Signage is displayed outside Tegna Inc. headquarters in McLean, Virginia, on Friday, March, 13, 2020.<\/p>\n
Andrew Harrer | Bloomberg | Getty Images<\/p>\n
Television broadcaster\u00a0Nexstar Media<\/a> has agreed to acquire smaller rival Tegna<\/a> for $3.54 billion, the companies said on Tuesday.<\/p>\n The offer price of $22 per share represents a premium of nearly 44% to Tegna’s closing price on Aug. 8, before reports of a deal emerged. The deal is valued at $6.2 billion, including debt.<\/p>\n Shares of Tegna were up 2.2% in premarket trading at $20.48, after having risen more than 20% this month on expectations of a takeover.<\/p>\n The deal marks yet another notable step in the ongoing consolidation of the U.S. television industry, as traditional cable TV adapts to shifting consumer habits driven by cord-cutting and the rapid expansion of streaming.<\/p>\n Dealmaking has also heated up amid expectations of looser regulations under U.S. President Donald Trump’s administration.<\/p>\n The deal, which is expected to close by the second half of 2026, is expected to boost\u00a0Nexstar’s reach by expanding its presence in key markets such as Atlanta, Phoenix and Seattle.<\/p>\n Nexstar\u00a0said it was expecting to generate annual net savings of about $300 million from the deal.<\/p>\n This story is developing. Please check back for updates.<\/p>\n","protected":false},"excerpt":{"rendered":"Signage is displayed outside Tegna Inc. headquarters in McLean, Virginia, on Friday, March, 13, 2020. Andrew Harrer |…\n","protected":false},"author":3,"featured_media":158334,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[9167,64,81,171,398,83026,83025,173,67,132,68],"class_list":{"0":"post-158333","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-tv","8":"tag-breaking-news-business","9":"tag-business","10":"tag-business-news","11":"tag-entertainment","12":"tag-media","13":"tag-nexstar-media-group-inc","14":"tag-tegna-inc","15":"tag-tv","16":"tag-united-states","17":"tag-unitedstates","18":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115055352068076440","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/158333","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=158333"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/158333\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/158334"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=158333"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=158333"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=158333"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}