NEW YORK—Paramount Global has reached an agreement with 12 state attorneys general to delay its merger with Warner Bros. Discovery. The agreement puts the $111 billion deal on hold until a judge rules on the states’ antitrust lawsuit or the trial concludes in June 2027.

U.S. District Judge Araceli Martínez-Olguín of the Northern District of California issued a temporary restraining order July 20, pausing the case until she rules on a preliminary injunction that would halt the merger pending a trial.

The new agreement extends the temporary restraining order for another 14 days and means that Paramount won’t be able to close the deal until at least Aug. 18 at the earliest and possibly much longer.

If the court finds in favor of the states and issues a preliminary injunction, the deal could be delayed until completion of a trial in June of 2027.

“Our argument against this illegal merger is straightforward: When too few corporations have too much power in markets central to American life, it makes things more expensive, and it makes things worse,” said California Attorney General Rob Bonta, who is one of the AGs who filed the antitrust lawsuit. “Today’s agreement is great news for audiences, movie theaters and the many people who write, build, and create the art, news, and entertainment so many of us enjoy. We are eager to continue to make our case in court and celebrate another tremendous win in our effort to ensure this unlawful merger never sees the light of day.”

The deal was approved by the Trump administration’s Department of Justice but attorneys general from 12 states quickly sued to stop the merger on grounds that it would violate federal antitrust law, leading to higher prices for film and cable audiences and resulting in fewer movies and TV shows.

Delays in completing the merger until next stumer could be costly for Paramount and raised concerns on Wall Street about the future of the deal. Shares in Paramount Global fell by 3.3% on July 24.

Paramount, however, called the agreement a “significant win.”

“The result is exactly what we have sought from the outset: a direct path to a trial based on the evidence,” it said in a statement. “This is the fastest and clearest way to prove that this transaction is good for competition, good for consumers, and good for creators, a conclusion dozens of competition authorities around the world have already reached. Plaintiffs’ market definitions bear no relationship to the realities of today’s marketplace and cannot withstand scrutiny. We look forward to proving our case at trial.”

WASHINGTON—The Federal Communications Commission’s Media Bureau, has approved the sale of WTVQ-DT, in Lexington, Kentucky from WTVQTV, LLC, an wholly-owned subsidiary of Morris Network, Inc. to Scripps.

The approval of the license transfer follows a March announcement by Scripps that it would pay $15.8 million for the ABC affiliate. The acquisition of WTVQ creates a duopoly with Scripps’ NBC affiliate, WLEX in Lexington, Kentucky.

The July 20 Order, denied a petition by DirecTV. It opposed the license transfer by arguing the combination would create “direct economic harm” by forcing it to pay higher prices for programming.

“[W]e find that the proposed transaction fully complies with the Commission’s rules, including the post-Zimmer Radio Local Television Ownership Rule, and that there are no issues or potential public interest harms identified in the record that would require further consideration,” the FCC concluded. “Notably, while the Commission will consider transaction-specific objections to otherwise rule-compliant transactions, we find that DIRECTV has failed to advance any such objections. Accordingly, we conclude that grant of the Application will result in public interest benefits and serve the public interest, convenience, and necessity.”

The full Order is available here.

WASHINGTON—Federal Communications Commission Chairman Brendan Carr announced a tentative agenda for the August Open Commission Meeting scheduled for Thursday, August 6, 2026.

While the vote on replacing TV station ownership rules will certainly have the biggest impact on broadcasters, the agency will also be considering opening up more than 200 megahertz of unlicensed spectrum and other items.

The FCC described the items as follows:

• Opening Up More Than 200 Megahertz of Unlicensed Spectrum for D2D Offerings. The Commission will consider a Notice of Proposed Rulemaking that would explore new avenues to allow innovative unlicensed wireless devices to communicate directly with satellites. The item would propose and seek comment on use of certain frequencies available under part 15 of the Commission's rules for communications between Earth and space, including direct-to-device (D2D) services. The NPRM would also propose to clarify that use of part 15 unlicensed devices is permitted within FCC-authorized spacecraft, and seek comment on other scenarios where part 15 unlicensed devices may safely operate in space. (ET Docket No. 26-169)
• Maximizing Efficiencies in Universal Service Administration. The Commission will consider a Notice of Proposed Rulemaking that would propose to strengthen the Commission’s management and administration of the Universal Service Fund (USF) by reforming and improving USF administration processes, the structure of USF administration, operating costs associated with USF administration, and the impact of USAC’s Board of Directors on USF administration. (WC Docket No. 26-173)
• Replacing the National Television Multiple Ownership Rule. The Commission will consider a Report and Order that would remove artificial barriers to broadcast television’s ability to attract capital and generate revenue, thus enabling broadcast television owners to better fulfill their public interest obligations, including through increased investment in local programming. The Report and Order also enables broadcast television station owners to expand their audience reach, gaining important leverage against national television networks. (MB Docket No. 17-318)
• Promoting Telehealth in Rural America. The Commission will consider a Third Further Notice of Proposed Rulemaking that would seek comment on several improvements to the Rural Health Care Program intended to reduce administrative burdens on program participants and better administer limited program funding given increased program participation and service costs. The accompanying Order would permit the use of previously approved rural rates for funding year 2027 that would otherwise require approval of a cost-based justification. (WC Docket No. 17-310)

The Open Meeting is scheduled to commence at 10:30 a.m. ET in the Commission Meeting Room of the Federal Communications Commission, 45 L Street, N.E., Washington, D.C.

Open Meetings are streamed live at www.fcc.gov/live.

Documents relating to each item on the agenda are available here.

The FCC publicly releases the draft text of each item expected to be considered at the next Open Commission Meeting. One-page cover sheets are included in the public drafts to help summarize each item. All these materials will be available on the FCC’s Open Meeting page: www.fcc.gov/openmeeting.

A U.S. District Court yesterday denied a stay of the FCC Media Bureau’s approval of the merger of Nexstar and Tegna TV station groups, while a California judge set a trial date for lawsuits filed by DirecTV and state AGs, which are challenging the transaction.

Since announced in August 2025, the merger has faced opposition from other media companies, public interest groups and state attorneys general who filed a lawsuit in March, attempting to block the merger.

The merger, valued at $6.2 billion (when it was announced), would create a behemoth in the local broadcasting industry with 265 full-power television stations in 44 states and the District of Columbia and 132 of the country’s 210 television DMAs.

The acquisition closed in March after approval from the Federal Communications Commission and the U.S. Department of Justice.

In its decision announced yesterday, the U.S. District Court in Washington, D.C. denied a request for stay of the FCC’s approval, noting that harms that could come to the Broadband Communications Association of Pennsylvania and other appellants were “either not irreparable or not certain.” The court noted that a separate preliminary injunction in the Eastern District of California already obligated Nexstar to hold Tegna assets separate, operate stations independently, and maintain existing MVPD relationships.

Meanwhile, a California judge set a trial date of July 9, 2027 in a case that combines appeals to nix the merger from DirecTV and by attorneys general from 12 states. The court also set for discovery to close April 15, 2027 and the final pre-trial conference and hearing for June 23, 2027.

In a tweet on X yesterday, Nexstar said it “looks forward” to having its day in court to defend the deal.

NEW YORK—Versant Media Group continues to make acquisitions following its spinoff from NBCUniversal earlier this year with a definitive agreement to acquire Full Swing, a leading sports technology company with patented hardware and integrated software used by consumers, competitive athletes, coaches, and commercial venues for about $530 million from Bruin Capital and a group of minority investors.

Full Swing, which is best known for its golf simulators and its tracking and analytics software, will add an interactive sports platform to Versant’s portfolio, spanning immersive simulation, launch monitors, virtual greens, integrated software, and performance data.

Built first in golf and now extending into baseball and other sports, Full Swing supports data-driven practice, play, training, and entertainment across at-home, commercial and professional environments with simulated sports and family entertainment experiences.

At a time when traditional cable network brands are looking to expand their presence beyond the declining pay TV eco system, Full Swing will strengthen the company’s golf business, which includes Golf Channel, GolfNow and GolfPass, and will provide a new way to engage the growing golf community.

The acquisition will also create opportunities to develop content, commerce, training, and venues while supporting Full Swing’s continued growth as a sports technology company, Versant said.

“Full Swing is exactly the kind of strategic platform that reflects how we are building Versant: investing in our core markets, extending the reach of our iconic brands and creating new ways to serve passionate audiences,” said Mark Lazarus, CEO of Versant. “Sports are becoming more interactive, more data-driven and more connected, and Full Swing allows us to build on that momentum. Starting from our strength in golf, we see an opportunity to scale a multi-sports technology platform for athletes, coaches, consumers, and fans.”

"This is an exciting next chapter for Full Swing. Joining Versant gives us the scale and distribution to bring our technology to even more golfers, athletes and fans, while staying focused on what we do best — building the most connected and immersive way to play and train,” added Ryan Dotters, CEO of Full Swing. “We're proud of what our team has built, and we look forward to growing it alongside Versant's portfolio of iconic brands."

Following the closing of the transaction, Full Swing will operate within Versant’s Digital Platforms and Ventures portfolio, and Dotters will join Versant, reporting to McIntosh. The transaction is subject to customary closing conditions and is expected to close in the second half of 2026.

Gibson Dunn acted as legal advisor to Versant. Moelis & Company LLC. acted as financial advisor, and Kirkland & Ellis LLP acted as legal counsel to Bruin.

TORONTO—Lumine Group said it has acquired Imagine Communications Holdings Inc. for an undisclosed amount. Dallas-based Imagine Communications is a global provider of video connectivity solutions, channel origination software and hardware, and AI-enabled advanced advertising solutions. Lumine Group, with a market capitalization of $3.89 billion, is a publicly traded Canadian company that specializes in acquiring and growing vertical market software companies specifically within the communications and media sector.

“Imagine Communications is an important addition to Lumine’s growing Media ecosystem,” said Tony Garcia, chief operating officer at Lumine Group. “The business will provide origination to our already extensive video processing capabilities, while complementing and expanding TV monetization with its Landmark Sales AI-enabled advertising product, among others.

“Consistent with Lumine’s decentralized operating approach, Imagine Communications will continue to operate as an independent business, and as a buy-and-hold forever owner, we are committed to giving them the stability to keep building on their depth of expertise in the industry,“ Garcia added. “We look forward to welcoming this global team and its customers to Lumine, to share our best practices and to learn from their decades of industry insight.”

Steve Reynolds, current Imagine CEO will continue to lead the division.

“We are excited to become part of the Lumine Group global media ecosystem,” Reynolds said. “Lumine Group’s acquisition approach and buy-and-hold philosophy provide us with a solid foundation on which we can continue to innovate, while providing certainty to our customers and employees. Operating as an autonomous business within Lumine Group, we have a clear path and excellent support to achieve our vision and serve our customers’ most critical needs.”

Imagine was born amid the ashes of the broadcast division of Harris Corp., created when the company spun off its transmission business, rebranded as GatesAir (acquired by Thomson Broadcast in 2022) and its software and networking division, which assumed the new name “Imagine Communications” in 2014.

This acquisition follows Lumine’s purchase of the video network business of U.K.-based Synamedia, a provider of video software technology to broadcasters and media production companies.

ATLANTA—Gray Media, Inc. has announced that it has concluded a deal with American Spirit Media, LLC (“American Spirit”) to acquire its six television stations for $50 million.

The deal builds on longstanding relationships between Gray and the stations. For more than a decade, Gray (and its predecessor company, Raycom Media) provided back-office services to five of these stations as well as local news to four of these stations.

The American Spirit being acquired are:

• DMA 81, Toledo, Ohio, WUPW (Fox)
• DMA 100, Jackson, Miss., WDBD (Fox)
• DMA 125, Wilmington, N.C., WSFX-TV (Fox)
• DMA 126, Columbus, Ga., WXTX (Fox)
• DMA 149, Wichita Falls, Texas, KAUZ-TV (CBS)
• DMA 176, Lake Charles, La., KVHP (Fox)

Gray also announced that the parties completed the first of two closings of the transaction with Gray paying $40 million to American Spirit and commencing a limited local management agreement for the stations. The consideration for the first of the two closings was funded with a portion of the proceeds of a private placement of $70 million of aggregate principal amount of the Company’s 7.250% Senior Secured First Lien Notes due 2033, which was completed on June 30, 2026.

As of May 15, 2026, prior to the deal, Gray owned 117 full-power television markets that collectively reach approximately 37% of US television households.

NEWPORT BEACH, Calif.—Bitcentral, a provider of enterprise software and digital media solutions for news, sports and entertainment broadcasters as well as streaming platforms, said it has sold off its traditional production and playout business to investment group Banyan Software.

Bitcentral will focus on broadcast news production, playout and workflow technology that broadcasters depend on every day, while the other company, now known as "ViewNexa," will focus on helping media companies grow, distribute and monetize digital audiences across streaming and connected platforms, the companies said.

Sam Kamel, who became CEO of Bicentral in 2024, called the move “a bold and exciting step in the company's evolution." Kamel was hired after Bitcentral announced funding from a new unidentified private investor at the time.

“By creating two dedicated companies, each gains increased clarity, leadership focus and investment capacity to accelerate innovation and better serve customers,” Kamel said. “Bitcentral continues as a trusted technology partner to some of the most important broadcast news organizations in North America. Banyan’s ownership provides a strong foundation for continued investment and innovation. For ViewNexa, this means the independence and resources to pursue high-growth market opportunities in streaming, monetization and audience engagement."

