Blake Russell
NEXSTAR MEDIA GROUPAbout Blake Russell
Blake Russell (age 54) is Executive Vice President, Operations at Nexstar Media Group, responsible for technical and physical operations including capital deployment; he has served as EVP since February 2018 and previously led station operations and marketing roles within Nexstar since 2000 . Company performance under the executive team in 2024: net revenue $5.4B, net income $683M, Adjusted EBITDA $2.0B, net cash from operating activities $1.25B, and Adjusted Free Cash Flow $1.203B, with cumulative TSR value of $100 rising to $155 by 2024 .
Company 2024 performance metrics:
| Metric | 2024 Value |
|---|---|
| Net Revenue ($USD Billions) | $5.4 |
| Net Income ($USD Millions) | $683 |
| Adjusted EBITDA ($USD Billions) | $2.0 |
| Net Cash from Operating Activities ($USD Billions) | $1.25 |
| Adjusted Free Cash Flow ($USD Billions) | $1.203 |
| Company Cumulative TSR (Value of $100 investment) | $155 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nexstar Media Group | EVP, Operations | 2018–present | Oversees company technical/physical operations and capital deployment |
| Nexstar Media Group | SVP, Station Operations | 2008–2018 | Led station operations across portfolio; operational consistency and execution |
| Nexstar Media Group | VP, Marketing & Operations | 2007–2008 | Advanced marketing/ops integration at corporate level |
| KNWA (NBC) & KFTA (FOX), Fort Smith/Fayetteville | Vice President & General Manager | 2004–2007 | Market leadership in Arkansas; local ops and revenue execution |
| KTAL (NBC), Shreveport | Director of Marketing/Operations | 2000–2003 | Built station marketing/ops foundation |
External Roles
No external public-company directorships or outside roles are disclosed for Blake Russell in the 2025 proxy; his biography lists only Nexstar positions .
Fixed Compensation
Not disclosed for Blake Russell in the 2025 DEF 14A (Named Executive Officers do not include Russell) .
Performance Compensation
Nexstar’s non-CEO senior executive LTIP (which applies to senior executives receiving PSUs/RSUs) was revised for 2025–2026:
- Metrics: Relative TSR (50%) and Cumulative Adjusted Free Cash Flow (50%); measurement over 2 years aligned to the political ad cycle .
- Vesting: PSUs move to 3-year cliff vesting with 2-year measurement beginning with 2026 grants; 2025 grants transition 25%/25%/50% vesting with 1-year then 2-year measurement periods .
- Payout leverage: 50% at threshold; 150% at maximum; TSR payout capped at target when absolute TSR is negative .
Senior executive LTIP structure (non-CEO):
| Component | Weighting | Target Definition | Measurement Period | Vesting | Payout |
|---|---|---|---|---|---|
| Relative TSR | 50% | Peer group TSR rank (Comp Committee-set) | 2 years (2026 grants); 1→2 years (2025 transition) | 3-year cliff (2026); 25/25/50 over 3 years (2025) | 50–150%; cap at 100% if absolute TSR < 0 |
| Cumulative Adjusted Free Cash Flow | 50% | Company cumulative A-FCF target | 2 years (2026 grants); 1→2 years (2025 transition) | 3-year cliff (2026); 25/25/50 over 3 years (2025) | 50–150% |
Short-term incentive (company-wide policy) for senior executives uses Net Revenue and Adjusted EBITDA with individual objectives, certified by the Compensation Committee; specific targets/payouts for Russell are not disclosed .
Equity Ownership & Alignment
Stock ownership and trading:
- Ownership guidelines: senior executives must hold company stock worth 2x base salary within five years; unvested RSUs/PSUs count; all applicable officers were in compliance as of 12/31/24 .
- Anti-hedging/pledging: company strictly prohibits hedging and pledging of company securities (updated January 2025) .
- Clawback: SEC-compliant clawback policy adopted October 2023 covering incentive compensation on restatement .
Recent insider transactions and holdings:
| Date | Transaction | Shares | Price | Value | Ownership After |
|---|---|---|---|---|---|
| 2025-05-27 | Sale | 362 | $173.593 | $62,840 | 23,033 shares |
| 2025-05-23 | RSU/PSU vesting (acquisition at no cost) | 1,500 | — | — | 23,033 shares |
| 2025-05-20 | Form 4 filed; RSU terms noted | — | — | — | — |
| 2025-06-14 | Form 4 filed (period ending) | — | — | — | — |
Ownership as a percent of shares outstanding (approximate): 23,033 ÷ 30,188,767 = ~0.076% .
Notes:
- The 05/27/25 sale was reported alongside vesting; Investing.com indicates sales were to cover tax withholding obligations tied to vesting .
- Additional Form 4 filings in June 2025 confirm continued reporting of changes in beneficial ownership .
Employment Terms
Specific employment agreement terms, severance, and change-of-control provisions for Blake Russell are not disclosed in the 2025 proxy (detailed agreements are provided for Named Executive Officers only) . Company-wide policies applicable to executives include anti-hedging/anti-pledging, ownership guidelines, and clawback coverage .
Investment Implications
- Alignment: Russell’s long tenure and operational remit, combined with 2x salary stock ownership requirements and strict anti-pledging, support “skin-in-the-game” alignment and governance discipline .
- Incentives: The 2025–2026 shift to 2-year performance measurement and 3-year vesting for PSUs/3-year RSU vesting for non-CEO senior executives increases multi-year at-risk pay and reduces near-term windfalls, which can mitigate short-termism and improve pay-for-performance linkage in operational roles .
- Selling pressure: Reported sales in May–June 2025 appear modest relative to Russell’s ownership and coincident with vesting; news coverage cites tax-withholding motives, suggesting limited incremental selling pressure signal rather than discretionary de-risking .
- Retention risk: Russell’s responsibilities over capital deployment and physical operations are critical; while his individual severance/CIC terms are not disclosed, the company’s broader governance and compensation framework (ownership requirements, clawbacks, anti-hedging/pledging) favor retention and alignment, with multi-year LTIP design strengthening commitment through vesting cliffs .