Nexstar Media Group, Inc. has entered into a definitive agreement to acquire TEGNA Inc. for $6.2 billion.
The acquisition enhances Nexstar's position as a leading local media company and strengthens its ability to compete with Big Tech and Big Media.
The transaction is expected to drive increased profitability and returns for Nexstar shareholders.
Agreement Details
Nexstar will acquire all outstanding shares of TEGNA for $22.00 per share in a cash transaction valued at $6.2 billion.
Premium Offer
The purchase price represents a 31% premium to TEGNA's average 30-day stock price prior to the transaction announcement.
Strategic Benefits
The combined entity will be well-positioned to serve communities with trusted local news, diverse opinions, and enhanced advertising solutions.
- The acquisition will expand Nexstar's reach to important DMAs like Atlanta, Phoenix, Seattle, and Minneapolis.
- It will strengthen Nexstar's local presence and ability to provide quality programming and fact-based journalism to viewers and advertisers.
Nexstar's acquisition of TEGNA marks a significant step towards enhancing local media offerings and fostering diversity of opinions in the industry.