10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

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

For the quarterly period ended September 30, 2016

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  ☒    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  ☒    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	☒	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   ☒

As of November 7, 2016, the registrant had 30,704,854 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 September 30, 2016 and December 31, 2015	1
	Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2016 and 2015	2
	Condensed Consolidated Statement of Changes in Stockholders’ Equity for the nine months ended September 30, 2016	3
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2016 and 2015	4
	Notes to Condensed Consolidated Financial Statements	5
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	41
ITEM 4.	Controls and Procedures	42
PART II	OTHER INFORMATION
ITEM 1.	Legal Proceedings	42
ITEM 1A.	Risk Factors	42
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42
ITEM 3.	Defaults Upon Senior Securities	42
ITEM 4.	Mine Safety Disclosures	42
ITEM 5.	Other Information	42
ITEM 6.	Exhibits	43

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

NEXSTAR BROADCASTING GROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share information, unaudited)

	September 30,			December 31,
	2016			2015
ASSETS
Current assets:
Cash and cash equivalents	$	29,256		$	43,416
Accounts receivable, net of allowance for doubtful accounts of $6,128 and $5,369, respectively		214,404			192,991
Broadcast rights		15,495			16,297
Prepaid expenses and other current assets		27,866			7,324
Total current assets		287,021			260,028
Property and equipment, net		283,600			266,583
Goodwill		488,432			451,662
FCC licenses		542,524			489,335
Other intangible assets, net		336,406			314,361
Restricted cash		900,402			-
Other noncurrent assets, net		82,311			53,165
Total assets(1)	$	2,920,696		$	1,835,134
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of debt	$	28,093		$	22,139
Current portion of broadcast rights payable		16,750			17,510
Accounts payable		25,388			25,936
Accrued expenses		70,364			60,559
Interest payable		24,751			10,939
Other current liabilities		15,804			8,978
Total current liabilities		181,150			146,061
Debt		2,320,077			1,454,075
Deferred tax liabilities		111,079			101,764
Other noncurrent liabilities		40,789			46,861
Total liabilities(1)		2,653,095			1,748,761
Commitments and contingencies
Stockholders' equity:
Preferred stock - $0.01 par value, 200,000 shares authorized; none issued and outstanding at each   of September 30, 2016 and December 31, 2015		-			-
Class A Common stock - $0.01 par value, 100,000,000 shares authorized; 31,621,369 shares issued   at each of September 30, 2016 and December 31, 2015 and 30,704,854 and 30,627,804 shares   outstanding as of September 30, 2016 and December 31, 2015, respectively		316			316
Class B Common stock - $0.01 par value, 20,000,000 shares authorized; none issued and outstanding   at each of September 30, 2016 and December 31, 2015		-			-
Class C Common stock - $0.01 par value, 5,000,000 shares authorized; none issued and   outstanding at each of September 30, 2016 and December 31, 2015		-			-
Additional paid-in capital		392,836			396,224
Accumulated deficit		(197,065	)		(268,120	)
Treasury stock - at cost; 916,515 and 993,565 shares at September 30, 2016 and December 31, 2015,   respectively		(43,619	)		(47,746	)
Total Nexstar Broadcasting Group, Inc. stockholders' equity		152,468			80,674
Noncontrolling interests in consolidated variable interest entities		115,133			5,699
Total stockholders' equity		267,601			86,373
Total liabilities and stockholders' equity	$	2,920,696		$	1,835,134

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

(1) The consolidated total assets as of September 30, 2016 and December 31, 2015 include certain assets held by consolidated VIEs of $227.1 million and $119.9 million, respectively, which are not available to be used to settle the obligations of Nexstar. The consolidated total liabilities as of September 30, 2016 and December 31, 2015 include certain liabilities of consolidated VIEs of $38.0 million and $40.7 million, respectively, 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						Nine Months Ended
	September 30,						September 30,
	2016			2015			2016			2015
Net revenue	$	275,659		$	223,031		$	793,311		$	644,115
Operating expenses:
Direct operating expenses, excluding depreciation and amortization		100,744			78,551			283,802			219,618
Selling, general, and administrative expenses, excluding depreciation and amortization		63,602			56,426			197,539			170,272
Amortization of broadcast rights		14,034			15,312			44,060			44,566
Amortization of intangible assets		11,505			11,351			34,903			35,648
Depreciation		12,877			13,076			38,174			35,250
Total operating expenses		202,762			174,716			598,478			505,354
Income from operations		72,897			48,315			194,833			138,761
Interest expense, net		(29,622	)		(20,396	)		(70,853	)		(60,080	)
Other expenses		(126	)		(115	)		(409	)		(383	)
Income before income taxes		43,149			27,804			123,571			78,298
Income tax expense		(17,533	)		(10,649	)		(50,882	)		(29,331	)
Net income		25,616			17,155			72,689			48,967
Net (income) loss attributable to noncontrolling interests		(817	)		127			(1,634	)		1,543
Net income attributable to Nexstar Broadcasting Group, Inc.	$	24,799		$	17,282		$	71,055		$	50,510
Net income per common share attributable to Nexstar Broadcasting Group, Inc.:
Basic	$	0.81		$	0.55		$	2.32		$	1.62
Diluted	$	0.78		$	0.54		$	2.25		$	1.57
Weighted average number of common shares outstanding:
Basic		30,695			31,262			30,678			31,261
Diluted		31,698			32,151			31,619			32,263
Dividends declared per common share	$	0.24		$	0.19		$	0.72		$	0.57

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 Nine Months Ended September 30, 2016

(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			Treasury Stock						variable			Stockholders'
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount		Capital			Deficit			Shares			Amount			interestentities			Equity
BalancesasofDecember31,2015		-	$	-		31,621,369	$	316		-	$	-		-	$	-	$	396,224		$	(268,120	)		(993,565	)	$	(47,746	)	$	5,699		$	86,373
Stock-based compensation   expense		-		-		-		-		-		-		-		-		9,002			-			-			-			-			9,002
Vestingofrestrictedstock   units and exercise of   stock options		-		-		-		-		-		-		-		-		(3,740	)		-			77,050			4,127			-			387
Excess tax benefit from   stock option exercises		-		-		-		-		-		-		-		-		13,428			-			-			-			-			13,428
Commonstockdividendsdeclared		-		-		-		-		-		-		-		-		(22,078	)		-			-			-			-			(22,078	)
Consolidation of variable   interest entities		-		-		-		-		-		-		-		-		-			-			-			-			108,543			108,543
Purchase of noncontrolling   interests		-		-		-		-		-		-		-		-		-			-			-			-			(100	)		(100	)
Distribution to a noncontrolling   interest		-		-		-		-		-		-		-		-		-			-			-			-			(643	)		(643	)
Net income		-		-		-		-		-		-		-		-		-			71,055			-			-			1,634			72,689
Balances as of September 30, 2016		-	$	-		31,621,369	$	316		-	$	-		-	$	-	$	392,836		$	(197,065	)		(916,515	)	$	(43,619	)	$	115,133		$	267,601

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)

	Nine Months Ended
	September 30,
	2016			2015
Cash flows from operating activities:
Net income	$	72,689		$	48,967
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for bad debt		2,250			1,764
Amortization of broadcast rights, excluding barter		17,075			16,297
Depreciation of property and equipment		38,174			35,250
Amortization of intangible assets		34,903			35,648
(Gain) loss on asset disposal, net		(518	)		922
Amortization of debt financing costs and debt discounts		3,394			2,756
Stock-based compensation expense		9,002			8,515
Deferred income taxes		30,150			26,513
Payments for broadcast rights		(17,242	)		(16,280	)
Deferred gain recognition		(327	)		(327	)
Amortization of deferred representation fee incentive		(880	)		(836	)
Non-cash representation contract termination fee		-			1,516
Excess tax benefit from stock option exercises		(13,428	)		(7,914	)
Change in the fair value of contingent consideration		3,483			-
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable		(22,845	)		(11,633	)
Prepaid expenses and other current assets		(20,387	)		(2,002	)
Other noncurrent assets		(132	)		361
Accounts payable, accrued expenses and other current liabilities		14,737			10,600
Taxes payable		(48	)		(20,699	)
Interest payable		13,812			11,165
Other noncurrent liabilities		(868	)		72
Net cash provided by operating activities		162,994			140,655
Cash flows from investing activities:
Purchases of property and equipment		(25,642	)		(21,282	)
Deposits and payments for acquisitions, net of cash acquired		(103,970	)		(461,678	)
Proceeds from sale of a station		-			26,805
Proceeds from disposals of property and equipment		585			2,206
Net cash used in investing activities		(129,027	)		(453,949	)
Cash flows from financing activities:
Proceeds from long-term debt		58,000			416,950
Repayments of long-term debt		(73,115	)		(151,518	)
Payments for debt financing costs		(19,282	)		(3,225	)
Purchase of treasury stock		-			(48,660	)
Proceeds from exercise of stock options		387			3,327
Excess tax benefit from stock option exercises		13,428			7,914
Common stock dividends paid		(22,078	)		(17,870	)
Purchase of noncontrolling interests		(100	)		-
Contribution from a noncontrolling interest		-			100
Distribution to a noncontrolling interest		(643	)		-
Payments for capital lease obligations		(2,724	)		(2,280	)
Payments for contingent consideration in connection with an acquisition		(2,000	)		-
Net cash (used in) provided by financing activities		(48,127	)		204,738
Net decrease in cash and cash equivalents		(14,160	)		(108,556	)
Cash and cash equivalents at beginning of period		43,416			131,912
Cash and cash equivalents at end of period	$	29,256		$	23,356
Supplemental information:
Interest paid	$	68,111		$	46,159
Income taxes paid, net of refunds	$	27,405		$	23,437
Non-cash investing and financing activities:
Accrued purchases of property and equipment	$	653		$	1,661
Noncash purchases of property and equipment	$	737		$	3,863
Proceeds from the issuance of debt directly deposited into escrow	$	900,402		$	-
Consolidation of variable interest entities	$	108,543		$	-
Accrued debt financing costs	$	798		$	-

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 September 30, 2016, Nexstar Broadcasting Group, Inc. and its wholly-owned subsidiaries (“Nexstar”) owned, operated, programmed or provided sales and other services to 104 full power television stations, including those owned by variable interest entities (“VIEs”), in 62 markets in the states of Alabama, Arizona, Arkansas, California, Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Maryland, Michigan, Missouri, Montana, Nevada, New York, North Dakota, Pennsylvania, Tennessee, Texas, Utah, Vermont, Virginia, West Virginia and Wisconsin. The stations are affiliates of ABC, NBC, FOX, CBS, The CW, MyNetworkTV and other broadcast television networks. Through various local service agreements, Nexstar provided sales, programming and other services to 30 full power television stations owned and/or operated by independent third parties.

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. On August 2, 2016, Nexstar became the primary beneficiary of its variable interests in the stations currently owned by West Virginia Media Holdings, LLC (“WVMH”) and consolidated these stations as of that date. See Note 2—Variable Interest Entities for additional information.

The following are assets of consolidated VIEs that are not available to settle the obligations of Nexstar and liabilities of consolidated VIEs for which their creditors do not have recourse to the general credit of Nexstar (in thousands):

	September 30,		December 31,
	2016		2015
Current assets	$	4,342	$	2,910
Property and equipment, net		7,075		4,004
Goodwill		46,314		18,182
FCC licenses		114,791		74,312
Other intangible assets, net		54,187		20,112
Other noncurrent assets, net		423		389
Total assets		227,132		119,909
Current liabilities		12,436		14,288
Noncurrent liabilities		25,609		26,427
Total liabilities	$	38,045	$	40,715

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.

5

Interim Financial Statements

The Condensed Consolidated Financial Statements as of September 30, 2016 and for the three and nine months ended September 30, 2016 and 2015 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, 2015. The balance sheet as of December 31, 2015 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

Nexstar 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 agreement 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. As of January 1, 2016, the Company adopted ASU No. 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation Analysis, which did not change the consolidation status of any of the Company’s VIEs.

Consolidated VIEs

Mission Broadcasting, Inc. (“Mission”), Marshall Broadcasting Group, Inc. (“Marshall”), White Knight Broadcasting (“White Knight”) 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 the stations owned by these entities, (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, White Knight and Parker, hiring and firing of sales force personnel and (4) purchase options granted by Mission and White Knight which permit Nexstar to acquire the assets and assume the liabilities of each Mission and White Knight station, subject to Federal Communications Commission (“FCC”) consent.

In connection with Nexstar’s acquisition of four full power television stations from WVMH, Nexstar began providing programming and sales services to these stations through a TBA with WVMH effective December 1, 2015. Pursuant to the terms of the agreement, Nexstar will pay an aggregate base fee of $7.5 million in equal monthly payments from the effective date through the final closing of the acquisition which is expected to occur at the end of 2016. Nexstar has determined that it has variable interests in the WVMH stations. However, if the acquisition is not consummated for reasons beyond the control of Nexstar and WVMH, the TBA will terminate no later than June 30, 2017. Thus, Nexstar previously determined that it was not the primary beneficiary of its variable interests on these stations. On August 2, 2016, Nexstar received approval from the FCC to acquire the stations’ remaining assets. Due to this development, the acquisition becomes probable of occurring and Nexstar now holds the ultimate power to direct the activities that most significantly impact the stations’ economic performance including developing the annual operating budget, advertising sales and oversight and control of sales force personnel. Therefore, Nexstar became the primary beneficiary of its variable interests and consolidated these stations as of August 2, 2016. See Note 3 for additional information.

6

The following table summarizes the various local service agreements Nexstar had in effect as of September 30, 2016 with Mission, Marshall, Parker, White Knight and WVMH:

Service Agreements	Owner	Full Power Stations
TBA Only	Mission	WFXP and KHMT
	Parker	KFQX
	WVMH	WOWK, WTRF, WVNS and WBOY
SSA & JSA	Mission	KJTL, KLRT, KASN, KOLR, KCIT, KAMC, KRBC, KSAN, WUTR, WAWV, WYOU, KODE, WTVO, KTVE, WTVW and WVNY
	Marshall	KLJB, KPEJ and KMSS
	White Knight	WVLA, KFXK, KSHV

Nexstar’s ability to receive cash from Mission, Marshall, Parker, White Knight and the WVMH stations 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, White Knight and WVMH maintain complete responsibility for and control over programming, finances, personnel and operation of their stations.

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

	September 30,		December 31,
	2016		2015
Current assets:
Cash and cash equivalents	$	7,030	$	6,137
Accounts receivable, net		20,108		16,400
Prepaid expenses and other current assets		3,822		3,460
Total current assets		30,960		25,997
Property and equipment, net		30,919		29,681
Goodwill		97,955		69,825
FCC licenses		114,791		74,312
Other intangible assets, net		89,114		58,053
Other noncurrent assets, net		16,097		22,572
Total assets	$	379,836	$	280,440
Current liabilities:
Current portion of debt	$	8,334	$	6,985
Interest payable		27		28
Other current liabilities		12,436		14,288
Total current liabilities		20,797		21,301
Debt		270,406		276,131
Other noncurrent liabilities		25,609		26,427
Total liabilities	$	316,812	$	323,859

7

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 this station because it does not have the ultimate power to direct the activities that most significantly impact the station’s economic performance, which we define as 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 local service 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 agreement consists of the fees paid to Cunningham. Additionally, Nexstar indemnifies the owners 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 discussed above, Nexstar previously determined that it was not the primary beneficiary of its variable interests in the stations currently owned by WVMH. On August 2, 2016, Nexstar became the primary beneficiary of its variable interests and consolidated these stations as of that date.

As of September 30, 2016 and December 31, 2015, Nexstar had balances in accounts payable of $0.2 million and $0.8 million, respectively, for fees under these arrangements and had receivables for advertising aired on these stations of $0.6 million and $1.0 million, respectively. Fees incurred under these arrangements of $0.2 million and $0.1 million for the three months ended September 30, 2016 and 2015, respectively, and $4.0 million and $0.5 million during each of the nine months then ended, were included in direct operating expenses in the Condensed Consolidated Statements of Operations.

Financial Instruments

The carrying amounts of cash and cash equivalents, accounts receivable, broadcast rights, accounts payable, broadcast rights payable and accrued expenses approximate fair value due to their short-term nature.

On July 27, 2016, Nexstar Escrow Corporation (“Nexstar Escrow”), a wholly-owned subsidiary of Nexstar, completed the sale and issuance of $900.0 million of 5.625% Senior Unsecured Notes due 2024 at par (the “5.625% Notes”). The gross proceeds from these notes, plus Nexstar’s pre-funding of $14.1 million interest, have been deposited into a segregated escrow account and invested into money market funds and government obligations which are valued using quoted prices in active markets for identical assets (Level 1). These funds are restricted until certain conditions are satisfied, including the consummation of Nexstar’s proposed merger with Media General, Inc. (“Media General”) (See Notes 3 and 6). As of September 30, 2016, the pre-funded interest is included in prepaid expenses and other current assets and the gross proceeds from the notes plus the investment income earned are presented as non-current restricted cash in the accompanying Condensed Consolidated Balance Sheet.

See Note 6 for fair value disclosures related to the Company’s debt.

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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				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Weighted average shares outstanding - basic		30,695		31,262		30,678		31,261
Dilutive effect of equity incentive plan instruments		1,003		889		941		1,002
Weighted average shares outstanding - diluted		31,698		32,151		31,619		32,263

Stock options and restricted stock units to acquire a weighted average of 224,000 shares and 879,000 shares for the three months ended September 30, 2016 and 2015, respectively, and 468,000 shares and 932,000 shares during each of the respective nine months then ended of Class A common stock were excluded from the computation of diluted earnings per share, because their impact would have been anti-dilutive.

Income Taxes

The Company expects to be able to utilize the excess tax benefits related to stock option exercises that occurred in 2013 during the 2016 tax year.  This resulted in a recognition of $13.2 million of deferred tax assets through accumulated paid in capital during the nine months ended September 30, 2016.

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) (ASU 2014-09), 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, 2017. 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 April 2015, the FASB issued ASU 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement (ASU 2015-05). ASU 2015-05 provides guidance to customers about whether a cloud computing arrangement includes software. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance does not change the accounting for a customer’s service contracts. The Company has applied the change in accounting prospectively as of January 1, 2016. The change in accounting principle did not have a significant impact on the Company’s results of operations, cash flows or stockholders’ equity.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (ASU 2016-02). The new guidance requires the recording of assets and liabilities arising from leases on the balance sheet accompanied by enhanced qualitative and quantitative disclosures in the notes to the financial statements.  The new guidance is expected to provide transparency of information and comparability among organizations. ASU 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact of the provisions of the accounting standard update.

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In March 2016, the FASB issued ASU No. 2016-07, Investments – Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting (ASU 2016-07). The purpose of the amendment eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments in ASU 2016-07 are effective for interim and annual reporting periods beginning after December 15, 2016. The Company does not expect the implementation of this standard to have a material impact on its financial position or results of operations.

In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). The standard is intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification on the statement of cash flows and forfeitures. ASU 2016-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is permitted. The Company is currently evaluating the impact of the provisions of the accounting standard update.

In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (ASU 2016-08). The purpose of ASU 2016-08 is to clarify the implementation of guidance on principal versus agent considerations. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (ASU 2016-10), which clarifies the implementation guidance in identifying performance obligations in a contract and determining whether an entity’s promise to grant a license provides a customer with either a right to use the entity’s intellectual property (which is satisfied at a point in time) or a right to access the entity’s intellectual property (which is satisfied over time). In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients (ASU 2016-12). The standard amends guidance in the new revenue standard on collectibility, noncash consideration, presentation of sales tax, and transition and are intended to address implementation issues that were raised by stakeholders and provide additional practical expedients. The effective date and transition requirements for ASU 2016-08, ASU 2016-10 and ASU 2016-12 are the same as those for ASU 2014-09 discussed above. The Company is currently evaluating the impact of these updates on its financial statements.

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) (ASU 2016-15). The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities that are required to present a statement of cash flows under FASB Accounting Standards Codification 230, Statement of Cash Flows. The amendments in ASU 2016-15 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted, including adoption during an interim period. The Company does not expect the implementation of this standard to have a material impact on its statements of cash flows.

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3.  Acquisitions and Dispositions

WVMH

On November 16, 2015, Nexstar entered into a definitive agreement to acquire the assets of four CBS and NBC full power television stations from WVMH for $130.0 million in cash, subject to adjustments for working capital. The stations affiliated with CBS are WOWK in the Charleston-Huntington, West Virginia market, WTRF in the Wheeling, West Virginia-Steubenville, Ohio market and WVNS in the Bluefield-Beckley-Oak Hill, West Virginia market. WBOY in the Clarksburg-Weston, West Virginia market is affiliated with NBC. The acquisition will allow Nexstar entrance into these markets. Nexstar began providing programming and sales services to these stations pursuant to a TBA effective December 1, 2015 which will terminate upon completion of the acquisition.

On January 4, 2016, Nexstar completed the first closing of the transaction and acquired the stations’ assets excluding certain transmission equipment, the FCC licenses and network affiliation agreements for $65.0 million, including a deposit paid upon signing the purchase agreement of $6.5 million, all funded through a combination of cash on hand and borrowings under Nexstar’s revolving credit facility (See Note 6).

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

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

Other intangible assets are amortized over an estimated weighted average useful life of three years.

The arrangement with WVMH allows Nexstar to return the assets acquired in the first closing if the second closing cannot be completed for reasons beyond the control of Nexstar and WVMH. Since not all assets needed to operate the stations were acquired in January 2016, the first closing does not represent an acquisition of a business. Thus, the excess of total payments in the first closing over the provisional fair values of the assets acquired and liabilities assumed was considered a deposit.

As discussed in Note 2, Nexstar became the primary beneficiary of its variable interests in WVMH’s stations upon receiving FCC approval on August 2, 2016 to acquire the stations’ remaining assets. Therefore, Nexstar has consolidated these assets under authoritative guidance related to the consolidation of VIEs as of this date. Subject to final determination, which is expected to occur within twelve months of the acquisition date, the provisional fair values of the remaining assets consolidated are as follows (in thousands):

Broadcast rights	$	527
Property and equipment		3,489
FCC licenses		41,230
Network affiliation agreements		35,387
Goodwill		28,437
Consolidated assets of VIEs		109,070
Less: Broadcast rights payable		(527	)
Consolidated net asset of VIEs	$	108,543

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.

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The consolidation of the remaining assets of the WVMH stations resulted in non-controlling interests of $108.5 million, representing the estimated fair value attributable to the owners.

The remaining purchase price of $65.0 million is expected to be funded through cash generated from operations prior to the second closing and borrowings under Nexstar’s senior secured credit facility which is expected to occur at the end of 2016. Transaction costs relating to this acquisition, including legal and professional fees of $0.1 million, were expensed as incurred during the nine months ended September 30, 2016.

The stations’ net revenue of $9.0 million and operating income of $1.5 million from August 2, 2016 to September 30, 2016 have been included in the accompanying Condensed Consolidated Statements of Operations.

Reiten

On February 1, 2016, Nexstar completed the acquisition of the assets of four full power television stations from Reiten Television, Inc. (“Reiten”) for $44.0 million in cash, funded by a combination of cash on hand and borrowings under Nexstar’s revolving credit facility (See Note 6). The purchase price includes a $2.2 million deposit paid by Nexstar upon signing the purchase agreement in September 2015. The stations, all affiliated with CBS at acquisition, are KXMA, KXMB, KXMC and KXMD in the Minot-Bismarck-Dickinson, North Dakota market. KXMA, KXMB and KXMD are satellite stations of KXMC. This acquisition allows Nexstar entrance into this market. Transaction costs relating to this acquisition, including legal and professional fees of $0.1 million, were expensed as incurred during the nine months ended September 30, 2016.

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

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

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 two and a half years.

The stations’ net revenue of $2.6 million and break-even from operations during the three months ended September 30, 2016 and net revenue of $8.1 million and operating income of $0.7 million from the date of acquisition to September 30, 2016 have been included in the accompanying Condensed Consolidated Statements of Operations.

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KCWI

On March 14, 2016, Nexstar completed the acquisition of the assets of KCWI, the CW affiliate in the Des Moines-Ames, Iowa market, from Pappas Telecasting of Iowa, LLC (“Pappas”) for $3.9 million. A deposit of $0.2 million was paid upon signing the purchase agreement in October 2014. No significant transaction costs relating to this acquisition were incurred during the nine months ended September 30, 2016.

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

Accounts receivable	$	380
Broadcast rights		1,740
Prepaid expenses and other current assets		40
Property and equipment		1,076
FCC licenses		2,180
Other intangible assets		2
Goodwill		367
Total assets acquired		5,785
Less: Broadcast rights payable		(1,886	)
Less: Accrued expenses		(17	)
Net assets acquired	$	3,882

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.

KCWI’s net revenue of $1.2 million and operating income of $1.1 million during the three months ended September 30, 2016 and net revenue of $2.0 million and operating income of $1.8 million from the date of acquisition to September 30, 2016 have been included in the accompanying Condensed Consolidated Statements of Operations.

Kixer

In October 2015, Lakana LLC, a wholly-owned subsidiary of Nexstar, acquired Kixer, Inc. (“Kixer”) from Centrility, LLC, Keith Bonnici and Know Media, LLC. In addition to the base purchase price that Nexstar paid in October 2015, the sellers could also receive up to $7.0 million in cash payments if certain revenue targets are met during the year 2016 (the “Earnout Payments”). In September 2016, payments totaling $2.0 million were made to the sellers under this arrangement. The estimated fair value of remaining obligations under the Earnout Payments was $4.4 million as of September 30, 2016 and $3.0 million as of December 31, 2015, included in accrued expenses in the Condensed Consolidated Balance Sheets. The increases in the accrual is attributable to periodic re-measurement of the estimated fair value which have been included in selling, general and administrative expense, excluding depreciation and amortization in the accompanying Condensed Consolidated Statements of Operations.

Unaudited Pro Forma Information

The acquisitions of four full power television stations from Reiten, four full power television stations from WVMH, KCWI from Pappas and Kixer from Centrility, LLC, Keith Bonnici and Know Media, LLC are not significant for financial reporting purposes, both individually and in aggregate. Therefore, pro forma information has not been provided for these acquisitions.

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Future Acquisition

Media General

On January 27, 2016, Nexstar entered into a definitive merger agreement with Media General, whereby Nexstar will acquire the latter’s outstanding equity for $10.55 per share in cash and 0.1249 of a share of Nexstar’s Class A common stock for each Media General share. The terms of the agreement also include potential additional consideration to Media General shareholders in the form of a non-transferable contingent value right (“CVR”) for each Media General share entitling Media General shareholders to net cash proceeds, if any, from the sale of Media General’s spectrum in the FCC’s spectrum auction. Depending on the timing of the FCC auction, the CVR may be issued before or at the time of the merger. Each unvested Media General stock option outstanding prior to the completion of the merger will become fully vested and will be converted into an option to purchase Nexstar’s Class A common stock, pursuant to the terms of the merger agreement. Additionally, unless the CVR has been issued prior to the completion of the merger, the holders of Media General stock options will also be entitled to one CVR for each share subject to the Media General stock option immediately prior to the completion of the merger. All other equity-based awards of Media General that are outstanding prior to the merger will vest in full and will be converted into the right to receive the cash, stock and contingent consideration as described above, subject to the terms of the merger agreement. The total consideration for this proposed acquisition is approximately $2.3 billion in cash and stock, estimated based on Nexstar’s Class A common stock market price per share of $57.71 on September 30, 2016 and Media General’s diluted common shares outstanding, plus the potential CVR. It is estimated that the existing Nexstar shareholders will own approximately 66% and Media General shareholders will own approximately 34% of the combined company’s outstanding shares after closing. The transaction costs relating to this proposed acquisition, including legal and professional fees of $0.9 million and $7.1 million, were expensed as incurred during the three and nine months ended September 30, 2016, respectively.

