Tegna, Nexstar and TV station ownership
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The deal will give the former 265 television stations in 44 states and D.C., representing 80% of U.S. television households
Nexstar beat out rival Sinclair, which was offering between $25 and $30 per share, significantly above Nexstar's winning bid.
Nexstar, the No. 1 owner of TV stations in the U.S., is acquiring rival Tegna in a deal that challenges decade-old limits on control of local media.
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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.
The proposed merger would conflict with current federal rules that prevent the ownership of two television stations in the same designated market area.