Tegna appoints ex-Fox exec Paolini as CEO amid lawsuit
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- Tegna announced Patrick Paolini will become chief executive on Monday, succeeding Mike Steib.
- Patrick Paolini spent 26 years at Fox Television Stations, most recently serving as EVP of ad sales before leaving the company last week.
- Tegna and Nexstar announced a $6.2 billion merger last summer; the FCC approved it in March and the deal closed minutes after approval.
- DirecTV and several state attorneys general filed an antitrust lawsuit that led a federal judge to issue a preliminary injunction pausing the merger.
- Mike Steib, a former Google and NBCUniversal executive who became Tegna CEO in 2024, stepped down after the merger announcement and will finish his tenure on Friday.
- Nexstar CEO Perry Sook said Tegna operates as a subsidiary and executives report to the board, but they cannot influence decision‑making.
- Nexstar described the injunction as a “straightjacket” and warned Tegna may not survive while the appeal proceeds.
Why it matters: The injunction threatens Tegna’s ability to function as a merged entity, putting the $6.2 billion Nexstar deal at risk and potentially forcing the company to dissolve while Nexstar’s integration plans stall, a scenario that could erode shareholder value and disrupt advertising revenue streams for both firms.
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