Aug 8 (Reuters) - Television broadcaster Nexstar Media

Group ( NXST ) is in advanced talks to acquire rival Tegna ( TGNA )

, the Wall Street Journal reported on Friday, citing

people familiar with the matter.

Shares of Tegna ( TGNA ) surged 30% in extended trading following the

report, while Nexstar's shares remained flat.

A potential deal between the two companies would mark a

significant step in the ongoing consolidation of the U.S.

television industry, as broadcasters adapt to shifting consumer

habits driven by cord-cutting and the rapid expansion of

streaming, amid expectations of looser regulations under U.S.

President Donald Trump's administration.

Nexstar, owns or partners with over 200 stations in 116

markets. It also operates high-profile media properties

including The CW and NewsNation, and has recently increased its

focus on sports content.

Tegna ( TGNA ) owns 64 stations and operates networks such as True

Crime Network. The company has a market valuation of

approximately $2.42 billion, compared with Nexstar's $5.56

billion, according to LSEG data.

A deal could materialize soon, provided the talks do

not encounter last-minute snags, according to the report

Tegna ( TGNA ) has been subject to takeover interest in the past. In

2022, it agreed to be taken private by Standard General in a

deal valued at $8.6 billion, including debt, but later

terminated the merger agreement following regulatory scrutiny.

Nexstar declined to comment. Tegna ( TGNA ) did not immediately

respond to Reuters' request for comment.