The president-CEO of Nexstar Broadcasting, collected $1.7 million, according to the company’s 2009 proxy statement. His overall compensation package increased about 2.2% from 2007, but included no cash bonus. That puts him slightly ahead of Vince Sadusky, president-CEO of LIN TV, who recorded $1.65 million in total compensation in 2008.
So far, Perry Sook ranks as the highest paid top executive among pure-play station groups in the TVNewsCheck 2008 executive compensation survey.
Sook, president-CEO of Nexstar Broadcasting, collected $1.7 million, according to the company’s 2009 proxy statement. That puts him slightly ahead of Vince Sadusky, president-CEO of LIN TV, who recorded $1.65 million in total compensation.
TVNewsCheck published its survey last Tuesday (April 28). A few companies, including Nexstar, Hearst Argyle and Young Broadcasting, had not filed proxies by the publication deadline.
On the plus side for Sook: His overall compensation package increased about 2.2 percent. That increase includes a nearly 8 percent salary boost of $55,000. On the down side: No cash bonus, unlike 2007, when Sook received $250,000.
Reflecting a trend among broadcasters as well as the broader economy, none of Nexstar’s ranking executives received cash bonuses for 2008.
Sook’s total compensation was slightly above the average of $1.3 million among the executives at pure-play station groups included in the TVNewsCheck survey.
While the numbers conform to Securities and Exchange Commission regulations for reporting compensation, they’re not necessarily representative of what Sook, or other executives, actually bank.
Sook’s package includes $957,467 in stock option awards that Nexstar recorded as a 2008 expense. In fact, neither Sook nor any other ranking executives at Nexstar received option awards in 2008, a reflection of the recession increasing its hold throughout the year.
The options, valued at nearly $1 million, were awarded over the past several years during better times and vested in 2008. It’s going to be some time before those options claw their way back into the money, if they ever do.
One example: The company proxy shows Sook holding 300,000 options that expire in November 2013. The exercise price on those options, which is typically a reflection of the actual stock share price when the options were granted: $14. Recent share prices for Nexstar: around 78 cents.