The station group extends the contract of its founder, chairman, president and CEO in the wake of its $4.1 billion acquisition of Tribune Media.
Nexstar Media Group said today that its board of directors has extended the employment agreement of President and Chief Executive Officer Perry A. Sook through Feb. 28, 2023.
In addition to his responsibilities as president and CEO, Sook also is the company’s chairman, and has held all three positions since founding the company.
Sook founded Nexstar Media Group in 1996 to acquire and operate network affiliated television stations. Nexstar has grown rapidly since its November 2003 initial public offering with revenue rising from approximately $214 million at the time of the IPO to approximately $2.7 billion in 2018.
Today, Nexstar is one of the nation’s largest producers and distributors of local news, lifestyle, sports and network content and upon closing the pending Tribune Media transaction, Nexstar will be the largest local television broadcast group in the United States with pro forma annual revenues of approximately $4.6 billion.
Under Sook’s leadership, Nexstar says it has delivered total shareholder returns of 607% since the IPO and total shareholder returns of 65% over the last five years, significantly outpacing both the S&P 500 and the average return of the company’s peer set.
Geoff Armstrong, Nexstar Media Compensation Committee chairman, said: “Perry’s leadership, innovation and determination has enabled Nexstar to build an unrivaled record in the local media industry for operating and financial growth and the enhancement of shareholder value. Throughout his tenure, Perry has flawlessly executed the company’s long-term strategy that combines scale-building acquisitions with the implementation of new standards and innovative technologies that together have positioned the company to compete more effectively in a changing media environment and participate in the growth of the digital economy.
“Upon completion of the pending acquisition of Tribune Media, Nexstar will be the largest local television group in the United States, with a portfolio of highly profitable leading local television stations and a growing digital media business. Perry’s long-term experience in leading the successful integration of acquired assets and Nexstar’s record of meeting and exceeding financial and synergy targets will serve the Company well as the Tribune Media stations that become part of the Nexstar platform later this year.
“On behalf of the entire board of directors, we are grateful to Perry’s contributions and look forward to the continued benefit of his vision and commitment to the company’s viewers, advertising clients and shareholders,” Armstrong concluded.