstar to sell certain of the station’s advertising time and retain a percentage of the related revenue, as described in the JSA.

Consolidated VIEs

Mission Broadcasting, Inc. (“Mission”), Marshall and Parker Broadcasting of Colorado, LLC (“Parker”) are consolidated by Nexstar because Nexstar is deemed under U.S. GAAP to have controlling financial interests in these entities for financial reporting purposes as a result of (1) local service agreements Nexstar has with these stations, (2) Nexstar’s guarantees of the obligations incurred under Mission’s and Marshall’s senior secured credit facilities (see Note 6), (3) Nexstar having power over significant activities affecting these entities’ economic performance, including budgeting for advertising revenue, certain advertising sales and, for Mission and Parker, hiring and firing of sales force personnel and (4) purchase options granted by Mission which permit Nexstar to acquire the assets and assume the liabilities of each Mission station, subject to Federal Communications Commission (“FCC”) consent.

Effective January 1, 2015, upon Nexstar’s acquisition of CCA, Nexstar assumed the contractual obligations under CCA’s local service agreements with White Knight, the owner of six television stations in the Baton Rouge, Louisiana, Shreveport, Louisiana and Tyler-Longview, Texas markets. Nexstar evaluated the business arrangements with White Knight and has determined that it has a variable interest in this entity. Nexstar has also determined that it is the primary beneficiary of the variable interest because it has the ultimate power to direct the activities that most significantly impact the economic performance of White Knight, including management advice and consultation in broadcast matters, the ability to sell certain advertising on the White Knight stations, the production of the White Knight stations’ news and other programming, and oversight and control of sales management personnel. Additionally, Nexstar assumed CCA’s options to acquire the assets and assume the liabilities of each White Knight station, subject to FCC consent. Simultaneous with Nexstar’s acquisition of CCA, Nexstar sold the assets of CCA stations KPEJ and KMSS to Marshall and, as discussed above, Nexstar is the primary beneficiary of Marshall. Therefore, Nexstar consolidated White Knight, KPEJ and KMSS as of January 1, 2015. See Note 3 for additional information with respect to these transactions.

The following table summarizes the various local service agreements Nexstar had in effect as of March 31, 2015 with Mission, Marshall, Parker and White Knight:

Service Agreements	Owner	Mission Stations
TBA Only	Mission	WFXP and KHMT
	Parker	KFQX
SSA & JSA	Mission	KJTL, KJBO-LP, KLRT, KASN, KOLR, KCIT, KCPN-LP, KAMC, KRBC, KSAN, WUTR, WAWV, WYOU, KODE, WTVO, KTVE, WTVW and WVNY
	Marshall	KLJB, KPEJ and KMSS
	White Knight	WVLA, KZUP, KFXK, KFXL, KLPN, KSHV

Nexstar’s ability to receive cash from Mission, Marshall, Parker and White Knight is governed by the local service agreements. Under these agreements, Nexstar has received substantially all of the consolidated VIEs’ available cash, after satisfaction of operating costs and debt obligations. Nexstar anticipates it will continue to receive substantially all of the consolidated VIEs’ available cash, after satisfaction of operating costs and debt obligations. In compliance with FCC regulations for all the parties, Mission, Marshall, Parker and White Knight maintain complete responsibility for and control over programming, finances, personnel and operations of their stations.

The carrying amounts and classification of the assets and liabilities of the VIEs mentioned above which have been included in the Condensed Consolidated Balance Sheets were as follows (in thousands):

	March 31,		December 31,
	2015		2014
Current assets:
Cash and cash equivalents	$	5,662	$	1,440
Accounts receivable, net		13,645		7,594
Deferred tax assets, net		9,474		9,389
Prepaid expenses and other current assets		3,709		2,657
Total current assets		32,490		21,080
Property and equipment, net		32,332		26,235
Goodwill		70,081		35,308
FCC licenses		74,312		46,727
Other intangible assets, net		62,368		30,333
Other noncurrent assets, net		24,561		64,858
Total assets	$	296,144	$	224,541
Current liabilities:
Current portion of debt	$	5,561	$	5,137
Interest payable		28		28
Other current liabilities		11,372		7,852
Total current liabilities		16,961		13,017
Debt		284,053		289,161
Other noncurrent liabilities		27,133		10,018
Total liabilities	$	328,147	$	312,196

Non-Consolidated VIEs

Nexstar has an outsourcing agreement with Cunningham Broadcasting Corporation (“Cunningham”), which continues through December 31, 2017. Under the outsourcing agreement, Nexstar provides certain engineering, production, sales and administrative services for WYZZ, the FOX affiliate in the Peoria, Illinois market, through WMBD, the Nexstar television station in that market. During the term of the outsourcing agreement, Nexstar retains the broadcasting revenue and related expenses of WYZZ and is obligated to pay a monthly fee based on the combined operating cash flow of WMBD and WYZZ, as defined in the agreement.

Nexstar has determined that it has a variable interest in WYZZ. Nexstar has evaluated its arrangements with Cunningham and has determined that it is not the primary beneficiary of the variable interest in WYZZ because it does not have the ultimate power to direct the activities that most significantly impact the economic performance of the station, including developing the annual operating budget, programming and oversight and control of sales management personnel. Therefore, Nexstar has not consolidated this station under authoritative guidance related to the consolidation of VIEs. Under the outsourcing agreement for WYZZ, Nexstar pays for certain operating expenses, and therefore may have unlimited exposure to any potential operating losses. Nexstar’s management believes that Nexstar’s minimum exposure to loss under the WYZZ outsourcing agreement consists of the fees paid to Cunningham. Additionally, Nexstar indemnifies the owner of WYZZ from and against all liability and claims arising out of or resulting from its activities, acts or omissions in connection with the agreement. The maximum potential amount of future payments Nexstar could be required to make for such indemnification is undeterminable at this time.

As of March 31, 2015 and December 31, 2014, Nexstar had balances in accounts payable of $0.1 million and $0.5 million, respectively, for fees under this arrangement and had receivables for advertising aired on these stations of $0.5 million and $0.7 million, respectively. Fees incurred under this arrangement of $0.1 million and $0.3 million were included in direct operating expenses in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2015 and 2014, respectively.

Financial Instruments

Financial Instruments

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value due to their short-term nature. See Note 6 for fair value disclosures related to the Company’s debt.

Income Per Share

Income Per Share

Basic income per share is computed by dividing the net income attributable to Nexstar by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed using the weighted-average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares are calculated using the treasury stock method. They consist of stock options and restricted stock units outstanding during the period and reflect the potential dilution that could occur if common stock were issued upon exercise of stock options and vesting of restricted stock units. The following table shows the amounts used in computing the Company’s diluted shares (in thousands):

	Three Months Ended
	March 31,
	2015		2014
Weighted average shares outstanding - basic		31,196		30,603
Dilutive effect of equity incentive plan instruments		1,060		1,306
Weighted average shares outstanding - diluted		32,256		31,909

Stock options and restricted stock units to acquire Class A common stock excluded from the computation of diluted earnings per share were comprised of a weighted average of 1,043,000 shares and 621,000 shares for the three months ended March 31, 2015 and 2014, respectively, because their impact would have been antidilutive.

Basis of Presentation

Basis of Presentation

Certain prior year financial statement amounts have been reclassified to conform to the current year presentation. These reclassifications had no effect on net income or stockholders’ equity as previously reported.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which updates the accounting guidance on revenue recognition. This standard is intended to provide a more robust framework for addressing revenue issues, improve comparability of revenue recognition practices and improve disclosure requirements. The standard is effective for interim and annual reporting periods beginning after December 15, 2016, with a proposed one year delay. Transition to the new guidance may be done using either a full or modified retrospective method. The Company is currently evaluating the impact of the provisions of the accounting standard update.

