MCLEAN, Va., June 23, 2026 (GLOBE NEWSWIRE) -- TEGNA Inc. (NASDAQ: NXST) CEO Patrick Paolini today announced four leadership appointments, naming industry veterans to expanded roles across the business.
“Each of these individuals has a proven record of measurable results built on experience, strong instincts and sound judgment,” Paolini said. “As our leadership team continues to grow, these are the qualities that will shape TEGNA’s future.”
Marc Sher has been promoted to senior vice president and general counsel, overseeing all of TEGNA’s legal matters, including, among other things, compliance, contracts, litigation, regulatory matters, and risk management.Raquel Amparo has been named senior vice president of content, leading the company’s content strategy, creation and content partnerships across platforms.Melissa Jones will become senior vice president of human resources (HR), directing the company’s people strategy, including talent acquisition, employee relations, compensation and benefits, and organizational development.Pamela Long has been promoted to senior vice president of finance, managing the company’s financial operations, including budgeting, forecasting, financial reporting, and capital planning. About the team:
Marc Sher joined TEGNA in 2013 and most recently served as vice president, associate general counsel and secretary, with experience spanning commercial agreements, regulatory compliance, litigation, M&A support and privacy and data security. He previously was a partner at Dow Lohnes PLLC and holds a bachelor's degree in political science from Emory University and a law degree from The George Washington University Law School.
Raquel Amparo, an Emmy Award-winning journalist and Kneeland Fellow with more than 20 years of news experience, has been promoted from vice president of content for TEGNA's Texas markets. In this role, she helped develop multi-platform content strategies to elevate enterprise and solutions-based journalism. Amparo previously served as president and general manager for CBS Television Stations and held roles at Univision Communications and FOX Television. She holds a bachelor’s degree from the University of Central Florida and a master's degree in broadcast journalism from the University of Miami.
Melissa Jones joined TEGNA in 2016 as vice president of human resources. She leads the HR business partner team across the company's 64 stations in 51 markets, as well as talent acquisition and development. Jones previously held global HR roles at General Electric across several divisions. She began her career as an employment attorney and holds a law degree and a master's degree from the Catholic University of America, and a bachelor’s degree from Mount Union University in Ohio.
Pamela Long joined TEGNA in 2015, and most recently served as vice president of finance and operations, leading the finance business partner team that supports TEGNA’s business units. Long is responsible for revenue optimization, performance metrics, business initiative analysis, budgeting, forecasting and financial reporting. Prior to joining TEGNA, Long held various finance and accounting positions at Northcentral University, University of Phoenix, the Institute for Professional Development, Marriott Vacation Club International and CNF Mobile Solutions. She began her career in public accounting. Long holds an MBA in international business from Northcentral University, a bachelor’s degree in accountancy from Northern Arizona University and is a certified public accountant (CPA).
About TEGNA
TEGNA Inc. is a wholly owned subsidiary of Nexstar Media Group, Inc. (NASDAQ: NXST), operating independently of Nexstar consistent with the “Hold Separate Order” issued by the United States District Court for the Eastern District of California on April 17, 2026. TEGNA is a multiplatform media company operating 64 local television stations in 51 U.S. markets, and hundreds of websites, mobile and Connected TV (CTV) apps, and Premion, a leading Connected TV and Over-the-Top (OTT) advertising platform.
For media inquiries, contact:
Molly McMahon
Senior Director, Corporate Communications
703-873-6440 [email protected]
Photos accompanying this announcement are available at:
MCLEAN, Va., June 16, 2026 (GLOBE NEWSWIRE) -- TEGNA Inc. (NASDAQ: NXST) CEO Patrick Paolini today announced that Kurt Rao has been named executive vice president and chief technology and digital products officer.
, /PRNewswire/ -- The Vita Coco Company Inc. (NASD: COCO) will replace TEGNA Inc. (NYSE: TGNA) in the S&P SmallCap 600 effective prior to the opening of trading on Wednesday, March 25. S&P MidCap 400 constituent Nexstar Media Group Inc. (NASD: NXST) has acquired TEGNA in a deal that closed today, March 20.
Following is a summary of the change that will take place prior to the open of trading on the effective date:
Effective Date
Index Name
Action
Company Name
Ticker
GICS Sector
March 25, 2026
S&P SmallCap 600
Addition
The Vita Coco Company
COCO
Consumer Staples
March 25, 2026
S&P SmallCap 600
Deletion
TEGNA
TGNA
Communication Services
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TEGNA Inc. (NYSE: TGNA - Get Free Report) hit a new 52-week high during trading on Friday. The stock traded as high as $21.90 and last traded at $21.8950, with a volume of 33969 shares. The stock had previously closed at $20.03. Key Stories Impacting TEGNA Here are the key news stories impacting TEGNA this
As state attorneys seek to stop Nexstar‘s merger with Tegna, a new group is appealing the FCC‘s greenlight to the massive broadcast merger, calling out Donald Trump‘s “unprecedented presidential directive” to “Get That Deal Done!”
The plaintiffs in the case include Newsmax and a collection of state cable and broadband associations, including ones in Pennsylvania, Washington, Indiana, Mississippi and Tennessee. DirecTV, which has already filed a separate antitrust lawsuit, is also seeking to join the new lawsuit.
The FCC on Thursday approved the merger, which creates a broadcast giant with 259 stations reaching 80% of the country.
About 15 minutes after the FCC announced their sign off on the merger, Nexstar announced that it had closed the transaction.
The group’s appeal, filed on Saturday, challenges the FCC’s grant of a waiver to Nexstar from a national ownership rule that limits any entity from owning stations that collectively reach more than 39% of the country. The plaintiffs argue that only Congress can raise that cap, and the waiver “represented an unreasoned departure from prior FCC precedent conditioning approval of license transfer applications on mandatory divestitures calculated to ensure the applicants’ compliance with the national audience reach limitation.”
The lawsuit also challenges the FCC’s rationale for waiving of the duopoly rule, which prohibirs one company from owning more than two stations in the same market.
The appeal also focuses on the process, calling the FCC approval “anything but ordinary.”
