Tegna, Nexstar and TV Merger
Digest more
8h
StockStory.org on MSNTEGNA (TGNA) Stock Is Up, What You Need To Know
Shares of broadcasting and digital media company TEGNA (NYSE:TGNA) jumped 4.5% in the morning session after it announced a definitive agreement to be acquired by Nexstar Media Group (Nasdaq: NXST) in an all-cash deal.
Nexstar’s proposed $6.2 billion acquisition of Tegna could bring Cleveland’s WJW and WKYC under one owner, but regulatory hurdles make the deal’s local impact uncertain.
The proposed merger would conflict with current federal rules that prevent the ownership of two television stations in the same designated market area.