Bitcentral Founder and Chairman Fred Fourcher, who returned to Bitcentral as board chairman at the same time Kamel assumed leadership, also hailed the transaction.

“I’m incredibly proud of what we've built at Bitcentral over the past 25 years,” Fourcher said. “From the beginning, our vision was to help media organizations adapt to the changing ways content is created, managed, distributed and consumed. Over time, we built two exceptional businesses, each with its own customers, capabilities and future. This transaction allows both to move forward with renewed focus while staying true to the spirit of innovation, reliability and customer commitment that have defined Bitcentral from the start.”

Former Chief Operating Officer Sam Peterson, has become CEO of Bitcentral, leading the newly independent business. Sam Kamel continues as ViewNexa’s CEO, working with the leadership team led by General Manager Scott Alexander.

“With Banyan Software as a long-term partner, we are well positioned to invest in next-generation broadcast workflow capabilities, including cloud-based operations and emerging AI-driven tools that will shape the future of news production,” Peterson said. “Our customers will continue working with the same people, the same trusted products and the same commitment to service they expect from Bitcentral. We play a central role in the daily operations of more than 40 leading news organizations across more than 1,600 newsrooms, and we are just getting started.”

Reed Fawell, operating partner at Banyan Software, said: “Bitcentral has built a highly trusted and mission-critical technology platform that supports the daily operations of leading broadcasters. We are excited to support Sam Peterson and the Bitcentral team with a long-term investment approach focused on product strength, customer success and continued innovation. This is a business with deep customer relationships, a strong product foundation and an important role to play in the future of broadcast news operations.”

The transaction has closed and both companies are operating independently under their new structures.

DALLAS—In the wake of the news that Fox plans to pay $22 billion to acquire Roku, a new survey from Horowitz Research highlights how important streaming platforms have become in the connected TV ecosystem and reaffirms Roku's position as the most commonly used streaming platform among U.S. consumers.

According to "Horowitz Research’s State of Media, Entertainment, and Tech: State of Subscription’s 2026" report, nearly four in ten U.S. streaming platform users choose Roku to stream content, outpacing top competitors Amazon Fire TV and Samsung’s Smart Hub interfaces, each of which are used by almost one in three streamers.

While Roku leads in penetration and usage, the study also shows that consumers rate competing platforms more favorably across key experience measures.

For example, Amazon Fire TV outranks Roku on ease of finding content within the platform as well as lagging time, the ability to cast to screens, and the ad experience. Samsung outperforms on Wi-Fi connectivity and reliability. Both these systems outrank Roku on start-up speed and smart home integration.

While Google TV and Apple TV have less penetration within streaming households, both platforms fare better on key attributes compared to Roku.

“Roku’s acquisition by Fox is a strategic move designed to deliver younger viewers to the aging Fox demographic,” noted Adriana Waterston, executive vice president of insights and strategy for Horowitz Research. “But as the market for smart TV’s continues to evolve, we anticipate that consumers will increasingly choose their smart TV interfaces scrupulously, much like they do with their mobile devices. To continue to dominate the market, Roku will need to look not just as driving penetration but finessing their interface to meet the demands of Gen Z and younger consumers who will expect a robust, highly personalized, and tech-forward user experience.”

The study also found that “Roku’s new Ad Manager, which will enable smaller businesses to leverage hyper-local TV ads, is exciting because it democratizes access to CTV advertising for local and emerging brands,” she added. “However, it runs the risk of over-saturating the Roku viewing experience with repetitive, lower quality ads which could further alienate the younger audience that already has low tolerance for advertising.”

For more information about the "State of Media, Entertainment & Tech: Subscriptions 2026" report, visit: https://www.horowitzresearch.com/syndicated-research/state-of-media-subscriptions/.

DENVER—MediaKind has announced the successful completion of its merger with Harmonic’s video business, creating an independent video infrastructure company with more than $250 million in annual revenue.

The integrated portfolio went live at mediakind.com on June 17.

MediaKind reported that the combined company enters the market with more than $100 million in annual recurring revenue (ARR), and over $150 million in annual appliance revenue. Bringing together complementary strengths across SaaS streaming, appliance platforms and cloud video technologies, MediaKind said that it serves a global blue-chip customer base and is uniquely positioned to help the media industry navigate the next era of streaming and video delivery.

“Bringing these two teams together under one roof is a powerful moment, creating a stronger, more capable partner for the media industry at a time of significant change.” said Allen Broome, CEO of MediaKind. “Outstanding technology, deep expertise, and a shared obsession with customer success — we’re ready to build something exceptional.”

To coincide with the merger, MediaKind has launched its new website. Visitors can now explore how the company is bringing together cloud-native software, SaaS services, and proven video infrastructure into a single, integrated offering at www.mediakind.com.

In a new opinion piece published by Fortune, Nexstar founder, chairman and CEO Perry Sook vigorously defended the Nexstar/Tegna deal as “vital to the future of local television and local journalism,” and argued that local broadcast news operations could collapse and disappear, just as newspapers did, if the deal is not allowed to go through.

The OpEd piece comes at a time when Nexstar Tegna deal is bogged down in litigation after being approved by the Federal Communications Commission and the U.S. Department of Justice.

In April a judge in the U.S. District Court for the Eastern District of California issued an injunction preventing Nexstar from merger operations with Tegna while the court considers an antitrust suit filed by state Attorneys General and DirecTV.

In the OpEd, Sook stressed that “outdated” broadcast stations ownership rules have crippled local broadcasters and have allowed big tech to dominate the media landscape, creating an “inflection point” similar to what the newspaper industry faced before its collapse.

“In an era of rampant misinformation and growing polarization, local journalists provide a critical counterweight — offering verified facts and a forum for civic engagement,” Sook said, adding that sustaining that mission “in today’s environment requires [the kind of] scale” the Nexstar/Tegna merger would create.

“This transaction is vital to the future of local television and local journalism. Without the ability to grow, local broadcasters will struggle to compete for audiences, attract advertising, and invest in the journalism that is vital to our communities.”

The alternative of refusing to change ownership rules would be “dire,” hurling local communities into a “a future where Americans rely on algorithm-driven feeds, viral content, and AI-generated summaries for information. A future where local voices are diminished or disappear altogether. A future where fewer institutions are dedicated to reporting facts, holding power to account, and fostering informed civic dialogue…This deal offers us all a chance to preserve real news options for future generations of Americans.”

The full piece is available here.

WASHINGTON—The Antitrust Division of the U.S. Department of Justice has approved the proposed $111 billion acquisition of Warner Bros. Discovery (WBD) by Paramount Skydance, saying “the impact of the transaction will be to increase competition across the media and entertainment ecosystem, with benefits for American consumers and workers.”

The deal still faces possible opposition from the European Union, which has not yet concluded its investigation, from state Attorneys General. California Attorney General Rob Bonta is still reviewing the deal and could still file a lawsuit to block it, as state AGs did in the case of the Nexstar/Tegna deal, which also passed reviews by the DoJ and the Federal Communications Commission.

After an eight month investigation that involved reviewing more than 2 million documents, the Antitrust Division issued a statement late Friday June 12 noting that “based on the evidence received in its investigation that the transaction is not likely to result in harm to competition or American consumers, including with respect to: (1) streaming video on demand (SVOD); (2) linear television; and (3) studio development, production, or distribution of films for theatrical release.”

In terms of the streaming marketplace, the Division reported that the “evidence reviewed and carefully analyzed by the Division indicates that, post-merger, competition in SVOD is not likely to be harmed. To the contrary, the combined firm is likely to increase competition by offering consumers a more robust competitive alternative to the larger SVOD offerings.”

One of the more controversial aspects of the merger was its potential impact on Hollywood production and employment. “The substantial body of evidence available to the Division indicates that the transaction is not likely to harm competition in studio development, production, or distribution of films for theatrical release,” the DoJ argued in a statement. “Instead, the evidence shows extensive competition within the industry, which has generated greater output and diversity of film offerings, and is likely to continue unabated. In fact, even since the transaction was announced, the evidence shows competition for theatrical production and distribution has increased. Smaller studios have turned to innovative content development and distribution strategies to challenge traditional assumptions regarding the conditions necessary for successful theatrical release. Indeed, this remains true looking even at narrow categories like “tentpole” or `blockbuster’ theatrical production and distribution.”

The full statement is available here.

NEW YORK and SAN JOSE, Calif.—Fox Corp. announced today that it is acquiring Roku, the world’s leading connected TV platform in a cash and stock transaction valued at approximately $22 billion ($160 per share).

The acquisition will give Fox a strong foothold in what is considered the fastest growing segment in the TV advertising market, connected TV (aka “CTV”) and free ad-support TV (aka "FAST"), and an expanding market for its live news and sports programming, according to Lachlan K. Murdoch, Executive Chair and Chief Executive Officer of Fox Corp.

The deal, if approved, would give Fox a stronger platform for its Fox One direct to consumer streaming services launched in 2025 and a unique position among media companies—owning a major broadcast network, one of the largest FAST services (Tubi), a leading TV OS, a premiere CTV platform and a leading streaming service (The Roku Channel).

Bringing all of those platforms together in a combined media ecosystem will bring the company closer to offering advertisers a more holistic approach to media programming, distribution and monetization for both live/linear and streaming/on-demand services.

“This is a defining moment for Fox, and a natural extension of the deliberate and focused strategy we have been executing for nearly a decade,” he said. “In 2019, we reoriented the company around live news and sports. In 2020, we acquired Tubi, and under our stewardship it has become one of the most successful businesses in streaming. Today, we take the next step: bringing together the most valuable live content portfolio in video consumption with the preeminent streaming platform through which America watches it.”

The transaction combines Fox’s sports, news, and entertainment content and the Tubi service with Roku’s leading connected TV platform, The Roku Channel, first-party data and direct relationship with more than 100 million global streaming households. Fox said its acquisition of Roku “will create a scaled next-generation media and technology company positioned at the intersection of two of the most important forces reshaping video consumption: the enduring primacy of live sports and news, and the continued rise of streaming.”

Roku Founder, Chairman and CEO Anthony Wood will join the combined company and its board.

“I’m incredibly proud of what our team has built, and the combination with Fox is an extraordinary opportunity to accelerate our vision, scale faster, and innovate more aggressively for viewers, partners, and advertisers,” Wood said. “That’s why our Board of Directors unanimously determined after concluding its strategic review process that this transaction offers a significant premium to Roku shareholders while also providing them with the opportunity to participate in the compelling future upside of the combined company. I couldn’t be more excited about what we’ll accomplish together.”

Fox and Roku said they are “committed to continuing to operate Roku as an open, partner-friendly platform and to the continued ubiquitous distribution of Fox content.”

In its investor call this morning, Murdoch emphasized the importance of maintaining Roku’s extensive partnerships with competitors such as Netflix, Amazon or Disney.

“It is essential that Roku remain an open and partner-friendly business,” he said. “We're in a business that we have tremendous partners who really rely on Roku for a lot of their distribution, and we don't see that changing at all from a Fox perspective.

Wood added that “Roku has a very large platform business [that] consists of advertising and subscriptions. A lot of that business is driven by promotion of our partners, and our goal is to grow that business. It's not for that business to retreat, so we're going to continue to grow that business. That means that means working closely with partners to do that."

On a pro forma basis, the combined company will become the third-largest player in U.S. TV by share of viewing, spanning “every major viewing environment—broadcast, cable, local, and streaming – creating broad and diversified reach that benefits viewers, partners, and advertisers.”

Upon closing, existing Fox shareholders are expected to own approximately 73% of the combined company and Roku shareholders approximately 27%. The transaction has been unanimously approved by the Boards of Directors of both companies. The transaction is expected to strengthen Fox's long-term growth profile, accelerate its digital strategy, be accretive to free cash flow per share by the second full year after closing, and achieve approximately $400 million of run-rate cost synergies with additional revenue upside.

Fox expects to fund the cash portion of the transaction consideration with a combination of new debt and cash on hand. Fox has obtained $12.0 billion of fully committed bridge financing from Morgan Stanley Senior Funding, Inc. At closing, the company expects pro forma net leverage to be approximately 2.8x, inclusive of 50% credit for run-rate cost synergies. Additional detail on financing terms will be included in the companies' required filings with the Securities and Exchange Commission.

CINCINNATI—The E.W. Scripps Company and Gray Media have announced that they’ve completed local TV station swaps across five mid-sized and small markets.

In late April, the FCC approved the license transfers.

The agreement, which was originally announced in July 2025 means that:

• • Gray Media has acquired Scripps’ WSYM (Fox) in Lansing, Michigan, and KATC (ABC) in Lafayette, Louisiana.
• • Scripps has acquired Gray’s KKTV (CBS) in Colorado Springs, Colorado; KKCO (NBC) and KJCT-LP (ABC) in Grand Junction, Colorado; and KMVT (CBS) and KSVT-LD (Fox) in Twin Falls, Idaho.

The transaction expands Scripps’ presence in Colorado Springs and Twin Falls – markets where the company already operates trusted local stations – and establishes a new footprint in Grand Junction.

“Greater depth in these markets creates the economic durability to sustain our public service commitment: high quality local news, emergency alerts, weather coverage and local sports that keep people informed, engaged and connected to their communities,” said Adam Symson, Scripps’ president and CEO. “We see scale and localism as complementary, and strategic transactions like this help ensure our stations remain strong, trusted voices for the communities that depend on us.”

The swap involves an even exchange of comparable assets with no cash consideration exchanged between the companies.

