Nexstar Media has agreed to purchase smaller rival Tegna for $3.54 billion, expanding its local-TV presence in nine of the top 10 US markets and covering 80% of TV households nationwide. The deal aims to give Nexstar greater leverage with advertisers and pay-TV distributors.
With over 200 stations, Nexstar will now own or partner on 64 stations, including key markets like Atlanta, Phoenix, and Seattle. The acquisition is valued at $6.2 billion, including debt and transaction expenses.
The move comes as the US media industry continues to consolidate, driven by changing consumer habits and cord-cutting. Nexstar’s CEO, Perry Sook, sees the deal as an opportunity for local broadcasters to level the playing field with Big Tech and legacy media companies.
The deal is expected to close by mid-2026 and will generate annual net savings of $300 million. Tegna’s shareholders can expect a premium price of nearly 44% on top of its closing price, while the company must pay Nexstar up to $125 million if the deal falls through due to regulatory issues.
The acquisition is part of a broader trend in the media industry, which has seen significant deal-making and consolidation in recent years.
Source: https://www.cnbc.com/2025/08/19/tv-broadcaster-nexstar-to-acquire-rival-tegna-for-3point54-billion.html