The FCC Chair Brendan Carr publicly endorsed Nexstar Media Group’s proposed $6.2 billion cash acquisition of Tegna Inc. The endorsement was delivered during a public briefing on February 18, 2026, and signals that the regulator has cleared a key hurdle in the merger’s approval process.
The deal, which values Tegna at $6.2 billion when net debt and transaction costs are included, will make Nexstar the largest regional television station operator in the United States, giving the combined company reach to roughly 80 % of U.S. TV households. The $22.00 per share premium offered to Tegna shareholders reflects the value that Nexstar places on the expanded audience and advertising inventory.
The FCC’s support removes the need for a full‑commission vote and allows the agency to issue a waiver of the national ownership cap that currently limits a single broadcaster to 39 % of U.S. television households. While Commissioner Anna Gomez has expressed concerns that the merger would erode local news diversity, the chair’s statement indicates that the agency believes the transaction can be structured to preserve local content obligations.
The merger is part of a broader industry consolidation trend driven by declining advertising revenue and the need to compete with streaming and technology platforms. Nexstar CEO Perry Sook said the deal would “level the playing field” and enable the company to compete more effectively with large media conglomerates. Tegna’s Q4 2023 revenue fell 20.9 % to $725.9 million, largely due to weaker political and AMS revenues, while Nexstar’s Q4 2023 revenue declined 12.3 % to $1.30 billion, driven by softness in political advertising and a shift toward distribution services.
The transaction also raises concerns about local journalism. Critics warn that consolidation could reduce the number of local news outlets and lead to job cuts, while Nexstar has pledged to maintain local news coverage. The FCC’s endorsement, however, suggests that the agency believes the merger can be structured to mitigate these risks, potentially through continued investment in local programming and adherence to the FCC’s public interest obligations.
With the FCC’s backing, the merger is expected to move forward more quickly, potentially shortening the closing timeline and allowing both companies to begin integrating operations sooner. The deal’s completion would reshape the regional broadcasting landscape and could influence future regulatory decisions on ownership limits.
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