Television broadcaster Nexstar Media Group is in advanced talks to acquire rival Tegna, with shares of Tegna surging 30% in extended trading. A potential deal would signify a significant step in the TV industry’s consolidation, driven by shifting consumer habits and looser regulations under the Trump administration.

Tegna CEO Mike Steib mentioned the Eighth U.S. Circuit Court of Appeals’ decision and the FCC’s more permissive stance, hinting at upcoming deregulation that could enable companies like Tegna to expand through mergers and acquisitions.

Nexstar and Tegna declined to comment on the news, which was first reported by The Wall Street Journal. Tegna has been the subject of takeover interest in the past and terminated a previous merger agreement valued at $8.6 billion.

Nexstar, with over 200 stations across 116 markets, has a focus on sports content. Tegna controls 64 stations and True Crime Network, with a market valuation of $2.42 billion compared to Nexstar’s $5.56 billion.

Read more at Yahoo Finance: TV broadcaster Nexstar in advanced talks to acquire rival Tegna, source says