The purchase price is inclusive of Tegna’s net debt and estimated transaction fees and expenses. The deal, subject to regulatory approval including by the FCC, is expected to close by the second half of 2026. Both the Nexstar and Tegna boards voted unanimously to approve the deal Monday night.

To close the deal, Nexstar will need approval from the Federal Communications Commission, which could cement its position as the biggest provider of local TV in the U.S.

Nexstar Media Group is buying broadcast rival Tegna for $6.2 billion, which will help strengthen its local news offerings