Nexstar Media Group, Inc. Enters into Definitive Agreement to Acquire TEGNA Inc. For $6.2 Billion In Accretive Transaction
Editor Note; This is the official press release issued from TEGNA that explains today's announcement of the acquisition of TEGNA by Nexstar Media. TEGNA currently owns WKYC-TV in the Cleveland market, while Nexstar owns WJW-TV and WBNX-TV. ------ IRVING, Texas and TYSONS, Virginia – Nexstar Media Group, Inc. (Nasdaq: NXST) (“Nexstar”) and TEGNA Inc. (NYSE: TEGNA) (“TEGNA”) announced today that they entered into a definitive agreement (the “Agreement”) whereby, subject to regulatory approvals, Nexstar will acquire all outstanding shares of TEGNA for $22.00 per share in a cash transaction valued at $6.2 billion, inclusive of TEGNA’s net debt and estimated transaction fees and expenses. The purchase price represents a 31% premium to TEGNA’s average 30-day average stock price ending August 8, 2025, the last closing stock price prior to media reports of a potential transaction. Following completion of the transaction, the combined entity will be a leading local media company, well-posi...