The merger agreement contains certain termination rights for both Nexstar and Media General. If the merger agreement is terminated in connection with Media General entering into a definitive agreement for a superior proposal, as well as under certain other circumstances, the termination fee payable to Nexstar will be $80.0 million. The merger agreement also provides that Nexstar will be required to pay a termination fee to Media General of $80.0 million if the merger agreement is terminated under certain circumstances. Either party may terminate the merger agreement if the merger is not consummated on or before January 27, 2017, with an automatic extension to April 27, 2017, if necessary to obtain regulatory approval under circumstances specified in the merger agreement.

Nexstar received committed financing up to a maximum of $4.7 billion from a group of commercial banks to provide the debt financing in the form of credit facilities and notes to consummate the merger and to refinance certain existing indebtedness of the Company and Media General. The debt refinancing will include the outstanding obligations under the Company’s term loans and revolving credit facilities. On July 27, 2016, Nexstar Escrow completed the sale and issuance of $900.0 million of 5.625% Notes at par. The proceeds, which were deposited into a segregated escrow account, are expected to be used to partially finance the merger and to refinance certain existing indebtedness of Nexstar and Media General at closing. See Note 6 for additional information with respect to these notes.

On June 8, 2016, the merger was approved by the shareholders of both companies. The merger is subject to FCC regulatory approval and other customary closing conditions. In order to comply with the FCC’s local television ownership rule, to meet the U.S. television household national ownership cap and to obtain FCC and Department of Justice approval of the proposed merger, Nexstar entered into various definitive agreements in May and June 2016 to sell: (i) the assets of two television stations in two markets to Graham Media Group, Inc. for a total consideration of $120.0 million, plus working capital adjustments, (ii) the assets of two stations in one market to Bayou City Broadcasting Lafayette, Inc. for $40.0 million in cash, plus working capital adjustments, (iii) the assets of one station to Marquee Broadcasting, Inc. for $350 thousand in cash, (iv) the assets of two television stations in two markets to Gray Television Group, Inc. for $270.0 million in cash, plus working capital adjustments, (v) the assets of five stations in five markets to USA Television MidAmerican Holdings, LLC (an affiliate of MSouth Equity Partners and Heartland Media, LLC) for $115.0 million in cash, plus working capital adjustments, and (vi) certain assets of one station to Ramar Communications, Inc. for $2.5 million in cash, plus working capital adjustments. Six of the proposed station divestitures are currently owned by Nexstar and seven are currently owned by Media General. The proceeds are expected to be used to partially finance the merger and the refinancing of certain existing indebtedness of the Company and Media General at closing.

Upon completion of the merger, the required divestitures and the debt refinancing, which are all expected to occur in the fourth quarter of 2016, the combined company will be named Nexstar Media Group, Inc.

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4.  Intangible Assets and Goodwill

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

	Estimated	September 30, 2016							December 31, 2015
	useful life,			Accumulated							Accumulated
	in years	Gross		Amortization			Net		Gross		Amortization			Net
Network affiliation agreements	15	$	659,054	$	(350,693	)	$	308,361	$	614,592	$	(338,016	)	$	276,576
Other definite-lived   intangible assets	1-15		90,398		(62,353	)		28,045		84,921		(47,136	)		37,785
Other intangible assets		$	749,452	$	(413,046	)	$	336,406	$	699,513	$	(385,152	)	$	314,361

The increases in network affiliation agreements and other definite-lived intangible assets relate to Nexstar’s acquisitions as discussed in Note 3.

The following table presents the Company’s estimate of amortization expense for the remainder of 2016, each of the five succeeding years ended December 31 and thereafter for definite-lived intangible assets as of September 30, 2016 (in thousands):

Remainder of 2016	$	11,599
2017		41,614
2018		30,865
2019		28,224
2020		24,910
2021		24,697
Thereafter		174,497
	$	336,406

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, 2015	$	497,653	$	(45,991	)	$	451,662	$	538,756		(49,421	)	$	489,335
Acquisitions and consolidations of VIEs (See Note 3)		36,770		-			36,770		53,189		-			53,189
Balances as of September 30, 2016	$	534,423	$	(45,991	)	$	488,432	$	591,945	$	(49,421	)	$	542,524

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. During the nine months ended September 30, 2016, the Company did not identify any events that would trigger impairment assessment.

5.  Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	September 30,		December 31,
	2016		2015
Compensation and related taxes	$	25,005	$	15,810
Network affiliation fees		24,634		22,324
Other		20,725		22,425
	$	70,364	$	60,559

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6.  Debt

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

	September 30,			December 31,
	2016			2015
Term loans, net of financing costs and discount of $7,126 and $8,715, respectively	$	668,696		$	682,223
Revolving loans		2,000			2,000
6.875% Senior unsecured notes due 2020, net of financing costs and discount of $4,533   and $5,223, respectively		520,467			519,777
6.125% Senior unsecured notes due 2022, net of financing costs of $2,500 and $2,786,   respectively		272,500			272,214
5.625% Senior unsecured notes due 2024, net of financing costs of $15,493		884,507			-
		2,348,170			1,476,214
Less: current portion		(28,093	)		(22,139	)
	$	2,320,077		$	1,454,075

2016 Transactions

In January and February 2016, Nexstar borrowed a total of $58.0 million under its revolving credit facility to partially fund the Reiten and WVMH acquisitions discussed in Note 3. Through September 2016, Nexstar fully repaid the $58.0 million outstanding principal balance under its revolving credit facility funded by cash on hand.

Through September 2016, Nexstar, Mission and Marshall paid the contractual maturities under their senior secured credit facilities totaling $15.1 million.

On July 27, 2016, Nexstar Escrow completed the issuance and sale of $900.0 million of 5.625% Notes at par. These notes will mature on August 1, 2024 and interest is payable semiannually in arrears on February 1 and August 1 of each year beginning on February 1, 2017. The gross proceeds of the 5.625% Notes, plus Nexstar’s pre-funding of $14.1 million interest, have been deposited into a segregated escrow account which cannot be utilized until certain conditions are satisfied. Among other things, such conditions include the consummation of the Nexstar and Media General merger and the assumption by Nexstar of all of the obligations of Nexstar Escrow under the 5.625% Notes, which are all expected to occur in the fourth quarter of 2016 (collectively, the “Escrow Release Conditions”). Following satisfaction of the Escrow Release Conditions, the proceeds from the 5.625% Notes will be used to partially finance the merger, to refinance certain existing indebtedness of Nexstar and Media General, to pay related fees and expenses and for general corporate purposes. If the merger is not consummated on or prior to April 27, 2017, or if the merger agreement is terminated, the 5.625% Notes are subject to a special mandatory redemption equal to the principal amount of the notes, plus accrued and unpaid interest, if any, from the issue date of the 5.625% Notes up to, but not including, the date of such special mandatory redemption.

Prior to the consummation of the Nexstar and Media General merger, the 5.625% Notes will not be guaranteed, but will be secured by a first-priority security interest in the escrow account and all deposits and investment property therein. Following satisfaction of the Escrow Release Conditions, the 5.625% Notes will be senior unsecured obligations of Nexstar and will be guaranteed by Mission and certain of Nexstar’s and Mission’s future wholly-owned subsidiaries, subject to certain customary release provisions. The 5.625% Notes will be junior to the secured debt of the Company, including the Nexstar, Mission and Marshall senior secured credit facilities, to the extent of the value of the assets securing such debt. The 5.625% Notes will rank equal to Nexstar’s 6.875% senior unsecured notes due 2020 (the “6.875% Notes”) and 6.125% senior unsecured notes due 2022 (the “6.125% Notes”).

Nexstar recorded $15.8 million in legal, professional and underwriting fees related to the issuance of the 5.625% Notes, which were capitalized as debt finance costs and are amortized over the term of the 5.625% Notes. Debt financing costs are netted against the carrying amount of the related debt.

Unused Commitments and Borrowing Availability

The Company had $103.0 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 September 30, 2016. The Company’s ability to access funds under its senior secured credit facilities depends, in part, on its compliance with certain financial covenants. As of September 30, 2016, Nexstar was in compliance with its financial covenants.

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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, 6.125% Notes and 5.625% Notes.

Fair Value of Debt

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

	September 30, 2016				December 31, 2015
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Term loans(1)	$	668,696	$	674,070	$	682,223	$	678,045
Revolving loans(1)		2,000		1,984		2,000		1,961
6.875% Senior unsecured notes(2)		520,467		544,525		519,777		534,188
6.125% Senior unsecured notes(2)		272,500		284,625		272,214		269,500
5.625% Senior unsecured notes(2)		884,512		909,000		-		-

(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, which must be completed within 51 months after the completion of the broadcast television incentive auction.

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 August 2016, the FCC adopted a Second Report and Order (the “2016 Ownership Order”) concluding the agency’s 2010 and 2014 quadrennial reviews.  The 2016 Ownership Order (1) retains the existing local television ownership rule and radio/television cross-ownership rule (with minor technical modifications to address the transition to digital television broadcasting), (2) extends the current ban on common ownership of two top-four television stations in a market to network affiliation swaps, (3) retains the existing ban on newspaper/broadcast cross-ownership in local markets while considering waivers and providing an exception for failed or failing entities, (4) retains the existing dual network rule and (5) defines a category of sharing agreements designated as SSAs between stations and requires public disclosure of those SSAs (while not considering them attributable).

In March 2014, the FCC 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 was deemed to have an attributable interest in the latter station for purposes of the local television ownership rule. Parties to newly attributable JSAs that did not comply with the local television ownership rule were given two years to modify or terminate their JSAs to come into compliance. However, subsequent federal legislation extended the JSA compliance deadline until September 30, 2025.

17

In May 2016, the U.S. Court of Appeals for the Third Circuit issued a decision that vacated the JSA attribution rule and remanded it to the FCC.  The court determined that the FCC had violated the Communications Act by adopting the JSA attribution rule without determining, through the quadrennial review process, that the underlying local television ownership rule remains in the public interest.  In its 2016 Ownership Order, however, the FCC reimposed the JSA attribution rule while extending the compliance period for pre-March 2014 JSAs to September 30, 2025.  If Nexstar is required to modify or terminate its JSAs or other local service agreements, it could lose some or all of the revenues generated from those arrangements due to the reduction in audience reach to its advertisers and receipt of less revenues from them.  The FCC’s 2016 Ownership Order is subject to appeal.

The FCC’s media ownership rules limit the percentage of U.S. television households which a party may reach through its attributable interests in television stations to 39% on a nationwide basis.  Historically, the FCC has counted the ownership of an ultra-high frequency (“UHF”) station as reaching only 50% of a market’s percentage of total national audience. On August 24, the FCC adopted a Report and Order abolishing the UHF discount for the purposes of a licensee’s determination of compliance with the 39% national cap.  This rule change became effective October 24, 2016. Nexstar is in compliance with the 39% national cap limitation and will remain in compliance upon completion of the merger with Media General.

Spectrum

The FCC is seeking to make additional spectrum available to meet future wireless broadband needs. 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. The FCC has released various orders and public notices which set forth procedures for the incentive auction and the subsequent “repacking” of broadcast television spectrum and resolve various technical and other issues related to the incentive auction, the possible sharing of channels by television stations, and the repurposing of television spectrum for broadband use.  The incentive auction commenced on March 29, 2016 and is ongoing.  Nexstar and certain of its local service agreement partners filed applications to participate in the incentive auction. The reallocation of television spectrum for wireless broadband use will require many television stations to change channel or otherwise modify their technical facilities after the incentive auction concludes.  The FCC has solicited comment on a proposed schedule for this transition. The reallocation of 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 impact of the incentive auction and subsequent repacking on 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.  On December 5, 2014, federal legislation extended the joint negotiation prohibition to all non-commonly owned television stations in a market. This new rule requires Mission and other independent third parties with which Nexstar has local service agreements to separately negotiate retransmission consent agreements. The December 2014 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 commenced this proceeding in September 2015 and comments and reply comments have been submitted.  In July 2016, the Chairman of the FCC publicly announced that the agency would not adopt additional rules in this proceeding.

Concurrently with its adoption of the prohibition on certain joint retransmission consent negotiations, the FCC also adopted a further notice of proposed rulemaking which seeks additional 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 prohibition on certain joint negotiations, on its business.

18

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 signals without the consent of the broadcast station violate 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 the Company 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, the Company’s business and results of operations could be materially and adversely affected.

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 these guarantees would be generally limited to the amount of borrowings outstanding. As of September 30, 2016, Mission had a maximum commitment of $232.2 million under its senior secured credit facility, of which $224.2 million of debt was outstanding, and Marshall had used all of its commitment and had outstanding debt obligations of $54.5 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.

19

9.  Segment Data

The Company evaluates the performance of its operating segments based on net revenue and operating income. The Company’s broadcast segment includes television stations and related community focused websites that Nexstar owns, operates, programs or provides sales and other services to in various markets across the United States. The other activities of the Company include corporate functions, eliminations and other insignificant operations.

Segment financial information is included in the following tables for the periods presented (in thousands):

Three Months Ended September 30, 2016	Broadcasting		Other			Consolidated
Net revenue	$	257,789	$	17,870		$	275,659
Depreciation		10,978		1,899			12,877
Amortization of intangible assets		8,175		3,330			11,505
Income (loss) from operations		89,511		(16,614	)		72,897

Three Months Ended September 30, 2015	Broadcasting		Other			Consolidated
Net revenue	$	212,504	$	10,527		$	223,031
Depreciation		11,305		1,771			13,076
Amortization of intangible assets		8,405		2,946			11,351
Income (loss) from operations		63,214		(14,899	)		48,315

Nine Months Ended September 30, 2016	Broadcasting		Other			Consolidated
Net revenue	$	745,281	$	48,030		$	793,311
Depreciation		33,137		5,037			38,174
Amortization of intangible assets		24,838		10,065			34,903
Income (loss) from operations		248,493		(53,660	)		194,833

Nine Months Ended September 30, 2015	Broadcasting		Other			Consolidated
Net revenue	$	610,769	$	33,346		$	644,115
Depreciation		30,855		4,395			35,250
Amortization of intangible assets		27,719		7,929			35,648
Income (loss) from operations		181,895		(43,134	)		138,761

As of September 30, 2016	Broadcasting		Other		Consolidated
Goodwill	$	449,735	$	38,697	$	488,432
Assets		1,815,566		1,105,130		2,920,696

As of December 31, 2015	Broadcasting		Other		Consolidated
Goodwill	$	412,965	$	38,697	$	451,662
Assets		1,660,737		174,397		1,835,134

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10.  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 wholly-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, excluding consolidating entities. The Nexstar Broadcasting column presents the financial information of Nexstar Broadcasting, Inc. (“Nexstar Broadcasting”), a wholly-owned subsidiary of Nexstar and issuer of the 6.875% Notes and the 6.125% Notes. 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 Enterprise Technology LLC, a wholly-owned subsidiary of Nexstar, 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.

21

CONDENSED CONSOLIDATING BALANCE SHEET

As of September 30, 2016

(in thousands)

			Nexstar					Non-					Consolidated
	Nexstar		Broadcasting		Mission			Guarantors		Eliminations			Company
ASSETS
Current assets:
Cash and cash equivalents	$	-	$	16,239	$	5,657		$	7,360	$	-		$	29,256
Accounts receivable		-		179,788		12,024			22,592		-			214,404
Amounts due from consolidated entities		-		21,188		69,433			-		(90,621	)		-
Other current assets		-		39,038		1,645			2,678		-			43,361
Total current assets		-		256,253		88,759			32,630		(90,621	)		287,021
Investments in subsidiaries		242,149		38,259		-			-		(280,408	)		-
Amounts due from consolidated entities		-		62,360		-			-		(62,360	)		-
Property and equipment, net		-		247,575		20,246			15,854		(75	)		283,600
Goodwill		-		351,780		32,489			104,163		-			488,432
FCC licenses		-		427,733		41,563			73,228		-			542,524
Other intangible assets, net		-		229,911		17,076			89,419		-			336,406
Restricted cash		-		900,402		-			-		-			900,402
Other noncurrent assets		-		66,164		14,797			1,350		-			82,311
Total assets	$	242,149	$	2,580,437	$	214,930		$	316,644	$	(433,464	)	$	2,920,696
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Current portion of debt	$	-	$	19,759	$	2,334		$	6,000	$	-		$	28,093
Accounts payable		-		20,836		1,324			3,228		-			25,388
Amounts due to consolidated entities		-		-		-			90,621		(90,621	)		-
Other current liabilities		-		104,150		6,481			17,038		-			127,669
Total current liabilities		-		144,745		10,139			116,887		(90,621	)		181,150
Debt		-		2,049,671		221,880			48,526		-			2,320,077
Amounts due to consolidated entities		62,570		-		-			-		(62,570	)		-
Other noncurrent liabilities		-		127,677		10,127			14,064		-			151,868
Total liabilities		62,570		2,322,093		242,146			179,477		(153,191	)		2,653,095
TotalNexstarBroadcastingGroup,Inc. stockholders' equity (deficit)		179,579		258,344		(27,216	)		22,034		(280,273	)		152,468
Noncontrolling interests in consolidated   variable interest entities		-		-		-			115,133		-			115,133
Total liabilities and stockholders' equity (deficit)	$	242,149	$	2,580,437	$	214,930		$	316,644	$	(433,464	)	$	2,920,696

22

CONDENSED CONSOLIDATING BALANCE SHEET

As of December 31, 2015

(in thousands)

			Nexstar					Non-					Consolidated
	Nexstar		Broadcasting		Mission			Guarantors		Eliminations			Company
ASSETS
Current assets:
Cash and cash equivalents	$	-	$	27,492	$	4,361		$	11,563	$	-		$	43,416
Accounts receivable		-		163,008		9,370			20,613		-			192,991
Amounts due from consolidated entities		-		10,600		51,978			-		(62,578	)		-
Other current assets		-		19,984		1,364			2,273		-			23,621
Total current assets		-		221,084		67,073			34,449		(62,578	)		260,028
Investments in subsidiaries		184,332		38,931		-			-		(223,263	)		-
Amounts due from consolidated entities		-		133,659		-			-		(133,659	)		-
Property and equipment, net		-		232,206		21,891			12,486		-			266,583
Goodwill		-		343,140		32,489			76,033		-			451,662
FCC licenses		-		415,024		41,563			32,748		-			489,335
Other intangible assets, net		-		228,936		18,892			66,533		-			314,361
Other noncurrent assets		-		30,539		20,418			2,208		-			53,165
Total assets	$	184,332	$	1,643,519	$	202,326		$	224,457	$	(419,500	)	$	1,835,134
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Current portion of debt	$	-	$	15,154	$	2,335		$	4,650	$	-		$	22,139
Accounts payable		-		14,705		906			10,325		-			25,936
Amounts due to consolidated entities		-		47,700		-			14,878		(62,578	)		-
Other current liabilities		-		78,868		6,909			12,209		-			97,986
Total current liabilities		-		156,427		10,150			42,062		(62,578	)		146,061
Debt		-		1,177,944		223,235			52,896		-			1,454,075
Amounts due to consolidated entities		63,309		-		-			70,350		(133,659	)		-
Other noncurrent liabilities		-		118,048		9,351			21,226		-			148,625
Total liabilities		63,309		1,452,419		242,736			186,534		(196,237	)		1,748,761
Total Nexstar Broadcasting Group, Inc.   stockholders' equity (deficit)		121,023		191,100		(40,410	)		32,224		(223,263	)		80,674
Noncontrolling interest in a consolidated   variable interest entity		-		-		-			5,699		-			5,699
Total liabilities and stockholders' equity (deficit)	$	184,332	$	1,643,519	$	202,326		$	224,457	$	(419,500	)	$	1,835,134

23

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

Three Months Ended September 30, 2016

(in thousands)

			Nexstar						Non-						Consolidated
	Nexstar		Broadcasting			Mission			Guarantors			Eliminations			Company
Net broadcast revenue (including trade and barter)	$	-	$	232,326		$	15,541		$	27,792		$	-		$	275,659
Revenue between consolidated entities		-		8,628			10,383			3,209			(22,220	)		-
Net revenue		-		240,954			25,924			31,001			(22,220	)		275,659
Operating expenses:
Direct operating expenses, excluding   depreciation and amortization		-		73,679			7,714			19,390			(39	)		100,744
Selling, general, and administrative expenses,   excluding depreciation and amortization		-		59,754			892			4,693			(1,737	)		63,602
Local service agreement fees between   consolidated entities		-		11,859			4,500			4,085			(20,444	)		-
Amortization of broadcast rights		-		11,767			1,388			879			-			14,034
Amortization of intangible assets		-		6,735			605			4,165			-			11,505
Depreciation		-		11,317			598			962			-			12,877
Total operating expenses		-		175,111			15,697			34,174			(22,220	)		202,762
Income (loss) from operations		-		65,843			10,227			(3,173	)		-			72,897
Interest expense, net		-		(26,893	)		(2,329	)		(400	)		-			(29,622	)
Other expenses		-		(126	)		-			-			-			(126	)
Equity in income of subsidiaries		19,980		-			-			-			(19,980	)		-
Income (loss) before income taxes		19,980		38,824			7,898			(3,573	)		(19,980	)		43,149
Income tax (expense) benefit		-		(14,962	)		(3,050	)		479			-			(17,533	)
Net income (loss)		19,980		23,862			4,848			(3,094	)		(19,980	)		25,616
Net income attributable to noncontrolling   interests		-		-			-			(817	)		-			(817	)
Net income (loss) attributable to Nexstar	$	19,980	$	23,862		$	4,848		$	(3,911	)	$	(19,980	)	$	24,799

24

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

Three Months Ended September 30, 2015

(in thousands)

			Nexstar						Non-						Consolidated
	Nexstar		Broadcasting			Mission			Guarantors			Eliminations			Company
Net broadcast revenue (including trade and barter)	$	-	$	189,789		$	13,425		$	19,817		$	-		$	223,031
Revenue between consolidated entities		-		6,455			8,873			3,037			(18,365	)		-
Net revenue		-		196,244			22,298			22,854			(18,365	)		223,031
Operating expenses:
Direct operating expenses, excluding   depreciation and amortization		-		60,691			7,001			10,859			-			78,551
Selling, general, and administrative expenses,   excluding depreciation and amortization		-		52,167			819			4,599			(1,159	)		56,426
Local service agreement fees between   consolidated entities		-		10,752			2,445			4,009			(17,206	)		-
Amortization of broadcast rights		-		12,680			1,464			1,168			-			15,312
Amortization of intangible assets		-		7,002			605			3,744			-			11,351
Depreciation		-		11,735			617			724			-			13,076
Total operating expenses		-		155,027			12,951			25,103			(18,365	)		174,716
Income (loss) from operations		-		41,217			9,347			(2,249	)		-			48,315
Interest expense, net		-		(17,671	)		(2,336	)		(389	)		-			(20,396	)
Other expenses		-		(115	)		-			-			-			(115	)
Equity in income of subsidiaries		13,207		-			-			-			(13,207	)		-
Income (loss) before income taxes		13,207		23,431			7,011			(2,638	)		(13,207	)		27,804
Income tax (expense) benefit		-		(8,686	)		(3,111	)		1,148			-			(10,649	)
Net income (loss)		13,207		14,745			3,900			(1,490	)		(13,207	)		17,155
Net loss attributable to noncontrolling   interests		-		-			-			127			-			127
Net income (loss) attributable to Nexstar	$	13,207	$	14,745		$	3,900		$	(1,363	)	$	(13,207	)	$	17,282

25

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

Nine Months Ended September 30, 2016

(in thousands)

			Nexstar						Non-						Consolidated
	Nexstar		Broadcasting			Mission			Guarantors			Eliminations			Company
Net broadcast revenue (including trade and barter)	$	-	$	669,762		$	45,786		$	77,763		$	-		$	793,311
Revenue between consolidated entities		-		25,800			29,209			8,771			(63,780	)		-
Net revenue		-		695,562			74,995			86,534			(63,780	)		793,311
Operating expenses:
Direct operating expenses, excluding   depreciation and amortization		-		211,660			22,581			49,673			(112	)		283,802
Selling, general, and administrative expenses,   excluding depreciation and amortization		-		183,845			2,646			15,090			(4,042	)		197,539
Local service agreement fees between   consolidated entities		-		33,869			13,500			12,257			(59,626	)		-
Amortization of broadcast rights		-		37,165			4,169			2,726			-			44,060
Amortization of intangible assets		-		20,592			1,816			12,495			-			34,903
Depreciation		-		33,737			1,805			2,632			-			38,174
Total operating expenses		-		520,868			46,517			94,873			(63,780	)		598,478
Income (loss) from operations		-		174,694			28,478			(8,339	)		-			194,833
Interest expense, net		-		(62,704	)		(6,951	)		(1,198	)		-			(70,853	)
Other expenses		-		(409	)		-			-			-			(409	)
Equity in income of subsidiaries		57,953		-			-			-			(57,953	)		-
Income (loss) before income taxes		57,953		111,581			21,527			(9,537	)		(57,953	)		123,571
Income tax (expense) benefit		-		(44,201	)		(8,333	)		1,652			-			(50,882	)
Net income (loss)		57,953		67,380			13,194			(7,885	)		(57,953	)		72,689
Net income attributable to noncontrolling   interests		-		-			-			(1,634	)		-			(1,634	)
Net income (loss) attributable to Nexstar	$	57,953	$	67,380		$	13,194		$	(9,519	)	$	(57,953	)	$	71,055

26

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

Nine Months Ended September 30, 2015

(in thousands)

			Nexstar						Non-						Consolidated
	Nexstar		Broadcasting			Mission			Guarantors			Eliminations			Company
Net broadcast revenue (including trade and barter)	$	-	$	547,110		$	37,773		$	59,232		$	-		$	644,115
Revenue between consolidated entities		-		19,362			26,780			8,752			(54,894	)		-
Net revenue		-		566,472			64,553			67,984			(54,894	)		644,115
Operating expenses:
Direct operating expenses, excluding    depreciation and amortization		-		170,390			17,657			31,571			-			219,618
Selling, general, and administrative expenses,   excluding depreciation and amortization		-		156,641			2,481			14,210			(3,060	)		170,272
Local service agreement fees between    consolidated entities		-		32,472			7,335			12,027			(51,834	)		-
Amortization of broadcast rights		-		36,360			4,308			3,898			-			44,566
Amortization of intangible assets		-		22,589			1,812			11,247			-			35,648
Depreciation		-		31,286			1,829			2,135			-			35,250
Total operating expenses		-		449,738			35,422			75,088			(54,894	)		505,354
Income (loss) from operations		-		116,734			29,131			(7,104	)		-			138,761
Interest expense, net		-		(51,941	)		(6,974	)		(1,165	)		-			(60,080	)
Other expenses		-		(383	)		-			-			-			(383	)
Equity in income of subsidiaries		37,551		-			-			-			(37,551	)		-
Income (loss) before income taxes		37,551		64,410			22,157			(8,269	)		(37,551	)		78,298
Income tax (expense) benefit		-		(23,625	)		(9,002	)		3,296			-			(29,331	)
Net income (loss)		37,551		40,785			13,155			(4,973	)		(37,551	)		48,967
Net loss attributable to noncontrolling interests		-		-			-			1,543			-			1,543
Net income (loss) attributable to Nexstar	$	37,551	$	40,785		$	13,155		$	(3,430	)	$	(37,551	)	$	50,510

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CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Nine Months Ended September 30, 2016

(in thousands)

				Nexstar						Non-					Consolidated
	Nexstar			Broadcasting			Mission			Guarantors			Eliminations		Company
Cash flows from operating activities	$	-		$	155,363		$	3,532		$	4,099		$	-	$	162,994
Cash flows from investing activities:
Purchases of property and equipment		-			(22,973	)		(160	)		(2,509	)		-		(25,642	)
Deposits and payments for acquisitions		-			(103,970	)		-			-			-		(103,970	)
Other investing activities		-			585			-			-			-		585
Net cash used in investing activities		-			(126,358	)		(160	)		(2,509	)		-		(129,027	)
Cash flows from financing activities:
Proceeds from long-term debt		-			58,000			-			-			-		58,000
Repayments of long-term debt		-			(68,214	)		(1,751	)		(3,150	)		-		(73,115	)
Common stock dividends paid		(22,078	)		-			-			-			-		(22,078	)
Payments for debt financing costs		-			(18,957	)		(325	)		-			-		(19,282	)
Inter-company payments		21,691			(21,691	)		-			-			-		-
Excess tax benefit from stock option   exercises		-			13,428			-			-			-		13,428
Other financing activities		387			(2,824	)		-			(2,643	)		-		(5,080	)
Net cash provided by (used in)   financing activities		-			(40,258	)		(2,076	)		(5,793	)		-		(48,127	)
Net (decrease) increase in cash and   cash equivalents		-			(11,253	)		1,296			(4,203	)		-		(14,160	)
Cash and cash equivalents at beginning   of period		-			27,492			4,361			11,563			-		43,416
Cash and cash equivalents at end   of period	$	-		$	16,239		$	5,657		$	7,360		$	-	$	29,256

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CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Nine Months Ended September 30, 2015

(in thousands)

				Nexstar						Non-						Consolidated
	Nexstar			Broadcasting			Mission			Guarantors			Eliminations			Company
Cash flows from operating activities	$	-		$	123,602		$	10,085		$	6,968		$	-		$	140,655
Cash flows from investing activities:
Purchases of property and equipment		-			(19,315	)		(138	)		(2,005	)		176			(21,282	)
Deposits and payments for acquisitions		-			(504,678	)		-			(300	)		43,300			(461,678	)
Proceeds from sale of a station		-			70,105			-			-			(43,300	)		26,805
Other investing activities		-			2,032			150			200			(176	)		2,206
Net cash (used in) provided by   investing activities		-			(451,856	)		12			(2,105	)		-			(453,949	)
Cash flows from financing activities:
Proceeds from long-term debt		-			414,950			-			2,000			-			416,950
Repayments of long-term debt		-			(142,391	)		(6,877	)		(2,250	)		-			(151,518	)
Common stock dividends paid		(17,870	)		-			-			-			-			(17,870	)
Purchase of treasury stock		(48,660	)														(48,660	)
Inter-company payments		63,203			(63,203	)		-			-			-			-
Other financing activities		3,327			2,419			(8	)		98			-			5,836
Netcashprovidedby (used in)   financingactivities		-			211,775			(6,885	)		(152	)		-			204,738
Net (decrease) increase in cash and   cash equivalents		-			(116,479	)		3,212			4,711			-			(108,556	)
Cash and cash equivalents at beginning   of period		-			130,472			880			560			-			131,912
Cash and cash equivalents at end   of period	$	-		$	13,993		$	4,092		$	5,271		$	-		$	23,356

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11.  Subsequent Events

On October 20, 2016, Nexstar’s Board of Directors declared a quarterly cash dividend of $0.24 per share of its Class A common stock. The dividend is payable on November 18, 2016 to stockholders of record on November 4, 2016.

