Nexstar Media Group agreed to acquire rival broadcaster Tegna for $22 a share in cash, valuing Tegna’s equity at about $3.54 billion and the overall transaction at $6.2 billion including debt and fees. The price represents a premium of nearly 44% to Tegna’s Aug. 8 closing, before reports of takeover interest surfaced. The combination will give Nexstar and its partners 265 full-power television stations in 44 states and Washington, D.C., covering roughly 80% of U.S. TV households and expanding its presence to nine of the 10 largest markets. Nexstar said it expects to generate approximately $300 million in annual net savings once the deal closes, which the companies anticipate in the second half of 2026. The takeover is likely to test the Federal Communications Commission’s more permissive stance toward broadcast consolidation under Trump-era rules. If Tegna accepts a superior bid it must pay Nexstar a $120 million break-up fee, while Nexstar would owe $125 million if regulators block the merger.