Upon closing of the Tegna deal, Nexstar and its partners will have 265 full-power television stations in 44 states and Washington, D.C., covering 132 of the country’s 210 television markets covering 80% of U.S. TV households, the companies said. The combined company will have stations in nine of the top 10 markets, and 41 of the top 50.

To close the deal, Nexstar will need approval from the Federal Communications Commission, which could cement its position as the biggest provider of local TV in the U.S.

Nexstar beat out rival Sinclair, which was offering between $25 and $30 per share, significantly above Nexstar's winning bid.