In February, Trump endorsed the transaction in a post on Truth Social, and FCC Chairman Brendan Carr responded on X with his approval. The transaction, however, was still in the midst of FCC review. The merger was approved by the FCC’s Media Bureau, and did not go to a full commission vote.
The appeal stated, “Binding precedent from both this Court and the FCC requires the Commission to hold a hearing and put this major transaction to an up-or-down vote, to ensure a rogue Bureau is not running roughshod over statutory limits. But those precedents went out the window after the President’s social media missive, which Chairman Carr promptly echoed by directing the Media Bureau to ‘get [the deal] done.’ Taking those marching orders to heart, the Bureau dashed out an order approving the transaction in less than four months—well shy of the 180-day timeline to which the Commission generally aspires, and nowhere near the 200-400 days that prior broadcast mergers have required.”
The plaintiffs are asking the court for an emergency stay as the appeal proceeds.
Less than a day before the FCC approved the transaction, a group of attorneys general, including California’s Rob Bonta, filed an antitrust lawsuit to block the transaction. After Nexstar announced the deal had closed, the AGs asked a federal court to issue a temporary restraining order to stop it.
An FCC spokesperson did not immediately return a request for comment.
Supporting the appeal is the American Conservative Union Foundation’s Center for Regulatory Freedom, which is part of the CPAC Foundation. They wrote in a friend of the court brief, “Waiving the ownership rules will only encourage further media consolidation and cultural polarization and limit the public’s access to independent local voices.”
IRVING, Texas--(BUSINESS WIRE)--Nexstar Media Inc. (the “Offeror”), a wholly owned subsidiary of Nexstar Media Group, Inc. (NASDAQ: NXST) (“Nexstar Media Group”), announced today that there will be an Early Settlement Date on March 25, 2026 (the “Early Settlement Date”) for the TEGNA Inc.’s 5.000% Senior Notes due 2029 (the “Notes”) that were tendered by the Early Tender Deadline (as defined below) as part of the previously announced offer to purchase for cash (the “Tender Offer”) any and all of the Notes, and related solicitation of consents (the “Consent Solicitation”). Capitalized terms used herein, but not otherwise defined, have the meanings ascribed to such terms in the Offer to Purchase and Consent Solicitation Statement (as defined herein).
As of 5:00 P.M., New York City time, on March 18, 2026 (the “Early Tender Deadline”), according to information provided by D.F. King & Co., Inc., the tender agent and information agent (the “Tender Agent and Information Agent”) for the Tender Offer and the Consent Solicitation, $1,036,551,000 in aggregate principal amount of Notes, or 94.23% of the aggregate principal amount of Notes outstanding, were validly tendered and not validly withdrawn as part of the Tender Offer and Consent Solicitation. On March 19, 2026, Nexstar Media Group completed the acquisition of TEGNA Inc., thereby satisfying one of the conditions to the consummation of the Tender Offer. The Offeror expects to accept for purchase the Notes that have been validly tendered and not validly withdrawn on or prior to the Early Tender Deadline on the Early Settlement Date.
In addition, the requisite Consents with respect to the Notes to adopt the Proposed Amendments have been received in the Consent Solicitation. The supplemental indenture reflecting the Proposed Amendments has been executed and the Proposed Amendments relating to the Notes will become operative upon the Offeror’s purchase of the Notes on the Early Settlement Date in accordance with the Offer to Purchase and Consent Solicitation Statement.
The Tender Offer and the Consent Solicitation remain scheduled to expire at 5:00 P.M., New York City time, on April 2, 2026, unless extended or earlier terminated by the Offeror in its sole discretion (such date and time, as the same may be extended, the “Expiration Time”). We expect to accept for purchase any Notes validly tendered after the Early Tender Deadline and on or prior to the Expiration Time promptly following the Expiration Time (the “Final Settlement Date”). The terms and conditions of the Tender Offer and Consent Solicitation are described in the Offer to Purchase and Consent Solicitation Statement relating to the Notes dated as of March 5, 2026 (as it may be amended or supplemented from time to time, the “Offer to Purchase and Consent Solicitation Statement”).
General Information
The Offeror’s obligation to complete the Tender Offer and Consent Solicitation is subject to and conditioned upon the following having occurred or having been waived by the Offeror with respect to such Tender Offer and Consent Solicitation, as applicable: (1) the satisfaction of the Merger Condition, which has already occurred, and (2) the satisfaction of the General Conditions. There can be no assurance that the Tender Offer or the Consent Solicitation will be consummated. The Offeror may amend, extend or terminate the Tender Offer and the Consent Solicitation, in its sole discretion. The Tender Offer is not conditioned on any minimum amount of Notes being tendered.
The Offeror intends to fund the Total Consideration and the Tender Offer Consideration (including, in each case, accrued and unpaid interest), plus all related fees and expenses, using proceeds from the financing transactions entered into to fund the Merger and cash on hand. Notes that are tendered and accepted in the Tender Offer will cease to be outstanding and will be cancelled.
Any Notes not tendered and purchased pursuant to the Tender Offer will remain outstanding. When the Proposed Amendments become operative with respect to the Indenture for the Notes, then the Notes that are not purchased pursuant to the Tender Offer will be subject to the Proposed Amendments.
The Company may (or the Offeror may cause the Company to) choose to leave outstanding any Notes that remain outstanding following the consummation of the Tender Offer and the Consent Solicitation or any transaction described in this paragraph, subject to any right of repurchase that remains. Alternatively, the Company may (or the Offeror may cause the Company to) defease, purchase, repurchase, redeem or otherwise acquire or retire the Notes by any available means, including, without limitation, negotiated transactions, open market purchases, tender offers, redemption or otherwise, upon such terms and at such prices as the Offeror or the Company may determine. Any such transaction may be on the same terms or on terms that are more or less favorable to Holders of Notes than the terms of the Tender Offer and the Consent Solicitation and will depend on various factors existing at that time. There can be no assurance as to which, if any, of these alternatives or combinations thereof the Offeror or the Company may choose to pursue in the future.
