Nexstar Media Group announced on March 22 2026 that it had closed its long‑awaited merger with Tegna Inc., a transaction that was approved by the Federal Communications Commission on March 20 2026. The combined company will operate 265 local‑broadcast stations, giving it coverage of roughly 80 % of the U.S. population and making it the largest local‑broadcast portfolio in the country.
The deal, valued at approximately $6.2 billion, was financed through a mix of equity and debt facilities that allow Nexstar to maintain a strong balance sheet while pursuing the acquisition. The FCC granted waivers of the national ownership cap—normally limiting a single entity to 39 % of the national audience—and of the duopoly rule, permitting Nexstar to own more than two stations in certain markets.
Strategically, the merger is expected to generate about $300 million in annual synergies and to be 40 % accretive to free cash flow. It expands Nexstar’s retransmission‑consent revenue base, strengthens its position as a top‑three affiliate group for all major networks, and accelerates the company’s ATSC 3.0 and NewsNation initiatives. The combined entity will also benefit from a broader national footprint that enhances advertising reach and cross‑sell opportunities.
Investors reacted positively to the announcement, citing the expected synergies and expanded reach as key drivers of value. The merger also faced significant opposition, including an antitrust lawsuit filed by eight states and a challenge from DirecTV, but the FCC’s approval signals a regulatory shift that may pave the way for further consolidation in the broadcast industry.
"This transaction is essential to sustaining strong local journalism in the communities we serve," said Nexstar CEO Perry Sook. He added that the combined company will be "better positioned to deliver exceptional journalism and local programming."
The merger represents a major consolidation in the local‑broadcast market, positioning Nexstar to compete more effectively against larger media and streaming entities. By combining resources, the company can invest in next‑generation broadcast technology, expand its news operations, and leverage its expanded audience to attract national advertisers, thereby strengthening its long‑term competitive advantage.
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