Nexstar Media Group Acquires TEGNA for $6.2 Billion

Standard General to Acquire TEGNA for $24.00 Per Share

February 22, 2022

Media & Entertainment

TEGNA Inc. and an affiliate of Standard General entered into a definitive agreement under which TEGNA will be acquired for $24.00 per share in cash, valuing the deal at about $5.4 billion equity value and $8.6 billion enterprise value (including assumed debt). The transaction is subject to shareholder and regulatory approvals and is expected to close in the second half of 2022; after closing TEGNA will become private.

TEGNA's Premion Acquires Octillion Media

February 1, 2024

Media & Entertainment

Premion, the CTV/OTT advertising platform owned by TEGNA Inc., has acquired Octillion Media, a next-generation demand-side platform (DSP) focused on local Connected TV/OTT advertising. The acquisition brings Octillion's technology and employees into Premion to expand local CTV product capabilities, improve operational efficiency and drive growth; TEGNA funded the deal with cash and expects it to be accretive within 12 months.

Nexstar Acquires BestReviews from Tribune Publishing

December 16, 2020

Media & Entertainment

Nexstar Inc., a subsidiary of Nexstar Media Group, agreed to acquire BestReviews LLC from Tribune Publishing Company and BR Holding Company, Inc. for $160 million in cash. Tribune owned 60% and the founders (BR Holding) owned 40%; the deal strengthens Nexstar's digital content and commerce capabilities and is expected to close following customary approvals.

Nexstar Acquires The Hill for $130 Million

August 20, 2021

Media & Entertainment

Nexstar Media Inc., a wholly-owned subsidiary of Nexstar Media Group, Inc., acquired political digital media platform The Hill for $130 million (plus working capital adjustments). The acquisition expands Nexstar's digital content portfolio and audience reach, pairing The Hill's political news platform with Nexstar's national and local distribution channels to drive advertising and monetization opportunities.

TEGNA Acquires Locked On Podcast Network

January 27, 2021

Media & Entertainment

TEGNA Inc. acquired Locked On Podcast Network, a national sports podcast network producing daily local team-centric shows and league-wide programs. The acquisition expands TEGNA's podcast and digital sports footprint and will have Locked On operate as a standalone business within TEGNA; financial terms were not disclosed.

Nexstar Media Group Acquires 75% Ownership Interest in The CW Network, LLC

October 3, 2022

Media & Entertainment

Nexstar Media Group entered into a definitive agreement to acquire a 75% ownership interest in The CW Network, LLC from Warner Bros. Discovery and Paramount Global. The deal closed shortly thereafter, with Warner Bros. Discovery and Paramount Global retaining 12.5% minority stakes each and continuing to produce original, scripted content for The CW.