Nexstar Media announced it will purchase Tegna, the broadcast arm of Gannett. It will buy all shares of Tegna for $22 per share, valued at $6.2 billion.

Nexstar beat out rival Sinclair, which was offering between $25 and $30 per share, significantly above Nexstar's winning bid.

Upon closing of the Tegna deal, Nexstar and its partners will have 265 full-power television stations in 44 states and Washington, D.C., covering 132 of the country’s 210 television markets covering 80% of U.S. TV households, the companies said. The combined company will have stations in nine of the top 10 markets, and 41 of the top 50.

Irving-based Nexstar Media has agreed to buy smaller rival Tegna for $3.54 billion, creating a local-TV powerhouse that seeks to compete better with big

Nexstar, the largest broadcast affiliate owner in the U.S. and owner of the CW, announced Tuesday it has entered an agreement to buy smaller rival Tegna in an all-cash deal valued at $6.2 billion. The pending deal would bring together recent benefactors of the disruption of regional sports networks.

Nexstar Media Group, the owner of ABC27, plans to purchase Tegna, the owner of FOX43. Nexstar announced on Tuesday that it plans to acquire all outstanding shares of Tegna for $22 per share in a cash transaction valued at $6.2 billion.

Nexstar says its $6.2 billion takeover of Tegna is expected to close in the second half of 2026 — timing that would align with the lucrative wave of political ads during the midterm elections. But that plan still depends on Tegna shareholders, who may yet consider Sinclair’s competing offer.