In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation Analysis, to improve certain areas of consolidation guidance for reporting organizations (i.e., public, private and not-for-profit) that are required to evaluate whether to consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures (e.g., collateralized debt/loan obligations). All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments (1) eliminate the presumption that a general partner should consolidate a limited partnership, (2) eliminate the indefinite deferral of FASB Statement No. 167, thereby reducing the number of VIE consolidation models from four to two (including the limited partnership consolidation model), (3) clarify when fees paid to a decision maker should be a factor to include in the consolidation of VIEs, (4) amend the guidance for assessing how related party relationships affect VIE consolidation analysis and (5) exclude certain money market funds from the consolidation guidance. The amendments in this accounting standard are effective for public business entities for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. The Company does not expect the implementation of this standard to have a material impact on its financial position or results of operations.

In April 2015, the FASB issued ASU No. 2015-03, Interest, Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The amendments in this accounting standard are effective for interim and annual periods ending after December 15, 2015, with early application permitted. The Company does not expect this guidance to have a significant impact on its financial statements, other than a change in the financial statement classification of debt issuance costs. As of March 31, 2015 and December 31, 2014, $19.1 million and $17.0 million, respectively, of net debt financing costs were included in other noncurrent assets in the Condensed Consolidated Balance Sheets. Under the new guidance, the carrying amount of debt financing costs would reduce the Company’s total debt.

XML

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	May 04, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	NXST
Entity Registrant Name	NEXSTAR BROADCASTING GROUP INC
Entity Central Index Key	0001142417
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		31,291,608

XML

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2015

Consolidated VIEs

The carrying amounts and classification of the assets and liabilities of the VIEs mentioned above which have been included in the Condensed Consolidated Balance Sheets were as follows (in thousands):

	March 31,		December 31,
	2015		2014
Current assets:
Cash and cash equivalents	$	5,662	$	1,440
Accounts receivable, net		13,645		7,594
Deferred tax assets, net		9,474		9,389
Prepaid expenses and other current assets		3,709		2,657
Total current assets		32,490		21,080
Property and equipment, net		32,332		26,235
Goodwill		70,081		35,308
FCC licenses		74,312		46,727
Other intangible assets, net		62,368		30,333
Other noncurrent assets, net		24,561		64,858
Total assets	$	296,144	$	224,541
Current liabilities:
Current portion of debt	$	5,561	$	5,137
Interest payable		28		28
Other current liabilities		11,372		7,852
Total current liabilities		16,961		13,017
Debt		284,053		289,161
Other noncurrent liabilities		27,133		10,018
Total liabilities	$	328,147	$	312,196

Weighted Average Shares Outstanding

Basic income per share is computed by dividing the net income attributable to Nexstar by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed using the weighted-average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares are calculated using the treasury stock method. They consist of stock options and restricted stock units outstanding during the period and reflect the potential dilution that could occur if common stock were issued upon exercise of stock options and vesting of restricted stock units. The following table shows the amounts used in computing the Company’s diluted shares (in thousands):

	Three Months Ended
	March 31,
	2015		2014
Weighted average shares outstanding - basic		31,196		30,603
Dilutive effect of equity incentive plan instruments		1,060		1,306
Weighted average shares outstanding - diluted		32,256		31,909

Nature of Restriction and Lack of Recourse [Member]

Consolidated VIEs

Certain assets of consolidated VIEs are not available to settle the obligations of Nexstar and there are certain liabilities of consolidated VIEs for which the creditors of the VIEs do not have recourse to the general credit of Nexstar. In previous filings, the Company presented such amounts as separate amounts on its Consolidated Balance Sheets.  The Company has elected to present these amounts in this and future filings in a combined footnote on the Consolidated Balance Sheets, with footnote disclosure of the related carrying amounts and classification, as follows (in thousands):

	March 31,		December 31,
	2015		2014
Current assets	$	3,196	$	12	(1)
Property and equipment, net		4,503		-
Goodwill		18,451		697	(1)
FCC licenses		74,312		46,727
Other intangible assets, net		21,419		1,695	(1)
Other noncurrent assets, net		974		-
Total assets		122,855		49,131
Current liabilities		11,370		7,852
Noncurrent liabilities		27,132		10,018
Total liabilities	$	38,502	$	17,870

(1) These balances relate to Parker Broadcasting of Colorado, LLC and were previously not presented separately on the Consolidated Balance Sheet. This correction is not considered material to the Consolidated Financial Statements as of December 31, 2014.

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenues [Abstract]
Net revenue	$ 203,391	$ 133,833
Operating expenses:
Direct operating expenses, excluding depreciation and amortization	69,685	41,849
Selling, general, and administrative expenses, excluding depreciation and amortization	57,289	41,040
Amortization of broadcast rights	14,581	8,632
Amortization of intangible assets	13,060	6,193
Depreciation	10,872	8,419
Total operating expenses	165,487	106,133
Income from operations	37,904	27,700
Interest expense, net	(19,293)	(15,170)
Other expenses	(118)	(128)
Income before income taxes	18,493	12,402
Income tax expense	(6,581)	(5,049)
Net income	11,912	7,353
Net loss attributable to noncontrolling interests	995
Net income attributable to Nexstar Broadcasting Group, Inc.	$ 12,907	$ 7,353
Net income per common share attributable to Nexstar Broadcasting Group, Inc.:
Basic	$ 0.41	$ 0.24
Diluted	$ 0.40	$ 0.23
Weighted average number of common shares outstanding:
Basic	31,196	30,603
Diluted	32,256	31,909
Dividends declared per common share	$ 0.19	$ 0.15

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Debt

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Debt

6.  Debt

Long-term debt consisted of the following (in thousands):

	March 31,			December 31,
	2015			2014
Term loans, net of discount of $1,639 and $1,725, respectively	$	701,450		$	705,054
Revolving loans		42,000			5,500
6.875% Senior unsecured notes due 2020, including premium of $569 and $590, respectively		525,569			525,590
6.125% Senior unsecured notes due 2022		275,000			-
		1,544,019			1,236,144
Less: current portion		(17,189	)		(15,840	)
	$	1,526,830		$	1,220,304

2015 Transactions

On January 29, 2015, Nexstar completed the issuance and sale of $275.0 million 6.125% Notes at par. The proceeds from these notes were used to partially finance acquisitions and to pay for related fees and expenses (See Note 3). Interest on the 6.125% Notes is payable semiannually in arrears on February 15 and August 15 of each year commencing on August 15, 2015. The notes are senior unsecured obligations of Nexstar and are guaranteed by Mission and certain of Nexstar’s and Mission’s future 100% owned subsidiaries, subject to certain customary release provisions. The notes will mature on February 15, 2022.

The 6.125% Notes are senior obligations of Nexstar and Mission but junior to the secured debt, including Nexstar’s, Mission’s and Marshall’s senior secured credit facilities to the extent of the value of the assets securing such debt. The 6.125% Notes rank equal to the 6.875% senior unsecured notes (“6.875% Notes”).

On January 30, 2015, Mission repaid the outstanding principal balance under its revolving credit facility of $5.5 million.

In January and February 2015, Nexstar borrowed a total of $134.9 million under its revolving credit facility, less repayments of $94.9 million during the period. The net proceeds from these borrowings were used to partially finance the acquisitions discussed in Note 3. In April 2015, Nexstar repaid the outstanding principal balance under its revolving credit facility of $30.0 million funded by cash on hand.

In January and March 2015, Marshall borrowed a total of $2.0 million under its revolving credit facility.

In March 2015, Nexstar, Mission and Marshall paid the contractual maturities under their senior secured credit facilities of $2.5 million, $0.5 million and $0.7 million, respectively.

Unused Commitments and Borrowing Availability

The Company had $63.0 million of total unused revolving loan commitments under its amended senior secured credit facilities, all of which was available for borrowing, based on the covenant calculations as of March 31, 2015. The Company’s ability to access funds under its senior secured credit facilities depends, in part, on its compliance with certain financial covenants. In April 2015, Nexstar repaid the outstanding principal balance under its revolving credit facility of $30.0 million. As of March 31, 2015, Nexstar was in compliance with all of its covenants.

