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President Donald Trump on Saturday endorsed Nexstar Media Group $6.2 billion purchase to broadcast rival Tegna, a marked reversal from earlier criticism of the deal.
“We need more competition against the ENEMY, the Fake News National TV Networks,” Trump wrote on social media. “Let’s get a Good Deal done like Nexstar – Tegna will help knock out Fake News because there is so much competition.
The acquisition, which Nexstar announced in August and requires regulatory approval, will combine two companies with significant local broadcast media assets. Nexstar manages more than 200 owned and affiliated stations in 116 markets nationwide and also operates networks such as The CW and NewsNation. Meanwhile, Tegna owns 64 news stations in 51 markets.
In November, Trump criticized the purchase. “If this also allows the Radical Left Networks to ‘grow,’ I will not be happy,” he wrote at the time.
But the companies operate independently of major broadcast networks such as ABC and NBC. In September, Nexstar, along with the right-leaning Sinclair Broadcast Group, Jimmy Kimmel’s has been suspended ABC late-night talk show about a week after Kimmel’s comments on the killing of conservative activist Charlie Kirk.
The deal comes as the Federal Communications Commission seeks to reform rules limiting local TV station ownership. Some court decisions have also eliminated regulations that limit the number of major TV stations in a market that a company can own.
Nexstar sought to portray the deal as consistent with the Trump administration’s deregulation measures.
“The initiatives pursued by the Trump administration offer local broadcasters the opportunity to expand their reach, level the playing field, and compete more effectively with Big Tech and legacy Big Media companies with unfettered reach and greater financial resources,” said Nexstar CEO Perry Sook when the deal was announced.
