Nexstar to buy rival Tegna for $6.2B — creating nationwide local TV giant

Nexstar Media Group is buying rival Tegna for $6.2 billion in cash, creating a local TV broadcasting giant as the industry bets on regulatory changes to unleash consolidation.The acquisition prices Tegna shares at $22 each — representing a 31% premium over the company’s average trading price before news of negotiations surfaced.Nexstar, whose subsidiaries include NewsNation, TV Food Network and a constellation of local affiliates in several large markets, beat out rival Sinclair, which was offering between ...