Nexstar Media To Acquire TEGNA For $6.2 Bln

(RTTNews) - Nexstar Media Group (NXST) and TEGNA Inc. (TEGNA) have entered into a definitive agreement whereby, Nexstar will acquire all outstanding shares of TEGNA for $22.00 per share in a cash transaction valued at $6.2 billion, inclusive of TEGNA's net debt and estimated transaction fees and expenses.

Nexstar's CEO, Perry Sook, said: "The initiatives being pursued by the Trump administration offer local broadcasters the opportunity to expand reach, level the playing field, and compete more effectively with the Big Tech and legacy Big Media companies that have unchecked reach and vast financial resources. We believe TEGNA represents the best option for Nexstar to act on this opportunity."