IRVING, Texas—Nexstar Media Group has named Executive Vice President, General Counsel and Secretary Elizabeth Ryder to its board of directors.

The move comes as the company faces important legal challenges over its acquisition of Tegna.

Ryder had held the same role from 2017 to 2022, and before that was senior vice president and general counsel. At that time, she oversaw Nexstar’s legal and regulatory efforts related to its 2017 acquisition of Media General and 2019 purchase of Tribune Media. For the past four years, she has been Nexstar’s senior outside legal counsel. She joined Nexstar in 2009.

“We are very pleased to welcome Elizabeth back to Nexstar’s executive team on a full-time basis,” Perry Sook, Nexstar’s founder, chairman and CEO, said. “Her counsel over the past four years has been invaluable. She brings a depth of legal experience unmatched in the media industry, knows Nexstar and its mission intimately, and understands the evolving media landscape as very few do.”

Nexstar also promoted three senior executives to new posts:

• Scott Weaver has been promoted to executive vice president, government relations.
• Lindsey Knapp was elevated to executive vice president, human resources and associate general counsel.
• Jason Roberts advanced to senior vice president, deputy general counsel and assistant corporate secretary.

Weaver joined Nexstar in 2024 as senior VP, government relations, and has been responsible for setting the company’s legislative and regulatory priorities, representing Nexstar’s interests to the executive branch of the federal government, Congress, and a variety of regulatory bodies. He established Nexstar’s first Office of Government Affairs in Washington, D.C., shortly after joining. He will continue to report directly to Sook.

Knapp had been senior vice president, human resources and associate general counsel, since 2024, directing comprehensive due diligence during mergers and acquisitions and advising on workforce composition, culture and integration issues. She has also managed a variety of organizational changes designed to improve efficiency and productivity and was instrumental in the creation and implementation of Nexstar’s employment law compliance program. Ms. Knapp joined Nexstar in 2022 as VP, human resources and associate general counsel. She will report to President and Chief Operating Officer Michael Biard.

Roberts joined Nexstar as associate general counsel in 2019, following the company’s acquisition of Tribune Media, where he was assistant general counsel for 10 years, overseeing legal matters for approximately one-third of Tribune’s TV station portfolio, negotiating complex commercial contracts and advising on regulatory and content matters. He has had similar responsibilities at Nexstar while also managing the legal aspects of the company’s transition to ATSC 3.0 and establishing its regulatory training programs. Roberts will report to Ryder.

“Scott, Lindsey and Jason are talented and experienced leaders in their respective fields who are deeply committed to Nexstar’s long-term success,” Sook said. “Each of them has a keen understanding of our media businesses and our people, the forces that are shaping the industry and the critical role we play in the communities we serve. We are fortunate to have them as members of our management team.”

WASHINGTON—The Federal Communications Commissions’ Media Bureau has approved the transfer of TV station licenses from subsidiaries of SagamoreHill Broadcasting II and Block Communications to Gray Media.

In granting its approval of station acquisitions announced last year, the agency waived some of the FCC's station ownership rules.

In granting the transfers, the FCC rejected arguments from DirecTV, Georgia Cable Association, Illinois Broadband & Cable Association, Indiana Cable and Broadband Association, Tennessee Cable & Broadband Association, Business Forward, Asian Americans Advancing Justice and Christopher Ruddy, CEO of Newsmax Media, Inc.

“After carefully and thoroughly reviewing the record, we find that there are no material public interest harms arising from the Transactions,” the agency noted. “We further find that certain transaction-related public interest benefits are likely to be realized, especially given Gray’s reaffirmed commitment to “strong local news and information programming.”

The approval gives Gray ownership of WAND(TV), Decatur, Illinois, its first full power station in the Champaign-Urbana & Springfield-Decatur, Ill. DMA, and WLIO(TV), Lima, Ohio, its first full power station in the Lima, Ohio DMA.

In addition, Gray will now own two full power stations, a duopoly, in the Columbus, Ga.-Opelika, Ala. DMA with WTVM(TV), Columbus, Ga., and WLTZ(TV), Columbus, Ga.

It will also have three full power stations, a triopoly in Lubbock, Texas with KCBD(TV) and KJTV-TV, Lubbock, Texas, and KLCW-TV, Wolfforth, Texas and a triopoly in Louisville, Ky. with WAVE(TV) and WDRB(TV), Louisville, Ky., and WBKI(TV), Salem, Ind.

With the approvals, Gray announced that it had closed on its previously announced transaction with Block Communications, Inc. for a total purchase price of $80 million.

More specifically, that transaction included WDRB and WBKI, the Fox and The CW affiliates for the Louisville, Kentucky, market (DMA 49), where Gray owns and operates NBC affiliate WAVE-TV. The transaction also includes WAND, the NBC affiliate for the Springfield-Champaign-Decatur, Illinois, market (DMA 92), and WLIO, the NBC affiliate for the Lima, Ohio, market (DMA 190), as well as WLIO’s associated low-power television stations.

Last year in July, shortly before the Block deal, Gray announced it was buying SagamoreHill Broadcasting’s WLTZ, the NBC affiliate in Columbus, Ga. (DMA 127), and KJTV, the Fox affiliate in Lubbock, Texas (DMA 140).

The Federal Communications Commission is urging the U.S. Court of Appeals for the D.C. Circuit to dismiss appeals filed in consolidated antitrust cases seeking to block the agency’s previously issued ruling approving the Nexstar/Tegna merger.

The motions appealing the FCC's approval were filed in the court by several broadband associations, DirecTV and Newsmax. Since then, in late April, the U.S. Court of Appeals for the District of Columbia Circuit denied an emergency motion to stay the $6.2 billion Nexstar/Tegna merger.

In a May 5 filing the FCC argued that “under binding Circuit precedent, this Court lacks jurisdiction to review an order issued by the Commission’s staff. The Court should therefore dismiss these appeals.”

In its arguments, the FCC noted that its Media Bureau, “not the Commission, has acted. And the Commission has not denied—constructively or otherwise—the recently filed application for review.

In all events, appellants’ arguments in support of jurisdiction cannot overcome the plain text of 47 U.S.C. § 155(c)(7). The second sentence of that provision states: `The time … within which an appeal must be taken under [47 U.S.C. § 402(b)] shall be computed from the date upon which public notice is given of orders disposing of all applications for review filed in any case.’”

“Thus, Congress made clear that the filing window for appeals under section 402(b)—i.e., the timeframe `within which an appeal must be taken’—does not open until the FCC has acted on all pending applications for review of staff decisions. This confirms what the Court previously concluded: `Congress did not intend that the court review a staff decision that has not been adopted by the Commission itself.’”

As a result, “This Court lacks jurisdiction to review orders issued by the FCC’s staff, including the Media Bureau’s order in this case,” the FCC concluded. “Accordingly, the Court should grant this motion and dismiss these appeals.”

The merger has also been challenged in Federal Court in California, where the court has issued a preliminary injunction preventing Nexstar from going ahead with the merger.

WASHINGTON—Commissioner Anna M. Gomez is calling on the Federal Communications Commission to conduct a full, independent, and rigorous review of the foreign ownership interests embedded in the proposed Paramount-Warner Bros. Discovery merger.

In urging the regulator to take a hard look at the deal, Gomez, the agency’s sole Democrat, noted that Paramount owns CBS, which holds broadcast licenses regulated by the FCC. Under federal law, foreign governments and their representatives are prohibited from owning those licenses, and any indirect foreign ownership above 25 percent requires the commission to approve the deal and take a serious look into whether that arrangement serves the American public and protects national security.

As previously reported, Paramount has already filed a petition with the FCC seeking approval of foreign investment.

In the filing, Paramount Global said that following the completion of the merger with Warner Bros. Discovery, which has been approved by the FCC and shareholders, the combined company would be 49.5% owned by foreign companies and that Middle Eastern investors would hold 38.5% of the company’s equity.

Those Middle Eastern investors include Saudi Arabia’s Public Investment Fund (15.1% equity stake), the United Arab Emirates’ sovereign wealth fund (12.8% equity) and the Qatar Investment Authority (10.6% equity).

“The American public deserves to know who owns the airwaves that carry their news,” Gomez said in a statement. “I am alarmed by what appears to be an effort to rubber-stamp a financial structure that places nearly half of one of America’s largest broadcast and media companies into the hands of foreign governments with documented records of press suppression and a troubling willingness to silence journalists. There are serious, unresolved questions about how this foreign investment may jeopardize national security, and this Commission has a legal obligation to answer them before handing wealthy friends of this Administration yet another Billionaire Buddy Bypass on a transaction that strikes at the heart of American journalism.”

The transaction before the commission involves sovereign wealth funds from Saudi Arabia, Qatar, and Abu Dhabi investing in a company that controls CBS broadcast stations, as well as major cable news operations, including CNN.

In a press release on the issue, Gomez noted that among the named investors is Saudi Arabia’s Public Investment Fund, controlled by Crown Prince Mohammed bin Salman, whom the U.S. intelligence community concluded ordered the murder of Washington Post journalist Jamal Khashoggi in 2018.

Adding to these concerns, Tencent, a U.S.-designated Chinese military company, withdrew from the transaction last year after its participation threatened to trigger a national security review by the Committee on Foreign Investment in the United States (CFIUS), only to resurface in reported discussions about a potential investment. Whether Tencent ultimately participates, and at what level, remains unclear, raising further questions about the full scope of foreign investment in this deal, the release from Gomez's office said.

Gomez called on the FCC to take concrete steps before acting on this petition.

More specifically, she asks that the commission make all foreign investment agreements publicly available. She also wants the FCC to open the proceeding to public comment so Americans can weigh in on who is buying into public airwaves. Finally, she asks the FCC to coordinate with national security agencies, including CFIUS and the DOJ National Security Division, before drawing any conclusions about the risks this deal poses to national security.

Her calls echo those made by multiple members of Congress, including Sens. Cory Booker (D-N.J.), Chuck Schumer (D-N.Y.), and Elizabeth Warren (D-Mass.), as well as Rep. Sam Liccardo (D-Calif.), who have similarly urged the Commission to conduct a rigorous and independent review before taking any action.

“The public airwaves belong to every American, not just billionaire buddies of this Administration and the foreign governments that fund them,” Gomez concluded. “Instead of auctioning them off to the highest foreign bidder, the FCC should do more to protect them.”

The Paramount petition on foreign ownership did stress that the Ellison family will continue to be the largest shareholder and will own 100% of the voting shares.

ATLANTA—Gray Media has closed on its previously announced purchase of 10 stations from Byron Allen’s Allen Media Group for $171 million plus working capital adjustments.

On March 26, Gray closed on stations in three new markets: Columbus-Tupelo, Miss.; Terre Haute, Ind.; and West Lafayette, Ind. It acquired the seven remaining stations, all in overlap markets, on May 1.

The deal included the following stations:

• DMA 75: WAAY, Huntsville, Ala. (ABC)
• DMA 90: WSIL, Paducah-Cape Girardeau-Harrisburg, Mo. (ABC)
• DMA 109: WEVV, Evansville, Ind. (CBS/Fox)
• DMA 110: WWFT, Fort Wayne, Ind. WFFT (Fox)
• DMA 121: WCOV, Montgomery, Ala. (Fox)
• DMA 124: KADN, Lafayette, La. (Fox/NBC)
• DMA 134: WTVVA, Columbus-Tupelo, Miss. (ABC/NBC)
• DMA 137: WREX, Rockford, Ill. (NBC)
• DMA 159: WTHI, Terre Haute, Ind. (CBS/FOX)
• DMA 189 WLFI, West Lafayette, Ind. (CBS)

Sinclair remains bullish about the prospects for consolidation and M&A in the broadcast TV station market, CEO Chris Ripley told analysts on the station group’s first-quarter earnings call.

Ripley said the Federal Communications Commission and Justice Department’s recent approval of the $6.2 billion Nexstar Media Group-Tegna merger “will be tremendously helpful to the industry going forward and pursuing a much-needed consolidation.”

Ripley also pushed back against attempts by attorneys general in 13 states to block the Nexstar-Tegna deal on antitrust grounds, calling the lawsuit “very flimsy.”

“We have seen an approval of that transaction [Nexstar-Tegna] from both the FCC and the DOJ with no conditions and no divestitures required from the DOJ,” Ripley said. “So that is a huge change in the way the DOJ has historically looked at our market, which was defined as just competition amongst local broadcasters. And they have finally come up to date with the realities of the current marketplace, which is that we compete across many different mediums, including cable and connected TVs. So that's a huge win and it's been a long time in coming, and it will be tremendously helpful to the industry going forward and pursuing a much-needed consolidation.”

Ripley also said he expects that the FCC will also eliminate ownership caps on station groups. “I do think that will happen,” he said. “Of course, that’s up to the FCC. And certainly, as an industry, we have been lobbying for that. So it is something that I do expect will happen in the future. so that you don't have to rely on waivers.”

The rule changes, he said, mean that “we're going to head towards a marketplace where you've got two large groups that the industry consolidates up to, which still will be relatively small in the TMT [technology media and telecommunications] landscape, but will be much better competitors within that broader landscape as they improve on efficiencies and gain more access to better talent and open up business opportunities. So that's very exciting.”

He also pushed back against attempts by some AGs to block the deal. “We do think that the case brought against that deal is very flimsy in terms of the merits,” he said.

