Fate of Big Broadcast Mergers Hinges on Who Calls Senate Shots

Tightening rules for acquiring broadcast TV stations is high on FCC Democrats’ to-do list, but how fast they can move may depend on the political drama unfolding in Georgia.

Democrats want to undo a rule under which certain TV stations count less toward a national ownership cap which has allowed Nexstar Media Group Inc. to significantly expand its reach in markets across the country. The GOP-led agency reinstated the UHF discount in 2017, after the Democratic-controlled FCC scrapped it during the Obama administration.

Democrats will need a majority at the five-member commission to enact their agenda, and a Republican-led U.S. ...