Shares in TV station operator Tegna Inc. surged in premarket trading after reports that broadcaster Nexstar Group Inc. was in talks to acquire its smaller rival.

Both companies declined to comment on a potential deal, but speculation was still driving shares higher. Tegna stock surged 28% to $19.66 on Monday, heading for its largest same-day percentage increase since June 2013, and its highest close since Feb. 24, 2023, according to Dow Jones Market Data.

Nexstar is said to be deep in talks to buy Tegna in a deal that could hit $8 billion with debt, marking a big shake-up in the TV business.