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.

The former owns and operates 64 television stations in 51 markets, while, Nexstar has more than 200 owned or partner stations