Nexstar-Tegna and the Problem of Double-Secret Merger Review: Why Antitrust Should Trump ‘Public Interest’
The U.S. Justice Department (DOJ) recently sent a second request to Nexstar Media Group and Tegna Inc. seeking additional information about their proposed $6.2 billion merger. This request extends the Hart-Scott-Rodino Act waiting period by 30 days, pending the companies’ compliance. According to a securities filing, the two television-station ownership groups anticipate their planned merger will be completed by the second half of 2026.
This standard antitrust-review process presents an opportunity to examine a question that should have been settled decades ago: Why does the Federal Communications Commission (FCC) maintain a separate merger-review process, when the DOJ and the Federal Trade Commission (FTC) already have the authority, tools, and experience to conduct thorough analyses under antitrust laws?