President Donald Trump endorsed Nexstar Media Group Inc.‘s (NASDAQ:NXST) $6.2 billion acquisition of Virginia-based television broadcaster Tegna Inc. (NYSE:TGNA) on Saturday, reversing his November opposition to the deal.
“Letting Good Deals get done like Nexstar – Tegna will help knock out the Fake News because there will be more competition,” Trump wrote on Truth Social.
“GET THAT DEAL DONE!”
Reversal From November Stance
In November, Trump opposed the deal on Truth Social, stating, “NO EXPANSION OF THE FAKE NEWS NETWORKS. If anything, make them SMALLER!” Trump wrote he would not be happy if the deal allowed “Radical Left Networks to ‘enlarge,’” calling ABC and NBC “a disaster – A VIRTUAL ARM OF THE DEMOCRAT PARTY.”
Deal Terms, Timeline
Nexstar, which owns or partners with over 200 stations, would add Tegna’s 64 stations under the agreement announced in August 2025. The combined entity would reach roughly 80% of U.S. households.
The transaction is expected to close in the second half of 2026.
“We believe that broadcast news is essential to this country and a free democracy, independent local news,” Nexstar CEO Perry Sook told CNBC after the deal announcement.
Regulatory Requirements
The Federal Communications Commission would need to lift its 39% household reach cap for the deal to proceed.
Newsmax Inc. (NYSE:NMAX) CEO Chris Ruddy, a Trump ally, has opposed the merger, arguing it could hurt independent programmers.
Nexstar and Tegna Financial Metrics:
| Company | Market Capitalization | 52-Week High | 52-Week Low |
|---|---|---|---|
| Nexstar | $6.71B | $223.43 | $141.66 |
| TEGNA | $3.07B | $21.35 | $14.87 |
Photo courtesy: Evan El-Amin on Shutterstock.com
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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