Key Points
- The majority of TEGNA shareholders participating in a special meeting on Tuesday voted to approve its acquisition by Nexstar Media Group.
- The deal is still subject to regulatory approvals.
- Nexstar and TEGNA believe their transaction will close during the second half of 2026.
Shareholders of TEGNA have signaled their approval of a proposed merger involving Nexstar Media Group, the companies announced on Tuesday.
The vote occurred during a special meeting of shareholders held in the early morning hours, during which 98 percent of participating TEGNA stock owners voted to approve the deal valued at more than $6 billion.
TEGNA said the number of shareholders participating in the meeting represented more than three-quarters of those who own voting stock in the company.
The deal is now expected to close during the second half of 2026, assuming both sides are able to get certain regulatory approvals. That includes approval from the Federal Communications Commission (FCC), which must lift a rule that limits the number of local TV stations one company may directly own.
Under current rules, broadcasters cannot own a portfolio of local TV stations that reach more than 39 percent of the American viewing audience. Nexstar has long employed a loophole that allows it to operate certain TV stations without having direct ownership of them on paper, which allows them to reach more than 80 percent of the country, not including its CW Network.
Nexstar owns or operates nearly 200 local TV stations, while TEGNA owns around 60 local TV stations.
During a conference call in August, Nexstar CEO Perry Sook told investors he was unconcerned with the current ownership rules, and that he felt strongly the deal with TEGNA will be approved by regulators.
“We’re meeting this regulator moment where it is and we will work together with regulators as they consider modifying and repealing outdated rules and regulations,” Sook said.
More Stories
- Nexstar CEO: Still optimistic about TEGNA deal, NextGen TV push
- Nexstar grabs $1.2 billion during Q3, advertising revenue drops
- TEGNA reports lower distribution, ad revenue during Q3
- Broadcasters who criticized Jimmy Kimmel have deals pending before FCC
- Nexstar CEO not worried about FCC rules impacting TEGNA deal
