Nexstar's Unlawful Acquisition of TEGNA Is a Bad Deal for the Public

WASHINGTON — On Tuesday, Nexstar Media Group inked a $6.2 billion agreement to acquire TEGNA Inc. If approved, the deal would combine the nation’s largest television-station conglomerate (by revenue) with its fourth largest. 

The newly combined Nexstar entity, if allowed, would have 265 full-power television stations in 44 states and the District of Columbia and 132 of the country’s 210 television Designated Market Areas (or DMAs). The deal would violate the national broadcast-ownership cap, which the FCC lacks authority to increase or eliminate, as Free Press recently discussed in comments opposing the FCC’s proposed reexamination of this law. The deal would also violate the FCC’s few remaining local-ownership limits in approximately three-dozen markets — and in some markets would leave Nexstar in control of three of the top-four stations.

Any merger or acquisition that involves the transfer of broadcast licenses requires Federal Communications Commission approval — a process that political pressure and favors have corrupted under the Trump administration. FCC Chairman Brendan Carr is likely to demand Trump-friendly concessions as a condition of his agency blessing the deal.

As Free Press’ recently released Media Capitulation Index indicates, Nexstar is already acquiescing to the Trump White House, seemingly in exchange for regulatory favors and a smooth path to approval of this acquisition. Immediately following the 2024 election, company Chairman and CEO Perry Sook announced plans to eliminate what he falsely called “activist journalism” from his network of stations. 

But the company’s supposed commitment to objective, fact-based journalism was called into question when Nexstar-owned The Hill fired a journalist whose reporting angered Trump. In April, Nexstar ordered most of its local stations to air segments during local newscasts that urged viewers to write to the FCC and demand the agency loosen broadcast-ownership limits like the national ownership cap this deal would violate.

Free Press Co-CEO Jessica J. González said:

“The nation’s broadcasters are licking their chops over this merger-friendly FCC, with many willing to concede their editorial independence to gain the Trump administration’s approval of a range of multibillion-dollar deals. And while the owners of TEGNA would walk away with a multibillion-dollar payout at the conclusion of this deal with Nexstar, the public would get stuck holding the bag.

“As we’ve seen in the past, media-industry mergers often lead to newsroom layoffs, as the new bosses seek to leverage economies of scale. These layoffs lead to less local news and information, worse coverage, and less viewpoint and ownership diversity. People across the United States already suffer from a dearth of local journalism, which hinders their ability to fully participate in our democracy. Deals like these harm the public interest, despite what the broadcasters claim.

“A central mandate of the FCC is to promote diversity, localism and competition in broadcasting. It’s a compact that ensures the nation’s airwaves are used to benefit the public. Unfortunately, the Carr FCC is focused primarily on benefiting Trump rather than the people it’s actually supposed to serve. The chairman is likely to green light this massive merger after extracting a number of political concessions from Nexstar’s owners, violating the statute while trampling on the First Amendment.”