President Donald Trump just gave Nexstar Media Group Inc. (NXST) exactly what it wanted to hear. On Saturday, he endorsed the broadcasting company's $6.2 billion acquisition of Tegna Inc. (TGNA), a Virginia-based television broadcaster, completely flipping his stance from just a few months ago.

"Letting Good Deals get done like Nexstar – Tegna will help knock out the Fake News because there will be more competition," Trump wrote on Truth Social.

"GET THAT DEAL DONE!"

What Changed Since November?

Here's where things get interesting. Back in November, Trump was decidedly against this exact same deal. He posted on Truth Social: "NO EXPANSION OF THE FAKE NEWS NETWORKS. If anything, make them SMALLER!" At the time, he said he wouldn't be happy if the deal allowed "Radical Left Networks to 'enlarge,'" and called ABC and NBC "a disaster – A VIRTUAL ARM OF THE DEMOCRAT PARTY."

So what happened between November and now? Trump apparently decided that more competition in broadcasting would actually work against what he considers fake news, rather than amplifying it. It's a complete reversal of logic, but that's where we are.

The Merger That Creates a Broadcasting Behemoth

This isn't a small deal. Nexstar, which already owns or partners with over 200 stations, would absorb Tegna's 64 stations under the agreement announced back in August 2025. The result? A combined entity reaching roughly 80% of American households.

The transaction is expected to close in the second half of 2026, assuming it clears regulatory hurdles.

"We believe that broadcast news is essential to this country and a free democracy, independent local news," Nexstar CEO Perry Sook told CNBC after announcing the deal.

The Regulatory Roadblock

There's one significant obstacle standing in the way: the Federal Communications Commission would need to lift its 39% household reach cap for this deal to actually happen. That's a pretty big ask, and it's not guaranteed.

Adding another wrinkle, Newsmax Inc. (NMAX) CEO Chris Ruddy, who happens to be a Trump ally, has opposed the merger. His argument? It could hurt independent programmers. So Trump's endorsement puts him at odds with one of his media allies.

By The Numbers

Here's how the two companies stack up financially:

Nexstar: Market cap of $6.71 billion, with shares trading between a 52-week high of $223.43 and a low of $141.66.

Tegna: Market cap of $3.07 billion, with shares ranging from a 52-week high of $21.35 to a low of $14.87.

The path forward depends on regulatory approval and whether the FCC is willing to make exceptions to its household reach limits. Trump's endorsement certainly adds political momentum, but it's the FCC that ultimately decides if this broadcasting mega-merger becomes reality.