Nexstar Media Group and Tegna Inc. have announced that they have entered into a definitive agreement where Nexstar buy all of Tegna’s stations in a cash transaction valued at $6.2 billion.
Once the deal closes, Nexstar and its partners will have 265 full-power television stations in 44 states and the District of Columbia and 132 of the country’s 210 television DMAs. The combined company will have stations in 9 of the top 10 DMAs, 41 of the top 50 DMAs, 62 of the top 75 DMAs and 82 of the top 100 DMAs, covering, in total, 80% of U.S. television households.
Nexstar also said the move extends its footprint to additional contested election DMAs. The addition of strong Big-4 affiliates in key contested election DMAs, such as Phoenix, Arizona, Atlanta, Georgia, Toledo, Ohio, and Portland, Manie will enhance the political advertising outlook for Nexstar in even-numbered years.
“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 the Big Tech and legacy Big Media companies that have unchecked reach and vast financial resources. We believe Tegna represents the best option for Nexstar to act on this opportunity,” said Nexstar’s Chairman and Chief Executive Officer, Perry A. Sook. “Tegna is a premier operator with high quality local television stations primarily in the top 75 DMAs. We and Tegna are similarly dedicated to providing communities of all sizes with the best programming and fact-based local journalism along with innovative digital products and marketing solutions for local viewers and advertisers. The transaction will increase Nexstar’s reach through the expansion of our presence in important DMAs such as Atlanta, Phoenix, Seattle, and Minneapolis, as well as enhance our local presence, enabling us to continue to provide the core local news and programming that is in the public’s interest.”
“At Tegna, we share Nexstar’s commitment to local broadcasting, exemplified by numerous investments and initiatives, industry journalism awards, and the significant expansion of our local news content,” said Howard Elias, Chairman of Tegna’s Board of Directors. “This transaction, which will provide premium near-term value to Tegna shareholders, comes at a time of rapid change in our industry and reflects the fact that policymakers of all perspectives are calling for regulations governing our industry to be modernized. This transaction with Nexstar will further solidify the critical role our stations serve in our communities, preserve their trust, and be better able to compete in today’s highly fragmented media environment.”
“We are thrilled to have found a partner in Nexstar that will enable Tegna’s stations to continue doing what we do best: creating outstanding and impactful local content coupled with the delivery of indispensable digital products to the communities we serve around the country,” said Mike Steib, Chief Executive Officer of Tegna. “Nexstar and TEGNA both share a rich heritage of commitment to journalistic excellence and technological advancements. Together, we will expand news coverage to serve more communities, across more screens, and ultimately secure the future of local news for generations to come.”
Tegna said the purchase price of $22.00 per share, reflects a 31% premium to TEGNA’s unaffected 30-day average stock price ending August 8, 2025 and the transaction has been unanimously approved by Tegna’s Board of Directors. Its debt will be refinanced and/or assumed at close.