Fox 59 and WTHR Will Be Under Nexstar After Merger
INDIANAPOLIS — Nexstar Media Group, which owns Fox 59 and CBS 4, is set to buy Tegna, the company that owns WTHR, in a $6.2 billion deal. Nexstar will pay $22 a share for all of Tegna’s stock. Tegna’s board has approved the deal, and any debt will be handled when the sale closes.
The FCC still needs to approve the merger, since it would give Nexstar control of a huge number of TV stations across the country. Nexstar already has financing lined up to make it happen.
If the deal goes through, Nexstar would own 265 TV stations in 44 states, reaching nearly 80% of U.S. TV households, including big markets like Atlanta, Phoenix, and Minneapolis.
The most recent major TV station merger in Indianapolis occurred in 2019, when Tegna acquired WTHR, the NBC affiliate in Indianapolis, from Dispatch Broadcast Group. This $535 million deal closed on August 8, 2019, following FCC approval on July 29, 2019.
That takeover was a significant local consolidation—bringing WTHR into the Tegna family—and marked the last major change in ownership among the city’s key broadcast stations.
For Indianapolis viewers, it means Fox 59, CBS 4, and WTHR would all be under the same company, which could affect how local news is produced and shared.
Nexstar CEO Perry Sook said the merger gives local stations a chance to reach more people and compete better with big tech and national media.
Tegna CEO Mike Steib added the deal will help stations continue strong local news coverage and expand to more communities and platforms.
