Trump backs Nexstar-Tegna merger, says big TV networks need more competition

U.S. President Donald Trump on Saturday publicly backed a proposed merger between local television station operator Nexstar Media and its smaller rival Tegna.

"We need more competition against THE ENEMY, the Fake News National TV Networks," Trump wrote in a social media post. "GET THAT DEAL DONE!"

Nexstar last year proposed a $3.54 billion acquisition of Tegna that would make the combined entity the largest U.S. regional TV station operator, with more leverage with advertisers and pay-TV distributors. Local media is grappling with falling revenue and subscriber loss because of the popularity of streaming services.