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Nexstar to Acquire Tegna in $6.2 Billion Deal, Testing US Media Ownership Rules

By  |  August 21, 2025

Nexstar Media Group has struck a $6.2 billion agreement to acquire rival broadcaster Tegna, a move that could reshape the American television landscape. According to Reuters, the proposed deal would give Nexstar an unprecedented reach across U.S. households, pushing well beyond existing federal ownership limits.

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    Current Federal Communications Commission (FCC) rules prevent a single broadcaster from owning two of the top four stations in a given market and cap nationwide reach at 39% of the population. Per Reuters, Nexstar has stated that its combined footprint with Tegna would cover around 80% of U.S. viewers, with overlapping operations in several local markets. Despite the regulatory hurdles, Nexstar argues the transaction makes strong financial sense, pointing to $300 million in projected cost savings and revenue gains alongside Tegna’s expected $770 million operating profit next year.

    Nexstar CEO Perry Sook has expressed confidence in moving forward, citing a recent court ruling that could eliminate the “top-two” restriction and noting that the FCC has already opened a review of the 39% ownership threshold. If regulators do not relax the rule, the company could pursue alternatives such as station swaps or outsourcing arrangements. At present, the merger exceeds legal limits, but changes in policy could bring it within compliance.

    Read more: DirecTV Urges Second Circuit to Revive Antitrust Lawsuit Against Nexstar

    Antitrust scrutiny poses an additional obstacle. Regulators have historically considered TV broadcasters direct competitors, rather than grouping them with digital advertising platforms like Google. According to Reuters, enforcement patterns have shifted over recent years, with some industry lawyers suggesting that political factors play an outsized role in merger reviews.

    Nexstar has framed the acquisition as a way to strengthen local journalism and better compete with digital platforms in what Sook described as an “age of fake news.” Ultimately, the deal’s fate will rest on how regulators weigh the balance between maintaining competition in local broadcasting and enabling traditional media to compete against digital giants.

    Source: Reuters