In a deal valued more than $6 billion, the parent company of Atlanta’s 11Alive and dozens of other television stations will be acquired by broadcasting giant Nexstar Media, in a further consolidation of local media ownership.
Tegna and Nexstar announced the agreement Tuesday morning, emphasizing it will strengthen the combined company’s ability to compete with “Big Tech and Big Media.”
The deal, which requires shareholder and regulatory approval, is expected to close by the second half of 2026.
Nexstar is already the country’s largest owner and operator of local television stations. If approved by regulators, the deal will expand Nexstar’s reach even further, particularly in nine out of the top 10 markets for television in the U.S., including Atlanta. Nexstar currently does not own a station in the Atlanta area, but it owns WJBF in Augusta, WRBL in Columbus and WSAV-TV in Savannah.
The deal signifies major changes the broadcasting industry has undergone since President Donald Trump was elected in November. Trump promised to lower regulation across industries.
In late July, a federal appeals court threw out the Federal Communications Commission’s “top-four rule” for TV stations. The ownership rules prohibit groups from owning two or more stations ranked in the top four within the same local market, as well as reaching more than 39% of total U.S. households. The court gave the FCC 90 days before lifting the top-four rule, which gives the agency time to respond or revise it.
The agency has long said the restrictions preserve competition, localism and viewpoint diversity. But station owners have long argued that these rules are outdated and do not account for new competition from social media sites or streaming services.
With deregulation on the horizon, the floodgates for dealmaking have opened. In one month’s time, Atlanta-based station owner Gray Media has announced plans to acquire stations from three ownership groups, as well as swapping stations across five markets with the E.W. Scripps Company. If approved, the Gray Media transactions will create 11 new top-four duopolies for the company. Last week, ownership giant Sinclair said it is launching a strategic review of its broadcast business that could result in a merger.
“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 the Big Tech and legacy Big Media companies that have unchecked reach and vast financial resources,” Nexstar Chairman and CEO Perry Sook said in the press release announcing the Tegna deal. “We believe Tegna represents the best option for Nexstar to act on this opportunity.”
Shares in Tegna jumped 4% Tuesday morning, while Nexstar was up 2.6%.
11Alive is Atlanta’s third most-watched news station, behind Fox 5 in second and WSB-TV in first. The press release for the Nexstar deal called out Atlanta as a highlight of the transaction. It is a “key contested election” market that can enhance its political advertising revenue every other year, with a closely watched U.S. Senate and top state contests coming in 2026.
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