Nexstar Closes Tegna Deal Despite State Lawsuit – Merger Arbitrage Mondays

TEGNA (TGNA): $20.03

Market Cap: $3.24B

Deal Value: $6.2B

Usually, when multiple states file a lawsuit to block a merger from happening, it signals a long-winded process that can drag on until companies agree to offer remedies to satisfy regulators. But this week, we saw something unusual where a lawsuit was filed, and the very next day, the deal still closed despite the opposition.

Nexstar Media Group (NXST) had entered a merger agreement in August 2025 to acquire TEGNA in an all-cash deal valued at $6.2 billion. The merger had required its fair share of regulatory approvals, including from the Federal Communications Commission (FCC) and the clearance of the waiting period under the HSR Act.

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