Nexstar Media CEO Perry Sook’s 2017 total compensation shot up to $19.3 million, up from about $1.5 million in 2016, thanks to a large bonus and stock awards.
Sook’s base salary remained at $1.5 million but he took home $8.8 million in stock awards and a $9 million bonus last year.
Other Nexstar Media executives also saw their total compensation packages increase in 2017 thanks to bonuses and stock awards. CFO Thomas Carter’s compensation went from about $600,000 in 2016 to $6.2 million in 2017. Timothy Busch, president of Nexstar Broadcasting, saw his total compensation increase to about $4 million in 2017, up from $1.2 million in 2016. Brian Jones, executive vice president and chief operating officer, took home a total compensation package worth $2.2 million, up from about $800,000 in 2016.
A large portion of the bonuses awarded to Sook and Carter stemmed from the 2017 completion of Nexstar’s Media General acquisition. Sook was awarded $7.5 million and Carter was awarded $2 million as special completion bonuses. A significant portion of the stock awards vested in 2017 also stemmed from the closure of the Media General deal.
RELATED: Nexstar Q4 revenue rises 111% amid advertising and retrans spike
The significant increases in total compensation for Nexstar Media executives comes as the company closed out its fiscal 2017 on a high note with revenues up more than 111%.
Nexstar saw its core television ad revenue increase 151.6% and retransmission fee revenue and digital media revenue rose 152.5% and 148.3%, respectively. Operating income grew 52.3%, adjusted EBITDA grew 67.4% and free cash flow grew 81.7%.
Core advertising totaled $347,426,000; retrans revenue totaled $253,279,000; digital revenue totaled $63,924,000 and net revenue totaled $653,664,000. In all, the company said those numbers helped drive operating income hit $140.8 million and adjusted EBITDA reach $225.7 million.