Collateralization and Guarantees of Debt

The Company’s senior secured credit facilities are collateralized by a security interest in substantially all the combined assets, excluding FCC licenses and the other assets of consolidated VIEs unavailable to creditors of Nexstar (See Note 2). Nexstar guarantees full payment of all obligations incurred under the Mission and Marshall senior secured credit facilities in the event of their default. Similarly, Mission and Marshall are guarantors of the Nexstar senior secured credit facility. Mission is also a guarantor of Nexstar’s 6.875% Notes and 6.125% Notes. Marshall is not a guarantor of either the 6.875% Notes or the 6.125% Notes. White Knight and Parker do not guarantee Nexstar’s debt.

Fair Value of Debt

The aggregate carrying amounts and estimated fair values of the Company’s debt were as follows (in thousands):

	March 31, 2015				December 31, 2014
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Term loans(1)	$	701,450	$	697,180	$	705,054	$	697,420
Revolving loans(1)		42,000		41,131		5,500		5,386
6.875% Senior unsecured notes(2)		525,569		557,813		525,590		547,313
6.125% Senior unsecured notes(2)		275,000		283,938		-		-

⁽¹⁾ The fair value of senior secured credit facilities is computed based on borrowing rates currently available to the Company for bank loans with similar terms and average maturities. These fair value measurements are considered Level 3, as significant inputs to the fair value calculation are unobservable in the market.

⁽²⁾ The fair value of the Company’s fixed rate debt is estimated based on bid prices obtained from an investment banking firm that regularly makes a market for these financial instruments. These fair value measurements are considered Level 2, as quoted market prices are available for low volume trading of these securities.

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Accrued Expenses

3 Months Ended

Mar. 31, 2015

Payables And Accruals [Abstract]

Accrued Expenses

5.  Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	March 31,		December 31,
	2015		2014
Compensation and related taxes	$	9,299	$	9,918
Sales commissions		4,056		3,108
Employee benefits		2,425		2,410
Property taxes		1,442		886
Other		20,874		20,485
	$	38,096	$	36,807

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Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2015

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Schedule of Condensed Consolidating Balance Sheet

CONDENSED CONSOLIDATING BALANCE SHEET

As of March 31, 2015

(in thousands)

				Nexstar					Non-					Consolidated
	Nexstar			Broadcasting		Mission			Guarantors		Eliminations			Company
ASSETS
Current assets:
Cash and cash equivalents	$	-		$	38,922	$	3,137		$	2,525	$	-		$	44,584
Amounts due from consolidated entities		-			-		28,177			-		(28,177	)		-
Other current assets		-			210,226		19,415			7,413		-			237,054
Total current assets		-			249,148		50,729			9,938		(28,177	)		281,638
Investments in subsidiaries		118,702			38,931		-			133,944		(291,577	)		-
Amounts due from consolidated entities		1,564			13,674		-			-		(15,238	)		-
Property and equipment, net		-			245,505		23,596			8,736		-			277,837
Goodwill		-			371,048		32,489			37,592		-			441,129
FCC licenses		-			415,387		41,563			32,748		-			489,698
Other intangible assets, net		-			285,292		20,700			41,668		-			347,660
Other noncurrent assets		-			40,627		20,210			4,352		-			65,189
Total assets	$	120,266		$	1,659,612	$	189,287		$	268,978	$	(334,992	)	$	1,903,151
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Current portion of debt	$	-		$	11,628	$	1,961		$	3,600	$	-		$	17,189
Amounts due to consolidated entities		-			22,100		-			6,077		(28,177	)		-
Other current liabilities		-			107,824		6,431			4,969		-			119,224
Total current liabilities		-			141,552		8,392			14,646		(28,177	)		136,413
Debt		-			1,242,777		227,288			56,765		-			1,526,830
Amounts due to consolidated entities		-			-		-			15,238		(15,238	)		-
Other noncurrent liabilities		(3	)		141,339		7,764			19,371		-			168,471
Total liabilities		(3	)		1,525,668		243,444			106,020		(43,415	)		1,831,714
Stockholders' equity (deficit)		120,269			133,944		(54,157	)		162,958		(291,577	)		71,437
Total liabilities and stockholders'    equity (deficit)	$	120,266		$	1,659,612	$	189,287		$	268,978	$	(334,992	)	$	1,903,151

CONDENSED CONSOLIDATING BALANCE SHEET

As of December 31, 2014

(in thousands)

				Nexstar					Non-					Consolidated
	Nexstar			Broadcasting		Mission			Guarantors		Eliminations			Company
ASSETS
Current assets:
Cash and cash equivalents	$	-		$	130,472	$	880		$	560	$	-		$	131,912
Amounts due from consolidated entities		-			-		29,867			-		(29,867	)		-
Other current assets		-			166,112		17,972			1,668		-			185,752
Total current assets		-			296,584		48,719			2,228		(29,867	)		317,664
Investments in subsidiaries		109,834			-		-			125,076		(234,910	)		-
Amounts due from consolidated entities		1,476			13,764		-			-		(15,240	)		-
Property and equipment, net		-			211,504		24,166			2,069		-			237,739
Goodwill		-			221,183		32,489			2,819		-			256,491
FCC licenses		-			275,313		41,563			5,164		-			322,040
Other intangible assets, net		-			163,796		21,310			9,023		-			194,129
Other noncurrent assets		-			65,451		23,818			44,893		-			134,162
Total assets	$	111,310		$	1,247,595	$	192,065		$	191,272	$	(280,017	)	$	1,462,225
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Current portion of debt	$	-		$	10,703	$	1,837		$	3,300	$	-		$	15,840
Amounts due to consolidated entities		-			29,026		-			841		(29,867	)		-
Other current liabilities		-			73,546		6,713			1,167		-			81,426
Total current liabilities		-			113,275		8,550			5,308		(29,867	)		97,266
Debt		-			931,143		233,357			55,804		-			1,220,304
Amounts due to consolidated entities		-			-		-			15,240		(15,240	)		-
Other noncurrent liabilities		(3	)		78,101		8,667			1,353		-			88,118
Total liabilities		(3	)		1,122,519		250,574			77,705		(45,107	)		1,405,688
Stockholders' equity (deficit):		111,313			125,076		(58,509	)		113,567		(234,910	)		56,537
Total liabilities and stockholders'    equity (deficit)	$	111,310		$	1,247,595	$	192,065		$	191,272	$	(280,017	)	$	1,462,225

Schedule of Condensed Consolidating Statement of Operations

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

Three Months Ended March 31, 2015

(in thousands)

			Nexstar						Non-						Consolidated
	Nexstar		Broadcasting			Mission			Guarantors			Eliminations			Company
Net broadcast revenue (including trade and barter)	$	-	$	183,046		$	12,110		$	8,235		$	-		$	203,391
Revenue between consolidated entities		-		6,469			8,554			1,926			(16,949	)		-
Net revenue		-		189,515			20,664			10,161			(16,949	)		203,391
Operating expenses:
Direct operating expenses, excluding depreciation   and amortization		-		61,527			5,188			2,970			-			69,685
Selling, general, and administrative expenses,   excluding depreciation and amortization		-		55,121			862			1,306			-			57,289
Local service agreement fees between consolidated   entities		-		10,480			2,445			4,024			(16,949	)		-
Amortization of broadcast rights		-		11,662			1,468			1,451			-			14,581
Amortization of intangible assets		-		10,691			610			1,759			-			13,060
Depreciation		-		9,999			602			271			-			10,872
Total operating expenses		-		159,480			11,175			11,781			(16,949	)		165,487
Income from operations		-		30,035			9,489			(1,620	)		-			37,904
Interest expense, net		-		(16,580	)		(2,316	)		(397	)		-			(19,293	)
Other expenses		-		(118	)		-			-			-			(118	)
Equity in income of subsidiaries		8,868		-			-			8,868			(17,736	)		-
Income before income taxes		8,868		13,337			7,173			6,851			(17,736	)		18,493
Income tax expense		-		(4,469	)		(2,821	)		709			-			(6,581	)
Net income		8,868		8,868			4,352			7,560			(17,736	)		11,912
Net loss attributable to the noncontrolling interests		-		-			-			995			-			995
Net income attributable to Nexstar	$	8,868	$	8,868		$	4,352		$	8,555		$	(17,736	)	$	12,907

