Nexstar Media Group, the largest local television broadcaster in the United States, is reportedly in advanced talks to acquire its rival, Tegna Inc., according to sources cited by The Wall Street Journal.
The potential deal, which could be finalized soon if negotiations proceed smoothly, marks a significant step in the ongoing consolidation of the U.S. television industry amid challenges like cord-cutting and the rise of streaming services.
Nexstar Media Group Owns or partners with over 200 television stations across 116 markets, reaching approximately 70% of U.S. television households. It operates high-profile properties like The CW Network and NewsNation and has recently expanded into sports content. Nexstar’s market capitalization is around $5.56 billion.
Tegna’s shares surged nearly 30% in extended trading following the news, while Nexstar’s stock remained flat, reflecting investor concerns about potential acquisition costs and regulatory hurdles.
The acquisition would significantly expand Nexstar’s footprint, combining its 200+ stations with Tegna’s 64, further consolidating its dominance in local broadcasting. This move aligns with Nexstar’s history of growth through acquisitions, such as its 2016 purchase of Media General and the 2019 divestiture of 11 stations to Tegna for $740 million.