Broadcasting powerhouse Nexstar Media Group Inc. announced Tuesday it will acquire rival Tegna Inc. in a blockbuster $6.2 billion all-cash deal, a consolidation crafted by five major law firms. The merger, framed as the creation of a “leading local media company,” is designed to reshape the TV and digital landscape at a time when traditional broadcasters face mounting pressure from Big Tech and streaming platforms.
Legal Teams and Corporate Power Plays
The high-stakes transaction was steered by an army of elite attorneys: Nexstar leaned on Kirkland & Ellis LLP, Wiley Rein LLP, and Morrison Foerster, while Tegna was counseled by Wachtell Lipton Rosen & Katz and Covington & Burling LLP. The legal muscle underscores the complexity of stitching together two media titans vying to control the future of local news.
Nexstar’s Pitch: Strength in Numbers
By joining forces, the companies say they can strengthen community coverage and expand advertising options. Nexstar Chairman and CEO Perry Sook positioned the deal as a strike against Big Tech dominance, calling Tegna the “best option” to boost Nexstar’s reach in top markets including Atlanta, Phoenix, Seattle, and Minneapolis.
“The initiatives being pursued by the Trump administration offer local broadcasters the chance to level the playing field,” Sook said, emphasizing that consolidation would allow local news to thrive against “unchecked” digital giants.
