Overview

• Nexstar Media Group is in advanced talks to acquire rival broadcaster Tegna in a deal valued at about $8 billion, including assumed debt.
• Tegna’s shares jumped roughly 30 percent in after-hours trading following the report while Nexstar’s stock remained largely unchanged.
• Executives expect to finalize terms soon pending final due diligence and approval from the Federal Communications Commission.
• If completed, the merger would expand Nexstar’s reach from over 200 stations to include Tegna’s 64 stations and specialty networks such as True Crime Network.
• Tegna projected an 18–20 percent drop in third-quarter revenue after reporting a 5 percent decline to $675 million in the second quarter.