Nexstar Media agrees to acquire TEGNA for $6.2 billion
Nexstar will pay $22 per share for all outstanding TEGNA stock, according to executives.
Nexstar Media Group will acquire rival broadcaster TEGNA in a cash deal valued at $6.2 billion, the companies announced Monday.
Under terms of the agreement, Nexstar will pay $22 per share for all outstanding TEGNA stock, a price that reflects a 31 percent premium over TEGNA’s 30-day average stock price ending August 8, 2025. The transaction value includes TEGNA’s net debt and estimated expenses.
The deal, which has been unanimously approved by TEGNA’s board of directors, is expected to close in the second half of 2026 pending regulatory and shareholder approvals. Financing is being provided by Bank of America (BofA) Securities, JPMorgan Chase and Goldman Sachs.
The Wall Street Journal first reported Nexstar’s interest in acquiring TEGNA earlier this month.