Ripley noted that seeing some of the objections raised by the AGs would help them in the future: “And we believe that now that we've seen the playbook, any future transactions, we can significantly mitigate a similar playbook in future transactions. And I think just there's a lot of unique features in the Nexstar-Tegna deal, like it was essentially a No. 1 and No. 2 coming together, which certainly wouldn't be what you would expect mathematically can happen in the next combination. And there was a bunch of optics around the deal, which didn't look great, which we're very unique to this situation.”

“We, of course…would rather Nexstar just proceed forward on a clean basis, but we have a lot of faith that they'll play through this,” he continued. “And we do think future large transactions will learn a lot from this process and be able to significantly mitigate the risk.”

In terms of Sinclair’s ongoing pursuit of a merger with Scripps, Ripley said: “As it relates to Scripps, the industrial logic is still there. Our position on the deal is still the same. As I mentioned in my remarks, we would be happy to pick up discussions again around such a transaction, but we are not standing still. We are looking at multiple other opportunities to achieve similar levels of benefits and synergies. So [we] will keep moving. And if something were to materialize with Scripps, great. But if not, we're moving forward.”

Five more attorneys general, including two Republicans, have joined the antitrust lawsuit seeking to block the $6.2 billion dollar merger of Nexstar Media Group and Tegna, expanding the plaintiffs to a total of 13 states.

The AGs also filed an amended complaint in the U.S. District Court for the Eastern District of California.

The deal was approved by the Federal Communications Commission and Justice Department, but it is on hold after a federal judge granted a preliminary injunction halting the transaction while litigation proceeds.

“Antitrust enforcement is not political—it’s about protecting working families and helping ensure the benefits of a vibrant economy are for everyone, not just well-connected corporations,” California Attorney General Rob Bonta said in announciing the additional plaintiffs. “Today, five additional states join us in our challenge of the Nexstar/Tegna merger, now making this lawsuit a bipartisan effort.

“This is not controversial stuff—this merger is illegal and will give Nexstar and Tegna the ability to control and raise prices, fire journalists and dominate the media landscape,” Bonta continued. “State attorneys general nationwide understand just how important robust antitrust enforcement is to American life, and what a rotten deal this is for consumers, for workers, for affordability and for our local news. We welcome our sister states into the fray and look forward to fighting alongside them.”

Following the filing of the original complaint by eight AGs, all Democrats, on March 18, a judge in the Eastern District of California granted a preliminary injunction halting the merger.

That injunction followed a temporary restraining order granted in a challenge brought by DirecTV. The court has consolidated the states’ case with DirecTV’s related case. Defendants appealed the preliminary injunction to the 9th U.S. Circuit Court of Appeals, and Nexstar’s opening brief is due May 20.

In filing the amended complaint, the state coalition now includes the attorneys general of Colorado, Connecticut, Illinois, Indiana, Kansas, Massachusetts, New York, North Carolina, Oregon, Pennsylvania, Vermont and Virginia.

In response, Nexstar issued a statement: “By aligning with private equity-backed DirecTV, these misguided attorneys general are strangling local journalism—the most trusted source of independent, fact-based news available to Americans. The AGs, none of whom has a track record of advocating for local media, would do well to understand the industry they purport to protect. They should also recognize the binding commitments Nexstar has made to increase the amount of local news coverage in many markets, including today's settlement with the Ohio Attorney General. And they should be far more wary of the real drivers of the decline of local news: the unchecked rise of Big Tech platforms, the spread of misinformation on social media, and the economic pressures that have already led to widespread newsroom closures. Tellingly, none of them appeared on local broadcast news to discuss this issue, but their social media posts were immediate.

“In today’s media landscape, multibillion-dollar technology companies compete directly with local broadcasters while facing none of the same ownership, reach, or size constraints, putting untenable pressure on the economic model that supports local news,” the statement continued. “The alternative to this deal is not more independently owned outlets—it’s the demise of your local broadcast station.”

WASHINGTON—The Federal Communications Commission has approved previously announced station swaps between Scripps and Gray Media that were announced in July of 2025, creating new duopolies for both station groups.

The station groups said that the swaps were of equal value and no cash was exchanged.

In allowing the deal, the FCC rejected arguments by the American Television Alliance and NCTA – The Internet & Television Association (NCTA) in filings with the regulator that contended that the new duopolies would give the station groups too much power in retransmission consent negotiations.

More specifically, the deal transferred the following licenses from Gray to Scripps: KKTV in Colorado Springs; KMVT and KSVT-D in Twin Falls, Idaho, KSVT-LD; and KKCO and KJCT-LP in Grand Junction, Colo. as well as some translator licenses.

In addition, the FCC approved the transfer of the following licenses from Scripps to Gray: KATC in Lafayette, La. and WSYM-TV in Lansing, Mich.

The letter granting the license transfers and the FCC’s reasoning behind its decision is available here.

WASHINGTON—The U.S. Court of Appeals for the District of Columbia Circuit has denied an emergency motion to stay the $6.2 billion Nexstar/Tegna merger that was filed in the court by several broadband associations, DirecTV and Newsmax after the Federal Communications Commission approved the deal.

In a April 28 order, the court noted that a preliminary injunction preventing Nexstar and Tegna from going ahead with the deal and integrating their operations had already been entered by the United States District Court for the Eastern District of California.

“Appellants’ mandamus petitions request a stay of the Media Bureau Order under the All Writs Act, 28 U.S.C. § 1651,” the order said. “For this court to grant such a stay, appellants must show, inter alia, `irreparable harm in the absence of a stay.’”

However, “appellants’ showing of irreparable harm appears to be diminished by the preliminary injunction,” in California, the court noted.

In addition, “appellants have not satisfied the stringent requirements for a stay pending appeal. Specifically, appellants have not shown this court is likely to have jurisdiction under 47 U.S.C. § 402(b) to review the March 19, 2026 order of the Federal Communications Commission’s Media Bureau. An application for review of the Media Bureau Order is currently pending before the Federal Communications Commission. And an appeal of the Media Bureau Order filed in this court before the Commission has resolved the application for review `is subject to dismissal as incurably premature.’"

In response to a preliminary injunction prohibiting Nexstar from carrying out its $6.2 billion acquisition of Tegna, Nexstar has announced that it will appeal the ruling by a federal judge to the Ninth Circuit Court of Appeals.

The ruling could delay the merger for at least some weeks, if not months, until the Ninth Circuit rules and have a chilling impact on dealmaking in the broadcast station sector, which has been embarking on another wave of consolidation.

As previously reported, a temporary restraining order (TRO) halting the merger between Nexstar and Tegna was issued in late March by U.S. District Judge Troy L. Nunley in California in the U.S. District Court Eastern District Of California.

He is presiding over an anti-trust case brought by DirecTV and eight state Attorneys General seeking to block the deal, which has been approved by the Department of Justice and the Federal communications Commission.

Last week Nunley extended the TRO by one week and on April 18 issued a preliminary injunction that will take effect on April 21.

Nexstar responded by saying “This transaction closed more than four weeks ago following receipt of all required regulatory approvals from the Federal Communications Commission and the U.S. Department of Justice. Nexstar Media Group now owns TEGNA and has taken steps consistent with the Court order that has been in effect…This pro competitive transaction will make local stations stronger and support continued investment in local journalism and fact-based news. We will appeal today’s decision and look forward to presenting our case on its merits before the Ninth Circuit Court of Appeals.”

California Attorney General Rob Bonta, who is one of eight AGs involved in the case said "my office and attorneys general nationwide have secured a preliminary injunction in our lawsuit opposing the illegal and U.S. DOJ-approved merger of Nexstar/Tegna — an order that demands the broadcasting titans stop merging while our case proceeds. This is a critical win in our case,” “This merger is illegal, plain and simple. The federal government may have thrown in the towel, but we’ll keep fighting for consumers, for workers, for affordability, and for our local news.”

FCC Commissioner Anna Gomez applauded the ruling and criticized the regulator's hurried approval process.

“This is an important step toward ensuring that decisions of this magnitude are made with consumers in mind, not billion-dollar companies cutting backroom deals out of public view,” she posted on X. “I welcome the court’s decision to pause this transaction and bring much-needed scrutiny to a deeply flawed approval process."

It isn't immediately clear how long an appeal might take. If that appeal fails the ruling could delay implementation of the merger until 2027 when a jury trial would be held.

While the litigation continues, some analysts have argued that the ruling could "ice" broadcast M&A.

The court ruling is available here.

LAS VEGAS—PSSI Global Services, a provider of live event transmission solutions, has acquired Beagle Networks, a developer of mission-critical IT infrastructure and onsite technical support for media and enterprise customers. Financial terms were not disclosed.

For more than a decade, Beagle has helped develop bespoke, robust IT and networking solutions for some of the largest live broadcasts in North America, including the World Series and the Super Bowl. Beagle has built its reputation on designing secure, resilient networks with both onsite and remote support, along with immediate, 24/7 responsiveness to its customers, PSSI said.

Ryan Werber, Founder and President of Beagle Networks, will continue to lead the team of network engineers and field technicians.

“We could not be more excited about PSSI’s investment in our company,” said Werber. “We’ve been working alongside PSSI for years on TV compounds, and their reputation in the industry is second to none. Combining PSSI’s transmission engineering and project management expertise with Beagle’s IT and network capabilities creates an impressive solution platform for the live events industry.”

One early initiative of the PSSI and Beagle teams will be a consolidated effort to more comprehensively support Fox Sports, a legacy customer of both companies.

“Complexity and innovation are standard across live productions, which is why Fox Sports trusts Beagle Networks and PSSI," said Brad Cheney, vice president of Field Operations and Engineering at Fox Sports. "We’re excited to see how this partnership evolves to navigate the increasing demands of today’s broadcast landscape."

In addition to its service to existing customers, including INDYCAR, NASCAR, and numerous enterprise customers, Beagle will leverage PSSI’s extensive engineering and project management expertise to expand its service capabilities. Beagle will also lend its know-how to ongoing IT upgrades at the PSSI International Teleport (PIT) and PSSI’s professional services portfolio.

“As soon as we met the team at Beagle, we knew they would be a perfect fit for the culture and spirit we have at PSSI Global Services,” said Derek Blount, CEO of PSSI Global. “We’ve been looking for the right opportunities to expand PSSI’s reach in the live event marketplace and beyond. Bringing Beagle into the family will enable us to provide so much more to our customers and their valuable content, from the TV compound to the teleport and to their viewers around the world.”

The PSSI/Beagle team will be in Booth W1543 of the West Hall of the LVCC at the 2026 NAB Show in Las Vegas, April 19-22.

GRASS VALLEY, Calif.—AJA Video Systems has announced that it has entered into an agreement to acquire Comprimato, a live video encoding and processing software provider for virtualized and cloud productions and broadcasts.

Financial terms were not disclosed.

The move will unify the AJA and Comprimato development teams behind AJA’s Bridge Live family of IP streaming products. Upon closing, it will help accelerate streaming innovation to bring customers enhanced workflow efficiency, improved content monetization opportunities, and more, AJA reported.

As part of the agreement, AJA will acquire Comprimato’s comprehensive portfolio of software solutions. This includes Live Transcoder for video encoding and transcoding, Live Standards Conversion for flexible frame rate conversion, the Twenty-One Encoder SMPTE ST 2110 encoding appliance, and the JPEG 2000 Codec SDK.

Comprimato CEO & Co-founder Jiří Matela and the entire Comprimato leadership, development, and operations team will join AJA once the deal is closed. Comprimato will continue to operate as a separate brand under AJA and retain its European offices. Sales structures, including sales, channels, customer support, and currently shipping products, will not be impacted.

“Comprimato has proven to be a trusted, strategic AJA partner for years now, supporting us through the continued evolution of our Bridge Live line of IP video solutions. This agreement sets our R&D, support, sales, and manufacturing on track to become tightly intertwined, which will allow us to accelerate development of the Bridge Live and Comprimato lines,” shared AJA Nick Rashby. “The synergies between our companies and technology are undeniable, and together, we’ll be able to address rapidly evolving customer needs faster than ever and break new ground in broadcast production.”

“We've built Comprimato with a bold vision for the future of live encoding and media production - making broadcast-quality video processing more accessible, flexible, and powerful. AJA is the ideal partner to accelerate that vision,” shared Matela. “AJA’s global reach, hardware expertise, and manufacturing capabilities combined with our software innovation is expected to enable our team to move faster and bring solutions to market that neither company could achieve alone. The latest agreement marks an exciting next chapter for our team and our customers.”

IRVINE, Calif.—Viant Technology has entered into a definitive agreement to acquire TVision Insights, an attention measurement provider that delivers second-by-second, eyes-on-screen attention, co-viewership and in-room presence data for TV viewing.

The $40 million acquisition is Viant’s largest deal to date. Previously it has acquired MySpace, IRIS.TV, and Lockr.

With this acquisition, Viant strengthens its AI-powered programmatic platform by integrating TVision's proprietary attention signals directly into its buying platform. Combined with Viant's Household ID and IRIS_ID, this delivers immediate improvements in inventory valuation, bidding precision, and return on ad spend, exclusively within the Viant platform.

"Every advertising platform measures its own performance today, which makes it difficult for advertisers to understand what's actually working. With TVision, we are providing advertisers a true market-wide view of how their advertising performs, free from any platform's self-attribution bias. While our competitors measure themselves, Viant measures the market,” said Tim Vanderhook, CEO and co-founder of Viant. “Advertisers can now use attention, co-viewing and in-room signals within Viant’s AI-powered buying platform giving them unparalleled strategic advantages, including a first-of-its-kind metric: the attention-adjusted CPM."

