FCC Approves Nexstar-Tegna Deal Creating Local TV Giant

The Federal Communications Commission has granted approval for Nexstar Media Group Inc. to complete its $3.5 billion acquisition of rival TV station operator Tegna Inc., waiving an anti-consolidation rule that would’ve prevented the combination.

The FCC’s current rules prevent any local station owner from broadcasting to more than 39% of US households, a decades-old safeguard intended to ensure diversity in media voices. Nexstar had said when it announced the deal that the combined companies would have 265 full-power TV stations in 44 states, reaching 80% of US TV households. The commission said Nexstar agreed to divest six stations.