If everything goes correctly, Nexstar Media Group will complete its $6.2 billion acquisition of TEGNA in the second half of 2026.
If everything goes correctly.
When the deal between the local broadcasting giants was announced last week, one of the main selling points from Nexstar was that it would have 265 TV stations in 44 states and the District of Columbia. It would also then feature outlets in 132 of the country’s 210 markets.
During a call with Wall Street analysts, Nexstar Media Group CEO Perry Sook said that the move would strength the company against “Big Tech.”
“We don’t think anyone wants their news delivered by a chatbot, and that’s where we’re headed if we can’t become a bigger company, a stronger company to attempt to compete with Big Tech, at least on a level playing field in the United States,” said Sook.
He added that he wasn’t overly concerned with the deal passing through regulators.
“We feel very, very positive about moving forward with the regulatory approval process,” Sook said. “We expect that all of those processes will move forward during the pendency of the transaction, so we feel very confident, as I said earlier, we’re meeting this regulator moment where it is, and we will work together with regulators as they consider modifying and repealing outdated rules and regulations.”
However, one rival company — Newsmax — has already shared its displeasure with the deal. Its CEO — Chris Ruddy — said in a filing with the FCC that the proposed deal should be doomed from the get-go because the commission “lacks authority and a compelling reason to change” current ownership rules.
Currently, the FCC’s national television multiple ownership rule limits a single entity from owning or controlling TV stations that reach more than 39% of all U.S. households. Nexstar Media Group had previously been granted a waiver for its ownership stakes, with many expecting that those regulations would be relaxed or removed completely under the Trump administration.
Tom Basile — a Newsmax host who previously worked as Executive Director of the Republican Party in New York state — believes that the limits which were put in place under the Reagan administration are still needed today.
“(Reagan) had a good reason for — way back then — being concerned about viewpoint diversity in America,” said Basile. “And how individual or corporate interests — or special interests — could create monopolies that weren’t just about business, but about monopolies over the dialogue that is so critical to our form of government. So that’s why the caps were originally established.
“We need to look at this in the context of what is best for the free exchange of ideas in this country,” continued Basile. “The guardrails were put in place for very legitimate reasons, and even though, yes, we’ve seen an expansion and a democratization of our media, the concerns about a few corporations or individuals of interest having a monopoly over broadcast television are still very valid today.”
Some prominent figures in conservative political and media circles have argued for the removal of the ownership caps. Many believe that FCC Chairman Brendan Carr feels similarly, with the strong belief in the industry being that the ownership caps will indeed eventually be removed.
But Basile says he has yet to hear a compelling argument for why so many conservatives believe that way.
“I would love to hear a strong defense from Brendan Carr, or any other so-called Republican or conservative who should rightly be concerned about viewpoint discrimination in this country,” said Basile. “I’d love to hear a defense of why they believe that one or two companies or two individuals should have the ability to own every television station in the United States. And I haven’t really quite heard that yet.”
Basile said the opposition to the Nexstar Media Group/TEGNA merger is largely reliant on conservatives “making their opinions known” to President Donald Trump and his administration.
He added that a legal challenge isn’t out of the realm of possibility, and could be even viewed as more likely than not to take place.
“There may also be a legal challenge to (whether or not) the FCC actually has the ability to provide a waiver that would be such an extreme departure from the law,” he said.
“Look, at no point for the last 100-plus years, have we considered monopolies to be a good thing,” Basile continued. “This country thrives on innovation for competition. And ultimately, that 80% becomes 90%. Well, then, who’s to say that one company then doesn’t own every single broadcast station in the United States? How is that innovative? How is that increasing competition? And how does that also protect viewpoints that perhaps the management of that company disagrees with? I think that there are very strong arguments to be made that this ultimately cuts against a free expression of ideas.”
In addition to hundreds of broadcast television stations, Nexstar Media Group is also the owner of NewsNation, a cable news network that competes with Newsmax.
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Garrett Searight is Barrett Media’s News Editor, which includes writing daily news stories, features, and opinion columns. He joined Barrett Media in 2022 after a decade leading several radio brands in several formats, as well as a 5-year stint working in local television. In addition to his work with Barrett Media, he is a radio and TV play-by-play broadcaster. Reach out to him at Garrett@BarrettMedia.com.
