Nexstar Media Group, Inc. (NXST) entered a merger agreement on August 19, 2025, to acquire TEGNA Inc. (TGNA) in an all-cash deal valued at $6.2 billion.
Nexstar will acquire all outstanding shares of TEGNA for $22 per share in a cash transaction, representing a premium of 9.02% from the stock’s last close.
TEGNA is a U.S.-based media company that owns 64 television stations in 51 markets, operates multicast networks and VAULT Studios, and provides advertising solutions through TEGNA Marketing Solutions and its Premion OTT network.
Nexstar is the largest local television broadcasting and digital media company in the U.S., owning over 200 stations in 116 markets, along with national networks like The CW and NewsNation, multicast networks, and a portfolio of digital news and information properties.
Two weeks ago, the Wall Street Journal reported that Nexstar was in advanced talks to acquire Tegna. The stock was trading at $15.31 before the report came out.
TEGNA’s debt will be refinanced at closing, expected by the second half of 2026, with committed financing secured from BofA Securities, J.P. Morgan, and Goldman Sachs.
When the deal closes, Nexstar and its partners will own 265 full-power TV stations across 44 states and Washington, D.C., reaching 132 of the nation’s 210 Designated Market Areas (DMAs). The combined company will have stations in 9 of the 10 largest DMAs, 41 of the top 50 DMAs, 62 of the top 75 DMAs, and 82 of the top 100 DMAs, giving it access to about 80% of U.S. TV households.
Nexstar’s station footprint overlaps with TEGNA in 35 of TEGNA’s 51 DMAs, creating opportunities for greater synergies.
Adding major Big-4 network affiliates in important election markets like Phoenix, Arizona, Atlanta, Georgia, Toledo, Ohio, and Portland, Maine, will boost Nexstar’s political advertising revenue during election years.
TEGNA was advised by Allen & Company as financial advisor and by Wachtell, Lipton, Rosen & Katz and Covington & Burling as legal counsel. Nexstar Media received financial advice from BofA Securities, J.P. Morgan Securities, and Goldman Sachs, and legal counsel from Kirkland & Ellis, Wiley Rein, and Morrison Foerster.
Nexstar is acquiring TEGNA at 6.75 times EBITDA.
For more details about this merger and acquisition, please visit the Deal Metrics page here:
Deal Metrics for the acquisition of TEGNA Inc. (TGNA) by Nexstar Media Group, Inc. (NXST)
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Editor’s Note: Baranjot Kaur contributed to this article