Eight states sue to block Nexstar's plan to acquire rival Tegna
March 19 (Reuters) - A group of eight states filed suit late Wednesday in U.S. District Court in California to block Nexstar's NXST.O proposed $3.54 billion acquisition of Tegna TGNA.N that would make the combined entity the largest U.S. broadcast station group.
California Attorney General Rob Bonta said the proposed merger was illegal and would lead to higher pay-TV prices and reduce jobs.
"When broadcast media is owned by a handful of companies, we get fewer voices, less competition, and communities lose the critical check on power that local journalism delivers," Bonta said.
Last month, Federal Communications Commission Chair Brendan Carr said he supported the deal and would be moving forward to approve it after President Donald Trump publicly backed the merger.
