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.

Read the transaction press release

The Kirkland team included corporate lawyers Armand Della Monica, Ravi Agarwal, Sarkis Jebejian and Jimin He; capital markets lawyers Josh Korff and Alborz Tolou; debt finance lawyer Yuli Wang; antitrust & competition lawyer Ian John; tax lawyers Vin Thorn and Dean Shulman; and executive compensation lawyer Michael Krasnovsky.