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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, 2015.

As used in this Quarterly Report on Form 10-Q and unless the context indicates otherwise, “Nexstar” refers to Nexstar Broadcasting Group, Inc. and its consolidated subsidiaries; “Nexstar Broadcasting” refers to Nexstar Broadcasting, Inc., our wholly-owned direct subsidiary; the “Company” refers to Nexstar and the variable interest entities (“VIEs”) required to be consolidated in our financial statements; and all references to “we,” “our,” “ours,” and “us” refer to Nexstar.

As a result of our deemed controlling financial interests in Mission, White Knight, Marshall, Parker and the WVMH stations in accordance with U.S. GAAP, we consolidate the financial position, results of operations and cash flows of these consolidated 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 determinations of VIE consolidation under the related authoritative guidance. Therefore, the following discussion of our financial position and results of operations includes the consolidated VIEs’ financial position and results of operations.

Executive Summary

2016 Highlights

^• Net revenue during the third quarter of 2016 increased by $52.6 million, or 23.6% compared to the same period in 2015. The increase in net revenue was primarily due to incremental revenue from our newly acquired stations and entities and stations contracted with to provide programming and sales services of $20.1 million, an increase in advertising on our legacy stations of $21.3 million as 2016 is a political year, and an increase in retransmission compensation on our legacy stations of $12.2 million.

^• For each of the three quarters during 2016, our Board of Directors declared dividends of $0.24 per share of Nexstar’s outstanding common stock, or total dividend payments of $22.1 million.

Acquisitions

	Acquisition Date	Purchase Price
North Dakota	February 1, 2016	$44.0 million in cash	Four CBS affiliated full power television stations in the Minot-Bismarck-Dickinson, ND market
Des Moines	March 14, 2016	$3.9 million in cash	The CW affiliate in the Des Moines-Ames, Iowa market
West Virginia	1st closing on January 4, 2016 2nd closing in Q4 2016	$130.0 million in cash, plus working capital adjustments	Three CBS and one NBC affiliated full power television stations in four markets.
Media General	Q4 2016	Estimated $2.3 billion in cash and stock consideration, plus the potential CVR	Media General currently owns, operates or provides services to 71 television stations in 48 markets

We paid $65.0 million for our West Virginia acquisition as of the first closing and the remaining $65.0 million is expected to be funded through cash generated from operations prior to the second closing and borrowings under our senior secured credit facility. On August 2, 2016, we received approval from the FCC to acquire the stations’ remaining assets. We also obtained controlling financial interest in these stations and consolidated these assets as of that date.

Our proposed merger with Media General is subject to FCC and other regulatory approval and other customary closing conditions. To comply with the FCC’s local television ownership rule, to meet the U.S. television household national ownership cap and to obtain FCC and Department of Justice approval of the proposed merger, we entered into various definitive agreements in May and June 2016 to sell 13 stations in 12 markets for a total consideration of $547.8 million, plus working capital adjustments. We currently own six of the proposed station divestitures and seven stations are currently owned by Media General. The proceeds are expected to be used to partially finance the merger and the refinancing of certain existing indebtedness of Nexstar and Media General. On June 8, 2016, the merger was approved by both our and Media General’s shareholders.

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We have received committed financing up to a maximum of $4.7 billion from a group of commercial banks to provide the debt financing in the form of credit facilities and notes to consummate the merger, to refinance certain existing indebtedness of the Company and Media General, to pay related fees and expenses and for general corporate purposes. The debt refinancing will include the outstanding obligations under the Company’s term loans and revolving credit facilities.

See Note 3 to our Condensed Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q for additional information with respect to the above acquisitions.

Debt transactions

^• In January and February 2016, we borrowed a total of $58.0 million under our revolving credit facility to partially fund the North Dakota and West Virginia acquisitions. Through September 2016, we fully repaid the $58.0 million outstanding principal balance under our revolving credit facility funded by cash on hand.

^• Through September 2016, we, Mission and Marshall paid the contractual maturities under each of our term loans totaling $15.1 million.

^• On July 27, 2016, Nexstar Escrow completed the issuance and sale of $900.0 million of 5.625% Notes at par. These notes will mature on August 1, 2024 and interest is payable semiannually in arrears on February 1 and August 1 of each year beginning on February 1, 2017. The gross proceeds of the 5.625% Notes, plus our pre-funding of $14.1 million interest, have been deposited into a segregated escrow account which cannot be utilized until the Escrow Release Conditions of the 5.625% Notes are satisfied. Among other things, the Escrow Release Conditions include the consummation of our merger with Media General and our assumption of all of the obligations of Nexstar Escrow under the 5.625% Notes, which are all expected to occur in the fourth quarter of 2016. Following satisfaction of the Escrow Release Conditions, the proceeds from the 5.625% Notes will be used to partially finance the merger, to refinance certain existing indebtedness of Nexstar and Media General, to pay related fees and expenses and for general corporate purposes. If the merger is not consummated on or prior to April 27, 2017, or if the merger agreement is terminated, the 5.625% Notes are subject to a special mandatory redemption equal to the principal amount of the notes, plus accrued and unpaid interest, if any, from the issue date of the 5.625% Notes up to, but not including, the date of such special mandatory redemption.

Overview of Operations

As of September 30, 2016, we owned, operated, programmed or provided sales and other services to 104 full power television stations, including those owned by the VIEs, in 62 markets in the states of Alabama, Arizona, Arkansas, California, Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Maryland, Michigan, Missouri, Montana, Nevada, New York, North Dakota, Pennsylvania, Tennessee, Texas, Utah, Vermont, Virginia, West Virginia and Wisconsin. The stations are affiliates of ABC, NBC, FOX, CBS, The CW, MyNetworkTV and other broadcast television networks. Through various local service agreements, we provided sales, programming and other services to 30 full power television stations owned and/or operated by independent third parties, including stations owned by Mission, Marshall, White Knight, Parker and WVMH. 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, 6.125% Notes and 5.625% 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, White Knight, WVMH 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 these entities’ economic performance, including budgeting for advertising revenue, advertising sales and, for Mission, Parker, White Knight and WVMH, 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, White Knight and WVMH maintains complete responsibility for and control over programming, finances and personnel for their stations.

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Regulatory Developments

As a television broadcaster, the Company is highly regulated and its operations require that it obtain 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 station licensee that sells more than 15 percent of the weekly advertising inventory of another television station in the same Designated Market Area was deemed to have an attributable ownership interest in that station. On May 25, 2016, the U.S. Court of Appeals for the Third Circuit issued a decision that vacated the JSA attribution rule and remanded it to the FCC.  The FCC, however, reimposed the JSA attribution rule in August 2016, while giving parties to pre-March 2014 JSAs that do not comply with the local television ownership rule until September 30, 2025 to come into compliance.  If the Company is required to terminate or modify its JSAs or other local service agreements, it could lose some or all of the revenues generated from those arrangements due to the reduction in audience reach to its advertisers and receipt of less revenues from them.

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 station 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. 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, White Knight and WVMH are required to separately negotiate their retransmission consent agreements with MVPDs. 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. As 2016 is an election year and an Olympic year, we expect an increase in advertising revenues to be reported in 2016 compared to 2015.

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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 September 30,										Nine Months Ended September 30,
	2016					2015					2016					2015
	Amount			%		Amount			%		Amount			%		Amount			%
Local	$	94,878			33.3	$	88,018			38.3	$	286,253			35.0	$	266,533			40.1
National		36,522			12.8		37,899			16.5		107,849			13.2		112,270			16.9
Political		25,500			8.9		2,563			1.1		48,511			5.9		4,829			0.7
Retransmission compensation		98,267			34.4		80,045			34.8		293,717			36.0		216,328			32.6
Digital		28,621			10.0		20,127			8.7		76,011			9.3		60,619			9.1
Other		1,480			0.6		1,406			0.6		4,540			0.6		3,986			0.6
Total gross revenue		285,268			100.0		230,058			100.0		816,881			100.0		664,565			100.0
Less: Agency commissions		(21,204	)				(18,564	)				(58,326	)				(55,165	)
Net broadcast revenue		264,064					211,494					758,555					609,400
Trade and barter revenue		11,595					11,537					34,756					34,715
Net revenue	$	275,659				$	223,031				$	793,311				$	644,115

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 September 30,								Nine Months Ended September 30,
	2016				2015				2016				2015
	Amount		%		Amount		%		Amount		%		Amount		%
Net revenue	$	275,659		100.0	$	223,031		100.0	$	793,311		100.0	$	644,115		100.0
Operating expenses:
Corporate expenses		11,713		4.2		11,108		5.0		40,551		5.1		33,265		5.2
Direct operating expenses, net of trade		98,168		35.6		76,589		34.3		276,139		34.8		213,614		33.2
Selling, general and administrative expenses,   excluding corporate		51,889		18.8		45,318		20.3		156,988		19.8		137,007		21.3
Trade and barter expense		11,392		4.1		11,334		5.1		34,648		4.4		34,273		5.3
Depreciation		12,877		4.7		13,076		5.9		38,174		4.8		35,250		5.5
Amortization of intangible assets		11,505		4.2		11,351		5.1		34,903		4.4		35,648		5.5
Amortization of broadcast rights, excluding barter		5,218		2.0		5,940		2.6		17,075		2.1		16,297		2.5
Income from operations	$	72,897			$	48,315			$	194,833			$	138,761

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Three Months Ended September 30, 2016 Compared to Three Months Ended September 30, 2015

Revenue

Gross local advertising revenue was $94.9 million for the three months ended September 30, 2016, compared to $88.0 million for the same period in 2015, an increase of $6.9 million, or 7.8%. Gross national advertising revenue was $36.5 million for the three months ended September 30, 2016, compared to $37.9 million for the same period in 2015, a decrease of $1.4 million, or 3.6%. The net increase in local and national advertising revenue was primarily attributable to incremental revenue from our newly acquired stations and stations we contracted with to provide programming and sales services of $8.6 million. Our legacy stations’ local and national advertising revenue decreased by $3.1 million during the three months ended September 30, 2016 compared to the same period in 2015, primarily due to changes in the mix between our legacy stations’ local, national and political advertising revenue. Our largest advertiser category, automobile, represented approximately 27% and 26% of our local and national advertising revenue for the three months ended September 30, 2016 and 2015, respectively. Overall, including past results of our newly acquired stations, automobile revenues were flat during the quarter. The other categories representing our top five were attorneys and medical/healthcare, which increased in 2016, and fast food/restaurants and furniture which decreased in 2016.

Gross political advertising revenue was $25.5 million for the three months ended September 30, 2016, compared to $2.6 million for the same period in 2015, an increase of $22.9 million, as 2016 is an election year.

Retransmission compensation was $98.3 million for the three months ended September 30, 2016, compared to $80.0 million for the same period in 2015, an increase of $18.2 million, or 22.8%. The increase in retransmission compensation was attributable to a $12.2 million increase on our legacy stations, primarily related to the 2015 renewals of contracts providing for higher rates per subscriber, and incremental revenue from our newly acquired stations of $6.1 million.

Digital revenue, representing advertising revenue on our stations’ web and mobile sites and other internet-based revenue, was $28.6 million for the three months ended September 30, 2016, compared to $20.1 million for the same period in 2015, an increase of $8.5 million, or 42.2%. This was primarily attributable to incremental revenue from our newly acquired stations and entities of $3.9 million and an increase in revenue from targeted advertising services of $2.8 million due to sales initiatives.

Operating Expenses

Corporate expenses, related to costs associated with the centralized management of our stations, were $11.7 million for the three months ended September 30, 2016, compared to $11.1 million for the same period in 2015, an increase of $0.6 million, or 5.4%. This was primarily attributable to an increase in payroll expense of $0.7 million related to the increased number of stations and an increase in stock-based compensation expense of $0.1 million due to equity incentive awards in 2015 and 2016. These increases were partially offset by a decrease in legal and professional fees of $0.2 million.

Station direct operating expenses, consisting primarily of news, engineering, programming and station selling, general and administrative expenses (net of trade expense) were $150.1 million for the three months ended September 30, 2016, compared to $121.9 million for the same period in 2015, an increase of $28.1 million, or 23.1%. The increase was primarily due to expenses of our newly acquired stations and entities of $14.0 million, change in the fair value of contingent consideration related to an entity acquired in October 2015 of $1.4 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 flat at $12.9 million for the three months ended September 30, 2016, compared to $13.1 million for the same period in 2015.

Amortization of intangible assets was also flat at $11.5 million for the three months ended September 30, 2016, compared to $11.4 million for the same period in 2015.

Amortization of broadcast rights, excluding barter was $5.2 million for the three months ended September 30, 2016, compared to $5.9 million for the same period in 2015, a decrease of $0.7 million, or 12.2%, primarily attributable to write downs to the net receivable value of the broadcast rights in the prior year.

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Interest Expense, net

Interest expense, net was $30.0 million for the three months ended September 30, 2016, compared to $20.4 million for the same period in 2015, an increase of $9.2 million, or 45.2%, primarily attributable to increased borrowings during 2016 to fund our acquisitions.

Income Taxes

Income tax expense was $17.5 million for the three months ended September 30, 2016, compared to $10.6 million for the same period in 2015. The effective tax rates were 40.6% and 38.3% for each of the respective periods. The increase was primarily attributable to the nondeductible change in the fair value of contingent consideration in 2016 that resulted in a 1.2% impact to the effective tax rate.

Nine Months Ended September 30, 2016 Compared to Nine Months Ended September 30, 2015

Revenue

Gross local advertising revenue was $286.3 million for the nine months ended September 30, 2016, compared to $266.5 million for the same period in 2015, an increase of $19.7 million, or 7.4%. Gross national advertising revenue was $107.8 million for the nine months ended September 30, 2016, compared to $112.3 million for the same period in 2015, a decrease of $4.4 million, or 3.9%. The net increase in local and national advertising revenue was primarily attributable to incremental revenue from our newly acquired stations and stations we contracted with to provide programming and sales services of $29.4 million. Our legacy stations’ local and national advertising revenue decreased by $14.1 million during the nine months ended September 30, 2016 compared to the same period in 2015, primarily due to changes in the mix between our legacy stations’ local, national and political advertising revenue. Our largest advertiser category, automobile, represented approximately 25% and 24% of our local and national advertising revenue for the nine months ended September 30, 2016 and 2015, respectively. Overall, including past results of our newly acquired stations, automobile revenues were flat during the period. The other categories representing our top five were attorneys, which increased in 2016; fast food/restaurants, furniture and medical/healthcare which all decreased in 2016.

Gross political advertising revenue was $48.5 million for the nine months ended September 30, 2016, compared to $4.8 million for the same period in 2015, an increase of $43.7 million, as 2016 is an election year.

Retransmission compensation was $293.7 million for the nine months ended September 30, 2016, compared to $216.3 million for the same period in 2015, an increase of $77.4 million, or 35.8%. The increase in retransmission compensation was attributable to a $56.9 million increase on our legacy stations, primarily related to the 2015 renewals of contracts providing for higher rates per subscriber, and incremental revenue from our newly acquired stations of $20.5 million.

Digital revenue, representing advertising revenue on our stations’ web and mobile sites and other internet-based revenue, was $76.0 million for the nine months ended September 30, 2016, compared to $60.6 million for the same period in 2015, an increase of $15.4 million, or 25.4%. This was primarily attributable to incremental revenue from our newly acquired stations and entities of $8.8 million and new customers for digital publishing and content management services of $3.7 million.

Operating Expenses

Corporate expenses, related to costs associated with the centralized management of our stations, were $40.6 million for the nine months ended September 30, 2016, compared to $33.3 million for the same period in 2015, an increase of $7.3 million, or 21.9%. This was primarily attributable to an increase in legal and professional fees of $5.3 million, primarily associated with our acquisitions of stations and entities, an increase in payroll expense of $1.4 million related to the increased number of stations and an increase in stock-based compensation expense of $0.5 million due to equity incentive awards in 2015 and 2016.

Station direct operating expenses, consisting primarily of news, engineering, programming and station selling, general and administrative expenses (net of trade expense) were $433.1 million for the nine months ended September 30, 2016, compared to $350.6 million for the same period in 2015, an increase of $82.5 million, or 23.5%. The increase was primarily due to expenses of our newly acquired stations and entities of $44.9 million, change in the fair value of contingent consideration related to an entity acquired in October 2015 of $3.5 million, an increase in employee healthcare costs for our legacy stations of $1.4 million and an increase in programming costs for our legacy stations of $24.6 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 $38.2 million for the nine months ended September 30, 2016, compared to $35.3 million for the same period in 2015, an increase of $2.9 million, or 8.3%, primarily due to the incremental depreciation of fixed assets from newly acquired stations and entities of $3.2 million.

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Amortization of intangible assets was $34.9 million for the nine months ended September 30, 2016, compared to $35.6 million for the same period in 2015, a decrease of $0.7 million, or 2.1%. This was primarily attributable to decreases in amortization of other intangible assets from certain fully amortized assets of $4.2 million, partially offset by incremental amortization of other intangible assets from our newly acquired stations and entities of $3.5 million.

Amortization of broadcast rights, excluding barter was $17.1 million for the nine months ended September 30, 2016, compared to $16.3 million for the same period in 2015, an increase of $0.8 million, or 4.8%, primarily attributable to incremental amortization from our newly acquired stations of $1.3 million, partially offset by the prior year write down of the net receivable value of the broadcast rights.

Interest Expense, net

Interest expense, net was $71.3 million for the nine months ended September 30, 2016, compared to $60.1 million for the same period in 2015, an increase of $10.8 million, or 17.9%, primarily attributable to increased borrowings during 2015 and 2016 to fund our acquisitions.

Income Taxes

Income tax expense was $50.9 million for the nine months ended September 30, 2016, compared to $29.3 million for the same period in 2015. The effective tax rates were 41.2% and 37.5% for each of the respective periods. Our station acquisitions reduced our blended state tax rate in 2015 resulting in an income tax benefit of $1.7 million, or a 2.1% impact to the effective tax rate. Additionally, the nondeductible change in the fair value of contingent consideration in 2016 resulted in a 1.0% increase in the effective tax rate.

Liquidity and Capital Resources

The Company is highly leveraged, which makes it 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, debt reduction, dividends and stock repurchases.

Overview

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

	Nine Months Ended September 30,
	2016			2015
Net cash provided by operating activities	$	162,994		$	140,655
Net cash used in investing activities		(129,027	)		(453,949	)
Net cash (used in) provided by financing activities		(48,127	)		204,738
Net decrease in cash and cash equivalents	$	(14,160	)	$	(108,556	)
Cash paid for interest	$	68,111		$	46,159
Cash paid for income taxes, net of refunds	$	27,405		$	23,437

	As of		As of
	September 30,		December 31,
	2016		2015
Cash and cash equivalents	$	29,256	$	43,416
Long-term debt including current portion		2,348,170		1,476,214
Unused revolving loan commitments under senior secured credit facilities(1)		103,000		103,000

(1) Based on covenant calculations as of September 30, 2016, all of the $103.0 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 $22.3 million during the nine months ended September 30, 2016 compared to the same period in 2015. This was primarily due to an increase in net revenue (excluding trade and barter) of $149.2 million less an increase in station and corporate operating expenses (excluding stock compensation and other non-cash station operating expenses) of $87.3 million, and source of cash resulting from timing of payments to vendors of $4.1 million. These transactions were partially offset by timing of collections of accounts receivable of $11.2 million, an increase in cash paid for interest of $21.9 million, an increase in payments for income taxes of $4.0 million, an increase in payments for broadcast rights of $1.0 million and an increase in the impact of the excess tax benefit from stock option exercises of $5.5 million.

Cash paid for interest increased by $21.9 million during the nine months ended September 30, 2016 compared to the same period in 2015, primarily due to our pre-funding of $14.1 million interest on the 5.625% Notes pursuant to the terms of the indenture and increased borrowings during 2015 and 2016 to fund our acquisitions.

Cash Flows – Investing Activities

Net cash flows used in investing activities decreased by $324.9 million during the nine months ended September 30, 2016 compared to the same period in 2015. In 2016, we acquired certain assets of four full power stations in four markets in West Virginia and paid $58.5 million. Additionally, we completed the acquisition of five full power stations for total payments of $45.5 million. In 2015, we completed the acquisitions of Communications Corporation of America (“CCA”), KASW, Yashi, Inc. (“Yashi”) and KLAS for total payments of $459.7 million. We also paid a deposit of $2.2 million upon signing a purchase agreement in September 2015 to acquire four full power television stations from Reiten. These cash payments were partially offset by the sale of a CCA station for $26.8 million in cash and certain real estate properties we owned for $2.1 million in cash.

Capital expenditures during the nine months ended September 30, 2016 increased by $4.4 million compared to the same period in 2015, primarily due to capital expenditures for acquired stations and entities.

Cash Flows – Financing Activities

Net cash flows provided by financing activities decreased by $252.9 million during the nine months ended September 30, 2016 compared to the same period in 2015.

In 2016, we borrowed a total of $58.0 million under our revolving credit facility to fund our acquisitions. We also received $0.4 million proceeds from stock option exercises and recognized a $13.4 million excess tax benefit from stock-based compensation arrangements. These cash flow increases were partially offset by repayments of outstanding obligations under our revolving credit facility of $58.0 million, scheduled repayments of outstanding principal balance under our, Mission’s and Marshall’s term loans of $15.1 million, payments for debt financing costs of $19.3 million, payments of dividends to our common stockholders of $22.1 million ($0.24 per share each quarter), payments for contingent consideration related to an entity acquired in October 2015 of $2.0 million, payments for capital lease obligations of $2.7 million and distribution to a noncontrolling interest of $0.6 million.

In 2015, we issued our $275.0 million 6.125% Notes due 2022 at par. We also borrowed a total amount of $139.9 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 $3.3 million proceeds from stock option exercises and recognized a $7.9 million excess tax benefit from stock-based compensation arrangements. Additionally, Marshall borrowed $2.0 million under its revolving credit facility. These cash flow increases were partially offset by $48.7 million repurchases of our Class A common stock, $11.0 million scheduled repayments of outstanding principal balance under our, Mission’s and Marshall’s term loans, repayments of outstanding obligations under the Company’s revolving credit facilities of $140.5 million, payments of dividends to our common stockholders of $17.9 million ($0.19 per share each quarter), payments for debt financing costs of $3.0 million and payments for capital lease obligations of $2.3 million.

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

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Future Sources of Financing and Debt Service Requirements

As of September 30, 2016, we, Mission and Marshall had total combined debt of $2.3 billion, which represented 93.9% 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 $103.0 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 September 30, 2016. 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 January 27, 2016, we entered into a definitive merger agreement with Media General, whereby we will acquire Media General’s outstanding equity for approximately $2.3 billion in cash and stock consideration, estimated based on the $57.71 market price per share of our Class A common stock on September 30, 2016 and Media General’s diluted common shares outstanding, plus the potential CVR entitling Media General shareholders to net cash proceeds, if any, from the sale of Media General’s spectrum in the FCC’s spectrum auction. We have received committed financing up to a maximum of $4.7 billion from a group of commercial banks to provide the debt financing in the form of credit facilities and notes to consummate the merger and to refinance certain existing indebtedness of the Company and Media General.

On July 27, 2016, Nexstar Escrow completed the issuance and sale of $900.0 million of 5.625% Notes at par. These notes will mature on August 1, 2024 and interest is payable semiannually in arrears on February 1 and August 1 of each year beginning on February 1, 2017. The gross proceeds of the 5.625% Notes, plus our pre-funding of $14.1 million interest, have been deposited into a segregated escrow account which cannot be utilized until the Escrow Release Conditions of the 5.625% Notes are satisfied. Among other things, the Escrow Release Conditions include the consummation of our merger with Media General and our assumption of all of the obligations of Nexstar Escrow under the 5.625% Notes, which are all expected to occur in the fourth quarter of 2016. Following satisfaction of the Escrow Release Conditions, the proceeds from the 5.625% Notes will be used to partially finance the merger, to refinance certain existing indebtedness of Nexstar and Media General, to pay related fees and expenses and for general corporate purposes. If the merger is not consummated on or prior to April 27, 2017, or if the merger agreement is terminated, the 5.625% Notes are subject to a special mandatory redemption equal to the principal amount of the notes, plus accrued and unpaid interest, if any, from the issue date of the 5.625% Notes up to, but not including, the date of such special mandatory redemption.

