Nexstar and Tegna File $6.2 Billion Merger Applications at FCC
Nexstar and Tegna have filed transfer of control applications with the FCC to begin the regulatory review of their proposed $6.2 billion deal, Nexstar said in a news release Tuesday. The deal would put Nexstar over the national TV ownership cap, and the applications include requests for waivers of the cap and other FCC ownership rules, the release said. “The applications address why, if certain of the FCC's rules governing television ownership remain in effect, waiver of the rules would serve the public interest, especially in the local communities Nexstar's stations will serve.” The FCC's authority to waive the cap was disputed in a recent ex parte filing (see 2511180049)
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“We are grateful that the Trump administration and the FCC recognize that the current television ownership regulations are outdated and do not reflect the competitive media landscape as it has evolved over the past 25+ years,” said Nexstar CEO Perry Sook in the release. “Like the Trump administration, we are focused on achieving deregulation, and we continue to advocate for the elimination of the antiquated constraints on local television ownership as the best solution to level the competitive playing field for all media.” Sook also said that Nexstar is “the anti-fake news” and that broadcasting is being held back by “antiquated regulatory constraints.” Nexstar’s purchase of Tegna “will provide us with the scale necessary for local journalism to thrive amidst a media landscape that is dominated by Big Tech and the legacy media companies.”