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.

Irving-based Nexstar Media has agreed to buy smaller rival Tegna for $3.54 billion, creating a local-TV powerhouse that seeks to compete better with big

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, 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.