Nexstar to buy Tegna for $3.5 bn

Nexstar Media has agreed to buy smaller rival Tegna for $3.54 billion, creating a local-TV powerhouse that seeks to compete better with Big Tech and national media for advertising dollars.

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Acquiring Tegna will expand Nexstar's presence in nine of the top 10 US markets, covering 80% of TV households across key geographies, including Atlanta, Phoenix and Seattle. That could give Nexstar, the largest US regional TV station operator, more leverage with advertisers and pay-TV distributors at a time when local media is grappling with falli