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Nexstar Media Group has agreed to buy broadcast company Tegna for $6.2 billion, the companies announced Tuesday.

If approved, the deal would combine two major television giants, expanding Nexstar's presence across even more US markets.

The buyout includes Tegna's 64 local news stations in 51 markets. Nexstar already owns or partners with over 200 stations in 116 markets and runs national outlets like The CW and NewsNation, CBS News said.

The merger would create the largest local broadcast group in the country. "This new company will be a leading local media company, well-positioned to compete in today's fragmented and rapidly evolving marketplace," both companies said in a joint statement.

The deal is expected to close in the second half of 2026, pending approval by Tegna shareholders and federal regulators.

Nexstar will pay $22 in cash for each share of Tegna's stock. The company also noted that the deal will increase its footprint in key cities like Atlanta, Phoenix, Seattle, and Minneapolis.

Broadcast Merger Backed by CEOs, Criticized by Advocates

Nexstar's CEO, Perry Sook, said the agreement gives local broadcasters a better shot at competing with large tech and media companies.

"The initiatives being pursued by the Trump administration offer local broadcasters the opportunity to expand reach and compete more effectively with Big Tech," Sook said.

Tegna CEO Mike Steib echoed that idea, saying the company believes deregulation is coming and will create "significant opportunities" for growth in local media.

However, not everyone is cheering the merger. Public interest groups warn that too much consolidation in TV can hurt local journalism.

According to CNN, Craig Aaron, head of the advocacy group Free Press, said in a recent blog post, "Runaway consolidation is bad for local communities." He warned that fewer independent stations could mean less diverse news coverage.

The deal comes as more Americans move away from cable TV toward streaming services. A recent Gallup poll showed that 83% of US adults now use streaming platforms, while only 36% still subscribe to cable or satellite television.

Despite the criticism, investors responded positively to the news. Nexstar's stock rose 7.6%, and Tegna shares went up 4.3% in early trading on Tuesday.