Nexstar Stock In Focus After Judge’s Order Blocks Merger Deal With Tegna

• In February, President Donald Trump backed NSXT’s merger with TGNA, after opposing it in November 2025.
• Earlier this month, the Federal Communications Commission waived its rules and approved the merger.
• Retail sentiment for NXST dropped to ‘neutral’ from ‘bullish’ a month ago.

Nexstar Media Group (NXST) stock is likely to draw attention on Monday after Colorado Attorney General said in a post on X that the judge who challenged the company’s merger with Tegna Inc (TGNA) issued a temporary restraining order, blocking the deal from going through.

In August 2025, the media company said it was set to acquire TGNA in an all-cash deal valued at $6.2 billion. Under the terms of the deal, Nexstar will pay $22 per TEGNA share, marking a 31% premium compared to TEGNA’s average share price over the 30-day period ending Aug. 8, 2025.

In November 2025, President Trump indicated that he was not in favour of lifting the current cap on television station ownership, which was essential for the companies' merger to proceed.

Under the Federal Communications Commission’s (FCC) rules, there was no limit on the number of television stations a single entity may own as long as the station group collectively reaches no more than 39% of all U.S. TV households. The combined company will own or partner with 265 full-power stations across 44 states, covering in total, 80% of U.S television households.

Trump Backs Merger, FCC Waives Rules

However, in a turn of events, the President retreated from his stance in February and publicly backed the merger. "We need more competition against THE ENEMY, the Fake News National TV Networks," Trump wrote in a social media post.  "GET THAT DEAL DONE!

The President added that the “good deals” like the Nexstar-Tegna merger would “knock out Fake News because there will be more competition.”

Earlier this month, FCC Chairman Brendan Carr also approved the merger and waived the previous rule. “Waiving that rule here is consistent with longstanding FCC authorities and doing so promotes the underlying purpose of the FCC’s media regulations by promoting competition, localism, and diversity,” the FCC said in a statement.

What Does Retail Think?                 

On Stocktwits, retail sentiment for NXST dropped to ‘neutral’ from ‘bullish’, while message volumes slipped to ‘high’ from ‘extremely high’ a month ago. Meanwhile, for TEGNA, retail sentiment shifted to ‘bearish’ from ‘neutral’ a month ago, while message volumes dropped to ‘extremely low’ from ‘high’.

One bearish user said, “$NXST It will be interesting to see if this thing actually closes. It probably will.”

Nexstar shares are up nearly 5% year to date.

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