A deal seeing Nexstar Media Group buying Tegna could be finalized soon.

The deal would mean that Nexstar, which owns and operates more than 200 stations across 116 markets, would possibly pick up Tegna’s 64 stations in 51 markets.

The company has a market valuation of about $2.42 billion, compared with Nexstar’s $5.56 billion, according to LSEG data.

Reuters said shares of Tegna surged 30% in extended trading following the report, while Nexstar’s shares were largely flat.

During Tegna’s August 8 earnings call, CEO Mike Steib said that a recent court decision eliminating the Federal Communications Commission’s Top Four rule, which prohibited ownership of two top-rated stations in the same market and a more permissive stance under Chairman Brendan Carr , could make it easier for loc

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