Nexstar Media Group is buying broadcast rival Tegna for $6.2 billion, which will help strengthen its local news offerings.

Nexstar’s proposed $6.2 billion acquisition of Tegna could bring Cleveland’s WJW and WKYC under one owner, but regulatory hurdles make the deal’s local impact uncertain.

Nexstar beat out rival Sinclair, which was offering between $25 and $30 per share, significantly above Nexstar's winning bid.

Shares of broadcasting and digital media company TEGNA (NYSE:TGNA) jumped 4.5% in the morning session after it announced a definitive agreement to be acquired by Nexstar Media Group (Nasdaq: NXST) in an all-cash deal.

The deal will give the former 265 television stations in 44 states and D.C., representing 80% of U.S. television households