Nexstar to acquire TEGNA in $6.2 billion deal, forming nation’s largest local media company
The merger will establish the country’s largest local broadcasting company, combining 265 television stations across 44 states and Washington, D.C.
TYSONS, Va. — Nexstar Media Group announced Tuesday that it will acquire TEGNA Inc. in an all-cash transaction valued at $6.2 billion, including the refinancing of TEGNA’s outstanding debt. The purchase, priced at $22.00 per share—a 31% premium over TEGNA’s 30day average stock price—is expected to close in the second half of 2026, pending approval from regulators and shareholders.
The merger will establish the country’s largest local broadcasting company, combining 265 television stations across 44 states and Washington, D.C. Together, the enlarged network will reach nearly 80% of U.S. households, with a presence in nine of the top ten U.S. television markets and 82 of the top 100.
Executives from both companies said the combination would expand news coverage, strengthen digital offerings, and increase advertising opportunities for local and national brands.
Company Statements
“TEGNA is a premier operator with high-quality local television stations primarily in the top 75 DMAs,” Nexstar’s Chairman and Chief Executive Officer, Perry A. Sook, said in a statement. “This transaction will increase Nexstar’s reach through the addition of important markets including Atlanta, Seattle, and Minneapolis, and enhance our local market positions.”
Mike Steib, Chief Executive Officer of TEGNA, called Nexstar “an ideal partner,” adding that the merger would “allow stations to continue producing impactful local content coupled with the delivery of indispensable digital products to the communities we serve around the country.”
Financial Details
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Combined revenue (last year): $8.1 billion
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Combined adjusted EBITDA: $2.58 billion
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Financing: secured through Bank of America, JP Morgan, and Goldman Sachs
Nexstar said it expects the deal to increase free cash flow and plans to use excess cash initially to reduce debt. The companies framed the merger as part of a broader effort to compete with larger national media companies and technology platforms. Both pledged continued investment in local journalism, community-focused programming, and digital innovation.
Editor’s Note: This station is currently owned and operated by TEGNA Inc.