Nexstar to acquire Tegna

[l_miro 245]

1 hour ago, Rusty Muck said:

I fully expect Brendan Carr to issue a statement in full support of this merger because Nexstar is a company he likes. Either he demands congress remove the cap to facilitate it, or he goes above the law and allows it anyway. 

 

with 'Chevron' dead, fed agencies are neutered from making up rules they like - it was explicitly restated for the people in the back that congress can't hand their lawmaking power over to anyone because they're dumb and lazy. Waving this through will land Carr/FCC in court. And it will take time. I sued someone in federal court in 2023, we're still not done, and it's nothing even remotely complex like this merger, so if challenged this can take 2-5 years to worm its way through the courts.

 

The whole thing feels like Nexstar took the tubs of butter out, crossed fingers and hoped Trump has enough stick to bludgeon Congress with to get 50.05% and drop the cap. Maybe it will pass with promises to Reps and Senators of spreading the pork next budget session. The merger also hasn't entered the news cycle. That "2H2026" closing date runs into mid-terms, and if conservatives dislike it it's probably doa like when Trump wanted unlimited H1B, conservatives revolted and now he's implementing Democrat, and especially Union ideas they've been trying to get, going back 30 years. Thomas Massie sounds like against, but he's one. Rand Paul is probably a yes.

 

But do conservatives care anymore? Besides CPAC and Newsmax. They have their platforms now, granted BigTech still in charge, unlike a license for a big stick nobody watches.

 

bigger question is - does broadcast TV, which is in a death spiral (managing a declining asset as they say the earnings calls), matter in a time of smart TV apps, tablets with internet, Substack etc? Beyond a couple of OTA channels for emergency, does it matter really? I know it's more efficient to move video but that's not what viewers care about. I have yet to see a good argument why it does matter today.

 

A Pickleball Stars vs UFC Stars deathmatch can be streamed somewhere, less efficiently, with massive amount of eyeballs and revenue

[tyrannical bastard 4676]

17 minutes ago, Rusty Muck said:

And if anything, Sinclair is now in deep trouble. They're gonna have to buy another equally-sized chain (Cox Media? ) or they're going to be left behind in the economy of scale game and will be takeover bait.

 

Their "offer" to Tegna only serves to expose how desperate they really are.

Sinclair deserves to be bought out. 

Their employees deserve a better owner, and the viewers deserve one as well.  Hopefully the next one is any sort of improvement.

[MidwestTV 1358]

35 minutes ago, newsman123 said:

A few things:

 

Who says they shut down great stations in place of keeping their own? Usually they keep the good one. In Denver for example, I could see them

keeping KUSA, and LMAing Fox31. They know which station is stronger. 
 

Also, station consolidation isnt bad. They cant survive on their own anymore. No one watches local news! The days of having 5 newsrooms no one watches makes no sense anymore. If they can combine into one strong profitable center.. great. 

 

KDVR has recently overtaken KUSA from what I've heard from those in the market. Additionally, KDVR houses the master control hub for like 60 of Nexstar's stations. They're actually one of Nexstar's most successful and profitable stations I believe. Not to mention they own KWGN, a CW affiliate, which Nexstar also owns the majority of. Fox News even has offices in the building. It's far far easier to gut KUSA than it is to upend KDVR.

 

But you're right, consolidation really isn't bad! Merging stations and laying off hundreds of people with thousands of years of experience while local management and the executive offices continue to get massive bonuses is fantastic. Not to mention Nexstar's phenomenal yearly pay raises of...1-2%. 

Edited August 19, 2025 by MidwestTV

[Rusty Muck 4688]

24 minutes ago, newsman123 said:

A few things:

 

Who says they shut down great stations in place of keeping their own? Usually they keep the good one. In Denver for example, I could see them

keeping KUSA, and LMAing Fox31. They know which station is stronger.

