Nexstar Media will acquire rival broadcast company Tegna for $6.2 billion according to a joint announcement on Tuesday, another sign of consolidation in an already contracting TV broadcast sector.

Nexstar Media Group is buying broadcast rival Tegna for $6.2 billion, bringing together two major players in U.S. television and the country’s local news landscape. If the transaction is approved, Nexstar will pay $22 in cash for each share of Tegna’s outstanding stock.

Upon closing of the Tegna deal, Nexstar and its partners will have 265 full-power television stations in 44 states and Washington, D.C., covering 132 of the country’s 210 television markets covering 80% of U.S. TV households, the companies said. The combined company will have stations in nine of the top 10 markets, and 41 of the top 50.