Nexstar to Acquire Tegna in $6.2B Deal, Creating Local TV Powerhouse

Nexstar Media has agreed to acquire Tegna in a $6.2 billion deal, creating a local TV powerhouse with 265 full-power stations across 44 states and Washington, D.C. The merger is expected to close in the second half of 2026 and has received a Strong Buy consensus rating with an average price target of $233, implying 12.16% upside potential.

Nexstar Media Group, Inc. has agreed to acquire Tegna, Inc. in a $6.2 billion deal, creating a local TV powerhouse with 265 full-power stations across 44 states and Washington, D.C. [1] The merger is expected to close in the second half of 2026 and has received a Strong Buy consensus rating with an average price target of $233, implying 12.16% upside potential [2].

The acquisition will see Nexstar, which owns or manages over 200 TV stations across the U.S. as well as The CW and NewsNation, acquire all outstanding shares of Tegna for $22.00 per share in a cash transaction valued at $6.2 billion, inclusive of Tegna’s net debt and estimated transaction fees and expenses. [1]

Nexstar Chairman and CEO Perry Sook stated that the deal is a strategic move to expand Nexstar’s reach and compete more effectively with Big Tech and legacy Big Media companies. He added that Tegna is a premier operator with high-quality local television stations primarily in the top 75 DMAs. [1]

TEGNA CEO Mike Steib expressed enthusiasm for the partnership, noting that Tegna’s stations will continue to create outstanding local content and deliver indispensable digital products to communities across the country. [1]

Following the merger, the combined entity will have a significant presence in important DMAs such as Atlanta, Phoenix, Seattle, and Minneapolis, and will be able to serve more communities with expanded news coverage. [1]

The acquisition will also provide synergies in multiple local TV markets where Nexstar’s and Tegna’s station footprints overlap, potentially leading to improved operational efficiency and increased profitability. [1]

The transaction is slated to close by the second half of 2026, subject to regulatory approvals. [1]

References:
[1] https://dallasinnovates.com/local-tv-mega-deal-north-texas-nexstar-to-acquire-tegna-for-6-2b/
[2] https://www.nexstar.tv/nexstar-media-group-inc-enters-into-definitive-agreement-to-acquire-tegna-inc-for-6-2-billion-in-accretive-transaction/