Nexstar to Buy Tegna for $3.5 Billion
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U.S. television station owner Sinclair has made an offer to merge its broadcast TV business with smaller rival Tegna, which is in advanced talks on a potential sale to Nexstar Media Group, a person familiar with the talks told Reuters on Monday.
Nexstar’s proposed $6.2 billion acquisition of Tegna could bring Cleveland’s WJW and WKYC under one owner, but regulatory hurdles make the deal’s local impact uncertain.
The $6.2 billion cash transaction would expand Nexstar’s station group to 265 outlets nationwide, including a bigger foothold in Texas.
A former marketing producer for WTHR shares concerns of potential layoffs due to potential Nexstar Media Group acquisition of TEGNA.
Nexstar Media, owner of Fox 40 (KTXL), announced Monday it plans to acquire Tegna, the parent company of ABC 10 (KXTV), in a $6.2 billion cash deal that includes Tegna's outstanding debt. The proposed merger could create the Sacramento area's first television duopoly - where one company controls two over-the-air stations in the same market - pending federal approval.