TVision's nationally representative panel uses advanced computer vision and Automatic Content Recognition technology to capture genuine viewer engagement across this entire ecosystem — giving advertisers a single, independent view of attention and enabling them to optimize spend toward impressions that are actually seen, the companies said.

"TVision was built to provide a more accurate and transparent view of how people engage with television and streaming content," said Yan Liu, CEO and co-founder of TVision. "By joining Viant, we can bring our measurement capabilities together with real-time activation and AI-powered optimization, helping advertisers turn attention insights into superior campaign performance."

Pursuant to the definitive purchase agreement, Viant will purchase TVision for a total consideration of $40.0 million, subject to customary adjustments and hold-backs, Viant said.

The deal consists of $22.5 million in cash and $17.5 million of shares of Viant’s Class A common stock delivered at closing. The transaction is expected to close in April 2026, subject to customary closing conditions.

Rockefeller Capital Management served as exclusive financial advisor to TVision in connection with the transaction.

MELBOURNE, Australia—Atomos announced today that it is acquiring Flanders Scientific (FSI), a global provider of professional reference monitoring. Atomos says the acquisition reinforces its “long-term commitment to precision monitoring across the entire production pipeline, from on-camera capture through to final color grading and delivery.”

The company added that acquiring Flanders Scientific will add expertise in color science and reference display technology with Atomos’ global reach, product innovation, and connected ecosystem and that it can now “deliver a more complete and integrated monitoring solution for filmmakers, broadcasters, and content creators worldwide.”

Atomos already has a broad monitoring portfolio spanning multiple stages of production. This includes on-camera monitoring with the Shinobi range and the Ninja family of monitor-recorders, on-set monitoring with the Sumo range, and rack-mounted solutions for broadcast and corporate workflows with the Shogun AV line. In addition, the previously announced Studio Pro line will complement Atomos' growing reference monitoring capabilities later this year.

With the addition of Flanders Scientific, Atomos now spans the full spectrum of monitoring, from on-camera, on-set, and live production, through to postproduction and final delivery, the company said.

Flanders Scientific will continue to operate as a distinct brand within the Atomos family. There will be no change to its product philosophy, engineering approach, or the high standards that professionals rely on, Atomos said.

“We are incredibly proud to welcome the Flanders Scientific team into Atomos,” said Peter Barber, Atomos CEO. “They have built a reputation for absolute precision and trust in reference monitoring, and that aligns perfectly with where we are taking the Atomos business. This acquisition strengthens our commitment to monitoring at every level, from on-camera through to final delivery, while also accelerating our ability to support the highest tier of professional production and post-production workflows.

"By combining FSI’s expertise with our global scale and innovation, we are creating something truly unique for the industry," Barber added. "Just as importantly, we are committed to preserving what makes Flanders Scientific special. The brand, the philosophy, and the engineering approach will remain unchanged, while gaining the support and reach of the broader Atomos organization.”

Bram Desmet, Chief Executive Officer of Flanders Scientific, said joining Atomos “is a significant, and exciting, moment for Flanders Scientific.”

“FSI was built on the simple premise that professionals responsible for image fidelity deserve tools they can trust,” Desmet said. “That standard has never changed, and it won't. What this partnership gives us is the infrastructure and reach to stand behind that promise for more customers, in more markets, more effectively than we could on our own. I'm excited about what we can deliver together—not just for the broadcast, digital imaging technician, and colorist communities we have always served, but for the broader production world that Atomos reaches every day. The best work FSI has ever done is still ahead of us.”

Both brands will be represented on their respective booths at the 2026 NAB Show. April 18-22 in Las Vegas. Atomos is in Central Hall, booth # C4731, while Flanders Scientific is in North Hall, booth # N1827—although there will be product cross-pollination across the two locations, Atomos said.

SACRAMENTO–A federal judge has issued an order extending for one week a temporary restraining order (TRO) preventing Nexstar and Tegna from integrating their operations as he continues to consider whether or not to grant a preliminary injunction in an antitrust case seeking to block the $6.2 billion merger.

As previously reported, a temporary restraining order (TRO) halting the merger between Nexstar and Tegna was issued in late March by U.S. District Judge Troy L. Nunley in California in the U.S. District Court Eastern District Of California.

The ruling blocks the two companies from proceeding with integration of their operations until the court rules on whether or not to issue a preliminary injunction in an antitrust case filed by DirecTV and Attorneys General in eight states.

The lawsuit seeks to block the deal that was approved by the Federal Communications Commission and the Department of Justice. The court heard arguments on the issue from both sides during a hearing on April 7 that was attended by Nexstar chairman and CEO Perry Sook.

While the April 10 order continues to limit Nexstar’s ability to integrate its operations with Tegna, the judge softened a number of important provisions in the original TRO.

In its response to the TRO, Nexstar opposed the TRO suggested a number of changes needed to be made if the judge planned to keep it in place.

The new order allows Nexstar to undertake ordinary course cash management, ordinary-course intercompany transfers, and ordinary-course debt service and repayment activities necessary to comply with Nexstar’s financing obligations.

It also allows Nexstar to take reasonable actions necessary to maintain Tegna’s day-to-day operations and allows Nexstar to perform all obligations required under its debt instruments, SEC reporting requirements, or refinancing transactions.

In addition it allows Nexstar to require that management of Tegna adhere to the interim operating covenants set forth in the Merger Agreement and allows Nexstar to require that management of Tegna adhere to the interim operating covenants set forth in the Merger Agreement.

TOKYO—FOR-A inked a deal April 8 to acquire all shares of Tamu Radiance, a new company that is a spin-off of Tamura Corp.’s Information Equipment Business, and the Aizu Tamura Corp. manufacturing arm. The effective date of acquisition is Oct. 1.

FOR-A plans to integrate its video technology with the acoustic and wireless intercom technology of Tamura Corp., which historically has sold into the broadcast and public venue infrastructure markets.

Consolidating development, manufacturing and sales resources in a single entity will enable technology integration that moves beyond simply manufacturing solutions leveraging existing assets to merge the strengths of FOR-A’s video and Tamura’s audio and wireless technology, FOR-A said.

The new company will remain in Tokyo, and the head office of the Aizu Tamura manufacturing arm will remain in Fukushima Prefecture.

See For-A at 2026 NAB Show booths W220-221.

More information is available on the For-A website.

SACRAMENTO—Following a hearing in Federal Court on April 7 on whether Nexstar can continue go forward with its $6.2 billion deal to acquire Tegna, LightShed Partners financial analyst Richard Greenfield has issued a note to investors arguing that he expects California District Court Judge Troy Nunley to grant a preliminary injunction halting the deal and that the ruling could have a major impact on dealmaking in the broadcast station sector.

As previously reported, a temporary restraining order (TRO) halting the merger between Nexstar and Tegna was issued by U.S. District Judge Troy L. Nunley in California in the U.S. District Court Eastern District Of California. The ruling blocks the two companies from proceeding with integration of their operations until the court rules on whether or not to issue a preliminary injunction in an antitrust case filed by DirecTV that seeks to block the deal. The Federal Communications Commission and the Department of Justice had earlier approved the deal.

The court heard arguments from both sides during a hearing on April 7 that was attended by Nexstar chairman and CEO Perry Sook.

At the end of the hearing Judge Nunley indicated that he would release a full ruling by Friday, April 10. Following the hearing, several published accounts (available here, here and here) indicated Judge Nunley seemed likely to issue the preliminary injunction based on his reaction to the arguments.

“Given the harshness of Nunley’s March 28th Temporary Restraining Order (link), we believe the most likely outcome is a preliminary injunction barring further integration,” Greenfield wrote in a note to investors. “What will be most interesting is whether Nunley acknowledges the challenges highlighted by Nexstar in their response to the TRO or maintains the same strict `keep separate’ order for a transaction that has already closed.”

“If the Nexstar case goes to trial, the best case is likely a mid-to-late Q4 hearing, with a decision in early 2027 and an appeal process that could eat up most of 2027,” he added.

“Remember, with the broadcast ownership cap effectively waived by the FCC to clear a path for consolidation, the Nexstar/Tegna merger was expected to drive a wave of consolidation over the next couple of years, including Nexstar and its peers,” he concluded. “We suspect this litigation could chill near term M&A across the broadcast sector, reducing the odds of a near-term settlement.”

The deal also faces ongoing litigation from Newsmax Media and several pay TV groups who have filed a motion in United States Court Of Appeals for the District Of Columbia Circuit seeking to halt the deal.

Other parties have filed papers with the Federal Communications Commission asking it to reconsider its approval of the $6.2 billion deal.

CINCINNATI—The E.W. Scripps Company has completed the previously announced sale of WRTV, its ABC-affiliated station in Indianapolis, to Circle City Broadcasting for $83 million.

The WRTV sale follows Scripps’ recent completion of the sale of WFTX, its Fox-affiliated station in Fort Myers, Florida, to Sun Broadcasting for $40 million.

Combined, the two transactions generated $123 million in cash proceeds, which the company says will be used toward debt paydown and the purchase of 23 ION-affiliated stations that it divested to INYO Broadcast Holdings in connection with its acquisition of ION in January 2021.

The current aggregate purchase price of the INYO stations is approximately $54 million pending timing of a deal close. Station ownership caps required Scripps to divest the stations when it acquired ION in 2021.

Scripps said that it will seek waivers from the FCC to the extent such rules are still in effect for the acquisition. Scripps also reported that ownership of the INYO stations would be immediately accretive to Scripps Networks division segment profit and margin, and would support coordination with Scripps’ other stations to develop potential new local programming opportunities.

Scripps also has an agreement to swap stations in five markets with Gray Television, a transaction that will strengthen Scripps’ competitive position in key Mountain West markets. That transaction, which requires relief from current television station ownership rules, is still in front of federal regulators for review.

SACRAMENTO—In response to a temporary restraining order (TRO) pausing the $6.2 billion Nexstar/Tegna merger, Nexstar’s lawyers have strongly pushed back against the court order, saying that aspects of the merger are “impossible to reverse” and that “the TRO creates immediate operational harm to Tegna and Nexstar, regulatory conflicts, and a governance vacuum.”

The TRO was issued by U.S. District Judge Troy L. Nunley in California in the U.S. District Court Eastern District Of California in an antitrust suit brought by DirecTV. The ruling temporarily blocks the two companies from proceeding with integration of their operations. The court has asked for further pleadings on the issue and plans to hold an in-person hearing on April 7.

Nexstar’s March 31 response stressed that “Defendants Nexstar Media Group, Inc. and TEGNA Inc. hereby notify the Court that Defendants cannot implement certain provisions of the TRO as written because of actions already completed at closing and legal obligations that cannot be reversed. The TRO creates immediate operational harm to Tegna and Nexstar, regulatory conflicts, and a governance vacuum…Upon closing, Nexstar and Tegna took many typical steps that may not have been apparent to the Court when it issued its TRO. It is particularly difficult to freeze integration that was already taking place, unlike a conventional hold-separate order. Complying with certain aspects of the TRO is impossible and could jeopardize Nexstar and the Tegna assets the Court seeks to preserve.”

After laying out a long more specific list of operational problems and harms what would be created by the TRO, Nexstar also proposed some changes to the TRO to mitigate some of the problems created by the order. Those include changed in the following areas:

1. Debt and Cash Management
2. Corporate Governance and Operational Control
3. Distribution Agreements and Retransmission
4. Corporate Governance Structure and Officer Authority:
5. Financing and Reporting Obligations
6. Management Authority and “Ordinary Course” Operations
7. Corporate Governance and Officer Authority
8. Employee Compensation and Workforce Decisions
9. Interim Operating Covenants

“Nexstar’s above proposals may allow Defendants to mitigate some of the irreparable harm occurring to the combined company, comply with the TRO, and protect Tegna station assets over the next several days,” the filing argued. “The proposals, however, do not fully address the harm and are not sustainable beyond the preliminary injunction hearing set for April 7, 2026. Additional proposals and clarifications may be required in the coming days to forestall further material harm associated with the TRO.”

NORTHRIDGE, CALIF.—TSL today announced the acquisition of JLCooper Electronics, a pioneer in professional control, automation, synchronization, and interfacing products.

The announcement was made after the death of founder Jim Cooper was announced on March 16. TSL says the acquisition “ensures continuity of service and support for its global customer base spanning live events, music, radio, pro-AV, and education markets.”

Cooper got his start at UCLA AND was also Chief Engineer at Oberheim Electronics before launching JL Cooper in 1979. He was also a former President of the MIDI Manufacturers Association.

Notable JL Cooper customers include Cirque du Soleil, NBA, Grand Ole Opry and global artists including Depeche Mode, Pearl Jam and Hans Zimmer, as well as a wide range of OEM clients that align with TSL’s strategic growth plans.

TSL says the move further expands its capabilities into adjacent markets while broadening its technology offering to its core broadcast customers.

“JLCooper’s range of interfaces will be great additions to TSL’s Hummingbird control ecosystem, giving creators, operators, and engineers expanded options and greater flexibility in how they connect and control systems within the latest software-defined, cloud, and hybrid workflows,” the company said in a statement. “The addition of MIDI control and communication solutions further enhances TSL's capabilities and broadens TSL’s industry reach into music and audio production, opening up the enormous breadth of devices compatible with the MIDI industry-standard, which Jim Cooper himself helped to create and establish.”

Following the acquisition, TSL will move JLCooper’s production operations from El Segundo, CA to its base in Northridge, CA after which TSL will commence production and shipping of JLCooper solutions.

