The Federal Communications Commission on Thursday approved the sale of certain local broadcast TV stations from Tegna Inc. (TGNA) to Nexstar Media Group, Inc. (NXST).
The deal supports its media policy goals of competition, localism and diversity.
The deal combines overlapping operations in 35 designated market areas.
The combined company is expected to operate 265 full-power television stations across 44 states and the District of Columbia, covering 132 of the 210 U.S. television markets.
Following the transaction, Nexstar will own less than 15% of U.S. television stations.
The agency's Media Bureau said the transaction will enable the stations to invest more in local news and reporting while strengthening their ability to compete with national programmers.
The FCC granted waivers of its national television ownership cap and certain local ownership rules in multiple markets, citing consistency with longstanding regulatory authority.
Nexstar Media Group closed the regular trading session on March 19, 2026, at $223.05, down $5.96 or 2.60%. Later, in after-hours trading, the share price rose to $230, gaining $6.95 or 3.12%, as of 7:38 PM EDT.
Tegna closed the regular trading session on March 19, 2026, at $20.03, down $0.26 or 1.28%. Later, in overnight trading, the share price rose to $22.35, gaining $2.32 or 11.58%, as of 10:58 PM EDT.
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