Nexstar Media Group has finally closed its $6.2 billion acquisition of Tegna, following significant legal and regulatory pressure up to the day of the approval.
On March 19, Nexstar officially confirmed the closure of the deal, which it first unveiled in August 2025, a move that makes it the largest local television station owner in the country.
The deal adds 64 stations across 51 markets, strengthening Nexstar’s reach in key advertising regions. The combined company now operates 265 television stations in 44 states and the District of Columbia, significantly expanding its presence nationwide.
Within a day of the closure, Nexstar also moved quickly to strengthen its balance sheet by announcing a $5.1 billion debt offering.
The company said it plans to offer $3.39 billion in new senior secured notes due 2033 and $1.725 billion in senior notes due 2034, according to a company press release.
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The proceeds from the offering, along with cash on hand, will be used to repay borrowings related to the Tegna deal and fund purchases.
The move signals Nexstar’s shift from dealmaking to execution as it integrates one of the largest local TV transactions in years.
The combined company can reach 80% of the U.S. television households, per Nexstar’s press release. Critics argued the merger effectively allows Nexstar to exceed the 39% national ownership cap, a limit set under federal law.
Federal Communications Commissioner Anna M. Gomez was among the most vocal critics of the decision.
Gomez said that strained local journalism, which is suffering from layoffs and “shrinking editorial voices,” will be further impacted, as the “merger will accelerate exactly that trend.”
Gomez also cautioned that larger broadcast groups often centralize newsroom operations following mergers, potentially reducing the number of reporters covering local communities.
The merger even prompted several states and lawyers to block the merger on antitrust grounds, claiming it would lead to increased consolidation in local TV markets and raise costs for distributors, ultimately affecting viewers and harming competition in local news.
This includes Pay TV distributor DirecTV, which filed a federal antitrust lawsuit in California, alleging that the merger violates antitrust laws and harms consumers.
Despite the uproar, the FCC has approved the deal, noting that it will allow Nexstar to own less than 15% of television stations, in line with the FCC’s policy goals of competition, localism, and diversity.
