N exstar Media, owner of Fox 40 (KTXL), announced Monday it plans to acquire Tegna, the parent company of ABC 10 (KXTV), in a $6.2 billion cash deal that includes Tegna's outstanding debt.

Nexstar Media will acquire rival broadcast company Tegna for $6.2 billion according to a joint announcement on Tuesday, another sign of consolidation in an already contracting TV broadcast sector.

To close the deal, Nexstar will need approval from the Federal Communications Commission, which could cement its position as the biggest provider of local TV in the U.S.