A deal seeing Nexstar Media Group buying Tegna could be finalized soon.

The deal would mean that Nexstar, which owns and operates more than 200 stations across 116 markets, would possibly pick up Tegna’s 64 stations in 51 markets.

The company has a market valuation of about $2.42 billion, compared with Nexstar’s $5.56 billion, according to LSEG data.

Reuters said shares of Tegna surged 30% in extended trading following the report, while Nexstar’s shares were largely flat.

During Tegna’s August 8 earnings call, CEO Mike Steib said that a recent court decision eliminating the Federal Communications Commission’s Top Four rule, which prohibited ownership of two top-rated stations in the same market and a more permissive stance under Chairman Brendan Carr, could make it easier for local station group mergers and acquisitions.

“Our industry is up against big tech competitors who have absolutely no encumbrances in how they compete across the country and in our markets. Secondly, we believe that when the if were to create a significant profit pool for the broadcast industry, and we have every expectation that we will participate. We’ve told you that we are either a buyer or seller depending upon how the opportunities present themselves,” Steib said in the company’s earnings call. “And you’ve already heard in the last few weeks from some of our peers in the industry about swaps, which are great opportunities to be both the buyer and the seller for parties. We believe that it’s a great opportunity, but we also have a strong balance sheet and a great set of assets, and we are going to be disciplined in how we approach this. And so we are continuing to take that approach. We’re excited about the possibilities. And the team is doing their work.”