Nexstar Media Group has struck a definitive agreement to acquire rival broadcaster Tegna for $22 per share in cash, valuing Tegna’s equity at about $3.54 billion and the transaction at roughly $6.2 billion including debt. The deal, announced Tuesday, represents a premium of nearly 44 percent to Tegna’s 8 August closing price and caps weeks of takeover speculation surrounding the owner of 64 U.S. television stations. By folding Tegna into the nation’s largest local-TV operator, Nexstar would expand its footprint to roughly 265 full-power stations in 44 states and Washington, D.C., giving it coverage of about 80 percent of U.S. television households. Nexstar expects the combination to generate about $300 million in annual net savings and bolster its scale in major markets such as Atlanta, Phoenix and Seattle. The cash-only transaction is conditional on approval from Tegna shareholders and U.S. regulators, including the Federal Communications Commission, and is targeted to close in the second half of 2026. Under the merger contract Tegna must pay Nexstar a $120 million break-up fee if it accepts a superior bid, while Nexstar would owe Tegna $125 million should regulatory hurdles scuttle the deal. Hours before the Nexstar agreement was unveiled, Sinclair Broadcast Group proposed merging its own broadcast operations with Tegna in a stock-based arrangement that, according to people familiar with the matter, valued Tegna at roughly $25 to $30 per share. Tegna’s board has not publicly commented on the unsolicited overture, leaving open the possibility of a bidding contest as broadcasters race to consolidate amid cord-cutting and a looser ownership climate at the FCC.