“With the sad news of Jim Cooper’s passing, it was important to find a way to secure the future for JLCooper’s revered technology, while ensuring continuity for its customers and we’re glad we’ve been able to move so quickly to achieve this,” said Matthew Quade, CEO, TSL. “Bringing its solutions into the TSL Hummingbird ecosystem, which already combines and has expanded the much-loved Tallyman and DNF Controls capabilities, will only enhance the flexibility and choice available to our customers, while broadening the markets that Hummingbird can support.”

“We were all terribly shocked and saddened by Jim’s passing, and have been working round the clock to find a way forward for his business that would ensure his legacy continues and maintains support for the users that have grown to love JLCooper solutions for the past 46 years,” said Chuck Thompson, General Manager, JLCooper Electronics. “I’ve been delighted by how TSL has been able to provide a route forward in a short timescale, and the professional understanding and support the TSL team has shown. I can’t imagine a better home for the brand and products and look forward to working with TSL on providing customers with enhanced options for their future workflows.”

WASHINGTON—The Federal Communications Commission has filed a brief asking the U.S. Court Of Appeals for the District Of Columbia Circuit to reject a motion by opponents of the Nextstar/Tegna deal for an emergency stay that would halt any integration of the two station groups.

In the filing the agency argues that it had the authority to approve the deal by waiving ownership caps and that the deal was in the public interest because it would allow combined company `to expand their investments in local news, and compete more effectively in the modern media marketplace’.

As previously reported opponents have filed motions in federal courts in the D.C. Circuit and in California seeking to stop the merger following the FCC’s approval of the deal and the Nexstar announcement the deal had closed on March 19.

The agency made the filing in the U.S. Court Of Appeals For The District Of Columbia Circuit in response to motions for an emergency stay of the Nexstar/Tegna deal by Broadband Communications Association Of Pennsylvania, Newsmax, Free Press and others. The National Religious Broadcasters has also filed an Amicus Brief supporting the stay.

In the filing the FCC said that “an a detailed decision, the [FCC’s Media] Bureau reasonably found that in light of a transformed media landscape, as well as Nexstar’s commitments concerning divestiture of certain stations, increased local news programming, and maintenance of retransmission consent rates, the public interest benefits of the proposed transaction outweighed any potential public interest harms.”

The FCC urged the court to “deny appellants’ motions for a stay of the Order pending appeal. Appellants have not shown that they have a likelihood of success on their claims, nor have they satisfied the other stringent requirements for obtaining such extraordinary relief. The Bureau exercised its power to waive the Commission’s national television ownership cap, as well as the local ownership limits in certain markets, for `good cause shown.’...[A]pproval of Nexstar’s acquisition of Tegna will advance the Commission’s longstanding goals by allowing the combined entity’s stations to `continue and in fact expand their investments in local news,’ `compete more effectively in the modern media marketplace,’ and `counteract the growing imbalance of power between those local broadcast TV stations … and the powerful Big Four national programmers.’ Because approval of the transaction will result in these significant public benefits, the Bureau justifiably concluded that it would serve `the public interest, convenience, and necessity.’

The full FCC brief can be found here.

SACRAMENTO—Nexstar has vigorously responded to a motion by eight states seeking a temporary restraining order (TRO) to stop its $6.2 billion merger with Tegna by arguing that a TRO would “irreparably harm Nexstar.”

“A temporary restraining order (TRO) preventing integration would irreparably harm Nexstar and others, halt the benefits of expanded local programming for millions, disrupt a fully approved and closed deal, jeopardize Nexstar’s business by creating confusion in the market, and impose in losses while creating a direct conflict with a lawful FCC Order,” the motion argued. “The States cite to no court that has issued a TRO on a consummated deal where, as here, two expert federal agencies have approved it. The Court should deny this thirteenth-hour request.”

Nexstar made the filing in the United States District Court Eastern District Of California Sacramento Division where eight states filed the antitrust lawsuit shortly after the Federal Communications Commission approved the deal and Nexstar announced the deal had been closed.

The lawsuit is one of at least three cases in federal courts seeking to block the merger.

In the California filing, Nexstar focused on several other key arguments including: the plaintiffs cannot meet the high standard for a temporary restraining order; the plaintiffs will not suffer immediate and irreparable harm; plaintiffs are unlikely to succeed on the merits; and a temporary restraining order would harm the public interest because it would “create conflicts of law”, deprive public benefits to the community and undermine Congressional intent. The filing also argued that the plaintiffs unduly delayed seeking relief and that the plaintiffs must post a bond for a temporary restraining order.

In the filing, Nexstar was particularly critical of the states, noted that “[t]he Plaintiff States worked directly with the DOJ in its review of the transaction yet raised no substantive concerns with Defendants until filing their Complaint. Now the States ask this Court to upend—on an expedited basis without adequate review—the well-considered decisions of two expert agencies. The FCC concluded the transaction serves the public interest by enabling expanded local news and information.”

The motion also emphatically rebutted the contention made by the states in their antitrust lawsuit that “the future Nexstar could charge more to cable and satellite companies for a license to retransmit local television signals,” which in turn would raise the costs of video programming.

“The States seek an `extraordinary remedy’ reserved for rare situations involving imminent, irreparable harm,” Nexstar said. “The States cannot support their sweeping request of the Court with their vague, speculative allegations of possible future financial injury. No imminent, irreparable harm exists. The States’ main theory is that Nexstar will raise retransmission fees at some point in the future. But, as the States acknowledge, any change in retransmission fees for expiring agreements is barred until after November 30, 2026 for parties that accept that extension. That alone defeats any claim of imminence. The FCC Order maintains the status quo, and many other agreements not covered directly by the FCC Order will not expire for years.”

The filing also contended that “their second claim of harm, that the transaction will hurt local journalism, fares no better. Again, among other reasons, the FCC Order commits Nexstar to expand local journalism and programming, just as it has done after prior deals. The FCC has committed Nexstar to divest six stations, including in Colorado, Connecticut, and Virginia, to further allay such concerns. At a minimum, those three States should dismiss their claims to preserve judicial resources.”

Nexstar repeated arguments that existing ownership caps are obsolete in the current media landscape where they compete against giant tech companies and contended that the TRO would delay the public benefits of the merger, which would allow Nexstar to invest more money in local journalism.

In addition, the “TRO would `impose a significant burden on Nexstar,” the filing noted. “Nexstar will suffer irreparable operational, financial, and competitive harm if forced to hold Tegna separate. A hold-separate order would prevent Nexstar from effectuating plans designed to result in cost savings and efficiencies, including systems integration, policy standardization, and retention of key employees. A delay will also impede coordination on key business functions, such as advertising sales, pricing, inventory management, and contract negotiations. Lost operational efficiencies alone have been valued at approximately and cannot be recaptured. A hold-separate requirement would also create uncertainty regarding the company’s operations and strategic direction, impairing Nexstar’s ability to preserve and grow key relationships and compete effectively. That uncertainty also creates substantial risk of attrition among key personnel, especially high performers. That uncertainty carries additional financial consequences—financing for the deal was based on operational and revenue synergies that, if delayed, could materially degrade Nexstar’s standing in financial markets. Finally, a TRO would force Nexstar not to implement its commitments under the FCC Order, putting it at risk of violating the FCC Order.”

WASHINGTON—Although the Federal Communications Commission has approved the Nexstar deal to acquire Tegna and Nexstar quickly declared the $6.2 billion transaction closed on March 19, legal challenges to the deal continue to mount, with Newsmax Media and several pay TV groups filing a motion in United States Court Of Appeals for the District Of Columbia Circuit seeking to halt the deal.

The emergency motion for stay and injunction pending appeal was filed on March 21 by the Broadband Communications Association Of Pennsylvania, Broadband Communications Association Of Washington, Indiana Cable And Broadband Association, Mississippi Internet And Television, Tennessee Cable & Broadband Association, VCTA – Broadband Association Of Virginia and Newsmax Media Inc.,

As previously reported, eight states have separately filed an emergency motion in California seeking an injunction blocking the deal while the federal court considers their antitrust lawsuit filed last week.

In addition, Monday March 23, Free Press, the Communications Workers of America, the United Church of Christ Media Justice Ministry, Inc. and Public Knowledge filed an appeal of the Federal Communications Commission’s rushed approval of the largest broadcast television merger in U.S. history.

The challenge, like the motion by Newsmax and the pay TV groups was filed in the U.S. Court of Appeals for the District of Columbia Circuit. It asks the court to stop the merger of Nexstar and Tegna before it proceeds and the companies combine all operations, and asks the court to set aside the FCC’s approval of the deal. The groups assert that the merger is unlawful, in contradiction of laws established by Congress and of FCC procedures, too.

Democracy Forward represents the coalition in the case. It filed a notice of appeal and motion on Monday.

“The whole point of these deals is not better news coverage, as these massive companies claim,” said Matt Wood, Free Press’ vice president of policy and general counsel. “They’re all about raising consumer prices while slashing the companies’ costs, which means firing reporters and centralizing the production of top-down, duplicative and watered-down news. We’re ready to challenge this unlawful deal before the courts and alongside the communities that Nexstar is supposed to be serving.”

The separate motion filed by Newsmax and pay TV group in the D.C. Circuit also complains that the FCC acted improperly in approving the deal and that Nexstar moved too quickly to close the deal.

“The merger `adversely affect[s]’ Appellants and consumers: By lifting regulatory restrictions on the first and third biggest broadcasters, the new company will upend the market for cable news and digital media and exert its newfound leverage to demand higher and higher fees from cable providers and other multichannel video programming distributors (MVPDs) wishing to carry Nexstar/Tegna stations (which in turn means higher monthly TV bills for American consumers). Yet while Congress guaranteed adversely affected entities the right to judicial review, it will be exceedingly difficult as a practical matter to unwind the acquisition once Tegna fully dissolves into Nexstar. That fact is not lost on Nexstar and TEGNA—rather than slowing things down to facilitate review, they apparently worked hand-in-glove with the FCC to frustrate judicial review: The order approving the transaction was publicly released around 6:50 PM; by 7:05 PM, Nexstar publicly announced that the transaction had already closed.”

More specifically, the filing argues that its challenge to the FCC’s order is likely to succeed because the FCC’s “order is flawed from stem to stern. In the Consolidated Appropriations Act of 2004, Congress prescribed a `39 percent national audience reach limitation, so a company with 80% national reach [that the combined Nexstar/Tegna group would have] should be a nonstarter. FCC regulations also prohibit one company from owning more than two stations in a single market—so a company owning 3 stations in scores of markets should also be a nonstarter. And even if the Commission somehow retained authority to suspend either requirement wholesale, the Commission has never done so—so allowing the subordinate Bureau to do so should be yet another nonstarter, because the Bureau expressly lacks authority over `novel questions of law, fact or policy.’”

“Under binding precedent from both this Court and the FCC, the least the Commission had to do was hold a hearing and put this transaction to a vote of the Commissioners,” the motion continued. “But that precedent went out the window after a social-media directive from President Trump to “GET THIS DEAL DONE!” The Media Bureau then dashed out an order approving the transaction in three-and-a-half months—roughly half the usual timeline—whistling past the Commission’s prior position that it lacked the authority to `decline to enforce” the 39% cap “against any person or entity.’”

“The remaining factors confirm the need for a stay,” the motion concluded “Notwithstanding the `serious, substantial’ legal questions that the Bureau purported to resolve, Nexstar and Tegna spirited their transaction across the finish-line in an attempt to avoid defending the Bureau’s `difficult and doubtful’ conclusions in court. Notwithstanding this gambit, substantial steps remain before full integration, and this Court should act promptly to enjoin them. Failing to do so would eviscerate Appellants’ right to review while hearkening the problems that Congress’ `39 percent national audience' reach limitation’ sought to prevent, concentrating control over high-value news, sports, and emergency programming in a single company and empowering that company to inflate prices while dictating what gets reported to 80% of households. And it would give future Commissioners (and Presidents) a roadmap to follow: Shunt politically-favored-but-legally-dubious mergers to the Bureau and give the parties a head-start to close before adversely affected entities can get into court. To protect its jurisdiction, to preserve Appellants’ statutory right to review, and to safeguard consumers, the Court should immediately stay the Bureau’s order and direct Nexstar and Tegna to hold separate and take no further steps to combine.”

WASHINGTON—The Federal Communications Commission’s Media Bureau has approved the transfer of WLFI-TV, Lafayette, Indiana; WTHI-TV, Terre Haute, Indiana; and WTVA(TV), Tupelo, Mississippi from subsidiaries of Allen Media to Gray Media.

DirecTV, Georgia Cable Association, Illinois Broadband & Cable Association, Indiana Cable and Broadband Association, Tennessee Cable & Broadband Association, Asian Americans Advancing Justice and others have filed papers with the FCC regarding the license transfer of the stations.

On March 23, the Media Bureau issued a letter granting the transfer of three stations. “Based on our own review of the Applications and the record in this matter, we find that the Applications fully comply with the Commission’s rules,” it noted. “In addition, we have not identified any other issues or potential public interest harms that would require further consideration. We therefore conclude that grant of the Applications would serve the public interest.”

The full letter can be found here.

WASHINGTON—On Thursday the FCC’s Media Bureau announced the approval of Nexstar’s acquisition of Tegna, a deal that has tested the limits of existing broadcast ownership rules.

