Irving-based Nexstar to buy rival Tegna for $3.54 billion
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Nexstar Media Group Inc. has agreed to buy TV station operator Tegna Inc. for $3.5 billion in cash in a deal aimed at combining two large TV station operators that could test more relaxed rules from US regulators around market dominance.
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StockStory.org on MSNTEGNA (TGNA) Stock Is Up, What You Need To Know
Shares of broadcasting and digital media company TEGNA (NYSE:TGNA) jumped 4.5% in the morning session after it announced a definitive agreement to be acquired by Nexstar Media Group (Nasdaq: NXST) in an all-cash deal.
Nexstar’s proposed $6.2 billion acquisition of Tegna could bring Cleveland’s WJW and WKYC under one owner, but regulatory hurdles make the deal’s local impact uncertain.
The proposed merger would conflict with current federal rules that prevent the ownership of two television stations in the same designated market area.
Nexstar Media Group Inc. agreed to buy TV station operator Tegna Inc. for $3.5 billion in a deal that stands to dramatically expand Nexstar’s reach and test the Trump administration’s appetite for regulatory reform.