Nexstar has agreed to acquire TEGNA in a $6.2 billion all-cash deal, first announced on August 19, 2025, that would create the largest local TV broadcaster in the U.S. The transaction, which values TEGNA at $22 per share, would combine Nexstar’s 200+ stations with TEGNA’s 64 stations, giving the merged company a national reach of 54.5% of U.S. television households—exceeding the FCC’s 39% ownership cap.

The deal requires Federal Communications Commission (FCC) approval, and Nexstar has formally requested a waiver of the national ownership rule, arguing that current regulations are outdated in today’s fragmented media landscape. The FCC began its review in December 2025, and the process is expected to continue into the second half of 2026.

TEGNA shareholders approved the merger on November 18, 2025, with approximately 98% of votes in favor. Despite opposition from media unions and competitors like Newsmax, President Donald Trump publicly endorsed the deal on February 7, 2026, urging regulators to “GET THAT DEAL DONE,” citing the need for stronger competition against major national networks.

If approved, the combined company would generate over $8 billion in annual revenue and $2.5 billion in adjusted EBITDA, positioning it as a major force in local news and advertising.

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