When Late-Night Comedy Meets Media Consolidation

Sometimes a media merger story comes with an unexpected plot twist. The proposed combination of Nexstar Media Group Inc. (NXST) and Tegna Inc. (TGNA) got thrust into the public spotlight earlier this year when Jimmy Kimmel's late-night show suddenly disappeared from Nexstar stations. The suspension came after FCC Chairman Brendan Carr suggested Kimmel should face consequences for comments about Charlie Kirk. Nexstar's decision to pull the show looked like an attempt to curry favor with the regulator who might approve their merger plans.

Now Sen. Elizabeth Warren (D-Mass.) and several congressional colleagues are telling those regulators to pump the brakes. In a letter sent to both the Federal Communications Commission and the Department of Justice, Warren's group argues that this deal could devastate local journalism, eliminate jobs, and drive up costs for consumers.

The letter, addressed to FCC Chairman Carr and DOJ Assistant Attorney General for Antitrust Gail Slater, doesn't mince words: "We write to urge you to closely scrutinize Nexstar Media Group, Inc.'s proposed acquisition of Tegna Inc. and to block this deal if you determine that it violates federal telecommunications or antitrust laws."

The Numbers Behind the Concern

Here's why this merger has lawmakers worried. If approved, Nexstar would control stations reaching 80% of American television households. That's more than double their current reach, and it blows past the existing 39% national ownership cap established by the Telecommunications Act. The letter was signed by Warren along with Sens. Chris Van Hollen (D-Md.) and Jacky Rosen (D-Nev.), plus Reps. Summer Lee (D-Pa.), Maxwell Frost (D-Fla.) and Doris Matsui (D-Calif.).

"If your agencies approve the deal, the country's largest TV station owner would double its audience reach to 80% of TV households and cement a market-dominant position," the lawmakers wrote.

The letter pushes the FCC to hold public hearings and demands that Nexstar explain how this merger benefits everyday Americans, not just shareholders looking for stock gains. It's a direct challenge to the idea that bigger always means better in the media landscape.

The Battle Over Ownership Rules

There's a fascinating split happening over that 39% ownership cap. Newsmax CEO Chris Ruddy came out against eliminating the rule earlier this year, telling the New York Post: "This is about, first and foremost having competition so that three or four companies don't own all the TV licenses, all the major licenses across the country."

Meanwhile, Chairman Carr has advocated for scrapping what he calls "arcane artificial limits" on TV station ownership. His argument? These old rules prevent local news outlets from effectively competing against digital giants like YouTube. It's a clash between those who see consolidation as survival and those who view it as a threat to competition and local voices.

The timing of this letter matters. Carr and other FCC commissioners are scheduled to testify Wednesday at an FCC oversight hearing before the Senate Commerce Committee. Expect both the merger proposal and the Kimmel suspension controversy to come up during questioning.

Warren's Broader Media Consolidation Campaign

The Nexstar-Tegna deal isn't the only media merger drawing Warren's fire. She's also vocally opposing potential acquisitions of Warner Bros. Discovery Inc. (WBD) by either Paramount Skydance (PSKY) or Netflix Inc. (NFLX).

"Netflix and Paramount are trying to buy Warner Brothers right now. So what does that mean for you? Your streaming prices could skyrocket," Warren tweeted recently, framing the issue in direct consumer terms.

Warren previously labeled Paramount's hostile all-cash bid for Warner Bros. a "five-alarm antitrust fire" and urged regulators not to buckle under political pressure when evaluating the deal. She's raised concerns about foreign investment funds participating in Paramount's bid and pointed out connections between Paramount Skydance leadership and President Donald Trump. CEO David Ellison and his father Larry Ellison, a major shareholder in the media company, are both prominent Trump supporters.

"The government's review of any deal needs to be based on the law and facts — not who sucked up the most to Donald Trump," Warren stated bluntly.

What Happens Next

Warren's public pressure campaign on these media mergers essentially guarantees they won't fly under the radar. By highlighting concerns about market concentration, job losses, and potential conflicts of interest, she's forcing regulators to explain their decisions in detail. Whether the FCC and DOJ ultimately approve or reject these deals, the increased scrutiny means more public debate about who controls America's media landscape and how that affects what we see, hear, and pay for entertainment and news.

If either or both deals get the green light despite her objections, expect Warren and her congressional allies to continue making noise about regulatory capture and antitrust enforcement. The question isn't whether there will be pushback, but how loud it will be and whether it influences future merger proposals in the media sector.