BofA Securities, Inc., J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC have been retained as the dealer managers in connection with the Tender Offer and as the solicitation agents in connection with the Consent Solicitation (the “Dealer Managers”). In such capacities, they may contact Holders regarding the Tender Offer and the Consent Solicitation and may request brokers, dealers, commercial banks, trust companies and other nominees to forward the Offer to Purchase and Consent Solicitation Statement and related materials to beneficial owners of Notes. Requests for documents may be directed to D.F. King & Co., Inc., the Tender Agent and Information Agent, at (800) 769-7666 (toll free) or (212) 257-2092 or by email at [email protected]. Questions about the Tender Offer and the Consent Solicitation may be directed to BofA Securities, Inc. at (888) 292-0070 or (980) 388-3646, J.P. Morgan Securities LLC at (866) 834-4666 or (212) 834-3046 or Goldman Sachs & Co. LLC at (800) 828-3182 or (917) 343-9668.
This press release is for informational purposes only. The Tender Offer and the Consent Solicitation are being made solely by the Offer to Purchase and Consent Solicitation Statement. This press release does not constitute an offer to purchase or the solicitation of an offer to sell any securities. The Tender Offer and the Consent Solicitation is not being made to Holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Tender Offer or the Consent Solicitation to be made by a licensed broker or dealer, the Tender Offer and the Consent Solicitation will be deemed to be made on behalf of the Offeror by the Dealer Managers, or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.
None of the Offeror, Nexstar Media Group, the Company, the Trustee, the Tender Agent and Information Agent, the Dealer Managers or any of their respective affiliates makes any recommendation as to whether Holders should tender or refrain from tendering their Notes, and no person or entity has been authorized by any of them to make such a recommendation. Holders must make their own decision as to whether to tender Notes and, if so, the principal amount of the Notes to tender.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including but not limited to: the ultimate benefits and synergies of the merger with TEGNA and related integration and litigation risks; the risks and uncertainties of current economic factors that are beyond our control, such as tariffs and other trade barriers, capital markets volatility, sustained inflation, high interest rates and supply chain disruptions; any projections or expectations of earnings, revenue, financial performance, liquidity and capital resources or other financial items; any assumptions or projections about the television broadcasting industry; any statements of our plans, strategies and objectives for our future operations, performance, liquidity and capital resources or other financial items; any statements concerning proposed new products, services or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements may include the words “may,” “will,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and other similar words.
The Nexstar–Tegna merger is being challenged in the courts on a number of fronts, but in the meantime it’s the source of a political clash between California Governor Gavin Newsom and FCC Chairman Brendan Carr.
The merger, which would create a broadcast giant of nearly 260 stations across the country, got clearance from the FCC and the Justice Department last week. Nexstar then quickly announced that its deal to acquire Tegna had closed.
In giving the deal the greenlight, the FCC’s Media Bureau granted Nexstar a waiver from the agency’s national media ownership cap, which limits any one entity from amassing stations covering more than 50% of the country. The Nexstar-Tegna stations reach 80%.
“I think it’s a disgrace. I think Brendan Carr is a disgrace,” Newsom told a reporter earlier this week. “I think what’s going on in this country is a disgrace. Eighty percent of a household share, a waiver? This is the same Brendan Carr who has said he wants Dear Leader to have better coverage, or he is not going to approve or renew broadcast licenses.”
Newsom said that “this is the same Brendan Carr who celebrated Nexstar for trying to censor Jimmy Kimmel.” He added that it was “the kind of behavior that makes Putin blush.”
Last year, Carr warned broadcast stations after Kimmel made a joke about the response on the right to the assassination of Charlie Kirk. On a podcast, Carr said that “we can do this the easy way, or the hard way. These companies can find ways to change conduct, to take action, frankly, on Kimmel, or there’s going to be additional work for the FCC ahead.”
Hours later, Nexstar, along with Sinclair Broadcast Group, said that they were pulling Kimmel from their ABC affiliated stations. Disney-ABC also pulled the show, but restored Kimmel the next week. The two station groups brought Kimmel back after that.
Earlier this month, Carr threatened the licenses of broadcasters after President Donald Trump, in a Truth Social post, complained about the media’s coverage of the war in Iran. Carr linked to Trump’s post, and wrote on X, “Broadcasters that are running hoaxes and news distortions – also known as the fake news – have a chance now to correct course before their license renewals come up. The law is clear. Broadcasters must operate in the public interest, and they will lose their licenses if they do not.”
Responding to Newsom on Wednesday, Carr wrote on X, “Gavin Newsom isn’t standing up to me or for any legitimate interest. He’s simply doing the bidding of his liberal Hollywood donors—the billionaires in media who have no interest in the FCC holding them accountable to their statutory public interest obligations. They want free rein to distort the news, broadcast hoaxes, and serve their own narrow interests and in doing so force their radical worldview on Americans without any regard to their broadcast license obligations. Not anymore.”
Newsom responded, “Brendan Carr admits he will be censoring the press.”
On Thursday, Carr declined to say specifically who he was referring to when he referenced billionaires in media. He also didn’t identify specific instances where he believes that they were forcing their worldviews to an extent that was flouting public interest obligations.
“I think the further removed you are from the operation of a local broadcast television station, the more you see this wailing and gnashing,” Carr said at an FCC press conference. “If you talk to an actual broadcaster, they understand there’s a public interest. They understand there’s a news distortion policy, there’s a broadcast hoax rule. When I use that language, they know exactly what we’re talking about because it’s in FCC case law.”
But Anna Gomez, the sole Democrat on the FCC, said that what Carr is doing is “regulatory harassment, designed to make journalists and their corporate parents think twice before airing a story that this White House does not like.” She said that Carr was using a “vague public interest standard” to go after broadcast news and entertainment content, even though the FCC’s authority is limited due to the First Amendment.
“These threats are not grounded in law, and they would not survive judicial scrutiny, but that is the point,” Gomez said. “The threat is the point. Out of the many politically motivated investigations targeting perceived government critics, and not a single one has resulted in an enforcement action. Zero. The FCC is a paper tiger.”
