Perry Sook will continue as president-CEO of the television station group he founded in 1996 through January 2019 with this new contract.
Nexstar Broadcasting Group announced Thursday that its board of directors has extended the employment agreement of President-CEO Perry A. Sook through January 15, 2019.
The extension supersedes Sook’s prior employment agreement, which was to conclude in 2016. In addition to his responsibilities as president and CEO, Sook also serves as the company’s chairman, and has held all three positions since founding the company in 1996.
Under the terms of the agreement, Sook’s base salary remains unchanged from the levels in the prior employment agreement. He will continue to be eligible to receive an annual performance-based bonus and has been granted certain equity-based compensation incentives that will continue to align his performance with the interests of all shareholders and the long-term enhancement of shareholder value.
Commenting on the agreement, Geoff Armstrong, Nexstar compensation committee chairman, said: “Under Perry’s leadership, Nexstar has grown to be a top 10 local broadcast television company with a growing portfolio of complementary digital media operations. Throughout his tenure, Perry has built the Nexstar platform through a combination of accretive acquisitions, industry leading innovation and the establishment of disciplined operating procedures.
“By doing so, Nexstar has become a leader in serving viewers and businesses in the markets where it operates while simultaneously building long-term shareholder value and a growth pipeline that is expected to extend the Company’s success. 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.”
Sook founded Nexstar Broadcasting in 1996 to buy and operating network affiliated television stations in medium sized markets. The company went public in November 2003 and has grown to become one of the top 10 television broadcasters in the United States. In the last four years Nexstar has acquired (or agreed to acquire) 61 television stations and 3 digital media companies in accretive transactions totaling approximately $1.1 billion, doubling the size of its portfolio.