Nexstar Acquires Tegna, Becomes Largest TV Station Owner

0:00From Durham, this is your March 21st update. NextR Media Group has closed its $6.2 billion acquisition of Tegna, turning it into the largest owner of local television stations in the United States. The deal, first announced back in August 2025, wrapped up on March 19 after months of regulatory hurdles. It adds 64 stations across 51 markets, bringing nextR's total to 265 stations in 44 states and the District of Columbia. Right after the close, nextR moved fast to shore up its finances with a $5.1 billion debt offering. This includes $3.39 billion in senior secured notes due in 2033 and $1.725 billion. In senior notes due in 2034, the funds, plus cash on hand, will pay down debts from the deal and cover other buys. This raised big alarms over the merger, saying it pushes past federal ownership limits and could hurt local news.

1:01Lawmakers, states, and even pay TV providers like direct TV filed antitrust suits, worried about higher costs for viewers and less competition in local markets. One FCC commissioner highlighted how consolidations often lead to centralized newsrooms and fewer reporters on the ground. Still, the SEC Greenlit the Deal, saying it fits goals for competition and local service since nextR will own under 15% of stations. Nationwide, approval came with strings attached, like divesting six stations and pledges to boost local journalism and keep things affordable. This positions nextR well ahead of rivals like Sinclair, shifting focus from big buys to blending operations and growing its ad reach across the country.