Nexstar to acquire TEGNA for $6.2B; Q3 revenue $1.20B, adjusted EBITDA $358M

NEXSTAR MEDIA GROUP, INC.

Definitive agreement to acquire TEGNA Inc. for $6.2B; expected close second half 2026, subject to regulatory approvals.
Q3 2025 net revenue $1.20B, down 12.3% YoY due to lower political advertising.
Net income $65M, down 63.9% YoY; adjusted EBITDA $358M, down 29.8%.
Distribution revenue $709M (-1.4%); advertising revenue $476M (-23.5%) due to $145M drop in political.
Adjusted free cash flow $166M, down 49.2%; debt repaid $25M, dividends $56M.

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