FCC approves Nexstar’s $6.2 billion merger with rival TV station owner Tegna

The Federal Communications Commission on Thursday approved Nexstar’s bid to acquire rival TV station owner Tegna in a $6.2 billion deal. The deal will make the new entity the largest operator of local television stations in the country, according to NBC News, and the FCC waived a rule that forbids a single company from owning TV stations that reach more than 39% of U.S. households. The operator will now cover TV stations that reach 60% of American households.
“The D.C. Circuit has already determined that the relevant media ownership regulation is an agency rule, not a firm statutory limit, and the full Commission has reached the same determination on multiple occasions,” FCC Chair Brendan Carr said in a statement. “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 lauded the merger as a victory for local journalism and a counter to legacy media outlets.
“The FCC has been focused on empowering broadcast TV stations to serve their local communities, consistent with their public interest obligations,” Carr said. “Today’s agency decision does exactly that as both the record and Nexstar’s enforceable commitments demonstrate. 
“For too long, the FCC stood by while newspapers closed by the dozen in communities all across the country,” he continued. “Those trusted sources of local news and information shuttered while the FCC dithered. If you care about local news, you should care about the future of local broadcast TV stations.
“By approving this transaction, which allows Nexstar to own less than 15% of television stations, the FCC acts mindful of the media marketplace that exists today—not the one from decades past—and the agency ensures that these broadcasters have the resources to continue investing in their local news operations,” he added.
The FCC’s approval comes less than 24 hours after California, New York and six other Democratic states sued to stop the merger, arguing it violates federal antitrust laws.
Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage. 

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