KDVR is a union shop (rather, it became one because of Nexstar) and AFAIK KUSA isn't. Likewise, parts of WJW are still union after all these years. The choice of what station to keep and what to dismantle may be wholly political and not determined by what operations has better ratings.

26 minutes ago, newsman123 said:

Also, station consolidation isnt bad. They cant survive on their own anymore. No one watches local news! The days of having 5 newsrooms no one watches makes no sense anymore. If they can combine into one strong profitable center.. great. 

If consolidation is allowed to continue, and the remaining viewers go to OTT or SVODs or elsewhere for their news, then good luck to that remaining station being able to turn a profit at all.

 

When political parties and SuperPACs decide to spend money on platforms other than local television, then the last rites to the industry can be administered.

7 minutes ago, l_miro said:

The whole thing feels like Nexstar took the tubs of butter out, crossed fingers and hoped Trump has enough stick to bludgeon Congress with to get 50.05% and drop the cap. Maybe it will pass with promises to Reps and Senators of spreading the pork next budget session. The merger also hasn't entered the news cycle. That "2H2026" closing date runs into mid-terms, and if conservatives dislike it it's probably doa like when Trump wanted unlimited H1B, conservatives revolted and now he's implementing Democrat, and especially Union ideas they've been trying to get, going back 30 years. Thomas Massie sounds like against, but he's one. Rand Paul is probably a yes.

Trump got the lemmings in Congress to fully dismantle public broadcasting with ghostwritten social media posts. When push comes to shove, they'll fall in line obediently like a housebroken puppy, like they always do.

 

Since Nexstar is a "friendly" company to Trump — not being Disney or Skydance or Comcast — forcing dereg through congress will be a much easier sell.

[Big Rollo Smokes 324]

54 minutes ago, newsman123 said:

Also, station consolidation isnt bad. They cant survive on their own anymore. No one watches local news! The days of having 5 newsrooms no one watches makes no sense anymore. If they can combine into one strong profitable center.. great. 

Why do folks make such subjectively inaccurate statements based on personal biases?

 

Of course people still watch local news–perhaps not in the same numbers they once did, but the viewers are there. And if you're not one of them, then don't assume everyone else is.

[TennTV1983 870]

1 hour ago, Rusty Muck said:

And if anything, Sinclair is now in deep trouble. They're gonna have to buy another equally-sized chain (Cox Media? ) or they're going to be left behind in the economy of scale game and will be takeover bait.

 

Their "offer" to Tegna only serves to expose how desperate they really are.

 

At this point, I would not be surprised if a private equity firm like Apollo winds up buying Sinclair and its outstanding assets. Pairing it up with Cox would be considered a "show of mercy" for them.

[Rusty Muck 4688]

36 minutes ago, Big Rollo Smokes said:

Why do folks make such subjectively inaccurate statements based on personal biases?

 

Of course people still watch local news–perhaps not in the same numbers they once did, but the viewers are there. And if you're not one of them, then don't assume everyone else is.

I could think of no better way to drive away viewers than through consolidating news departments and mass downsizing. People are creatures of habit and they're going to be upset seeing their favorite station dismantled, especially when it's the much stronger station Nexstar opts to kill off (KUSA, WBIR).

[NowBergen 924]

In the market I grew up in, Nexstar (or one of its sidecars) controls 3 stations.  It's just one newsroom, and the same news program repurposed over and over again.  The other major station is owned by Sinclair, and is a shell of itself.  How this is in the public interest to have such consolidation of news, considering alternatives like newspapers are pretty dead thanks to consolidation and cuts by either Alden or Fortress (dba as Gatehouse/Gannett).  A 15 sec Tik Tok video from a questionable source is not a credible replacement for all the newsrooms cut.  I can't see how this is good news from a viewer's standpoint.  

[tyrannical bastard 4676]

Maybe this consolidation is all just a ploy to drum up some extra cash.

If Tegna sells out to a better offer, they have to cough up $120 million to Nexstar.

