The news: Nexstar, already the largest local TV owner in the US, announced a $6.2 billion acquisition of Tegna that would expand its footprint to 265 stations across 44 states and Washington, D.C.

• The deal, which requires FCC approval, would push Nexstar’s reach to about 39% of US TV households.
• Nexstar CEO Perry Sook framed the merger as essential to competing with Big Tech, while critics warned it would reduce competition and weaken local news coverage.

Zooming out: The timing reflects favorable regulatory conditions. FCC Chair Brendan Carr, appointed under President Trump, has called existing ownership caps “arcane” and signaled openness to loosening rules. That could allow broadcasters to own multiple top stations in the same market—a major shift in local TV regulation.

The push for scale comes as local TV ad economics face pressure. In 2024, local ad spending overall grew just 3.2%. Local broadcast TV eked out a modest 5.9% growth, buoyed by the political cycle and sports cycles, but far behind the digital categories driving local budgets.