Tegna, Nexstar and TV station ownership
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Nexstar beat out rival Sinclair, which was offering between $25 and $30 per share, significantly above Nexstar's winning bid.
The deal will give the former 265 television stations in 44 states and D.C., representing 80% of U.S. television households
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TEGNA (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.
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.
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