Technology
Nexstar acquisition of Tegna approved, exceeding ownership cap after FCC waiver
The Federal Communications Commission (FCC) approved Nexstar Media Group's $6.2 billion purchase of Tegna, granting a waiver to exceed national station ownership limits. The deal, reaching 80 percent of US TV households, faces legal challenges from state attorneys general despite Justice Department approval.
The FCC has approved Nexstar Media Group's acquisition of Tegna, a deal valued at $6.2 billion. This decision includes a waiver allowing Nexstar to surpass the national limit on station ownership. Nexstar confirmed the acquisition closed immediately following FCC approval. While the US Department of Justice has also approved the deal, it is facing opposition from a group of state attorneys general. These attorneys general are challenging the merger in court, seeking to reverse the FCC's decision. Opponents of the deal contend that the FCC lacks the authority to grant such a waiver, arguing that only Congress can modify the 39 percent ownership limit.
Key Facts
- The FCC approved Nexstar's $6.2 billion purchase of Tegna.
- The approval includes a waiver allowing Nexstar to exceed the national station ownership limit.
- The Nexstar/Tegna combination will reach 80 percent of US TV households.
- The US Department of Justice approved the deal.
- State attorneys general are challenging the merger in court.
- Opponents argue the FCC lacks authority to grant the waiver.
- Nexstar closed the acquisition immediately after receiving FCC approval.
Primary Source
Research Sources
- Ars Technica — Trump FCC lets Nexstar buy Tegna and blow way past 39% TV ownership cap