Nexstar Completes $6.2 Billion Acquisition of Tegna, Creating Nation’s Largest Local TV Broadcaster

Nexstar Media Group officially completed its acquisition of Tegna Inc. On Thursday, March 19, 2026, establishing itself as the largest local television broadcaster in the United States. The deal, valued at $6.2 billion including debt, brings together over 260 television stations across the country.

Deal Details and Regulatory Approval

The acquisition, initially announced in August 2025, involved Nexstar acquiring all outstanding shares of Tegna at $22.00 per share in an all-cash transaction [1]. The merger faced scrutiny and required approval from both the Federal Communications Commission (FCC) and the United States Department of Justice.

The FCC waived a rule preventing a single company from reaching more than 39% of U.S. Television households, allowing the combined entity to cover at least 60% [4]. Nexstar CEO Perry Sook expressed gratitude to President Trump, FCC Chairman Brendan Carr, and the DOJ for enabling the transaction to proceed.

Industry Consolidation and Market Impact

Prior to the merger, Nexstar operated 201 owned or partner stations in 116 markets, whereas Tegna owned 64 stations across 51 markets [2]. The combined company now boasts 265 television stations across 44 states and the District of Columbia, reaching approximately 80% of American households.

This consolidation comes as the broadcast television industry grapples with declining pay-TV subscriptions and the rise of streaming services. Companies like Nexstar and Tegna argue that consolidation is necessary to sustain local journalism and maintain profitability through carriage fees from pay-TV distributors.

Legal Challenges and Opposition

Despite regulatory approval, the merger faced legal challenges. In February 2026, a coalition of attorneys general from eight states, including California and New York, filed a lawsuit seeking to block the deal, citing antitrust concerns [4]. DirecTV also filed a lawsuit, arguing the merger is anticompetitive and could lead to higher costs and TV blackouts.

Opponents argue the merger will reduce competition, potentially leading to the closure of local newsrooms and increased prices for consumers.

Future Outlook

Nexstar anticipates approximately $300 million in annual savings by integrating select operations [2]. The company aims to strengthen its position in key metropolitan areas, including Atlanta, Phoenix, Seattle, and Minneapolis.