The proposed merger is subject to FCC and other regulatory approval and other customary closing conditions. In order to comply with the FCC’s local television ownership rule, to meet the U.S. television household national ownership cap and to obtain FCC and Department of Justice approval of the proposed merger, we have entered into various definitive agreements during May and June 2016 to sell 13 stations in 12 markets for a total consideration of $547.8 million, plus working capital adjustments. The proceeds are expected to be used to partially finance the merger and to refinance certain existing indebtedness of Nexstar and Media General.

We expect the merger, the required divestitures, our assumption of the 5.625% Notes from the Escrow Issuer and the debt refinancing to be completed in the fourth quarter of 2016.

The merger agreement also contains certain termination rights for both us and Media General. If the merger agreement is terminated in connection with Media General entering into a definitive agreement for a superior proposal, as well as under certain other circumstances, the termination fee payable to us will be $80.0 million. The merger agreement also provides that we will be required to pay a termination fee to Media General of $80.0 million if the merger agreement is terminated under certain circumstances. Either party may terminate the merger agreement if the merger is not consummated on or before January 27, 2017, with an automatic extension to April 27, 2017, if necessary to obtain regulatory approval under circumstances specified in the merger agreement.

In January 2016, we acquired certain assets of four full power stations in four markets in West Virginia for $65.0 million in cash (including a $6.5 million deposit paid in November 2015). We expect to acquire the remaining assets of these stations at the end of 2016 and pay the remaining purchase price of $65.0 million, subject to adjustments for working capital, to be funded through cash on hand upon closing and borrowings under our existing credit facility.

In connection with our acquisition of an entity in October 2015, we have a remaining commitment to pay the sellers $5.0 million in cash if a certain revenue target is met during the fourth quarter of 2016. We expect to fund the cash payments in accordance with the purchase agreement through a combination of cash to be generated from operations and borrowings under our senior secured credit facility.

On October 20, 2016, our Board of Directors declared a quarterly dividend of $0.24 per share of our Class A common stock. The dividend is payable on November 18, 2016 to stockholders of record on November 4, 2016.

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The following table summarizes the principal indebtedness scheduled to mature for the periods referenced as of September 30, 2016 (in thousands):

			Remainder
	Total		of 2016		2017-2018		2019-2020		Thereafter
Nexstar senior secured credit facility	$	396,547	$	4,940	$	140,738	$	250,869	$	-
Mission senior secured credit facility		226,475		583		4,670		221,222		-
Marshall senior secured credit facility		54,800		1,500		53,300		-		-
6.875% senior unsecured notes due 2020		525,000		-		-		525,000		-
6.125% senior unsecured notes due 2022		275,000		-		-		-		275,000
5.625% senior unsecured notes due 2024		900,000		-		-		-		900,000
	$	2,377,822	$	7,023	$	198,708	$	997,091	$	1,175,000

We make semiannual interest payments on our $525.0 million 6.875% Notes on May 15 and November 15 of each year. We also make semiannual interest payments on our $275.0 million 6.125% Notes on February 15 and August 15 of each year. 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. We will make semiannual interest payments on the 5.625% Notes on February 1 and August 1 of each year beginning on February 1, 2017.

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 does not have any rating downgrade triggers that would accelerate the maturity dates of its debt. However, a downgrade in the Company’s credit rating could adversely affect its ability to renew the existing credit facilities, obtain access to new credit facilities or otherwise issue debt in the future and could increase the cost of such debt.

Debt Covenants

Our 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, the 6.125% Notes and the 5.625% 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 the respective notes for a period of at least the next twelve months from September 30, 2016.

No Off-Balance Sheet Arrangements

As of September 30, 2016, 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, White Knight, Parker and WVMH 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 it 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 business acquisitions, goodwill and intangible assets, property and equipment, bad debts, broadcast rights, retransmission revenue, 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, 2015. Management believes that as of September 30, 2016, 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, 2015 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 September 30, 2016 under the Company’s senior secured credit facilities bear interest rates ranging from 2.5% 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 2.5% at September 30, 2016. Interest is payable in accordance with the credit agreements.

If LIBOR were to increase by 100 basis points, or one percentage point, from its September 30, 2016 level, the Company’s annual interest expense would increase and cash flow from operations would decrease by approximately $4.5 million, based on the outstanding balances of the Company’s senior secured credit facilities as of September 30, 2016. Due to the LIBOR floor on certain of the Company’s term loans, an increase of 50 basis points in LIBOR would result in a $1.1 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 increase by $1.0 million. Our 6.875% Notes, 6.125% Notes and 5.625% Notes are fixed rate debt obligations and therefore are not exposed to market interest rate changes. As of September 30, 2016, 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 September 30, 2016, 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, 2015.

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 September 30, 2016 and December 31, 2015 and for the three and nine months ended September 30, 2016 and 2015, 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
2.1	Agreement and Plan of Merger, dated as of January 27, 2016, by and between Nexstar Broadcasting Group, Inc., Media General, Inc., and Neptune Merger Sub, Inc. (Incorporated by reference to Exhibit 2.1 to Current Report on Form 8-K (File No. 000-50478) filed by Nexstar Broadcasting Group, Inc. on January 28, 2016). +
4.1	Indenture, dated as of July 27, 2016, between Nexstar Escrow Corporation, as issuer, 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 July 29, 2016).
10.1	Commitment Letter, dated as of January 27, 2016, by and among Nexstar Broadcasting Group, Inc., Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse Securities (USA) LLC, Credit Suisse AG, Deutsche Bank AG New York Branch, Deutsche Bank AG Cayman Islands Branch and Deutsche Bank Securities 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 January 28, 2016).
10.2	Voting and Support Agreement, dated as of January 27, 2016, by and between Nexstar Broadcasting Group, Inc., Media General, Inc. and the other parties thereto. (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 January 28, 2016).
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 September 30, 2016 from this Quarterly Report on Form 10-Q, formatted in XBRL (eXtensible Business Reporting Language).*

+ Schedules have been omitted from this filing pursuant to Item 601(b)(2) of Regulation S-K. A copy of any omitted schedule will be furnished to the Securities and Exchange Commission upon request.

* 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: November 8, 2016

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 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: November 8, 2016

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 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: November 8, 2016

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 September 30, 2016 (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: November 8, 2016	/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 September 30, 2016 (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: November 8, 2016	/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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Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 07, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q3
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		30,704,854

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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands		Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents		$ 29,256	$ 43,416
Accounts receivable, net of allowance for doubtful accounts of $6,128 and $5,369, respectively		214,404	192,991
Broadcast rights		15,495	16,297
Prepaid expenses and other current assets		27,866	7,324
Total current assets		287,021	260,028
Property and equipment, net		283,600	266,583
Goodwill		488,432	451,662
FCC licenses		542,524	489,335
Other intangible assets, net		336,406	314,361
Restricted cash		900,402
Other noncurrent assets, net		82,311	53,165
Total assets	[1]	2,920,696	1,835,134
Current liabilities:
Current portion of debt		28,093	22,139
Current portion of broadcast rights payable		16,750	17,510
Accounts payable		25,388	25,936
Accrued expenses		70,364	60,559
Interest payable		24,751	10,939
Other current liabilities		15,804	8,978
Total current liabilities		181,150	146,061
Debt		2,320,077	1,454,075
Deferred tax liabilities		111,079	101,764
Other noncurrent liabilities		40,789	46,861
Total liabilities	[1]	2,653,095	1,748,761
Commitments and contingencies
Stockholders' equity:
Preferred stock - $0.01 par value, 200,000 shares authorized; none issued and outstanding at each of September 30, 2016 and December 31, 2015
Additional paid-in capital		392,836	396,224
Accumulated deficit		(197,065)	(268,120)
Treasury stock - at cost; 916,515 and 993,565 shares at September 30, 2016 and December 31, 2015, respectively		(43,619)	(47,746)
Total Nexstar Broadcasting Group, Inc. stockholders' equity		152,468	80,674
Noncontrolling interests in consolidated variable interest entities		115,133	5,699
Total stockholders' equity		267,601	86,373
Total liabilities and stockholders' equity		2,920,696	1,835,134
Class A Common Stock [Member]
Stockholders' equity:
Common stock		316	316
Total stockholders' equity		$ 316	$ 316

[1] The consolidated total assets as of September 30, 2016 and December 31, 2015 include certain assets held by consolidated VIEs of $227.1 million and $119.9 million, respectively, which are not available to be used to settle the obligations of Nexstar. The consolidated total liabilities as of September 30, 2016 and December 31, 2015 include certain liabilities of consolidated VIEs of $38.0 million and $40.7 million, respectively, 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 BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Accounts receivable, allowance for doubtful accounts	$ 6,128	$ 5,369
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
Treasury Stock, Shares	916,515	993,565
Consolidated VIEs [Member]
ASSETS
Consolidated VIEs, Assets	$ 227,132	$ 119,909
LIABILITIES AND STOCKHOLDERS' EQUITY
Consolidated VIEs, Liabilities	$ 38,045	$ 40,715
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	31,621,369	31,621,369
Common stock, shares outstanding	30,704,854	30,627,804
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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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues [Abstract]
Net revenue	$ 275,659	$ 223,031	$ 793,311	$ 644,115
Operating expenses:
Direct operating expenses, excluding depreciation and amortization	100,744	78,551	283,802	219,618
Selling, general, and administrative expenses, excluding depreciation and amortization	63,602	56,426	197,539	170,272
Amortization of broadcast rights	14,034	15,312	44,060	44,566
Amortization of intangible assets	11,505	11,351	34,903	35,648
Depreciation	12,877	13,076	38,174	35,250
Total operating expenses	202,762	174,716	598,478	505,354
Income from operations	72,897	48,315	194,833	138,761
Interest expense, net	(29,622)	(20,396)	(70,853)	(60,080)
Other expenses	(126)	(115)	(409)	(383)
Income before income taxes	43,149	27,804	123,571	78,298
Income tax expense	(17,533)	(10,649)	(50,882)	(29,331)
Net income (loss)	25,616	17,155	72,689	48,967
Net (income) loss attributable to noncontrolling interests	(817)	127	(1,634)	1,543
Net income attributable to Nexstar Broadcasting Group, Inc.	$ 24,799	$ 17,282	$ 71,055	$ 50,510
Net income per common share attributable to Nexstar Broadcasting Group, Inc.:
Basic	$ 0.81	$ 0.55	$ 2.32	$ 1.62
Diluted	$ 0.78	$ 0.54	$ 2.25	$ 1.57
Weighted average number of common shares outstanding:
Basic	30,695	31,262	30,678	31,261
Diluted	31,698	32,151	31,619	32,263
Dividends declared per common share	$ 0.24	$ 0.19	$ 0.72	$ 0.57

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CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands	Total	Class A Common Stock [Member]	Class B Common Stock [Member]	Class C Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Treasury Stock [Member]	Noncontrolling interest in a consolidated variable interest entity [Member]
Balance at Dec. 31, 2015	$ 86,373	$ 316			$ 396,224	$ (268,120)	$ (47,746)	$ 5,699
Balance, Shares at Dec. 31, 2015		31,621,369	0	0
Balance, Shares at Dec. 31, 2015	(993,565)						(993,565)
Stock-based compensation expense	$ 9,002				9,002
Vesting of restricted stock units and exercise of stock options	387				(3,740)		$ 4,127
Vesting of restricted stock units and exercise of stock options, shares							77,050
Excess tax benefit from stock option exercises	13,428				13,428
Common stock dividends declared	(22,078)				(22,078)
Consolidation of variable interest entities	108,543							108,543
Purchase of noncontrolling interests	(100)							(100)
Distribution to a noncontrolling interest	(643)							(643)
Net income	72,689					71,055		1,634
Balance at Sep. 30, 2016	$ 267,601	$ 316			$ 392,836	$ (197,065)	$ (43,619)	$ 115,133
Balance, Shares at Sep. 30, 2016		31,621,369	0	0
Balance, Shares at Sep. 30, 2016	(916,515)						(916,515)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income	$ 72,689	$ 48,967
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for bad debt	2,250	1,764
Amortization of broadcast rights, excluding barter	17,075	16,297
Depreciation of property and equipment	38,174	35,250
Amortization of intangible assets	34,903	35,648
(Gain) loss on asset disposal, net	(518)	922
Amortization of debt financing costs and debt discounts	3,394	2,756
Stock-based compensation expense	9,002	8,515
Deferred income taxes	30,150	26,513
Payments for broadcast rights	(17,242)	(16,280)
Deferred gain recognition	(327)	(327)
Amortization of deferred representation fee incentive	(880)	(836)
Non-cash representation contract termination fee		1,516
Excess tax benefit from stock option exercises	(13,428)	(7,914)
Change in the fair value of contingent consideration	3,483
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable	(22,845)	(11,633)
Prepaid expenses and other current assets	(20,387)	(2,002)
Other noncurrent assets	(132)	361
Accounts payable, accrued expenses and other current liabilities	14,737	10,600
Taxes payable	(48)	(20,699)
Interest payable	13,812	11,165
Other noncurrent liabilities	(868)	72
Net cash provided by operating activities	162,994	140,655
Cash flows from investing activities:
Purchases of property and equipment	(25,642)	(21,282)
Deposits and payments for acquisitions, net of cash acquired	(103,970)	(461,678)
Proceeds from sale of a station		26,805
Proceeds from disposals of property and equipment	585	2,206
Net cash used in investing activities	(129,027)	(453,949)
Cash flows from financing activities:
Proceeds from long-term debt	58,000	416,950
Repayments of long-term debt	(73,115)	(151,518)
Payments for debt financing costs	(19,282)	(3,225)
Purchase of treasury stock		(48,660)
Proceeds from exercise of stock options	387	3,327
Excess tax benefit from stock option exercises	13,428	7,914
Common stock dividends paid	(22,078)	(17,870)
Purchase of noncontrolling interests	(100)
Contribution from a noncontrolling interest		100
Distribution to a noncontrolling interest	(643)
Payments for capital lease obligations	(2,724)	(2,280)
Payments for contingent consideration in connection with an acquisition	(2,000)
Net cash (used in) provided by financing activities	(48,127)	204,738
Net decrease in cash and cash equivalents	(14,160)	(108,556)
Cash and cash equivalents at beginning of period	43,416	131,912
Cash and cash equivalents at end of period	29,256	23,356
Supplemental information:
Interest paid	68,111	46,159
Income taxes paid, net of refunds	27,405	23,437
Non-cash investing and financing activities:
Accrued purchases of property and equipment	653	1,661
Noncash purchases of property and equipment	737	$ 3,863
Proceeds from the issuance of debt directly deposited into escrow	900,402
Consolidation of variable interest entities	108,543
Accrued debt financing costs	$ 798

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Organization and Business Operations

9 Months Ended

Sep. 30, 2016

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Business Operations

1.  Organization and Business Operations

As of September 30, 2016, Nexstar Broadcasting Group, Inc. and its wholly-owned subsidiaries (“Nexstar”) owned, operated, programmed or provided sales and other services to 104 full power television stations, including those owned by variable interest entities (“VIEs”), in 62 markets in the states of Alabama, Arizona, Arkansas, California, Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Maryland, Michigan, Missouri, Montana, Nevada, New York, North Dakota, Pennsylvania, Tennessee, Texas, Utah, Vermont, Virginia, West Virginia and Wisconsin. The stations are affiliates of ABC, NBC, FOX, CBS, The CW, MyNetworkTV and other broadcast television networks. Through various local service agreements, Nexstar provided sales, programming and other services to 30 full power television stations owned and/or operated by independent third parties.

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Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2016

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. On August 2, 2016, Nexstar became the primary beneficiary of its variable interests in the stations currently owned by West Virginia Media Holdings, LLC (“WVMH”) and consolidated these stations as of that date. See Note 2—Variable Interest Entities for additional information.

The following are assets of consolidated VIEs that are not available to settle the obligations of Nexstar and liabilities of consolidated VIEs for which their creditors do not have recourse to the general credit of Nexstar (in thousands):

	September 30,		December 31,
	2016		2015
Current assets	$	4,342	$	2,910
Property and equipment, net		7,075		4,004
Goodwill		46,314		18,182
FCC licenses		114,791		74,312
Other intangible assets, net		54,187		20,112
Other noncurrent assets, net		423		389
Total assets		227,132		119,909
Current liabilities		12,436		14,288
Noncurrent liabilities		25,609		26,427
Total liabilities	$	38,045	$	40,715

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 September 30, 2016 and for the three and nine months ended September 30, 2016 and 2015 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, 2015. The balance sheet as of December 31, 2015 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

Nexstar 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 agreement 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. As of January 1, 2016, the Company adopted ASU No. 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation Analysis, which did not change the consolidation status of any of the Company’s VIEs.

Consolidated VIEs

Mission Broadcasting, Inc. (“Mission”), Marshall Broadcasting Group, Inc. (“Marshall”), White Knight Broadcasting (“White Knight”) 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 the stations owned by these entities, (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, White Knight and Parker, hiring and firing of sales force personnel and (4) purchase options granted by Mission and White Knight which permit Nexstar to acquire the assets and assume the liabilities of each Mission and White Knight station, subject to Federal Communications Commission (“FCC”) consent.

In connection with Nexstar’s acquisition of four full power television stations from WVMH, Nexstar began providing programming and sales services to these stations through a TBA with WVMH effective December 1, 2015. Pursuant to the terms of the agreement, Nexstar will pay an aggregate base fee of $7.5 million in equal monthly payments from the effective date through the final closing of the acquisition which is expected to occur at the end of 2016. Nexstar has determined that it has variable interests in the WVMH stations. However, if the acquisition is not consummated for reasons beyond the control of Nexstar and WVMH, the TBA will terminate no later than June 30, 2017. Thus, Nexstar previously determined that it was not the primary beneficiary of its variable interests on these stations. On August 2, 2016, Nexstar received approval from the FCC to acquire the stations’ remaining assets. Due to this development, the acquisition becomes probable of occurring and Nexstar now holds the ultimate power to direct the activities that most significantly impact the stations’ economic performance including developing the annual operating budget, advertising sales and oversight and control of sales force personnel. Therefore, Nexstar became the primary beneficiary of its variable interests and consolidated these stations as of August 2, 2016. See Note 3 for additional information.

The following table summarizes the various local service agreements Nexstar had in effect as of September 30, 2016 with Mission, Marshall, Parker, White Knight and WVMH:

Service Agreements	Owner	Full Power Stations
TBA Only	Mission	WFXP and KHMT
	Parker	KFQX
	WVMH	WOWK, WTRF, WVNS and WBOY
SSA & JSA	Mission	KJTL, KLRT, KASN, KOLR, KCIT, KAMC, KRBC, KSAN, WUTR, WAWV, WYOU, KODE, WTVO, KTVE, WTVW and WVNY
	Marshall	KLJB, KPEJ and KMSS
	White Knight	WVLA, KFXK, KSHV

Nexstar’s ability to receive cash from Mission, Marshall, Parker, White Knight and the WVMH stations 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, White Knight and WVMH maintain complete responsibility for and control over programming, finances, personnel and operation of their stations.

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

	September 30,		December 31,
	2016		2015
Current assets:
Cash and cash equivalents	$	7,030	$	6,137
Accounts receivable, net		20,108		16,400
Prepaid expenses and other current assets		3,822		3,460
Total current assets		30,960		25,997
Property and equipment, net		30,919		29,681
Goodwill		97,955		69,825
FCC licenses		114,791		74,312
Other intangible assets, net		89,114		58,053
Other noncurrent assets, net		16,097		22,572
Total assets	$	379,836	$	280,440
Current liabilities:
Current portion of debt	$	8,334	$	6,985
Interest payable		27		28
Other current liabilities		12,436		14,288
Total current liabilities		20,797		21,301
Debt		270,406		276,131
Other noncurrent liabilities		25,609		26,427
Total liabilities	$	316,812	$	323,859

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 this station because it does not have the ultimate power to direct the activities that most significantly impact the station’s economic performance, which we define as 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 local service 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 agreement consists of the fees paid to Cunningham. Additionally, Nexstar indemnifies the owners 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 discussed above, Nexstar previously determined that it was not the primary beneficiary of its variable interests in the stations currently owned by WVMH. On August 2, 2016, Nexstar became the primary beneficiary of its variable interests and consolidated these stations as of that date.

As of September 30, 2016 and December 31, 2015, Nexstar had balances in accounts payable of $0.2 million and $0.8 million, respectively, for fees under these arrangements and had receivables for advertising aired on these stations of $0.6 million and $1.0 million, respectively. Fees incurred under these arrangements of $0.2 million and $0.1 million for the three months ended September 30, 2016 and 2015, respectively, and $4.0 million and $0.5 million during each of the nine months then ended, were included in direct operating expenses in the Condensed Consolidated Statements of Operations.

Financial Instruments

The carrying amounts of cash and cash equivalents, accounts receivable, broadcast rights, accounts payable, broadcast rights payable and accrued expenses approximate fair value due to their short-term nature.

On July 27, 2016, Nexstar Escrow Corporation (“Nexstar Escrow”), a wholly-owned subsidiary of Nexstar, completed the sale and issuance of $900.0 million of 5.625% Senior Unsecured Notes due 2024 at par (the “5.625% Notes”). The gross proceeds from these notes, plus Nexstar’s pre-funding of $14.1 million interest, have been deposited into a segregated escrow account and invested into money market funds and government obligations which are valued using quoted prices in active markets for identical assets (Level 1). These funds are restricted until certain conditions are satisfied, including the consummation of Nexstar’s proposed merger with Media General, Inc. (“Media General”) (See Notes 3 and 6). As of September 30, 2016, the pre-funded interest is included in prepaid expenses and other current assets and the gross proceeds from the notes plus the investment income earned are presented as non-current restricted cash in the accompanying Condensed Consolidated Balance Sheet.

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				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Weighted average shares outstanding - basic		30,695		31,262		30,678		31,261
Dilutive effect of equity incentive plan instruments		1,003		889		941		1,002
Weighted average shares outstanding - diluted		31,698		32,151		31,619		32,263

Stock options and restricted stock units to acquire a weighted average of 224,000 shares and 879,000 shares for the three months ended September 30, 2016 and 2015, respectively, and 468,000 shares and 932,000 shares during each of the respective nine months then ended of Class A common stock were excluded from the computation of diluted earnings per share, because their impact would have been anti-dilutive.

Income Taxes

The Company expects to be able to utilize the excess tax benefits related to stock option exercises that occurred in 2013 during the 2016 tax year.  This resulted in a recognition of $13.2 million of deferred tax assets through accumulated paid in capital during the nine months ended September 30, 2016.

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) (ASU 2014-09), 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, 2017. 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 April 2015, the FASB issued ASU 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement (ASU 2015-05). ASU 2015-05 provides guidance to customers about whether a cloud computing arrangement includes software. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance does not change the accounting for a customer’s service contracts. The Company has applied the change in accounting prospectively as of January 1, 2016. The change in accounting principle did not have a significant impact on the Company’s results of operations, cash flows or stockholders’ equity.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (ASU 2016-02). The new guidance requires the recording of assets and liabilities arising from leases on the balance sheet accompanied by enhanced qualitative and quantitative disclosures in the notes to the financial statements.  The new guidance is expected to provide transparency of information and comparability among organizations. ASU 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact of the provisions of the accounting standard update.

In March 2016, the FASB issued ASU No. 2016-07, Investments – Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting (ASU 2016-07). The purpose of the amendment eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments in ASU 2016-07 are effective for interim and annual reporting periods beginning after December 15, 2016. The Company does not expect the implementation of this standard to have a material impact on its financial position or results of operations.

In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). The standard is intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification on the statement of cash flows and forfeitures. ASU 2016-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is permitted. The Company is currently evaluating the impact of the provisions of the accounting standard update.

In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (ASU 2016-08). The purpose of ASU 2016-08 is to clarify the implementation of guidance on principal versus agent considerations. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (ASU 2016-10), which clarifies the implementation guidance in identifying performance obligations in a contract and determining whether an entity’s promise to grant a license provides a customer with either a right to use the entity’s intellectual property (which is satisfied at a point in time) or a right to access the entity’s intellectual property (which is satisfied over time). In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients (ASU 2016-12). The standard amends guidance in the new revenue standard on collectibility, noncash consideration, presentation of sales tax, and transition and are intended to address implementation issues that were raised by stakeholders and provide additional practical expedients. The effective date and transition requirements for ASU 2016-08, ASU 2016-10 and ASU 2016-12 are the same as those for ASU 2014-09 discussed above. The Company is currently evaluating the impact of these updates on its financial statements.

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) (ASU 2016-15). The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities that are required to present a statement of cash flows under FASB Accounting Standards Codification 230, Statement of Cash Flows. The amendments in ASU 2016-15 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted, including adoption during an interim period. The Company does not expect the implementation of this standard to have a material impact on its statements of cash flows.

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Acquisitions and Dispositions

9 Months Ended

Sep. 30, 2016

Business Combinations [Abstract]

Acquisitions and Dispositions

3.  Acquisitions and Dispositions

WVMH

On November 16, 2015, Nexstar entered into a definitive agreement to acquire the assets of four CBS and NBC full power television stations from WVMH for $130.0 million in cash, subject to adjustments for working capital. The stations affiliated with CBS are WOWK in the Charleston-Huntington, West Virginia market, WTRF in the Wheeling, West Virginia-Steubenville, Ohio market and WVNS in the Bluefield-Beckley-Oak Hill, West Virginia market. WBOY in the Clarksburg-Weston, West Virginia market is affiliated with NBC. The acquisition will allow Nexstar entrance into these markets. Nexstar began providing programming and sales services to these stations pursuant to a TBA effective December 1, 2015 which will terminate upon completion of the acquisition.

On January 4, 2016, Nexstar completed the first closing of the transaction and acquired the stations’ assets excluding certain transmission equipment, the FCC licenses and network affiliation agreements for $65.0 million, including a deposit paid upon signing the purchase agreement of $6.5 million, all funded through a combination of cash on hand and borrowings under Nexstar’s revolving credit facility (See Note 6).

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

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

Other intangible assets are amortized over an estimated weighted average useful life of three years.

The arrangement with WVMH allows Nexstar to return the assets acquired in the first closing if the second closing cannot be completed for reasons beyond the control of Nexstar and WVMH. Since not all assets needed to operate the stations were acquired in January 2016, the first closing does not represent an acquisition of a business. Thus, the excess of total payments in the first closing over the provisional fair values of the assets acquired and liabilities assumed was considered a deposit.

As discussed in Note 2, Nexstar became the primary beneficiary of its variable interests in WVMH’s stations upon receiving FCC approval on August 2, 2016 to acquire the stations’ remaining assets. Therefore, Nexstar has consolidated these assets under authoritative guidance related to the consolidation of VIEs as of this date. Subject to final determination, which is expected to occur within twelve months of the acquisition date, the provisional fair values of the remaining assets consolidated are as follows (in thousands):

Broadcast rights	$	527
Property and equipment		3,489
FCC licenses		41,230
Network affiliation agreements		35,387
Goodwill		28,437
Consolidated assets of VIEs		109,070
Less: Broadcast rights payable		(527	)
Consolidated net asset of VIEs	$	108,543

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.

The consolidation of the remaining assets of the WVMH stations resulted in non-controlling interests of $108.5 million, representing the estimated fair value attributable to the owners.

The remaining purchase price of $65.0 million is expected to be funded through cash generated from operations prior to the second closing and borrowings under Nexstar’s senior secured credit facility which is expected to occur at the end of 2016. Transaction costs relating to this acquisition, including legal and professional fees of $0.1 million, were expensed as incurred during the nine months ended September 30, 2016.

