Nexstar Media Group is making a big financial move as it prepares to finalize its massive $6.2 billion acquisition of TEGNA Inc. The broadcasting giant has launched a cash tender offer to buy back approximately $2.1 billion of TEGNA's outstanding senior notes. This strategic play is all about tidying up the balance sheet before the highly anticipated merger closes.

The offer targets two specific sets of TEGNA's debt: $1.1 billion of its 5.000% notes due in 2029 and another $1 billion of its 4.625% notes due in 2028. Holders of these notes have a sweet incentive if they act fast, with an early tender premium available for those who participate by 5:00 P.M. New York City time on March 18, 2026. The full tender offer is scheduled to expire at 5:00 P.M. New York City time on April 2, 2026.

This tender offer is directly tied to the merger agreement between Nexstar and TEGNA, initially announced on August 18, 2025. The deal, which will create an even larger local television powerhouse, has already received approval from TEGNA shareholders. While regulatory reviews from the Federal Communications Commission (FCC) and the Department of Justice (DOJ) are ongoing, Nexstar Chairman and CEO Perry Sook expects the acquisition to officially close in the second half of 2026.