Local Media Gets Smaller Again: What Nexstar’s $6.2B Grab of TEGNA Means for Communities and Advertisers

By: Campfire Consulting

Last week’s announcement that Nexstar Media Group will acquire TEGNA for $6.2 billion is being framed as a win for shareholders and a “scaled opportunity” for advertisers. But for the communities these stations serve — and the brands trying to authentically connect with them — the picture is far more complicated.

When Consolidation Poses as Growth

Nexstar already holds the title of America’s largest local TV station owner. With TEGNA under its wing, the company will control nearly 200 stations across 118 markets. On paper, this creates efficiencies, reach, and buying power. In reality, it risks reducing the diversity of voices in local media and places even more decision-making power in the hands of a few executives at the top.

Who Really Loses?

The implications were already being felt before the merger even went through. Local station promotion teams centralized to corporate. Community engagement departments disbanded. What we can guess is that the next wave will be felt heavier in the newsrooms being strapped with fewer reporters, covering bigger territories with less depth. The closer media gets to “scale,” the further it drifts from the streets, schools, and city halls it’s supposed to represent.

For communities, it means fewer local stories being told — and more templated content pushed from national centers. For advertisers, it means fewer truly local opportunities to differentiate and connect, leaving brands to fight for airtime in homogenized packages that blur one market into the next.

Monopoly or Conglomerate?

Is this a monopoly? Not in the strict antitrust sense. But it’s another brick in the wall of a media conglomerate system where fewer companies own more of what people watch. The FCC’s local ownership rules — designed to protect diversity of voices — look increasingly fragile when mega-deals like this keep clearing regulatory hurdles.

Why It Matters for Advertisers

For advertisers, this isn’t just about price per spot. It’s about whether your message lands with relevance. A one-size-fits-all package might stretch across multiple DMAs, but it won’t replicate the connection that comes from understanding a market’s unique culture, people, and local media ecosystem. That’s where equity is built — not just impressions.

Why It Matters for Communities

Local stations aren’t just businesses. They’ve been lifelines in emergencies, platforms for high school sports, town hall debates, beacons for community fundraising efforts, and the kinds of stories that don’t trend nationally but define everyday life. When ownership consolidates, those roles tend to shrink. And when that happens, entire communities lose visibility, voice and resources.

Where We Go From Here

This deal isn’t just about Nexstar or TEGNA. It’s about what happens when media decisions tilt further toward efficiency and away from connection. For brands, it’s a wake-up call: if you want to grow trust and loyalty, you can’t rely solely on conglomerate media buys. You have to invest in the places where people still see themselves whether that’s through local sponsorships, direct-to-publisher deals, or community-driven media initiatives.

Because when local media gets smaller, so do the communities it serves. And that’s a cost no spreadsheet can justify.

See Us Live at Programmatic I/O NYC

This conversation continues at Programmatic I/O New York, where our founder and CEO Chris Marine will join Carrie Riley, CMO of Aroma Joe’s, to unpack how one of America’s fastest-growing QSRs is scaling brick-and-mortar success through intentional media.

Together, they’ll explore how the coffee chain—working with Campfire—blends programmatic CTV, direct-to-publisher deals, and high-impact broadcast to unlock new value in both local and national streaming. Expect a candid look at why the next ad gold rush might just be brewing in local TV, where performance and brand equity intersect.

Going to Programmatic I/O? Don’t just sit in the audience — let’s connect over a cup of coffee and talk about where TV is headed next. Put your details in below and Chris will reach out to set up a time to meet up in/around the conference.