Trump Gives His Blessing to the Nexstar/Tegna Deal

The proposed merger between local television station operator Nexstar Media and its smaller rival, Tegna, appears to be moving toward an inevitable conclusion, driven by market necessities that transcend the political sphere. The $3.54 billion acquisition is poised to create the largest regional TV station operator in the United States, a strategic consolidation designed to secure leverage against advertisers and pay-TV distributors in an era where local media is battling revenue declines and the dominance of streaming services. The deal, which would combine Nexstar’s 200-plus stations with Tegna’s 64 stations to cover nearly 80% of U.S. TV households, represents a corporate maneuver calculated to ensure survival and dominance in a fracturing media landscape.

While such mergers are typically the domain of corporate boards and the Federal Communications Commission, President Donald Trump has once again interjected himself into the regulatory process. On Saturday, Trump publicly backed the merger on social media, urging stakeholders to "GET THAT DEAL DONE" and framing the consolidation as a necessary weapon against "Fake News National TV Networks." Historically, the executive branch maintains a distance from specific antitrust and regulatory reviews to ensure impartiality, yet this President has established a pattern of inserting his personal opinion into almost every major proposed media transaction. His endorsement of the Nexstar-Tegna union is merely the latest example of the White House weighing in on matters traditionally left to independent regulatory bodies.

Trump's vocal involvement highlights a capricious approach to media consolidation that seems to pivot based on his relationship with the entities involved rather than consistent economic policy. Only months prior, in November, he struck a markedly different tone by criticizing proposals to lift the cap on local television station ownership—a regulatory change essential for this very deal to proceed. At that time, his opposition appeared rooted in a desire to prevent expansion by networks owned by Comcast or Disney. Now, viewing the Nexstar-Tegna combination as a tool to "lessen the influence" of larger networks he dislikes, he has reversed course, suggesting that this specific consolidation would foster competition at a "higher and more sophisticated level."

Despite the political noise and the President's attempts to steer the narrative, the merger faces opposition from within conservative circles as well. Newsmax, a right-leaning outlet, issued a statement arguing that the deal would limit competition and harm conservative voices, urging the President to reconsider his position. Ultimately, however, the fate of the acquisition rests not with the White House, but with the FCC, which has yet to issue a final decision on lifting the national ownership cap that currently restricts a single company from reaching more than 39% of U.S. television households. While the President’s commentary adds a layer of spectacle, the deal's momentum suggests that the reshaping of the local TV market is already well underway.