Wall Street and local TV rivals are optimistic about the impact of Nexstar's $6.2 billion acquisition of Tegna, which could trigger another wave of consolidation within the industry. The deal was approved by the Federal Commission (FCC) and Department of Justice, but legal challenges remain, with state attorneys general and major pay-TV operator DirecTV filing lawsuits seeking to block the deal. The National Association of Broadcasters also expressed support for the decision, calling it a sign that the Commission understands the need for ownership reform. However, critics argue that the merger should not have been approved due to the complexity of the ownership cap.