Nexstar Media Group CEO Perry Sook said the company's $6.2 billion [3] bid to acquire Tegna is a fight worth having.
The potential merger would create a broadcast giant with significant influence over local news and advertising across the U.S. If approved, the combined company would control approximately 260 stations [1], reaching about 80% [2] of the country.
Sook addressed the acquisition during a first-quarter earnings call on Thursday, May 9, 2026 [4]. He said the current merger situation is "unusual" [5], referring to the legal and regulatory challenges facing the deal. The acquisition aims to expand Nexstar's reach, but it faces scrutiny from antitrust regulators and the FCC because it would exceed current broadcast ownership limits [6].
Market sentiment regarding the deal has shifted over recent months. In March, some industry analysts said Wall Street was upbeat about the impact of the acquisition [7]. However, more recent reports indicate that the merger is now surrounded by Wall Street uncertainty [8].
Despite these hurdles, Sook remains committed to the deal. The legal battle involves navigating complex regulatory frameworks that govern how many stations a single entity can own in a single market. The outcome of these proceedings will determine if Nexstar can successfully integrate Tegna's assets into its portfolio.
"It's a fight worth having," Sook said [9].
“"It's a fight worth having."”
The attempted acquisition of Tegna represents a strategic move by Nexstar to dominate the U.S. local television market. By seeking to cover 80% of the country, Nexstar is challenging existing ownership caps, which are designed to prevent media monopolies, and ensure a diversity of local voices. The shift from optimism to uncertainty on Wall Street suggests that investors are increasingly concerned about the likelihood of regulatory approval or the cost of potential divestitures required to close the deal.
