Golden Parachutes Being Deployed for Tegna Executives

When Nexstar closes the sale on Tegna, it will mean the top suits at Tegna will be out of a job.

But, before you start worrying about them standing a food stamps line, you might want to see what they get asa walking away gift.

Tegna CEO Michael Steib, who basically put people out of work and got the company ready to sell, will receive $6 million dollars just to stick around until Nexstar takes over.

Retention bonuses will also be handed out to Tegna CFO Julie Heskett. She’ll have to scape by on just $2 million dollars.

Ironically, Thomas Cox who is Tegna’s “Chief Growth Officer” will get $2.5 million and Alex Tolston the company’s Chief Legal Office will also get $2.5 million to walk away.

While many Tegna employees will be put out of work after the merger, $13 million bucks will be handed out to the four people at the top.

Here’s the way the fine print reads, “In connection with the Company’s entry into the Merger Agreement, on August 18, 2025, the Company entered into retention agreements with certain of its named executive officers providing for retention awards in the following amounts: Michael Steib: $6,000,000; Julie Heskett: $2,000,000; Thomas Cox: $2,500,000; and Alex Tolston: $2,500,000. The retention awards will vest 50% upon the closing of the Merger and 50% upon August 18, 2027 (or 100% upon August 18, 2027 if the Merger has not closed by such time), with vesting accelerated upon certain qualifying terminations of employment.”