Nexstar Media will acquire rival broadcast company Tegna for $6.2 billion according to a joint announcement on Tuesday, another sign of consolidation in an already contracting TV broadcast sector.

Nexstar Media Group is buying broadcast rival Tegna for $6.2 billion, bringing together two major players in U.S. television and the country’s local news landscape.

The purchase price is inclusive of Tegna’s net debt and estimated transaction fees and expenses. The deal, subject to regulatory approval including by the FCC, is expected to close by the second half of 2026. Both the Nexstar and Tegna boards voted unanimously to approve the deal Monday night.