US States Coalition Reportedly Prepare To Challenge $6.2 Billion Tegna-Nexstar Deal

• The states, which include California, Colorado, and New York, are likely to sue on antitrust grounds on the basis that the deal would result in too much concentration in some local TV markets.
• The companies announced the deal in Nov. 2025, and currently plan to close the transaction in the second half of 2026.
• The chair of the FCC, Brendan Carr, earlier in the month told reporters that he supports Nexstar's deal for Tegna.

A coalition of U.S. states is reportedly preparing to challenge Nexstar Media Group’s planned $6.2 billion acquisition of rival broadcaster Tegna. 

The states, which include California, Colorado, and New York, are likely to sue on antitrust grounds on the basis that the deal would result in too much concentration in some local TV markets, a report from The Wall Street Journal said on Friday, citing people familiar with the matter. 

The states would proceed with the lawsuit if the deal gets regulatory clearance from the Federal Communications Commission (FCC), whose chairman has endorsed it, the report said. 

Nexstar Media (NXST) and Tegna (TGNA) announced the deal in Nov. 2025, and currently plan to close the transaction in the second half of 2026.

FCC Chairman’s Endorsement

The chair of the FCC, Brendan Carr, earlier in the month told reporters that he supports Nexstar's deal for Tegna.

"I support that transaction. We're going to be moving forward," Carr said, according to a Reuters report, without providing details on whether the deal would be backed at the staff level or by the full commission.

For the deal to go through, the FCC must permit a bypass to a statutory limit that caps a single TV entity from having a reach beyond 39% of all U.S. TV households.

Trump’s Favor The Deal

President Donald Trump earlier in the month publicly backed the merger that would create the largest U.S. regional TV station operator, before opposing it previously in November, saying it would allow greater influence to left-leaning networks.

Trump had written in a social media post, "We need more competition against THE ENEMY, the Fake News National TV Networks. GET THAT DEAL DONE!”

How Did Stocktwits Users React?

On Stocktwits, the retail sentiment was ‘bearish’ for Nexstar and Tegna in the past 24 hours. 

Nexstar and Tegna shares have risen 22% and 6.6%, respectively, year-to-date.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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