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

Three Months Ended March 31, 2014

(in thousands)

			Nexstar						Non-					Consolidated
	Nexstar		Broadcasting			Mission			Guarantors		Eliminations			Company
Net broadcast revenue (including trade and barter)	$	-	$	124,953		$	8,880		$	-	$	-		$	133,833
Revenue between consolidated entities		-		2,445			9,648			-		(12,093	)		-
Net revenue		-		127,398			18,528			-		(12,093	)		133,833
Operating expenses:
Direct operating expenses, excluding depreciation   and amortization		-		37,483			4,366			-		-			41,849
Selling, general, and administrative expenses,   excluding depreciation and amortization		-		40,217			823			-		-			41,040
Local service agreement fees between consolidated   entities		-		9,648			2,445			-		(12,093	)		-
Amortization of broadcast rights		-		7,142			1,490			-		-			8,632
Amortization of intangible assets		-		5,420			773			-		-			6,193
Depreciation		-		7,686			733			-		-			8,419
Total operating expenses		-		107,596			10,630			-		(12,093	)		106,133
Income from operations		-		19,802			7,898			-		-			27,700
Interest expense, net		-		(12,677	)		(2,493	)		-		-			(15,170	)
Other expenses		-		(128	)		-			-		-			(128	)
Equity in income of subsidiaries		4,049		-			-			4,049		(8,098	)		-
Income before income taxes		4,049		6,997			5,405			4,049		(8,098	)		12,402
Income tax expense		-		(2,948	)		(2,101	)		-		-			(5,049	)
Net income	$	4,049	$	4,049		$	3,304		$	4,049	$	(8,098	)	$	7,353

Schedule of Condensed Consolidating Cash Flow Statement

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Three Months Ended March 31, 2015

(in thousands)

				Nexstar						Non-						Consolidated
	Nexstar			Broadcasting			Mission			Guarantors			Eliminations			Company
Cash flows from operating activities	$	-		$	40,900		$	8,106		$	620		$	-		$	49,626
Cash flows from investing activities:
Purchases of property and equipment		-			(6,545	)		(32	)		-			176			(6,401	)
Deposits and payments for acquisitions		-			(503,200	)		-			(79	)		43,300			(459,979	)
Proceeds from sale of stations		-			70,105			-			-			(43,300	)		26,805
Other investing activities		-			727			150			176			(176	)		877
Net cash (used in) provided by   investing activities		-			(438,913	)		118			97			-			(438,698	)
Cash flows from financing activities:
Proceeds from long-term debt		-			409,950			-			2,000			-			411,950
Repayments of long-term debt		-			(97,431	)		(5,959	)		(750	)		-			(104,140	)
Common stock dividends paid		(5,921	)		-			-			-			-			(5,921	)
Inter-company payments		4,456			(4,456	)		-			-			-			-
Other financing activities		1,465			(1,600	)		(8	)		(2	)		-			(145	)
Net cash provided by (used in)   financing activities		-			306,463			(5,967	)		1,248			-			301,744
Net (decrease) increase in cash and cash   equivalents		-			(91,550	)		2,257			1,965			-			(87,328	)
Cash and cash equivalents at beginning   of period		-			130,472			880			560			-			131,912
Cash and cash equivalents at end of   period	$	-		$	38,922		$	3,137		$	2,525		$	-		$	44,584

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Three Months Ended March 31, 2014

(in thousands)

				Nexstar						Non-				Consolidated
	Nexstar			Broadcasting			Mission			Guarantors		Eliminations		Company
Cash flows from operating activities	$	-		$	46,269		$	(1,538	)	$	-	$	-	$	44,731
Cash flows from investing activities:
Purchases of property and equipment		-			(3,899	)		(84	)		-		-		(3,983	)
Deposits and payments for acquisitions		-			(22,057	)		-			-		-		(22,057	)
Other investing activities		-			14			-			-		-		14
Net cash used in investing activities		-			(25,942	)		(84	)		-		-		(26,026	)
Cash flows from financing activities:
Repayments of long-term debt		-			(2,155	)		(1,455	)		-		-		(3,610	)
Common stock dividends paid		(4,588	)		-			-			-		-		(4,588	)
Inter-company payments		4,481			(4,481	)		-			-		-		-
Other financing activities		107			10			(72	)		-		-		45
Net cash used in financing activities		-			(6,626	)		(1,527	)		-		-		(8,153	)
Net increase (decrease) in cash and   cash equivalents		-			13,701			(3,149	)		-		-		10,552
Cash and cash equivalents at beginning   of period		-			36,312			3,716			-		-		40,028
Cash and cash equivalents at end   of period	$	-		$	50,013		$	567		$	-	$	-	$	50,580

XML

Acquisitions and Dispositions (Tables)

3 Months Ended

Mar. 31, 2015

Business Acquisition [Line Items]

Unaudited Pro forma Information

The following unaudited pro forma information has been presented for the periods indicated as if the 2014 acquisitions of Internet Broadcasting Systems, Inc. (“IBS”) and Grant Company, Inc. (“Grant”) had occurred on January 1, 2013 and the 2015 acquisition of CCA and the related consolidation of VIEs had occurred on January 1, 2014 (in thousands):

	Three Months Ended
	March 31,
	2015		2014
Net revenue	$	203,391	$	176,890
Income before income taxes		22,283		17,114
Net income		14,259		9,709
Net income attributable to Nexstar		14,661		9,465
Net income per common share attributable to Nexstar - basic		0.47		0.31
Net income per common share attributable to Nexstar - diluted		0.45		0.30

Cca And White Knight

Business Acquisition [Line Items]

Schedule of Assets Acquired and Liabilities Assumed

The estimated fair values of the assets acquired and liabilities assumed in the CCA acquisition (net of the effects of the sale of WEVV to BCB), including the consolidation of the assets and liabilities of White Knight, KPEJ and KMSS, are as follows (in thousands):

Cash	$	1,847
Accounts receivable		19,624
Broadcast rights		10,233
Deferred tax assets		247
Prepaid expenses and other current assets		118
Property and equipment		25,647
FCC licenses		71,465
Network affiliation agreements		86,219
Other intangible assets		7,818
Goodwill		119,780
Other assets		59
Total assets acquired		343,057
Less:  Broadcast rights payable		(10,467	)
Less:  Accounts payable and accrued expenses		(4,685	)
Less: Taxes payable		(18,613	)
Less: Deferred tax liabilities		(55,454	)
Less:  Other noncurrent liabilities		(221	)
Less:  Noncontrolling interest in a consolidated VIE		(2,900	)
Net assets acquired	$	250,717

KASW [Member]

Business Acquisition [Line Items]

Schedule of Assets Acquired and Liabilities Assumed

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

Accounts receivable	$	3,544
Broadcast rights		8,771
Prepaid expenses and other current assets		24
Property and equipment		987
FCC licenses		35,566
Other intangible assets		713
Goodwill		32,254
Total assets acquired		81,859
Less:  Broadcast rights payable		(10,291	)
Less:  Accounts payable and accrued expenses		(790	)
Net assets acquired	$	70,778

Yashi [Member]

Business Acquisition [Line Items]

