In a notable reversal, former President Donald Trump expressed support on Saturday for the acquisition of Tegna Inc., a Virginia-based television broadcaster, by Nexstar Media Group Inc., a deal valued at $6.2 billion. This announcement marks a change from his previous opposition stated in November of the prior year on social media platform Truth Social.
During his latest message, Trump emphasized the importance of allowing "good deals" such as the Nexstar-Tegna transaction to move forward. He suggested the merger could benefit competition by helping to counteract what he terms "Fake News." His exact words on the platform were, "Letting Good Deals get done like Nexstar – Tegna will help knock out the Fake News because there will be more competition. GET THAT DEAL DONE!"
Previously, in November, Trump had voiced opposition to the merger, arguing that it would lead to the expansion of what he described as "Radical Left Networks." He specifically criticized ABC and NBC, labeling them "a disaster – A VIRTUAL ARM OF THE DEMOCRAT PARTY." At that time, he firmly stated, "NO EXPANSION OF THE FAKE NEWS NETWORKS. If anything, make them SMALLER!"
Structure and Impact of the Deal
The agreement entails Nexstar Media Group, which currently owns or partners with more than 200 broadcast stations across the United States, acquiring Tegna's portfolio of 64 stations. Once finalized, this consolidation would create an entity reaching approximately 80% of U.S. households, according to the companies involved.
This merger was initially announced in August 2025, with expectations that it could be finalized in the latter half of 2026, pending all necessary regulatory approvals.
Perry Sook, Chief Executive Officer of Nexstar, emphasized the significance of broadcast news to the nation’s democratic fabric. In an interview following the deal’s announcement, Sook told CNBC, "We believe that broadcast news is essential to this country and a free democracy, independent local news."
Regulatory Challenges Ahead
Despite the expressed support from a former President and corporate leaders, the transaction still faces regulatory barriers associated with ownership limits. In particular, the Federal Communications Commission enforces a 39% cap on the reach any single broadcasting entity may have to U.S. households, which presently poses a constraint to this deal proceeding.
For the merger to close, the FCC would need to revisit and potentially lift this threshold to permit Nexstar’s expanded market presence post-acquisition.
Industry Response and Financial Overview
Not all industry stakeholders are in favor of the consolidation. Chris Ruddy, CEO of Newsmax Inc. and an ally of Trump, has publicly opposed the Nexstar-Tegna merger, voicing concerns about its potential negative effects on independent programming entities. Ruddy's stance adds to the broader discourse concerning media consolidation and its implications for competition and content diversity.
To contextualize the companies’ financial stature, Nexstar currently holds a market capitalization of approximately $6.71 billion, with a 52-week trading price range between $141.66 and $223.43 per share. Tegna is valued at roughly $3.07 billion, with its stock price fluctuating between $14.87 and $21.35 over the past year.
As the transaction moves forward, stakeholders and regulators will continue to evaluate its potential impacts on the U.S. media landscape, considering both market dynamics and the broader democratic importance of broadcast news.