The local TV giant Nexstar has signed its chairman and CEO Perry Sook to a new employment contract, one that will keep the executive at the helm of the company through March 2029.
Sook, who founded Nexstar in 1996, is also the third largest shareholder in the company after the institutional firms Blackrock and Vanguard, holding 5.8 percent of the company’s shares as of earlier this year.
The contract extension comes at a pivotal moment for Nexstar, which is seeking to acquire TEGNA in a $6.2 billion deal that would reshape the TV station landscape. The deal would require the FCC to change its TV station ownership rules.
Nexstar also owns the political news outlet The Hill, The CW, and the cable news channel NewsNation.
“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 in a statement. “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.”
“The Board is delighted to extend Perry’s employment agreement at this pivotal moment for Nexstar and the local broadcast television industry,” added Jay Grossman, chair of Nexstar’s board of directors compensation committee. “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,” he continued. On behalf of the entire Board of Directors, we are deeply grateful for Perry’s exceptional leadership and continued commitment to our viewers, advertising clients, team members, shareholders and all stakeholders.”
Nexstar was also at the heart of last month’s Jimmy Kimmel fiasco, with Nexstar and fellow local TV owner Sinclair preempting Kimmel’s show over comments he made in the wake of Charlie Kirk’s assassination.
While the preemption ended up being short-lived, speculation about the motives dominated much of the conversation around the call. Nexstar said that it made the decision to preempt Kimmel and ultimately return the show to air “independent of any external influence from government agencies or individuals.”
