The biggest television station owner in America announced a historic acquisition of a competitor.
According to a press release, Nexstar is paying $6.2 billion to acquire Tegna, a merger that is expected to transform the television sector.
With 265 stations in 44 states and the District of Columbia, the resulting corporation will cover 80% of the United States. TV homes.
Tegna owns 64 stations, including Huntsville’s WZDX, several of which are in big areas.
WIAT in Birmingham, WHNT in Huntsville, WDHN in Dothan, and WKRG in Mobile are among the more than 200 stations in 116 U.S. markets that make up Nexstar’s Alabama portfolio.
The final business will significantly surpass the conventional limit of television firms holding no more than 39% of the market.
A day following Sinclair’s bid to merge with Tegna, the announcement was made. Sinclair is the owner of WJTC, which is active in Mobile and other areas of Florida, and ABC 33/40 in Birmingham.
Tegna has an estimated net worth of $2.5 billion. The market value of Nexstar is approximately $6 billion.
According to Perry Sook, CEO of Nexstar, the combination will make it possible for the business to more successfully compete with bigger tech firms. According to CNBC, the agreement might provide the business more negotiating power with pay-TV distributors and advertising.
Local broadcasters may increase their reach, level the playing field, and more successfully compete with the Big Tech and heritage Big Media businesses, who have unbridled reach and substantial financial resources, thanks to the efforts being pursued by the Trump administration. In a statement, Sook stated, “We think Tegna is the best option for Nexstar to take advantage of this opportunity.”
The action follows weeks after Allen Media Group sold Gray Media 10 stations for $171 million, including Huntsville’s WAAY and Montgomery’s WCOV.
Stories by
William Thornton
-
Grocery delivery service to offer worker benefit Alabama lawmaker called a historic milestone
-
2 Birmingham industrial buildings sell for $12.6 million
-
New TV news network now available in Alabama
-
Restaurant closing after 7 years at Birmingham s The Summit
-
Creators of one of Mountain Brook s finest restaurants are opening another concept
