Nexstar Media Group has extended CEO Perry Sook’s contract through March 2026, the company announced Monday.
In addition to CEO, Sook is chairman of Nexstar and a top shareholder in the broadcaster, which he founded in 1996 and has served as chief executive since its inception.
In announcing the Board of Director’s decision, Nexstar highlighted growth under Sook’s leadership. It said annual revenue rose from around $87 million at the time of its initial public offering in November 2003 to over $4.6 billion in 2021. Nexstar reports its latest quarterly earnings this Thursday, August 4.
“Given his long-term record of accomplishments, we are delighted to extend Perry’s employment agreement. He is rightfully recognized as the industry’s most effective leader and innovator, and his vision, commitment and team-building have driven Nexstar’s exceptional record of operating execution, consistent financial growth and the enhancement of shareholder value, while positioning the Company to aggressively compete in the ever-changing media environment,” said Dennis Miller, chairman of Nexstar’s Board of Directors Compensation Committee, in a statement.
Nexstar owns nearly 200 TV stations across the U.S. and has been a proponent of NextGen TV (ATSC 3.0). As of 2021 the company had deployed the technology in nearly 25 markets covering around 16 million TV households. At the start of 2022 Nexstar detailed its anticipation that NextGen TV could create a broadcast industry windfall, generating up to $15 billion in revenue by 2030.
The company is also reportedly closing in on a deal to acquire a majority stake in The CW network from Warner Bros. Discovery and Paramount Global. In 2019 Nexstar closed a $6.4 billion acquisition of Tribune Media, which saw it take over cable network WGN America – later relaunching it as NewsNation.