Eight states led by California sued on March 18 to stop Nexstar Media Group’s proposed $6.2 billion purchase of Tegna Inc., saying the deal would concentrate local TV ownership and harm consumers.
California Attorney General Rob Bonta said in a statement that if allowed to proceed, the merger would create the largest broadcast station group in the United States, “putting more broadcast programming in the hands of fewer people.”
He added that the deal would sharply increase concentration in local TV markets and could drive up cable and satellite prices.
The merger between the major players in the U.S. local broadcasting was announced on Aug. 19 last year, when Nexstar said it reached an agreement to acquire Tegna for $6.2 billion, subject to regulatory approval….