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Investments | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments | Note 5: Investments Investments in the Company’s Condensed Consolidated Balance Sheets consisted of the following (in millions):
|  | September 30, 2025 |  |  | December 31, 2024 |
Equity method investments |  | $ | 770 |  |  | $ | 873 |
Other equity investments |  |  | 4 |  |  |  | 4 |
Total investments |  | $ | 774 |  |  | $ | 877 |
Equity Method Investments — Investment in TV Food Network Nexstar’s equity method investments primarily include its 31.3% ownership stake in TV Food Network which was acquired upon Nexstar’s acquisition of Tribune Media Company (“Tribune”) on September 19, 2019. Nexstar’s partner in TV Food Network is Warner Bros. Discovery, Inc. (“WBD”), which owns a 68.7% interest in TV Food Network and operates the network on behalf of the partnership. TV Food Network operates two 24-hour television networks, Food Network and Cooking Channel, offering quality television, video, internet and mobile entertainment and information focusing on food and entertaining. The partnership agreement governing TV Food Network provides that the partnership shall, unless certain actions are taken by the partners, dissolve and commence winding up and liquidating TV Food Network upon the first to occur of certain enumerated liquidating events, one of which is a specified date of December 31, 2025. Nexstar intends to renew its partnership agreement with WBD for TV Food Network before expiration. In the event of a liquidation, Nexstar would be entitled to its proportionate share of distributions to partners, which the partnership agreement provides would occur as promptly as is consistent with obtaining fair market value for the assets of TV Food Network. The partnership agreement also provides that the partnership may be continued or reconstituted in certain circumstances. As of September 30, 2025, Nexstar’s investment in TV Food Network had a book value of $752 million, compared to $857 million as of December 31, 2024. As of September 30, 2025 and December 31, 2024, Nexstar had a remaining share in amortizable basis difference of $276 million and $328 million, respectively, related to its investment in TV Food Network. The remaining amortizable basis difference as of September 30, 2025 had a remaining useful life of approximately 4.0 years. As of September 30, 2025, Nexstar’s share in the basis difference related to the TV Food Network’s goodwill was $500 million (no change in 2025). Nexstar had the following transactions related to its investment in TV Food Network during the three and nine months ended September 30, 2025 and 2024, respectively (in millions):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Cash distributions received |  | $ | 6 |  |  | $ | 5 |  |  | $ | 131 |  |  | $ | 143 |
Recognized share in TV Food Networkʼs net income |  |  | 23 |  |  |  | 36 |  |  |  | 78 |  |  |  | 107 |
Recorded amortization of basis difference (expense) |  |  | (17 | ) |  |  | (17 | ) |  |  | (52 | ) |  |  | (52 | )
Summarized financial information for TV Food Network is as follows (in millions):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net revenue |  | $ | 189 |  |  | $ | 254 |  |  | $ | 606 |  |  | $ | 757 |
Costs and expenses |  |  | 117 |  |  |  | 137 |  |  |  | 363 |  |  |  | 412 |
Income from operations |  |  | 72 |  |  |  | 117 |  |  |  | 243 |  |  |  | 345 |
Net income |  |  | 73 |  |  |  | 114 |  |  |  | 246 |  |  |  | 342 |
Net income attributable to Nexstar Media Group, Inc. |  |  | 23 |  |  |  | 36 |  |  |  | 78 |  |  |  | 107 |

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
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