Trump Backs Nexstar's $6.2 Billion Purchase of Tegna, Sparking Media Industry Shake-up

President Trump has shown support for Nexstar Media's $6.2 billion acquisition of Tegna, reversing his previous criticism. Trump's endorsement highlights his desire for increased competition against major networks, calling for FCC reforms to encourage local broadcaster growth. Some conservative voices remain opposed, fearing consolidation and limited competition.

President Donald Trump has endorsed Nexstar Media Group's $6.2 billion acquisition of Tegna, marking a significant shift from his previous opposition to the deal. Trump emphasized the importance of competition against major networks, labeling them as 'Fake News.'

The proposed acquisition, announced in August, brings together Nexstar's 200-plus stations with Tegna's 64 news stations across the country. This move is seen as part of broader deregulatory efforts by the Trump administration to allow local broadcasters to compete with major networks like ABC and NBC.

However, the deal has faced criticism from some conservative entities, such as Newsmax, which warns of potential negative impacts, including limited competition and increased consumer cable costs. The Federal Communications Commission is also scrutinizing the deal as part of its ongoing efforts to reform TV station ownership rules.

(With inputs from agencies.)