Nexstar, Tegna merger closes after winning regulatory approval
CNBC • • general
Key Points:
- Nexstar Media Group completed its $6.2 billion acquisition of Tegna, creating a broadcast network with over 260 local TV stations across the U.S., despite recent antitrust lawsuits challenging the deal.
- The merger aims to help both companies address industry challenges such as declining pay-TV subscribers due to streaming competition, with Nexstar CEO Perry Sook emphasizing the transaction's importance for sustaining local journalism.
- Regulatory approval was granted by the FCC and DOJ, which waived ownership limits restricting a company from reaching more than 39% of U.S. TV households, a key hurdle in closing the deal.
- Two federal antitrust lawsuits were filed by eight state attorney generals and DirecTV, arguing the merger is anti-competitive,