Schedule of Assets Acquired and Liabilities Assumed

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

Cash	$	1,472
Accounts receivable		8,449
Property and equipment		114
Software and other intangible assets		22,321
Goodwill		16,904
Other assets		15
Total assets acquired		49,275
Less:  Accounts payable and accrued expenses		(7,681	)
Less: Deferred tax liabilities		(8,588	)
Net assets acquired	$	33,006

KLAS [ Member]

Business Acquisition [Line Items]

Schedule of Assets Acquired and Liabilities Assumed

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

Cash	$	18
Accounts receivable		6,474
Broadcast rights		58
Prepaid expenses and other current assets		438
Property and equipment		19,154
FCC licenses		60,627
Network affiliation agreements		49,485
Other intangible assets		35
Goodwill		15,700
Total assets of a consolidated VIE		151,989
Less:  Broadcast rights payable		(58	)
Less:  Accounts payable and accrued expenses		(838	)
Less:  Other current liabilities		(117	)
Net assets acquired	$	150,976

XML

Condensed Consolidating Financial Information

3 Months Ended

Mar. 31, 2015

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Financial Information

9.  Condensed Consolidating Financial Information

The following condensed consolidating financial information presents the financial position, results of operations and cash flows of the Company, including its 100%, directly or indirectly, owned subsidiaries and its consolidated VIEs. This information is presented in lieu of separate financial statements and other related disclosures pursuant to Regulation S-X Rule 3-10 of the Securities Exchange Act of 1934, as amended, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.”

The Nexstar column presents the parent company’s financial information (not including any subsidiaries). Nexstar owns 100% of Nexstar Finance Holdings, Inc. (“Nexstar Holdings”), which owns 100% of Nexstar Broadcasting, Inc. (“Nexstar Broadcasting”). The Nexstar Holdings column presents its financial information (not including any subsidiaries). The Nexstar Broadcasting column presents its financial information. The Mission column presents the financial information of Mission, an entity which Nexstar Broadcasting is required to consolidate as a VIE (see Note 2). The Non-Guarantors column presents the combined financial information of Nexstar Holdings (not including any subsidiaries) and other VIEs consolidated by Nexstar Broadcasting (See Note 2).

Nexstar Broadcasting’s outstanding 6.875% Notes and 6.125% Notes are fully and unconditionally guaranteed, jointly and severally, by Nexstar and Mission, subject to certain customary release provisions. These notes are not guaranteed by any other entities.

CONDENSED CONSOLIDATING BALANCE SHEET

As of March 31, 2015

(in thousands)

				Nexstar					Non-					Consolidated
	Nexstar			Broadcasting		Mission			Guarantors		Eliminations			Company
ASSETS
Current assets:
Cash and cash equivalents	$	-		$	38,922	$	3,137		$	2,525	$	-		$	44,584
Amounts due from consolidated entities		-			-		28,177			-		(28,177	)		-
Other current assets		-			210,226		19,415			7,413		-			237,054
Total current assets		-			249,148		50,729			9,938		(28,177	)		281,638
Investments in subsidiaries		118,702			38,931		-			133,944		(291,577	)		-
Amounts due from consolidated entities		1,564			13,674		-			-		(15,238	)		-
Property and equipment, net		-			245,505		23,596			8,736		-			277,837
Goodwill		-			371,048		32,489			37,592		-			441,129
FCC licenses		-			415,387		41,563			32,748		-			489,698
Other intangible assets, net		-			285,292		20,700			41,668		-			347,660
Other noncurrent assets		-			40,627		20,210			4,352		-			65,189
Total assets	$	120,266		$	1,659,612	$	189,287		$	268,978	$	(334,992	)	$	1,903,151
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Current portion of debt	$	-		$	11,628	$	1,961		$	3,600	$	-		$	17,189
Amounts due to consolidated entities		-			22,100		-			6,077		(28,177	)		-
Other current liabilities		-			107,824		6,431			4,969		-			119,224
Total current liabilities		-			141,552		8,392			14,646		(28,177	)		136,413
Debt		-			1,242,777		227,288			56,765		-			1,526,830
Amounts due to consolidated entities		-			-		-			15,238		(15,238	)		-
Other noncurrent liabilities		(3	)		141,339		7,764			19,371		-			168,471
Total liabilities		(3	)		1,525,668		243,444			106,020		(43,415	)		1,831,714
Stockholders' equity (deficit)		120,269			133,944		(54,157	)		162,958		(291,577	)		71,437
Total liabilities and stockholders'    equity (deficit)	$	120,266		$	1,659,612	$	189,287		$	268,978	$	(334,992	)	$	1,903,151

CONDENSED CONSOLIDATING BALANCE SHEET

As of December 31, 2014

(in thousands)

				Nexstar					Non-					Consolidated
	Nexstar			Broadcasting		Mission			Guarantors		Eliminations			Company
ASSETS
Current assets:
Cash and cash equivalents	$	-		$	130,472	$	880		$	560	$	-		$	131,912
Amounts due from consolidated entities		-			-		29,867			-		(29,867	)		-
Other current assets		-			166,112		17,972			1,668		-			185,752
Total current assets		-			296,584		48,719			2,228		(29,867	)		317,664
Investments in subsidiaries		109,834			-		-			125,076		(234,910	)		-
Amounts due from consolidated entities		1,476			13,764		-			-		(15,240	)		-
Property and equipment, net		-			211,504		24,166			2,069		-			237,739
Goodwill		-			221,183		32,489			2,819		-			256,491
FCC licenses		-			275,313		41,563			5,164		-			322,040
Other intangible assets, net		-			163,796		21,310			9,023		-			194,129
Other noncurrent assets		-			65,451		23,818			44,893		-			134,162
Total assets	$	111,310		$	1,247,595	$	192,065		$	191,272	$	(280,017	)	$	1,462,225
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Current portion of debt	$	-		$	10,703	$	1,837		$	3,300	$	-		$	15,840
Amounts due to consolidated entities		-			29,026		-			841		(29,867	)		-
Other current liabilities		-			73,546		6,713			1,167		-			81,426
Total current liabilities		-			113,275		8,550			5,308		(29,867	)		97,266
Debt		-			931,143		233,357			55,804		-			1,220,304
Amounts due to consolidated entities		-			-		-			15,240		(15,240	)		-
Other noncurrent liabilities		(3	)		78,101		8,667			1,353		-			88,118
Total liabilities		(3	)		1,122,519		250,574			77,705		(45,107	)		1,405,688
Stockholders' equity (deficit):		111,313			125,076		(58,509	)		113,567		(234,910	)		56,537
Total liabilities and stockholders'    equity (deficit)	$	111,310		$	1,247,595	$	192,065		$	191,272	$	(280,017	)	$	1,462,225

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

Three Months Ended March 31, 2015

(in thousands)

			Nexstar						Non-						Consolidated
	Nexstar		Broadcasting			Mission			Guarantors			Eliminations			Company
Net broadcast revenue (including trade and barter)	$	-	$	183,046		$	12,110		$	8,235		$	-		$	203,391
Revenue between consolidated entities		-		6,469			8,554			1,926			(16,949	)		-
Net revenue		-		189,515			20,664			10,161			(16,949	)		203,391
Operating expenses:
Direct operating expenses, excluding depreciation   and amortization		-		61,527			5,188			2,970			-			69,685
Selling, general, and administrative expenses,   excluding depreciation and amortization		-		55,121			862			1,306			-			57,289
Local service agreement fees between consolidated   entities		-		10,480			2,445			4,024			(16,949	)		-
Amortization of broadcast rights		-		11,662			1,468			1,451			-			14,581
Amortization of intangible assets		-		10,691			610			1,759			-			13,060
Depreciation		-		9,999			602			271			-			10,872
Total operating expenses		-		159,480			11,175			11,781			(16,949	)		165,487
Income from operations		-		30,035			9,489			(1,620	)		-			37,904
Interest expense, net		-		(16,580	)		(2,316	)		(397	)		-			(19,293	)
Other expenses		-		(118	)		-			-			-			(118	)
Equity in income of subsidiaries		8,868		-			-			8,868			(17,736	)		-
Income before income taxes		8,868		13,337			7,173			6,851			(17,736	)		18,493
Income tax expense		-		(4,469	)		(2,821	)		709			-			(6,581	)
Net income		8,868		8,868			4,352			7,560			(17,736	)		11,912
Net loss attributable to the noncontrolling interests		-		-			-			995			-			995
Net income attributable to Nexstar	$	8,868	$	8,868		$	4,352		$	8,555		$	(17,736	)	$	12,907

