Nexstar Media Group CEO Perry Sook said the company’s $6.2 billion acquisition of Tegna will close by the second half of 2026, creating a broadcast giant reaching ~80% of U.S. households—more than double the current 39% ownership cap—thanks to expected deregulation under the Trump administration and FCC Chairman Brendan Carr.
The deal, announced in Q3, hinges on major regulatory shifts already gaining momentum after an October Eighth Circuit ruling eliminated the FCC’s “top-four” station ownership ban in single markets; the order takes effect 30 days after Federal Register publication once the government reopens.
Tegna shareholders vote Nov. 18, DOJ issued a second request Oct. 30 after Nexstar’s Sept. 30 HSR filing, and 37 FCC license-transfer applications are ready but paused during the shutdown.
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| Perry Sook |
Nexstar projects $300 million in near-term synergies (45% from retransmission, rest operational), with deeper savings from consolidating 35 overlapping markets and expanding local news in nine DMAs—e.g., using Tegna’s WFAA newsroom in Dallas to launch full newscasts on Nexstar’s CW affiliate.
Longer-term: the combined 80% spectrum footprint positions Nexstar to lead ATSC 3.0 (NextGen TV) monetization through non-video uses, which Sook called “the biggest value creation lever in our business.”
Q3 revenue fell 12.3% to $1.2 billion on missing political ads; distribution revenue dipped 1.4% to $709 million, core ad revenue held flat at $476 million, adjusted EBITDA was $358 million (29.9% margin), and adjusted free cash flow hit $166 million.
Sook said Nexstar will remain active in M&A for “substantially accretive” deals with “good industrial logic,” while President/COO Mike Biard stressed a strong broadcast sector is needed to compete with tech platforms.