Nexstar and TEGNA announce $6.2 billion deal

Nexstar expands its local media footprint by acquiring TEGNA in a $6.2 billion cash deal.

Nexstar Acquires TEGNA for 6.2 Billion

Nexstar Media Group will acquire all outstanding shares of TEGNA in a cash deal valued at $6.2 billion, with Nexstar paying $22.00 per share. The purchase price includes TEGNA’s net debt and estimated transaction fees and represents a 31% premium to TEGNA’s 30-day average price ending August 8, 2025. The transaction is subject to regulatory approvals and is expected to close in the second half of 2026. Upon completion, the combined company will own 265 full-power television stations across 44 states and the District of Columbia, reaching about 80% of U.S. television households. The deal is expected to generate annual net synergies of roughly $300 million and to de-leverage over time, with Nexstar projecting a substantial accretion to its free cash flow in the first year after closing.

This move fits a broader pattern of consolidation in local broadcasting as platforms from tech to streaming reshape how audiences access news. Scale can boost ad reach and bargaining power, yet it raises questions about the diversity of local voices and editorial independence. Regulators will likely scrutinize the deal for competition and public interest implications, while investors will watch how debt and integration costs are managed. The real test will be whether newsroom jobs and quality stay strong as the companies merge systems, share content, and align digital products with local needs.

Highlights

The impact of this merger will unfold in newsroom rooms and in the balance sheets of local communities alike.