Wells sees Nexstar paying $24 per share for Tegna

Wells Fargo keeps an Overweight rating on both Tegna (TGNA) and Nexstar (NXST) after the Wall Street Journal reported late Friday the latter is in advanced talks to acquire the former. The firm thinks the prior Standard General takeover price of $24 per share could be the value paid by Nexstar for Tegna. Shares of Tegna jumped 30% to $19.95 in post-market trading Friday following the report. Wells estimates 40% accretion to Nexstar’s free cash flow and expects any divestitures to be fairly minimal. The Federal Communications Commission should be accommodating, the analyst tells investors in a research note.