Nexstar Media Group officially completed its acquisition of TEGNA Inc. on Thursday, bringing to a close one of the most closely watched and fiercely contested media mergers in recent American broadcasting history. The deal received approval from both the Federal Communications Commission and the United States Department of Justice, clearing the final regulatory hurdles and allowing the transaction to close.
The agreement, first announced in August 2025, called for Nexstar to acquire all outstanding shares of TEGNA at $22.00 per share in an all-cash transaction valued at $6.2 billion, including debt. The combination creates an entity of extraordinary scale in the American broadcast landscape, one that will now dominate local television in markets large and small across the country.
Nexstar had previously been the largest local TV station group in the United States, with 201 owned or partner stations in 116 markets. TEGNA, for its part, brought 64 stations across 51 markets to the table. The merged entity now owns 265 television stations across 44 states and the District of Columbia, reaching approximately 80% of American households.
The deal was originally structured to expand Nexstar’s footprint into key metropolitan areas where it previously had limited or no presence. The acquisition was expected to increase Nexstar’s reach in major DMAs including Atlanta, Phoenix, Seattle, and Minneapolis. The company also told investors it hopes to realize approximately $300 million in annual savings by combining select operations.
The path to closing was anything but smooth. The merger ran headlong into fierce opposition from state officials, competing distributors, and media watchdogs who argued it posed serious risks to both consumers and the integrity of local news coverage. Eight state attorneys general, led by California Attorney General Rob Bonta, filed an antitrust lawsuit to block the acquisition, arguing it would hurt consumers by hiking prices and weakening local news coverage. Oregon’s attorney general described the concern bluntly, noting that in markets where both companies currently operate competing stations, the merger would place two formerly independent newsrooms under a single corporate owner making unified decisions about budgets, staffing, and editorial choices.
DirecTV also filed a separate antitrust lawsuit in U.S. District Court in Sacramento, arguing the combined company would be able to extract higher retransmission fees from cable and satellite distributors and that the acquisition would increase concentration in more than a dozen local markets by more than ten times the threshold presumptively unlawful under antitrust law.
One significant regulatory complication involved the FCC’s longstanding ownership cap. The proposed deal would push Nexstar’s holdings well over the FCC’s 39% ownership cap, and in November 2025, Nexstar filed applications with the FCC that included a request for a waiver of that rule. FCC Chairman Brendan Carr has been a vocal proponent of abolishing that cap entirely, a position that aligned with the administration’s posture toward the deal.
The Trump administration’s support for the merger was unusually direct and public. In February 2026, President Trump posted on social media urging the deal to move forward, saying Nexstar and TEGNA should be allowed to merge in order to challenge what he called the “Fake News National TV Networks.” FCC Chairman Carr responded publicly with his own endorsement shortly thereafter. The state attorneys general lawsuit was widely viewed as a response not only to the merger itself, but to the broader pattern of the Trump administration backing large media consolidations.
Despite the legal challenges, the DOJ granted early termination of its review, a procedural step indicating the department had concluded its investigation of the deal without blocking it. The FCC’s approval followed, allowing the transaction to close on the same day.
The financial architecture of the deal was substantial. To help fund the acquisition, Nexstar tapped the investment-grade bond market, with Bank of America indicating to investors that the company would receive a second investment-grade rating from Fitch Ratings, enabling a high-grade bond offering to proceed. The company had also sought $2.75 billion in loan financing to back the transaction.
The completion of the deal marks a seismic shift in American local broadcasting. Whether the new combined Nexstar delivers on its promises of stronger journalism and community service — or whether critics’ warnings about reduced competition and diminished local news prove warranted — will likely be the story that defines the company’s legacy for years to come. The lawsuits from state attorneys general and DirecTV remain pending, meaning the legal battles surrounding this acquisition may be far from over even as the business combination is now complete.
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