TYSONS, Va.—Tegna has announced that its shareholders have voted overwhelmingly to approve the proposed $6.2 billion merger with Nexstar Media Group.
In August, the station groups entered into a definitive agreement for Nexstar to buy Tegna for about $6.2 billion. The deal would create a behemoth in the local broadcasting industry with 265 full-power television stations in 44 states and the District of Columbia, with stations in 132 of the country’s 210 television DMAs.
The Agreement and Plan of Merger, dated Aug. 18, was approved by holders of 98% of Tegna’s common stock who voted at a Nov. 18 special meeting, Tegna said.
The Federal Communications Commission still must approve the deal, which will require it to relax existing ownership caps.
The deal is expected to close by the second half of next year, Tegna said, subject to regulatory approvals and other customary closing conditions. Upon closing, Tegna will become a subsidiary of Nexstar Media Group and its shares will no longer be traded on the New York Stock Exchange, the company said.
