The CW owner will operate a huge US broadcast network with more than 250 stations if deal goes through
The CW owner Nexstar has struck a deal to acquire rival US regional broadcaster Tegna in a $6.2bn (£4.6bn) deal that will see the enlarged company reaching more than 80% of the country’s viewers.
The agreement, which includes debt, will create a giant operator with a portfolio of 265 stations that stretch across 44 states. Tegna’s board has unanimously approved the transaction.
Nexstar will acquire Tegna shares for $22.00 apiece, a 31% premium to the company’s average 30-day average stock price ending 8 August. It comes two years since private equity firm Standard General had a $8.6bn takeover deal for Tegna blocked by regulators.
The broadcaster said its deal would ensure it is “well-positioned to compete in today’s fragmented and rapidly evolving marketplace”.
The deal had been mooted earlier this month but its confirmation today underlines the shifting state of broadcasting and regulation in the US.
Both Tegna and Nexstar channels offer a raft of gameshow, lifestyle and fact ent series such as Storage Hunters, The Big Bang Theory and Hollywood Game Night, but also provide local news and sports coverage.
Previous administrations had stood by a cap on station ownership of 39% designed to ensure competition, but Nexstar chief exec Perry Sook has frequently argued such a limit is outdated and called on Donald Trump to quash it. Federal Communications Commission chairman Brendan Carr has also admitted regulations need to change.
Nexstar expects the deal to close in the second half of 2026 and made little mention of regulation, aside from typical approvals being needed.
Unveiling the deal, Sook said: “The initiatives being pursued by the Trump administration offer local broadcasters the opportunity to expand reach, level the playing field, and compete more effectively with the Big Tech and legacy Big Media companies that have unchecked reach and vast financial resources.
“We believe Tegna represents the best option for Nexstar to act on this opportunity.”
Sook added that Nexstar and Tegna as “similarly dedicated to providing communities of all sizes with the best programming and fact-based local journalism along with innovative digital products and marketing solutions for local viewers and advertisers.”
Mike Steib, Tegna’s chief executive officer, added: “We are thrilled to have found a partner in Nexstar that will enable Tegna’s stations to continue doing what we do best: creating outstanding and impactful local content coupled with the delivery of indispensable digital products to the communities we serve around the country.
“Nexstar and Tegna both share a rich heritage of commitment to journalistic excellence and technological advancements. Together, we will expand news coverage to serve more communities, across more screens, and ultimately secure the future of local news for generations to come.”
The combined company expects to save around $300m on “synergies” and will have combined net revenue of around $8.10bn, with adjusted EBITDA before stock-based compensation of $2.56bn.
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