Nexstar Media Group is acquiring Tegna in a $6.2 billion all-cash deal that will dramatically expand its local TV footprint and push its reach to 80% of U.S. television households. The agreement includes the assumption or refinancing of Tegna’s debt and has been unanimously approved by Tegna’s board of directors. Pending shareholder and regulatory approval, the deal is expected to close in the second half of 2026.
Upon completion, Nexstar and its operating partners will own 265 full-power television stations across 44 states and Washington, D.C., covering 132 of the country’s 210 designated market areas. That includes presence in nine of the top ten DMAs, 41 of the top 50, and 82 of the top 100. The combination will give Nexstar increased scale in high-value political markets, including Atlanta, Phoenix, Seattle, Minneapolis, and Toledo, which are expected to enhance its political advertising revenue in key election cycles.
The deal arrives amid an ongoing FCC review of media ownership rules. The Commission, led by Trump-appointed Chairman Brendan Carr, is reviewing whether to revise or eliminate the 39% national audience cap. Nexstar CEO Perry Sook cited this regulatory environment as a key factor enabling the transaction, noting that expanding reach is critical to helping local broadcasters compete against Big Tech and legacy media conglomerates. Sook said Tegna is the best possible strategic fit to take advantage of this window.
Tegna shareholders will receive $22.00 per share in cash, a 31% premium over its 30-day average stock price as of August 8. Financing for the transaction is backed by a group of Wall Street banks. Nexstar says the combined entity will generate $8.1 billion in net revenue and $2.56 billion in adjusted EBITDA, excluding any synergies. The deal is expected to deliver about $300 million in annual cost savings.
Tegna chairman Howard Elias and CEO Mike Steib both framed the deal as a way to preserve and expand the company’s commitment to local journalism while providing near-term shareholder value. Nexstar’s acquisition will allow Tegna’s stations to continue producing local content while scaling its digital product capabilities and distribution reach.
The deal could also serve as a litmus test for the FCC’s appetite to permit further consolidation in local TV. Sinclair, another large broadcaster, was also reportedly pursuing a combination with Tegna but will now be sidelined as Nexstar takes the lead.
This is Nexstar’s latest in a series of expansion plays, following its $4.1 billion acquisition of Tribune Media in 2019 and its majority stake in The CW in 2022. The company is betting big on scale, local reach, and regulatory timing to drive the future of its business.
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