Consolidation coupled with a focus on re-transmission agreements have helped local stations weather the economic effects of the COVID-19 pandemic.
Around 60 channels operated by E. W. Scripps in 42 local markets have gone dark on the satellite service.
Mission is known to exercise shared services agreements with Nexstar Media.
The satellite radio giant will pay $265 million now and $60 million later.
The premium audio giant has made aggressive purchases in recent years as it looks to diversity beyond satellite radio.
Haystack TV, a free streaming TV service that aggregates news stories from local and national organizations, has launched a dedicated Super Tuesday channel.
Nexstar Media Group formally acquired Tribune Media on Thursday, taking control of three dozen stations and selling off about a dozen more.
Chief Executive Peter Kern is also expected to depart the combined company shortly after the deal closes, according to the memo.