(AP) – Nexstar Media Group is buying broadcast rival Tegna for $6.2 billion, which will help strengthen its local news offerings.
Nexstar will pay $22 in cash for each share of Tegna’s outstanding stock.
The transaction, if approved, will bring together two major players in U.S. television and the country’s local news landscape.
Nexstar oversees more than 200 owned and partner stations in 116 markets nationwide today, and also runs networks like The CW and NewsNation.
In this area, Nexstar owns WCIA-TV in Champaign/Springfield, and WCIX-TV in Springfield. Tegna owns WQAD-TV in Moline, IL, in the Quad Cities area. Nexstar already owns a station in the Quad Cities, so one of the stations will likely have to be sold.
In the last several months, since a Trump administration desire to further deregulate broadcast property ownership, the move will mean all the major stations serving Springfield will have been sold.
WAND recently announced it will be sold to Gray Media group, and WICS is now owned by Rincon Broadcasting Group, after buying the station from Sinclair Broadcast Group.
Capitol City Now contributed to this report.
