Was this a Major Misstep by Nexstar?

Did Nexstar screw up when they rushed to close the Tegna deal so fast? Many would say "Yes" but Nexstar's COO doesn't see it that way.

When asked by Deadline if he had any second thoughts about declaring the controversial $6.2 billion merger finalized just minutes after receiving FCC approval back in March, Nexstar COO Mike Biard gave a definitive "Not at all."

According to Biard, the company did exactly what any major corporate player would do in that situation. They had the green light from the FCC and the DOJ, and they had the banks lined up to fund the payouts to Tegna shareholders. In his view, when all those pieces fall into place, you pull the trigger and close.

Of course, that "close first, ask questions later" strategy is exactly what landed Irving in a massive legal mess. Moments after Nexstar claimed victory, a wave of lawsuits from a coalition of states and pay-TV distributors threw a giant wrench into the gears. Since then, a federal judge slapped down a preliminary injunction, freezing the entire integration and leaving the deal in total limbo.

While the antitrust battle drags out in court—with a proposed trial date not scheduled until mid-2027—Tegna operations are essentially frozen. Staffing cuts are blocked, hiring is stalled, and the company has to run as a separate subsidiary while the lawyers fight it out. To make matters worse, Nexstar has told the courts that attempting to untangle what they already rushed to combine is causing operational chaos and millions in losses.

But if you expect Nexstar's executive suite to show a little remorse for creating this massive corporate headache, don't hold your breath. Biard is standing firm, essentially telling the industry that Nexstar followed the rules on paper, and they plan to fight the injunction to the bitter end.

We will see if the courts agree, but for now, the "rush to close" has given local television its biggest, messiest legal soap opera in years.