TEGNA Appoints Patrick Paolini CEO While Merger Challenge Continues (NXST:NASDAQ)
The former Fox TV Stations executive will lead Tegna while a federal injunction keeps the $6.2 billion Nexstar deal on hold.
- Tegna Inc. named Fox Television Stations veteran Patrick Paolini CEO effective June 1 as the station group navigates litigation seeking to undo its $6.2 billion merger with Nexstar Media Group.
- DirecTV and multiple state attorneys general filed antitrust lawsuits that prompted a federal judge to issue a preliminary injunction pausing the merger earlier this month, even though the FCC approved the deal in March, creating reach to 80% of U.S. households.
- Paolini brings more than 30 years of broadcast management experience, including 26 years at Fox Television Stations, where he most recently served as EVP of ad sales, and previously spent 10 years managing WTTG and WDCA, the Fox duopoly in Washington, D.C.
- Tegna operates as a wholly owned Nexstar subsidiary but remains independent under a hold-separate order issued April 17 by the U.S. District Court for the Eastern District of California, with Paolini reporting directly to the Tegna board.
- Nexstar filed an expedited appeal of the ruling, with Guggenheim analysts noting the transaction remains materially accretive to 2026/2027 cash flow outlook even without synergies, as outgoing CEO Mike Steib concludes his tenure Friday.
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TEGNA names Patrick Paolini CEO amid Nexstar acquisition and antitrust lawsuit.
Tegna Names Patrick Paolini CEO Amid Nexstar Merger Litigation
Tegna has named former Fox Television Stations ad sales boss Patrick Paolini CEO amid litigation for its Nexstar merger. Effective June 1, Paolini will oversee “daily operations, revenue-generating business strategies, local journalism and production, and growth initiatives” for Tegna, per a Tuesday press briefing. His appointment comes after lawsuits filed by DirecTV and multiple state attorneys general resulted in a federal judge’s preliminary…
Tegna Names Fox TV Stations Ad Sales Boss Patrick Paolini CEO With Nexstar Merger in Legal Limbo
with the Nexstar-Tegna merger currently tied up in an antitrust challenge from state attorneys general and DirecTV, Tegna is appointing a new CEO to run things for the time being: Patrick Paolini, who will take over as Tegna's chief executive officer effective June 1.
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