For months, the narrative around Nexstar Media Group’s acquisition of Tegna Inc. has been framed as a regulatory cliffhanger. It isn’t anymore. Washington has largely spoken — but the final word may come from the courts. The Federal Communications Commission and the U.S. Department of Justice Antitrust Division have now cleared the two most consequential federal hurdles. And critically, Nexstar says it has moved to close the transaction — a step that shifts the burden to opponents to unwind or materially constrain a deal that has, at least operationally, already begun. That shift matters — but it does not eliminate legal risk, particularly given the novel and contested regulatory path the FCC used to get there. It is still a much steeper hill to climb — but no longer an insurmountable one. |
