Nexstar and TEGNA announce $6.2B merger; DOJ Antitrust Division opens investigation into local TV market overlap

Nexstar Media Group — already the largest U.S. local TV broadcaster with $4.9B in annual revenue from 212 markets — announced on May 3, 2023, it would acquire TEGNA Inc. for approximately $6.2 billion including debt. The combined company would have reached roughly 75% of U.S. television households. The DOJ Antitrust Division opened a civil investigation, focusing on local advertising market overlap in Sacramento, Indianapolis, and at least six other cities where both Nexstar and TEGNA owned stations.