KARE 11 will get new owners and two duopolies will be formed in Iowa as a result of Nexstar’s purchase of Tegna, announced Tuesday.
A press release announcing the $6.2 billion purchase does not mention any possible divestitures, reflecting a fast-changing regulatory environment in which combinations of major-network affiliates will be allowed and national ownership caps may be raised.
“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 Chairman and CEO Perry A. Sook said in the news release.
Tegna’s holdings include NBC affiliate KARE/11.1 (Minneapolis); Sook specifically cites the city as an “important” market in the announcement.
In Iowa, Tegna owns ABC affiliates WOI-DT/5.1 (Ames-Des Moines) and WQAD/8.1 (Moline-Quad Cities), while Nexstar owns NBC affiliate WHO-DT/13.1 (Des Moines) and CBS affiliate WHBF/4.1 (Rock Island-Quad Cities). WHBF also currently provides services to Mission Broadcasting FOX affiliate KLJB/18.1 (Davenport).
Tegna also owns CW affiliate KCWI/23.1 (Ames-Des Moines) and Nexstar owns CW affiliate KGCW/26.1 (Burlington-Quad Cities).
The two companies currently overlap in 35 markets nationwide, which the news release refers to as “improved synergy potential.” It says the two “share an unwavering commitment to localism, innovation, and superior, trustworthy programming.”
The news release did not specify if any newsrooms would be closed or how current staff would be impacted by the merger of stations in the 35 markets.
If approved by regulators, the purchase would give Nexstar a presence in 132 of the 210 TV markets. The combination would reach 80% of U.S. TV households, far above the current 39% cap (which, as noted here previously, is actually 78% if all of the stations transmit on UHF).
Nexstar’s regional holdings also include stations in Bismarck, Green Bay, La Crosse, Rapid City, Sioux City, and Sioux Falls. Tegna does not own any other stations in the Upper Midwest.
Nationally, Nexstar’s current group includes well-known stations such as WGN-TV (Chicago), KTLA (Los Angeles), WPIX (New York) and the NewsNation channel.