Nexstar Media Group Inc. announced their intent acquire Tegna Inc. through a $6.2 billion deal on Tuesday.

Nexstar is already the largest owner of local TV stations across the U.S., so this merger will further solidify their top-spot. It should be noted, this deal is contingent on approval from the Federal Communications Commission.

Currently, an FCC regulation caps companies from reaching 39 percent of TV households across the US. This deal would result in Nexstar overstepping that boundary — however, CNN reports that the current FCC chair has called this ownership cap "arcane" and "artificial."

Nexstar is acquiring Tegna's outstanding shares for $22 each, and Tegna's debt will be refinanced as part of this deal.

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