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.

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Sinclair has proposed separating its Ventures business—which houses nontraditional broadcast media assets including the Tennis Channel and investments—and merging its remaining broadcast TV business with Tegna, in a deal that would value Tegna shares at around $25 to $30 apiece, the people said.

A former marketing producer for WTHR shares concerns of potential layoffs due to potential Nexstar Media Group acquisition of TEGNA.

The $6.2 billion cash transaction would expand Nexstar’s station group to 265 outlets nationwide, including a bigger foothold in Texas.