Nexstar Media Looks to Acquire Media Giant Tegna
- Claire Carpenter
- Mar 24
- 2 min read
The Nexstar Media Group is the largest owner of broadcast television stations in the United States, and they’re only looking to grow. This media giant announced that it has closed a $6.2 billion deal to acquire Tegna, Inc. Both the Federal Communications Commission (FCC) and the United States Department of Justice (DOJ) had to approve this transaction in order for it to be carried out. This combination of two key players raises alarm bells nationwide as states look to maintain an accessible market in the economy’s media sector.
Currently owning and operating over 200 TV stations and multiple digital media assets, the Nexstar dynasty spans nationwide. For them, this deal would only increase TV station coverage and revenues while reducing costs from this combination. Nexstar’s Founder, Chairman, and Chief Executive Officer, Perry Sook, announced his gratitude towards the President and the FCC for approving the deal, commenting that the corporation currently plans to sustain “strong local journalism” with this expansion. Looking forward, the addition of Tegna’s assets, capabilities, and talent gives Nexstar a near-unobstructed path towards whichever goals they seek in this market.
For Tegna, this deal is the light at the end of the tunnel, putting an end to a treacherous decade. The failed broadcasting branch, “Gannett”, and a shot-down merger with another media corp called Standard General mark two historic failures for Tegna. Though shareholders initially breathed a sigh of relief at the announcement, their struggles might not be at an end just yet.
However beneficial this might be for the two companies, certain state attorney generals are not happy with the new circumstances. The FCC and DOJ waived the law that prevents any one company from owning broadcasting stations that reach more than 39% of American households. Colorado, New York, and California–among others– have already indicated that they intend to sue on antitrust grounds, worried that the new supercorp limits actions of smaller participants in the mediaspace and inhibits free competition.
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