 

If Nexstar can't close the deal if the feds deny it, they have to cough up $125 million to Tegna.

 

https://www.cnbc.com/2025/08/19/tv-broadcaster-nexstar-to-acquire-rival-tegna-for-3point54-billion.html

 

Maybe that's why Sinclair and Allen Media were kicking the tires and acting like buyers....trying to score some extortion cash to keep the lights on?

Edited August 19, 2025 by tyrannical bastard

[dman748 1316]

3 hours ago, Rusty Muck said:

And if anything, Sinclair is now in deep trouble. They're gonna have to buy another equally-sized chain (Cox Media? ) or they're going to be left behind in the economy of scale game and will be takeover bait.

 

Their "offer" to Tegna only serves to expose how desperate they really are.

My thinking is that they pair down on the number of stations they own and operate before they get taken over, I have doubts they get Cox because for one thing Apollo's asking price is way too much, the $4 billion dollar sticker price they're asking for the whole company (including radio) it's very close to exactly how much Sinclair is in DEBT.

 

I think within the next year or two, the Smith family is going to have to realize that the transactions they made to Rincon isn't the last time they're going to make any sales, I think they got a lot more coming, I don't think they get rid of their core stations in Baltimore, Columbus, D.C., markets like that, which are core to Sinclair, but I do anticipate a pair down of the amount of stations they own followed by the takeover.

[Breaking News 888]

These stories remain amusing, especially since Sinclair is also eyeing TEGNA.

https://www.wsj.com/business/deals/tv-station-owner-sinclair-proposes-merger-with-tegna-4bd3bb86?mod=Searchresults_pos1&page=1

 

TV-Station Owner Sinclair Proposes Merger With Tegna

Nexstar Media Group announced a deal to buy Tegna

 

By

Lauren Thomas

and

Joe Flint

Updated Aug. 19, 2025 10:08 am ET

 

 

 

---

 

 

Sinclair has a market value of about $1 billion. Photo: Jerry Jackson/Baltimore Sun/ZUMA Press

Sinclair, one of the country’s largest owners of local television stations, has offered to merge its broadcast TV business with Tegna, according to people familiar with the matter.

Tegna had been in advanced talks to sell itself to Nexstar Media Group NXST 0.65%increase; green up pointing triangle

, The Wall Street Journal reported earlier this month, and Tuesday announced it had agreed to a $6.2 billion deal with Nexstar.

The details

Sinclair SBGI -1.09%decrease; red down pointing triangle

has proposed separating its Ventures business—which houses nontraditional broadcast media assets including the Tennis Channel and investments—and merging its remaining broadcast TV business with Tegna, in a deal that would value Tegna shares at around $25 to $30 apiece, the people said.

The deal with Nexstar was for $22 a share, the companies said Tuesday. That was a more than 30% premium to the average price before the Journal’s report on the Nexstar talks.

Sinclair has a market value of about $1 billion, while Nexstar’s is around $6.3 billion, potentially making it hard for Sinclair to compete. Sinclair also has over $4 billion of debt on its balance sheet. 

Tegna owns 64 stations, many in major markets. The company has attracted takeover interest from several suitors in recent years. In 2022, it agreed to be taken private by hedge fund Standard General in a deal valued at $8.6 billion, including debt. But the deal fell apart after a series of regulatory hurdles under the Biden administration. 

Sinclair has 178 TV stations affiliated with major broadcasters such as ABC, NBC, CBS, Fox and the CW, and across 78 markets.

Earlier this month, Sinclair said that its board authorized a wide-ranging strategic review for its broadcast business, including potential sales and acquisitions. It also said it was considering a spinoff or split-off of its Ventures arm.

Nexstar is the largest local television broadcaster in the U.S., with over 200 owned or partner stations in 116 U.S. markets. 

The context

Deregulation has been predicted to spur a wave of consolidation across the TV industry, which is facing its own challenges, as more people consume media outside of traditional TV providers. 

