UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2023 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 MEDIA GROUP, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 23-3083125 (State of Organization or Incorpor ...

NEXSTAR MEDIA GROUP REPORTS FOURTH QUARTER NET REVENUE OF $1.3 BILLION Exhibit 99.1 Q4 Consolidated Net Revenue Drives Operating Income of $230 Million, Net Income of $100 Million, Consolidated Adjusted EBITDA of $411 Million and Attributable Free Cash Flow of $265 Million Quarterly and Full Year Return of Capital to Shareholders of $137 Million and $796 Million, Respectively, Reduced Shares Outstanding by 8.7% during 2023 Issues 2024 Adjusted EBITDA Guidance of $2.085 Billion to $2.195 Billion IRVING, Texa ...

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, 2023 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 MEDIA GROUP, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 23-3083125 (State of Incorporation or ...

Financial Data and Key Metrics Changes - Nexstar reported Q3 2023 revenue of $1.13 billion, down from $1.27 billion in the prior year, primarily due to a decline in political advertising and temporary removal of stations from an MVPD [55][43] - Distribution revenue decreased by $43 million or 6.7% year-over-year to approximately $598 million, impacted by the removal of stations on DIRECTV for 76 days [28][43] - Adjusted EBITDA for Q3 was $236 million, representing a 20.8% margin, while excluding the CW, it was $294 million with a 27.2% margin [35][66] Business Line Data and Key Metrics Changes - Core television advertising revenue declined by 2.3% year-over-year, with a more significant decline of 6.8% when excluding the CW, although this marked an improvement from the previous quarter [24][14] - Digital revenue increased by 15.1% to approximately $99 million, driven by local digital advertising and agency services, despite some weakness in national digital advertising [29][66] - The CW generated $59 million in revenue with an adjusted EBITDA loss of $58 million, an improvement from $74 million losses in Q2 [32][66] Market Data and Key Metrics Changes - Automotive advertising, the largest category, grew by 13% over Q3 2022, indicating a rebound in this sector [26] - Political advertising revenue for Q3 was $19 million, reflecting a cyclical decline, but expectations for 2024 are optimistic with projected local broadcasting spending of $5 billion [58][27] - Subscriber attrition remained in the low single digits, positively impacted by increased carriage of CW and MyNetwork TV on YouTube TV [60] Company Strategy and Development Direction - Nexstar plans to bring the majority of its national sales efforts in-house starting January 2024 to enhance advertising sales effectiveness [17] - The company is leveraging its CW network to increase audience reach and profitability through compelling sports programming and strategic content investments [16][22] - Future growth is anticipated from successful renegotiation of distribution contracts and the expected boost from the political advertising cycle in 2024 [18][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model and the ability to generate significant free cash flow, with a repurchase of $199 million worth of stock in Q3 [8][18] - The management team highlighted the importance of broadcast television in reaching large audiences, particularly for sports organizations [13][45] - There is optimism regarding the impact of the Disney Charter deal on subscriber attrition and overall market conditions [88] Other Important Information - Nexstar has reduced its shares outstanding by over 25% since initiating its repurchase program, reflecting a commitment to shareholder value [15][69] - The company expects to continue executing share repurchases as part of its strategy to enhance long-term shareholder value [96][95] - The CW's losses have been reduced by $75 million year-to-date compared to the previous owner, with a goal of reaching breakeven in the coming years [32][49] Q&A Session Summary Question: Can you provide clarity on the CW outlook and its financial performance? - Management clarified that cumulative losses to breakeven for the CW are expected to be in the low nine figures, with free cash flow guidance indicating better-than-expected performance [82][83] Question: How does the Disney Charter deal impact subscriber declines? - Management believes the deal will help moderate subscriber attrition, as bundling services may prevent customers from switching providers [88] Question: What is the expected impact of new deals on cash flow and monetization? - Management indicated that the combination of local and national deals is expected to enhance CPMs and overall cash flow, although some deals will not start until late 2024 or 2025 [100]

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 June 30, 2023 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 MEDIA GROUP, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 23-3083125 (Registrant's Telephone Number, ...

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 March 31, 2023 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 MEDIA GROUP, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 23-3083125 (State of Incorporation or Orga ...

