WASHINGTON (Reuters) -Shares in Tegna ( TGNA ) fell nearly 5% on Monday after President Donald Trump criticized a proposal to lift the current cap on local television station ownership, which is necessary for the company to be acquired by Nexstar Media ( NXST ).

Acquiring Tegna ( TGNA ) would expand Nexstar's presence covering 80% of TV households across key geographies under the $3.54 billion deal. Trump on Sunday posted a story on social media that said lifting the cap would be a "disaster" for conservatives and added that he would "not be happy" if the move allowed Comcast ( CMCSA )-owned NBC or Disney ( DIS )-owned ABC to expand.