Meanwhile, Carr told reporters that the Nexstar-Tegna merger may ultimately come before the full commission, having gotten the greenlight from an order issued by the agency’s Media Bureau staff.
“This was a decision by the staff. Staff decisions are initial decisions. They’re not final decisions,” Carr said. “There may, in fact, be a commission vote on this. There’s been an application for review seeking full commission review of that decision. That may happen.”
On Wednesday, Sen. Ted Cruz (R-TX), the chairman of the Senate Commerce Committee, told Punchbowl News that he thought that the full FCC should have voted on the merger.
The FCC’s decision is being challenged in a D.C. federal appellate court by a coalition that includes Newsmax, DirecTV and a collection of state cable and broadband associations. The FCC on Thursday urged a judge to reject their effort to sideline the merger approval, defending the decision.
The FCC’s attorneys wrote, “As it explained, approval of Nexstar’s acquisition of Tegna will advance the Commission’s longstanding goals by allowing the combined entity’s stations to ‘continue and in fact expand their investments in local news,’ ‘compete more effectively in the modern media marketplace,’ and ‘counteract the growing imbalance of power between those local broadcast TV stations … and the powerful Big Four national programmers.'”
In separate actions, a coalition of states, including California, as well as DirecTV, are seeking a temporary restraining order to halt the Nexstar-Tegna merger, arguing that it violates antitrust law. The judge has yet to rule.
In a response to the lawsuit this week, Nexstar’s legal team argued that the states rely on “an unsupported market definition resting on internally contradictory allegations, ignores competition in modern media markets, relies on out- of-date and out-of-place DOJ settlements, offers no grounding in caselaw, misconstrues how retransmission negotiations occur, and improperly assert harms outside any cognizable market.”
Satellite dishes are seen in France, April 3, 2025. REUTERS/Benoit Tessier Purchase Licensing Rights, opens new tab
CompaniesWASHINGTON, March 27 (Reuters) - A U.S. judge late on Friday ordered Nexstar (NXST.O), opens new tab to temporarily keep Tegna's assets separate pending a review of whether the broadcast station owner's $3.54 billion acquisition of its rival Tegna violates federal antitrust laws.
The companies quickly closed the deal after the Justice Department and Federal Communications Commission approved the deal on March 19.
Stay up to date on the key companies, data, and decisions in the ESG world with the Reuters Sustainable Finance newsletter. Sign up here.
U.S. District Judge Troy Nunley in Sacramento, California issued the order in response to a federal antitrust lawsuit filed by DirecTV, which argued it would irreparably drive up consumer costs, reduce local competition, shutter local newsrooms and increase both the frequency and duration of blackouts of key local sports teams.
Nexstar and DirecTV did not immediately respond to requests for comment. Eight states led by California and New York have also sought a temporary restraining order to stop the merger.
The states argue that the deal, which creates the largest broadcast station group in the U.S. reaching 80% of American households, would "put more broadcast programming in the hands of fewer people, cut local jobs, increase cable bills, and significantly impact the delivery of news and other media content to Americans nationwide."
Nunley said DirecTV established "the proposed merger is presumed likely to violate antitrust laws based on the combined firm market share alone."
DirecTV argues the merger creates a massive concentration of market power and enables Nexstar to raise prices and reduce the amount of local news.
The broadcast stations sell pay-TV providers like DirecTV rights to retransmit their content. Increases in retransmission fees result in higher prices for TV subscribers and DirecTV argues the deal will let it increase license fees further.
Nunley said Nexstar and Tegna "do not contest this merger will increase Nexstar’s bargaining leverage to extract higher fees." The judge ordered Nexstar and Tegna to appear at an April 7 hearing to determine if a preliminary injunction should be issued.
Nunley's order says Tegna must operate as a separate and distinct, independently managed business unit and must be maintained as an economically viable and active competitor.
Tegna must have separate management and Nexstar must prevent sharing of competitively sensitive information, including any information related to retransmission fee negotiations, among other restrictions.
Reporting by David Shepardson; Editing by William Mallard and Lincoln Feast.
Our Standards: The Thomson Reuters Trust Principles., opens new tab
A federal judge on Friday evening granted a temporary restraining order to halt Nexstar‘s merger with Tegna, a transaction that creates a broadcasting giant with almost 260 stations across the country.
U.S. District Judge Troy Nunley sided with DirecTV, which is seeking to block the merger on the claim that it violates antitrust laws. A group of states, including California and New York, also are seeking to sideline the transaction.
In his order, Nunley wrote that DirecTV established “a likelihood of success on the merits” on its claim, and that moving forward with the transaction would create “irreparable harm.” Those are two key factors courts weigh in issuing TROs, after which a judge gives a fuller consideration as the legal process plays out. In ordering at least a temporary halt to the merger, the judge wrote that the “private benefits Nexstar could obtain by acquiring Tegna are outweighed by the harm to” DirecTV.
His ruling means that Nexstar and Tegna cannot integrate their operations for 14 days, or if he issues another ruling before that. The judge set a hearing for April 7 on whether to issue a preliminary injunction.
Nexstar and Tegna got the sign off for their merger from the FCC and the Justice Department last week. Shortly after that, Nexstar announced that it had closed the transaction. DirecTV had filed its lawsuit less than a day earlier.
Nexstar has argued that the combination of stations is necessary given the changes in the media landscape, as local advertising has shifted to major tech giants. They contend that the transaction will allow them to make greater investments in local news.
DirecTV has warned that the transaction would give Nexstar-Tegna market power to raise the amount of restransmission consent fees distributors have to pay for carrying its stations. Those fees, DirecTV argued, ultimately would be passed on to the consumer.
The judge wrote, “Nexstar must permit Tegna to continue operating as a separate and distinct, independently managed business unit from Nexstar, and Nexstar must put measures in place to maintain Tegna as an ongoing, economically viable, and active competitor. Tegna shall have separate management that operates Tegna in the ordinary course consistent with pre-closing practices.”
Newsmax, DirecTV and a group of state broadband and cable groups are challenging the FCC’s approval of the merger in a federal appellate court in Washington.
