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.

Today we’re going to be looking at the largest such local TV station owner/operator in the United States, Nexstar Media Group ( NASDAQ: NXST ). They’re looking to get even bigger through an announced acquisition of Tegna ( TGNA ), a substantial competitor.

U.S. television station owner Sinclair has made an offer to merge its broadcast TV business with smaller rival Tegna , which is in advanced talks on a potential sale to Nexstar Media Group , a person familiar with the talks told Reuters on Monday.

Nexstar’s proposed $6.2 billion acquisition of Tegna could bring Cleveland’s WJW and WKYC under one owner, but regulatory hurdles make the deal’s local impact uncertain.

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Nextstar is looking to buy Tegna in a $6.2 billion cash deal — but will the FCC allow it despite a conflict with current TV ownership rules?