Trump publicly backs Nexstar-Tegna acquisition, reversing prior opposition

President Donald Trump on Saturday publicly endorsed Nexstar Media Group's proposed acquisition of Tegna, posting on Truth Social that "We need more competition against THE ENEMY, the Fake News National TV Networks," and urging regulators and stakeholders to "GET THAT DEAL DONE!" His post also argued that "Letting Good Deals get done like Nexstar - Tegna will help knock out the Fake News because there will be more competition. ... GET THAT DEAL DONE."

The endorsement marks a clear reversal from public comments Trump made in November, when he warned against expansion of broadcast network influence. In that earlier post he said, "If this would also allow the Radical Left Networks to 'enlarge,' I would not be happy," and added, "ABC & NBC, in particular, are a disaster - A VIRTUAL ARM OF THE DEMOCRAT PARTY. They should be viewed as an illegal campaign to the Radical Left. NO EXPANSION OF THE FAKE NEWS NETWORKS. If anything, make them SMALLER!"

Nexstar announced the proposed deal in August 2025. The companies say the transaction remains under regulatory review and expect it to close in the second half of 2026, subject to approvals. The anticipated timetable keeps the transaction squarely in the path of ongoing policy debates over broadcast ownership; lawmakers have scheduled a Senate Commerce Committee hearing on Federal Communications Commission broadcast media ownership rules later this week, a forum that could shape review standards for transactions like this one.

Public reporting lists differing headline values for the transaction. Some accounts describe the deal as a $6.2 billion purchase, while other reports place the acquisition at $3.54 billion. The discrepancy has not been reconciled in public statements, and company filings or investor materials will be needed to confirm the definitive figure.

Nexstar would bring scale to the combination, operating or partnering with more than 200 stations and managing networks that include The CW and NewsNation. Tegna operates 64 stations and networks such as True Crime Network and Quest. At the time of the deal announcement, Nexstar Chairman and CEO Perry A. Sook said in a company release, "The initiatives being pursued by the Trump administration offer local broadcasters the opportunity to expand reach, level the playing field and compete more effectively with Big Tech and legacy Big Media companies that have unchecked reach and vast financial resources." Tegna CEO Mike Steib said in a press release that "Nexstar and TEGNA both share a rich heritage of commitment to journalistic excellence and technological advancements. Together, we will expand news coverage to serve more communities, across more screens, and ultimately secure the future of local news for generations to come."

The proposal lands amid a wave of consolidation in local broadcast as stations grapple with cord-cutting, falling revenue and subscriber loss driven by streaming services. Industry analysts have noted the combined company would hold greater leverage with advertisers and pay-TV distributors, a point that has figured into both commercial rationale and regulatory concern.

Market reactions were muted but positive on the announcement day, with reported moves in the stocks for both companies. Nexstar and Tegna, along with the White House, did not immediately respond to requests for comment. With regulatory review ongoing and a congressional hearing on ownership rules approaching, the fate of the deal will turn on both agency decisions and the broader debate over concentration in local media.