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.

In a deal to combine two major players in the local TV station biz, Nexstar Media Group said it reached an agreement to buy Tegna in a transaction valued at $6.2 billion. The purchase price is inclusive of Tegna’s net debt and estimated transaction fees and expenses.

The initiatives being pursued by the Trump administration offer local broadcasters the opportunity to expand reach, level the playing field, and compete more effectively,’ Perry Sook said in a statement.

Nexstar Media Group is buying broadcast rival Tegna for $6.2 billion, which will help strengthen its local news offerings.

Nexstar says its $6.2 billion takeover of Tegna is expected to close in the second half of 2026 — timing that would align with the lucrative wave of political ads during the midterm elections. But that plan still depends on Tegna shareholders, who may yet consider Sinclair’s competing offer.

Nexstar Media Group, the parent company of Portsmouth-based WAVY-TV and WVBT-TV, is buying local news broadcast rival Tegna, the parent company of Norfolk-based 13News Now or WVEC-TV, for $6.2

Nexstar, the largest broadcast affiliate owner in the U.S. and owner of the CW, announced Tuesday it has entered an agreement to buy smaller rival Tegna in an all-cash deal valued at $6.2 billion. The pending deal would bring together recent benefactors of the disruption of regional sports networks.

(NEXSTAR) — Two Americans are dead after separate drowning incidents at a multi-million dollar “exclusive” vacation destination in the Bahamas, according to authorities.