The stations’ net revenue of $9.0 million and operating income of $1.5 million from August 2, 2016 to September 30, 2016 have been included in the accompanying Condensed Consolidated Statements of Operations.

Reiten

On February 1, 2016, Nexstar completed the acquisition of the assets of four full power television stations from Reiten Television, Inc. (“Reiten”) for $44.0 million in cash, funded by a combination of cash on hand and borrowings under Nexstar’s revolving credit facility (See Note 6). The purchase price includes a $2.2 million deposit paid by Nexstar upon signing the purchase agreement in September 2015. The stations, all affiliated with CBS at acquisition, are KXMA, KXMB, KXMC and KXMD in the Minot-Bismarck-Dickinson, North Dakota market. KXMA, KXMB and KXMD are satellite stations of KXMC. This acquisition allows Nexstar entrance into this market. Transaction costs relating to this acquisition, including legal and professional fees of $0.1 million, were expensed as incurred during the nine months ended September 30, 2016.

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

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

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 two and a half years.

The stations’ net revenue of $2.6 million and break-even from operations during the three months ended September 30, 2016 and net revenue of $8.1 million and operating income of $0.7 million from the date of acquisition to September 30, 2016 have been included in the accompanying Condensed Consolidated Statements of Operations.

KCWI

On March 14, 2016, Nexstar completed the acquisition of the assets of KCWI, the CW affiliate in the Des Moines-Ames, Iowa market, from Pappas Telecasting of Iowa, LLC (“Pappas”) for $3.9 million. A deposit of $0.2 million was paid upon signing the purchase agreement in October 2014. No significant transaction costs relating to this acquisition were incurred during the nine months ended September 30, 2016.

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

Accounts receivable	$	380
Broadcast rights		1,740
Prepaid expenses and other current assets		40
Property and equipment		1,076
FCC licenses		2,180
Other intangible assets		2
Goodwill		367
Total assets acquired		5,785
Less: Broadcast rights payable		(1,886	)
Less: Accrued expenses		(17	)
Net assets acquired	$	3,882

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.

KCWI’s net revenue of $1.2 million and operating income of $1.1 million during the three months ended September 30, 2016 and net revenue of $2.0 million and operating income of $1.8 million from the date of acquisition to September 30, 2016 have been included in the accompanying Condensed Consolidated Statements of Operations.

Kixer

In October 2015, Lakana LLC, a wholly-owned subsidiary of Nexstar, acquired Kixer, Inc. (“Kixer”) from Centrility, LLC, Keith Bonnici and Know Media, LLC. In addition to the base purchase price that Nexstar paid in October 2015, the sellers could also receive up to $7.0 million in cash payments if certain revenue targets are met during the year 2016 (the “Earnout Payments”). In September 2016, payments totaling $2.0 million were made to the sellers under this arrangement. The estimated fair value of remaining obligations under the Earnout Payments was $4.4 million as of September 30, 2016 and $3.0 million as of December 31, 2015, included in accrued expenses in the Condensed Consolidated Balance Sheets. The increases in the accrual is attributable to periodic re-measurement of the estimated fair value which have been included in selling, general and administrative expense, excluding depreciation and amortization in the accompanying Condensed Consolidated Statements of Operations.

Unaudited Pro Forma Information

The acquisitions of four full power television stations from Reiten, four full power television stations from WVMH, KCWI from Pappas and Kixer from Centrility, LLC, Keith Bonnici and Know Media, LLC are not significant for financial reporting purposes, both individually and in aggregate. Therefore, pro forma information has not been provided for these acquisitions.

Future Acquisition

Media General

On January 27, 2016, Nexstar entered into a definitive merger agreement with Media General, whereby Nexstar will acquire the latter’s outstanding equity for $10.55 per share in cash and 0.1249 of a share of Nexstar’s Class A common stock for each Media General share. The terms of the agreement also include potential additional consideration to Media General shareholders in the form of a non-transferable contingent value right (“CVR”) for each Media General share entitling Media General shareholders to net cash proceeds, if any, from the sale of Media General’s spectrum in the FCC’s spectrum auction. Depending on the timing of the FCC auction, the CVR may be issued before or at the time of the merger. Each unvested Media General stock option outstanding prior to the completion of the merger will become fully vested and will be converted into an option to purchase Nexstar’s Class A common stock, pursuant to the terms of the merger agreement. Additionally, unless the CVR has been issued prior to the completion of the merger, the holders of Media General stock options will also be entitled to one CVR for each share subject to the Media General stock option immediately prior to the completion of the merger. All other equity-based awards of Media General that are outstanding prior to the merger will vest in full and will be converted into the right to receive the cash, stock and contingent consideration as described above, subject to the terms of the merger agreement. The total consideration for this proposed acquisition is approximately $2.3 billion in cash and stock, estimated based on Nexstar’s Class A common stock market price per share of $57.71 on September 30, 2016 and Media General’s diluted common shares outstanding, plus the potential CVR. It is estimated that the existing Nexstar shareholders will own approximately 66% and Media General shareholders will own approximately 34% of the combined company’s outstanding shares after closing. The transaction costs relating to this proposed acquisition, including legal and professional fees of $0.9 million and $7.1 million, were expensed as incurred during the three and nine months ended September 30, 2016, respectively.

The merger agreement contains certain termination rights for both Nexstar and Media General. If the merger agreement is terminated in connection with Media General entering into a definitive agreement for a superior proposal, as well as under certain other circumstances, the termination fee payable to Nexstar will be $80.0 million. The merger agreement also provides that Nexstar will be required to pay a termination fee to Media General of $80.0 million if the merger agreement is terminated under certain circumstances. Either party may terminate the merger agreement if the merger is not consummated on or before January 27, 2017, with an automatic extension to April 27, 2017, if necessary to obtain regulatory approval under circumstances specified in the merger agreement.

Nexstar received committed financing up to a maximum of $4.7 billion from a group of commercial banks to provide the debt financing in the form of credit facilities and notes to consummate the merger and to refinance certain existing indebtedness of the Company and Media General. The debt refinancing will include the outstanding obligations under the Company’s term loans and revolving credit facilities. On July 27, 2016, Nexstar Escrow completed the sale and issuance of $900.0 million of 5.625% Notes at par. The proceeds, which were deposited into a segregated escrow account, are expected to be used to partially finance the merger and to refinance certain existing indebtedness of Nexstar and Media General at closing. See Note 6 for additional information with respect to these notes.

On June 8, 2016, the merger was approved by the shareholders of both companies. The merger is subject to FCC regulatory approval and other customary closing conditions. In order to comply with the FCC’s local television ownership rule, to meet the U.S. television household national ownership cap and to obtain FCC and Department of Justice approval of the proposed merger, Nexstar entered into various definitive agreements in May and June 2016 to sell: (i) the assets of two television stations in two markets to Graham Media Group, Inc. for a total consideration of $120.0 million, plus working capital adjustments, (ii) the assets of two stations in one market to Bayou City Broadcasting Lafayette, Inc. for $40.0 million in cash, plus working capital adjustments, (iii) the assets of one station to Marquee Broadcasting, Inc. for $350 thousand in cash, (iv) the assets of two television stations in two markets to Gray Television Group, Inc. for $270.0 million in cash, plus working capital adjustments, (v) the assets of five stations in five markets to USA Television MidAmerican Holdings, LLC (an affiliate of MSouth Equity Partners and Heartland Media, LLC) for $115.0 million in cash, plus working capital adjustments, and (vi) certain assets of one station to Ramar Communications, Inc. for $2.5 million in cash, plus working capital adjustments. Six of the proposed station divestitures are currently owned by Nexstar and seven are currently owned by Media General. The proceeds are expected to be used to partially finance the merger and the refinancing of certain existing indebtedness of the Company and Media General at closing.

Upon completion of the merger, the required divestitures and the debt refinancing, which are all expected to occur in the fourth quarter of 2016, the combined company will be named Nexstar Media Group, Inc.

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Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2016

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	September 30, 2016							December 31, 2015
	useful life,			Accumulated							Accumulated
	in years	Gross		Amortization			Net		Gross		Amortization			Net
Network affiliation agreements	15	$	659,054	$	(350,693	)	$	308,361	$	614,592	$	(338,016	)	$	276,576
Other definite-lived   intangible assets	1-15		90,398		(62,353	)		28,045		84,921		(47,136	)		37,785
Other intangible assets		$	749,452	$	(413,046	)	$	336,406	$	699,513	$	(385,152	)	$	314,361

The increases in network affiliation agreements and other definite-lived intangible assets relate to Nexstar’s acquisitions as discussed in Note 3.

The following table presents the Company’s estimate of amortization expense for the remainder of 2016, each of the five succeeding years ended December 31 and thereafter for definite-lived intangible assets as of September 30, 2016 (in thousands):

Remainder of 2016	$	11,599
2017		41,614
2018		30,865
2019		28,224
2020		24,910
2021		24,697
Thereafter		174,497
	$	336,406

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, 2015	$	497,653	$	(45,991	)	$	451,662	$	538,756		(49,421	)	$	489,335
Acquisitions and consolidations of VIEs (See Note 3)		36,770		-			36,770		53,189		-			53,189
Balances as of September 30, 2016	$	534,423	$	(45,991	)	$	488,432	$	591,945	$	(49,421	)	$	542,524

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. During the nine months ended September 30, 2016, the Company did not identify any events that would trigger impairment assessment.

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Accrued Expenses

9 Months Ended

Sep. 30, 2016

Payables And Accruals [Abstract]

Accrued Expenses

5.  Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	September 30,		December 31,
	2016		2015
Compensation and related taxes	$	25,005	$	15,810
Network affiliation fees		24,634		22,324
Other		20,725		22,425
	$	70,364	$	60,559

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Debt

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Debt

6.  Debt

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

	September 30,			December 31,
	2016			2015
Term loans, net of financing costs and discount of $7,126 and $8,715, respectively	$	668,696		$	682,223
Revolving loans		2,000			2,000
6.875% Senior unsecured notes due 2020, net of financing costs and discount of $4,533   and $5,223, respectively		520,467			519,777
6.125% Senior unsecured notes due 2022, net of financing costs of $2,500 and $2,786,   respectively		272,500			272,214
5.625% Senior unsecured notes due 2024, net of financing costs of $15,493		884,507			-
		2,348,170			1,476,214
Less: current portion		(28,093	)		(22,139	)
	$	2,320,077		$	1,454,075

2016 Transactions

In January and February 2016, Nexstar borrowed a total of $58.0 million under its revolving credit facility to partially fund the Reiten and WVMH acquisitions discussed in Note 3. Through September 2016, Nexstar fully repaid the $58.0 million outstanding principal balance under its revolving credit facility funded by cash on hand.

Through September 2016, Nexstar, Mission and Marshall paid the contractual maturities under their senior secured credit facilities totaling $15.1 million.

On July 27, 2016, Nexstar Escrow completed the issuance and sale of $900.0 million of 5.625% Notes at par. These notes will mature on August 1, 2024 and interest is payable semiannually in arrears on February 1 and August 1 of each year beginning on February 1, 2017. The gross proceeds of the 5.625% Notes, plus Nexstar’s pre-funding of $14.1 million interest, have been deposited into a segregated escrow account which cannot be utilized until certain conditions are satisfied. Among other things, such conditions include the consummation of the Nexstar and Media General merger and the assumption by Nexstar of all of the obligations of Nexstar Escrow under the 5.625% Notes, which are all expected to occur in the fourth quarter of 2016 (collectively, the “Escrow Release Conditions”). Following satisfaction of the Escrow Release Conditions, the proceeds from the 5.625% Notes will be used to partially finance the merger, to refinance certain existing indebtedness of Nexstar and Media General, to pay related fees and expenses and for general corporate purposes. If the merger is not consummated on or prior to April 27, 2017, or if the merger agreement is terminated, the 5.625% Notes are subject to a special mandatory redemption equal to the principal amount of the notes, plus accrued and unpaid interest, if any, from the issue date of the 5.625% Notes up to, but not including, the date of such special mandatory redemption.

Prior to the consummation of the Nexstar and Media General merger, the 5.625% Notes will not be guaranteed, but will be secured by a first-priority security interest in the escrow account and all deposits and investment property therein. Following satisfaction of the Escrow Release Conditions, the 5.625% Notes will be senior unsecured obligations of Nexstar and will be guaranteed by Mission and certain of Nexstar’s and Mission’s future wholly-owned subsidiaries, subject to certain customary release provisions. The 5.625% Notes will be junior to the secured debt of the Company, including the Nexstar, Mission and Marshall senior secured credit facilities, to the extent of the value of the assets securing such debt. The 5.625% Notes will rank equal to Nexstar’s 6.875% senior unsecured notes due 2020 (the “6.875% Notes”) and 6.125% senior unsecured notes due 2022 (the “6.125% Notes”).

Nexstar recorded $15.8 million in legal, professional and underwriting fees related to the issuance of the 5.625% Notes, which were capitalized as debt finance costs and are amortized over the term of the 5.625% Notes. Debt financing costs are netted against the carrying amount of the related debt.

Unused Commitments and Borrowing Availability

The Company had $103.0 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 September 30, 2016. The Company’s ability to access funds under its senior secured credit facilities depends, in part, on its compliance with certain financial covenants. As of September 30, 2016, Nexstar was in compliance with its financial 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, 6.125% Notes and 5.625% Notes.

Fair Value of Debt

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

	September 30, 2016				December 31, 2015
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Term loans(1)	$	668,696	$	674,070	$	682,223	$	678,045
Revolving loans(1)		2,000		1,984		2,000		1,961
6.875% Senior unsecured notes(2)		520,467		544,525		519,777		534,188
6.125% Senior unsecured notes(2)		272,500		284,625		272,214		269,500
5.625% Senior unsecured notes(2)		884,512		909,000		-		-

(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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FCC Regulatory Matters

9 Months Ended

Sep. 30, 2016

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, which must be completed within 51 months after the completion of the broadcast television incentive auction.

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 August 2016, the FCC adopted a Second Report and Order (the “2016 Ownership Order”) concluding the agency’s 2010 and 2014 quadrennial reviews.  The 2016 Ownership Order (1) retains the existing local television ownership rule and radio/television cross-ownership rule (with minor technical modifications to address the transition to digital television broadcasting), (2) extends the current ban on common ownership of two top-four television stations in a market to network affiliation swaps, (3) retains the existing ban on newspaper/broadcast cross-ownership in local markets while considering waivers and providing an exception for failed or failing entities, (4) retains the existing dual network rule and (5) defines a category of sharing agreements designated as SSAs between stations and requires public disclosure of those SSAs (while not considering them attributable).

In March 2014, the FCC 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 was deemed to have an attributable interest in the latter station for purposes of the local television ownership rule. Parties to newly attributable JSAs that did not comply with the local television ownership rule were given two years to modify or terminate their JSAs to come into compliance. However, subsequent federal legislation extended the JSA compliance deadline until September 30, 2025.

In May 2016, the U.S. Court of Appeals for the Third Circuit issued a decision that vacated the JSA attribution rule and remanded it to the FCC.  The court determined that the FCC had violated the Communications Act by adopting the JSA attribution rule without determining, through the quadrennial review process, that the underlying local television ownership rule remains in the public interest.  In its 2016 Ownership Order, however, the FCC reimposed the JSA attribution rule while extending the compliance period for pre-March 2014 JSAs to September 30, 2025.  If Nexstar is required to modify or terminate its JSAs or other local service agreements, it could lose some or all of the revenues generated from those arrangements due to the reduction in audience reach to its advertisers and receipt of less revenues from them.  The FCC’s 2016 Ownership Order is subject to appeal.

The FCC’s media ownership rules limit the percentage of U.S. television households which a party may reach through its attributable interests in television stations to 39% on a nationwide basis.  Historically, the FCC has counted the ownership of an ultra-high frequency (“UHF”) station as reaching only 50% of a market’s percentage of total national audience. On August 24, the FCC adopted a Report and Order abolishing the UHF discount for the purposes of a licensee’s determination of compliance with the 39% national cap.  This rule change became effective October 24, 2016. Nexstar is in compliance with the 39% national cap limitation and will remain in compliance upon completion of the merger with Media General.

Spectrum

The FCC is seeking to make additional spectrum available to meet future wireless broadband needs. 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. The FCC has released various orders and public notices which set forth procedures for the incentive auction and the subsequent “repacking” of broadcast television spectrum and resolve various technical and other issues related to the incentive auction, the possible sharing of channels by television stations, and the repurposing of television spectrum for broadband use.  The incentive auction commenced on March 29, 2016 and is ongoing.  Nexstar and certain of its local service agreement partners filed applications to participate in the incentive auction. The reallocation of television spectrum for wireless broadband use will require many television stations to change channel or otherwise modify their technical facilities after the incentive auction concludes.  The FCC has solicited comment on a proposed schedule for this transition. The reallocation of 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 impact of the incentive auction and subsequent repacking on 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.  On December 5, 2014, federal legislation extended the joint negotiation prohibition to all non-commonly owned television stations in a market. This new rule requires Mission and other independent third parties with which Nexstar has local service agreements to separately negotiate retransmission consent agreements. The December 2014 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 commenced this proceeding in September 2015 and comments and reply comments have been submitted.  In July 2016, the Chairman of the FCC publicly announced that the agency would not adopt additional rules in this proceeding.

Concurrently with its adoption of the prohibition on certain joint retransmission consent negotiations, the FCC also adopted a further notice of proposed rulemaking which seeks additional 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 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 signals without the consent of the broadcast station violate 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 the Company 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, the Company’s business and results of operations could be materially and adversely affected.

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2016

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 these guarantees would be generally limited to the amount of borrowings outstanding. As of September 30, 2016, Mission had a maximum commitment of $232.2 million under its senior secured credit facility, of which $224.2 million of debt was outstanding, and Marshall had used all of its commitment and had outstanding debt obligations of $54.5 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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Segment Data

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Segment Data

9.  Segment Data

The Company evaluates the performance of its operating segments based on net revenue and operating income. The Company’s broadcast segment includes television stations and related community focused websites that Nexstar owns, operates, programs or provides sales and other services to in various markets across the United States. The other activities of the Company include corporate functions, eliminations and other insignificant operations.

Segment financial information is included in the following tables for the periods presented (in thousands):

Three Months Ended September 30, 2016	Broadcasting		Other			Consolidated
Net revenue	$	257,789	$	17,870		$	275,659
Depreciation		10,978		1,899			12,877
Amortization of intangible assets		8,175		3,330			11,505
Income (loss) from operations		89,511		(16,614	)		72,897

Three Months Ended September 30, 2015	Broadcasting		Other			Consolidated
Net revenue	$	212,504	$	10,527		$	223,031
Depreciation		11,305		1,771			13,076
Amortization of intangible assets		8,405		2,946			11,351
Income (loss) from operations		63,214		(14,899	)		48,315

Nine Months Ended September 30, 2016	Broadcasting		Other			Consolidated
Net revenue	$	745,281	$	48,030		$	793,311
Depreciation		33,137		5,037			38,174
Amortization of intangible assets		24,838		10,065			34,903
Income (loss) from operations		248,493		(53,660	)		194,833

Nine Months Ended September 30, 2015	Broadcasting		Other			Consolidated
Net revenue	$	610,769	$	33,346		$	644,115
Depreciation		30,855		4,395			35,250
Amortization of intangible assets		27,719		7,929			35,648
Income (loss) from operations		181,895		(43,134	)		138,761

As of September 30, 2016	Broadcasting		Other		Consolidated
Goodwill	$	449,735	$	38,697	$	488,432
Assets		1,815,566		1,105,130		2,920,696

As of December 31, 2015	Broadcasting		Other		Consolidated
Goodwill	$	412,965	$	38,697	$	451,662
Assets		1,660,737		174,397		1,835,134

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Condensed Consolidating Financial Information

9 Months Ended

Sep. 30, 2016

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Financial Information

10.  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 wholly-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, excluding consolidating entities. The Nexstar Broadcasting column presents the financial information of Nexstar Broadcasting, Inc. (“Nexstar Broadcasting”), a wholly-owned subsidiary of Nexstar and issuer of the 6.875% Notes and the 6.125% Notes. 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 Enterprise Technology LLC, a wholly-owned subsidiary of Nexstar, 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 September 30, 2016

(in thousands)

			Nexstar					Non-					Consolidated
	Nexstar		Broadcasting		Mission			Guarantors		Eliminations			Company
ASSETS
Current assets:
Cash and cash equivalents	$	-	$	16,239	$	5,657		$	7,360	$	-		$	29,256
Accounts receivable		-		179,788		12,024			22,592		-			214,404
Amounts due from consolidated entities		-		21,188		69,433			-		(90,621	)		-
Other current assets		-		39,038		1,645			2,678		-			43,361
Total current assets		-		256,253		88,759			32,630		(90,621	)		287,021
Investments in subsidiaries		242,149		38,259		-			-		(280,408	)		-
Amounts due from consolidated entities		-		62,360		-			-		(62,360	)		-
Property and equipment, net		-		247,575		20,246			15,854		(75	)		283,600
Goodwill		-		351,780		32,489			104,163		-			488,432
FCC licenses		-		427,733		41,563			73,228		-			542,524
Other intangible assets, net		-		229,911		17,076			89,419		-			336,406
Restricted cash		-		900,402		-			-		-			900,402
Other noncurrent assets		-		66,164		14,797			1,350		-			82,311
Total assets	$	242,149	$	2,580,437	$	214,930		$	316,644	$	(433,464	)	$	2,920,696
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Current portion of debt	$	-	$	19,759	$	2,334		$	6,000	$	-		$	28,093
Accounts payable		-		20,836		1,324			3,228		-			25,388
Amounts due to consolidated entities		-		-		-			90,621		(90,621	)		-
Other current liabilities		-		104,150		6,481			17,038		-			127,669
Total current liabilities		-		144,745		10,139			116,887		(90,621	)		181,150
Debt		-		2,049,671		221,880			48,526		-			2,320,077
Amounts due to consolidated entities		62,570		-		-			-		(62,570	)		-
Other noncurrent liabilities		-		127,677		10,127			14,064		-			151,868
Total liabilities		62,570		2,322,093		242,146			179,477		(153,191	)		2,653,095
TotalNexstarBroadcastingGroup,Inc.   stockholders' equity (deficit)		179,579		258,344		(27,216	)		22,034		(280,273	)		152,468
Noncontrolling interests in consolidated   variable interest entities		-		-		-			115,133		-			115,133
Total liabilities and stockholders' equity (deficit)	$	242,149	$	2,580,437	$	214,930		$	316,644	$	(433,464	)	$	2,920,696

CONDENSED CONSOLIDATING BALANCE SHEET

As of December 31, 2015

(in thousands)

			Nexstar					Non-					Consolidated
	Nexstar		Broadcasting		Mission			Guarantors		Eliminations			Company
ASSETS
Current assets:
Cash and cash equivalents	$	-	$	27,492	$	4,361		$	11,563	$	-		$	43,416
Accounts receivable		-		163,008		9,370			20,613		-			192,991
Amounts due from consolidated entities		-		10,600		51,978			-		(62,578	)		-
Other current assets		-		19,984		1,364			2,273		-			23,621
Total current assets		-		221,084		67,073			34,449		(62,578	)		260,028
Investments in subsidiaries		184,332		38,931		-			-		(223,263	)		-
Amounts due from consolidated entities		-		133,659		-			-		(133,659	)		-
Property and equipment, net		-		232,206		21,891			12,486		-			266,583
Goodwill		-		343,140		32,489			76,033		-			451,662
FCC licenses		-		415,024		41,563			32,748		-			489,335
Other intangible assets, net		-		228,936		18,892			66,533		-			314,361
Other noncurrent assets		-		30,539		20,418			2,208		-			53,165
Total assets	$	184,332	$	1,643,519	$	202,326		$	224,457	$	(419,500	)	$	1,835,134
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Current portion of debt	$	-	$	15,154	$	2,335		$	4,650	$	-		$	22,139
Accounts payable		-		14,705		906			10,325		-			25,936
Amounts due to consolidated entities		-		47,700		-			14,878		(62,578	)		-
Other current liabilities		-		78,868		6,909			12,209		-			97,986
Total current liabilities		-		156,427		10,150			42,062		(62,578	)		146,061
Debt		-		1,177,944		223,235			52,896		-			1,454,075
Amounts due to consolidated entities		63,309		-		-			70,350		(133,659	)		-
Other noncurrent liabilities		-		118,048		9,351			21,226		-			148,625
Total liabilities		63,309		1,452,419		242,736			186,534		(196,237	)		1,748,761
Total Nexstar Broadcasting Group, Inc.   stockholders' equity (deficit)		121,023		191,100		(40,410	)		32,224		(223,263	)		80,674
Noncontrolling interest in a consolidated   variable interest entity		-		-		-			5,699		-			5,699
Total liabilities and stockholders' equity (deficit)	$	184,332	$	1,643,519	$	202,326		$	224,457	$	(419,500	)	$	1,835,134

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

Three Months Ended September 30, 2016

(in thousands)

			Nexstar						Non-						Consolidated
	Nexstar		Broadcasting			Mission			Guarantors			Eliminations			Company
Net broadcast revenue (including trade and barter)	$	-	$	232,326		$	15,541		$	27,792		$	-		$	275,659
Revenue between consolidated entities		-		8,628			10,383			3,209			(22,220	)		-
Net revenue		-		240,954			25,924			31,001			(22,220	)		275,659
Operating expenses:
Direct operating expenses, excluding   depreciation and amortization		-		73,679			7,714			19,390			(39	)		100,744
Selling, general, and administrative expenses,   excluding depreciation and amortization		-		59,754			892			4,693			(1,737	)		63,602
Local service agreement fees between   consolidated entities		-		11,859			4,500			4,085			(20,444	)		-
Amortization of broadcast rights		-		11,767			1,388			879			-			14,034
Amortization of intangible assets		-		6,735			605			4,165			-			11,505
Depreciation		-		11,317			598			962			-			12,877
Total operating expenses		-		175,111			15,697			34,174			(22,220	)		202,762
Income (loss) from operations		-		65,843			10,227			(3,173	)		-			72,897
Interest expense, net		-		(26,893	)		(2,329	)		(400	)		-			(29,622	)
Other expenses		-		(126	)		-			-			-			(126	)
Equity in income of subsidiaries		19,980		-			-			-			(19,980	)		-
Income (loss) before income taxes		19,980		38,824			7,898			(3,573	)		(19,980	)		43,149
Income tax (expense) benefit		-		(14,962	)		(3,050	)		479			-			(17,533	)
Net income (loss)		19,980		23,862			4,848			(3,094	)		(19,980	)		25,616
Net income attributable to noncontrolling   interests		-		-			-			(817	)		-			(817	)
Net income (loss) attributable to Nexstar	$	19,980	$	23,862		$	4,848		$	(3,911	)	$	(19,980	)	$	24,799

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

Three Months Ended September 30, 2015

(in thousands)

