Nexstar begins replacing TEGNA board following antitrust ruling

Nexstar Media Group has begun replacing the TEGNA Board of Directors following a court ruling that its previous board structure violated a preliminary injunction. U.S. District Judge Troy Nunley ruled that Nexstar’s appointment of its own executives to the TEGNA board contravened a ‘hold separate’ order issued during an ongoing antitrust lawsuit.

The lawsuit, brought by California Attorney General Rob Bonta and other states, along with DIRECTV, alleges that Nexstar’s acquisition of TEGNA violates federal antitrust rules by concentrating excessive power within a single broadcast entity. Critics argue this could lead to increased cable and satellite fees and reduced investment in local news.

In response to the ruling, four of the five TEGNA directors—including Nexstar Chairman and CEO Perry Sook, President Michael Biard, General Counsel Elizabeth Ryder, and consultant Timothy Busch—have resigned. The final director, Nexstar CFO Lee Ann Gliha, is expected to resign once new directors are appointed to comply with TEGNA’s bylaws. Attorneys for both companies stated they are actively recruiting new applicants who meet the court’s criteria to maintain TEGNA as a stand-alone entity.