Form 4: TEGNA Director Sells Shares Post-Nexstar Merger
Insider Transaction Report
TEGNA Director Scott K. McCune reported the disposition of all his common stock, restricted stock units, and phantom share units following the company's merger with Nexstar Media Group, Inc. at $22.00 per share.
Summary
- Reporting Person Scott K. McCune, a Director of TEGNA Inc., disposed of all his beneficial ownership in TEGNA securities.
- The transactions occurred on March 19, 2026, following the merger of TEGNA Inc. with Nexstar Media Group, Inc.
- Each share of TEGNA common stock, Restricted Stock Unit, and Phantom Share Unit was converted into the right to receive $22.00 in cash.
- McCune disposed of 91,216.502 shares of common stock, 26,108 Restricted Stock Units, and 6,869 Phantom Share Units.
- Following these transactions, McCune beneficially owns 0 shares of TEGNA common stock and 0 derivative securities.
Sentiment
Score: 7
Explanation: StockSavvy.ai views this as a neutral to slightly positive event, confirming the successful completion of the merger and the cash payout to former TEGNA shareholders, including the reporting director.
Future Outlook
NA
Industry Context
StockSavvy.ai notes that this Form 4 filing confirms the finalization of the acquisition of TEGNA by Nexstar Media Group, a significant consolidation event in the U.S. local media and broadcasting industry. Such mergers often lead to increased market share and operational synergies for the acquiring entity.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Director | Scott K McCune | N/A (Company acquired) | 03/19/2026 | Cessation of directorship at TEGNA Inc. due to its acquisition by Nexstar Media Group, Inc. |
Stakeholder Impact
- Shareholders: Former TEGNA shareholders received $22.00 per share in cash, concluding their investment in the company.
- Employees: While not explicitly stated, the merger typically leads to integration and potential restructuring, impacting employees of the acquired entity.
- Management: The reporting person, a director, has liquidated their holdings, indicating the end of their directorship role for the public entity.
Key Dates
| Date | Description |
|---|---|
| 08/18/2025 | Date of the Agreement and Plan of Merger between TEGNA Inc. and Nexstar Media Group, Inc. |
| 03/19/2026 | Effective time of the merger and transaction date for the disposition of securities. |
| 03/23/2026 | Signature date of the Form 4 filing. |
Keywords
TEGNA, TGNA, Nexstar Media Group, Merger, Form 4, Insider Trading, Stock Disposition, Restricted Stock Units, Phantom Share Units, Scott K McCune, Corporate Governance
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