In a major local television group consolidation move, Nexstar Media Group of Texas has reached an agreement to acquire a rival, Virginia-based Tegna, in a $22 per share cash transaction valued at $6.2 billion. The boards of both Nexstar and Tegna unanimously signed off on the deal, which is expected to close by the end of next year subject to FCC regulatory approval. The price includes Tegna debt and estimated transaction expenses and fees. Nexstar has more than 200 owned or partner stations while Tegna has 64. As a result of the consolidation, the combined company will have TV stations in nine of the top 10 U.S. markets.

“Upon closing of the Tegna deal, Nexstar and its partners will have 265 full-power television stations in 44 states and Washington, D.C., covering 132 of the country’s 210 television markets covering 80 percent of U.S. TV households,” Variety reports.

Using the past two years of quarterly results as a guide, Nexstar Chairman and CEO Perry Sook told analysts that Nexstar expects the combined entity will generate revenue of more than $8 billion and earnings of $2.6 billion. Sook also predicts an estimated $300 million in cost-savings as a result of synergies realizable in the 12 months following the close.

Financially, the acquisition will put Nexstar in the same class as Fox and Paramount in terms of EBITDA (earnings before interest, taxes, depreciation, and amortization), solidifying its position in the industry, Sook said.

“Operators of local TV stations, facing slipping revenue amid a decline in TV subscribers, are looking to find cost-savings through mergers, believing a merger-friendly FCC under the Trump Administration will allow them to consolidate,” The Wall Street Journal writes.

“Last month, an appeals court struck down FCC rules barring one company from owning two of the top four TV stations in a market, paving the way for mergers within markets,” WSJ adds, noting that Nexstar says it already owns stations “in 35 of Tegna’s 51 TV markets.”

According to a Nexstar announcement, the acquisition positions the company to compete “in today’s fragmented and rapidly evolving marketplace,” providing advertisers with greater variety and digital ad solutions. In addition, it will allow Nexstar to better serve communities through “local news and programming from trusted local sources,” the company said.

Related:
Nexstar Agrees to Acquire Tegna in $6.2 Billion TV Station Group Deal, Los Angeles Times, 8/19/25
Nexstar to Acquire Tegna in $6.2 Billion Local TV Deal, Citing Trump-Backed Initiatives, The Wrap, 8/19/25