Nexstar Media Group in Advanced Talks to Acquire Tegna Inc.

Nexstar Media Group is reportedly in advanced discussions to acquire rival broadcaster Tegna Inc., a move that could significantly reshape the U.S. television landscape. This potential merger reflects the industry's ongoing consolidation as companies adapt to evolving consumer behaviors, including cord-cutting and the rise of streaming services.

According to sources familiar with the matter, a deal could be finalized soon, provided there are no unforeseen complications. Following the news, Tegna's shares surged by 30%, while Nexstar's shares remained relatively stable.

Nexstar Media Group, headquartered in Irving, Texas, owns or partners with over 200 stations across 116 markets. The company also operates prominent media properties such as The CW and NewsNation. As of August 11, 2025, Nexstar's market valuation stands at approximately $5.56 billion.

Tegna Inc., based in Tysons, Virginia, operates 64 stations and networks including the True Crime Network. The company is valued at about $2.42 billion.

This isn't the first acquisition attempt involving Tegna. In 2022, the company agreed to be taken private by Standard General in a deal valued at $8.6 billion, including debt. However, the merger was terminated due to regulatory scrutiny.

The potential merger between Nexstar and Tegna underscores a broader trend of consolidation within the television industry. Broadcasters are seeking to expand their reach and resources to better compete with streaming services and adapt to changing viewer habits.

Regulatory considerations will play a crucial role in the progression of this deal. The Federal Communications Commission (FCC) enforces ownership limits to maintain a diverse and competitive media landscape. Any merger of this magnitude would likely face thorough regulatory review to ensure compliance with these regulations.

Both Nexstar and Tegna have declined to comment on the ongoing discussions.

As the television industry continues to evolve, the outcome of these negotiations could have significant implications for broadcasters, advertisers, and viewers alike.