Nexstar Media Group, the largest owner of local television stations in the United States, is in advanced negotiations to acquire rival broadcaster Tegna, according to people familiar with the matter. A transaction would unite Nexstar’s portfolio of more than 200 stations across 116 markets with Tegna’s 64 outlets, extending Nexstar’s nationwide reach and strengthening its bargaining power with advertisers and content suppliers. Tegna’s shares jumped about 30% in after-hours trading on 8 August following reports of the talks, while Nexstar’s stock was little changed. Tegna is valued at roughly $2.4 billion, compared with Nexstar’s market capitalisation of about $5.6 billion. Sources said a deal could be completed quickly if negotiations avoid late-stage hurdles. Tegna had previously agreed to an $8.6 billion buyout by Standard General in 2022 before regulators blocked the transaction. The prospect of a Nexstar-Tegna tie-up comes as Sinclair, another major station owner, launched a comprehensive strategic review of its broadcast assets on 11 August. Sinclair said it will evaluate acquisitions, partnerships and a possible spin-off or sale of its Ventures unit, which houses the Tennis Channel and other investments. The announcement sent Sinclair’s shares up about 15% in extended trading. Broadcasters are scrambling to gain scale as audiences migrate to streaming and U.S. regulators signal a looser stance on ownership limits. A recent appellate-court ruling striking down the Federal Communications Commission’s “Top Four” restriction, coupled with expectations of further deregulation, has emboldened companies to pursue mergers that once appeared out of reach. Analysts say the Nexstar-Tegna talks and Sinclair’s review could herald a new wave of consolidation among local-TV operators.