Nexstar beat out rival Sinclair, which was offering between $25 and $30 per share, significantly above Nexstar's winning bid.

A former marketing producer for WTHR shares concerns of potential layoffs due to potential Nexstar Media Group acquisition of TEGNA.

Sinclair has proposed separating its Ventures business—which houses nontraditional broadcast media assets including the Tennis Channel and investments—and merging its remaining broadcast TV business with Tegna, in a deal that would value Tegna shares at around $25 to $30 apiece, the people said.

The $6.2 billion cash transaction would expand Nexstar’s station group to 265 outlets nationwide, including a bigger foothold in Texas.