TEGNA Inc

TGNA

Market cap $3.24B

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,

NEW YORK, March 20, 2026 /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.

The states have previously argued the deal would result in too much concentration in some local TV markets.

Wall Street is upbeat about the impact of Nexstar's $6.2 billion acquisition of local TV rival Tegna, mainly because it could trigger another wave of consolidation. That's also the prevailing view across the industry, even among Nexstar's biggest rivals.

A day after Nexstar said that it had closed its deal to buy Tegna, creating a broadcasting giant, California and seven other states filed an emergency motion to stop it. The motion for a temporary restraining order was filed on Friday in Sacramento.

Eight states asked a U.S. judge on ​Friday to issue a ‌temporary restraining order to stop the $3.5 billion merger of ​Nexstar Media Group ​and Tegna.

Broadcast station groups Nexstar and Tegna are merging after the companies received FCC and DOJ approval to close the deal late Thursday. Nexstar announced its proposed $6.2 billion acquisition of Tegna in August, and has been waiting on regulatory approval since then.

The Federal Communications Commission said on ​Thursday it has approved the sale ‌of some local broadcast TV stations from Tegna to Nexstar.

The FCC has approved Nexstar's merger with Tegna, less than a day after California and other state attorneys general filed suit to block the transaction. The merger, which will create a broadcast station giant, was given the greenlight by the agency's Media Bureau. The agency also granted Nexstar a waiver from an ownership cap.

The U.S. Department of Justice has unconditionally cleared Nexstar's $3.5 billion deal to acquire rival ​Tegna , Bloomberg News reported on Thursday, citing ‌people familiar with the matter.