Nextstar is looking to buy Tegna in a $6.2 billion cash deal — but will the FCC allow it despite a conflict with current TV ownership rules?

Nexstar beat out rival Sinclair, which was offering between $25 and $30 per share, significantly above Nexstar's winning bid.

Irving-based Nexstar Media has agreed to buy smaller rival Tegna for $3.54 billion, creating a local-TV powerhouse that seeks to compete better with big

Nexstar’s proposed $6.2 billion acquisition of Tegna could bring Cleveland’s WJW and WKYC under one owner, but regulatory hurdles make the deal’s local impact uncertain.

The deal will give the former 265 television stations in 44 states and D.C., representing 80% of U.S. television households

KOIN 6 News’ Parent Company, Nexstar Media Group, announced it has entered into an agreement to acquire TEGNA, pending regulatory approval. Nexstar currently owns and operates more than 200 local TV stations across the country.

Shares of broadcasting and digital media company TEGNA (NYSE:TGNA) jumped 4.5% in the morning session after it announced a definitive agreement to be acquired by Nexstar Media Group (Nasdaq: NXST) in an all-cash deal.