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

In a deal to combine two major players in the local TV station biz, Nexstar Media Group said it reached an agreement to buy Tegna in a transaction valued at $6.2 billion. The purchase price is inclusive of Tegna’s net debt and estimated transaction fees and expenses.

Nexstar’s proposed $6.2 billion acquisition of Tegna could bring Cleveland’s WJW and WKYC under one owner, but regulatory hurdles make the deal’s local impact uncertain.

U.S. television station owner Sinclair has made an offer to merge its broadcast TV business with smaller rival Tegna , which is in advanced talks on a potential sale to Nexstar Media Group , a person familiar with the talks told Reuters on Monday.

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.

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.