Nexstar Media Group, the largest operator of local television stations in the United States, has announced a merger deal with Tegna Inc. valued at $6.2 billion. This strategic move could deeply refocus America’s broadcast industry. It’s due to complete in the second half of 2026 — that is, if Tegna shareholders approve it.
Founded in 1996, Nexstar has more than doubled in size in the last two decades almost exclusively via acquisitions. The firm now manages over 200 of its own and affiliates stations in 116 markets across the country. In 2019, Nexstar expanded its reach by purchasing Tribune Media, further solidifying its position as a leading player in local broadcasting. With ownership of celebrated national networks like The CW and NewsNation, the company reaches a diverse and expansive audience.
Perry Sook, Chairman and CEO of Nexstar, sounded a positive note on all the deal’s possible synergies. He touted that the new, larger consolidation would provide advertisers with a wider variety of choices among local and national broadcast media. Plus, it will expand their digital ad options. Sook further illustrated the importance of deregulation for the broadcasting industry. He noted that recent decisions by the Federal Communications Commission (FCC) could help smooth this process.
As of early August, Sook was promoting a significant ruling from the U.S. Court of Appeals for the Eighth Circuit. In particular, they did away with the FCC’s “top four” rule, which prevented one company from owning more than a handful of large stations in a given market. Shortly thereafter, on August 7, the FCC announced its intention to repeal 98 broadcast rules that it declared were “obsolete, outdated or unnecessary.” Sook remarked on the importance of these initiatives:
“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.” – Perry Sook
Michael Steib, something of an industry superstar, got his two cents in on what has been a seismic shift. He stated:
“We believe that deregulation is necessary, important and coming.” – Michael Steib
Nexstar is continuing full steam ahead with its merger plans with Tegna. In fact, industry experts have long predicted that this deal would lead to additional consolidation within the broadcast industry. The merger will significantly strengthen Nexstar’s overall operational capabilities. It will help improve its competitive position relative to big tech companies and legacy media monopolies.