Debt and Financial Obligations - The company has a total principal indebtedness of approximately $1.714 billion in senior unsecured notes due July 2027 and $1.0 billion in senior unsecured notes due November 2028[121]. - The company must maintain a maximum consolidated first lien net leverage ratio of 4.25 to 1.00 under its senior secured credit facility[124]. - As of December 31, 2022, the company's senior secured credit facility included a Term Loan B with an outstanding principal balance of $296.3 million and a $75.0 million revolving credit facility, of which $61.5 million was drawn[143]. - The company may not be able to generate sufficient cash flow to meet its debt service requirements, which could necessitate refinancing or restructuring its debt[126]. - Interest rates on the company's term loan borrowings range from 5.86% to 6.89% as of December 31, 2022, impacting annual interest expenses significantly[332]. - A 100 basis point increase in SOFR or US LIBOR would raise annual interest expenses by $42.8 million, while a decrease would lower expenses by the same amount[333]. - The company has no financial instruments in place to hedge against changes in benchmark interest rates on its senior secured credit facilities[333]. - The company’s fixed-rate debt obligations are insulated from market interest rate changes, providing some stability in financial planning[333]. Acquisitions and Investments - In 2022, the company completed the acquisition of a 75.0% ownership interest in The CW without any purchase consideration[129]. - The company faces risks related to its acquisition strategy, including competition from other firms with greater financial resources[127]. - The company is subject to FCC rules that limit the ownership of television stations, which may restrict future acquisitions[128]. - The company has invested in digital businesses, which may lead to volatile operating results due to intense competition and rapid changes in the digital landscape[140]. Financial Performance and Assets - The company's income from equity investments in TV Food Network for the year ended December 31, 2022, was $226.7 million, with cash distributions of $249.4 million received[139]. - The company recorded a $90.8 million goodwill impairment during Q4 2022, with $8.305 billion, or 65.5%, of total assets consisting of goodwill and intangible assets[148]. - The company has net deferred tax assets of approximately $199.4 million expected to be realized in the future, subject to changes in tax law and future income projections[149]. - As of December 31, 2022, the company had net operating losses (NOLs) of approximately $165.7 million for U.S. federal tax purposes, with a valuation allowance against $134.3 million of federal NOLs[150]. - The pension benefit obligations for qualified retirement plans were $1.738 billion, with total net assets available of $1.562 billion, resulting in an underfunding of approximately $175.5 million as of December 31, 2022[160]. Dividends and Shareholder Returns - The company declared a total cash dividend of $3.60 per share in 2022, with a 50% increase to $1.35 per share approved for 2023[162]. - The company’s ability to pay dividends is subject to board discretion and limitations imposed by senior secured credit facilities[162]. Legal and Regulatory Risks - The company is subject to ongoing litigation and tax audits that could result in significant liabilities, including a proposed tax of $182.0 million related to past transactions[153][154]. - The company is limited to a maximum of 20% non-U.S. ownership under the Communications Act, which may restrict foreign investments[135]. - The spin-off agreement includes indemnification obligations for liabilities, which could lead to additional financial exposure if not met[194]. - The IRS ruling and special tax counsel's opinion are based on representations that, if found untrue, could invalidate the tax-free status of the spin-off[190]. - The spin-off's validity could be challenged under federal and state fraudulent transfer laws, potentially voiding the transaction and adversely affecting financial conditions[191]. Operational Challenges - The loss of the CEO could disrupt management and impair the execution of business strategies, as he is crucial to the company's strategic direction[141]. - Cybersecurity risks are a significant concern, with potential consequences including data loss, operational disruptions, and increased protection costs[169]. - The ongoing effects of COVID-19 have adversely affected the company's business, results of operations, and financial condition, with uncertainty regarding future impacts[171]. - A high percentage of operating expenses are fixed, making the company vulnerable to revenue fluctuations, particularly in advertising[174]. - The company may experience revenue loss due to preemption of scheduled programming by major news events, affecting advertising revenue[175]. - The television industry is highly competitive, with increased competition from digital media and alternative entertainment options impacting audience share and advertising revenue[180]. - The FCC's reallocation of broadcast spectrum for wireless broadband use may negatively affect viewer access to programming and require additional investments[184]. - The company may incur unforeseen costs related to Tribune's Chapter 11 bankruptcy proceedings, which could be material[187]. Spin-off Transactions - Tribune Publishing completed a spin-off transaction on August 4, 2014, distributing 98.5% of its common stock to stockholders, retaining only 1.5%[188]. - The IRS issued a private letter ruling confirming that the spin-off qualified as tax-free for U.S. federal income tax purposes, although it did not guarantee compliance with all requirements[189].

Nexstar Media Group, Inc. (NASDAQ:NXST) Q4 2022 Earnings Conference Call February 28, 2023 10:00 AM ET Company Participants Joseph Jaffoni - Investor Relations Perry Sook - Chairman and Chief Executive Officer Tom Carter - President and Chief Operating Officer Lee Ann Gliha - Executive Vice President and Chief Financial Officer Conference Call Participants Craig Huber - Huber Research Partners Steven Cahall - Wells Fargo Daniel Kurnos - Benchmark Company Nicholas Zangler - Stephens Jim Goss - Barrington Res ...

Nexstar Media Group, Inc. (NASDAQ:NXST) Q3 2022 Earnings Conference Call November 8, 2022 10:00 AM ET Company Participants Joe Jaffoni - Investor Relations Perry Sook - Chairman & Chief Executive Officer Tom Carter - President & Chief Operating Officer Lee Ann Gliha - Chief Financial Officer Conference Call Participants Dan Kurnos - The Benchmark Company Craig Huber - Huber Research Partners Jim Goss - Barrington Research Aaron Watts - Deutsche Bank Steven Cahall - Wells Fargo Barton Crockett - Rosenblatt S ...

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 June 30, 2022 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 MEDIA GROUP, INC. (Exact Name of Registrant as Specified in Its Charter) (State of Incorporation or Organization) (I.R.S. Emp ...