Nexstar Media Group will acquire TEGNA Inc. for $22.00 per share, a 31% premium over TEGNA’s 30-day average stock price as of August 8, 2025.
The total transaction value is $6.2 billion, including net debt and fees.
The deal has unanimous approval from TEGNA’s Board and is expected to close in H2 2026, pending regulatory and shareholder approvals. Creates the largest local media company in the US, with 265 full-power stations across 44 states and D.C., covering 80% of U.S. TV households.
Strengthens Nexstar’s ability to compete with Big Tech and legacy media, especially in contested election markets like Phoenix, Atlanta, and Portland.
Expected annual synergies: $300 million, driving 40% accretion to Nexstar’s free cash flow in the first year post-close.
Howard Elias, Chairman of TEGNA’s Board of Directors commented, “At TEGNA, we share Nexstar’s commitment to local broadcasting, exemplified by numerous investments and initiatives, industry journalism awards, and the significant expansion of our local news content. This transaction, which will provide premium near-term value to TEGNA shareholders, comes at a time of rapid change in our industry and reflects the fact that policymakers of all perspectives are calling for regulations governing our industry to be modernized. This transaction with Nexstar will further solidify the critical role our stations serve in our communities, preserve their trust, and be better able to compete in today’s highly fragmented media environment.”
Mike Steib, Chief Executive Officer of TEGNA, said, “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.”
