The announcement Tuesday followed a report from The Wall Street Journal on Monday evening that Sinclair—another local TV competitor—also offered to merge its broadcast business with Tegna. That proposal would value Tegna at roughly $25 to $30 a share, the Journal reported.

TV broadcaster Sinclair had been in talks with smaller rival Tegna to merge its local TV stations amid the continuing consolidation of the U.S. broadcast sector.

To close the deal, Nexstar will need approval from the Federal Communications Commission, which could cement its position as the biggest provider of local TV in the U.S.