Nexstar Media Group is acquiring Tegna Inc. for $6.2 billion, creating the largest local TV station group in the US. The deal is expected to close in the second half of 2026 pending regulatory approvals. Shares of Nexstar rose over 6% and Tegna rose around 4% on the news.

The merger will create a leading local media company with 265 TV stations in 44 states, reaching 80% of US TV households. Nexstar’s CEO Perry Sook sees the deal as a way to compete with Big Tech and legacy media. They anticipate $300 million in annual net synergies and over 40% accretion to free cash flow.

Citi analyst Jason Bazinet sees the transaction adding $25 per share of M&A value to Nexstar. He raised his price target to $218 from $186, maintaining a Neutral rating. The companies are optimistic about the merger’s financial benefits and the opportunity to strengthen their position in the broadcasting industry.

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