Earlier this week, Nexstar Media Group announced plans to acquire TV rival TEGNA in a $6.2 billion deal. Newsmax CEO Chris Ruddy is sharing his opposition to the proposed deal.
Nexstar is set to acquire all of the outstanding shares of TEGNA for $22 per share, which is a 31% premium compared to the company’s 30-day average stock price. The transaction has already been approved by the Board of Directors at TEGNA.
Once the deal is closed, Nexstar Media Group will then have 265 TV stations in 44 states and the District of Columbia. Additionally, it will feature outlets in 132 of the country’s 210 markets.
In addition to being the largest local TV broadcaster, Nexstar Media Group also owns NewsNation, the upstart cable news channel. That network is a competitor to Newsmax, and its CEO — Chris Ruddy — is sharing his stance that he’s against the merger.
In a filing with the FCC, Ruddy said, “The only thing the (FCC) will get if it alters the national television multiple ownership limit is a permanent injunction. The (FCC) lacks authority and a compelling reason to change the rule.”
The Newsmax CEO isn’t the only person at the network opposed to the multi-billion-dollar acquisition. Analyst Tom Basile said on the network that he believes the acquisition by Nexstar would be a danger to competition in the marketplace.
“If they control that much of the broadcast market, how will conservative outlets compete?” Basile asked. “This isn’t just about politics,” Basile added. “It’s about whether communities will still have independent voices covering school boards, local corruption, and small-town issues that the national networks ignore.”
Basile noted that FCC Chairman Brendan Carr has insinuated he’d be open to lifting the current ownership cap that could prevent Nexstar Media Group — which says it expects the deal to be closed in the second half of 2026 — from acquiring TEGNA. However, he believes there will be legal challenges should the deal go through.
“This may be far from over,” Basile said. “It could end up in the courts. The American people need to pay attention to this. It’s not just an inside-the-Beltway fight. It’s about whether you still have a choice in what you watch and who tells your news.”
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