Texas, August 20, 2025
News Summary
On August 19, 2023, Nexstar Media Group announced its plans to acquire Tegna for $3.54 billion, which will allow the company to potentially cover 80% of U.S. television households. The deal includes approving Tegna’s Board of Directors’ valuation of $22 per share, representing a significant premium. This acquisition positions Nexstar as the largest owner of local TV stations, raising concerns about reduced competition in local news coverage. The merger is expected to close in the second half of 2026 pending regulatory approvals.
Texas – On August 19, 2023, Nexstar Media Group announced plans to acquire Tegna, a smaller broadcasting rival, for approximately $3.54 billion. The agreement is set to significantly expand Nexstar’s media footprint, possibly allowing the company to cover 80% of U.S. television households upon completion.
Tegna is the owner of 64 television stations and networks across various states in the U.S. This acquisition will enhance Nexstar’s substantial portfolio, which already includes more than 200 stations, some of which are affiliated with several major networks such as CW and NewNation. The deal has received approval from Tegna’s Board of Directors and it values Tegna’s outstanding shares at $22 each, which represents a 31% premium over Tegna’s average stock price over the 30-day period leading up to August 8.
If approved, this merger would position Nexstar as the largest owner of local TV stations in the country, surpassing Sinclair Broadcast Group and Gray Television. Following the merger, industry projections indicate a new ranking of leading local TV station owners, with Nexstar firmly at the top. This acquisition also aims to strengthen Nexstar’s position in California, where it currently operates six stations, compared to Tegna’s two stations.
The merging of Tegna and Nexstar is anticipated to reinforce local broadcasting capabilities, especially in sports coverage, by combining Tegna’s recent sports rights acquisitions with Nexstar’s existing resources. The deal is expected to be finalized in the second half of 2026, contingent upon regulatory approvals.
Both companies experienced an increase in their stock prices following the announcement, reflecting a generally positive market response. However, public interest groups have raised concerns over the implications of such consolidations, citing potential risks to competition and local news coverage. They argue that reduced competition could result in less diverse viewpoints and less robust local reporting.
This acquisition is also viewed as a strategic maneuver in response to the growing competition from digital media and streaming services, with Nexstar advocating for changes to the Federal Communications Commission (FCC) ownership rules to facilitate better opportunities for station acquisitions.
Some prior attempts by Tegna to merge with private equity partners, such as Standard General and Apollo Global Management, were unsuccessful mainly due to regulatory obstacles. This current acquisition represents a substantial shift in the broadcasting landscape as it seeks to address ownership limits while responding to the evolving needs within the media industry.
Key Impacts of the Acquisition
- A potential coverage of 80% of U.S. households by Nexstar
- A premium valuation for Tegna shareholders at $22 per share
- Strengthened local broadcasting capabilities, particularly in sports
- Concerns over reduced competition from public interest groups
Projected Rankings of Local TV Station Owners Post-Merger
- Nexstar Media Group
- Sinclair Broadcast Group
- Gray Television
- E.W. Scripps Company
- Hearst Television
Frequently Asked Questions
What is Nexstar planning to acquire?
Nexstar is set to acquire Tegna, which owns 64 television stations across the U.S., for $3.54 billion.
What will be the implication of this acquisition?
The acquisition will allow Nexstar to potentially cover 80% of U.S. households, enhancing its market presence.
When is the deal expected to close?
The deal is projected to close in the second half of 2026, pending regulatory approval.
What are some concerns regarding this consolidation?
Public interest groups are concerned that this consolidation could reduce competition and negatively affect local news coverage.
Acquisition Overview
| Feature | Details |
|---|---|
| Acquiring Company | Nexstar Media Group |
| Target Company | Tegna |
| Deal Value | $3.54 billion |
| Number of Stations Owned by Tegna | 64 |
| Projected Coverage | 80% of U.S. households |
| Completion Date | Second half of 2026 (pending approval) |
| Concerns Raised | Reduced competition, impact on local news |
Deeper Dive: News & Info About This Topic
- Ventura County Star: Nexstar-Tegna Merger
- Los Angeles Times: Nexstar Acquires Tegna
- San Joaquin Valley Sun: Nexstar to Acquire Tegna
- Sportico: Nexstar-Tegna Merger and Local Sports Rights
- Wikipedia: Nexstar Media Group
Author: Anaheim Staff Writer
Anaheim Staff Writer The Anaheim Staff Writer represents the experienced team at HEREAnaheim.com, your go-to source for actionable local news and information in Anaheim, Orange County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as major conventions at the Anaheim Convention Center, including NAMM and VidCon, exciting games at Angel Stadium and Honda Center, and developments at Disneyland Resort Our coverage extends to key organizations like the Anaheim Chamber of Commerce and Visit Anaheim, plus leading businesses in hospitality, entertainment, and innovation that power the local economy As part of the broader HERE network, including HERECostaMesa.com, HEREHuntingtonBeach.com, HERESantaAna.com, and HERELosAngeles.com, we provide comprehensive, credible insights into Southern California's dynamic landscape.