			Nexstar						Non-						Consolidated
	Nexstar		Broadcasting			Mission			Guarantors			Eliminations			Company
Net broadcast revenue (including trade and barter)	$	-	$	189,789		$	13,425		$	19,817		$	-		$	223,031
Revenue between consolidated entities		-		6,455			8,873			3,037			(18,365	)		-
Net revenue		-		196,244			22,298			22,854			(18,365	)		223,031
Operating expenses:
Direct operating expenses, excluding   depreciation and amortization		-		60,691			7,001			10,859			-			78,551
Selling, general, and administrative expenses,   excluding depreciation and amortization		-		52,167			819			4,599			(1,159	)		56,426
Local service agreement fees between   consolidated entities		-		10,752			2,445			4,009			(17,206	)		-
Amortization of broadcast rights		-		12,680			1,464			1,168			-			15,312
Amortization of intangible assets		-		7,002			605			3,744			-			11,351
Depreciation		-		11,735			617			724			-			13,076
Total operating expenses		-		155,027			12,951			25,103			(18,365	)		174,716
Income (loss) from operations		-		41,217			9,347			(2,249	)		-			48,315
Interest expense, net		-		(17,671	)		(2,336	)		(389	)		-			(20,396	)
Other expenses		-		(115	)		-			-			-			(115	)
Equity in income of subsidiaries		13,207		-			-			-			(13,207	)		-
Income (loss) before income taxes		13,207		23,431			7,011			(2,638	)		(13,207	)		27,804
Income tax (expense) benefit		-		(8,686	)		(3,111	)		1,148			-			(10,649	)
Net income (loss)		13,207		14,745			3,900			(1,490	)		(13,207	)		17,155
Net loss attributable to noncontrolling   interests		-		-			-			127			-			127
Net income (loss) attributable to Nexstar	$	13,207	$	14,745		$	3,900		$	(1,363	)	$	(13,207	)	$	17,282

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

Nine Months Ended September 30, 2016

(in thousands)

			Nexstar						Non-						Consolidated
	Nexstar		Broadcasting			Mission			Guarantors			Eliminations			Company
Net broadcast revenue (including trade and barter)	$	-	$	669,762		$	45,786		$	77,763		$	-		$	793,311
Revenue between consolidated entities		-		25,800			29,209			8,771			(63,780	)		-
Net revenue		-		695,562			74,995			86,534			(63,780	)		793,311
Operating expenses:
Direct operating expenses, excluding   depreciation and amortization		-		211,660			22,581			49,673			(112	)		283,802
Selling, general, and administrative expenses,   excluding depreciation and amortization		-		183,845			2,646			15,090			(4,042	)		197,539
Local service agreement fees between   consolidated entities		-		33,869			13,500			12,257			(59,626	)		-
Amortization of broadcast rights		-		37,165			4,169			2,726			-			44,060
Amortization of intangible assets		-		20,592			1,816			12,495			-			34,903
Depreciation		-		33,737			1,805			2,632			-			38,174
Total operating expenses		-		520,868			46,517			94,873			(63,780	)		598,478
Income (loss) from operations		-		174,694			28,478			(8,339	)		-			194,833
Interest expense, net		-		(62,704	)		(6,951	)		(1,198	)		-			(70,853	)
Other expenses		-		(409	)		-			-			-			(409	)
Equity in income of subsidiaries		57,953		-			-			-			(57,953	)		-
Income (loss) before income taxes		57,953		111,581			21,527			(9,537	)		(57,953	)		123,571
Income tax (expense) benefit		-		(44,201	)		(8,333	)		1,652			-			(50,882	)
Net income (loss)		57,953		67,380			13,194			(7,885	)		(57,953	)		72,689
Net income attributable to noncontrolling   interests		-		-			-			(1,634	)		-			(1,634	)
Net income (loss) attributable to Nexstar	$	57,953	$	67,380		$	13,194		$	(9,519	)	$	(57,953	)	$	71,055

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

Nine Months Ended September 30, 2015

(in thousands)

			Nexstar						Non-						Consolidated
	Nexstar		Broadcasting			Mission			Guarantors			Eliminations			Company
Net broadcast revenue (including trade and barter)	$	-	$	547,110		$	37,773		$	59,232		$	-		$	644,115
Revenue between consolidated entities		-		19,362			26,780			8,752			(54,894	)		-
Net revenue		-		566,472			64,553			67,984			(54,894	)		644,115
Operating expenses:
Direct operating expenses, excluding    depreciation and amortization		-		170,390			17,657			31,571			-			219,618
Selling, general, and administrative expenses,   excluding depreciation and amortization		-		156,641			2,481			14,210			(3,060	)		170,272
Local service agreement fees between    consolidated entities		-		32,472			7,335			12,027			(51,834	)		-
Amortization of broadcast rights		-		36,360			4,308			3,898			-			44,566
Amortization of intangible assets		-		22,589			1,812			11,247			-			35,648
Depreciation		-		31,286			1,829			2,135			-			35,250
Total operating expenses		-		449,738			35,422			75,088			(54,894	)		505,354
Income (loss) from operations		-		116,734			29,131			(7,104	)		-			138,761
Interest expense, net		-		(51,941	)		(6,974	)		(1,165	)		-			(60,080	)
Other expenses		-		(383	)		-			-			-			(383	)
Equity in income of subsidiaries		37,551		-			-			-			(37,551	)		-
Income (loss) before income taxes		37,551		64,410			22,157			(8,269	)		(37,551	)		78,298
Income tax (expense) benefit		-		(23,625	)		(9,002	)		3,296			-			(29,331	)
Net income (loss)		37,551		40,785			13,155			(4,973	)		(37,551	)		48,967
Net loss attributable to noncontrolling interests		-		-			-			1,543			-			1,543
Net income (loss) attributable to Nexstar	$	37,551	$	40,785		$	13,155		$	(3,430	)	$	(37,551	)	$	50,510

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Nine Months Ended September 30, 2016

(in thousands)

				Nexstar						Non-					Consolidated
	Nexstar			Broadcasting			Mission			Guarantors			Eliminations		Company
Cash flows from operating activities	$	-		$	155,363		$	3,532		$	4,099		$	-	$	162,994
Cash flows from investing activities:
Purchases of property and equipment		-			(22,973	)		(160	)		(2,509	)		-		(25,642	)
Deposits and payments for acquisitions		-			(103,970	)		-			-			-		(103,970	)
Other investing activities		-			585			-			-			-		585
Net cash used in investing activities		-			(126,358	)		(160	)		(2,509	)		-		(129,027	)
Cash flows from financing activities:
Proceeds from long-term debt		-			58,000			-			-			-		58,000
Repayments of long-term debt		-			(68,214	)		(1,751	)		(3,150	)		-		(73,115	)
Common stock dividends paid		(22,078	)		-			-			-			-		(22,078	)
Payments for debt financing costs		-			(18,957	)		(325	)		-			-		(19,282	)
Inter-company payments		21,691			(21,691	)		-			-			-		-
Excess tax benefit from stock option   exercises		-			13,428			-			-			-		13,428
Other financing activities		387			(2,824	)		-			(2,643	)		-		(5,080	)
Net cash provided by (used in)   financing activities		-			(40,258	)		(2,076	)		(5,793	)		-		(48,127	)
Net (decrease) increase in cash and   cash equivalents		-			(11,253	)		1,296			(4,203	)		-		(14,160	)
Cash and cash equivalents at beginning   of period		-			27,492			4,361			11,563			-		43,416
Cash and cash equivalents at end   of period	$	-		$	16,239		$	5,657		$	7,360		$	-	$	29,256

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Nine Months Ended September 30, 2015

(in thousands)

				Nexstar						Non-						Consolidated
	Nexstar			Broadcasting			Mission			Guarantors			Eliminations			Company
Cash flows from operating activities	$	-		$	123,602		$	10,085		$	6,968		$	-		$	140,655
Cash flows from investing activities:
Purchases of property and equipment		-			(19,315	)		(138	)		(2,005	)		176			(21,282	)
Deposits and payments for acquisitions		-			(504,678	)		-			(300	)		43,300			(461,678	)
Proceeds from sale of a station		-			70,105			-			-			(43,300	)		26,805
Other investing activities		-			2,032			150			200			(176	)		2,206
Net cash (used in) provided by   investing activities		-			(451,856	)		12			(2,105	)		-			(453,949	)
Cash flows from financing activities:
Proceeds from long-term debt		-			414,950			-			2,000			-			416,950
Repayments of long-term debt		-			(142,391	)		(6,877	)		(2,250	)		-			(151,518	)
Common stock dividends paid		(17,870	)		-			-			-			-			(17,870	)
Purchase of treasury stock		(48,660	)														(48,660	)
Inter-company payments		63,203			(63,203	)		-			-			-			-
Other financing activities		3,327			2,419			(8	)		98			-			5,836
Netcashprovidedby (used in)   financingactivities		-			211,775			(6,885	)		(152	)		-			204,738
Net (decrease) increase in cash and   cash equivalents		-			(116,479	)		3,212			4,711			-			(108,556	)
Cash and cash equivalents at beginning   of period		-			130,472			880			560			-			131,912
Cash and cash equivalents at end   of period	$	-		$	13,993		$	4,092		$	5,271		$	-		$	23,356

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Subsequent Events

9 Months Ended

Sep. 30, 2016

Subsequent Events [Abstract]

Subsequent Events

11.  Subsequent Events

On October 20, 2016, Nexstar’s Board of Directors declared a quarterly cash dividend of $0.24 per share of its Class A common stock. The dividend is payable on November 18, 2016 to stockholders of record on November 4, 2016.

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Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2016

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. On August 2, 2016, Nexstar became the primary beneficiary of its variable interests in the stations currently owned by West Virginia Media Holdings, LLC (“WVMH”) and consolidated these stations as of that date. See Note 2—Variable Interest Entities for additional information.

The following are assets of consolidated VIEs that are not available to settle the obligations of Nexstar and liabilities of consolidated VIEs for which their creditors do not have recourse to the general credit of Nexstar (in thousands):

	September 30,		December 31,
	2016		2015
Current assets	$	4,342	$	2,910
Property and equipment, net		7,075		4,004
Goodwill		46,314		18,182
FCC licenses		114,791		74,312
Other intangible assets, net		54,187		20,112
Other noncurrent assets, net		423		389
Total assets		227,132		119,909
Current liabilities		12,436		14,288
Noncurrent liabilities		25,609		26,427
Total liabilities	$	38,045	$	40,715

Interim Financial Statements

Interim Financial Statements

The Condensed Consolidated Financial Statements as of September 30, 2016 and for the three and nine months ended September 30, 2016 and 2015 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, 2015. The balance sheet as of December 31, 2015 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

Nexstar 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 agreement 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. As of January 1, 2016, the Company adopted ASU No. 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation Analysis, which did not change the consolidation status of any of the Company’s VIEs.

Consolidated VIEs

Mission Broadcasting, Inc. (“Mission”), Marshall Broadcasting Group, Inc. (“Marshall”), White Knight Broadcasting (“White Knight”) 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 the stations owned by these entities, (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, White Knight and Parker, hiring and firing of sales force personnel and (4) purchase options granted by Mission and White Knight which permit Nexstar to acquire the assets and assume the liabilities of each Mission and White Knight station, subject to Federal Communications Commission (“FCC”) consent.

In connection with Nexstar’s acquisition of four full power television stations from WVMH, Nexstar began providing programming and sales services to these stations through a TBA with WVMH effective December 1, 2015. Pursuant to the terms of the agreement, Nexstar will pay an aggregate base fee of $7.5 million in equal monthly payments from the effective date through the final closing of the acquisition which is expected to occur at the end of 2016. Nexstar has determined that it has variable interests in the WVMH stations. However, if the acquisition is not consummated for reasons beyond the control of Nexstar and WVMH, the TBA will terminate no later than June 30, 2017. Thus, Nexstar previously determined that it was not the primary beneficiary of its variable interests on these stations. On August 2, 2016, Nexstar received approval from the FCC to acquire the stations’ remaining assets. Due to this development, the acquisition becomes probable of occurring and Nexstar now holds the ultimate power to direct the activities that most significantly impact the stations’ economic performance including developing the annual operating budget, advertising sales and oversight and control of sales force personnel. Therefore, Nexstar became the primary beneficiary of its variable interests and consolidated these stations as of August 2, 2016. See Note 3 for additional information.

The following table summarizes the various local service agreements Nexstar had in effect as of September 30, 2016 with Mission, Marshall, Parker, White Knight and WVMH:

Service Agreements	Owner	Full Power Stations
TBA Only	Mission	WFXP and KHMT
	Parker	KFQX
	WVMH	WOWK, WTRF, WVNS and WBOY
SSA & JSA	Mission	KJTL, KLRT, KASN, KOLR, KCIT, KAMC, KRBC, KSAN, WUTR, WAWV, WYOU, KODE, WTVO, KTVE, WTVW and WVNY
	Marshall	KLJB, KPEJ and KMSS
	White Knight	WVLA, KFXK, KSHV

Nexstar’s ability to receive cash from Mission, Marshall, Parker, White Knight and the WVMH stations 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, White Knight and WVMH maintain complete responsibility for and control over programming, finances, personnel and operation of their stations.

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

	September 30,		December 31,
	2016		2015
Current assets:
Cash and cash equivalents	$	7,030	$	6,137
Accounts receivable, net		20,108		16,400
Prepaid expenses and other current assets		3,822		3,460
Total current assets		30,960		25,997
Property and equipment, net		30,919		29,681
Goodwill		97,955		69,825
FCC licenses		114,791		74,312
Other intangible assets, net		89,114		58,053
Other noncurrent assets, net		16,097		22,572
Total assets	$	379,836	$	280,440
Current liabilities:
Current portion of debt	$	8,334	$	6,985
Interest payable		27		28
Other current liabilities		12,436		14,288
Total current liabilities		20,797		21,301
Debt		270,406		276,131
Other noncurrent liabilities		25,609		26,427
Total liabilities	$	316,812	$	323,859

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 this station because it does not have the ultimate power to direct the activities that most significantly impact the station’s economic performance, which we define as 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 local service 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 agreement consists of the fees paid to Cunningham. Additionally, Nexstar indemnifies the owners 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 discussed above, Nexstar previously determined that it was not the primary beneficiary of its variable interests in the stations currently owned by WVMH. On August 2, 2016, Nexstar became the primary beneficiary of its variable interests and consolidated these stations as of that date.

As of September 30, 2016 and December 31, 2015, Nexstar had balances in accounts payable of $0.2 million and $0.8 million, respectively, for fees under these arrangements and had receivables for advertising aired on these stations of $0.6 million and $1.0 million, respectively. Fees incurred under these arrangements of $0.2 million and $0.1 million for the three months ended September 30, 2016 and 2015, respectively, and $4.0 million and $0.5 million during each of the nine months then ended, were included in direct operating expenses in the Condensed Consolidated Statements of Operations.

Financial Instruments

Financial Instruments

The carrying amounts of cash and cash equivalents, accounts receivable, broadcast rights, accounts payable, broadcast rights payable and accrued expenses approximate fair value due to their short-term nature.

On July 27, 2016, Nexstar Escrow Corporation (“Nexstar Escrow”), a wholly-owned subsidiary of Nexstar, completed the sale and issuance of $900.0 million of 5.625% Senior Unsecured Notes due 2024 at par (the “5.625% Notes”). The gross proceeds from these notes, plus Nexstar’s pre-funding of $14.1 million interest, have been deposited into a segregated escrow account and invested into money market funds and government obligations which are valued using quoted prices in active markets for identical assets (Level 1). These funds are restricted until certain conditions are satisfied, including the consummation of Nexstar’s proposed merger with Media General, Inc. (“Media General”) (See Notes 3 and 6). As of September 30, 2016, the pre-funded interest is included in prepaid expenses and other current assets and the gross proceeds from the notes plus the investment income earned are presented as non-current restricted cash in the accompanying Condensed Consolidated Balance Sheet.

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				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Weighted average shares outstanding - basic		30,695		31,262		30,678		31,261
Dilutive effect of equity incentive plan instruments		1,003		889		941		1,002
Weighted average shares outstanding - diluted		31,698		32,151		31,619		32,263

Stock options and restricted stock units to acquire a weighted average of 224,000 shares and 879,000 shares for the three months ended September 30, 2016 and 2015, respectively, and 468,000 shares and 932,000 shares during each of the respective nine months then ended of Class A common stock were excluded from the computation of diluted earnings per share, because their impact would have been anti-dilutive.

Income Taxes

Income Taxes

The Company expects to be able to utilize the excess tax benefits related to stock option exercises that occurred in 2013 during the 2016 tax year.  This resulted in a recognition of $13.2 million of deferred tax assets through accumulated paid in capital during the nine months ended September 30, 2016.

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) (ASU 2014-09), 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, 2017. 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 April 2015, the FASB issued ASU 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement (ASU 2015-05). ASU 2015-05 provides guidance to customers about whether a cloud computing arrangement includes software. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance does not change the accounting for a customer’s service contracts. The Company has applied the change in accounting prospectively as of January 1, 2016. The change in accounting principle did not have a significant impact on the Company’s results of operations, cash flows or stockholders’ equity.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (ASU 2016-02). The new guidance requires the recording of assets and liabilities arising from leases on the balance sheet accompanied by enhanced qualitative and quantitative disclosures in the notes to the financial statements.  The new guidance is expected to provide transparency of information and comparability among organizations. ASU 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact of the provisions of the accounting standard update.

In March 2016, the FASB issued ASU No. 2016-07, Investments – Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting (ASU 2016-07). The purpose of the amendment eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments in ASU 2016-07 are effective for interim and annual reporting periods beginning after December 15, 2016. The Company does not expect the implementation of this standard to have a material impact on its financial position or results of operations.

In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). The standard is intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification on the statement of cash flows and forfeitures. ASU 2016-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is permitted. The Company is currently evaluating the impact of the provisions of the accounting standard update.

In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (ASU 2016-08). The purpose of ASU 2016-08 is to clarify the implementation of guidance on principal versus agent considerations. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (ASU 2016-10), which clarifies the implementation guidance in identifying performance obligations in a contract and determining whether an entity’s promise to grant a license provides a customer with either a right to use the entity’s intellectual property (which is satisfied at a point in time) or a right to access the entity’s intellectual property (which is satisfied over time). In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients (ASU 2016-12). The standard amends guidance in the new revenue standard on collectibility, noncash consideration, presentation of sales tax, and transition and are intended to address implementation issues that were raised by stakeholders and provide additional practical expedients. The effective date and transition requirements for ASU 2016-08, ASU 2016-10 and ASU 2016-12 are the same as those for ASU 2014-09 discussed above. The Company is currently evaluating the impact of these updates on its financial statements.

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) (ASU 2016-15). The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities that are required to present a statement of cash flows under FASB Accounting Standards Codification 230, Statement of Cash Flows. The amendments in ASU 2016-15 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted, including adoption during an interim period. The Company does not expect the implementation of this standard to have a material impact on its statements of cash flows.

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Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2016

Consolidated VIEs

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

	September 30,		December 31,
	2016		2015
Current assets:
Cash and cash equivalents	$	7,030	$	6,137
Accounts receivable, net		20,108		16,400
Prepaid expenses and other current assets		3,822		3,460
Total current assets		30,960		25,997
Property and equipment, net		30,919		29,681
Goodwill		97,955		69,825
FCC licenses		114,791		74,312
Other intangible assets, net		89,114		58,053
Other noncurrent assets, net		16,097		22,572
Total assets	$	379,836	$	280,440
Current liabilities:
Current portion of debt	$	8,334	$	6,985
Interest payable		27		28
Other current liabilities		12,436		14,288
Total current liabilities		20,797		21,301
Debt		270,406		276,131
Other noncurrent liabilities		25,609		26,427
Total liabilities	$	316,812	$	323,859

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				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Weighted average shares outstanding - basic		30,695		31,262		30,678		31,261
Dilutive effect of equity incentive plan instruments		1,003		889		941		1,002
Weighted average shares outstanding - diluted		31,698		32,151		31,619		32,263

Consolidated VIEs [Member]

Consolidated VIEs

The following are assets of consolidated VIEs that are not available to settle the obligations of Nexstar and liabilities of consolidated VIEs for which their creditors do not have recourse to the general credit of Nexstar (in thousands):

	September 30,		December 31,
	2016		2015
Current assets	$	4,342	$	2,910
Property and equipment, net		7,075		4,004
Goodwill		46,314		18,182
FCC licenses		114,791		74,312
Other intangible assets, net		54,187		20,112
Other noncurrent assets, net		423		389
Total assets		227,132		119,909
Current liabilities		12,436		14,288
Noncurrent liabilities		25,609		26,427
Total liabilities	$	38,045	$	40,715

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Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 30, 2016

WVMH [Member]

Business Acquisition [Line Items]

Schedule of Assets Acquired and Liabilities Assumed

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

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

WVMH [Member] | Consolidated VIEs [Member]

Business Acquisition [Line Items]

Schedule of Assets Acquired and Liabilities Assumed

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

Broadcast rights	$	527
Property and equipment		3,489
FCC licenses		41,230
Network affiliation agreements		35,387
Goodwill		28,437
Consolidated assets of VIEs		109,070
Less: Broadcast rights payable		(527	)
Consolidated net asset of VIEs	$	108,543

Reiten [Member]

Business Acquisition [Line Items]

Schedule of Assets Acquired and Liabilities Assumed

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

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

KCWI [Member]

Business Acquisition [Line Items]

Schedule of Assets Acquired and Liabilities Assumed

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

Accounts receivable	$	380
Broadcast rights		1,740
Prepaid expenses and other current assets		40
Property and equipment		1,076
FCC licenses		2,180
Other intangible assets		2
Goodwill		367
Total assets acquired		5,785
Less: Broadcast rights payable		(1,886	)
Less: Accrued expenses		(17	)
Net assets acquired	$	3,882

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Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2016

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets Subject to Amortization

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

	Estimated	September 30, 2016							December 31, 2015
	useful life,			Accumulated							Accumulated
	in years	Gross		Amortization			Net		Gross		Amortization			Net
Network affiliation agreements	15	$	659,054	$	(350,693	)	$	308,361	$	614,592	$	(338,016	)	$	276,576
Other definite-lived   intangible assets	1-15		90,398		(62,353	)		28,045		84,921		(47,136	)		37,785
Other intangible assets		$	749,452	$	(413,046	)	$	336,406	$	699,513	$	(385,152	)	$	314,361

Estimated Amortization Expense of Definite-Lived Intangible Assets

The following table presents the Company’s estimate of amortization expense for the remainder of 2016, each of the five succeeding years ended December 31 and thereafter for definite-lived intangible assets as of September 30, 2016 (in thousands):

Remainder of 2016	$	11,599
2017		41,614
2018		30,865
2019		28,224
2020		24,910
2021		24,697
Thereafter		174,497
	$	336,406

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, 2015	$	497,653	$	(45,991	)	$	451,662	$	538,756		(49,421	)	$	489,335
Acquisitions and consolidations of VIEs (See Note 3)		36,770		-			36,770		53,189		-			53,189
Balances as of September 30, 2016	$	534,423	$	(45,991	)	$	488,432	$	591,945	$	(49,421	)	$	542,524

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Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2016

Payables And Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	September 30,		December 31,
	2016		2015
Compensation and related taxes	$	25,005	$	15,810
Network affiliation fees		24,634		22,324
Other		20,725		22,425
	$	70,364	$	60,559

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Debt (Tables)

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Long Term Debt

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

	September 30,			December 31,
	2016			2015
Term loans, net of financing costs and discount of $7,126 and $8,715, respectively	$	668,696		$	682,223
Revolving loans		2,000			2,000
6.875% Senior unsecured notes due 2020, net of financing costs and discount of $4,533   and $5,223, respectively		520,467			519,777
6.125% Senior unsecured notes due 2022, net of financing costs of $2,500 and $2,786,   respectively		272,500			272,214
5.625% Senior unsecured notes due 2024, net of financing costs of $15,493		884,507			-
		2,348,170			1,476,214
Less: current portion		(28,093	)		(22,139	)
	$	2,320,077		$	1,454,075

Fair Value of Debt

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

	September 30, 2016				December 31, 2015
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Term loans(1)	$	668,696	$	674,070	$	682,223	$	678,045
Revolving loans(1)		2,000		1,984		2,000		1,961
6.875% Senior unsecured notes(2)		520,467		544,525		519,777		534,188
6.125% Senior unsecured notes(2)		272,500		284,625		272,214		269,500
5.625% Senior unsecured notes(2)		884,512		909,000		-		-

(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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Segment Data (Tables)

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Schedule of Segment Financial Information

Segment financial information is included in the following tables for the periods presented (in thousands):

Three Months Ended September 30, 2016	Broadcasting		Other			Consolidated
Net revenue	$	257,789	$	17,870		$	275,659
Depreciation		10,978		1,899			12,877
Amortization of intangible assets		8,175		3,330			11,505
Income (loss) from operations		89,511		(16,614	)		72,897

Three Months Ended September 30, 2015	Broadcasting		Other			Consolidated
Net revenue	$	212,504	$	10,527		$	223,031
Depreciation		11,305		1,771			13,076
Amortization of intangible assets		8,405		2,946			11,351
Income (loss) from operations		63,214		(14,899	)		48,315

Nine Months Ended September 30, 2016	Broadcasting		Other			Consolidated
Net revenue	$	745,281	$	48,030		$	793,311
Depreciation		33,137		5,037			38,174
Amortization of intangible assets		24,838		10,065			34,903
Income (loss) from operations		248,493		(53,660	)		194,833

Nine Months Ended September 30, 2015	Broadcasting		Other			Consolidated
Net revenue	$	610,769	$	33,346		$	644,115
Depreciation		30,855		4,395			35,250
Amortization of intangible assets		27,719		7,929			35,648
Income (loss) from operations		181,895		(43,134	)		138,761

As of September 30, 2016	Broadcasting		Other		Consolidated
Goodwill	$	449,735	$	38,697	$	488,432
Assets		1,815,566		1,105,130		2,920,696

As of December 31, 2015	Broadcasting		Other		Consolidated
Goodwill	$	412,965	$	38,697	$	451,662
Assets		1,660,737		174,397		1,835,134

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Condensed Consolidating Financial Information (Tables)

9 Months Ended

Sep. 30, 2016

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Schedule of Condensed Consolidating Balance Sheet

CONDENSED CONSOLIDATING BALANCE SHEET

As of September 30, 2016

(in thousands)

			Nexstar					Non-					Consolidated
	Nexstar		Broadcasting		Mission			Guarantors		Eliminations			Company
ASSETS
Current assets:
Cash and cash equivalents	$	-	$	16,239	$	5,657		$	7,360	$	-		$	29,256
Accounts receivable		-		179,788		12,024			22,592		-			214,404
Amounts due from consolidated entities		-		21,188		69,433			-		(90,621	)		-
Other current assets		-		39,038		1,645			2,678		-			43,361
Total current assets		-		256,253		88,759			32,630		(90,621	)		287,021
Investments in subsidiaries		242,149		38,259		-			-		(280,408	)		-
Amounts due from consolidated entities		-		62,360		-			-		(62,360	)		-
Property and equipment, net		-		247,575		20,246			15,854		(75	)		283,600
Goodwill		-		351,780		32,489			104,163		-			488,432
FCC licenses		-		427,733		41,563			73,228		-			542,524
Other intangible assets, net		-		229,911		17,076			89,419		-			336,406
Restricted cash		-		900,402		-			-		-			900,402
Other noncurrent assets		-		66,164		14,797			1,350		-			82,311
Total assets	$	242,149	$	2,580,437	$	214,930		$	316,644	$	(433,464	)	$	2,920,696
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Current portion of debt	$	-	$	19,759	$	2,334		$	6,000	$	-		$	28,093
Accounts payable		-		20,836		1,324			3,228		-			25,388
Amounts due to consolidated entities		-		-		-			90,621		(90,621	)		-
Other current liabilities		-		104,150		6,481			17,038		-			127,669
Total current liabilities		-		144,745		10,139			116,887		(90,621	)		181,150
Debt		-		2,049,671		221,880			48,526		-			2,320,077
Amounts due to consolidated entities		62,570		-		-			-		(62,570	)		-
Other noncurrent liabilities		-		127,677		10,127			14,064		-			151,868
Total liabilities		62,570		2,322,093		242,146			179,477		(153,191	)		2,653,095
TotalNexstarBroadcastingGroup,Inc.   stockholders' equity (deficit)		179,579		258,344		(27,216	)		22,034		(280,273	)		152,468
Noncontrolling interests in consolidated   variable interest entities		-		-		-			115,133		-			115,133
Total liabilities and stockholders' equity (deficit)	$	242,149	$	2,580,437	$	214,930		$	316,644	$	(433,464	)	$	2,920,696

