2026 could kick off with the biggest wave of radio/TV consolidation since 1996. More stations under fewer roofs usually means louder national voices, thinner local newsrooms and higher retrans fees passed to cable bills.
The FCC current sweeping review of local radio and TV ownership caps could potentially result in the scrapping of the 80-year-old ban on mergers among the Big Four networks (ABC, CBS, NBC, Fox) and easing limits on how many stations one company can own in a single market.
Broadcasters say the rules—frozen since the dial-up era—handcuff them against Google, Meta and Netflix. FCC Chair Brendan Carr calls it a “fresh approach” to let local stations bulk up, invest in newsrooms and compete for eyeballs (and ad dollars) in a streaming world.
Deals Already Moving
- Nexstar is swallowing Tegna for $6.2 billion, creating a 265-station giant reaching 80 % of U.S. homes.
- Nexstar promises $300 million yearly run-rate savings within 12 months—mostly shared newsrooms, back-office cuts, and bigger ad bundles.
- Sinclair’s CEO declared “open season” on mergers, eyeing $600–900 million in yearly “synergies.”
- DOJ just demanded extra docs on TEGNA’s sale of 11 stations to the nation’s biggest TV owner.
What It Means
- Current rule: max 8 stations (5 same-band) in big markets, 5–7 in smaller ones.
- NAB plan: iHeartMedia, Cumulus, or any regional player could legally own every FM and AM in states like Idaho, West Virginia, or Nebraska.
- Top-75 example: iHeart could snap up 10 FMs + every AM in Denver, Dallas, or Philly—then repeat in 74 more metros.
- NAB’s pitch: “Radio is bleeding to Spotify and Sirius—let us consolidate or die.”
Broadcasters want $1 billion in yearly synergies to fund HD upgrades, podcasts, and data-driven ads.
If FCC votes “delete” on Nov 20, the biggest local-Radio/TV land grab since 1996 looms.