Nexstar has proposed to acquire Tegna for $6.2 billion, which would mark a major transformation in TV broadcast ownership. For this deal to succeed, the FCC must relax its current restrictions on the national reach of TV station ownership. FCC Chairman Brendan Carr has suggested a willingness to revise these rules. However, the merger faces competition from Sinclair, which is also interested in Tegna, and requires approval from Tegna's shareholders. If approved, Nexstar would own 265 stations across 44 states, impacting 80% of U.S. TV households, significantly exceeding the current FCC limit of 39%.
The Nexstar-Tegna merger aims for a historical shift in broadcast ownership by enabling Nexstar to reach 80% of U.S. television households, exceeding the current 39% FCC cap.
Chairman Brendan Carr indicated the FCC is considering changes that would eliminate unnecessary rules, which could facilitate Nexstar's acquisition of Tegna under relaxed ownership limits.
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