Nexstar files FCC applications for TEGNA acquisition approval

Nexstar Media Group Inc. (NASDAQ: NXST) filed applications with the Federal Communications Commission seeking consent to transfer broadcast licenses from TEGNA Inc. (NYSE: TGNA) as part of its pending acquisition of the company.

The applications address potential waivers needed if certain FCC television ownership rules remain in effect during the transaction. Nexstar stated the waivers would serve the public interest in local communities where its stations operate.

The filing represents a procedural step in Nexstar's acquisition of TEGNA, which requires federal regulatory approval. The companies must obtain FCC consent before completing the transfer of TEGNA's broadcast licenses to Nexstar's control.

Nexstar operates more than 200 owned or partner television stations across 116 U.S. markets, reaching approximately 220 million people. The company produces more than 316,000 hours of programming annually and owns The CW broadcast network and NewsNation cable channel.

TEGNA operates television stations in multiple U.S. markets. The acquisition would expand Nexstar's local television broadcasting footprint pending regulatory approval.

The FCC applications include arguments for why certain ownership rule waivers would benefit local communities served by the combined company's stations. Current federal regulations limit television station ownership concentration in individual markets.

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