Gary Weitman
NEXSTAR MEDIA GROUPAbout Gary Weitman
Gary Weitman is Executive Vice President and Chief Communications Officer at Nexstar Media Group, responsible for all internal and external communications and serving as COO of the Nexstar Media Charitable Foundation; he was appointed in September 2019 and is 68 years old . Prior roles include senior communications leadership at Tribune Media (SVP Corporate Relations, VP Corporate Communications), Allied Riser Communications, and Hill & Knowlton, following 15 years in Chicago broadcast journalism at CBS- and FOX-owned stations . Company performance during his tenure has been strong: net revenue rose from $4.9B in 2023 to a record $5.4B in 2024, with Adjusted EBITDA increasing from $1.5B to $2.0B and net income improving from $270M to $683M .
Company performance context:
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Net Revenue ($USD Billions) | $4.9 | $5.4 |
| Adjusted EBITDA ($USD Billions) | $1.5 | $2.0 |
| Net Income ($USD Millions) | $270 | $683 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Tribune Media Company | SVP, Corporate Relations | 2008–2019 | Corporate communications leadership across major media assets |
| Tribune Media Company | VP, Corporate Communications | 2000–2008 | Led corporate communications function |
| Allied Riser Communications Corp. | Executive Director, Corporate Communications | Late 1990s | Enterprise communications in telecom infrastructure |
| Hill & Knowlton, Inc. (Chicago) | SVP, Media Relations | 1997–1999 | Senior agency media relations leadership |
| CBS- & FOX-owned stations (Chicago) | Various, culminating as Managing Editor at WBBM-TV | 1982–1997 | Managed editorial coverage and news broadcasts |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Nexstar Media Charitable Foundation | COO | 2019–present | Oversees charitable foundation operations |
| — | — | — | No public company or outside non-profit board roles disclosed in proxy biographies |
Fixed Compensation
- Company policies for senior executives (framework likely applicable to the communications function): compensation includes base salary, short-term performance-based annual bonus, and long-term incentives split between time-based RSUs and performance-based RSUs (PSUs); for 2024, 70% of non-CEO NEO compensation was “at risk” .
- Stock ownership guidelines require 2x annual base salary for other NEOs and senior executives, measured using the highest stock price over the prior 24 months; all applicable officers were in compliance as of 12/31/24 .
- Anti-hedging and anti-pledging policy tightened in January 2025 to prohibit hedging and pledging of Company securities .
Performance Compensation
Nexstar’s incentive design (non-CEO NEO changes effective 2025) reflects the performance levers the Company prioritizes:
| Component | Metric | Weighting | Targets / Thresholds | Payout Mechanics | Measurement / Vesting |
|---|---|---|---|---|---|
| Short-Term Incentive (Company-wide design) | Net Revenue, Adjusted EBITDA, and individual objectives | Typically split between financial and individual; e.g., COO 50/50 | Threshold at 85% of budget for financial metrics | Interpolated; caps and leverage set by role; Committee certifies results | Annual (bonus year) – |
| Long-Term PSUs (non-CEO NEOs updated in 2025) | Relative TSR vs peer group | 50% | Threshold 35th percentile; Target 51st; Maximum ≥81st | 50% at threshold; 150% maximum; capped at 100% if absolute TSR is negative | 2-year measurement; 3-year vesting (cliff from 2026; transition schedule in 2025) |
| Long-Term PSUs (non-CEO NEOs updated in 2025) | Cumulative Adjusted Free Cash Flow | 50% | Company-set target; threshold/target/max applied | 50% at threshold; 150% maximum | 2-year measurement; 3-year vesting (as above) |
| Long-Term RSUs (non-CEO NEOs updated in 2025) | Time-based | n/a | n/a | n/a | 3-year annually ratable vesting |
Notes:
- In 2023 the Company expanded performance-based stock awards to include non-NEO executive management, broadening “at-risk” pay beyond the named group .
- The CEO’s future LTIP terms (on contract renewal) will adopt multi-metric, longer measurement and vesting, and the absolute-TSR cap; signaling broader alignment across senior leadership incentives –.
Equity Ownership & Alignment
- Stock ownership guidelines: CEO 10x salary; other NEOs and senior executives 2x salary; unvested RSUs/PSUs count; compliance tested annually; as of 12/31/24, all applicable officers were compliant .
- Insider trading policy prohibits hedging and pledging; stricter standards effective January 2025 reduce alignment risks from collateralization or derivative strategies .
- Option awards: Nexstar does not currently grant new stock options or similar instruments, limiting repricing risk; equity vehicles are RSUs and PSUs since 2017 .
Employment Terms
- Employment agreements and severance terms are disclosed for NEOs; for other senior executives like the CCO, specific contract terms are not disclosed in proxies –.
- NEO agreements feature: one-year post-employment non-compete and perpetual non-disclosure obligations; double-trigger change-in-control equity acceleration for NEOs; cash severance of 1x base salary+target bonus for NEOs other than CEO/COO; no excise tax gross-ups –.
- Clawback policy adopted October 2023, SEC-compliant, recoups excess incentive-based comp over the prior three fiscal years in the event of a material accounting restatement .
Investment Implications
- Alignment: Strong governance (ownership guidelines, no hedging/pledging, clawback) and the 2025 LTIP revisions (multi-metric, 2-year measurement, 3-year vesting, TSR payout cap) improve pay-for-performance fidelity across senior leadership, including functions adjacent to investor and media relations .
- Retention risk: While Weitman’s specific contract is not disclosed, company-wide policies for senior executives and expanded performance-based awards to non-NEO executives in 2023 support retention through multi-year equity incentive structures .
- Trading signals: The prohibition on pledging and hedging and lack of option grants reduce forced selling/overhang risks; we did not identify Weitman-specific insider transactions in the proxy materials, and media contact listings underscore role continuity in external communications .
- Execution: Company performance improved meaningfully in 2024 (revenue, EBITDA, net income), while incentive metrics (Adjusted Free Cash Flow and Relative TSR) directly tie senior leadership payouts to outcomes investors track, reinforcing discipline amid cyclical political-ad spend and affiliate negotiations .