Nexstar beat out rival Sinclair, which was offering between $25 and $30 per share, significantly above Nexstar's winning bid.

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.

The proposed merger would conflict with current federal rules that prevent the ownership of two television stations in the same designated market area.

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.