Nexstar Media Group has completed its $6.2 billion acquisition of Tegna after securing federal approval, creating one of the largest local broadcast operators in the country, The Wall Street Journal writes.
The deal closed despite a last-minute lawsuit from eight states seeking to block the merger on antitrust grounds, citing concerns over market concentration and rising consumer costs.
The Federal Communications Commission approved the transaction with conditions, including station divestitures, and granted a waiver allowing Nexstar to exceed national ownership limits. The combined company will significantly expand its reach across U.S. television households, reshaping the local media landscape.
Critics, including state attorneys general and pay-TV providers, warn the merger could lead to higher carriage fees and reduced competition, while Nexstar argues the scale will strengthen local journalism and programming. Legal challenges are ongoing.
The Wall Street Journal has the full story.
