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Nexstar, Tegna




Nexstar buys Tegna, creating local TV juggernaut. The biggest player in local US TV stations is getting even bigger after it agreed to purchase rival Tegna for $6.2 billion, the companies announced yesterday. The deal would give Nexstar control of 265 stations across 44 states and Washington, DC, which CEO Perry Sook argued is necessary to compete with the tech giants. But critics worry the consolidation will stifle competition and commandeer local programming, and it’s likely to spark regulatory scrutiny. The deal has to be approved by the FCC, whose chair, Brendan Carr, has signaled an openness to relax existing limits on how much broadcasters can own.

Home Depot is raising some prices due to tariffs. After previously saying it didn’t plan to hike prices as a result of tariffs, the home-improvement giant said things have changed, and it will now impose “modest price movement in some categories.” CFO Richard McPhail told the Wall Street Journal that tariffs on certain imported goods are “significantly higher” today than they were during the last quarter. Home Depot gets slightly less than half of its products from suppliers outside the US and has said it’s trying to ensure it doesn’t get more than 10% of its inventory from any single country. Shares were up ~3% yesterday.

The Air Canada strike is over. Flights resumed last night after the airline reached a deal with the union representing its flight attendants to end a three-day work stoppage that had grounded Canada’s flag carrier. Nearly 3,000 flights were canceled after more than 10,500 flight attendants walked off the job last week following months of unsuccessful contract negotiations, arguing they were not compensated fairly. The two sides did not divulge the details of their agreement, but Air Canada CEO Michael Rousseau said the company’s offer attempted to satisfy the union’s demands over unpaid work. It’s likely to take a few days before the airline’s operations return to normal.—AE

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