Aug. 19 (UPI) -- Nexstar Media announced it will purchase Tegna, the broadcast arm of Gannett.
The announcement said Nexstar will buy all outstanding shares of Tegna for $22 per share in a cash transaction valued at $6.2 billion. It includes all of Tegna's net debt.
The price is a 31% premium to Tegna's 30-day average stock price.
"Following completion of the transaction, the combined entity will be a leading local media company, well-positioned to compete in today's fragmented and rapidly evolving marketplace," the press release said. "The new company will be better able to serve communities by ensuring the long-term vitality of local news and programming from trusted local sources and preserving the diversity of local voice and opinion. Nexstar will also be able to provide advertisers with an even greater variety of competitive local and national broadcast and digital advertising solutions to serve brands and consumers more effectively."
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