Overview

• The combined portfolio would include 265 full-power stations across 44 states and Washington, D.C., reaching about 80% of U.S. TV households and operating in nine of the top 10 markets.
• The companies target a closing in the second half of 2026, pending FCC and other regulatory approvals.
• Nexstar agreed to pay $22 per Tegna share, a price about 30% above the 30-day average as of Aug. 8.
• The regulatory backdrop includes an FCC proceeding on the 39% national audience cap and a recent appeals court decision that vacated the rule restricting ownership of two top-four stations in the same market.
• Nexstar CEO Perry Sook credited Trump administration deregulatory efforts for enabling the bid, while public-interest groups and many Democrats warn of excessive consolidation and note a prior Tegna sale to Standard General was blocked over expected harm to workers.