In a landmark move for the broadcast industry, Nexstar Media Group, Inc. and TEGNA Inc. announced today a definitive agreement for Nexstar to acquire all outstanding shares of TEGNA for $22.00 per share in a cash transaction valued at $6.2 billion, including TEGNA’s net debt and estimated transaction fees. The purchase price represents a 31% premium over TEGNA’s 30-day average stock price as of August 8, 2025, before media speculation about the deal surfaced. The transaction, unanimously approved by TEGNA’s Board of Directors, is expected to close in the second half of 2026, pending regulatory and shareholder approvals.
The acquisition will create one of the nation’s largest local media companies, combining Nexstar’s 200 television stations with TEGNA’s 64 stations across 51 markets. The merged entity will operate 265 full-power television stations across 44 states and the District of Columbia, covering 80% of U.S. television households and serving 132 of the country’s 210 designated market areas (DMAs), including 9 of the top 10 and 41 of the top 50 DMAs. Key markets such as Atlanta, Phoenix, Seattle, and Minneapolis will see an enhanced Nexstar presence, bolstering its ability to deliver local news and programming.
Nexstar’s Chairman and Chief Executive Officer, Perry A. Sook, said, “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.”
Financially, the combined company is projected to generate $8.1 billion in annualized net revenue and $2.56 billion in Adjusted EBITDA (excluding synergies) based on the last eight quarters ending June 30, 2025. Nexstar anticipates $300 million in annual net synergies from revenue growth and cost reductions, with the deal expected to be over 40% accretive to Nexstar’s Adjusted Free Cash Flow in the first year post-closing. The company plans to manage its leverage ratio, expected to reach 4x at closing”, back to current levels (3.19x as of June 30, 2025) by 2028 through debt repayment.
The transaction, backed by committed financing from BofA Securities, J.P. Morgan Chase, and Goldman Sachs, also strengthens Nexstar’s political advertising outlook, adding strong stations in key election markets like Phoenix and Atlanta. Industry analysts see the deal as a response to a rapidly evolving media landscape, where local broadcasters face competition from digital platforms and require scale to thrive.
Legal and financial advisors, including Kirkland & Ellis LLP for Nexstar and Wachtell, Lipton, Rosen & Katz for TEGNA, are facilitating the transaction. As the media industry navigates regulatory changes and technological shifts, this acquisition positions Nexstar and TEGNA to lead in delivering trusted local content and innovative advertising solutions nationwide.
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