Nexstar Media Group buying Tegna in deal worth $6.2 billion
The transaction, if approved, will bring together two major players in U.S. television and the country's local news landscape. Nexstar oversees more than 200 owned and partner stations in 116 markets nationwide today and also runs networks like The CW and NewsNation. Meanwhile, Tegna owns 64 news stations across 51 markets.
'The initiatives being pursued by the Trump administration offer local broadcasters the opportunity to expand reach, level the playing field, and compete more effectively with the Big Tech and legacy Big Media companies that have unchecked reach and vast financial resources,' Nexstar Chairman and CEO Perry Sook said in a statement on Tuesday. 'We believe Tegna represents the best option for Nexstar to act on this opportunity.'
Nexstar said Tuesday that the deal will also help it give advertisers a bigger variety of local and national broadcast and digital advertising options.
Nexstar will pay $22 in cash for each share of Tegna's outstanding stock.
The deal could potentially help kick off even further consolidation in America's broadcast industry. Nexstar, founded in 1996, has itself grow substantially with acquisitions over the latest two decades, becoming the biggest operator of local TV stations in the U.S. after it purchased Tribune Media back in 2019.
Nexstar's purchase of Tegna also arrives amid wider regulatory shifts. Brendan Carr, the Trump-appointed chairman the Federal Communications Commission, which will need to give the transaction the green light, has long advocated for loosening industry restrictions. On Aug. 7, the FCC announced that it would be repealing 98 broadcast rules and requirements that it identified as 'obsolete, outdated, or unnecessary.'
Some of those rules date back nearly 50 years, the FCC said, and apply to 'old technology that is no longer used.' Carr maintained that such provisions no longer serve public interest.
In late July, the U.S. Court of Appeals for the Eighth Circuit also vacated the FCC's 'top four' rule, which has long prohibited ownership of more than one of the top four stations in a single market. The ruling is still subject to a monthslong assessment by the FCC, but could significantly clear the way for future mergers in the industry.
In company earnings calls held in early August, before Tegna and Nexstar publicly confirmed merger talks, both Tegna CEO Michael Steib and Nexstar's Sook pointed directly to this ruling, and applauded Carr's deregulation agenda as a whole.
'We believe that deregulation is necessary, important and coming,' Steib said in Tegna's Aug. 7 call, noting that local broadcasters are 'up against big tech competitors who have absolutely no encumbrances in how they compete.'
Beyond their core broadcast TV businesses, both Nexstar and Tegna also boast digital news, mobile app and streaming offerings, all of which have played key roles for the industry as consumers change the way they consume news and other entertainment.
Broadcast TV has been hit particularly hard by 'cord-cutting,' with more and more households trading their cable or satellite subscriptions into content they can get via the internet.
The deal is expected to close by the second half of 2026. It still needs approval from Tegna shareholders.
