Nexstar Media Group Inc. (NASDAQ:NXST) is reportedly in advanced discussions to acquire fellow television broadcaster Tegna Inc. (NYSE:TGNA).
Check out the current price of NXST stock here.
What Happened: The Wall Street Journal reported, citing sources, the deal, if successful, would be a significant move in the media industry and a test for the Federal Communications Commission’s (FCC) deregulation efforts.
The potential acquisition is currently in advanced stages, as per the report. The deal could be valued at around $8 billion, including debt.
Nexstar Media and Tegna did not immediately respond to Benzinga's request for comment.
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Check out the current price of TGNA stock here.
Tegna has a market capitalization of $2.46 billion with a trading volume of 2,742,935 shares, while Nexstar's market cap stands at $5.63 billion on a volume of 534,578 shares.
Why It Matters: The news of the potential acquisition comes on the heels of Tegna’s announcement of its expected revenue decline for the third quarter of 2025. The company projected an 18% to 20% year-over-year decrease in revenue for the quarter.
Tegna also experienced a 5% drop in revenue to $675 million, in line with its earlier guidance, in the second quarter. Distribution revenue also held steady at $370 million, as subscriber losses were balanced out by rate increases.
Price Actions: Tegna closed at $15.31, up 1.80% on Friday, then jumped 30.57% to $19.99 in after-hours trading, while Nexstar Media Group closed at $186.80, up 1.23%, before dipping 0.43% to $186.00 after hours, according to Benzinga Pro data.
Benzinga’s Edge Stock Rankings indicates Tegna stock has a negative price trend across all time frames. Additional performance details are available here.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
