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, which will help strengthen its local news offerings. The transaction, if approved, will bring together two major players in U.S. television and the country's local news landscape.

To close the deal, Nexstar will need approval from the Federal Communications Commission, which could cement its position as the biggest provider of local TV in the U.S.