Irving-based Nexstar Media has agreed to buy smaller rival Tegna for $3.54 billion, creating a local-TV powerhouse that seeks to compete better with big

Nexstar had been in talks with smaller rival Tegna to merge its local TV stations amid the continuing consolidation of the U.S. broadcast sector.

Nexstar, the largest TV station owner in the U.S., will reach 80% of the country if the deal gets regulatory approval.