Photo Credit: TEGNA/NEXSTAR
Source: WFAA
Irving-based Nexstar Media Group announced today it will acquire TEGNA Inc. in an all-cash transaction valued at $6.2 billion, including refinancing of TEGNA’s debt. The $22-per-share purchase represents a 31% premium over TEGNA’s 30-day average stock price and is expected to close in the second half of 2026, pending regulatory and shareholder approval.
The merger will create the nation’s largest local broadcasting company, with 265 stations across 44 states and Washington, D.C., reaching nearly 80% of U.S. households. The combined group will have a presence in nine of the top 10 U.S. TV markets and 82 of the top 100.
Nexstar CEO Perry A. Sook said the deal expands the company into major markets such as Atlanta, Seattle, and Minneapolis. TEGNA CEO Mike Steib called Nexstar “an ideal partner” that will help strengthen both local content and digital products.
The companies reported combined revenue of $8.1 billion last year and adjusted EBITDA of $2.58 billion. Nexstar said it will direct early free cash flow toward debt reduction while continuing to invest in local journalism and digital growth.
