Nexstar to Buy Tegna in $6.2 Billion Deal. It May Have Beat Out Sinclair.

Nexstar, the largest TV station operator in the country, will pay $22 a share for smaller rival Tegna. (Jamesteohart/Dreamstime (television); Nikolay Antonov/Dreamstime (static))

Nexstar Media Group reached an agreement to acquire TV station operator Tegna in an all-cash deal worth $6.2 billion, the companies announced Tuesday.

Nexstar , which is the largest TV station operator in the country with more than 200 stations, will pay $22 a share for its smaller rival, which has 64 stations in 51 U.S. markets. News of the potential transaction first broke last week, causing both stocks to surge.

Tegna stock was rising 4.3% to $21.05 on Tuesday, while Nexstar shares were up 1.5% after spiking in premarket trading.

The deal is expected to close in the second half of 2026, pending Tegna shareholder approval and regulatory clearance. The Federal Communications Commission, which is responsible for approving the transfer of station licenses, has pushed to relax broadcasting rules under Donald Trump appointee Brendan Carr, as Barron’s has reported.

“The initiatives being pursued by the Trump administration offer local broadcasters the opportunity to expand reach, level the playing field, and compete more effectively with the Big Tech and legacy Big Media companies,” said Nexstar CEO Perry A. Sook. “We believe Tegna represents the best option for Nexstar to act on this opportunity.”

The announcement Tuesday followed a report from The Wall Street Journal on Monday evening that Sinclair —another local TV competitor—also offered to merge its broadcast business with Tegna. That proposal would value Tegna at roughly $25 to $30 a share, the Journal reported.

It wasn’t clear whether Sinclair’s reported proposal impacted the timing of Nexstar’s announcement, or if Tegna may consider other bids while the Nexstar deal is pending.

Sinclair and Tegna didn’t reply to requests for comment.

Write to Nate Wolf at nate.wolf@barrons.com