Nexstar's $6.2B TEGNA Acquisition Sparks 480% Volume Surge, Stock Climbs 0.65% to Rank 412th

On August 19, 2025, Nexstar Media Group (NXST) saw its stock rise 0.65% amid a 480.72% surge in trading volume to $0.24 billion, ranking 412th in market activity. The move followed the announcement of a $6.2 billion cash-and-debt acquisition of TEGNA, a 31% premium to TEGNA’s 30-day average stock price. The deal, pending regulatory approvals, aims to consolidate Nexstar’s position as a leading local media operator by expanding its reach in top U.S. markets and enhancing political advertising opportunities in key battleground DMAs.

The transaction, backed by committed financing from major banks, is expected to create a combined entity with 265 full-power TV stations across 44 states, covering 80% of U.S. television households. Nexstar emphasized the strategic alignment of both companies in preserving local journalism and leveraging synergies to boost profitability. Management highlighted a track record of successful integrations, including the 2019 Tribune Media acquisition, and projected $300 million in annual cost and revenue synergies by 2025. The deal also aims to strengthen Nexstar’s ability to compete with tech giants by expanding its digital advertising solutions and geographic footprint.

Financially, the combined entity is projected to generate $8.1 billion in annualized net revenue and $2.56 billion in Adjusted EBITDA (excluding synergies) as of June 2025. Nexstar expects the acquisition to be over 40% accretive to its adjusted free cash flow within 12 months post-closure, with net leverage anticipated to rise to 4x at closing before returning to pre-transaction levels by 2028. The transaction is slated to close by mid-2026, subject to shareholder and regulatory approvals.

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