TV Station Stocks Rise: $6.2B Nexstar-Tegna Deal Going Ahead?

• by Wayne Friedman , 5 hours ago

Nexstar Media Group – the largest owner of U.S. TV – looks to get Federal approval to buy Tegna in its proposed deal valued at $6.2 billion.

In somewhat of a reversal, President Trump in a social media post said: “Letting Good Deals get done like Nexstar – Tegna will help knock out the Fake News because there will be more competition. ... GET THAT DEAL DONE.”

All this aligns with the longtime position of Brendan Carr, FCC chairman, to free up TV station groups for more industry consolidation.

Early morning trading of Nexstar stock was up 13% to $249.28; Tegna (Gannett Co.) was up 8% to $20.68.

At the same time many other TV station groups' stock also rose on the news – Sinclair Inc was 7% more at $14.63; Gray Media went up 7% to $4.64; and E.W. Scripps increased 10% to $3.72.

Curry Baker, media analyst for Guggenheim Securities says cash flow – earnings before interest, taxes, depreciation and amortization – for 2026 is expected to rise to $2.0 billion in large part due to distribution deals. That is 60% higher than 2025.

Baker says strong mid-term election political advertising this year as well as a core “relatively stable advertising market.”