Tegna Inc (NYSE:TGNA) shares advanced roughly 5% in premarket trading on Monday after U.S. President Donald Trump publicly backed a proposed merger between Tegna and Nexstar Media Group (NASDAQ:NXST).
Trump expressed his support for the potential transaction on Saturday, saying he favours the combination, which would result in the largest operator of regional television stations in the United States.
Nexstar put forward a $3.54 billion offer to acquire Tegna last year. If approved and completed, the deal would mark a major consolidation of the U.S. local television broadcasting market.
The proposed merger remains subject to regulatory review and approval before it can move forward.