In a major development reshaping the Denver television market, the owner of Fox31 (KWGN-TV) has announced plans to acquire Tegna Inc., the parent company of 9News (KUSA), one of the most prominent local news stations in the region. This acquisition marks a significant consolidation of media power in Colorado’s largest media market.
The buyer is Apollo Global Management, the private equity firm that currently owns Mission Broadcasting, which operates Fox31 under a shared services agreement with Nexstar Media Group. Apollo has agreed to purchase Tegna in a deal valued at approximately $5.4 billion, including debt. The transaction is expected to close in late 2024 or early 2025, pending regulatory approvals from the Federal Communications Commission (FCC) and the Department of Justice.
Tegna owns and operates 65 television stations across 51 U.S. markets, including KUSA in Denver, which has long been a leader in local news ratings and community engagement. KUSA is known for its strong investigative reporting, breaking news coverage, and popular morning and evening newscasts.
The proposed acquisition raises questions about media ownership concentration and editorial independence. Critics have expressed concerns that placing both Fox31 and 9News under common ownership—albeit through financial and operational intermediaries—could reduce competition and diversity of viewpoints in local news.
However, Apollo and Tegna executives emphasized that the deal is structured to comply with FCC ownership rules. They noted that Mission Broadcasting will continue to operate Fox31 independently, while Tegna stations like 9News will maintain separate newsrooms and editorial operations to preserve journalistic integrity.
“This transaction allows us to strengthen our portfolio of local media assets while supporting the continued delivery of high-quality, trusted news to communities across the country,” said a spokesperson for Apollo Global Management.
Local journalists and media analysts are closely watching the deal’s implications for staffing, content, and advertising. Employees at both stations have been informed of the transaction, with assurances that no immediate changes to programming or personnel are expected.
If approved, the merger would represent one of the largest media acquisitions of 2024 and could set a precedent for further consolidation in the local broadcasting industry.
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