New York, Feb 9, 2026, 10:33 EST — Regular session
- Nexstar shares climbed, with investors now rethinking the chances that regulators will sign off on its Tegna takeover bid.
- The Senate Commerce Committee has set a hearing for Feb. 10 to examine the FCC’s broadcast ownership regulations, with the 39% cap up for discussion.
- Other broadcasters picked up gains too, with traders eyeing both potential moves from regulators and Nexstar’s earnings set for Feb. 26.
Nexstar Media Group (NXST.O) surged 14.3% to $252.88 early Monday, building on strong gains after new political backing for its Tegna push grabbed investor attention. Tegna (TGNA.N) advanced 8.4%. Gray Media, E.W. Scripps, and Sinclair shares also moved higher.
The timing lands just ahead of a Senate Commerce Committee hearing focused on broadcast media ownership rules — a flashpoint in the Nexstar deal drama. Lawmakers will dig into the national TV “ownership cap,” which restricts any one broadcaster to no more than 39% of U.S. television households. Scheduled witnesses: Newsmax CEO Chris Ruddy and Curtis LeGeyt, head of the National Association of Broadcasters. 1
Reuters reports that Nexstar’s bid to buy Tegna would make it the top regional TV station owner in the U.S., boosting its bargaining power with both advertisers and pay-TV carriers. The deal faces scrutiny in Washington, where local broadcasters are already feeling squeezed by declining revenue and shrinking subscriber bases thanks to the ongoing move to streaming. 2
The stock’s reaction highlights just how swiftly the regulatory winds can shift. In the broadcast industry, where major transactions hinge on rules that have sat idle for years, even a subtle nudge in messaging from the White House or Capitol Hill tends to reverberate.
Saturday saw Trump calling on regulators to sign off on the deal. FCC Chairman Brendan Carr chimed in on social media with a blunt: “Let’s get it done.” Nexstar CEO Perry Sook, for his part, has pointed to the administration’s deregulatory efforts as a boost for local broadcasters, saying it could let them “expand reach” and stay competitive. 3
Traders are eyeing whether the FCC treats any change as just a straightforward regulatory update or instead says Congress needs to get involved. The difference isn’t trivial: requiring Congressional action can drag out the process and open the door to legal challenges.
Traders are looking past just Nexstar and Tegna—the broader action in local TV stocks hints at bets on M&A ripple effects groupwide. A cap change could unlock more deals. If not, broadcasters remain stuck where they are.
Still, there are obvious pitfalls for the bullish camp. The hearing may intensify questions over whether the FCC actually has the power to change the 39% cap without Congress. Opponents aren’t out of moves—they can drag things into court. And if this drags out, the spotlight stays on the slow bleed of viewers and ad money away from old-school TV.
Investors now await takeaways from Tuesday’s hearing, especially any updates on the Tegna bid’s timeline and financing. Nexstar’s fourth-quarter earnings land Feb. 26, with management set for a 10:00 a.m. ET call and webcast. 4