Sinclair is among the broadcasters who have pushed the Federal Communications Commission to relax rules that prohibit a broadcaster from owning television stations that reach more than 39% of the nation’s television households.

Late last month, broadcasters scored a win after the U.S. Court of Appeals for the Eighth Circuit vacated the FCC’s rules against a station group owning more than one of the top four TV stations for audience share in a given market.

[l_miro 245]

3 hours ago, Big Rollo Smokes said:

Why do folks make such subjectively inaccurate statements based on personal biases?

 

Of course people still watch local news–perhaps not in the same numbers they once did, but the viewers are there. And if you're not one of them, then don't assume everyone else is.

 

local news still does numbers, sure, but who's watching? Most viewers are now over age 50, and aging, advertisers only want certain demos and increasingly go to the web/streaming to find them instead of shooting for fish in a barrel. Worse, OTA-only viewers are something like 63 year old on average with $25K income. 

 

Take WCPO in Cincinnati. In 10 years they've lost 73% of 11pm newscast audience. Their 6AM is down 55%. Similar situation at the other stations / https://www.wvxu.org/media/2024-05-24/may-ratings-drop-tv-news-cincinnati

 

 

4 hours ago, Rusty Muck said:

Trump got the lemmings in Congress to fully dismantle public broadcasting with ghostwritten social media posts. When push comes to shove, they'll fall in line obediently like a housebroken puppy, like they always do.

 

Since Nexstar is a "friendly" company to Trump — not being Disney or Skydance or Comcast — forcing dereg through congress will be a much easier sell.

 

Conservatives have wanted PBS defunded for a long time, he didn't have to convince them. He appeared to go soft on that at some point during the negotiations and got checked. 

[Rusty Muck 4688]

Sinclair is clearly hoping that Brendan Carr is physically unable to sign off on Tegna-Nexstar for some inexplicable reason. The deal has no opposition on the federal level and the FTC and DOJ are no longer functioning agencies, so they won't do or order anything.

 

Sinclair's actions sound like a hail mary play by a company that is going to be tagged as takeover bait after Nexstar swallows up Tegna with ease.

 

re: the Chevron decision... court decisions like those only apply to one political party. I would bet my next paycheck that Carr magically removes the cap or ignores the rules and no one in charge does anything to stop him. How many times has this regime and agencies in this regime ignored court rulings against them?

[l_miro 245]

48 minutes ago, Breaking News said:

These stories remain amusing, especially since Sinclair is also eyeing TEGNA.

https://www.wsj.com/business/deals/tv-station-owner-sinclair-proposes-merger-with-tegna-4bd3bb86?mod=Searchresults_pos1&page=1

 

reports said Tegna's board approved the Nexstar deal. Bank of America, JPM and a third bank agreed to provide the cash money. So it's probably a done deal if they're announcing it publicly.

 

Until it's not, but Sinclair would probably have to get prying bar out

 

 

 

 

[GoldenShine_10 263]

44 minutes ago, l_miro said:

 

reports said Tegna's board approved the Nexstar deal. Bank of America, JPM and a third bank agreed to provide the cash money. So it's probably a done deal if they're announcing it publicly.

 

Until it's not, but Sinclair would probably have to get prying bar out

 

 

 

 

 

They will need to look to Tegna's shareholders to make the argument that it is a better deal than Nexstar's. Although Sinclair has much bigger financial issues...that would be a disaster in the making.

[l_miro 245]

12 minutes ago, Rusty Muck said:

re: the Chevron decision... court decisions like those only apply to one political party. I would bet my next paycheck that Carr magically removes the cap or ignores the rules and no one in charge does anything to stop him. How many times has this regime and agencies in this regime ignored court rulings against them?

