Trump backs Nexstar’s $6.2 billion takeover of broadcast rival Tegna, a few months after blasting merger of ‘Radical Left Networks’
President Donald Trump on Saturday endorsed Nexstar Media Group’s $6.2 billion purchase of broadcast rival Tegna, an apparent reversal from earlier criticism of the deal.
“We need more competition against THE ENEMY, the Fake News National TV Networks,” Trump wrote on social media. “Letting Good Deals get done like Nexstar – Tegna will help knock out the Fake News because there will be more competition. … GET THAT DEAL DONE.”
The acquisition, which Nexstar announced in August and requires regulatory approval, would bring together two companies with significant holdings in local broadcast media. Nexstar oversees more than 200 owned and partner stations in 116 markets nationwide and also runs networks like The CW and NewsNation. Meanwhile, Tegna owns 64 news stations across 51 markets.
In November, Trump had criticized the purchase. “If this would also allow the Radical Left Networks to ‘enlarge,’ I would not be happy,” he wrote then.
But the companies operate independently of the large broadcast networks such as ABC and NBC. In September, Nexstar, along with the right-leaning Sinclair Broadcast Group, suspended Jimmy Kimmel’s ABC late-night talk show for about a week after Kimmel’s comments on the assassination of conservative activist Charlie Kirk.
The deal has occurred as the Federal Communications Commission is seeking to reform rules that limit local TV station ownership. Some court decisions have also struck down regulations that limited the number of top TV stations in a single market that one company could own.
Nexstar has sought to portray the deal as consistent with the Trump administration’s deregulatory moves.
“The initiatives being pursued by the Trump administration offer local broadcasters the opportunity to expand reach, level the playing field, and compete more effectively with the Big Tech and legacy Big Media companies that have unchecked reach and vast financial resources,” Nexstar’s CEO, Perry Sook, said when announcing the deal.
This story was originally featured on Fortune.com