Kirkland Advises Nexstar Media Group on Definitive Agreement to Acquire Tegna, Inc. for $6.2 Billion

Kirkland & Ellis advised Nexstar Media Group, Inc. (Nasdaq: NXST), a leading diversified media company that produces and distributes local and national news, sports and entertainment content across its television and digital platforms, on a definitive agreement whereby, subject to regulatory approvals, Nexstar will acquire all outstanding shares of TEGNA Inc. (NYSE: TEGNA), a provider of local news with 64 television stations in 51 U.S. markets, for $22.00 per share in a cash transaction valued at $6.2 billion, inclusive of TEGNA’s outstanding net debt and estimated transaction fees and expenses. Following completion of the transaction, the combined entity will be a leading local media company, well-positioned to compete in today’s fragmented and rapidly evolving marketplace. The transaction is expected to close by the second half of 2026.