Nexstar CEO says Tegna deal still on track despite Trump’s opposition

Nexstar Media Group Chairman and CEO Perry Sook said the company remains confident its proposed $6.2 billion acquisition of Tegna will move forward despite recent public criticism from Donald Trump.

Sook spoke Dec. 8, 2025, at the UBS Global Media and Communications Conference, where he addressed the status of the merger, ongoing regulatory reviews and recent political commentary.

Nexstar has been seeking changes to federal ownership limits that currently restrict a single company from owning stations reaching more than 39 percent of U.S. households. The proposed merger would exceed that cap.

Trump, in a recent post on Truth Social, warned that removing the ownership cap could bolster what he described as “Radical Left Networks.” He cited ABC and NBC, calling them “a disaster” and “a virtual arm of the Democratic Party.” The post echoed concerns from Chris Ruddy, CEO of conservative outlet Newsmax and a longtime Trump associate.

Notably absent from that list was CBS, which is owned by Paramount Skydance, and is in the middle of what some say is a transformation to align more with Trump’s views, including the recent appointment of right-leaning newsroom leadership at the network.

Both Nexstar and Tegna own or control stations linked with all three networks. While the local stations do carry most or all of their respective networks’ programming, their local newscasts are produced by local newsrooms, with increasing control being harnessed by owner groups as the industry continues its shift toward consolidation and cutting local journalism jobs.

At the conference, Sook said Trump’s comments were not unexpected.

“I don’t think these will be the only tweets you’ll ever see on this transaction,” Sook said. “He’s going to weigh in because he is very attuned to the media.”

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Sook said the company has prepared its executive team for varied reactions during the Federal Communications Commission’s two-month public comment period, which ends in January.

“A lot of people have things to say about the transaction,” Sook said. “We need to not pay attention to noise. We need to just keep our heads down and do the work.”

FCC Commissioner Brendan Carr, a Trump appointee, has voiced support for lifting the cap. Industry advocates argue that regulatory changes would help local broadcasters compete with digital platforms. Whether Congress must act to change the rules remains unresolved, and legal challenges are likely.

Once the public comment period ends, the FCC review will enter a pleading phase. In parallel, Nexstar plans to meet with officials at the Department of Justice in 2026 to address potential antitrust concerns. Sook said the meetings will be “very interactive” and could result in revisions to the agreement.

UBS analyst John Hodulik, who moderated the session, noted that the DOJ has been more opaque in its process compared to the FCC. Sook acknowledged the uncertainty and said it was too early to determine whether divestitures would be required. However, he told shareholders any required asset sales would likely be immaterial.

Sook also addressed the broader political context, noting that despite Trump’s recent criticism, his administration has historically supported deregulation.

“We wouldn’t be contemplating this transaction if he weren’t in the White House,” Sook said.