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

Three Months Ended March 31, 2014

(in thousands)

			Nexstar						Non-					Consolidated
	Nexstar		Broadcasting			Mission			Guarantors		Eliminations			Company
Net broadcast revenue (including trade and barter)	$	-	$	124,953		$	8,880		$	-	$	-		$	133,833
Revenue between consolidated entities		-		2,445			9,648			-		(12,093	)		-
Net revenue		-		127,398			18,528			-		(12,093	)		133,833
Operating expenses:
Direct operating expenses, excluding depreciation   and amortization		-		37,483			4,366			-		-			41,849
Selling, general, and administrative expenses,   excluding depreciation and amortization		-		40,217			823			-		-			41,040
Local service agreement fees between consolidated   entities		-		9,648			2,445			-		(12,093	)		-
Amortization of broadcast rights		-		7,142			1,490			-		-			8,632
Amortization of intangible assets		-		5,420			773			-		-			6,193
Depreciation		-		7,686			733			-		-			8,419
Total operating expenses		-		107,596			10,630			-		(12,093	)		106,133
Income from operations		-		19,802			7,898			-		-			27,700
Interest expense, net		-		(12,677	)		(2,493	)		-		-			(15,170	)
Other expenses		-		(128	)		-			-		-			(128	)
Equity in income of subsidiaries		4,049		-			-			4,049		(8,098	)		-
Income before income taxes		4,049		6,997			5,405			4,049		(8,098	)		12,402
Income tax expense		-		(2,948	)		(2,101	)		-		-			(5,049	)
Net income	$	4,049	$	4,049		$	3,304		$	4,049	$	(8,098	)	$	7,353

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Three Months Ended March 31, 2015

(in thousands)

				Nexstar						Non-						Consolidated
	Nexstar			Broadcasting			Mission			Guarantors			Eliminations			Company
Cash flows from operating activities	$	-		$	40,900		$	8,106		$	620		$	-		$	49,626
Cash flows from investing activities:
Purchases of property and equipment		-			(6,545	)		(32	)		-			176			(6,401	)
Deposits and payments for acquisitions		-			(503,200	)		-			(79	)		43,300			(459,979	)
Proceeds from sale of stations		-			70,105			-			-			(43,300	)		26,805
Other investing activities		-			727			150			176			(176	)		877
Net cash (used in) provided by   investing activities		-			(438,913	)		118			97			-			(438,698	)
Cash flows from financing activities:
Proceeds from long-term debt		-			409,950			-			2,000			-			411,950
Repayments of long-term debt		-			(97,431	)		(5,959	)		(750	)		-			(104,140	)
Common stock dividends paid		(5,921	)		-			-			-			-			(5,921	)
Inter-company payments		4,456			(4,456	)		-			-			-			-
Other financing activities		1,465			(1,600	)		(8	)		(2	)		-			(145	)
Net cash provided by (used in)   financing activities		-			306,463			(5,967	)		1,248			-			301,744
Net (decrease) increase in cash and cash   equivalents		-			(91,550	)		2,257			1,965			-			(87,328	)
Cash and cash equivalents at beginning   of period		-			130,472			880			560			-			131,912
Cash and cash equivalents at end of   period	$	-		$	38,922		$	3,137		$	2,525		$	-		$	44,584

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Three Months Ended March 31, 2014

(in thousands)

				Nexstar						Non-				Consolidated
	Nexstar			Broadcasting			Mission			Guarantors		Eliminations		Company
Cash flows from operating activities	$	-		$	46,269		$	(1,538	)	$	-	$	-	$	44,731
Cash flows from investing activities:
Purchases of property and equipment		-			(3,899	)		(84	)		-		-		(3,983	)
Deposits and payments for acquisitions		-			(22,057	)		-			-		-		(22,057	)
Other investing activities		-			14			-			-		-		14
Net cash used in investing activities		-			(25,942	)		(84	)		-		-		(26,026	)
Cash flows from financing activities:
Repayments of long-term debt		-			(2,155	)		(1,455	)		-		-		(3,610	)
Common stock dividends paid		(4,588	)		-			-			-		-		(4,588	)
Inter-company payments		4,481			(4,481	)		-			-		-		-
Other financing activities		107			10			(72	)		-		-		45
Net cash used in financing activities		-			(6,626	)		(1,527	)		-		-		(8,153	)
Net increase (decrease) in cash and   cash equivalents		-			13,701			(3,149	)		-		-		10,552
Cash and cash equivalents at beginning   of period		-			36,312			3,716			-		-		40,028
Cash and cash equivalents at end   of period	$	-		$	50,013		$	567		$	-	$	-	$	50,580

XML

FCC Regulatory Matters

3 Months Ended

Mar. 31, 2015

Risks And Uncertainties [Abstract]

FCC Regulatory Matters

7.  FCC Regulatory Matters

Television broadcasting is subject to the jurisdiction of the FCC under the Communications Act of 1934, as amended (the “Communications Act”). The Communications Act prohibits the operation of television broadcasting stations except under a license issued by the FCC, and empowers the FCC, among other things, to issue, revoke and modify broadcasting licenses, determine the location of television stations, regulate the equipment used by television stations, adopt regulations to carry out the provisions of the Communications Act and impose penalties for the violation of such regulations. The FCC’s ongoing rule making proceedings could have a significant future impact on the television industry and on the operation of the Company’s stations and the stations to which it provides services. In addition, the U.S. Congress may act to amend the Communications Act or adopt other legislation in a manner that could impact the Company’s stations, the stations to which it provides services and the television broadcast industry in general.

The FCC has adopted rules with respect to the final conversion of existing low power and television translator stations to digital operations. The FCC has established a September 1, 2015 deadline by which low power and television translator stations must cease analog operations, but it recently has suspended that deadline pending action in an ongoing rulemaking proceeding.

Media Ownership

The FCC is required to review its media ownership rules every four years and to eliminate those rules it finds no longer serve the “public interest, convenience and necessity.”

In March 2014, the FCC initiated its 2014 quadrennial review with the adoption of a Further Notice of Proposed Rulemaking (“FNPRM”). The FNPRM incorporates the record of the uncompleted 2010 quadrennial review proceeding and solicits comment on proposed changes to the media ownership rules. Among the proposals in the FNPRM are (1) retention of the current local television ownership rule (but with modifications to certain service contour definitions to conform to digital television broadcasting), (2) elimination of the radio/television cross-ownership rule, (3) elimination of the newspaper/radio cross-ownership rule, and (4) retention of the newspaper/television cross-ownership rule, while considering waivers of that rule in certain circumstances. The FNPRM also proposes to define a category of sharing agreements designated as SSAs between television stations, and to require television stations to disclose those SSAs. Comments and reply comments on the FNPRM were filed in the third quarter of 2014.

Concurrently with its adoption of the FNPRM, the FCC also adopted a rule making television JSAs attributable to the seller of advertising time in certain circumstances. Under this rule, where a party owns a full-power television station in a market and sells more than 15% of the weekly advertising time for another, non-owned station in the same market under a JSA, that party will be deemed to have an attributable interest in the latter station for purposes of the local television ownership rule. Parties to newly attributable JSAs that do not comply with the local television ownership rule were given two years to modify or terminate their JSAs to come into compliance. Congressional legislation signed into law in late 2014 extended this compliance period for an additional six months, and the compliance deadline is now December 19, 2016. Although the FCC has indicated that it will consider waivers of the new JSA attribution rule, the FCC thus far has not granted any such waiver and has provided little guidance on what factors must be present for a waiver to be granted. Various parties, including Nexstar (and Mission, which has intervened), have appealed this new rule to the U.S. Court of Appeals for the D.C. Circuit. If Nexstar is required to amend or terminate its existing agreements with Mission and others, the Company could have a reduction in revenue and could incur increased costs if it is unable to successfully implement alternative arrangements that are as beneficial as the existing JSAs.