CONDENSED CONSOLIDATING BALANCE SHEET

As of December 31, 2015

(in thousands)

			Nexstar					Non-					Consolidated
	Nexstar		Broadcasting		Mission			Guarantors		Eliminations			Company
ASSETS
Current assets:
Cash and cash equivalents	$	-	$	27,492	$	4,361		$	11,563	$	-		$	43,416
Accounts receivable		-		163,008		9,370			20,613		-			192,991
Amounts due from consolidated entities		-		10,600		51,978			-		(62,578	)		-
Other current assets		-		19,984		1,364			2,273		-			23,621
Total current assets		-		221,084		67,073			34,449		(62,578	)		260,028
Investments in subsidiaries		184,332		38,931		-			-		(223,263	)		-
Amounts due from consolidated entities		-		133,659		-			-		(133,659	)		-
Property and equipment, net		-		232,206		21,891			12,486		-			266,583
Goodwill		-		343,140		32,489			76,033		-			451,662
FCC licenses		-		415,024		41,563			32,748		-			489,335
Other intangible assets, net		-		228,936		18,892			66,533		-			314,361
Other noncurrent assets		-		30,539		20,418			2,208		-			53,165
Total assets	$	184,332	$	1,643,519	$	202,326		$	224,457	$	(419,500	)	$	1,835,134
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Current portion of debt	$	-	$	15,154	$	2,335		$	4,650	$	-		$	22,139
Accounts payable		-		14,705		906			10,325		-			25,936
Amounts due to consolidated entities		-		47,700		-			14,878		(62,578	)		-
Other current liabilities		-		78,868		6,909			12,209		-			97,986
Total current liabilities		-		156,427		10,150			42,062		(62,578	)		146,061
Debt		-		1,177,944		223,235			52,896		-			1,454,075
Amounts due to consolidated entities		63,309		-		-			70,350		(133,659	)		-
Other noncurrent liabilities		-		118,048		9,351			21,226		-			148,625
Total liabilities		63,309		1,452,419		242,736			186,534		(196,237	)		1,748,761
Total Nexstar Broadcasting Group, Inc.   stockholders' equity (deficit)		121,023		191,100		(40,410	)		32,224		(223,263	)		80,674
Noncontrolling interest in a consolidated   variable interest entity		-		-		-			5,699		-			5,699
Total liabilities and stockholders' equity (deficit)	$	184,332	$	1,643,519	$	202,326		$	224,457	$	(419,500	)	$	1,835,134

Schedule of Condensed Consolidating Statement of Operations

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

Three Months Ended September 30, 2016

(in thousands)

			Nexstar						Non-						Consolidated
	Nexstar		Broadcasting			Mission			Guarantors			Eliminations			Company
Net broadcast revenue (including trade and barter)	$	-	$	232,326		$	15,541		$	27,792		$	-		$	275,659
Revenue between consolidated entities		-		8,628			10,383			3,209			(22,220	)		-
Net revenue		-		240,954			25,924			31,001			(22,220	)		275,659
Operating expenses:
Direct operating expenses, excluding   depreciation and amortization		-		73,679			7,714			19,390			(39	)		100,744
Selling, general, and administrative expenses,   excluding depreciation and amortization		-		59,754			892			4,693			(1,737	)		63,602
Local service agreement fees between   consolidated entities		-		11,859			4,500			4,085			(20,444	)		-
Amortization of broadcast rights		-		11,767			1,388			879			-			14,034
Amortization of intangible assets		-		6,735			605			4,165			-			11,505
Depreciation		-		11,317			598			962			-			12,877
Total operating expenses		-		175,111			15,697			34,174			(22,220	)		202,762
Income (loss) from operations		-		65,843			10,227			(3,173	)		-			72,897
Interest expense, net		-		(26,893	)		(2,329	)		(400	)		-			(29,622	)
Other expenses		-		(126	)		-			-			-			(126	)
Equity in income of subsidiaries		19,980		-			-			-			(19,980	)		-
Income (loss) before income taxes		19,980		38,824			7,898			(3,573	)		(19,980	)		43,149
Income tax (expense) benefit		-		(14,962	)		(3,050	)		479			-			(17,533	)
Net income (loss)		19,980		23,862			4,848			(3,094	)		(19,980	)		25,616
Net income attributable to noncontrolling   interests		-		-			-			(817	)		-			(817	)
Net income (loss) attributable to Nexstar	$	19,980	$	23,862		$	4,848		$	(3,911	)	$	(19,980	)	$	24,799

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

Three Months Ended September 30, 2015

(in thousands)

			Nexstar						Non-						Consolidated
	Nexstar		Broadcasting			Mission			Guarantors			Eliminations			Company
Net broadcast revenue (including trade and barter)	$	-	$	189,789		$	13,425		$	19,817		$	-		$	223,031
Revenue between consolidated entities		-		6,455			8,873			3,037			(18,365	)		-
Net revenue		-		196,244			22,298			22,854			(18,365	)		223,031
Operating expenses:
Direct operating expenses, excluding   depreciation and amortization		-		60,691			7,001			10,859			-			78,551
Selling, general, and administrative expenses,   excluding depreciation and amortization		-		52,167			819			4,599			(1,159	)		56,426
Local service agreement fees between   consolidated entities		-		10,752			2,445			4,009			(17,206	)		-
Amortization of broadcast rights		-		12,680			1,464			1,168			-			15,312
Amortization of intangible assets		-		7,002			605			3,744			-			11,351
Depreciation		-		11,735			617			724			-			13,076
Total operating expenses		-		155,027			12,951			25,103			(18,365	)		174,716
Income (loss) from operations		-		41,217			9,347			(2,249	)		-			48,315
Interest expense, net		-		(17,671	)		(2,336	)		(389	)		-			(20,396	)
Other expenses		-		(115	)		-			-			-			(115	)
Equity in income of subsidiaries		13,207		-			-			-			(13,207	)		-
Income (loss) before income taxes		13,207		23,431			7,011			(2,638	)		(13,207	)		27,804
Income tax (expense) benefit		-		(8,686	)		(3,111	)		1,148			-			(10,649	)
Net income (loss)		13,207		14,745			3,900			(1,490	)		(13,207	)		17,155
Net loss attributable to noncontrolling   interests		-		-			-			127			-			127
Net income (loss) attributable to Nexstar	$	13,207	$	14,745		$	3,900		$	(1,363	)	$	(13,207	)	$	17,282

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

Nine Months Ended September 30, 2016

(in thousands)

			Nexstar						Non-						Consolidated
	Nexstar		Broadcasting			Mission			Guarantors			Eliminations			Company
Net broadcast revenue (including trade and barter)	$	-	$	669,762		$	45,786		$	77,763		$	-		$	793,311
Revenue between consolidated entities		-		25,800			29,209			8,771			(63,780	)		-
Net revenue		-		695,562			74,995			86,534			(63,780	)		793,311
Operating expenses:
Direct operating expenses, excluding   depreciation and amortization		-		211,660			22,581			49,673			(112	)		283,802
Selling, general, and administrative expenses,   excluding depreciation and amortization		-		183,845			2,646			15,090			(4,042	)		197,539
Local service agreement fees between   consolidated entities		-		33,869			13,500			12,257			(59,626	)		-
Amortization of broadcast rights		-		37,165			4,169			2,726			-			44,060
Amortization of intangible assets		-		20,592			1,816			12,495			-			34,903
Depreciation		-		33,737			1,805			2,632			-			38,174
Total operating expenses		-		520,868			46,517			94,873			(63,780	)		598,478
Income (loss) from operations		-		174,694			28,478			(8,339	)		-			194,833
Interest expense, net		-		(62,704	)		(6,951	)		(1,198	)		-			(70,853	)
Other expenses		-		(409	)		-			-			-			(409	)
Equity in income of subsidiaries		57,953		-			-			-			(57,953	)		-
Income (loss) before income taxes		57,953		111,581			21,527			(9,537	)		(57,953	)		123,571
Income tax (expense) benefit		-		(44,201	)		(8,333	)		1,652			-			(50,882	)
Net income (loss)		57,953		67,380			13,194			(7,885	)		(57,953	)		72,689
Net income attributable to noncontrolling   interests		-		-			-			(1,634	)		-			(1,634	)
Net income (loss) attributable to Nexstar	$	57,953	$	67,380		$	13,194		$	(9,519	)	$	(57,953	)	$	71,055

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

Nine Months Ended September 30, 2015

(in thousands)

			Nexstar						Non-						Consolidated
	Nexstar		Broadcasting			Mission			Guarantors			Eliminations			Company
Net broadcast revenue (including trade and barter)	$	-	$	547,110		$	37,773		$	59,232		$	-		$	644,115
Revenue between consolidated entities		-		19,362			26,780			8,752			(54,894	)		-
Net revenue		-		566,472			64,553			67,984			(54,894	)		644,115
Operating expenses:
Direct operating expenses, excluding    depreciation and amortization		-		170,390			17,657			31,571			-			219,618
Selling, general, and administrative expenses,   excluding depreciation and amortization		-		156,641			2,481			14,210			(3,060	)		170,272
Local service agreement fees between    consolidated entities		-		32,472			7,335			12,027			(51,834	)		-
Amortization of broadcast rights		-		36,360			4,308			3,898			-			44,566
Amortization of intangible assets		-		22,589			1,812			11,247			-			35,648
Depreciation		-		31,286			1,829			2,135			-			35,250
Total operating expenses		-		449,738			35,422			75,088			(54,894	)		505,354
Income (loss) from operations		-		116,734			29,131			(7,104	)		-			138,761
Interest expense, net		-		(51,941	)		(6,974	)		(1,165	)		-			(60,080	)
Other expenses		-		(383	)		-			-			-			(383	)
Equity in income of subsidiaries		37,551		-			-			-			(37,551	)		-
Income (loss) before income taxes		37,551		64,410			22,157			(8,269	)		(37,551	)		78,298
Income tax (expense) benefit		-		(23,625	)		(9,002	)		3,296			-			(29,331	)
Net income (loss)		37,551		40,785			13,155			(4,973	)		(37,551	)		48,967
Net loss attributable to noncontrolling interests		-		-			-			1,543			-			1,543
Net income (loss) attributable to Nexstar	$	37,551	$	40,785		$	13,155		$	(3,430	)	$	(37,551	)	$	50,510

Schedule of Condensed Consolidating Cash Flow Statement

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Nine Months Ended September 30, 2016

(in thousands)

				Nexstar						Non-					Consolidated
	Nexstar			Broadcasting			Mission			Guarantors			Eliminations		Company
Cash flows from operating activities	$	-		$	155,363		$	3,532		$	4,099		$	-	$	162,994
Cash flows from investing activities:
Purchases of property and equipment		-			(22,973	)		(160	)		(2,509	)		-		(25,642	)
Deposits and payments for acquisitions		-			(103,970	)		-			-			-		(103,970	)
Other investing activities		-			585			-			-			-		585
Net cash used in investing activities		-			(126,358	)		(160	)		(2,509	)		-		(129,027	)
Cash flows from financing activities:
Proceeds from long-term debt		-			58,000			-			-			-		58,000
Repayments of long-term debt		-			(68,214	)		(1,751	)		(3,150	)		-		(73,115	)
Common stock dividends paid		(22,078	)		-			-			-			-		(22,078	)
Payments for debt financing costs		-			(18,957	)		(325	)		-			-		(19,282	)
Inter-company payments		21,691			(21,691	)		-			-			-		-
Excess tax benefit from stock option   exercises		-			13,428			-			-			-		13,428
Other financing activities		387			(2,824	)		-			(2,643	)		-		(5,080	)
Net cash provided by (used in)   financing activities		-			(40,258	)		(2,076	)		(5,793	)		-		(48,127	)
Net (decrease) increase in cash and   cash equivalents		-			(11,253	)		1,296			(4,203	)		-		(14,160	)
Cash and cash equivalents at beginning   of period		-			27,492			4,361			11,563			-		43,416
Cash and cash equivalents at end   of period	$	-		$	16,239		$	5,657		$	7,360		$	-	$	29,256

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Nine Months Ended September 30, 2015

(in thousands)

				Nexstar						Non-						Consolidated
	Nexstar			Broadcasting			Mission			Guarantors			Eliminations			Company
Cash flows from operating activities	$	-		$	123,602		$	10,085		$	6,968		$	-		$	140,655
Cash flows from investing activities:
Purchases of property and equipment		-			(19,315	)		(138	)		(2,005	)		176			(21,282	)
Deposits and payments for acquisitions		-			(504,678	)		-			(300	)		43,300			(461,678	)
Proceeds from sale of a station		-			70,105			-			-			(43,300	)		26,805
Other investing activities		-			2,032			150			200			(176	)		2,206
Net cash (used in) provided by   investing activities		-			(451,856	)		12			(2,105	)		-			(453,949	)
Cash flows from financing activities:
Proceeds from long-term debt		-			414,950			-			2,000			-			416,950
Repayments of long-term debt		-			(142,391	)		(6,877	)		(2,250	)		-			(151,518	)
Common stock dividends paid		(17,870	)		-			-			-			-			(17,870	)
Purchase of treasury stock		(48,660	)														(48,660	)
Inter-company payments		63,203			(63,203	)		-			-			-			-
Other financing activities		3,327			2,419			(8	)		98			-			5,836
Netcashprovidedby (used in)   financingactivities		-			211,775			(6,885	)		(152	)		-			204,738
Net (decrease) increase in cash and   cash equivalents		-			(116,479	)		3,212			4,711			-			(108,556	)
Cash and cash equivalents at beginning   of period		-			130,472			880			560			-			131,912
Cash and cash equivalents at end   of period	$	-		$	13,993		$	4,092		$	5,271		$	-		$	23,356

XML

Organization and Business Operations (Details)	Sep. 30, 2016 TelevisionStation Market
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of full power television stations owned, operated, programmed or provided sales and other services	104
Number of markets in which the Company's stations broadcast | Market	62
Number of full power television stations owned or operated by independent third parties	30

XML

Summary of Significant Accounting Policies - Consolidated VIEs (Details) - USD ($) $ in Thousands		Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents		$ 29,256	$ 43,416	$ 23,356	$ 131,912
Accounts receivable, net		214,404	192,991
Prepaid expenses and other current assets		27,866	7,324
Total current assets		287,021	260,028
Property and equipment, net		283,600	266,583
Goodwill		488,432	451,662
FCC licenses		542,524	489,335
Other intangible assets, net		336,406	314,361
Other noncurrent assets, net		82,311	53,165
Total assets	[1]	2,920,696	1,835,134
Current liabilities:
Current portion of debt		28,093	22,139
Interest payable		24,751	10,939
Other current liabilities		15,804	8,978
Total current liabilities		181,150	146,061
Debt		2,320,077	1,454,075
Other noncurrent liabilities		40,789	46,861
Total liabilities	[1]	2,653,095	1,748,761
Consolidated VIEs [Member]
Variable Interest Entity [Line Items]
Consolidated VIEs, Assets		227,132	119,909
Consolidated VIEs, Liabilities		38,045	40,715
Current assets:
Cash and cash equivalents		7,030	6,137
Accounts receivable, net		20,108	16,400
Prepaid expenses and other current assets		3,822	3,460
Total current assets		30,960	25,997
Property and equipment, net		30,919	29,681
Goodwill		97,955	69,825
FCC licenses		114,791	74,312
Other intangible assets, net		89,114	58,053
Other noncurrent assets, net		16,097	22,572
Total assets		379,836	280,440
Current liabilities:
Current portion of debt		8,334	6,985
Interest payable		27	28
Other current liabilities		12,436	14,288
Total current liabilities		20,797	21,301
Debt		270,406	276,131
Other noncurrent liabilities		25,609	26,427
Total liabilities		316,812	323,859
Consolidated VIEs [Member] | Current assets [Member]
Variable Interest Entity [Line Items]
Consolidated VIEs, Assets		4,342	2,910
Consolidated VIEs [Member] | Property and equipment, net [Member]
Variable Interest Entity [Line Items]
Consolidated VIEs, Assets		7,075	4,004
Consolidated VIEs [Member] | Goodwill [Member]
Variable Interest Entity [Line Items]
Consolidated VIEs, Assets		46,314	18,182
Consolidated VIEs [Member] | FCC licenses [Member]
Variable Interest Entity [Line Items]
Consolidated VIEs, Assets		114,791	74,312
Consolidated VIEs [Member] | Other intangible assets, net [Member]
Variable Interest Entity [Line Items]
Consolidated VIEs, Assets		54,187	20,112
Consolidated VIEs [Member] | Other noncurrent assets, net [Member]
Variable Interest Entity [Line Items]
Consolidated VIEs, Assets		423	389
Consolidated VIEs [Member] | Current liabilities [Member]
Variable Interest Entity [Line Items]
Consolidated VIEs, Liabilities		12,436	14,288
Consolidated VIEs [Member] | Noncurrent liabilities [Member]
Variable Interest Entity [Line Items]
Consolidated VIEs, Liabilities		$ 25,609	$ 26,427

[1] The consolidated total assets as of September 30, 2016 and December 31, 2015 include certain assets held by consolidated VIEs of $227.1 million and $119.9 million, respectively, which are not available to be used to settle the obligations of Nexstar. The consolidated total liabilities as of September 30, 2016 and December 31, 2015 include certain liabilities of consolidated VIEs of $38.0 million and $40.7 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information

XML

Summary of Significant Accounting Policies - Additional Information (Details) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016 USD ($) TelevisionStation shares	Sep. 30, 2015 USD ($) shares	Sep. 30, 2016 USD ($) TelevisionStation shares	Sep. 30, 2015 USD ($) shares	Jul. 27, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 01, 2015 USD ($)
Debt Disclosure [Abstract]
Gross proceeds from issuance of notes directly deposited In to escrow.	$ 900,402,000		$ 900,402,000
Earnings Per Share Basic And Diluted Other Disclosures [Abstract]
Stock options and restricted stock units with potentially dilutive effect (in shares) | shares	224	879	468	932
Additional Paid-In Capital [Member]
Earnings Per Share Basic And Diluted Other Disclosures [Abstract]
Excess tax benefit from stock option exercises			$ 13,200,000
Senior Subordinated Notes [Member] | 5.625 % Due 2024 [Member]
Debt Disclosure [Abstract]
Interest rate	5.625%		5.625%		5.625%
Senior Subordinated Notes [Member] | 5.625 % Due 2024 [Member] | Fair Value, Inputs, Level 1 [Member]
Debt Disclosure [Abstract]
Gross proceeds from issuance of notes directly deposited In to escrow.					$ 900,000,000
Pre-funded interest deposited in to escrow	$ 14,100,000		$ 14,100,000
Nonconsolidated VIEs [Member]
Variable Interest Entity Nonconsolidated Carrying Amount Assets and Liabilities [Abstract]
Accounts payable for fees	200,000		200,000			$ 800,000
Receivable for advertisements	600,000		600,000			$ 1,000,000
Payments made under outsourcing agreement	$ 200,000	$ 100,000	$ 4,000,000	$ 500,000
WVMH [Member] | Consolidated VIEs [Member]
Variable Interest Entity Consolidated Carrying Amount Assets and Liabilities [Abstract]
Number of stations proposed to acquire | TelevisionStation	4		4
Aggregate base fee							$ 7,500,000

XML

Summary of Significant Accounting Policies - Weighted Average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share Basic And Diluted Other Disclosures [Abstract]
Weighted average shares outstanding - basic	30,695	31,262	30,678	31,261
Dilutive effect of equity incentive plan instruments	1,003	889	941	1,002
Weighted average shares outstanding - diluted	31,698	32,151	31,619	32,263

XML

Acquisitions and Dispositions - WVMH - Additional Information (Details) $ in Thousands				2 Months Ended	3 Months Ended		9 Months Ended
	Aug. 02, 2016 USD ($)	Jan. 04, 2016 USD ($)	Nov. 16, 2015 USD ($) TelevisionStation	Sep. 30, 2016 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)
Business Acquisition [Line Items]
Consolidation of remaining assets in non-controlling interests							$ 108,543
Revenue included in consolidated statements of operations					$ 275,659	$ 223,031	793,311	$ 644,115
Operating income (loss)					$ 72,897	$ 48,315	194,833	$ 138,761
WVMH [Member]
Business Acquisition [Line Items]
Number of television stations to be acquired | TelevisionStation			4
Purchase price of entities to be acquired			$ 130,000
Cash paid in business acquisition		$ 64,964
Deposits and payments for acquisitions			$ 6,500
Remaining purchase price expected to be paid		$ 65,000
Acquisition related costs							$ 100
Revenue included in consolidated statements of operations				$ 9,000
Operating income (loss)				$ 1,500
WVMH [Member] | Consolidated VIEs [Member]
Business Acquisition [Line Items]
Network affiliation agreements useful life	15 years
Consolidation of remaining assets in non-controlling interests	$ 108,500
WVMH [Member] | Other definite-lived intangible assets [Member]
Business Acquisition [Line Items]
Weighted average estimated useful life of other intangible assets		3 years

XML

Acquisitions and Dispositions - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jan. 04, 2016	Sep. 30, 2016	Aug. 02, 2016	Mar. 14, 2016	Jan. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Goodwill		$ 488,432				$ 451,662
Consolidated VIEs [Member]
Business Acquisition [Line Items]
Goodwill		$ 97,955				$ 69,825
WVMH [Member]
Business Acquisition [Line Items]
Accounts receivable	$ 438
Prepaid expenses and other current assets	114
Property and equipment	18,362
Goodwill	35
Total assets acquired	22,351
Less: Accounts payable and accrued expenses	(623)
Less: Other noncurrent liabilities	(307)
Net assets acquired	21,421
Deposit on second closing	43,543
Total paid at first closing	64,964
WVMH [Member] | Consolidated VIEs [Member]
Business Acquisition [Line Items]
Broadcast rights			$ 527
Property and equipment			3,489
FCC licenses			41,230
Goodwill			28,437
Total assets acquired			109,070
Less: Broadcast rights payable			(527)
Net assets acquired			108,543
WVMH [Member] | Network affiliation agreements [Member] | Consolidated VIEs [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets			$ 35,387
WVMH [Member] | Other definite-lived intangible assets [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets	$ 3,402
Reiten [Member]
Business Acquisition [Line Items]
Broadcast rights					$ 13
Property and equipment					8,139
FCC licenses					9,779
Goodwill					7,931
Total assets acquired					44,019
Less: Broadcast rights payable					(13)
Less: Accounts payable and accrued expenses					(8)
Net assets acquired					43,998
Reiten [Member] | Network affiliation agreements [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets					16,084
Reiten [Member] | Other definite-lived intangible assets [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets					$ 2,073
KCWI [Member]
Business Acquisition [Line Items]
Accounts receivable				$ 380
Broadcast rights				1,740
Prepaid expenses and other current assets				40
Property and equipment				1,076
FCC licenses				2,180
Goodwill				367
Total assets acquired				5,785
Less: Broadcast rights payable				(1,886)
Less: Accounts payable and accrued expenses				(17)
Net assets acquired				3,882
KCWI [Member] | Other definite-lived intangible assets [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets				$ 2

XML

Acquisitions and Dispositions - Reiten - Additional Information (Details) $ in Thousands			3 Months Ended		8 Months Ended	9 Months Ended		12 Months Ended
	Feb. 01, 2016 USD ($) TelevisionStation	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Dec. 31, 2015
Business Acquisition [Line Items]
Net revenue			$ 275,659	$ 223,031		$ 793,311	$ 644,115
Operating income (loss)			72,897	$ 48,315		$ 194,833	$ 138,761
Network affiliation agreements [Member]
Business Acquisition [Line Items]
Network affiliation agreements useful life						15 years		15 years
Reiten [Member]
Business Acquisition [Line Items]
Acquisition date						Feb. 01, 2016
Number of television stations acquired | TelevisionStation	4
Purchase price of entities acquired	$ 44,000
Deposit paid upon signing an agreement to acquire a business		$ 2,200
Acquisition related costs						$ 100
Net revenue			$ 2,600		$ 8,100
Operating income (loss)					$ 700
Reiten [Member] | Network affiliation agreements [Member]
Business Acquisition [Line Items]
Network affiliation agreements useful life	15 years
Reiten [Member] | Other definite-lived intangible assets [Member]
Business Acquisition [Line Items]
Weighted average estimated useful life of other intangible assets	2 years 6 months

XML

Acquisitions and Dispositions - KCWI - Additional Information (Details) - USD ($)			3 Months Ended		7 Months Ended	9 Months Ended
	Mar. 14, 2016	Oct. 24, 2014	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015
Business Acquisition [Line Items]
Net revenue			$ 275,659,000	$ 223,031,000		$ 793,311,000	$ 644,115,000
Operating income (loss)			72,897,000	$ 48,315,000		194,833,000	$ 138,761,000
KCWI [Member]
Business Acquisition [Line Items]
Purchase price of entities to be acquired	$ 3,900,000
Deposits and payments for acquisitions		$ 200,000
Acquisition related costs						$ 0
Acquisition date	Mar. 14, 2016
Net revenue			1,200,000		$ 2,000,000
Operating income (loss)			$ 1,100,000		$ 1,800,000

XML

Acquisitions and Dispositions - Kixer - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	9 Months Ended
	Oct. 01, 2015	Sep. 30, 2016	Sep. 30, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Payments for Contingent Consideration			$ 2,000
Kixer [Member]
Business Acquisition [Line Items]
Acquisition date	Oct. 01, 2015
Maximum Earnout payment	$ 7,000
Payments for Contingent Consideration		$ 2,000
Fair value of remaining obligations, Earnout payment		$ 4,400	$ 4,400	$ 3,000

XML

Acquisitions and Dispositions - Media General - Additional Information (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2016 USD ($) TelevisionStation $ / shares	Sep. 30, 2016 USD ($) TelevisionStation $ / shares	Jul. 27, 2016 USD ($)	Jan. 27, 2016 USD ($) $ / shares
Senior Subordinated Notes [Member] | 5.625 % Due 2024 [Member]
Business Acquisition [Line Items]
Debt instrument principal amount			$ 900,000,000
Interest rate	5.625%	5.625%	5.625%
Media General Future Acquisition [Member]
Business Acquisition [Line Items]
Outstanding equity acquired, price per share | $ / shares				$ 10.55
Purchase price of entities to be acquired				$ 2,300,000,000
Acquisition related costs	$ 900,000	$ 7,100,000
Acquired ownership interests percentage				66.00%
Minority shareholders ownership interests percentage				34.00%
Termination fee receivable from Media General on superior proposal				$ 80,000,000
Termination fee payable by company under certain circumstances				80,000,000
Maximum borrowing capacity				$ 4,700,000,000
Number of television stations owned by the acquiree to be sold | TelevisionStation	7	7
Number of television stations owned by the acquirer to be sold | TelevisionStation	6	6
Media General Future Acquisition [Member] | Future Sale to Graham Media Group, Inc. [Member]
Business Acquisition [Line Items]
Number of television stations to be sold | TelevisionStation	2	2
Selling price of entities to be sold	$ 120,000,000	$ 120,000,000
Media General Future Acquisition [Member] | Future Sale to Bayou City Broadcasting Lafayette, Inc. [Member]
Business Acquisition [Line Items]
Number of television stations to be sold | TelevisionStation	2	2
Selling price of entities to be sold	$ 40,000,000	$ 40,000,000
Media General Future Acquisition [Member] | Future Sale to Marquee Broadcasting, Inc.[Member]
Business Acquisition [Line Items]
Number of television stations to be sold | TelevisionStation	1	1
Selling price of entities to be sold	$ 350,000	$ 350,000
Media General Future Acquisition [Member] | Future Sale to Gray Television Group, Inc. [Member]
Business Acquisition [Line Items]
Number of television stations to be sold | TelevisionStation	2	2
Selling price of entities to be sold	$ 270,000,000	$ 270,000,000
Media General Future Acquisition [Member] | Future Sale to USA Television MidAmerican Holdings, LLC [Member]
Business Acquisition [Line Items]
Number of television stations to be sold | TelevisionStation	5	5
Selling price of entities to be sold	$ 115,000,000	$ 115,000,000
Media General Future Acquisition [Member] | Future Sale to Ramar Communications, Inc. [Member]
Business Acquisition [Line Items]
Number of television stations to be sold | TelevisionStation	1	1
Selling price of entities to be sold	$ 2,500,000	$ 2,500,000
Class A Common Stock [Member] | Media General Future Acquisition [Member]
Business Acquisition [Line Items]
Percentage of shares issued for each share outstanding				0.1249
Common stock market , price per share | $ / shares	$ 57.71	$ 57.71

