After Nexstar (NXST) agreed to acquire Tegna (TGNA) for $22.00 per share in a cash transaction valued at $6.2B, inclusive of Tegna’s net debt, Barrington said the deal, if approved, would create a scaled broadcaster reaching 80% of TV households via their broadcast stations. The acquisition deepens the company’s presence in valuable swing states, which can boost political revenue generation, and would better enable the company to compete for content, adds the analyst, who reaffirms an Outperform rating and $225 price target on Nexstar shares.
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