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Nexstar to acquire rival broadcast company Tegna in $6.2 billion deal

By
Mary Cunningham
Reporter, MoneyWatch
Mary Cunningham is a reporter for CBS MoneyWatch. She previously worked at "60 Minutes," CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program.
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Mary Cunningham

/ CBS News

Nexstar Media will acquire rival broadcast company Tegna for $6.2 billion, according to a joint announcement on Tuesday, another sign of consolidation in an already contracting TV broadcast sector.

The transaction, if approved, will bring together two major players in U.S. television, expanding Nexstar's reach in the U.S. television and local news landscape. Nexstar oversees more than 200 owned and partner stations in 116 markets nationwide today and also runs networks like The CW and NewsNation. Tegna owns 64 news stations across 51 markets.

"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 companies said in identical statements shared on their respective websites. "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, based in Irving, Texas, will pay $22 in cash for each share of Tegna's outstanding stock. Talks of a deal were  earlier this month by the Wall Street Journal. 

Through the deal, Nexstar said it would also be able to provide advertisers with a greater breadth of competitive local and national broadcast and digital advertising options. The agreement will also allow the media company to expand its presence in the Atlanta, Phoenix, Seattle and Minneapolis markets, Nexstar's chairman and CEO Perry Sook said in the announcement.

"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," he said.

If approved by Tegna shareholders, the deal is expected to close in the second half of 2026. 

The news comes as more Americans shift from cable — in what's known as "cord-cutting" — to streaming. According to a July Gallup of around 10,000 U.S. adults, 83% said they watch streaming services, while 36% said they currently subscribe to cable or satellite TV at home.

Nexstar shares jumped 7.6% in premarket trading. Tegna's stock rose 4.3%.

Edited by Anne Marie D. Lee

The Associated Press contributed to this report.

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