Nexstar Media Group’s Board of Directors has extended the employment agreement of CEO Perry A. Sook, through March 31, 2026.
In addition to his responsibilities as CEO, Mr. Sook also serves as the company’s chairman and he remains a top shareholder of the Company.
Sook founded Nexstar Media Group in 1996 and has served as CEO since then, transforming the company into a diversified media company and America’s largest local broadcasting group. Annual revenue has grown from approximately $87 million at the time of the November 2003 initial public offering, to over $4.6 billion in 2021.
Sook has emphasized the importance of local broadcasting, in particular NextGen TV, and he thinks more broadcasters need to get onboard. Nexstar is currently in negotiations(opens in new tab) to acquire a 75% majority stake in The CW. with Paramount and Warner Bros. Discovery each retaining 12.5% stakes.
Nexstar’s consistent growth, financial outperformance, operating execution and record of value creation under Sook’s leadership has produced total shareholder returns of more than 1,800% in the last ten years through the end of 2021, the company reported. During that period, Nexstar has outperformed the S&P 500, Comcast, Paramount, Disney, Google, Apple and Amazon, the company said.
“Given his long-term record of accomplishments, we are delighted to extend Perry’s employment agreement,” Dennis Miller, chairman of Nexstar’s Board of Directors Compensation Committee, commented. “He is rightfully recognized as the industry’s most effective leader and innovator, and his vision, commitment and team-building have driven Nexstar’s exceptional record of operating execution, consistent financial growth and the enhancement of shareholder value, while positioning the Company to aggressively compete in the ever-changing media environment.”
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