Bonuses resulting from the Media General merger were part of the reason for higher executive compensation, with President-CEO Perry Sook's climbing 1,173.5% from 2016.
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Bonuses Swell Exec Paychecks At Nexstar
The total compensation of four of the five named executives at Nexstar Media Group soared at an astronomical pace in 2017 as compared to the previous year, and the newly hired fifth exec’s earnings were on par.
The primary reason can be stated in two words: Media General.
The top two earners, President-CEO Perry Sook and EVP-CFO Thomas E. Carter had bonuses of $7 million and $2 million, respectively, that were directly tied to the closing. Originally anticipated to occur late in 2016, it did not happen until Jan. 17, 2017, plunking the windfall into the 2017 compensation tally.
All of the execs benefitted, however with hefty restricted stock awards. In its proxy, Nexstar said they were granted in view of past and anticipated future contributions to the company, “including the successful closing of our acquisition of Media General….” Sook received $8.8 million, with other awards valued from about $3.4 million to about $1.5 million.
The upshot was a collection of eye-popping increase percentages: 173.5% for EVP-COO Brian Jones, 234.3% for President of Broadcasting Timothy C. Busch, 941.7% for Carter and 1,173.5% for Sook.
Total compensation ranged from Sook’s $19 million-plus to Jones’ $2.2 million. Incoming President of Digital Gregory R. Raifman, hired in April 2017, was right in the middle at almost $4.3 million.
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Sook’s employment contract runs through 2019 and the other four run through 2021. At the time of their expiration they become renewable on one-year basis as long as both parties agree.
Here’s the compensation chart for Nexstar’s five NEOs:
2017 Revenue: $2.432B |
|
|
|
|
|
|
|
Title |
2016 Comp. |
2017 Comp. |
% Rev. |
% Ch. YOY |
|
Perry A. Sook |
Pres-CEO |
$1,516,732 |
$19,318,510 |
0.79% |
+1,173.5% |
|
Thomas E. Carter |
EVP-CFO |
$599,164 |
$6,240,062 |
0.25% |
+941.7% |
|
Timothy C. Busch |
Pres-Bcg |
$1,209,647 |
$4,044,637 |
0.16% |
+243.3% |
|
Gregory R. Raifman |
Pres-Digital |
NA |
$4,294,637 |
NA |
NA |
|
Brian Jones |
EVP-COO |
$807,823 |
$2,209,770 |
0.10% |
+173.5% |
Comments (6)
tvn-member-3628948 says:
April 30, 2018 at 11:22 am
You’re retransmission consent dollars at work.
FYI … This sentence and the chart are not in agreement ……….
"The upshot was a collection of eye-popping increase percentages: 1,173.5% for EVP-COO Brian Jones, 234.3% for President of Broadcasting Timothy C. Busch, 941.7% for Carter and 117.5% for Sook."
Please Follow Me On Twitter: @TedatACA or @AmericanCable
newsbot says:
April 30, 2018 at 4:00 pm
Sook the Schnook makes the Smith family look like pikers.
Joe Bottoms!! says:
May 1, 2018 at 7:46 am
Companies buy back shares for a few reasons ….Trouble is coming..their market value has topped out and they want to have less shares on the market and they want to protect their compensation packages..That’s what the schmos at Gray did..but it does not help the remaining shareholders..Grays shares are down 30% since the buyback..Same is coming for Nexstar ….They grew too fast..overpaid for stations..are mediocre operators at best (except for the remaining Lin Executives)and are too leveraged..A True house of cards..When they released their compensation packages never before have C students been so overpaid…like Gray!!!
GMRetiredTV says:
May 1, 2018 at 9:40 am
Good for Perry! He’s smart and works hard….and its his company …so ther!@
Joe Bottoms!! says:
May 1, 2018 at 12:40 pm
So ther???