Business30 March, 20261 min read
Judge Nunley Blocks Nexstar-Tegna Merger, Orders Cease of Integration
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Federal judge halted Nexstar-Tegna integration. The deal would create one of the largest U.S. TV groups with hundreds of stations.
Merger Halted by TRO
A federal judge issued a 14-day temporary restraining order blocking the Nexstar-Tegna merger. Judge Nunley wrote the merger is presumed likely to violate antitrust laws. DirecTV's lawsuit claimed the merger would irreparably drive up consumer costs and reduce competition.
Judge Cites Antitrust Concerns
Nunley agreed that immediate integration could eliminate competition and result in layoffs. A coalition of advocacy groups sued the FCC to reverse its approval. The FCC granted the merger using a waiver to exceed the 39% ownership cap.
Share Price Drops 13%
Nexstar's stock fell 13% after the ruling. Nearly $850 million in market value was erased. A hearing is scheduled for April 7.
Legal Challenges Mount
State attorneys general are also challenging the merger.
The ruling puts the future of the largest local TV operator in doubt.
