Nexstar Media to Acquire Tegna for $3.54 Billion

MCLEAN, Virginia — Nexstar Media Group has announced its agreement to acquire rival Tegna Inc. in a cash deal valued at $3.54 billion. The deal, disclosed on Tuesday, comes as the television industry continues to consolidate amid changing viewing habits and regulatory shifts.

Nexstar’s acquisition offer of $22 per share represents a nearly 44% premium over Tegna’s closing stock price on August 8, which was $15.26. The overall value of the agreement, including debt, is estimated at $6.2 billion.

This acquisition will expand Nexstar’s footprint to nine of the top ten U.S. television markets, thereby covering 80% of TV households across the country. The company anticipates that this expansion will enhance its negotiating power with both advertisers and pay-TV distributors.

Nexstar, which already operates over 200 stations, expects to achieve annual net savings of approximately $300 million as a result of this merger. Nexstar CEO Perry Sook emphasized the company’s strategy to leverage regulatory changes introduced under the Trump administration, stating, “The initiatives being pursued by the Trump administration offer local broadcasters the opportunity to expand reach, level the playing field, and compete more effectively with Big Tech.”

Nexstar has a significant presence in Tegna’s markets, already operating in 35 of Tegna’s 51 TV markets. The transaction is projected to close in the second half of 2026, pending regulatory approvals.

In accordance with the agreement, if Tegna opts to terminate the merger to pursue a better offer, it will need to pay Nexstar a fee of $120 million. Conversely, if the deal collapses due to failure in securing necessary regulatory approvals, Nexstar will pay Tegna $125 million.

This transaction marks a pivotal moment in a rapidly consolidating media landscape and highlights ongoing shifts within the television broadcast industry.