Elections have consequences. And one of the consequences of the 2024 election is Brendan Carr serving as FCC Chair and the chapter of a certain project he wrote becoming reality. There may be optics of scruitny over this deal, but the reality is this is just a matter of how this merger gets approved, if there are minimal areas in which this government says it goes too far (and if there are divestures, expect them to be license only to spectrum speculators, sidecars, or godcasters with all non-license assets staying with Nexstar), and if ownership cap changes need to done legislatively or through rulemaking.
TEGNA doesn't want to exist any more. It hasn't wanted to exist since Standard General offered $24/share in 2022. A $125 million breakup fee isn't going to reinvigorate TEGNA if this deal doesn't get regulatory approval. That's 2% of what TEGNA is valued at in this merger. TEGNA is, for all practical purposes, a zombie company with stockholders and executives who just want to get their money and peace out. They have made cuts and staff reductions with the intention of having a lean balance sheet for whoever wants to absorb them in one piece. A benevolent broadcasting company with billions in credit to purchase a large station group doesn't exist in 2025.