M&A · Tech · Television Broadcasting Stations
Nexstar Media Group, Inc. to acquire Tegna Inc
Announced Aug 19, 2025 · Closed Mar 20, 2026
Deal value$6.20BEV $5.86B
Premium44.0%To unaffected price
EV / Adj. EBITDA6.7x1.9x EV / Revenue
ConsiderationAll cash$22.00 per share
Transaction
- Acquirer
- Nexstar Media Group, Inc. (NXST)
- Target
- Tegna Inc (TGNA)
- Buyer type
- Strategic
- Offer price per share
- $22.00
- Enterprise value
- $5.86B
- Status
- Closed Mar 20, 2026
Deal protections
- Break fee (target pays)
- $120M · 1.9%
- Reverse fee (buyer pays)
- $125M · 2.0%
- Go-shop
- No-shop
- Financing
- Committed · Goldman Sachs, BofA Securities, Truist Securities, Wells Fargo, Barclays, CIBC +2
Advisors
- To the acquirer
- BofA Securities, JPMorgan, Goldman Sachs
- To the target
- Allen & Company
- Allen & Company fee
- $60.0M
Sector context · Tech
- Comparable deals
- 61 in the prior 24 months
- Premium
- 44.0% vs. 37.0% sector median
- EV / Adj. EBITDA
- 6.7x vs. 16.7x sector median
- Break fee
- 1.9% vs. 3.0% sector median
Timeline
- AnnouncedAug 19, 2025
- Proxy filedSep 17, 2025
- Definitive proxyOct 10, 2025
- Shareholder voteNov 18, 2025
- ClosedMar 20, 2026
Valuation · fairness opinions
Trading comparables$14.44$18.99
Trading comparables$14.74$19.16
Trading comparables$19.65$24.14
Trading comparables$18.17$24.96
52-week trading range$13.37$19.62
Offer $22.00
Implied value per Tegna Inc share by analysis, from Allen & Company.