Nexstar Media will acquire rival broadcast company Tegna for $6.2 billion according to a joint announcement on Tuesday, another sign of consolidation in an already contracting TV broadcast sector.

The transaction, if approved, will bring together two major players in U.S. television, expanding Nexstar's reach in the U.S. television and local news landscape. Nexstar oversees more than 200 owned and partner stations in 116 markets nationwide today and also runs networks like The CW and NewsNation. Tegna owns 64 news stations across 51 markets.

"Following completion of the transaction, the combined entity will be a leading local media company, well-positioned to compete in today's fragmented and rapidly evolving marketplace," the companies said in identical statements shared on their respec

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