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Nexstar’s $6.2 billion Tegna deal wins approval despite antitrust challenge

Poynter · Al Tompkins · last updated

The FCC waived ownership limits as the DOJ signed off, even as eight states sued to block the merger

One day after eight states filed an antitrust lawsuit to stop it, federal regulators approved Nexstar’s $6.2 billion takeover of Tegna — a deal that will create the largest owner of local TV stations in the United States.

The U.S. Justice Department and the Federal Communications Commission approved the merger, which means Nexstar will operate 265 stations across 44 states, along with the CW and NewsNation networks. To clear the deal, the FCC waived a longstanding federal cap on ownership rules meant to limit the size of broadcasters.

Nexstar founder, chair and CEO Perry Sook released a statement that framed the deal as essential to the future of local news.

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