D.C. Memo: FCC Opens Review of Nexstar-TEGNA Merger Amid 39% Cap Controversy
Nexstar is seeking a waiver not just from the 39% cap, but also from a rule that would disallow common ownership of three TV stations each in 23 different local markets
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Merger: President Trump’s recent comments on FCC media ownership rules have apparently not slowed down the agency’s review of Nexstar Media Group’s $6.2 billion merger with TEGNA, a transaction that violates the FCC’s 39% cap on the household reach of a single TV station company nationally. In a Public Notice issued by the Media Bureau on Monday, the FCC said it had accepted for filing the Nexstar-TEGNA merger application in which Nexstar would take ownership of 64 TEGNA stations across the country. The TV stations filed the application on Nov. 18, 2025. Addressing the 39% cap issue, the FCC said, “The Applicants state that post-transaction, Nexstar would serve 54.5% of the national audience, and, therefore, seek a waiver of the National Television Multiple Ownership Rule.” Newsmax CEO Chris Ruddy, a Trump confidant, is fighting the merger for business and ideological reasons. He’s apparently won the support of Trump. On Nov. 23, Trump said on his Truth Social feed that he opposed elimination of the 39% cap “if this would also allow the Radical Left Networks to ‘enlarge…’ ABC & NBC, in particular, are a disaster - A VIRTUAL ARM OF THE DEMOCRAT PARTY.” Some have noted that by saying “if,” Trump did not totally rule out Nexstar-TEGNA; instead, Trump wanted to be sure the FCC would not allow ABC and NBC go on a TV station buying binge. (More after paywall.)