XML

Intangible Assets and Goodwill - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Gross	$ 749,452	$ 699,513
Accumulated Amortization	(413,046)	(385,152)
Net	$ 336,406	$ 314,361
Network affiliation agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life, in years	15 years	15 years
Gross	$ 659,054	$ 614,592
Accumulated Amortization	(350,693)	(338,016)
Net	308,361	276,576
Other definite-lived intangible assets [Member]
Finite-Lived Intangible Assets [Line Items]
Gross	90,398	84,921
Accumulated Amortization	(62,353)	(47,136)
Net	$ 28,045	$ 37,785
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

XML

Intangible Assets and Goodwill - Estimated Amortization Expense of Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Finite Lived Intangible Assets Future Amortization Expense Current And Five Succeeding Fiscal Years [Abstract]
Remainder of 2016	$ 11,599
2017	41,614
2018	30,865
2019	28,224
2020	24,910
2021	24,697
Thereafter	174,497
Net	$ 336,406	$ 314,361

XML

Intangible Assets and Goodwill - Goodwill and FCC Licenses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Goodwill [Roll Forward]
Goodwill, Gross	$ 534,423	$ 497,653
Goodwill, Accumulated Impairment	(45,991)	(45,991)
Goodwill, Net	488,432	451,662
Goodwill Acquisitions and Consolidations of VIEs, Net	36,770
FCC Licenses [Abstract]
FCC Licenses, Gross	591,945	538,756
FCC Licenses, Accumulated Impairment	(49,421)	(49,421)
FCC Licenses, Net	542,524	$ 489,335
FCC Licenses Acquisitions and Consolidations of VIEs, Net	$ 53,189

XML

Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Payables And Accruals [Abstract]
Compensation and related taxes	$ 25,005	$ 15,810
Network affiliation fees	24,634	22,324
Other	20,725	22,425
Accrued expenses	$ 70,364	$ 60,559

XML

Debt - Long Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Long term Debt [Abstract]
Debt	$ 2,348,170	$ 1,476,214
Less: current portion	(28,093)	(22,139)
Debt, noncurrent	2,320,077	1,454,075
Notes Payable to Banks [Member] | Term Loans [Member]
Long term Debt [Abstract]
Debt	668,696	682,223
Revolving loans [Member]
Long term Debt [Abstract]
Debt	2,000	2,000
Senior Subordinated Notes [Member] | 6.875 % Due 2020 [Member]
Long term Debt [Abstract]
Debt	520,467	519,777
Senior Subordinated Notes [Member] | 6.125% Due 2022 [Member]
Long term Debt [Abstract]
Debt	272,500	$ 272,214
Senior Subordinated Notes [Member] | 5.625 % Due 2024 [Member]
Long term Debt [Abstract]
Debt	$ 884,507

XML

Debt - Long Term Debt (Parenthetical) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jul. 27, 2016	Dec. 31, 2015
6.875 % Due 2020 [Member]
Long term Debt [Abstract]
Interest rate	6.875%
6.125% Due 2022 [Member]
Long term Debt [Abstract]
Interest rate	6.125%
Notes Payable to Banks [Member] | Term Loans [Member]
Long term Debt [Abstract]
Debt financing costs and discount	$ 7,126		$ 8,715
Senior Subordinated Notes [Member] | 6.875 % Due 2020 [Member]
Long term Debt [Abstract]
Debt financing costs and discount	$ 4,533		$ 5,223
Interest rate	6.875%		6.875%
Senior Subordinated Notes [Member] | 6.125% Due 2022 [Member]
Long term Debt [Abstract]
Debt financing costs and discount	$ 2,500		$ 2,786
Interest rate	6.125%		6.125%
Senior Subordinated Notes [Member] | 5.625 % Due 2024 [Member]
Long term Debt [Abstract]
Debt financing costs and discount	$ 15,493
Interest rate	5.625%	5.625%

XML

Debt - Additional Information (Details) - USD ($)		2 Months Ended	9 Months Ended
	Jul. 27, 2016	Feb. 29, 2016	Sep. 30, 2016	Dec. 31, 2015
6.875 % Due 2020 [Member]
Debt Instrument [Line Items]
Interest rate			6.875%
6.125% Due 2022 [Member]
Debt Instrument [Line Items]
Interest rate			6.125%
Revolving loans [Member]
Debt Instrument [Line Items]
Proceeds from long-term debt		$ 58,000,000
Repayment of debt			$ 58,000,000
Available borrowing capacity			103,000,000
Notes Payable to Banks [Member] | Term Loans [Member]
Debt Instrument [Line Items]
Payment of contractual maturities under senior secured credit facilities			$ 15,100,000
Senior Subordinated Notes [Member] | 5.625 % Due 2024 [Member]
Debt Instrument [Line Items]
Debt instrument principal amount	$ 900,000,000
Interest rate	5.625%		5.625%
Frequency of periodic interest payments			semiannually
Maturity date	Aug. 01, 2024
Pre-funded Interest			$ 14,100,000
Debt finance costs			$ 15,800,000
Senior Subordinated Notes [Member] | 6.875 % Due 2020 [Member]
Debt Instrument [Line Items]
Interest rate			6.875%	6.875%
Senior Subordinated Notes [Member] | 6.125% Due 2022 [Member]
Debt Instrument [Line Items]
Interest rate			6.125%	6.125%

XML

Debt - Fair Value of Debt (Details) - USD ($) $ in Thousands		Sep. 30, 2016	Dec. 31, 2015
Notes Payable to Banks [Member] | Term Loans [Member] | Carrying Amount [Member] | Level 3 [Member]
Fair Value of debt [Line Items]
Carrying Amount and Fair Value of Debt	[1]	$ 668,696	$ 682,223
Notes Payable to Banks [Member] | Term Loans [Member] | Fair Value [Member] | Level 3 [Member]
Fair Value of debt [Line Items]
Carrying Amount and Fair Value of Debt	[1]	674,070	678,045
Revolving loans [Member] | Carrying Amount [Member] | Level 3 [Member]
Fair Value of debt [Line Items]
Carrying Amount and Fair Value of Debt	[1]	2,000	2,000
Revolving loans [Member] | Fair Value [Member] | Level 3 [Member]
Fair Value of debt [Line Items]
Carrying Amount and Fair Value of Debt	[1]	1,984	1,961
Senior Subordinated Notes [Member] | 6.875 % Due 2020 [Member] | Carrying Amount [Member] | Level 2 [Member]
Fair Value of debt [Line Items]
Carrying Amount and Fair Value of Debt	[2]	520,467	519,777
Senior Subordinated Notes [Member] | 6.875 % Due 2020 [Member] | Fair Value [Member] | Level 2 [Member]
Fair Value of debt [Line Items]
Carrying Amount and Fair Value of Debt	[2]	544,525	534,188
Senior Subordinated Notes [Member] | 6.125% Due 2022 [Member] | Carrying Amount [Member] | Level 2 [Member]
Fair Value of debt [Line Items]
Carrying Amount and Fair Value of Debt	[2]	272,500	272,214
Senior Subordinated Notes [Member] | 6.125% Due 2022 [Member] | Fair Value [Member] | Level 2 [Member]
Fair Value of debt [Line Items]
Carrying Amount and Fair Value of Debt	[2]	284,625	$ 269,500
Senior Subordinated Notes [Member] | 5.625 % Due 2024 [Member] | Carrying Amount [Member] | Level 2 [Member]
Fair Value of debt [Line Items]
Carrying Amount and Fair Value of Debt	[2]	884,512
Senior Subordinated Notes [Member] | 5.625 % Due 2024 [Member] | Fair Value [Member] | Level 2 [Member]
Fair Value of debt [Line Items]
Carrying Amount and Fair Value of Debt	[2]	$ 909,000

[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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FCC Regulatory Matters - Additional Information (Details)	May 31, 2016
Risks And Uncertainties [Abstract]
Maximum percentage of US television household reach	39.00%
Percentage reach of ultra high frequency station	50.00%

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Commitments and Contingencies - Additional Information (Details) $ in Millions	Sep. 30, 2016 USD ($)
Financial Guarantee of Mission Debt [Member]
Guarantees of Mission and Marshall Debt [Abstract]
Maximum commitment under senior secured credit facility	$ 232.2
Commitment under senior secured credit facility at carrying value	224.2
Financial Guarantee of Marshall Debt [Member]
Guarantees of Mission and Marshall Debt [Abstract]
Commitment under senior secured credit facility at carrying value	$ 54.5

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Segment Data - Summary of Segment Financial Information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Net revenue		$ 275,659	$ 223,031	$ 793,311	$ 644,115
Depreciation		12,877	13,076	38,174	35,250
Amortization of intangible assets		11,505	11,351	34,903	35,648
Income (loss) from operations		72,897	48,315	194,833	138,761
Goodwill		488,432		488,432		$ 451,662
Assets	[1]	2,920,696		2,920,696		1,835,134
Broadcasting [Member]
Segment Reporting Information [Line Items]
Net revenue		257,789	212,504	745,281	610,769
Depreciation		10,978	11,305	33,137	30,855
Amortization of intangible assets		8,175	8,405	24,838	27,719
Income (loss) from operations		89,511	63,214	248,493	181,895
Goodwill		449,735		449,735		412,965
Assets		1,815,566		1,815,566		1,660,737
Other [Member]
Segment Reporting Information [Line Items]
Net revenue		17,870	10,527	48,030	33,346
Depreciation		1,899	1,771	5,037	4,395
Amortization of intangible assets		3,330	2,946	10,065	7,929
Income (loss) from operations		(16,614)	$ (14,899)	(53,660)	$ (43,134)
Goodwill		38,697		38,697		38,697
Assets		$ 1,105,130		$ 1,105,130		$ 174,397

[1] The consolidated total assets as of September 30, 2016 and December 31, 2015 include certain assets held by consolidated VIEs of $227.1 million and $119.9 million, respectively, which are not available to be used to settle the obligations of Nexstar. The consolidated total liabilities as of September 30, 2016 and December 31, 2015 include certain liabilities of consolidated VIEs of $38.0 million and $40.7 million, respectively, 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 - Additional Information (Details)	Sep. 30, 2016
6.875 % Due 2020 [Member]
Condensed Financial Statements Captions [Line Items]
Interest rate	6.875%
6.125% Due 2022 [Member]
Condensed Financial Statements Captions [Line Items]
Interest rate	6.125%

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Condensed Consolidating Financial Information - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands		Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents		$ 29,256	$ 43,416	$ 23,356	$ 131,912
Accounts receivable, net		214,404	192,991
Other current assets		43,361	23,621
Total current assets		287,021	260,028
Property and equipment, net		283,600	266,583
Goodwill		488,432	451,662
FCC licenses		542,524	489,335
Other intangible assets, net		336,406	314,361
Restricted cash		900,402
Other noncurrent assets		82,311	53,165
Total assets	[1]	2,920,696	1,835,134
Current liabilities:
Current portion of debt		28,093	22,139
Accounts payable		25,388	25,936
Other current liabilities		127,669	97,986
Total current liabilities		181,150	146,061
Debt		2,320,077	1,454,075
Other noncurrent liabilities		151,868	148,625
Total liabilities	[1]	2,653,095	1,748,761
Total Nexstar Broadcasting Group, Inc. stockholders' equity (deficit)		152,468	80,674
Noncontrolling interests in consolidated variable interest entities		115,133	5,699
Total liabilities and stockholders' equity		2,920,696	1,835,134
Eliminations [Member]
Current assets:
Amounts due from consolidated entities		(90,621)	(62,578)
Total current assets		(90,621)	(62,578)
Investments in subsidiaries		(280,408)	(223,263)
Amounts due from consolidated entities		(62,360)	(133,659)
Property and equipment, net		(75)
Total assets		(433,464)	(419,500)
Current liabilities:
Amounts due to consolidated entities		(90,621)	(62,578)
Total current liabilities		(90,621)	(62,578)
Amounts due to consolidated entities		(62,570)	(133,659)
Total liabilities		(153,191)	(196,237)
Total Nexstar Broadcasting Group, Inc. stockholders' equity (deficit)		(280,273)	(223,263)
Total liabilities and stockholders' equity		(433,464)	(419,500)
Nexstar [Member] | Reportable Legal Entities [Member]
Current assets:
Investments in subsidiaries		242,149	184,332
Total assets		242,149	184,332
Current liabilities:
Amounts due to consolidated entities		62,570	63,309
Total liabilities		62,570	63,309
Total Nexstar Broadcasting Group, Inc. stockholders' equity (deficit)		179,579	121,023
Total liabilities and stockholders' equity		242,149	184,332
Nexstar Broadcasting [Member] | Reportable Legal Entities [Member]
Current assets:
Cash and cash equivalents		16,239	27,492	13,993	130,472
Accounts receivable, net		179,788	163,008
Amounts due from consolidated entities		21,188	10,600
Other current assets		39,038	19,984
Total current assets		256,253	221,084
Investments in subsidiaries		38,259	38,931
Amounts due from consolidated entities		62,360	133,659
Property and equipment, net		247,575	232,206
Goodwill		351,780	343,140
FCC licenses		427,733	415,024
Other intangible assets, net		229,911	228,936
Restricted cash		900,402
Other noncurrent assets		66,164	30,539
Total assets		2,580,437	1,643,519
Current liabilities:
Current portion of debt		19,759	15,154
Accounts payable		20,836	14,705
Amounts due to consolidated entities			47,700
Other current liabilities		104,150	78,868
Total current liabilities		144,745	156,427
Debt		2,049,671	1,177,944
Other noncurrent liabilities		127,677	118,048
Total liabilities		2,322,093	1,452,419
Total Nexstar Broadcasting Group, Inc. stockholders' equity (deficit)		258,344	191,100
Total liabilities and stockholders' equity		2,580,437	1,643,519
Mission [Member] | Reportable Legal Entities [Member]
Current assets:
Cash and cash equivalents		5,657	4,361	4,092	880
Accounts receivable, net		12,024	9,370
Amounts due from consolidated entities		69,433	51,978
Other current assets		1,645	1,364
Total current assets		88,759	67,073
Property and equipment, net		20,246	21,891
Goodwill		32,489	32,489
FCC licenses		41,563	41,563
Other intangible assets, net		17,076	18,892
Other noncurrent assets		14,797	20,418
Total assets		214,930	202,326
Current liabilities:
Current portion of debt		2,334	2,335
Accounts payable		1,324	906
Other current liabilities		6,481	6,909
Total current liabilities		10,139	10,150
Debt		221,880	223,235
Other noncurrent liabilities		10,127	9,351
Total liabilities		242,146	242,736
Total Nexstar Broadcasting Group, Inc. stockholders' equity (deficit)		(27,216)	(40,410)
Total liabilities and stockholders' equity		214,930	202,326
Non-Guarantors [Member] | Reportable Legal Entities [Member]
Current assets:
Cash and cash equivalents		7,360	11,563	$ 5,271	$ 560
Accounts receivable, net		22,592	20,613
Other current assets		2,678	2,273
Total current assets		32,630	34,449
Property and equipment, net		15,854	12,486
Goodwill		104,163	76,033
FCC licenses		73,228	32,748
Other intangible assets, net		89,419	66,533
Other noncurrent assets		1,350	2,208
Total assets		316,644	224,457
Current liabilities:
Current portion of debt		6,000	4,650
Accounts payable		3,228	10,325
Amounts due to consolidated entities		90,621	14,878
Other current liabilities		17,038	12,209
Total current liabilities		116,887	42,062
Debt		48,526	52,896
Amounts due to consolidated entities			70,350
Other noncurrent liabilities		14,064	21,226
Total liabilities		179,477	186,534
Total Nexstar Broadcasting Group, Inc. stockholders' equity (deficit)		22,034	32,224
Noncontrolling interests in consolidated variable interest entities		115,133	5,699
Total liabilities and stockholders' equity		$ 316,644	$ 224,457

[1] The consolidated total assets as of September 30, 2016 and December 31, 2015 include certain assets held by consolidated VIEs of $227.1 million and $119.9 million, respectively, which are not available to be used to settle the obligations of Nexstar. The consolidated total liabilities as of September 30, 2016 and December 31, 2015 include certain liabilities of consolidated VIEs of $38.0 million and $40.7 million, respectively, 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 Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net broadcast revenue (including trade and barter)	$ 275,659	$ 223,031	$ 793,311	$ 644,115
Net revenue	275,659	223,031	793,311	644,115
Operating expenses:
Direct operating expenses, excluding depreciation and amortization	100,744	78,551	283,802	219,618
Selling, general, and administrative expenses, excluding depreciation and amortization	63,602	56,426	197,539	170,272
Amortization of broadcast rights	14,034	15,312	44,060	44,566
Amortization of intangible assets	11,505	11,351	34,903	35,648
Depreciation	12,877	13,076	38,174	35,250
Total operating expenses	202,762	174,716	598,478	505,354
Income from operations	72,897	48,315	194,833	138,761
Interest expense, net	(29,622)	(20,396)	(70,853)	(60,080)
Other expenses	(126)	(115)	(409)	(383)
Income before income taxes	43,149	27,804	123,571	78,298
Income tax (expense) benefit	(17,533)	(10,649)	(50,882)	(29,331)
Net income (loss)	25,616	17,155	72,689	48,967
Net (income) loss attributable to noncontrolling interests	(817)	127	(1,634)	1,543
Net income attributable to Nexstar Broadcasting Group, Inc.	24,799	17,282	71,055	50,510
Eliminations [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Revenue between consolidated entities	(22,220)	(18,365)	(63,780)	(54,894)
Net revenue	(22,220)	(18,365)	(63,780)	(54,894)
Operating expenses:
Direct operating expenses, excluding depreciation and amortization	(39)		(112)
Selling, general, and administrative expenses, excluding depreciation and amortization	(1,737)	(1,159)	(4,042)	(3,060)
Local service agreement fees between consolidated entities	(20,444)	(17,206)	(59,626)	(51,834)
Total operating expenses	(22,220)	(18,365)	(63,780)	(54,894)
Equity in income of subsidiaries	(19,980)	(13,207)	(57,953)	(37,551)
Income before income taxes	(19,980)	(13,207)	(57,953)	(37,551)
Net income (loss)	(19,980)	(13,207)	(57,953)	(37,551)
Net income attributable to Nexstar Broadcasting Group, Inc.	(19,980)	(13,207)	(57,953)	(37,551)
Nexstar [Member] | Reportable Legal Entities [Member]
Operating expenses:
Equity in income of subsidiaries	19,980	13,207	57,953	37,551
Income before income taxes	19,980	13,207	57,953	37,551
Net income (loss)	19,980	13,207	57,953	37,551
Net income attributable to Nexstar Broadcasting Group, Inc.	19,980	13,207	57,953	37,551
Nexstar Broadcasting [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net broadcast revenue (including trade and barter)	232,326	189,789	669,762	547,110
Revenue between consolidated entities	8,628	6,455	25,800	19,362
Net revenue	240,954	196,244	695,562	566,472
Operating expenses:
Direct operating expenses, excluding depreciation and amortization	73,679	60,691	211,660	170,390
Selling, general, and administrative expenses, excluding depreciation and amortization	59,754	52,167	183,845	156,641
Local service agreement fees between consolidated entities	11,859	10,752	33,869	32,472
Amortization of broadcast rights	11,767	12,680	37,165	36,360
Amortization of intangible assets	6,735	7,002	20,592	22,589
Depreciation	11,317	11,735	33,737	31,286
Total operating expenses	175,111	155,027	520,868	449,738
Income from operations	65,843	41,217	174,694	116,734
Interest expense, net	(26,893)	(17,671)	(62,704)	(51,941)
Other expenses	(126)	(115)	(409)	(383)
Income before income taxes	38,824	23,431	111,581	64,410
Income tax (expense) benefit	(14,962)	(8,686)	(44,201)	(23,625)
Net income (loss)	23,862	14,745	67,380	40,785
Net income attributable to Nexstar Broadcasting Group, Inc.	23,862	14,745	67,380	40,785
Mission [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net broadcast revenue (including trade and barter)	15,541	13,425	45,786	37,773
Revenue between consolidated entities	10,383	8,873	29,209	26,780
Net revenue	25,924	22,298	74,995	64,553
Operating expenses:
Direct operating expenses, excluding depreciation and amortization	7,714	7,001	22,581	17,657
Selling, general, and administrative expenses, excluding depreciation and amortization	892	819	2,646	2,481
Local service agreement fees between consolidated entities	4,500	2,445	13,500	7,335
Amortization of broadcast rights	1,388	1,464	4,169	4,308
Amortization of intangible assets	605	605	1,816	1,812
Depreciation	598	617	1,805	1,829
Total operating expenses	15,697	12,951	46,517	35,422
Income from operations	10,227	9,347	28,478	29,131
Interest expense, net	(2,329)	(2,336)	(6,951)	(6,974)
Income before income taxes	7,898	7,011	21,527	22,157
Income tax (expense) benefit	(3,050)	(3,111)	(8,333)	(9,002)
Net income (loss)	4,848	3,900	13,194	13,155
Net income attributable to Nexstar Broadcasting Group, Inc.	4,848	3,900	13,194	13,155
Non-Guarantors [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net broadcast revenue (including trade and barter)	27,792	19,817	77,763	59,232
Revenue between consolidated entities	3,209	3,037	8,771	8,752
Net revenue	31,001	22,854	86,534	67,984
Operating expenses:
Direct operating expenses, excluding depreciation and amortization	19,390	10,859	49,673	31,571
Selling, general, and administrative expenses, excluding depreciation and amortization	4,693	4,599	15,090	14,210
Local service agreement fees between consolidated entities	4,085	4,009	12,257	12,027
Amortization of broadcast rights	879	1,168	2,726	3,898
Amortization of intangible assets	4,165	3,744	12,495	11,247
Depreciation	962	724	2,632	2,135
Total operating expenses	34,174	25,103	94,873	75,088
Income from operations	(3,173)	(2,249)	(8,339)	(7,104)
Interest expense, net	(400)	(389)	(1,198)	(1,165)
Income before income taxes	(3,573)	(2,638)	(9,537)	(8,269)
Income tax (expense) benefit	479	1,148	1,652	3,296
Net income (loss)	(3,094)	(1,490)	(7,885)	(4,973)
Net (income) loss attributable to noncontrolling interests	(817)	127	(1,634)	1,543
Net income attributable to Nexstar Broadcasting Group, Inc.	$ (3,911)	$ (1,363)	$ (9,519)	$ (3,430)

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Condensed Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]
Cash flows from operating activities	$ 162,994	$ 140,655
Cash flows from investing activities:
Purchases of property and equipment	(25,642)	(21,282)
Deposits and payments for acquisitions	(103,970)	(461,678)
Proceeds from sale of a station		26,805
Other investing activities	585	2,206
Net cash used in investing activities	(129,027)	(453,949)
Cash flows from financing activities:
Proceeds from long-term debt	58,000	416,950
Repayments of long-term debt	(73,115)	(151,518)
Common stock dividends paid	(22,078)	(17,870)
Payments for debt financing costs	(19,282)	(3,225)
Purchase of treasury stock		(48,660)
Excess tax benefit from stock option exercises	13,428	7,914
Other financing activities	(5,080)	5,836
Net cash (used in) provided by financing activities	(48,127)	204,738
Net decrease in cash and cash equivalents	(14,160)	(108,556)
Cash and cash equivalents at beginning of period	43,416	131,912
Cash and cash equivalents at end of period	29,256	23,356
Eliminations [Member]
Cash flows from investing activities:
Purchases of property and equipment		176
Deposits and payments for acquisitions		43,300
Proceeds from sale of a station		(43,300)
Other investing activities		(176)
Nexstar [Member] | Reportable Legal Entities [Member]
Cash flows from financing activities:
Common stock dividends paid	(22,078)	(17,870)
Purchase of treasury stock		(48,660)
Inter-company payments	21,691	63,203
Other financing activities	387	3,327
Nexstar Broadcasting [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]
Cash flows from operating activities	155,363	123,602
Cash flows from investing activities:
Purchases of property and equipment	(22,973)	(19,315)
Deposits and payments for acquisitions	(103,970)	(504,678)
Proceeds from sale of a station		70,105
Other investing activities	585	2,032
Net cash used in investing activities	(126,358)	(451,856)
Cash flows from financing activities:
Proceeds from long-term debt	58,000	414,950
Repayments of long-term debt	(68,214)	(142,391)
Payments for debt financing costs	(18,957)
Inter-company payments	(21,691)	(63,203)
Excess tax benefit from stock option exercises	13,428
Other financing activities	(2,824)	2,419
Net cash (used in) provided by financing activities	(40,258)	211,775
Net decrease in cash and cash equivalents	(11,253)	(116,479)
Cash and cash equivalents at beginning of period	27,492	130,472
Cash and cash equivalents at end of period	16,239	13,993
Mission [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]
Cash flows from operating activities	3,532	10,085
Cash flows from investing activities:
Purchases of property and equipment	(160)	(138)
Other investing activities		150
Net cash used in investing activities	(160)	12
Cash flows from financing activities:
Repayments of long-term debt	(1,751)	(6,877)
Payments for debt financing costs	(325)
Other financing activities		(8)
Net cash (used in) provided by financing activities	(2,076)	(6,885)
Net decrease in cash and cash equivalents	1,296	3,212
Cash and cash equivalents at beginning of period	4,361	880
Cash and cash equivalents at end of period	5,657	4,092
Non-Guarantors [Member] | Reportable Legal Entities [Member]
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]
Cash flows from operating activities	4,099	6,968
Cash flows from investing activities:
Purchases of property and equipment	(2,509)	(2,005)
Deposits and payments for acquisitions		(300)
Other investing activities		200
Net cash used in investing activities	(2,509)	(2,105)
Cash flows from financing activities:
Proceeds from long-term debt		2,000
Repayments of long-term debt	(3,150)	(2,250)
Other financing activities	(2,643)	98
Net cash (used in) provided by financing activities	(5,793)	(152)
Net decrease in cash and cash equivalents	(4,203)	4,711
Cash and cash equivalents at beginning of period	11,563	560
Cash and cash equivalents at end of period	$ 7,360	$ 5,271

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Subsequent Events - Additional Information (Details) - $ / shares		3 Months Ended		9 Months Ended
	Oct. 20, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Subsequent Event [Line Items]
Dividends declared per common share		$ 0.24	$ 0.19	$ 0.72	$ 0.57
Class A Common Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends declared per common share	$ 0.24
Dividends, date declared	Oct. 20, 2016
Dividends, date payable	Nov. 18, 2016
Dividends, date of record	Nov. 04, 2016