
In a bold media move with far-reaching implications, Irving-based Nexstar Media Group has announced its acquisition of rival Tegna Inc. in a sweeping $6.2 billion all-cash deal.
If approved, the merger would create the largest local television station owner in the country, giving Nexstar control of 265 stations across 44 states and Washington, D.C., reaching roughly 80% of U.S. TV households - well above the Federal Communications Commission’s 39% ownership cap.
Nexstar CEO Perry Sook praised the deal as a strategic play to expand local journalism and compete with Big Tech’s unbridled reach.
But the company will need regulatory breaks to make it happen. With the Trump-era FCC under Chairman Brendan Carr pursuing aggressive deregulation - including repealing outdated broadcast rules and exploring ownership limit rollbacks - Nexstar is betting the policy tide is in its favor.
The acquisition also strengthens Nexstar’s footprint in key Texas markets - Nexstar would own four of Austin’s six broadcast stations, including KVUE and KXAN, and add San Antonio’s KENS to its roster, highlighting the megadeal’s local impact.
Yet critics - and some legal experts - warn the deal may jeopardize localism and editorial diversity. Media watchdog groups argue the cap was set by Congress to curb monopolistic behavior, and say only lawmakers - not the FCC - have the authority to change it. The merger’s fate now hinges on a mix of courtroom challenges and regulatory favorability.
MarketWatch
What next? Nexstar expects to close the deal in the second half of 2026, pending regulatory approval and shareholder sign-off.
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