IRVING, Texas—As station groups move into an era that promises rapid tech, regulatory and economic changes, Nexstar Media Group said its board has extended chairman, CEO and founder Perry Sook’s employment through March 31, 2029. Sook is the company’s third-largest shareholder.
Sook founded Nexstar 1996 and has been CEO since that time. During his tenure, Sook has led the company’s growth strategy, including the completion and integration of more than 40 acquisitions.
Today, Nexstar is a major media company and the largest U.S. local broadcasting group, with plans to further grow its business. In recent years, it has pushed regulators to loosen ownership caps and announced a $6.2 billion deal in August to acquire Tegna.
“As we embark on this next phase of growth for Nexstar, I have never been more energized about the prospects for the industry, for Nexstar and for what Nexstar can become,” Sook said. “I look forward to leading the Company to new levels of success and continuing to create value for our shareholders, our advertisers, our employees and the communities we serve.”
Said Jay M. Grossman, chairman of the Nexstar board’s compensation committee: “The Board is delighted to extend Perry’s employment agreement at this pivotal moment for Nexstar and the local broadcast television industry. Perry’s vision, commitment and deep understanding of the media landscape have been instrumental in driving Nexstar’s strong and consistent record of operating execution, financial growth and shareholder returns.
“The proposed acquisition of Tegna represents the next chapter in Nexstar’s growth story and with Perry’s unmatched experience and track record of success in broadcast M&A, he is uniquely qualified to deliver the full value we expect for shareholders, as well as the local communities we serve,” Grossman added.
Sook’s 2024 compensation package was about $35.9 million, up 23% from 2023.