Shares of Nexstar jumped 7.6% in premarket trading, and Tegna's rose 4.3%.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
43 minutes ago
- Yahoo
Justice Department investigating DC police over Trump allegations of ‘fake' crime data
The Department of Justice is reportedly investigating whether Washington, D.C. officials manipulated crime data after Donald Trump accused the capital city of creating 'fake crime numbers' to undermine his federal takeover. On his Truth Social account on Monday, Trump accused D.C. officials of manipulating data to create a 'false illusion of safety' while his critics accuse the White House of exaggerating reports of violent crime to justify an unprecedented mandate. 'This is a very bad and dangerous thing to do, and they are under serious investigation for so doing!' Trump wrote. Last week, the president declared what he called a 'crime emergency' to justify his administration taking control of the city's Metropolitan Police Department while deploying National Guard troops and federal law enforcement agents into the city's streets, claiming that the White House must 'rescue' the city from 'crime, bloodshed, bedlam and squalor and worse.' He claimed the city is overrun with 'bloodthirsty criminals, roving mobs of wild youth, drugged-out maniacs and homeless people,' though reports of violent crime in the city have plummeted, along with national downward trends of violent crime rates. The capital city 'was the most unsafe 'city' in the United States, and perhaps the World,' he wrote on Monday. 'Now, in just a short period of time, it is perhaps the safest, and getting better every single hour!' The White House has pointed to a previous investigation into D.C. police commander Michael Pulliam, who was suspended earlier this year facing allegations that he made 'questionable' changes to crime data, according to a report from NBC4 Washington last month. A federal investigation is expected to go further than the local probe into Pulliam's time in office. The Independent has requested comment from MPD. Despite the administration's claims that crime is 'out of control' in D.C., data has shown the opposite: 2024 saw the lowest violent crime rates in the capital in more than 30 years, while reports of violent crime within the first seven months of 2025 have plunged 27 percent from last year. Those rates mirror national downward trends, according to FBI crime data released during Trump's administration. Homicides in D.C. are down 11 percent, according to city data. The city's homicide rate in 2024 was roughly 25 per 100,000 residents — nearly twice the rate in 2012, when it was nearly 14 per 100,000 residents. This is a developing story
Yahoo
43 minutes ago
- Yahoo
Georgia Republicans, against backdrop of 2026 election, push to eliminate state income tax
ATLANTA (AP) — As the 2026 election looms, Georgia Republicans seeking higher office met Tuesday to begin exploring plans for Georgia to eliminate the state's personal income tax. The Republican contenders for lieutenant governor sat on the committee spearheaded by Republican Burt Jones, who currently holds the role and is running for governor with U.S. President Donald Trump's endorsement. 'If we want to continue to stay competitive in the state of Georgia and continue to be the number one state to do business, we've got to be looking for ways to keep us competitive and make it where we have a competitive advantage over states that we are competing with all the time," Jones said. Most of the lawmakers on the panel praised the idea as one that would help working families and small businesses after hearing from Grover Norquist, president of Americans for Tax Reform and a prominent conservative lobbyist for tax cuts. Currently, eight states, including Florida and Tennessee, don't tax individuals' income, according to the Tax Foundation, a tax policy think tank. Other states, including North Carolina and Louisiana, have reduced income taxes or are on their way to eliminating them. In Georgia, Democrats oppose the idea, saying it would benefit the wealthy rather than low-income people, who would face other levies. Atlanta Democrat Sen. Nan Orrock said Tuesday that eliminating the income tax would hurt vital services across the state by reducing state revenue, especially amid federal cuts to programs such as food stamps, education grants and disaster relief. 'I can go on and on with needs that we have now in many areas that would argue for having a robust revenue to meet the needs of our citizens," said Orrock. Norquist said states still generate revenue after cutting income taxes. One reason is that when businesses know states are on track to eliminate income taxes, he said, they start investing there, and residents flock over too. 'When you attract more people into the state and more investment into the state, you end up with both more money for individuals but also more tax revenue at lower rates,' said Norquist. Georgia income taxes are expected to bring in $20 billion for the state in 2026, accounting for almost half of state revenue, according to the Georgia Budget and Policy Institute Georgia Republican Gov. Brian Kemp signed into law this year income tax rebates of up to $500 and a reduction in taxes to 5.19% in January for all income earned in 2025. That's part of a long-term plan to cut Georgia's income tax rate to 4.99%, which could happen as early as next year. The law already took Georgia's former system of tax brackets and created a flat income tax. The state has also paid rebates on income taxes to taxpayers in recent years, thanks to billions in surplus cash, Higher-income taxpayers collect the most benefits from income tax reductions. The Institute on Taxation and Economic Policy found two-thirds of the income tax cut benefits would flow to the highest-earning 20% of Georgians. Republicans said that was only natural because most Georgians in the lowest 20% of the income distribution are mostly exempt from state income taxes. Democratic gubernatorial candidates haven't ruled out tax reductions. Former Atlanta Mayor Keisha Lance Bottoms has suggested eliminating the state income tax for public school teachers, but said eliminating income taxes altogether would hurt funding for schools and raise costs for lower-income families. Republicans are still forging ahead. 'While the mechanics are up for debate, I think it's clear that the end goal is not,' said Sen. Appropriations Committee Chairman Blake Tillery, a Vidalia Republican who is running for lieutenant governor. ___ Kramon is a corps member for The Associated Press/Report for America Statehouse News Initiative. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues.
