Nexstar Closes TEGNA Mega Deal Creating Local TV Giant
The Hollywood Reporter • • general
Key Points:
- Nexstar completed its $6.2 billion acquisition of rival Tegna, creating a large TV station conglomerate after receiving approval from the Department of Justice and FCC, despite opposition from multiple parties including eight states and DirecTV.
- The merger results in Nexstar owning 265 TV stations across 44 states and Washington, D.C., reaching approximately 80% of American homes, surpassing the federal ownership cap of 39%, but Nexstar must divest six stations within two years.
- The FCC granted Nexstar a waiver from ownership limits, citing the need to support local broadcast TV stations and sustain local journalism amid a changing media landscape, though some commissioners criticized the approval process for lack of transparency.
- Opponents, including states
