In a deal to mix two main gamers within the native TV station biz, Nexstar Media Group mentioned it reached an settlement to purchase Tegna in a transaction valued at $6.2 billion.
The acquisition worth is inclusive of Tegna’s web debt and estimated transaction charges and bills. The deal, topic to regulatory approval together with by the FCC, is anticipated to shut by the second half of 2026.
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Nexstar has simply over 200 owned or associate stations and Tegna has 64 stations throughout the U.S. Upon closing of the Tegna deal, Nexstar and its companions can have 265 full-power tv stations in 44 states and Washington, D.C., protecting 132 of the nation’s 210 tv markets protecting 80% of U.S. TV households, the businesses mentioned. The mixed firm can have stations in 9 of the highest 10 markets, and in 41 of the highest 50.
The brand new firm “can be higher in a position to serve communities by guaranteeing the long-term vitality of native information and programming from trusted native sources and preserving the variety of native voice and opinion,” Nexstar and Tegna mentioned in saying the pact.
The FCC, underneath Trump-appointed chairman Brendan Carr, in June launched an initiative looking for public touch upon whether or not to “modify, retain or get rid of” the 39% nationwide viewers attain cap on native TV possession. And in July, the eighth U.S. Circuit Court docket of Appeals vacated the FCC’s rule barring a station group from proudly owning greater than one of many prime 4 TV stations in a given market.
Nexstar chairman and CEO Perry Sook referred to as out the White Home’s transfer to decontrol the native TV sector as driving the deal.
“The initiatives being pursued by the Trump administration supply native broadcasters the chance to develop attain, stage the enjoying discipline, and compete extra successfully with the Massive Tech and legacy Massive Media firms which have unchecked attain and huge monetary assets,” Sook mentioned in an announcement. “We consider Tegna represents the most suitable choice for Nexstar to behave on this chance.”
Nexstar’s earlier offers have included its $4.1 billion acquisition of Tribune Media in 2019 and its acquisition of a majority stake within the CW in 2022.
Tegna chairman Howard Elias mentioned in an announcement: “At Tegna, we share Nexstar’s dedication to native broadcasting, exemplified by quite a few investments and initiatives, business journalism awards, and the numerous growth of our native information content material. This transaction, which is able to present premium near-term worth to Tegna shareholders, comes at a time of speedy change in our business and displays the truth that policymakers of all views are calling for rules governing our business to be modernized.”