Spectrum

The FCC has initiated various proceedings to assess the availability of spectrum to meet future wireless broadband needs. The FCC’s March 2010 “National Broadband Plan” recommends the reallocation of 120 megahertz of the spectrum currently used for broadcast television for wireless broadband use. The FCC has thus far adopted rules permitting television stations to share a single 6 megahertz channel and requested comment on proposals that include, among other things, whether to add new frequency allocations in the television bands for licensed fixed and mobile wireless uses and whether to implement technical rule modifications to improve the viability of certain channels that are underutilized by digital television stations. In February 2012, the U.S. Congress adopted legislation authorizing the FCC to conduct an incentive auction whereby television broadcasters could voluntarily relinquish their spectrum in exchange for consideration. In June 2014, the FCC released a Report and Order in which it adopted a framework for the auction.  This Report and Order is the subject of a pending court appeal.  In December 2014, the FCC released a public notice proposing certain procedures that the FCC will follow in the incentive auction and the subsequent “repacking” of broadcast television spectrum.  Comments on this public notice were filed in the first quarter of 2015. The FCC is deciding additional issues related to the incentive auction, including still-outstanding technical issues, in other proceedings. The FCC has stated its intention to conduct the incentive auction in 2016. The reallocation of television spectrum for wireless broadband use will require some television stations to change channel or otherwise modify their technical facilities. Future steps to reallocate television spectrum to broadband use may be to the detriment of the Company’s investment in digital facilities, could require substantial additional investment to continue current operations, and may require viewers to invest in additional equipment or subscription services to continue receiving broadcast television signals. The Company cannot predict the timing or results of television spectrum reallocation efforts or their impact to its business.

Retransmission Consent

On March 3, 2011, the FCC initiated a Notice of Proposed Rulemaking to reexamine its rules (i) governing the requirements for good faith negotiations between multichannel video program distributors (“MVPDs”) and broadcasters, including implementing a prohibition on one station negotiating retransmission consent terms for another station under a local service agreement; (ii) for providing advance notice to consumers in the event of dispute; and (iii) to extend certain cable-only obligations to all MVPDs. The FCC also asked for comment on eliminating the network non-duplication and syndicated exclusivity protection rules, which may permit MVPDs to import out-of-market television stations during a retransmission consent dispute.

In March 2014, the FCC adopted a rule that prohibits joint retransmission consent negotiation between television stations in the same market which are not commonly owned and which are ranked among the top four stations in the market in terms of audience share. This new rule requires Nexstar, Mission and other independent third parties with which Nexstar has local service agreements to separately negotiate retransmission consent agreements for certain of their stations. This new rule is now effective and is the subject of a pending court appeal. On December 5, 2014, federal legislation extended the joint negotiation prohibition to all non-commonly owned television stations in a market. This legislation also directed the FCC to commence a rulemaking to “review its totality of the circumstances test for good faith [retransmission consent] negotiations.”  The FCC has not yet commenced this proceeding, and we cannot predict its outcome.

Concurrently with its adoption of the prohibition on certain joint retransmission consent negotiation, the FCC also adopted a further notice of proposed rulemaking which seeks comment on the elimination or modification of the network non-duplication and syndicated exclusivity rules. The FCC’s prohibition on certain joint retransmission consent negotiations and its possible elimination or modification of the network non-duplication and syndicated exclusivity protection rules may affect the Company’s ability to sustain its current level of retransmission consent revenues or grow such revenues in the future and could have an adverse effect on the Company’s business, financial condition and results of operations. The Company cannot predict the resolution of the FCC’s network non-duplication and syndicated exclusivity proposals, or the impact of these proposals or the FCC’s new prohibition on certain joint negotiations, on its business.

Further, certain online video distributors and other over-the-top video distributors (“OTTDs”) have begun streaming broadcast programming over the Internet. In June 2014, the U.S. Supreme Court held that an OTTD’s retransmissions of broadcast television programs without the consent of the broadcast station violate the copyright holders’ exclusive right to perform their works publicly as provided under the Copyright Act. In December 2014, the FCC issued a Notice of Proposed Rulemaking proposing to interpret the term “MVPD” to encompass OTTDs that make available for purchase multiple streams of video programming distributed at a prescheduled time, and seeking comment on the effects of applying MVPD rules to such OTTDs. Comments and reply comments were filed in the first and second quarters of 2015 and we cannot predict the outcome of the proceeding. However, if the FCC ultimately determines that an OTTD is not an MVPD, or declines to apply certain rules governing MVPDs to OTTDs, our business and results of operations could be materially and adversely affected.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2015

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

8.  Commitments and Contingencies

Guarantees of Mission and Marshall Debt

Nexstar guarantees full payment of all obligations incurred under Mission’s and Marshall’s senior secured credit facilities. In the event that Mission and/or Marshall are unable to repay amounts due, Nexstar will be obligated to repay such amounts. The maximum potential amount of future payments that Nexstar would be required to make under this guarantee would be generally limited to the amount of borrowings outstanding. As of March 31, 2015, Mission had a maximum commitment of $237.2 million under its senior secured credit facility, of which $229.2 million of debt was outstanding, and Marshall had used all of its commitment and had outstanding obligations of $60.4 million.

Indemnification Obligations

In connection with certain agreements into which the Company enters in the normal course of its business, including local service agreements, business acquisitions and borrowing arrangements, the Company enters into contractual arrangements under which the Company agrees to indemnify the other party to such arrangement from losses, claims and damages incurred by the indemnified party for certain events as defined within the particular contract. Such indemnification obligations may not be subject to maximum loss clauses and the maximum potential amount of future payments the Company could be required to make under these indemnification arrangements may be unlimited. Historically, payments made related to these indemnifications have been immaterial and the Company has not incurred significant costs to defend lawsuits or settle claims related to these indemnification agreements.

Litigation

From time to time, the Company is involved with claims that arise out of the normal course of its business. In the opinion of management, any resulting liability with respect to these claims would not have a material adverse effect on the Company’s financial position, results of operations or cash flows.

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Subsequent Events

3 Months Ended

Mar. 31, 2015

Subsequent Events [Abstract]

Subsequent Events

10. Subsequent Events

On April 13, 2015, Nexstar repaid the outstanding principal balance of $30.0 million under its revolving credit facility, funded by cash on hand.

On April 24, 2015, Nexstar’s Board of Directors declared a quarterly dividend of $0.19 per share of its Class A common stock. The dividend is payable on May 29, 2015 to stockholders of record on May 15, 2015.

