TEGNA Inc. Announces Shareholder‑Approved Merger with Nexstar Media Group

The broadcasting and digital media company TEGNA Inc. (NYSE: TGNA) confirmed that its shareholders have approved a merger agreement with Nexstar Media Group (NYSE: NXST), a transaction that values TEGNA at approximately $3.54 billion. The deal, which will combine TEGNA’s portfolio of local television stations with Nexstar’s extensive network of stations and digital assets, is poised to reshape the regional‑media landscape.

Key Milestones in the Transaction

  1. Shareholder Approval On November 18, 2025, TEGNA shareholders voted in favor of the merger. Multiple filings and news reports, including a disclosure from feeds.feedburner.com and a seekingalpha.com article, confirm that the vote passed with a significant majority, clearing one of the most critical hurdles in the transaction process.

  2. FCC Clearance Nexstar has taken the next regulatory step by filing with the Federal Communications Commission (FCC) to obtain approval for the acquisition. Seekingalpha reported that Nexstar submitted the necessary documentation on the same day as the shareholder vote, signaling the company’s readiness to meet the regulatory requirements that govern media ownership concentration and public interest considerations.

  3. Dividend Announcement In the midst of merger activity, TEGNA also declared a quarterly dividend of $0.125 per share, as reported by seekingalpha.com and globenewswire.com. The dividend, paid to shareholders before the transaction closes, reflects TEGNA’s commitment to returning value to its investors even as it embarks on a significant strategic shift.

Strategic Rationale

The merger brings together two of the largest local‑broadcast groups in the United States, creating a combined entity with a broad national footprint. By integrating Nexstar’s operational efficiencies and digital‑first approach with TEGNA’s community‑focused content strategy, the new company aims to deliver enhanced advertising solutions and expanded audience reach across diverse markets.

Financial Context

  • Current Share Price: $19.87 (as of 2025‑11‑16)
  • 52‑Week Range: $14.87 – $21.35
  • Market Capitalization: $3.21 billion
  • Price‑to‑Earnings Ratio: 9.48

The announcement is likely to impact TEGNA’s valuation as investors assess the synergies and potential cost savings from the merger. The dividend declaration provides a short‑term benefit to shareholders while the transaction proceeds through regulatory review.

Outlook

Pending FCC approval and the completion of the merger process, TEGNA’s shares will reflect the new ownership structure. Market participants will watch for further regulatory filings, as well as any adjustments to TEGNA’s dividend policy or capital allocation plans under the combined entity’s governance. The merger represents a significant consolidation move within the media sector, underscoring the ongoing trend toward larger, digitally‑enabled broadcast groups that can compete more effectively in a fragmented media environment.