Donald Trump endorsed the $6.2 billion merger last month, and his FCC chairman, Brendan Carr, indicated his support shortly thereafter, even though the transaction was still being reviewed by the agency.
TEGNA Inc. (NYSE:TGNA – Get Free Report) has been given an average recommendation of “Hold” by the six brokerages that are covering the company, MarketBeat reports. Five analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 1 year target price among analysts that have covered the stock in the last year is $19.75.
Several analysts have commented on the stock. Zacks Research upgraded shares of TEGNA from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. Weiss Ratings reissued a “hold (c)” rating on shares of TEGNA in a report on Monday, December 29th.
View Our Latest Stock Analysis on TEGNA
TEGNA Trading Up 9.3% Shares of NYSE:TGNA opened at $21.90 on Friday. TEGNA has a 52-week low of $14.87 and a 52-week high of $21.90. The stock has a market cap of $3.55 billion, a price-to-earnings ratio of 16.22 and a beta of 0.12. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.80. The business has a 50-day moving average price of $20.35 and a 200-day moving average price of $20.01.
TEGNA (NYSE:TGNA – Get Free Report) last issued its earnings results on Monday, March 2nd. The company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.05. TEGNA had a return on equity of 8.60% and a net margin of 8.11%.The firm had revenue of $706.11 million for the quarter, compared to analyst estimates of $701.29 million. During the same quarter in the prior year, the firm earned $1.21 earnings per share. TEGNA’s revenue for the quarter was down 18.9% on a year-over-year basis. Equities analysts predict that TEGNA will post 3.02 EPS for the current year.
TEGNA Announces Dividend The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Tuesday, March 10th will be paid a dividend of $0.125 per share. The ex-dividend date is Tuesday, March 10th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.3%. TEGNA’s dividend payout ratio (DPR) is presently 37.04%.
Institutional Trading of TEGNA A number of hedge funds have recently modified their holdings of the stock. Financial Consulate Inc. acquired a new stake in TEGNA during the third quarter worth about $29,000. Federated Hermes Inc. lifted its holdings in TEGNA by 85.4% in the third quarter. Federated Hermes Inc. now owns 1,852 shares of the company’s stock valued at $38,000 after acquiring an additional 853 shares during the period. Smartleaf Asset Management LLC lifted its holdings in TEGNA by 160.4% in the third quarter. Smartleaf Asset Management LLC now owns 2,377 shares of the company’s stock valued at $48,000 after acquiring an additional 1,464 shares during the period. Measured Wealth Private Client Group LLC purchased a new stake in TEGNA in the 3rd quarter worth approximately $51,000. Finally, Bayforest Capital Ltd purchased a new stake in TEGNA in the 4th quarter worth approximately $53,000. Hedge funds and other institutional investors own 92.19% of the company’s stock.
TEGNA Company Profile (Get Free Report)
TEGNA Inc is a leading U.S. broadcast and digital media company that was formed as a spin-off from Gannett Co, Inc in June 2015. The company’s primary operations include the ownership and operation of local television stations, digital publishing platforms and marketing solutions designed to serve both national advertisers and local businesses. Through its portfolio of media assets, TEGNA delivers news, information and entertainment across multiple platforms, including over-the-air broadcasts, cable and satellite distribution, streaming services and proprietary websites and mobile apps.
TEGNA owns and operates approximately 60 television stations in 51 markets, reaching nearly 40 percent of U.S.
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UPDATED with closing price. Nexstar stock fell 13% Monday, reflecting investor angst over a federal judge’s decision temporarily blocking the company’s merger with Tegna.
The drop is a stunner for the shares, which have been among the steadiest in the media sector. Over the past five years, they have risen by 94%. In a single day, almost $850 million in market value was erased, leaving shares at $185.18, their lowest level since last November.
In issuing a temporary restraining order, U.S. District Judge Troy Nunley sided with DirecTV, which is seeking to block the merger on the claim that it violates antitrust laws. A group of states, including California and New York, also are seeking to sideline the transaction.
The $6.2 billion deal is not merely the biggest local TV merger in history. It sets a key precedent by using a waiver from the FCC, enabling the combined company to own stations reaching about 80% of the U.S. Federal rules cap ownership at 39%.
Nunley has scheduled a hearing for April 7. The concern among many investors is that the ruling could be the start of a lengthy delay to the process. Nexstar issued a press release declaring the deal closed just minutes after the FCC gave its approval. The FCC is requiring Nexstar to divest of six stations.
In a note to clients Monday, New Street Research policy adviser Blair Levin said the ruling could mean that Nexstar is “likely to be stuck in deal purgatory for the next several years.” If the case were to end up being brought before the U.S. Supreme Court, the advisor said the court is not guaranteed to be willing to hear it, and if they do it might not be until the 2028-29 session. As the process grinds on, Levin wrote, Nexstar shareholders “carry all the risk,” while Tegna shareholders “have been paid off.”
In his order, Nunley wrote that DirecTV established “a likelihood of success on the merits” on its claim, and that moving forward with the transaction would create “irreparable harm.” Those are two key factors courts weigh in issuing TROs, after which a judge gives a fuller consideration as the legal process plays out. In ordering at least a temporary halt to the merger, the judge wrote that the “private benefits Nexstar could obtain by acquiring Tegna are outweighed by the harm to” DirecTV.
FCC Chairman Brendan Carr has seemingly relished using the FCC’s threat of regulatory action against national networks, and even boasted at the Conservative Political Action Conference last week that Trump was “winning” his war on the media. That said, actual FCC regulatory action on news and entertainment content, which Carr has not taken, may not withstand judicial scrutiny given the First Amendment.
The FCC chairman sees a bulked-up Nexstar as a counter to the leverage that networks have over local broadcasters, and he has dismissed concerns that its merger with Tegna would only create another media giant that has outsized influence on the viewing public.
Carr’s comments, which have been intensifying in recent months, could potentially wind up a legal liability, Levin cautions, and raise broader questions about other local TV deals that could follow given the de facto easing of the ownership cap.
