Tegna Buyout By Nexstar Could Spark The Biggest TV Shake-Up In Years

Tegna Inc. has once again found itself in the M&A spotlight, with reports indicating that Nexstar Media Group is in advanced talks to acquire the broadcaster in what could become a pivotal test for the Federal Communications Commission’s evolving deregulatory stance. Nexstar, already the largest local TV station owner in the U.S., commands over 200 stations in 116 markets and owns national networks like the CW and NewsNation. Tegna operates 64 stations across 51 markets, reaching more than 100 million people. The discussions come just as regulatory winds shift in favor of broadcast consolidation, following a federal court’s recent decision to vacate the FCC’s “top four” ownership rule—a change expected to facilitate larger market combinations. With Tegna valued at approximately $2.5 billion and Nexstar at $5.6 billion, the potential tie-up could reshape the local television landscape, delivering operational scale and unlocking new digital opportunities.