IRVING, Texas — Nexstar Media Group, Inc., the nation’s largest owner of local television stations, announced Tuesday it will acquire Tegna Inc. in a $6.2 billion deal. The agreement, which includes Tegna’s debt, values the company at $22 per share — a 31 percent premium over its 30-day average stock price earlier this month.
In a statement, Nexstar said the merger — unanimously approved by Tegna’s board of directors — will give the company control of 265 full-power stations in 44 states and Washington, D.C.
The combined company will reach 80 percent of U.S. households, including high level television markets (DMAs, i.e. Nielsen’s Designated Market Areas) such as Atlanta (No. 7), Phoenix (No. 12), Seattle (No. 13), and Minneapolis (No. 16).
Nexstar Chairman and CEO Perry A. Sook said the transaction will strengthen the company’s ability to compete with technology giants while maintaining a focus on community-based journalism. “TEGNA is a premier operator with high quality local television stations primarily in the top 75 DMAs,” Sook said. “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.”
Tegna executives described the deal as both a financial win for shareholders and a reinforcement of local news. Howard Elias, chairman of Tegna’s board of directors, said, “This transaction with Nexstar will further solidify the critical role our stations serve in our communities, preserve their trust, and be better able to compete in today’s highly fragmented media environment.”
Mike Steib, Tegna’s chief executive officer, added that combining the two companies will help secure the future of local news. “Together, we will expand coverage to serve more communities, across more screens, and ultimately secure the future of local news for generations to come,” he said.
Nexstar has pursued growth through acquisition before, notably with its 2019 purchase of Tribune Media. The company said it expects the Tegna merger to generate roughly $300 million in annual operating “synergies” and to boost free cash flow by more than 40 percent within a year of closing.
“Together, the Adjusted Free Cash Flow of TEGNA, the expected synergies on an after-tax basis and the estimated after-tax financing costs related to the transaction, is expected to be more than 40% accretive to Nexstar’s standalone Adjusted Free Cash Flow in the first twelve months after closing,” Nextstar said in its statement announcing the acquisition.
The transaction is expected to close in the second half of 2026, pending shareholder and regulatory approvals.
