Investors responded with enthusiasm to the news, pushing shares of major players sharply higher. Nexstar Media, already controlling over 200 stations following its acquisition of Tegna, saw its stock climb 5.2% to $184.40. Other industry giants including Sinclair, E.W. Scripps, and Gray Media experienced gains ranging from 6% to 10%.

The agency plans to hold a formal vote early next month on the repeal. By replacing the rigid percentage threshold with a discretionary review process, the FCC intends to evaluate future mergers based on their ability to promote the public interest. This move aligns with the deregulatory agenda championed by Chairman Brendan Carr, potentially clearing the path for significant expansion across the U.S. media landscape.