Nexstar to Acquire TEGNA in $6.2 Billion Deal, Creating Local Media Powerhouse

IRVING, Texas and TYSONS, Virginia – Nexstar Media Group, Inc. (Nasdaq: NXST) and TEGNA Inc. (NYSE: TEGNA) announced yesterday, August 19, 2025, that they have entered into a definitive agreement for Nexstar to acquire all outstanding shares of TEGNA. The cash transaction is valued at approximately $6.2 billion, inclusive of TEGNA’s net debt and estimated transaction fees.

The acquisition price of $22.00 per share represents a substantial 31% premium to TEGNA’s 30-day average stock price ending August 8, 2025, just before media reports of a potential deal emerged. This strategic move is set to significantly enhance Nexstar’s position as a leading local media company, aiming to better compete with major tech and media entities.

Perry A. Sook, Nexstar’s Chairman and CEO, emphasized that the acquisition will expand Nexstar’s reach into key Designated Market Areas (DMAs) such as Atlanta, Phoenix, Seattle, and Minneapolis, reinforcing its commitment to high-quality local journalism and diverse opinions. He highlighted Nexstar’s successful track record with previous acquisitions, including Tribune Media in 2019, and anticipates similar synergies and financial benefits from this transaction.

Both companies stressed their shared dedication to local broadcasting. Howard Elias, Chairman of TEGNA’s Board, noted the transaction provides premium near-term value for shareholders and reflects the need for modernized industry regulations. Mike Steib, TEGNA’s CEO, expressed excitement about partnering with Nexstar to expand news coverage and secure the future of local news.

Upon completion, Nexstar, along with its partners, will operate 265 full-power television stations across 44 states and the District of Columbia, covering an estimated 80% of U.S. television households. The deal is expected to generate approximately $300 million in annual net synergies and be significantly accretive to Nexstar’s Adjusted Free Cash Flow within the first year post-closing. The transaction is subject to customary closing conditions, including regulatory and TEGNA shareholder approvals, and is anticipated to close by the second half of 2026.

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