Nexstar (NXST) Advances TEGNA Deal with FCC Filings

Snack-Sized Version:

Nexstar Media Group (NASDAQ: NXST) has taken a decisive step in its expansion strategy, formally submitting applications to the Federal Communications Commission (FCC) on November 18, 2025, regarding its pending Nexstar TEGNA acquisition. The filings seek consent to transfer control of TEGNA’s broadcast licenses to Nexstar, a critical milestone in the merger process. The company also requested specific waivers related to local ownership rules, arguing that the combination serves the public interest by strengthening local journalism. Official statements confirm Nexstar’s commitment to closing the transaction, which would cement its status as the largest local broadcaster in the U.S.

Read the Full Meal:

The submission of transfer applications to the FCC signals that Nexstar Media Group is moving aggressively to clear the regulatory hurdles for its acquisition of TEGNA Inc. (NYSE: TGNA). By requesting waivers on ownership caps, Nexstar is making a case that the modern media landscape requires scale to compete with digital giants, and that a combined entity will be better positioned to invest in local newsrooms. Nexstar Media Group Inc. has a track record of integrating large portfolios, and this deal represents the capstone of its consolidation strategy. Investors are watching closely, as the FCC’s review process will determine the final timeline and potential divestitures required to get the deal done.

Regulatory Hurdles and Synergies

• Capital allocation: Nexstar is deploying its strong free cash flow to fund this transformative deal, betting on long-term synergies.
• Growth drivers: Acquiring TEGNA expands Nexstar’s footprint into key markets, boosting retransmission revenue leverage.
• Margins: Cost rationalization and shared infrastructure are expected to drive significant margin accretion post-close.
• Risks: Regulatory pushback or prolonged review periods could delay the closing or force asset sales.

Quick links

• IR hub: Nexstar Media Group investor relations

Why this can matter for NXST holders

• Continuity: Progressing to the FCC filing stage reduces uncertainty and shows management’s confidence in the deal’s logic.
• Cycle timing: Consolidating ahead of the next political ad spending cycle (2026/2028) positions the combined entity to capture maximum revenue.
• Multiple support: Successfully navigating the regulatory process often leads to a re-rating of the stock as deal risk fades.

What to watch next

1. Official filing: Monitor the FCC’s public docket for comments and any opposition filings from industry groups.
2. Next event: Watch for updates on the Department of Justice (DOJ) antitrust review, which runs parallel to the FCC process.
3. Board, governance, or roadmap: Look for integration planning announcements as the companies move closer to an expected close.

Mini FAQ

What did Nexstar file with the FCC?
Nexstar filed applications to transfer TEGNA’s broadcast licenses to Nexstar control.

When is the deal expected to close?
The transaction is currently targeting a closing date in the second half of 2026.