Nexstar Strikes $6.2 Billion Deal to Acquire Tegna, Raising Fresh Debate Over Media Consolidation

Nexstar Media Group, already the largest owner of local TV stations in the United States, has announced plans to buy rival broadcaster Tegna in a deal valued at $6.2 billion, including debt. The acquisition, unveiled Tuesday, would further expand Nexstar’s national footprint but is subject to regulatory approval.

If approved, the transaction would mark one of the biggest consolidations in local television history. Supporters argue it will give broadcasters the scale needed to compete with digital platforms, while critics warn that fewer owners will mean less diversity of voices in local news.

Shares of both Nexstar and Tegna rose after the announcement, reflecting investor optimism. Consolidation chatter in the industry has been building, with reports that Sinclair Broadcast Group has also expressed interest in Tegna.

At the heart of the debate is the Federal Communications Commission’s ownership cap, which prevents a single company from reaching more than 39% of U.S. television households. Station groups have long pushed to ease the limit, calling it outdated in the age of streaming. FCC Commissioner Brendan Carr, a Trump administration ally, has signaled support for revisiting the rule, recently calling the cap “arcane” and “artificial.”

Nexstar CEO Perry A. Sook framed the acquisition as a chance to strengthen local broadcasters against larger digital rivals. “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 Big Tech and legacy Big Media companies,” he said in a statement.

Tegna’s leadership has also signaled confidence that deregulation is on the horizon. Chief executive Mike Steib told analysts last week that potential policy shifts could open “significant opportunities” for the industry.

Public interest groups, however, remain staunchly opposed. Craig Aaron, president of advocacy organization Free Press, argued that “runaway consolidation” undermines community coverage. “The companies leading the charge for more consolidation see local news only as a vehicle for serving political ads and spreading propaganda,” he wrote in a recent post.

An FCC spokesperson said the agency will review the merger once the formal application is filed.