TV Giant Nexstar Agrees to Acquire a Rival, Tegna
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Nexstar Media will acquire rival broadcast company Tegna for $6.2 billion according to a joint announcement on Tuesday, another sign of consolidation in an already contracting TV broadcast sector.
Nexstar Media Group, which owns and operates WTTV (CBS 4) and WXIN (FOX 59), announced on Aug. 19 that it had entered into an agreement to acquire TEGNA, the parent company of WTHR (NBC 13). This means three Indianapolis-based television news organizations will be owned and operated by one company.
The $6.2 billion cash transaction would expand Nexstar’s station group to 265 outlets nationwide, including a bigger foothold in Texas.