Nexstar Media Group and Tegna Inc. have introduced that they’ve entered right into a definitive settlement the place Nexstar purchase all of Tegna’s stations in a money transaction valued at $6.2 billion.
As soon as the deal closes, Nexstar and its companions could have 265 full-power tv stations in 44 states and the District of Columbia and 132 of the nation’s 210 tv DMAs. The mixed firm could have stations in 9 of the highest 10 DMAs, 41 of the highest 50 DMAs, 62 of the highest 75 DMAs and 82 of the highest 100 DMAs, overlaying, in complete, 80% of U.S. tv households.
Nexstar additionally mentioned the transfer extends its footprint to further contested election DMAs. The addition of robust Massive-4 associates in key contested election DMAs, equivalent to Phoenix, Arizona, Atlanta, Georgia, Toledo, Ohio, and Portland, Manie will improve the political promoting outlook for Nexstar in even-numbered years.
“The initiatives being pursued by the Trump administration supply native broadcasters the chance to increase attain, degree the taking part in subject, and compete extra successfully with the Massive Tech and legacy Massive Media corporations which have unchecked attain and huge monetary sources. We imagine Tegna represents the most suitable choice for Nexstar to behave on this chance,” mentioned Nexstar’s Chairman and Chief Government Officer, Perry A. Sook. “Tegna is a premier operator with prime quality native tv stations primarily within the prime 75 DMAs. We and Tegna are equally devoted to offering communities of all sizes with the very best programming and fact-based native journalism together with revolutionary digital merchandise and advertising and marketing options for native viewers and advertisers. The transaction will improve Nexstar’s attain by means of the growth of our presence in necessary DMAs equivalent to Atlanta, Phoenix, Seattle, and Minneapolis, in addition to improve our native presence, enabling us to proceed to supply the core native information and programming that’s within the public’s curiosity.”
“At Tegna, we share Nexstar’s dedication to native broadcasting, exemplified by quite a few investments and initiatives, business journalism awards, and the numerous growth of our native information content material,” mentioned Howard Elias, Chairman of Tegna’s Board of Administrators. “This transaction, which is able to present premium near-term worth to Tegna shareholders, comes at a time of speedy change in our business and displays the truth that policymakers of all views are calling for rules governing our business to be modernized. This transaction with Nexstar will additional solidify the vital function our stations serve in our communities, protect their belief, and be higher capable of compete in in the present day’s extremely fragmented media surroundings.”
“We’re thrilled to have discovered a accomplice in Nexstar that can allow Tegna’s stations to proceed doing what we do greatest: creating excellent and impactful native content material coupled with the supply of indispensable digital merchandise to the communities we serve across the nation,” mentioned Mike Steib, Chief Government Officer of Tegna. “Nexstar and TEGNA each share a wealthy heritage of dedication to journalistic excellence and technological developments. Collectively, we’ll increase information protection to serve extra communities, throughout extra screens, and finally safe the way forward for native information for generations to come back.”
Tegna mentioned the acquisition worth of $22.00 per share, displays a 31% premium to TEGNA’s unaffected 30-day common inventory worth ending August 8, 2025 and the transaction has been unanimously authorized by Tegna’s Board of Administrators. Its debt will likely be refinanced and/or assumed at shut.
Nexstar mentioned that along with Tegna, it might have mixed web income (excluding synergies) of $8.10 billion and mixed Adjusted EBITDA (excluding synergies) earlier than stock-based compensation of $2.56 billion.
The transaction is topic to customary closing circumstances, together with TEGNA shareholder and regulatory approvals and anticipated to shut by the second half of 2026.
