economy
Eight US States Ask Judge to Temporarily Stop $3.5 Billion Nexstar and Tegna Merger
States Argue Deal Would Create Largest Broadcast Station Group in US, Cut Jobs and Increase Consumers’ Cable Bills
TL;DR
- Eight US states are seeking a temporary restraining order to block the $3.5 billion merger of Nexstar Media Group and Tegna.
- The states argue the merger will concentrate broadcast programming in fewer hands, reduce local jobs, and increase cable bills.
- Nexstar and Tegna closed the transaction shortly after receiving approval from the FCC and the US Department of Justice.
- The states contend the deal would allow principals to raise fees for pay TV providers and abolish separate news operations.
- The FCC waived a rule limiting station owners to reaching no more than 39% of US TV households for this approval.
- Donald Trump previously expressed support for the deal.
- Nexstar is the largest US local television broadcasting group, and Tegna owns numerous television stations.