"Nexstar said it closed the acquisition late in the day yesterday, immediately after receiving the FCC approval. The deal was also approved by the US Department of Justice, but a group of state attorneys general are challenging the merger in court in an attempt to unwind it."
"Opponents say the FCC lacks authority to grant the waiver and that only Congress can change the 39 percent ownership limit. While the FCC says Nexstar will own fewer than 15 percent of TV stations, the cap in the FCC's National Television Ownership Rule is calculated by the percentage of US households reached by a single entity's stations."
"President Trump endorsed the merger on Truth Social, stating, 'We need more competition against THE ENEMY, the Fake News National TV Networks.' He argued that allowing the Nexstar-Tegna deal would enhance competition and challenge existing networks."
"FCC Chairman Brendan Carr quickly shared Trump's post on X, stating, 'President Trump is exactly right. The national networks like Comcast & Disney have amassed too much power.' He called for bringing real competition to the market."
The FCC approved Nexstar Media Group's $6.2 billion acquisition of Tegna, granting a waiver to exceed the national station ownership limit. Nexstar will reach 80 percent of TV households, despite the 39 percent cap. The merger received support from President Trump, who emphasized the need for competition against major networks. FCC Chairman Brendan Carr echoed Trump's sentiments, criticizing the power of national networks. Legal challenges from state attorneys general are ongoing, questioning the FCC's authority to grant such waivers.
Read at Ars Technica
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