The merger, valued at about $6.2 billion, will give Nexstar coverage of about 80% of U.S. households, controlling 265 stations across 44 states and Washington D.C., with Nexstar now owning major affiliates (ABC, CBS, NBC, and FOX) in 132 of the country’s 210 television markets. Such coverage gives Nexstar nearly double the 39% ownership limit typically allowed by the FCC.

In response to the approval, AGs in eight states filed to block the merger, claiming that it would increase costs for consumers and “consolidate newsrooms of previously separate Big 4 stations, degrading the content and quality of local news broadcasts.”

Since announced last August, just weeks after a federal appeals court vacated the FCC’s top four station ownership rule, the deal was perhaps the most brazen attempt by station groups to test FCC Chairman Carr’s attitude towards revising broadcast ownership rules. Broadcasters claim current rules are hampering their ability to compete with similar media operations owned by Big Tech. The FCC is currently in the public comment phase of considering new ownership rules as part of its 2022 Quadrennial Regulatory Review.

Carr—who has long advocated for such changes, applauded the court’s ruling last summer.

“For decades, the FCC’s approach to regulating the broadcast industry has failed to promote the public interest,” he said in August. “That has only made it harder for trusted and local sources of news and information to compete in today’s media environment. And that is why I dissented from the Biden-era FCC’s decision to retain a regulation that does not match marketplace realities. I am pleased to see that the court agrees and has vacated that regulation.”

Even more important was that the Trump administration approved of the deal, although it was based more on his dislike of “fake news,” than about ownership. Democrats in Congress lobbied against the merger, which also drew widespread media industry opposition from DirecTV, labor groups and even the right wing Newsmax cable channel.

To get to yes, Nexstar successfully obtained a waiver from the commission based on the company’s argument that the industry "needed more scale." Nexstar also made formal commitments to invest in local news and take steps to prevent the merger from leading to higher pay TV bills. In addition, Nexstar agreed to divest itself of the following TV stations:

• Little Rock, Arkansas (KNWA)
• New Orleans, Louisiana (WUPL)
• Indianapolis, Indiana (WTHR)
• Norfolk, Virginia (WAVY)
• New Haven, Connecticut (WCTX)
• Denver, Colorado (KTVD)

Perhaps trying to avoid a public protest that broke out during an FCC meeting last fall, the commission chose to approve the merger in a meeting that was closed to the public, which drew criticism from Anna Gomez, the lone Democrat on the commission, who opposed the merger.

“The FCC has once again chosen bureaucratic cover over public accountability. This merger was approved behind closed doors with no open process, no full Commission vote, and no transparency for the consumers and communities who will bear the consequences," Gomez said in a statement. "A transaction of this magnitude, which includes new and novel issues before the FCC, demands open deliberation before the full Commission, not a quiet sign-off meant to avoid public scrutiny. Given the increasingly alarming pace of reckless media consolidation, the American public deserves to know how and why this decision was made.

Although Gomez acknowledged the financial pressures local TV newsrooms are under, she said the Nexstar deal will not ameliorate such concerns.

"Across the country, newsrooms are being consolidated, reporters laid off, and editorial decisions made far from the communities broadcast stations are licensed to serve,:" she said. "The Nexstar/TEGNA merger will accelerate exactly that trend, concentrating broadcast power in fewer corporate hands, shrinking independent editorial voices, and prioritizing national business interests over local needs. Nexstar has already begun cutting newsrooms throughout the country, and as these billion-dollar companies grow even larger, their increased negotiating leverage will drive up fees that translate into higher monthly bills for those families who can least afford them. The consequences of this rubber stamp approval will be felt in living rooms and newsrooms across the country, resulting in fewer voices, less competition, and higher costs for consumers.”

As expected, the National Association of Broadcaster applauded the result.

“While NAB does not take a position on the merits of any individual transaction, today’s action by the FCC and DOJ to approve the Nexstar-Tegna merger is a meaningful sign that the Commission understands the urgent need for ownership reform,” NAB President Curtis LeGeyt said in a statement.

“We are grateful to Chairman Brendan Carr for his recognition that the national ownership cap is outdated and no longer reflects today’s media marketplace. This decision is an important acknowledgement that the media marketplace has changed and giving stations the ability to achieve greater scale is essential to sustaining trusted local journalism and emergency reporting. We look forward to continuing to work with the Commission as it modernizes its rules to ensure that broadcasters can continue to serve their local communities across the nation.”

CINCINNATI—The E.W. Scripps Company announced that the sale of WFTX, its Fox-affiliated station in Fort Myers, Florida, to Sun Broadcasting for $40 million has been completed.

Scripps intends to use cash from the sale to pay down debt and strengthen its balance sheet, Scripps President and CEO Adam Symson said.

The completion of the WFTX sale is part of a series of recent transactions by Scripps to optimize its local television portfolio.

In October, the company announced an agreement to sell WRTV, its ABC-affiliated station in Indianapolis, to Circle City Broadcasting for $83 million. That sale has received FCC approval and is expected to close in the coming weeks.

Last July, Scripps also announced it had agreed to swap stations in five mid-sized and small markets with Gray Media. That transaction, which requires relief from current television station ownership rules, is now in front of federal regulators for review.

The FCC on Friday approved Charter Communications’ $34.5 billion acquisition of Cox Enterprises residential cable, commercial fiber, and managed IT and cloud businesses after the two companies agreed to upgrade their networks, increase domestic employment and drop their DEI policies.

The acquisition creates the nation’s largest cable TV and broadband provider with approximately 38 million subscribers, surpassing Comcast. The merger, announced in May 2025, combines Cox Communications, a division of Cox Enterprises—the largest privately held broadband company in the U.S.—with about 6.5 million total residential and commercial with Charter’s reported 31.2 million broadband customers.

The combined company will be renamed as Cox Communications within a year of the deal's close, and Charter's Spectrum will be the consumer brand.

In order for the FCC’s Wireline Competition Bureau to approve the deal, the two companies agreed to invest billions of dollars to upgrade its network and deliver high-speed service to homes and businesses nationwide, onshore all of the job functions currently handled off-shore by Cox within 18 months of approval and end what the FCC calls “DEI discrimination.”

FCC Chairman Brendan Carr hailed the approval.

“This deal means that jobs are coming back to America that had been shipped overseas,” he said. “It means that modern, high-speed networks will get built out in more communities across rural America. And it means that customers will get access to lower priced plans. On top of this, the deal enshrines protections against DEI discrimination.”

Critics noted that the merger—which is expected to be completed by summer, will result in a broadband monopoly.

“The FCC approved the largest cable merger in nearly a decade and did not require Charter to do anything it wasn’t already planning to do,” John Bergmayer, legal director at the consumer advocacy group Public Knowledge, said in a statement. “Consumers, as always, will bear the costs of reduced competition.”

FCC Commissioner Anna Gomez was more succinct:

As part of its Q4 2025 earnings report, E.W. Scripps has announced that it is exercising its option to re-acquire 23 ION-affiliated stations for about $54 million.

The stations were divested to INYO Broadcast Holdings in January of 2021 as part of its acquisition of ION so that the deal would comply with Federal Communications Commission ownership caps.

The plan to reacquire them comes at a time when the FCC is signaling that it is open to altering or eliminating ownership caps and several broadcast station groups have announced deals that would require changes or waivers of ownership rules.

Scripps noted that the deal would require FCC approval and that deal would close after FCC approval.

If approved, Scripps said that the ownership of these INYO stations would be immediately accretive to the company’s Network segment profit and margin.

In the Q4 earnings call, Jason Combs, executive vice president and CFO said “the transaction allows us to expand our already sizable spectrum holdings. After close, we will no longer be paying the owner of those stations affiliate fees -- so acquiring these station assets will be immediately accretive to the Scripps Networks division segment profit and margins. We will seek waivers for the transaction under the FCC's current television station ownership rules.”

Later in the call, Combs added that “we had to divest these stations to comply with the FCC rules back in 2021. And with current regulatory environment, we think it's the right time to reacquire them. The ownership of these stations is immediately accretive from the segment profit and a margin perspective, plus we also get some favorable tax benefits. So we have -- this transaction will ultimately relieve a significant onetime tax liability we've been carrying on our balance sheet. So when you kind of put all of that together, it just seemed like the right thing to do.”

When Imagine Communications announced last fall that it was acquiring Pixel Power from Rohde & Schwarz, the company said its main goal was to “broaden Imagine’s live production ecosystem and playout offerings via integration of Pixel Power’s software-defined, deploy-anywhere platforms.” This week, Imagine President Steve Reynolds updated TV Tech on how the integration is progressing.

Of particular importance to Imagine is Pixel’s playout and multiviewer solutions, two parts of the production workflow chain Reynolds thinks are key to expanding the company’s presence in these markets.

“Imagine has been in the playout business pretty much since the playout and automation business started all the way back to when we were Harris, and it's always been a really important segment for us,” he said. “We like to be in those mission-critical operational systems, the things that our customers depend on day in and day out in order to run their business.

“Those are the kind of products that Imagine has really focused on as we made the transition from a hardware centric company—which is what Harris really was—towards the software centric company that we are today,” Reynolds added.

The Power of a Combined Solution
The acquisition of Pixel Power, Reynolds says, will not only help strengthen its current playout solutions portfolio—which include ADC, Versio and in more recent years, the Aviator orchestration platform—but also expand its geographic footprint, Reynolds said.

“Pixel Power—which is a company that we have competed with for years—has built a really great solution for the European public broadcaster space, where they had a lot of success,” Reynolds said. “With customers like TV2 in Norway, SVT in Sweden, the work that they've done with the German public broadcasters, the work that they've done with TV5MONDE in France, they had a really great customer base around those public broadcasters.”

The two main products Pixel had built its success on in this market, according to Reynolds, were the company’s Gallium automated multiplatform content management solution and StreamMaster platform for realtime graphics and control. Combining automation plus a media server “really formed a nice bundle for anybody that's in that kind of public broadcast space,” Reynolds said.

“Pixel had done a good job of winning market share with those [national broadcast] customers, so the reason we wanted to acquire Gallium and StreamMaster was really aimed at that market segment,” he added. “We saw the success that they had in that segment, and as we continue to move forward with investments in Gallium and StreamMaster, it's going to be focused, at least initially, in Europe, to continue to build on that customer base.”

Reynolds said the combination of the two created a powerful and sophisticated graphics solution for Pixel Power, which was beating Imagine when it came to bidding for business with European broadcasters.

“Imagine was bidding on a lot of those same projects, and Pixel Power was winning,” Reynolds said, “And one of the things that we consistently heard is that the graphics package that is in StreamMaster is a top-tier integrated graphics package that a lot of those national broadcasters were leveraging because it had the capabilities that they needed not only to be able to do the 2D graphics—which Imagine already had—but they had some more advanced capabilities to be able to handle some 3D and to be able to handle a lot of the kind of the more advanced and more sophisticated on-air look that that those broadcasters were looking for.

“They had a sophisticated graphics package that was integrated into a playout system that met all of the criteria—it supports all the formats, it supports all of the different resolutions, it supports all the ingest workloads that those guys need,” he added. “So it had it checked all the boxes on kind of the basic set of competitive features. But it also added in that higher power graphics.”

Scaling Up
The second product Imagine was keenly interested in was multiviewers, specifically Pixel’s Prismon platform, which is designed to scale up to support hundreds of channels. This large-scale type of monitoring platform was high on Imagine’s shopping list, according to Reynolds.

"Imagine has always been in the multiviewer business, but we had a different focus—we were more on the production multiviewer side of things,” Reynolds said. “[Imagine’s] SNP was intended to be a production multiviewer, very low latency, very high quality, but not large scale.”

Integrating Prismon into Imagine’s multiviewer product line gives Imagine the ability to build facility-scale, multiviewers, especially in production facilities, turnaround facilities including satellite and cable operators, or in large scale, playout operations where there's dozens or even hundreds of channels being played out of the same facility, Reynolds said.

“So we now have multiviewer offerings for large scale and for smaller scale, low latency, and that would be in OB vans, production galleries, or control rooms at a sporting venue, where the number of feeds that you're dealing with is 10, 20 or maybe 30.”

Reynolds said Prismon helps Imagine respond to more market demands for integrated solutions. “What we realized was we really need to have a product in our portfolio that lets us create that fully bundled solution, because increasingly, that's what the market wants to buy,” he said. “It's the same thing as with the playout solution, right? The market wants an integrated solution, they don't want to have to build, or have to be their own systems integrator. They want to buy something that is integrated. And so Prismon filled that gap for us.”

The timescales for building new media production facilities has been declining for years, according to Reynolds, another reason for increased interest in integrated solutions.

“The idea of having these multi-year facility builds… that's in the past,” Reynolds said. “And in many cases now, we're looking at time frames that are measured in months between the time somebody acquires rights and they want to be on air. And that's what's really driving the demand for these fully integrated solutions. Customers want to know that it's already been tested, it's already been integrated, and you can deploy it quickly, easily and within a set of budget constraints to get on air.”

The acquisition of Pixel Power was completed at the end of 2025 and Reynolds said not a lot will change in terms of what existing customers should expect, including keeping the product names.

“That's why we bought them, we like the products, we like the differentiation of those products, they fit well within our portfolio, and they give us something new to offer to the customers that want to buy that kind of solution,” Reynolds said.

NAB Show Plans
Imagine’s booth (N1328 in the North Hall of the LVCC) at the NAB Show, April 19-22 in Las Vegas, will reflect this expanded market focus, according to Reynolds. Among the highlights will be the company’s cloud-based XVR playout engine, which was introduced at the 2025 IBC Show.

