TV Giant Nexstar Agrees to Acquire a Rival, Tegna
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Sportico on MSNNexstar’s Tegna Buy Creates Larger Player in Local Sports Rights
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’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 Media Group Inc. agreed to buy TV station operator Tegna Inc. for $3.5 billion in a deal that stands to dramatically expand Nexstar’s reach and test the Trump administration’s appetite for regulatory reform.
The $6.2 billion cash transaction would expand Nexstar’s station group to 265 outlets nationwide, including a bigger foothold in Texas.