“This case will help clarify the antitrust limits of broadcast consolidation, which are more likely to be relevant to investors than the political limits that Chairman Carr would impose,” he wrote. “That is, as investors contemplate what deals would be allowed, there is the political screen at the FCC and the antitrust screen in the courts.
Brendan Carr, FCC Chairman, attends the Conservative Political Action Conference (CPAC) USA 2026 at the Gaylord Texan Resort and Convention Center, in Grapevine, Texas, U.S. March 27, 2026. ... Purchase Licensing Rights, opens new tab Read more
March 30 (Reuters) - The ranking members of the U.S. Senate Commerce Committee questioned the Federal Communications Commission Chair Brendan Carr and criticized his approval of Nexstar's (NXST.O), opens new tab merger with Tegna (GTTG.F), opens new tab without a vote from the full commission, Bloomberg News reported on Monday.
Here are some details:
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The letter to Carr was jointly sent by the committee's Republican Senator Ted Cruz and Democrat Maria Cantwell, the Bloomberg report said.
The senators told Carr that he improperly allowed agency staff to approve the merger even though it involved waiving major anti-consolidation rules, Bloomberg said, citing a copy of the letter.
The senators said that significant questions of policy must be addressed by the full FCC in a vote.
The FCC approved the $3.54 billion sale of local television station owner Tegna to Nexstar earlier this month, despite objections from Democratic-led states, after which the companies quickly closed the deal.
However, last week, a U.S. judge ordered Nexstar to temporarily keep Tegna's assets separate pending a review of whether the deal violates federal antitrust laws.
The FCC, the Senate Commerce Committee, Cruz and Cantwell did not immediately respond to requests for comment outside regular business hours.
Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Sonali Paul and Thomas Derpinghaus
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Nexstar weighed in for the first time on a judge’s order that halted its merger with Tegna, warning the court that it will have difficulty fully complying because certain aspects of the closed transaction “cannot be reversed.”
U.S. District Judge Troy Nunley granted a temporary restraining order to DirecTV on Friday, ruling that it was likely to succeed on the merits of its antitrust claims against the merger. The judge put a 14-day freeze on the merger and set a hearing for April 7 to consider a preliminary injunction.
In a filing on Tuesday, Nexstar’s legal team wrote that the restraining order “creates immediate operational harm to Tegna and Nexstar, regulatory conflicts, and a governance vacuum.”
They wrote, “Upon closing, Nexstar and Tegna took many typical steps that may not have been
apparent to the Court when it issued its TRO. It is particularly difficult to freeze integration that
was already taking place, unlike a conventional hold-separate order. Complying with certain
aspects of the TRO is impossible and could jeopardize Nexstar and the Tegna assets the Court
seeks to preserve.”
Read Nexstar’s filing responding to judge’s order.
The merger will create a broadcast giant with 259 stations reaching about 80% of the country.
DirecTV filed an antitrust lawsuit to block the merger on March 18. The next day, the FCC gave the greenlight to the transaction, and the Justice Department did not seek to challenge it. Shortly after that, Nexstar announced that it had closed the deal.
In their filing, Nexstar cited ongoing “debt agreement reporting obligations that require the inclusion of Tegna’s financial information into Nexstar’s reports from the date of closing,” warning that they otherwise would be in breach of securities laws and Securities and Exchange Commission rules.
Nexstar also noted that, with the deal closed, they face the operational confusion of carrying out contract obligations, as Tegna’s retransmission consent agreements are now governed by Nexstar’s terms “to which no former Tegna personnel are privy.” Nexstar also cited confusion with distribution agreements set to expire in the next half year, as well as their commitments to the FCC to expand news content of the Tegna stations. They pointed to plans to provide those stations access to Nexstar’s D.C. bureau to create programming ahead of the midterm elections.
As part of their filing, Nexstar proposed that the combined company be allowed to service its debt obligations, “as well as completion of the required post- closing security perfection process and avoidance of default under Nexstar’s debt instruments.”
Among other things, Nexstar also asked the judge to allow it to “take reasonable actions” to maintain Tegna’s day-to-day operations, and to allow the continued administration of existing retransmission consent agreements. The company also wants Nexstar to be allowed to appoint Tegna officers to keep the entity going. Those would include “setting thresholds for contract approval, expenditure authorization, and other financial limits.”
Nexstar also warned that “additional proposals and clarifications may be required in the coming days to forestall further material harm associated with the TRO.”
DirecTV said that Nexstar’s filing “raises numerous issues for the first time.” DirecTV said that it plans to file a response on Thursday.
A federal judge eased some of the restrictions on his order that at least temporarily blocked Nexstar‘s merger with Tegna, but he also extended the freeze on the transaction for another week.
U.S. District Judge Troy Nunley will allow Nexstar to conduct debt service and repayment obligations, comply with Securities and Exchange Commission reporting requirements, and make appointments to keep Tegna operating, among other things. In the case of the latter, Nexstar is still prohibited from installing its own company employees or officers. Nexstar also will be allowed to set thresholds for contract approval, expenditure authorization and other financial limits, similar to how Tegna operated before the deal closed on March 19.
Shortly after securing regulatory approval on that date, Nexstar announced that it had closed its deal to acquire Tegna, creating a broadcast giant of around 260 stations across the country. But in the previous day, DirecTV and a group of state attorneys general filed lawsuit challenging the transaction on antitrust grounds.
Nunley granted a 14-day temporary restraining order on March 27, concluding that DirecTV has established a “likelihood of success on the merits” of its claim that the merger violated antitrust laws. The cases were later consolidated with the claims of the state attorneys general, which include California and New York.
Nexstar is challenging the judge’s decision, but had argued that because the transaction had closed, it created “immediate operational harm to Tegna and Nexstar, regulatory conflicts, and a governance vacuum.”
Earlier this week, Nunley heard arguments on whether to grant the plaintiffs a permanent injunction, which would block the merger indefinitely. He has yet to issue a ruling, but in his order on Friday, extended the TRO another week. The judge wrote that he found “good cause” to extend the restraining order “to maintain the status quo and prevent irreparable harm while the court prepares its ruling on whether a preliminary injunction should issue.”
