Tegna has witnessed the exit of several top executives amid ongoing legal battles surrounding its merger with Nexstar. Key departures include the company’s CFO Julie Heskett, Chief Strategy Officer Ed Busby, and Chief Experience Officer Dhanusha Sivajee, signaling a significant leadership reshuffle during a critical phase for the broadcaster.
This wave of departures closely follows the announcement of Patrick Paolini as the new CEO, replacing Mike Steib who stepped down from all company roles. Paolini, previously head of ad sales for Fox Television Stations, officially takes charge on June 1. His responsibilities will encompass daily operations, revenue strategies, local journalism, production, and growth initiatives—areas crucial to Tegna’s competitive standing amid a transforming media landscape.
The Nexstar-Tegna merger, valued at $6.2 billion, has encountered legal obstacles after a federal judge issued a preliminary injunction halting the deal’s progress due to antitrust concerns raised by DirecTV and several state attorneys general. Despite this, the merger had already closed in March with approvals from the Federal Communications Commission and the Department of Justice. Nexstar promptly filed for an expedited appeal in response to the injunction, seeking to move the deal forward.
A Nexstar spokesperson expressed appreciation for the outgoing Tegna leaders, emphasizing their contributions to strengthening local journalism during a time when broadcasters face immense pressure from streaming giants and Big Tech. The spokesperson reinforced that the merger aims to provide local stations with the necessary scale, investment, and resources to sustain trusted local news and effectively compete in a rapidly evolving industry.