New York Attorney General Letitia James joined a group of eight attorneys general Thursday in announcing a lawsuit aimed at blocking the proposed mega-merger between broadcasting giants Nexstar and Tegna.
Nexstar, the largest broadcast TV corporation in the country, is looking to merge with Tegna, the fourth largest, in a deal worth $6.2 billion. According to James, such a deal would lead to higher cable prices and fewer journalists in markets such as Buffalo.
"In dozens of media markets across the country, including Buffalo here in New York, Nexstar and Tegna currently compete directly with one another." James said in a press conference. "This competition ensures communities get diverse, affordable, and high-quality TV coverage.
"But if this merger moves forward, cable prices will spike for families in New York and across the country."
In Buffalo, WIVB-TV (Channel 4) is owned by Nexstar while WGRZ (Channel 2) is owned by Tegna. A consolidation could lead to layoffs and, James said, a degradation in the quality of journalism in the region.
"This merger threatens local journalism," James said. "... That means fewer journalists on the ground, fewer independent voices, and fewer local perspectives covering the communities that they know best."
California Attorney General Rob Bonta, another AG in the lawsuit, said the merger would result in a single broadcasting company covering 80% of households in the country. Such a larger percentage, he said, is a violation of the Clayton Act — a 1914 law prohibiting anti-competitive practices.
Part of the urgency to file the lawsuit, Bonta said, was President Donald Trump's public comments urging the deal to go through, along with similar sentiments made by FCC chairman Brandon Carr.
"By urging this unlawful deal through," Bonta said, "Trump is, yet again, making it clear that he's more concerned with protecting greedy corporate interests than defending consumers."
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