Nexstar Media Group has announced a definitive agreement to acquire Tegna Inc. in an all-cash transaction valued at $6.2 billion. This strategic move is set to significantly enhance Nexstar’s position as the leading local media company in the United States. The acquisition involves purchasing all outstanding shares of Tegna for $22.00 per share, representing a 31% premium over Tegna’s average 30-day stock price ending August 8, 2025.
Upon completion, the combined entity will operate 265 full-power television stations across 44 states and the District of Columbia, reaching approximately 80% of U.S. television households. This expansion includes a presence in nine of the top ten designated market areas (DMAs), notably enhancing coverage in major cities such as Atlanta, Phoenix, Seattle, and Minneapolis.
The merger is expected to generate annual net synergies of approximately $300 million, primarily through revenue enhancements and operational cost reductions. These efficiencies are projected to make the transaction more than 40% accretive to Nexstar’s standalone adjusted free cash flow within the first twelve months after closing.
Nexstar’s Chairman and CEO, Perry Sook, emphasized the strategic importance of this acquisition, 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 the Big Tech and legacy Big Media companies that have unchecked reach and vast financial resources.”
The transaction is subject to customary closing conditions, including Tegna shareholder and regulatory approvals, and is expected to close by the second half of 2026.
This consolidation reflects a broader trend in the media industry, where traditional broadcasters are seeking scale to better compete with digital platforms and tech giants. However, the merger has raised concerns among some industry observers about potential impacts on local journalism and media diversity. Critics argue that such consolidation could lead to reduced diversity and localism in news content, as larger entities may standardize programming across multiple markets.
In summary, Nexstar’s acquisition of Tegna represents a significant consolidation in the U.S. broadcasting landscape, aiming to strengthen the combined entity’s competitive position in the evolving media environment.
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