Gallium StreamMaster will be demonstrated running on COTS and its expanded multiviewer portfolio will be highlighted, including advanced automation features such as intelligent monitoring, automated audio/video issue detection, and “penalty boxing,” which elevates problem signals for immediate operator attention.

"The other thing you're going to see is this kind of fully integrated solution of gateways—the ability to use the SNP as the gateway between the SDI and IP world, and to do format conversion with JPEG access and things like that, directly into ingest,” Reynolds said. “And we'll be using the new XVR engine, which is the Linux-based ingest engine with multiple playout systems. So you'll see StreamMaster, XVR, and Nexio all sitting side by side in a kind of a multiserver environment.”

WASHINGTON—The proposed deal for Nexstar to acquire Tegna got a major boost on social media in recent days when President Trump weighed in with his support for the deal.

“We need more competition against THE ENEMY, the Fake News National TV Networks,” Trump posted on his Truth Social site. “Letting Good Deals get done like Nexstar - Tegna will help knock out the Fake News because there will be more competition, and at a higher and more sophisticated level. Those that are opposed don’t fully understand how good the concept of this Deal is for them, but they will in the future. GET THAT DEAL DONE! PRESIDENT DJT”

In response, Federal Communications Commission Chair Brendan Carr, who has repeatedly noted that he would like to strengthen local broadcasters, offered perhaps his clearest intention to date of his willingness to get rid of the 39% ownership cap.

Carr postedon X that “President Trump is exactly right. The national networks like Comcast & Disney have amassed too much power. For years, they’ve been pushing this Hollywood & New York programming all over the country with no real checks. Let’s get it done and bring real competition to them.”

Trump's willingness to back the deal and by implication support changes in station ownership rules marks a reversal from his previous position attacking efforts to lift the 39% ownership cap as something that would help "radical left networks."

In a social media post on Nov. 23, 2025 Trump linked to a Newsmax article that said lifting FCC station ownership caps would be a “disaster for conservatives.” In the earlier post, Trump also complained that if proposals to lift the cap “would allow the Radical Left Networks to ‘enlarge,’ I would not be happy…If anything make them SMALLER!”

WASHINGTON—The NAB has released a new nationwide survey of registered voters that finds broad public support for eliminating the national broadcast ownership cap, a restriction that limits how many households a local TV station owner can reach across the country.

In announcing the survey, which was commissioned by the NAB and conducted by Fabrizio Ward, the NAB said the findings show that voters think the cap is unfair and they want government to give local stations a fair chance to compete for advertising and audience against Big Tech platforms, which face no such restrictions.

The survey comes at a time when the Federal Communications Commission is reviewing the ownership caps and broadcasters have announced a number of deals for stations that would require the current rules to be relaxed or eliminated.

“Voters are sending a clear message: the government should not impose arbitrary limits on trusted local broadcasters while Big Tech platforms face no such restrictions,” said NAB president and CEO Curtis LeGeyt. “Ending the arbitrary national ownership cap - which applies to no other form of media - is about fairness and competition, but it’s also about ensuring local stations have the scale they need to invest in strong local journalism, emergency information and service to their communities.”

Bob Ward of Fabrizio Ward added: “These results show broad agreement that local stations should be allowed to compete nationally for advertising. Voters see this as a fairness issue, and they respond to where elected officials stand.”

The NAB described the key findings include:

• Voters see the national ownership cap as unfair by a 38-point margin: 58% of voters say the 39% ownership restriction is unfair, including 33% who say it is very unfair, while just 20% say it is unfair.
• Voters want local broadcasters to compete nationally for advertising by a 42-point margin: 57% say local TV station owners should be able to compete nationally against cable networks and internet streamers rather than the 15% that say they should remain restricted.
• There are clear political consequences for lawmakers: by a margin of 23-points, voters say they are more likely (36%) rather than less likely (13%) to vote for a member of Congress who supports allowing local station owners to compete nationally for advertising. Conversely, by a 24-point margin voters say they are less likely (36%) rather than more likely (12%) to vote for a member of Congress who opposes reform.
• Voters favor a level playing field with Big Tech by a 43-point margin: 52% say government policies should make it easier for local TV stations to compete for advertisers against Big Tech while just 9% think government should make it harder.
• Local TV remains a trusted source of news: 55% of voters express trust in local TV newscasts.

The survey results are available here.

Two PR and marketing agencies that are prominent in broadcast, audio and AV technology have merged.

The new entity is called Copper Leaf Media. It is the result of a merger of Copper Leaf Media, a London-based company founded in 2016 by Roland Hemming and Kiera Leeming, and Dimension PR, a U.S.-based firm started by Brian Galante in 2010.

“The merger creates one of the industry’s largest full-service marketing and public relations agencies serving the AV, broadcast, lighting, pro audio and security industries,” it said in the announcement.

Its offerings include content marketing, graphics creation, social media management, strategic branding, video, 2D/3D animation production and web design.

“Dimension PR adds substantial public relations and writing experience to the team, along with ad campaign management skills, while strengthening Copper Leaf Media’s presence in North America and LATAM region,” the company said.

Galante becomes president for the Americas and will sit on the board along with Hemming, Leeming and Marieke de Jonge. Alicia Root, who joined Dimension PR last year, also joins.

This article originally appeared on TV Tech sister brand Radio World.

WASHINGTON—Twenty-eight public-interest groups, labor unions and civil-rights organizations have sent the Federal Communications Commission a letter supporting a petition that asks the agency to deny the proposed merger of Nexstar and Tegna.

The petition was filed at the end of 2025 by Free Press, the National Association of Broadcast Employees and Technicians—Communications Workers of America (NABET-CWA), The NewsGuild—Communications Workers of America (TNG-CWA), the United Church of Christ Media Justice Ministry and Public Knowledge. It urged the FCC to reject the acquisition which would put Nexstar over the ownership caps currently governing broadcast station groups.

Our coverage of the petition is available here and our coverage of the deal can be found here.

“The proposed transaction would cause incredibly high levels of concentration in local TV markets, would raise cable and satellite prices around the country, would cause irreparable harm to local news and consumers and would be contrary to the public interest,” wrote the signers of the Jan. 26 letter in support of the petition to deny. They added that the FCC lacks the authority to approve this merger.

If approved, the multibillion-dollar deal would combine the nation’s largest television-station conglomerate with its fourth largest. Nexstar controls more than 200 television stations in 116 local U.S. markets. If the FCC approves the merger, the combined entity would own and/or operate 265 full-power television stations in 44 states and the District of Columbia, and would be present in 132 of the country’s 210 television Designated Market Areas (or DMAs), the letter noted.

Signers of the letter include AFT, the American Economic Liberties Project, Asian Americans Advancing Justice — AAJC, Asian and Pacific Islander American Vote (APIAVote), the Center for Journalism & Liberty at Open Markets Institute, the Committee for the First Amendment, Common Cause, Fourth Branch Action, Get Free, the Hispanic Federation, HTTP, Indivisible, the Japanese American Citizens League, Local Independent Online News Publishers, MANA—A National Latina Organization, the Media and Democracy Project, the Multicultural Media Telecom & Internet Council, NAACP, the National Coalition on Black Civic Participation, the National Council of Asian Pacific Americans (NCAPA), the National Council of Negro Women (NCNW), the National Hispanic Media Coalition, the National Urban League, the OCA-Asian Pacific American Advocates, Public Citizen, SAG-AFTRA, the Writers Guild of America East and the Writers Guild of America West.

The full letter of support is available here.

HOLLYWOOD & NEW YORK—As Paramount steps up its efforts to acquire Warner Bros. Discovery, Netflix and WBD have announced that they’ve amended their definitive agreement for Netflix's pending acquisition of Warner Bros. to make it an all-cash transaction.

The revised agreement simplifies the transaction structure, provides "greater certainty of value" for WBD stockholders, and accelerates the path to a WBD stockholder vote, the two companies reported.

In addition WBD filed a preliminary proxy statement about the transaction with the Securities and Exchange Commission and released data on the value of the cable networks that will be spun off into a separate company if the Netflix deal to acquire certain WBD assets, including HBO and WBD’s movies and TV studios, is approved.

The revised agreement comes a week after Paramount Skydance announced that it was launching a proxy fight and was suing WBC in Delaware.

Netflix is likely to provide more details on the acquisition when it reports Q4, 2025 earnings after the markets close on Jan. 20.

The revised transaction structure is expected to enable WBD stockholders to vote on the proposed transaction by April 2026, rather than late spring or early summer. To support this accelerated timeline, WBD has filed its preliminary proxy statement with the SEC.

"Today's revised merger agreement brings us even closer to combining two of the greatest storytelling companies in the world and with it even more people enjoying the entertainment they love to watch the most," said David Zaslav, president and CEO of Warner Bros. Discovery. "By coming together with Netflix, we will combine the stories Warner Bros. has told that have captured the world's attention for more than a century and ensure audiences continue to enjoy them for generations to come."

"The WBD Board continues to support and unanimously recommend our transaction, and we are confident that it will deliver the best outcome for stockholders, consumers, creators and the broader entertainment community," said Ted Sarandos, co-CEO of Netflix. "Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty at $27.75 per share in cash, plus the value from the planned separation of Discovery Global. Together, Netflix and Warner Bros. will deliver broader choice and greater value to audiences worldwide, enhancing access to world-class television and film both at home and in theaters. The acquisition will also significantly expand U.S. production capacity and investment in original programming, driving job creation and long-term industry growth."

The all-cash transaction continues to be valued at $27.75 per WBD share, unchanged from the prior transaction structure. WBD stockholders will also receive the additional value of shares of Discovery Global following its separation from WBD. The transaction will be financed through a combination of cash on hand, available credit facilities and committed financing.

"Over the last decade, when much of the entertainment industry has contracted, Netflix has grown and invested tremendously in the business of film and television in the U.S. and abroad. This transaction will further fuel that growth and investment," said Greg Peters, co-CEO of Netflix. "By amending our agreement today, we are underscoring what we have believed all along: not only does our transaction provide superior stockholder value, it is also fundamentally pro-consumer, pro-innovation, pro-creator and pro-growth. Our revised all-cash agreement demonstrates our commitment to the transaction with Warner Bros. and provides WBD stockholders with an accelerated process and the financial certainty of cash consideration, while maintaining our commitment to a healthy balance sheet and our solid investment grade ratings. We will continue to work closely with WBD to successfully complete the transaction as we remain focused on our mission to entertain the world and, together, define the next century of storytelling."

NEW YORK—Versant has announced the completion of its acquisition of Free TV Networks (FTN), a leading provider of national free over-the-air digital broadcast networks (diginets) and free ad-supported streaming TV (FAST) channels.

Financial terms of the deal were not disclosed.

Versant was recently spun off from NBCUniversal as a public company owning a variety of cable networks.

FTN will operate within Versant as a dedicated business, expanding the company’s reach across over-the-air and FAST distribution, extending its footprint beyond traditional pay-TV, and scaling access to audiences engaging with free, ad-supported television.

FTN’s portfolio of multicast and FAST networks complements Versant’s existing portfolio of brands by introducing a distinct distribution model designed to serve growing segments of viewers who increasingly engage with free television options.

Jonathan Katz, FTN’s Founder, has joined Versant, reporting to David Pietrycha, chief revenue and business officer. Katz will continue to lead day-to-day operations of the business.

The company reported that the deal follows its recent acquisition of INDY Cinema Group, operating under Fandango. Both deals aim to reinforce the company’s strategy of building vertical businesses that extend distribution, deepen audience engagement, and develop new audience touchpoints on both existing and new platforms.

FTN has successfully launched a portfolio of digital broadcast networks including 365BLK and OUTLAW—each with corresponding FAST channels—along with DEFY, BUSTED, and PAM GRIER’S SOUL FLIX (FAST).

A new report from PwC argues that recently announced mega-deals for media and entertainment companies highlight a shift in the streaming business to “scale and sustainability” and underscore “ renewed confidence” in the media and telecom industries among both strategic and financial buyers who are deploying capital.

The wide ranging study, which covers dealmaking in the streaming, telecom, gaming, sports and media and entertainment industries, noted that “M&A activity saw a marked uptick in the second half of 2025, driven by more favorable financing conditions, strategic portfolio realignments, and a rejuvenated investor appetite for premium intellectual property.”

For the streaming industry, the PwC analysts argued that “after years of expansion, the streaming market is decisively shifting toward scale and sustainability. Netflix’s acquisition of Warner Bros. Discovery confirms that the stand-alone platform era is ending, with scale becoming the primary determinant of competitiveness.”

The hefty $82.7 billion price tag for the proposed Netflix deal, also “sets a fresh high-water mark for streaming valuations” and is likely to spur “a new wave of portfolio rationalization” that will put “pressure on other players to streamline operations, shed non-core assets, and secure partnerships for content.

The report also found that sports valuations are surging across the ecosystem for teams and other assets. “The $10 billion Los Angeles Lakers sale set a new benchmark,” reinforcing the importance of “sports intellectual property (IP), live rights, and venue infrastructure.”

PwC also reported that “telecom M&A is gaining momentum around network scale and capital efficiency. “Operators are pursuing fiber carve-outs, tower divestitures, and regional consolidation to fund 5G and AI-driven upgrades,” it said. “AT&T’s $5.75 billion acquisition of Lumen’s mass-market fiber business, covering about 1 million existing and 7 million planned locations, exemplifies this trend,” reflecting “the industry’s focus on capital recycling, asset monetization, and partnership-driven expansion to meet surging connectivity demand.”

The full report is available here.