The media world is no stranger to mergers and acquisitions in recent years as companies all over hte spectrum look to pool their resources in trying to navigate a rapidly changing landscape. And now it’s hitting on the local level with Nexstar acquiring Tegna in a deal worth over $6 billion.
Nexstar is the largest local broadcast group in the country with over 200 stations across the land from Portland to Providence and pretty much everywhere in between. Nationally, they also own The CW (which has seen a more aggressive push into sports in recent years) and NewsNation.
Tegna has 61 stations in 54 markets throughout the country. But now they will also fall under the Nexstar umbrella as the new company creates undoubtedly the strongest and largest collection of local stations in America. The deal places the value of Tegna at $22.00 per share according to the company announcement..
Nexstar Media Group, Inc. (Nasdaq: NXST) (“Nexstar”) and TEGNA Inc. (NYSE: TEGNA) (“TEGNA”) announced today that they entered into a definitive agreement (the “Agreement”) whereby, subject to regulatory approvals, Nexstar will acquire all outstanding shares of TEGNA for $22.00 per share in a cash transaction valued at $6.2 billion, inclusive of TEGNA’s net debt and estimated transaction fees and expenses. The purchase price represents a 31% premium to TEGNA’s average 30-day average stock price ending August 8, 2025, the last closing stock price prior to media reports of a potential transaction. Following completion of the transaction, the combined entity will be a leading local media company, well-positioned to compete in today’s fragmented and rapidly evolving marketplace. The new company will be better able to serve communities by ensuring the long-term vitality of local news and programming from trusted local sources and preserving the diversity of local voice and opinion. Nexstar will also be able to provide advertisers with an even greater variety of competitive local and national broadcast and digital advertising solutions to serve brands and consumers more effectively.
Nexstar’s Chairman and Chief Executive Officer, Perry A. Sook, commented, “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. We believe TEGNA represents the best option for Nexstar to act on this opportunity. TEGNA is a premier operator with high quality local television stations primarily in the top 75 DMAs. We and TEGNA are similarly dedicated to providing communities of all sizes with the best programming and fact-based local journalism along with innovative digital products and marketing solutions for local viewers and advertisers. The transaction will increase Nexstar’s reach through the expansion of our presence in important DMAs such as Atlanta, Phoenix, Seattle, and Minneapolis, as well as enhance our local presence, enabling us to continue to provide the core local news and programming that is in the public’s interest.”
The new company will span 265 markets in 44 states and Washington DC and maintain a presence in 132 of the top 210 media markets in the country.
As far as a sports impact, it solidifies the current landscape where local networks have become more involved in local sports broadcasting. As we have seen MLB and NBA teams specifically move more game broadcasts to local stations to expand reach, some of these affiliates have become valuable outlets for fans trying to have accessibility to games without having to climb through paywalls.
While there will likely be some consolidation in markets that share Nexstar and Tegna affiliates, it at least keeps the business in the right hands as being invested in the value of local stations when it comes to sports or news. Back in 2022, opposition from the industry rose up when Tegna was in line to be taken over by private equity. Much more recently, Sinclair had also proposed a merger with Tegna, but ultimately it was Nexstar who won the race.
About Matt Yoder