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Antitrust · FCC · Local TV · Media M&A
Nexstar Media Group completed its $6.2 billion acquisition of Tegna, securing approvals from the FCC and Department of Justice, despite federal lawsuits filed by eight state attorneys general and DirecTV seeking to block the transaction.
This deal expands Nexstar's footprint to 259 full-power stations, reaching 80% of U.S. TV households, after divesting six stations. The FCC granted a waiver to its 39% ownership cap, citing Nexstar's commitments to affordability, localism, and increased investment in local news.
Opponents, including California Attorney General Rob Bonta, argued the merger would increase consumer prices and harm local news production, violating the Clayton Act. Nexstar CEO Perry Sook thanked President Donald Trump and FCC Chairman Brendan Carr for enabling the transaction, emphasizing its importance for sustaining local journalism.
Nexstar also committed to extending existing retransmission agreements at current rates through November 30, 2026, addressing pricing concerns.
