Nexstar Gains 70% U.S. TV Reach with $6.2B Tegna Acquisition
Nexstar closed its $6.2B acquisition of Tegna after the FCC granted a waiver of the 39% national ownership cap, expanding Nexstar's local TV reach to over 70% of U.S. households. Following the deal’s closure on March 20, Tegna will be deleted from the S&P SmallCap 600 and replaced by Vita Coco effective March 25.
1. Approval and Closing of Tegna Acquisition
The FCC granted Nexstar a waiver of its 39% national ownership cap, clearing the way for Nexstar's $6.2 billion acquisition of Tegna, which officially closed on March 20, 2026.
2. Expanded Broadcast Footprint
With this merger, Nexstar will control local television broadcasts in over 70% of U.S. households, significantly bolstering its advertising network and negotiating leverage with content providers.
3. S&P SmallCap 600 Index Update
Tegna will be removed from the S&P SmallCap 600 effective March 25 and replaced by Vita Coco Company, altering the index composition ahead of the market open.