Tegna’s Optimism Meets Industry Skepticism
Tegna CEO Mike Steib hailed the merger as a way to expand coverage “across more screens” while securing the long-term survival of local journalism. But not everyone was convinced.
Grant Spellmeyer, CEO of America’s Communications Association, warned the deal could mean higher consumer costs. He blasted the merger as a path to “more blackouts and increased monthly bills,” pointing to a 2,000% surge in retransmission fees since 2011.
Premium Payouts and Market Impact
Under the terms, Nexstar will buy Tegna shares for $22 each—a 31% premium over Tegna’s 30-day average price prior to news leaks of the deal. Shareholders may cheer, but consumer advocates fear rising fees and fewer competitive checks in the media marketplace.
What Comes Next
The deal, expected to close in the second half of 2026, faces regulatory and shareholder approval hurdles. With Washington regulators scrutinizing mega-mergers more than ever, the future of this high-stakes broadcast union is anything but guaranteed.
For now, Nexstar and Tegna are betting that size, reach, and legal firepower will secure them a front-row seat in the evolving battle for America’s attention.
