Nexstar Media Group, the largest U.S. broadcast TV station group, extended the employment agreement of chairman and CEO Perry Sook through March 31, 2029.
Sook, who is the company’s third largest shareholder, oversees Nexstar, which has just over 200 owned or partner stations in 116 U.S. markets. Now Nexstar wants to get even bigger: In August, the company announced an agreement to acquire rival station group Tegna, which has 64 stations, for $6.2 billion.
Sook founded Nexstar in 1996 and has served as CEO of the Irving, Texas-based company ever since. During his tenure as chief executive, Sook has led the completion and integration of more than 40 acquisitions. In 2024, he had a compensation package worth $35.9 million (up 23% from the year prior), including stock awards valued at $27.7 million and a $3.2 million cash bonus.
Nexstar and Sook have also been in the headlines recently over the company’s decision to pre-empt Jimmy Kimmel’s late-night show on its ABC affiliates, over comments Kimmel made about the MAGA movement’s attempts to score political points from Charlie Kirk’s assassination. With the Tegna deal pending, Nexstar’s decision was seen as an attempt to get in the good graces of FCC Chairman Brendan Carr, who had vigorously criticized Kimmel’s remarks and suggested local TV stations could lose their broadcast licenses if Kimmel were not taken off the air. Nexstar’s acquisition of Tegna would require the FCC to lift the station ownership cap, which allows broadcasters to reach no more than 39% of the national audience.
Nexstar denied Carr’s threats influenced its decision to pre-empt Kimmel’s show. Three days after ABC reinstated Kimmel, Nexstar agreed to start airing “Jimmy Kimmel Live!” again (as did Sinclair, which also had boycotted Kimmel over the Kirk remarks).
In a statement Thursday, Sook said, “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. 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.”
Jay Grossman, chairman of the Nexstar board’s compensation committee, commented, “The board is delighted to extend Perry’s employment agreement at this pivotal moment for Nexstar and the local broadcast television industry. 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.”
Nexstar expects the Tegna deal to close in the second half of 2026, pending regulatory approvals. Grossman, commenting on the pending Tegna deal, said, “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.”
Nexstar’s national television properties include the CW, the U.S.’s No. 5 broadcast network, NewsNation, multicast networks Antenna TV and Rewind TV, and a 31.3% ownership stake in TV Food Network. The company’s digital assets include its local TV station websites, political news outlet The Hill and NewsNationNow.com.
