Nexstar to acquire TEGNA for $22.00/share in $6.2B all-cash deal

TEGNA INC

Purchase price of $22.00/share cash, a 31% premium to TEGNA's 30-day average as of Aug 8, 2025.
Total enterprise value of $6.2B including net debt and fees; expected close in 12-24 months.
Regulatory approvals needed from FCC and HSR; parties to file within 30 business days of signing.
TEGNA board unanimously recommends deal; termination fee of $120M (TEGNA) or $125M (Nexstar).
Retention awards for named execs: CEO Steib $6M, Heskett $2M, Cox $2.5M, Tolston $2.5M.

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