Nexstar Media to Acquire Tegna in $6.2B Deal, Creating Local TV Giant
Nexstar Media Group (NXST) has struck a $6.2 billion cash deal to acquire rival Tegna (TGNA), positioning itself as a dominant force in local television. The transaction, slated to close in late 2026, will combine 265 full-power stations across 44 states, reaching 80% of U.S. households. Nexstar shares ROSE 2% in after-hours trading following the announcement.
The $22-per-share offer represents a 44% premium over Tegna's pre-announcement price. Breakup terms include a $120 million fee if Tegna accepts a superior proposal, while Nexstar WOULD pay $125 million if regulators block the merger. The combined entity will hold stations in nine of the top 10 U.S. markets, significantly expanding advertising reach and competitive positioning against legacy media networks.
