Aug. 19 (UPI) — Nexstar Media announced it will purchase Tegna, the broadcast arm of Gannett.

The announcement said Nexstar will buy all outstanding shares of Tegna for $22 per share in a cash transaction valued at $6.2 billion. It includes all of Tegna’s net debt.

The price is a 31% premium to Tegna’s 30-day average stock price.

“Following completion of the transaction, the combined entity will be a leading local media company, well-positioned to compete in today’s fragmented and rapidly evolving marketplace,” the press release said. “The new company will be better able to serve communities by ensuring the long-term vitality of local news and programming from trusted local sources and preserving the diversity of local voice and opinion. Nexstar will also be able to provide advertisers with an even greater variety of competitive local and national broadcast and digital advertising solutions to serve brands and consumers more effectively.”

Tegna is headquartered in Tysons, Va., and was formed in 2015 when Gannett split into two publicly traded companies.

Nexstar is the largest television station owner in the United States, owning 197 stations. It also owns WGN Radio in Chicago and operates the CW network and NewsNation (formerly WGN).

The company will have 265 stations in 44 states and the District of Columbia, representing 80% of U.S. TV households after the merger.

Public interest groups and many Democrats have expressed concern about allowing a single owner to control so much media in the United States.

Nexstar said the deal is expected to close by the second half of 2026.

Nexstar CEO Perry Sook lauded Trump in the press release.

“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. We believe Tegna represents the best option for Nexstar to act on this opportunity,” he said.