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Acquisitions and Dispositions - KCWI - Additional Information (Details) (KCWI [Member], USD $) In Millions, unless otherwise specified	0 Months Ended
	Oct. 24, 2014
KCWI [Member]
Business Acquisition [Line Items]
Purchase price of entities to be acquired	$ 3.5
Deposit paid upon signing an agreement to acquire a business	$ 0.2

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Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2015

Payables And Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	March 31,		December 31,
	2015		2014
Compensation and related taxes	$	9,299	$	9,918
Sales commissions		4,056		3,108
Employee benefits		2,425		2,410
Property taxes		1,442		886
Other		20,874		20,485
	$	38,096	$	36,807

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Summary of Significant Accounting Policies - Additional Information (Details) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended	12 Months Ended	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Debt Financing Costs [Abstract]
Debt financing costs	$ 19.1	$ 17.0
Stock Options [Member]
Earnings Per Share Basic And Diluted Other Disclosures [Abstract]
Options with potentially dilutive effect (in shares)	1,043,000		621,000
White Knight [Member]
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Number of stations owned	6
Nonconsolidated VIEs [Member]
Variable Interest Entity Nonconsolidated Carrying Amount Assets and Liabilities [Abstract]
Accounts payable for fees	0.1	0.5
Receivable for advertisements	0.5	0.7
Payments made under outsourcing agreement	$ 0.1		0.3

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Debt - Additional Information (Details) (USD $)	3 Months Ended	0 Months Ended		2 Months Ended	0 Months Ended	1 Months Ended
	Mar. 31, 2015	Jan. 29, 2015	Jan. 30, 2015	Feb. 28, 2015	Apr. 13, 2015	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Proceeds from long-term debt	$ 411,950,000
6.125% Senior Unsecured Notes due 2022 [Member]
Debt Instrument [Line Items]
Frequency of periodic payments	semiannually
Proceeds from long-term debt		275,000,000
Interest rate	6.125%	6.125%				6.125%
Maturity date		Feb. 15, 2022
6.875 % Senior Unsecured Notes due 2020 [Member]
Debt Instrument [Line Items]
Interest rate	6.875%					6.875%	6.875%
Revolving loans [Member] | Mission [Member]
Debt Instrument [Line Items]
Repayments of lines of credit			5,500,000
Revolving loans [Member] | Nexstar [Member]
Debt Instrument [Line Items]
Repayments of lines of credit				94,900,000
Proceeds from lines of credit				134,900,000
Available borrowing capacity	63,000,000					63,000,000
Revolving loans [Member] | Nexstar [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Repayments of lines of credit					30,000,000
Revolving loans [Member] | Marshall Broadcasting Group Inc
Debt Instrument [Line Items]
Proceeds from lines of credit	2,000,000
Term Loans [Member] | Mission [Member]
Debt Instrument [Line Items]
Payment of contractual maturities under senior secured credit facilities						500,000
Term Loans [Member] | Nexstar [Member]
Debt Instrument [Line Items]
Payment of contractual maturities under senior secured credit facilities						2,500,000
Term Loans [Member] | Marshall Broadcasting Group Inc
Debt Instrument [Line Items]
Payment of contractual maturities under senior secured credit facilities						$ 700,000

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CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) (USD $) In Thousands, except Share data	Total USD ($)	Additional Paid-In Capital [Member] USD ($)	Accumulated Deficit [Member] USD ($)	Noncontrolling interests in consolidated variable interest entities [Member] USD ($)	Class A Common Stock [Member] USD ($)	Class B Common Stock [Member]	Class C Common Stock [Member]
Balance at Dec. 31, 2014	$ 56,537	$ 398,029	$ (345,804)	$ 4,000	$ 312
Balance, Shares at Dec. 31, 2014					31,172,060	0	0
Stock-based compensation expense	2,858	2,858
Exercise of stock options	1,465	1,464			1
Exercise of stock options, shares					119,548
Excess tax benefit from stock option exercises	1,686	1,686
Common stock dividends declared	(5,921)	(5,921)
Consolidation of a variable interest entity	2,900			2,900
Net income	11,912		12,907	(995)
Balance at Mar. 31, 2015	$ 71,437	$ 398,116	$ (332,897)	$ 5,905	$ 313
Balance, Shares at Mar. 31, 2015					31,291,608	0	0

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Intangible Assets and Goodwill

3 Months Ended

Mar. 31, 2015

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

4.  Intangible Assets and Goodwill

Intangible assets subject to amortization consisted of the following (in thousands):

	Estimated		March 31, 2015							December 31, 2014
	useful life,				Accumulated							Accumulated
	in years		Gross		Amortization			Net		Gross		Amortization			Net
Network affiliation agreements		15	$	614,592	$	(316,903	)	$	297,689	$	478,888	$	(310,097	)	$	168,791
Other definite-lived   intangible assets	1-15			82,939		(32,968	)		49,971		52,052		(26,714	)		25,338
Other intangible assets			$	697,531	$	(349,871	)	$	347,660	$	530,940	$	(336,811	)	$	194,129

The increases in network affiliation agreements and other definite-lived intangible assets relate to Nexstar’s acquisitions and VIE consolidations, as discussed in Notes 2 and 3.

The following table presents the Company’s estimate of amortization expense for the remainder of 2015, each of the five succeeding years ended December 31 and thereafter for definite-lived intangible assets as of March 31, 2015 (in thousands):

Remainder of 2015	$	32,696
2016		39,068
2017		36,418
2018		29,315
2019		26,440
2020		21,793
Thereafter		161,930
	$	347,660

The amounts recorded to goodwill and FCC licenses were as follows (in thousands):

	Goodwill							FCC Licenses
			Accumulated							Accumulated
	Gross		Impairment			Net		Gross		Impairment			Net
Balances as of December 31, 2014	$	302,482	$	(45,991	)	$	256,491	$	371,461	$	(49,421	)	$	322,040
Acquisitions and consolidation   of VIEs (See Notes 2 and 3)		184,638		-			184,638		167,658		-			167,658
Balances as of March 31, 2015	$	487,120	$	(45,991	)	$	441,129	$	539,119	$	(49,421	)	$	489,698

Indefinite-lived intangible assets are not subject to amortization, but are tested for impairment annually or whenever events or changes in circumstances indicate that such assets might be impaired. As of March 31, 2015, the Company did not identify any events that would trigger impairment assessment.

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Summary of Significant Accounting Policies - Weighted Average Shares Outstanding (Details) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share Basic And Diluted Other Disclosures [Abstract]
Weighted average shares outstanding - basic	31,196	30,603
Dilutive effect of equity incentive plan instruments	1,060	1,306
Weighted average shares outstanding - diluted	32,256	31,909

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Accrued Expenses - Accrued Expenses (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Payables And Accruals [Abstract]
Compensation and related taxes	$ 9,299	$ 9,918
Sales commissions	4,056	3,108
Employee benefits	2,425	2,410
Property taxes	1,442	886
Other	20,874	20,485
Accrued expenses	$ 38,096	$ 36,807

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Intangible Assets and Goodwill (Tables)

3 Months Ended

Mar. 31, 2015

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets Subject to Amortization

Intangible assets subject to amortization consisted of the following (in thousands):

	Estimated		March 31, 2015							December 31, 2014
	useful life,				Accumulated							Accumulated
	in years		Gross		Amortization			Net		Gross		Amortization			Net
Network affiliation agreements		15	$	614,592	$	(316,903	)	$	297,689	$	478,888	$	(310,097	)	$	168,791
Other definite-lived   intangible assets	1-15			82,939		(32,968	)		49,971		52,052		(26,714	)		25,338
Other intangible assets			$	697,531	$	(349,871	)	$	347,660	$	530,940	$	(336,811	)	$	194,129

Estimated Amortization Expense of Definite-Lived Intangibles Assets

The following table presents the Company’s estimate of amortization expense for the remainder of 2015, each of the five succeeding years ended December 31 and thereafter for definite-lived intangible assets as of March 31, 2015 (in thousands):

Remainder of 2015	$	32,696
2016		39,068
2017		36,418
2018		29,315
2019		26,440
2020		21,793
Thereafter		161,930
	$	347,660

Goodwill and FCC Licenses

The amounts recorded to goodwill and FCC licenses were as follows (in thousands):

	Goodwill							FCC Licenses
			Accumulated							Accumulated
	Gross		Impairment			Net		Gross		Impairment			Net
Balances as of December 31, 2014	$	302,482	$	(45,991	)	$	256,491	$	371,461	$	(49,421	)	$	322,040
Acquisitions and consolidation   of VIEs (See Notes 2 and 3)		184,638		-			184,638		167,658		-			167,658
Balances as of March 31, 2015	$	487,120	$	(45,991	)	$	441,129	$	539,119	$	(49,421	)	$	489,698