UPDATED with Nexstar statement: A federal judge just put a halt to Nexstar’s proposed $6.2 billion merger with Tegna, putting in doubt the combination of the companies to create a broadcast station giant – at least for now.
With just a few hours to go on the current TRO, U.S. District Judge Troy Nunley on Friday issued a preliminary injunction, concluding that the transaction would diminish competition in violation of antitrust laws. The matter now enters a state of corporate stasis while the antitrust issues and trial play out.
However, the preliminary injunction comes with a legal caveat.
“At Defendants’ request, this preliminary injunction shall take effect starting April 21, 2026, at 5:00 p.m. PDT,” says tonight’s 52-page ruling. “In the meantime, to preserve the status quo and good cause appearing, the Court extends its Temporary Restraining Order (ECF No. 60) as modified (ECF No. 145) through April 21, 2026, at 6:00 p.m. PDT.
Very quickly, Nexstar made their intention to not take the defeat quietly official. “We will appeal today’s decision and look forward to presenting our case on its merits before the Ninth Circuit Court of Appeals,” the company said in a statement late Friday.
The decision is a defeat not just for the companies but also a black eye for the Trump administration’s FCC, which gave a relatively speedy greenlight to the transaction.
In fact, in many ways, the deal was a linchpin of FCC chairman Brendan Carr‘s goal of boosting the leverage of local TV stations against the power of national networks. In hydra-like fashion, Carr’s agenda saw Jimmy Kimmel pulled into political and cultural quicksand last year as Nexstar pulled the ABC late-night host off its stations for more than a week.
On the flip side, Joe Biden-appointed FCC commissioner Anna Gomez praised the California-based judge’s decision Friday.
“This is an important step toward ensuring that decisions of this magnitude are made with consumers in mind, not billion-dollar companies cutting backroom deals out of public view,” she posted online. “I welcome the court’s decision to pause this transaction and bring much-needed scrutiny to a deeply flawed approval process,” Gomez added, taking a swipe at the Trump administration’s fast-tracked approval method and its “coordinated, multi-agency effort to avoid accountability and judicial review.”
Plaintiffs DirecTV and various states have until April 30 to file amended complaints — which they are likely to do, we hear.
Tonight, California’s Attorney General Rob Bonta was quick to take the win, even though there are likely months, if not years, of corporate courtroom drama to come, plus blowback from the spurned Trump administration.
“My office and attorneys general nationwide have secured a preliminary injunction in our lawsuit opposing the illegal and U.S. DOJ-approved merger of Nexstar/Tegna — an order that demands the broadcasting titans stop merging while our case proceeds. This is a critical win in our case,” Bonta told Deadline this evening. “This merger is illegal, plain and simple. The federal government may have thrown in the towel, but we’ll keep fighting for consumers, for workers, for affordability, and for our local news.”
Bonta, who scored another win this week with the verdict by a federal jury in NYC that Live Nation is an illegal monopoly, was a driving force among the eight state AGs who filed suit March 18 to block the Nexstar-Tegna mega-merger.
DirecTV said in a statement, “We commend the Court’s decision, which reinforces the coalition of states’ and our shared belief that unchecked station consolidation will force consumers to pay more for less by reducing the quality and variety of local news coverage, driving up content prices, and increasing the threat of station blackouts.”
If allowed to go through eventually, the Nexstar-Tenga transaction would create a broadcast station behemoth, with 259 stations reaching about 80% of the country. As part of its FCC approval, the agency granted Nexstar a waiver from the national ownership cap, which prohibits any one entity from owning stations reaching more than 39% of TV households.
Nexstar closed its acquisition of Tegna on March 19, shortly after the FCC announced its regulatory approval. But in the preceding 24 hours, a group of state attorneys general, including from the Golden State and New York, filed suit to block the transaction. DirecTV also sued to halt the deal.
RELATED: Nexstar-Tegna Merger Cheered By Wall Street And Local TV Rivals: Are More Mega-Deals On The Way?
The next week, Nunley granted a temporary restraining order on the transaction, ruling that DirecTV established “a likelihood of success on the merits” on its claim, and that moving forward with the transaction would create “irreparable harm.” DirecTV’s case later was consolidated with the states’ cases.
The TRO required that Nexstar keep the Tegna assets distinct, freezing efforts to combine the companies that already had started.
L-R: Brendan Carr and Donald Trump Getty Images Donald Trump endorsed the merger in February, and his FCC chairman Carr, indicated his support shortly thereafter, even though the transaction still was being reviewed by the agency.
RELATED: Nexstar CEO Salutes Donald Trump For Backing Tegna Merger, Says Mega-Deal Is On Track To Close By June–
With the merger, Nexstar would gain control of additional “big four” stations in 31 markets where it already has one or more outlets. The company would have 27 new duopolies, where it would own two stations in a market, and three new triopolies, where it would own three.
In his ruling, Nunley rejected Nexstar’s argument that its competitive landscape includes streaming and digital services, siding with DirecTV’s contention that “customers do not consider them to be reasonable substitutes.” Moreover, the judge concluded that Nexstar and Tegna competed in local, designated market areas, not nationwide.
“The fact that MVPDs cannot turn to stations outside of a [local market] to replace blacked out stations is determinative of the geographic market — there are no alternate sources of supply,” the judge wrote.
Nunley sided with plaintiffs’ arguments that the merger would give Nexstar greater bargaining leverage to extract higher retransmission fees. There also was “ample evidence,” the judge wrote, that those fees get passed along to consumers.
The judge also rejected Nexstar’s request that the plaintiffs post a $150 million bond as the case plays out. Instead, he is requiring a nominal bond of $10,000.
Wall Street punished Nexstar shares when the court issued its initial ruling. Long a standout performer in the battered media sector due to a strong balance sheet and demonstrated ability to execute M&A transactions, the broadcaster’s stock encountered rare turbulence over the Tegna uncertainty. Benchmark Capital cut its 12-month price target by $50 on the company’s shares, citing near-term hurdles to the merger, but maintained a “buy” rating.
