The FCC is the issue

Lets not forget that the Nexstar, Tegna $6.2 Billion Merger is the real issue. There is a reason why there is a law that stats no single broadcast television company may own stations that together reach more than 39% of U.S. households.

Currently Nexstar already is near or at that cap under existing rules. Merging with Tegna would give the combined company reach of ~80% of U.S. households. That more than doubles the legal limit.

The FCC rules also restrict owning more than one of the top four‑rated stations in the same market, among other constraints.

The 39% cap is not just an FCC policy—it’s based on statute, meaning it was prescribed by Congress. Changing it isn’t just a matter of the FCC deciding; it generally requires legislative action.

The FCC’s mandate includes safeguarding diversity of voices, localism (that is, local news and public affairs), and ensuring voters are well‑informed.

A giant broadcaster owning so many local stations would reduce diversity, could lead to same content across many stations, and fewer independent and investigative reports at the local level.

This is what should be done. Legally speaking

Because under current law/regulation the deal looks illegal, here are some possible paths that would need to occur for it to become legal:

• Congress changes the statutory national ownership cap (39%) to a higher number, or removes it.
• The FCC successfully changes or abolishes the top‑four rule, local ownership restrictions, etc., through rulemaking, and survives judicial review.
• Courts continue to strike down or modify rules that limit media consolidation, giving greater discretion to companies. For example, the “top four” rule was recently vacated in a major court.  "FCC rules also restrict owning more than one of the top four‑rated stations in the same market, among other constraints."
• Divestitures or structural remedies: maybe Nexstar would have to spin off some stations in local markets where there are conflicts (so it doesn’t violate local ownership rules).
• Regulatory support from the current FCC leadership in favor of deregulation / loosening these ownership limits. That seems to be part of Nexstar’s expectation.