 

which only one party? Obama ignored court orders twice - D.C. then FISA - to stop NSA surveilance that vacuumed everyone's emails, texts, calls, browsing etc... data without subpoenas, this started in the 90s by Bill Clinton and only a whistle blower brought it to light in 2011. Also, ignored court order on War Powers act because they felt "kinetic military action" in Libya didnt apply and could do it without asking congress.

 

Most or all "ignored" orders were from district courts, which as the name implies can't issue lawful orders beyond their ... districts ... and that was rechecked recently. If lawful orders are ignored the courts have a mechanism to get a handle on it - contempt of court. Bill Clinton got one of these in 1999 when he didn't comply with court mandated discovery in Paula Jones' case.

 

Carr could ignore anything he wants, that would end up helpful to whoemever ends up in court with him, and in the process end up costing Nexstar a few (hundred) million in breakup fees and unwinding the deal as these things usually go.
 

[GraphicsMan 345]

9 hours ago, MidwestTV said:

Wild that a station like KUSA will inevitably end up shutting down as soon as the end of next year.

Really shameful there the market leader. For a market the size of Denver that not even rare that unheard of for the leading station to possibly shut down its news department. I’m really against this merger.

[newsteam13 417]

First, the Corporation for Public Broadcasting is ordered to yank funds away from PBS and NPR stations, including the Rocky Mountain PBS family of Member stations.

NOW THIS FUCKING SHIT? 

Upon FCC approval, Nexstar will cover HALF the Mile High City TV market

Edited August 20, 2025 by newsteam13

[Rusty Muck 4688]

17 minutes ago, l_miro said:

Most or all "ignored" orders were from district courts, which as the name implies can't issue lawful orders beyond their ... districts ... and that was rechecked recently. If lawful orders are ignored the courts have a mechanism to get a handle on it - contempt of court. Bill Clinton got one of these in 1999 when he didn't comply with court mandated discovery in Paula Jones' case.

Sad to report that there is no tangible way the court system saves us from this. And the Supreme Court is compromised enough being controlled by the Federalist Society that they'll carve out an exception because of course they can.

21 minutes ago, l_miro said:

Carr could ignore anything he wants, that would end up helpful to whoemever ends up in court with him, and in the process end up costing Nexstar a few (hundred) million in breakup fees and unwinding the deal as these things usually go.

A few hundred million is pocket change for a company the size and scale of Nexstar. I honestly don't think Perry even cares because he's convinced himself this is a fait accompli. Can't blame him; he's always gotten what he wants and that isn't going to change.

[l_miro 245]

 

1 hour ago, GoldenShine_10 said:

 

They will need to look to Tegna's shareholders to make the argument that it is a better deal than Nexstar's. Although Sinclair has much bigger financial issues...that would be a disaster in the making.

 

true, shareholders can vote no and unwind the deal otherwise Tegna's on the hook for $120 mil ($125 mil for Nexstar if regulartors don't approve. 2% break up fee on $6.5 bil deal is standard so can't read too much into it

 

looking at all the stations it looks like an easier deal for Nexstar. They get to dump small markets and third wheels in bigger markets and clap their hands they're complying with compliance. #1 and #2 in bigger market is worth much more than #1 in Podunkville with no growth, and demographics advertisers aren't into.

 

35 minutes ago, Rusty Muck said:

Sad to report that there is no tangible way the court system saves us from this. And the Supreme Court is compromised enough being controlled by the Federalist Society that they'll carve out an exception because of course they can.

A few hundred million is pocket change for a company the size and scale of Nexstar. I honestly don't think Perry even cares because he's convinced himself this is a fait accompli. Can't blame him; he's always gotten what he wants and that isn't going to change.

