Trump's Criticism Sends Tegna Shares Tumbling Amid Nexstar Deal Talks

Shares in Tegna plunged after President Trump criticized the proposal to lift caps on local TV ownership, affecting their acquisition by Nexstar Media. The $3.54 billion deal, crucial for expanding Nexstar's market reach, faces opposition as Trump expressed concerns over potential media consolidation impacting conservative interests.

Shares of Tegna fell nearly 5% on Monday after President Donald Trump criticized a proposal essential for the company's acquisition by Nexstar Media. The criticism focused on lifting current caps on local television station ownership.

The proposed acquisition would significantly expand Nexstar's reach, covering 80% of TV households in critical regions through a $3.54 billion deal. However, Trump's opposition could complicate the deal's progress.

In a social media post on Sunday, Trump described lifting the ownership cap as a potential "disaster" for conservative voices, signaling disapproval if it led to expansions by media giants like NBC or ABC.

(With inputs from agencies.)