Nexstar to acquire rival broadcast company Tegna in $6.2 billion deal

Nexstar Media volition get rival broadcast institution Tegna for $6.2 cardinal according to a associated announcement connected Tuesday, different motion of consolidation successful an already contracting TV broadcast sector.

The transaction, if approved, volition bring unneurotic 2 large players successful U.S. television, expanding Nexstar's scope successful the U.S. tv and section quality landscape. Nexstar oversees much than 200 owned and spouse stations successful 116 markets nationwide contiguous and besides runs networks similar The CW and NewsNation. Tegna owns 64 quality stations crossed 51 markets.

"Following completion of the transaction, the combined entity volition beryllium a starring section media company, well-positioned to vie successful today's fragmented and rapidly evolving marketplace," the companies said successful identical statements shared connected their respective websites. "The caller institution volition beryllium amended capable to service communities by ensuring the semipermanent vitality of section quality and programming from trusted section sources and preserving the diverseness of section dependable and opinion."

Nexstar, based successful Irving, Texas, volition wage $22 successful currency for each stock of Tegna's outstanding stock. Talks of a woody were reported earlier this period by the Wall Street Journal. 

Through the deal, Nexstar said it would besides beryllium capable to supply advertisers with a greater breadth of competitory section and nationalist broadcast and integer advertizing options. The statement volition besides let the media institution to grow its beingness successful the Atlanta, Phoenix, Seattle and Minneapolis markets, Nexstar's president and CEO Perry Sook said successful the announcement.

"The initiatives being pursued by the Trump medication connection section broadcasters the accidental to grow reach, level the playing field, and vie much efficaciously with the Big Tech and bequest Big Media companies that person unchecked scope and immense fiscal resources," helium said.

If approved by Tegna shareholders, the woody is expected to adjacent successful the 2nd fractional of 2026. 

The quality comes arsenic much Americans displacement from cablegram — successful what's known arsenic "cord-cutting" — to streaming. According to a July Gallup poll of astir 10,000 U.S. adults, 83% said they ticker streaming services, portion 36% said they presently subscribe to cablegram oregon outer TV astatine home.

Nexstar shares jumped 7.6% successful premarket trading. Tegna's banal roseate 4.3%.

The Associated Press contributed to this report.