Nexstar to acquire TEGNA for $22/share cash, $6.2B total value

NEXSTAR MEDIA GROUP, INC.

Purchase price of $22.00 per share, a 31% premium to TEGNA's 30-day average stock price.
Expected annual net synergies of ~$300M from revenue and operating expense reductions.
Pro forma net leverage at ~4x at close, de-leveraging to current levels by 2028.
Combined net revenue (L8Q annualized) of $8.1B, Adjusted EBITDA of $2.56B pre-synergies.
Transaction unanimously approved by TEGNA Board; expected to close by H2 2026.

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