TEGNA Inc. (NASDAQ:TGNA) shares are trading higher Monday following a report indicating Nexstar Media Group Inc (NASDAQ:NXST) is in talks to acquire the company.
What To Know: According to Reuters, the negotiations are at an advanced stage and could lead to an agreement in the near term if no last-minute complications arise.
Nexstar, which owns or partners with more than 200 television stations in 116 U.S. markets and operates properties such as The CW and NewsNation, has a market capitalization of about $5.6 billion, according to Benzinga Pro. TEGNA operates 64 television stations and several multicast networks, including True Crime Network, and has a market value of roughly $2.4 billion.
A previous $8.6 billion takeover attempt of TEGNA by hedge fund Standard General collapsed in 2022 after encountering regulatory hurdles. Recent changes to the media ownership landscape — including a federal appeals court decision striking down the Federal Communications Commission's "top four" rule — could make consolidation easier.
The companies have not publicly commented on the reported discussions. The potential deal would be another leg forward in the continued consolidation of the U.S. television market.
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TGNA Price Action: Tegna stock closed Monday up 29.92% at $19.89, according to data from Benzinga Pro.
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