Nexstar (NXST) Appeals Ruling Halting $3.54B Tegna Merger

Nexstar (NXST) has announced plans to appeal a U.S. judge's ruling that has temporarily halted its $3.54 billion acquisition of Tegna due to antitrust concerns. Chief U.S. District Judge Troy Nunley indicated that there is a likelihood the plaintiffs will succeed in their claims regarding reduced competition. The merger was initially approved by the Justice Department and the Federal Communications Commission on March 19. This ruling has significant implications for the merger, which would create the largest broadcast station group in the U.S., reaching 80% of U.S. households.