Nexstar Media, the company behind local California news channels such as KTLA in Los Angeles and KWSB in San Diego, announced on Aug. 19 that it is poised to buy Tegna for $3.54 billion.

Tegna runs 64 stations and networks, while Nexstar owns or partners with more than 200 stations, including the CW and NewNation, according to Reuters.

The acquisition would expand Nexstar's presence in key markets and allow it to cover 80% of television households.

Tegna will be acquired in a cash transaction of all of its outstanding shares valued at $22 per share, the Indianapolis Star previously reported.

The transaction was approved by Tegna's Board of Directors, with the purchase price representing a 31% premium to the company's average 30-day stock price as of Aug. 8, the Indy Star said.

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