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Mostly Economics Podcast #33: Nexstar-Tegna Merger and Media Partisanship with Milo Vassallo

CEPR
CEPR•May 7, 2026

Why It Matters

Concentrated, partisan‑driven media ownership can distort public discourse and undermine democratic accountability, making regulatory reform and independent journalism critical for a healthy electorate.

Key Takeaways

  • •Media consolidation threatens local news diversity and democratic discourse.
  • •FCC commissioner Brendan Carr pushes partisan agenda, targeting outlets opposing Trump.
  • •Nexstar‑Tegna merger could exceed historic 39% ownership cap.
  • •Right‑wing billionaires use long‑term media strategy to shape voter perception.
  • •Legal actions challenge Murdoch’s disqualification for broadcasting election misinformation.

Summary

The Mostly Economics podcast episode focuses on the looming Nexstar‑Tegna merger and its broader implications for media partisanship, ownership concentration, and regulatory capture. Host Dean Baker and guest Milo Vassallo dissect how decades‑long strategies by right‑wing billionaires have built a parallel media infrastructure that consistently reshapes voter realities, while the Federal Communications Commission (FCC) appears increasingly aligned with partisan interests. Key insights include the systematic erosion of the historic 39% cap on national broadcast ownership, the role of deregulation in allowing conglomerates to control local ABC, CBS, and NBC affiliates, and the strategic use of long‑term media investments—exemplified by Murdoch’s Fox News empire—to embed partisan narratives. Vassallo contrasts this with the collapse of evidence‑based journalism, noting that advertising dollars no longer drive influence as much as the content itself. Illustrative examples cited are Brendan Carr’s overt attempts to weaponize FCC authority against outlets perceived as anti‑Trump, the controversial sale of CBS News to the Ellison family allegedly tied to a $166 million payment to the Trump Library, and a class‑action lawsuit challenging Murdoch’s character qualifications after internal emails revealed deliberate election misinformation. The discussion also references the Jimmy Kimmel case to highlight how local station ownership can be leveraged for political retaliation. The conversation underscores that unchecked media consolidation threatens the plurality essential to a functioning democracy, amplifies partisan echo chambers, and erodes public trust. It calls for renewed regulatory safeguards, transparent ownership disclosures, and support for independent, evidence‑based journalism to restore a balanced information ecosystem.

Original Description

Right-wing billionaires are buying up local TV news networks and a federal regulator is helping them do it. In this week's episode, Dean Baker and Milo Vassallo, executive director of the Media and Democracy Project, break down what media consolidation means for communities across. They dig into the Nexstar-Tegna merger, the FCC's role under Brendan Carr, the fall of local journalism, and what a coalition of state attorneys general is doing to fight back.
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