 

except Thomas Massie, I don't think most in congress care much about broadcast ownership caps and the like. We'll see what happens when this gains steam, if it does. But most in congress will see the pork they get to divide and bring to their districts so it would be an easy vote to chop the cap. No pressure needed from anyone. They will go on MSNBC.. err MSNOW, cry about it then vote for it because getting their constituents better roads matters much more than something they don't use

[ABC 7 Denver 1889]

8 hours ago, Rusty Muck said:

KDVR is a union shop (rather, it became one because of Nexstar) and AFAIK KUSA isn't. Likewise, parts of WJW are still union after all these years. The choice of what station to keep and what to dismantle may be wholly political and not determined by what operations has better ratings.

If consolidation is allowed to continue, and the remaining viewers go to OTT or SVODs or elsewhere for their news, then good luck to that remaining station being able to turn a profit at all.

 

When political parties and SuperPACs decide to spend money on platforms other than local television, then the last rites to the industry can be administered.

Trump got the lemmings in Congress to fully dismantle public broadcasting with ghostwritten social media posts. When push comes to shove, they'll fall in line obediently like a housebroken puppy, like they always do.

 

Since Nexstar is a "friendly" company to Trump — not being Disney or Skydance or Comcast — forcing dereg through congress will be a much easier sell.

 

Skydance is friendly to trump. What are you talking about? Larry Ellison is a major Trump donor and backed David Ellison's Skydance for the acquisition of CBS.

[Rusty Muck 4688]

12 minutes ago, ABC 7 Denver said:

 

Skydance is friendly to trump. What are you talking about? Larry Ellison is a major Trump donor and backed David Ellison's Skydance for the acquisition of CBS.

Skydance didn't want CBS. They only wanted Paramount Pictures to exploit that studio's IP and only had CBS forced on them by Shari Redstone. Of course they're going to dump CBS at the first opportunity and Nexstar is the odds-on favorite to grab it.

 

Yes, that means KCNC will soon be in common ownership with KUSA, KWGN, KTVD and KDVR.

Edited August 20, 2025 by Rusty Muck

[newsteam13 417]

17 minutes ago, Rusty Muck said:

Skydance didn't want CBS. They only wanted Paramount Pictures to exploit that studio's IP and only had CBS forced on them by Shari Redstone. Of course they're going to dump CBS at the first opportunity and Nexstar is the odds-on favorite to grab it.

 

Yes, that means KCNC will soon be in common ownership with KUSA, KWGN, KTVD and KDVR.

WAIT, WHAT THE FUCK? KCNC will join alongside KUSA, KWGN, KTVD and KDVR?

Edited August 20, 2025 by newsteam13

[ABC 7 Denver 1889]

1 hour ago, Rusty Muck said:

Skydance didn't want CBS. They only wanted Paramount Pictures to exploit that studio's IP and only had CBS forced on them by Shari Redstone. Of course they're going to dump CBS at the first opportunity and Nexstar is the odds-on favorite to grab it.

 

Yes, that means KCNC will soon be in common ownership with KUSA, KWGN, KTVD and KDVR.

 

Then why did Skydance fire Colbert? lol Leave it alone if you're going to sell it. I call bullshit.

 

I mean, given Scripps stock price, so will KMGH. Local news will be completely controlled by Nexstar in Denver.

[Weeters 2173]

5 minutes ago, ABC 7 Denver said:

 

Then why did Skydance fire Colbert? lol Leave it alone if you're going to sell it. I call bullshit.

 

I mean, given Scripps stock price, so will KMGH. Local news will be completely controlled by Nexstar in Denver.

If Trump was so upset about Colbert, he'd be gone already. The show would have gone on summer hiatus and never returned. They would have paid out the rest of his contract and that would have been that. It would have been a drop in the bucket compared to the purchase price. They, instead, gave him ~10 months to continue to make jokes at Trump's expense. Not sure if you've been watching the same Trump I have, but the one I've been watching would have wanted him gone immediately, not next year.

 

The show was losing money, it's that simple. His contract was up next May, they chose not to renew. It was cheaper to continue the show as-is than pay out whatever is left on his contract plus penalties. This isn't some grand conspiracy, it's the realities of the industry. Late night is dead.