Nexstar Media Group is set to enhance its presence in the local news market through the acquisition of broadcast rival Tegna for a staggering $6.2 billion. This strategic move, pending regulatory approval, will unite two significant players in the U.S. television industry, further shaping the country’s local news landscape.
Nexstar currently operates over 200 owned and partner stations across 116 markets in the United States, including well-known outlets such as Denver’s Fox31. In addition to its local stations, Nexstar also manages popular networks like The CW and NewsNation. Conversely, Tegna operates 64 news stations in 51 markets, which includes notable channels like 9News in Denver. The merger aims to amplify local news offerings and increase competition against larger media conglomerates.
Perry Sook, Nexstar Chairman and CEO, stated, “The initiatives being pursued by the Trump administration offer local broadcasters the opportunity to expand reach, level the playing field, and compete more effectively with the Big Tech and legacy Big Media companies that have unchecked reach and vast financial resources.” He emphasized that Tegna represents the best avenue for Nexstar to capitalize on this potential.
This acquisition will not only enhance Nexstar’s local news capabilities but also provide advertisers with a broader array of local and national broadcast and digital advertising options. Nexstar plans to pay $22 in cash for each share of Tegna’s outstanding stock, marking a significant investment in the future of broadcast media. Furthermore, this deal could spark additional consolidation within the U.S. broadcast industry.
Founded in 1996, Nexstar has seen remarkable growth over the past two decades, becoming the largest operator of local TV stations in the U.S. following its acquisition of Tribune Media in 2019. The purchase of Tegna aligns with Nexstar’s history of expansion and positions the company for further growth in an evolving media landscape.
The acquisition comes at a time of significant regulatory shifts. Brendan Carr, the Trump-appointed chairman of the Federal Communications Commission (FCC), has been a proponent of loosening industry restrictions. Recently, the FCC announced plans to repeal 98 broadcast rules deemed “obsolete, outdated, or unnecessary,” many of which date back nearly 50 years. Carr argued that these provisions no longer serve the public interest.
In late July, the U.S. Court of Appeals for the Eighth Circuit vacated the FCC’s longstanding “top four” rule, which restricted ownership of multiple top stations in a single market. This ruling is currently under review by the FCC but could pave the way for more mergers within the industry. During early August earnings calls, both Tegna and Nexstar executives highlighted this ruling and praised Carr’s deregulation efforts. “We believe that deregulation is necessary, important and coming,” stated Tegna CEO Michael Steib, noting the challenges local broadcasters face against tech giants.
As both Nexstar and Tegna expand beyond traditional broadcasting to include digital news platforms, mobile applications, and streaming services, they are adapting to the evolving ways consumers access news and entertainment. The broadcast industry has faced significant challenges due to “cord-cutting,” with more households opting for internet-based content over cable or satellite subscriptions.
The merger is projected to close by the second half of 2026, contingent on Tegna shareholder approval. Following the announcement, shares of Nexstar surged by 7.6% in premarket trading, while Tegna’s shares climbed by 4.3%. For more updates on business news and analysis, consider signing up for our Economy Now newsletter.
