Nexstar to Appeal Ruling Halting Its Merger With Tegna
Nexstar will appeal a federal judge's ruling that halted its acquisition of Tegna. The court found that the deal could significantly reduce local competition.
NEXSTAR MEDIA GROUP INC has announced its intention to appeal a federal court ruling that halted its $3.54 billion acquisition of TEGNA INC. The decision follows a preliminary injunction issued by Chief U.S. District Judge Troy Nunley, who sided with antitrust challenges brought by DirecTV and a coalition of eight states.
The court found that the plaintiffs were likely to succeed in their claims that the deal would substantially lessen competition across dozens of local television markets. While the order prevents the companies from consolidating operations, the transaction had already closed in March following approvals from the Justice Department and the Federal Communications Commission.
