Nexstar falls after judge orders its acquired co to be operate as distinct business unit
Broadcasting firm Nexstar Media NXST.O shares fall 9.1% to $193.72 after a U.S. judge orders the co to temporarily keep its $3.54 bln acquisition of rival Tegna separate pending an antitrust review
The order follows a lawsuit from DirecTV, which argued the merger would drive up consumer costs and allow Nexstar to extract higher retransmission fees from pay-TV providers
The judge said the merger is "presumed likely to violate antitrust laws based on the combined firm market share alone" and ordered Tegna to be operated as a separate and distinct business unit
NXST stock has fallen ~4.4% year to date, compared with a 9.8% decline in the Nasdaq .IXIC
Median analyst price target is $290, implying ~49% upside from current levels; 6 of 8 analysts rate the stock a 'buy' or higher
