Nexstar Poised to Acquire Tegna for $3.54 Billion

Deal News | Aug 20, 2025 | EIN

Nexstar Poised to Acquire Tegna for $3.54 Billion

Nexstar Media Group, a major player in the U.S. broadcasting landscape, is set to acquire Tegna Inc. for $3.54 billion, as announced on August 19. Tegna operates 64 stations across the country, while Nexstar owns or affiliates with over 200. This merger will expand Nexstar's market footprint significantly, allowing it to reach approximately 80% of U.S. television households. The deal, to be executed through a cash transaction valued at $22 per share, represents a 31% premium over Tegna's 30-day average stock price as of August 8. Tegna's CEO, Mike Steib, expressed enthusiasm for partnering with Nexstar to enhance local content delivery. In California, Tegna's presence is smaller, with stations in Sacramento and San Diego, but post-acquisition, Nexstar's representation will increase in these key markets. Nexstar will emerge as the largest owner of local TV stations in the U.S. if the deal is finalized, surpassing Sinclair Broadcast Group and others.

Sectors

  • Broadcasting and Media
  • Mergers and Acquisitions

Geography

  • United States – The article discusses companies and television stations based in the U.S., particularly focusing on the expansion of Nexstar's reach across U.S. households.
  • California – Specific reference is made to the impact of the merger on TV station representation in California, where both companies currently operate several stations.

Industry

  • Broadcasting and Media – The article discusses a major merger between Nexstar Media Group and Tegna Inc., which are both companies operating in the broadcasting industry, owning and partnering with numerous local TV stations across the United States.
  • Mergers and Acquisitions – The core of the article is about Nexstar's acquisition of Tegna, which is a significant M&A activity in the broadcasting sector.

Financials

  • $3.54 billion – The cash value of the acquisition deal for Tegna by Nexstar.
  • $22 per share – The value per share offered by Nexstar in the acquisition of Tegna, representing a 31% premium.
  • 31% – The premium over Tegna's 30-day average stock price as of August 8, 2023.

Participants

NameRoleTypeDescription
Nexstar Media GroupBidding CompanyCompanyNexstar Media Group is the largest owner of local TV stations in the U.S., operating or partnering with over 200 stations.
Tegna Inc.Target CompanyCompanyTegna Inc. operates 64 television stations across the U.S. and is the subject of the acquisition by Nexstar.
Mike SteibCEO of TegnaPersonMike Steib is the Chief Executive Officer of Tegna and has publicly commented on the merger with Nexstar.
Tegna's Board of DirectorsSelling CompanyCompanyThe board approved the $3.54 billion sale of Tegna to Nexstar.