Los Angeles Times
44 minutes ago
- Los Angeles Times
Trump offers assurances that U.S. troops won't be sent to help defend Ukraine
WASHINGTON — President Trump on Tuesday offered his assurances that U.S. troops would not be sent to help defend Ukraine against Russia after seeming to leave open the possibility the day before. Trump also said in a morning TV interview that Ukraine's hopes of joining NATO and regaining the Crimean peninsula from Russia are 'impossible.' The Republican president, Ukrainian President Volodymyr Zelensky and other European leaders held hours of talks at the White House on Monday aimed at bringing an end to Russia's war against Ukraine. While answering questions from journalists, Trump did not rule out sending U.S. troops to participate in a European-led effort to defend Ukraine as part of security guarantees sought by Zelensky. Trump said after his meeting in Alaska last week with Russian President Vladimir Putin that Putin was open to the idea of security guarantees for Ukraine. But asked Tuesday on Fox News Channel's 'Fox & Friends' what assurances he could provide going beyond his term that American troops would not be part of defending Ukraine's border, Trump said, 'Well, you have my assurance, and I'm president.' Trump would have no control over the U.S. military after his term ends in January 2029. The president also said in the interview that he is optimistic that a deal can be reached to end the Russian invasion, but he underscored that Ukraine will have to set aside its hope of getting back Crimea, which was seized by Russian forces in 2014, and its long-held aspirations of joining the NATO military alliance. 'Both of those things are impossible,' Trump said. Putin, as part of any potential deal to pull his forces out of Ukraine, is looking for the withdrawal of Ukrainian troops from the Donetsk and Luhansk regions, as well as recognition of Crimea as Russian territory. At the end of Monday's White House gathering, Trump said he is trying to arrange a meeting between Putin and Zelensky, followed by a trilateral meeting involving himself and the two warring leaders. Details and possible locations were not discussed, but an international arrest warrant for Putin could complicate any such meetings. French President Emmanuel Macron said it could happen 'in Europe' and he's advocating for Geneva, although he said it could be another 'neutral' country. He noted in an interview with French television TF1-LCI broadcast Tuesday that Istanbul hosted the most recent bilateral discussions, in 2022. Meanwhile, Swiss Foreign Minister Ignazio Cassis said his country would be prepared to organize such a summit, Swiss public broadcaster SRF reported. Asked about the complication posed by the International Criminal Court's arrest warrant for Putin, Cassis said 'the aim of receiving Mr. Putin in Switzerland without him being arrested is 100% achievable … of course, if he comes to Switzerland for the purposes of peace, for such a multilateral conference, not if he comes for private matters.' Cassis said arranging for Putin to avoid arrest would require 'a certain procedure,' but it could be done 'in a few days.' In the 'Fox & Friends' interview, Trump said Putin and Zelensky are getting along 'a little better than I thought,' noting the 'tremendous bad blood' between them. He said his perception of their relationship is why he's arranging for them to meet one-on-one soon, instead of a three-way meeting with himself as sort of a mediator. 'I think they're doing OK. I wouldn't say they are ever going to be best friends, but they're doing OK,' the president said.' 'You know, they're the ones that have to call the shots,' Trump said. 'We're 7,000 miles away.' The White House meeting with Zelensky included the leaders of Britain, France, Germany, Italy, Finland, the European Union and NATO. Trump said the European leaders were not in the room when he spoke with Putin on Monday. He said he thought it would have been disrespectful to handle the phone call that way since Putin and the European leaders meeting with him at the White House haven't had the 'warmest relations.' But despite that, he said that he has managed to maintain a 'very good relationship' with Putin. Superville and Madhani write for the Associated Press.
