Nexstar Media Group buying Tegna in deal worth $6.2 billion
Nexstar Media Group has announced plans to acquire broadcast rival Tegna for $6.2 billion, a move that will enhance its local news offerings.
If approved, this transaction will bring together two major players in the U.S. television industry and the local news landscape.
Nexstar currently operates over 200 owned and partner stations in 116 markets across the country, including Denver’s Fox31, and also manages networks such as The CW and NewsNation. On the other hand, Tegna owns 64 news stations in 51 markets, including 9News in Denver.
Nexstar’s Chairman and CEO, Perry Sook, expressed his optimism about the acquisition, stating, “We believe Tegna represents the best option for Nexstar to capitalize on this opportunity.”
The deal is expected to provide advertisers with a wider range of local and national broadcast and digital advertising options.
Under the terms of the agreement, Nexstar will pay $22 in cash for each share of Tegna’s outstanding stock.
This acquisition could potentially pave the way for further consolidation in the American broadcast industry. Nexstar, which was founded in 1996, has experienced significant growth through acquisitions in recent years, becoming the largest operator of local TV stations in the U.S. after acquiring Tribune Media in 2019.
The acquisition of Tegna by Nexstar comes at a time of regulatory changes in the industry. The Federal Communications Commission, led by Chairman Brendan Carr, has been advocating for deregulation, aiming to eliminate outdated rules and requirements that no longer serve the public interest.
Both Nexstar and Tegna have embraced digital news, mobile app, and streaming services to adapt to changing consumer preferences in how they consume news and entertainment.
The deal is slated to be finalized by the second half of 2026, pending approval from Tegna shareholders.
Following the announcement, shares of Nexstar surged by 7.6% in premarket trading, while Tegna’s stock rose by 4.3%.
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