Kirkland Represents Nexstar Media on $7 Billion Financing in Connection with the TEGNA Acquisition

Kirkland & Ellis advised Nexstar Media Group, Inc. (Nasdaq: NXST), a leading diversified media company that produces and distributes engaging local and national news, sports and entertainment content across its television and digital platforms, in a series of financing transactions in connection with its acquisition of TEGNA Inc. (NYSE: TGNA). The financing was comprised of (i) a $3,390 million senior secured notes due 2033, (ii) a $1,725 million senior notes due 2034, (iii) a $1,750 million term loan B facility and (iv) a $150 million cash flow facility.

The proceeds from the financing were used to finance the consummation of the TEGNA acquisition, which occurred on March 19, 2026, and to pay certain indebtedness of TEGNA and Nexstar in connection therewith.

The Kirkland team included capital markets lawyers Josh Korff, Alborz Tolou, Sarah Lipinski, Joyce Kim, Alex Saenz and Saif Ali; debt finance lawyers Yuli Wang, Yinan Guo, Samantha Mariani, Jay Gao and Christiano Yay; tax lawyers Dean Shulman, Vincent Thorn and Olivia Chilcott; and technology & IP transactions lawyers Bernadette Coppola, Matthew Lovell and Christina Welch.