FCC approves Nexstar's Tegna acquisition, bypassing ownership cap

The Federal Communications Commission (FCC) has approved Nexstar Media Group's $6.2 billion acquisition of Tegna, granting a waiver that allows the company to significantly exceed the national TV station ownership limit. This decision, supported by former President Trump and FCC Chairman Brendan Carr, aims to foster greater competition against larger national networks. Despite approval from the FCC and the Department of Justice, a group of state attorneys general is challenging the merger in court, arguing the FCC lacks the authority to grant such a waiver. The combined entity will reach approximately 80 percent of U.S. households.