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Nexstar Media Group will purchase Tegna for $6.2 billion, together with debt and estimated transaction charges and bills, the businesses introduced on Tuesday.
Underneath the phrases of the settlement, the previous will purchase the latter’s excellent shares for $22 per share – a 31% premium to the corporate’s 30-day common inventory value as of Aug. 8, the final closing inventory value previous to media experiences of a possible transaction. The deal is anticipated to shut by the second half of 2026, topic to Tegna shareholder and regulatory approvals.
Upon closing, Nexstar, along with its companions, can have 265 tv stations in 44 states and the District of Columbia, representing 80% of U.S. tv households. It would add Huge-4 affiliate stations in markets together with Phoenix, Arizona, Atlanta, Georgia, Toledo, Ohio, and Portland, Maine.
The businesses mentioned the deal would go away Nexstar “well-positioned to compete in right now’s fragmented and quickly evolving market” and make sure the “long-term vitality of native information and programming from trusted native sources and preserving the variety of native voice and opinion.”
Extra to return…
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