The FCC has launched a public review process for Nexstar Media Group's proposed $6.2 billion acquisition of Tegna Inc., inviting input from consumers, lawmakers, and industry stakeholders on whether the deal serves the public interest amid concerns over media consolidation.
Petitions to deny the merger are due by December 31, 2025, with oppositions due January 15, 2026, and replies by January 30, 2026.
The merger, announced in August 2025, would combine Nexstar's portfolio of over 200 stations with Tegna's 64 full-power TV stations, one AM radio station, and one FM station, creating a broadcast giant reaching approximately 80% of U.S. households and controlling 265 stations across 44 states and the District of Columbia.
Nexstar, already the largest U.S. local TV owner, currently reaches about 39% of households under FCC rules that cap national audience share at that level (with a 50% discount for UHF stations). Post-merger, the combined entity would exceed this threshold at 54.5%, prompting Nexstar to request waivers for both the national cap and local ownership rules in 23 designated market areas (DMAs).
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| Brendan Carr |
The company expects the deal to close in the second half of 2026, subject to approvals, and projects combined annual revenues of $8.1 billion and adjusted EBITDA of $2.56 billion.
Opposition has mounted quickly. Democratic lawmakers, including Sen. Michael Bennet and Rep. Joe Neguse of Colorado, urged the FCC in November to reject the merger, arguing it would violate ownership limits and exacerbate media concentration without proven benefits to competition or diversity.
Newsmax CEO Chris Ruddy, a Trump ally, has also criticized the deal on ideological grounds, fearing it could empower "radical left" networks like ABC and NBC—concerns amplified by President Trump's recent Truth Social post opposing cap elimination if it benefits such outlets. FCC Commissioner Anna Gomez, the agency's lone Democrat, contends that only Congress can alter the cap, not the FCC.