Business
Nexstar Media Group, Inc. Enters Into Definitive Agreement to Acquire TEGNA Inc. for $6.2 Billion in Accretive Transaction
Enhances Nexstar’s Position as a Leading Local Media Company Preserves High-Quality Local Journalism and Diversity of Opinion Strengthens Ability to Compete
About this update from Nexstar Media Group, Inc.
[{"type":"text","content":"\nEnhances Nexstar’s Position as a Leading Local Media Company\n\n\nPreserves High-Quality Local Journalism and Diversity of Opinion\n\n\nStrengthens Ability to Compete with Big Tech and Big Media\n\n\nExpected to Drive Increased Profitability and Returns for Nexstar Shareholders\n\n\n IRVING, Texas & TYSONS, Va.--(BUSINESS WIRE)--\nNexstar Media Group, Inc. (Nasdaq: NXST) (“Nexstar”) and TEGNA Inc. (NYSE: TEGNA) (“TEGNA”) announced today that they entered into a definitive agreement (the “Agreement”) whereby, subject to regulatory approvals, Nexstar will acquire all outstanding shares of TEGNA for $22.00 per share in a cash transaction valued at $6.2 billion, inclusive of TEGNA’s net debt and estimated transaction fees and expenses. The purchase price represents a 31% premium to TEGNA’s average 30-day average stock price ending August 8, 2025, the last closing stock price prior to media reports of a potential transaction. Following completion of the transaction, the combined entity will be a leading local media company, well-positioned to compete in today’s fragmented and rapidly evolving marketplace. The new company will be better able to serve communities by ensuring the long-term vitality of local news and programming from trusted local sources and preserving the diversity of local voice and opinion. Nexstar will also be able to provide advertisers with an even greater variety of competitive local and national broadcast and digital advertising solutions to serve brands and consumers more effectively.\n\n\nNexstar’s Chairman and Chief Executive Officer, Perry A. Sook, commented, “The initiatives being pursued by the Trump administration offer local broadcasters the opportunity to expand reach, level the playing field, and compete more effectively with the Big Tech and legacy Big Media companies that have unchecked reach and vast financial resources. We believe TEGNA represents the best option for Nexstar to act on this opportunity. TEGNA is a premier operator with high quality local television stations primarily in the top 75 DMAs. We and TEGNA are similarly dedicated to providing communities of all sizes with the best programming and fact-based local journalism along with innovative digital products and marketing solutions for local viewers and advertisers. The transaction will increase Nexstar’s reach through the expansion ...