Nexstar Media Group and Tegna have filed applications with the Federal Communications Commission seeking the regulator’s consent for the transfer of broadcast licenses in connection with their pending $6.2 billion merger.
The deal, which would create a local TV giant that would own 265 television stations in 44 states and the District of Columbia and reach approximately 80% of U.S. households, is subject to the FCC eliminating or lifting the current 39% cap on national station ownership. The agency has previously asked for public input on the matter, as well as retaining, modifying or eliminating other broadcast ownership rules, including the local television and dual network rules.
In a statement on Tuesday, Nexstar CEO Perry Sook said the merger is “vitally important to the future of local television and local journalism” and would give the companies the scale necessary to compete against Big Tech and legacy media.
“We are grateful that the Trump administration and the FCC recognize that the current television ownership regulations are outdated and do not reflect the competitive media landscape as it has evolved over the past 25+ years,” Sook added. “Like the Trump administration, we are focused on achieving deregulation, and we continue to advocate for the elimination of the antiquated constraints on local television ownership as the best solution to level the competitive playing field for all media.”
He noted the companies have also filed waiver requests with the regulator as it awaits the agency’s decision on its broadcast ownership rule review.
The move comes as Tegna shareholders approved the merger during a special meeting on Tuesday.
Per the preliminary results, 98% of the total shares of TEGNA’s common stock that voted at the meeting were in favor. Those that voted represented approximately 83% of the total outstanding shares of Tegna’s common stock as of Oct. 10.
The final results of Tegna’s special meeting, as well as the companies’ FCC applications, will be made publicly available at a later date.
The merger is expected to close in the second half of 2026, subject to regulatory approval and other customary closing conditions. Upon closing, Tegna will become a subsidiary of Nexstar and its shares will no longer trade on the New York Stock Exchange.
In addition to Nexstar, Sinclair Broadcasting has taken an 8.2% stake in rival E.W. Scripps and said the two parties have engaged in “constructive discussions” for several months regarding a potential combination.
In August, Sinclair launched a strategic review of alternatives that would evaluate acquisitions, strategic partnerships and business combinations with potential partners in the broadcast and the broader media and technology ecosystem. It added that it would evaluate the benefits of separating its Ventures unit through a “spin-off, split-off, or other transaction.”
In its own statement, Scripps said its board of directors and management are “focused on driving value for all of the company’s shareholders through the continued execution of its strategic plan” and “aligned on doing only what is in the best interest of all of the company’s shareholders as well as its employees and the many communities and audiences it serves across the United States.”
“The company’s board has and will continue to evaluate any transactions and other alternatives that would enhance the value of the company and would be in the best interest of all company shareholders,” Scripps continued. “Likewise, the board will take all steps appropriate to protect the company and the company’s shareholders from the opportunistic actions of Sinclair or anyone else.”
Similar to Nexstar, a deal between Sinclair and Scripps would require broadcast ownership rule reform. Though FCC chairman Brendan Carr has signaled he would be open to lifting or eliminating the cap, the agency’s sole Democrat Anna Gomez has argued that only Congress has the authority to do so.
Sinclair CEO Chris Ripley recently said he expects the regulator to take action on the cap in the first half of 2026.
