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Nexstar Media has agreed to buy smaller rival Tegna for $3.54 billion, creating a local-TV powerhouse that seeks to compete better with Big Tech and national media for advertising dollars.

Tuesday's deal will expand Nexstar's presence in nine of the top 10 U.S. markets, covering 80% of TV households in the country. That could provide the company, already the largest operator of regional U.S. TV stations, with greater leverage in talks with advertisers and pay-TV distributors.

Nexstar owns or has partnered with others for over 200 stations, while Tegna owns 64. Their deal is the latest in a fast-consolidating U.S. media industry, which is hoping for looser antitrust regulation under President

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