Nexstar Media Group Acquires Tegna Inc. for $6.2 Billion

Nexstar Media Group has announced its acquisition of Tegna Inc. for $6.2 billion in an all-cash transaction, a move that will significantly reshape the U.S. broadcasting landscape. The deal, disclosed on August 19, 2025, will create a broadcasting powerhouse with 265 full-power television stations across 44 states and the District of Columbia, reaching approximately 80% of U.S. television households.

Under the terms of the agreement, Nexstar will pay $22.00 per share for all outstanding shares of Tegna, representing a 31% premium over Tegna's 30-day average stock price ending August 8, 2025. The acquisition is expected to generate annual net synergies of approximately $300 million through revenue enhancements and cost reductions.

Nexstar's Chairman and CEO, Perry A. Sook, emphasized the strategic importance of the deal, stating, "TEGNA represents the best option for Nexstar to act on this opportunity." He highlighted the expansion of Nexstar's presence in key markets such as Atlanta, Phoenix, Seattle, and Minneapolis as a significant benefit of the merger.

Founded in 1996 and headquartered in Irving, Texas, Nexstar is the largest television station owner in the U.S., operating over 200 stations and owning The CW network and NewsNation. Tegna owns 64 television stations in 51 markets, with affiliations to major networks like NBC, CBS, ABC, and Fox.

The proposed merger will undergo scrutiny from the Federal Communications Commission (FCC) due to its potential to exceed the current national ownership cap of 39%. Nexstar's CEO, Perry Sook, has expressed confidence in navigating these regulatory challenges, citing recent deregulatory trends under the current administration.

However, the consolidation has sparked opposition from various groups. Newsmax Media, for instance, filed a 33-page objection with the FCC, arguing that the merger could stifle media diversity and consolidate political power over information distribution.

This acquisition is reminiscent of Nexstar's 2019 purchase of Tribune Media for approximately $4.1 billion, which also faced regulatory scrutiny but was ultimately approved with certain divestitures.

The transaction is subject to Tegna shareholder and regulatory approvals and is expected to close by the second half of 2026.