Nexstar has let its lawyers do the talking for the company in recent weeks, but Nexstar CEO Perry Sook is scheduled to be interviewed by Inside Edition host Debra Norville on Tuesday at the NAB Show in Las Vegas. While it’s hard to know if the conversation will touch on the Tegna situation in any detail, Sook surely will be asked May 7, when Nexstar reports its first-quarter earnings.
The $6.2 billion merger of Nexstar and Tegna, a game-changing deal poised to reshape the media business, has been on the lips of many NAB Show attendees this week. But a panel Monday afternoon with three FCC officials asked to explain the commission’s review of the transaction yielded few answers.
Even though the FCC and Department of Justice antitrust division both approved the transaction and Nexstar declared it to be closed, paying off Tegna and its shareholders, a lawsuit by DirecTV on antitrust ground has gained sudden traction. A federal judge last Friday issued a preliminary injunction blocking the deal. Nexstar has vowed to appeal the case to the Ninth Circuit federal appellate court.
At the NAB panel, moderator Larry Walke, associate general counsel for the broadcast lobbying group, asked a string of questions about the events of the past several weeks. He asked whether the FCC’s action established a template for future mergers. He also wondered if the FCC actually has the authority to make changes to the ownership cap and then OK a deal under rules it has changed. The cap is part of a Congressional act, and FCC commissioner Anna Gomez and many other stakeholders have argued that the FCC should not be permitted to do it.
“That’s an active proceeding, and I’m not going to really comment on the substance of it,” replied David Brown, Division Chief of the FCC’s Video Division. “I’m OK with the question, but I think that from a bureau perspective, you can look at the Nexstar-Tegna merger order, we discuss legal authority there. I think that’s an accurate statement of where the bureau is. I’m not going to speak for the chairman or what ultimately will come out.”
FCC Chairman Brendan Carr, a dogged Donald Trump loyalist who has repeatedly called for eliminating the cap, is not at this year’s NAB Show. For decades, the confab has been a setting where the heads of the FCC and the DOJ’s antitrust division share the stage with the head of the NAB to hold bipartisan discussions of industry matters. This year, amid amped-up rhetoric by Carr about a range of issues, including the federal equal-time provision, broadcast license renewals and other topics, those conversations have gone by the wayside.
Deputy Bureau Chiefs Evan Morris and Alexander Sanjenis followed Brown’s lead and mentioned multiple times their inability to speak on Carr’s behalf. They did weigh in on recent FCC inquiries into sports shifting from broadcast to streaming, ATSC 3.0 and other topics, and the tenor of the conversation was convivial, reflecting Washington’s cozy regulatory circles. Still, recent criticism voiced by Sen. Ted Cruz (R-TX) and others of the FCC for having its Media Bureau write an order approving the Nexstar-Tegna transaction as opposed to putting the deal to a commission vote, did seem germane after the hour-and-20-minute NAB session.
Before the FCC officials took the stage, Acting Deputy Assistant Attorney General Charlie Beller delivered prepared remarks about the media regulation landscape. He didn’t mention the Nexstar-Tegna transaction or any specific deal, opting instead to stay in the conceptual zone.
The DOJ’s antitrust division was criticized by U.S. District Judge Troy Nunley in the lawsuit by DirecTV for not being more vocal in raising what the judge deemed to be clear antitrust issues in the deal. The combination would create a station giant roughly double the size of any previous one, with the decades-old rule limiting a single owner’s control of stations to 39% of U.S. households essentially going out the window. In a prior local TV mega-deal, Nexstar’s acquisition of Tribune Media in 2019, during Trump’s first term, DOJ weighed in forcefully, requiring the company to divest of a number of stations.
Without alluding specifically to Nexstar-Tegna, Beller articulated the DOJ’s view of the broadcast sector, which has been cited in favorable opinions about the merger. “Broadcast companies are competing in a world with more distribution options than ever before,” he said. At the same time, he continued, “broadcast is neither insulated from competition nor relevant to it”
U.S. flag and Judge gavel are seen in this illustration taken, August 6, 2024. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab
CompaniesWASHINGTON, May 1 (Reuters) - Five more U.S. states are joining an antitrust lawsuit challenging Nexstar's (NXST.O), opens new tab acquisition of rival broadcaster Tegna after a judge temporarily blocked the deal from proceeding, according to California's attorney general.
Attorney General Rob Bonta, a Democrat whose office joined seven other states in suing over the $6.2 billion deal in March, said on Thursday that Massachusetts, Vermont, and his Republican counterparts in Indiana, Kansas, and Pennsylvania were joining the case.
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"These misguided attorneys general are strangling local journalism," Nexstar said, arguing that the real drivers of local news decline are "the unchecked rise of Big Tech platforms, the spread of misinformation on social media, and the economic pressures that have already led to widespread newsroom closures."
Separately, Republican Ohio Attorney General Dave Yost said on Thursday that he struck a deal with Nexstar to maintain the independence of two local stations in Columbus and Cleveland where the company would own two affiliates following the merger. The deal requires maintaining separate news teams at each station and preserving existing levels of local programming through 2030.
U.S. District Judge Troy Nunley in Sacramento said in an April 17 ruling that the plaintiffs were likely to succeed in their claims that the deal will substantially lessen competition in dozens of local television markets.
The court’s order bars Nexstar from consolidating its operations with Tegna pending further litigation, but does not unwind the transaction.
The deal quickly closed after the Justice Department and the Federal Communications Commission approved it on March 19, which Nexstar noted in a statement announcing its appeal of Nunley's decision.
The deal would create the largest broadcast station group in the United States, reaching 80% of households. The states have argued that the deal would result in lost jobs, increased cable bills and "significantly impact the delivery of news and other media content to Americans nationwide."
Nexstar has said its deal with Tegna will strengthen local stations and support investment in local journalism.
Reporting by Daniel Wiessner in Albany, New York and David Shepardson in Washington; Editing by Muralikumar Anantharaman, Kirsten Donovan
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Dan Wiessner (@danwiessner) reports on labor and employment and immigration law, including litigation and policy making. He can be reached at [email protected].
