Tegna Soars on Reports It’s in Advanced Sale Talks With Nexstar

Shares in TV station operator Tegna Inc. surged in premarket trading after reports that broadcaster Nexstar Group Inc. was in talks to acquire its smaller rival.

The discussions are at an advanced stage, according to a Bloomberg News report on Friday, citing a person with knowledge of the matter. The person asked not to be identified because the discussions aren’t public. The Wall Street Journal reported on the talks earlier Friday.

A purchase would combine Irving, Texas-based Nexstar, a broadcaster with more than 200 owned or partner outlets, with Tegna, which has 64 stations. Both companies operate stations affiliated ...