Nexstar to buy rival Tegna for $6.2 billion –…
Nexstar Media Group is shopping for rival Tegna for $6.2 billion in money, creating a local TV broadcasting giant as the industry bets on regulatory modifications to unleash consolidation.
The acquisition costs Tegna shares at $22 each — representing a 31% premium over the company’s average trading price before news of negotiations surfaced.
Nexstar, whose subsidiaries embrace NewsNation, TV Food Network and a constellation of local associates in a number of large markets, beat out rival Sinclair, which was offering between $25 and $30 per share, considerably above Nexstar’s…
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