Gary Weitman, Nexstar Media Group's Executive Vice President and Chief Communications Officer, executed two equity sales on March 24 and March 25, 2026, disposing of a combined 3,860 shares of Nexstar common stock for aggregate proceeds of $869,873.
The disposition occurred in two tranches. On March 24, Weitman sold 3,527 shares at $226.00 per share, producing $797,102 in proceeds. The following day, March 25, he sold an additional 333 shares at $218.5318 per share, generating $72,771. According to the reporting, the per-share prices in the transactions ranged from $218.5318 to $226.
Also recorded on March 24 were equity conversions tied to awards that vested that same day. Weitman received 750 shares through the conversion of restricted stock units (RSUs) and 588 shares through the conversion of performance stock units (PSUs); both conversions were recorded at a price of $0. The Form 4 filing specifies that the shares sold by the reporting person were used to cover tax withholding obligations related to the settlement of the RSUs and PSUs that vested on March 24, 2026.
At the time of the filing, Nexstar's stock was trading at $219.63. The company’s share price has risen by nearly 24% over the last 12 months, according to the reported trading level.
In parallel corporate developments, Nexstar Media Group has completed its previously announced $6.2 billion acquisition of TEGNA Inc., a transaction that closed following regulatory approval from both the Federal Communications Commission and the U.S. Department of Justice. Management has moved to fund and integrate that acquisition through capital markets transactions and liability management actions.
As part of the financing package for the acquisition, Nexstar priced a $5.115 billion debt offering in a private placement. The placement consists of $3.39 billion of 6.500% senior secured notes due 2033 and $1.725 billion of 7.250% senior notes due 2034, both issued at 100% of par. Nexstar also set an early settlement date for TEGNA's 5.000% Senior Notes due 2029, with $1,036,551,000 in aggregate principal amount of those notes tendered by the early deadline.
Following the close of the TEGNA deal, Deutsche Bank raised its price target for Nexstar to $270 from $250 while reiterating a Buy rating, citing anticipated synergies from the transaction. These recent actions - the equity vesting and related insider sale to satisfy tax obligations, the completed acquisition, and the sizable debt issuance - together reflect a period of active capital and compensation-related activity at Nexstar.
Observers should note that the Form 4 filing attributes the share sales to tax withholding associated with vested awards; no additional motives or future trading intentions are stated in the filing.