Overview

• Nexstar and Tegna announced a definitive agreement at $22 per share in cash, with most reports valuing the deal at $6.2 billion while a Reuters account cited $3.54 billion.
• The combined portfolio would encompass about 265 full-power stations in 44 states and Washington, D.C., reaching roughly 80% of U.S. TV households and expanding presence in nine of the top 10 markets.
• The transaction requires regulatory clearance in a shifting landscape that includes an appeals court vacating the FCC’s “Top Four” in‑market restriction and ongoing review of the national ownership cap.
• Nexstar secured financing commitments from BofA Securities, J.P. Morgan Chase and Goldman Sachs, projects about $300 million in annual cost savings, and agreed to reciprocal termination fees disclosed in SEC filings.
• Media analysts and local leaders warn of potential newsroom consolidation, staffing cuts and programming changes in overlapping markets, and Sinclair has been reported as a rival suitor.