Nexstar CEO Perry Sook Extends Contract to 2029

Nexstar Media Group, the largest operator of local television stations in the United States, recently announced the extension of its Chairman and CEO, Perry Sook’s, employment agreement. This pivotal decision secures Sook’s leadership of the broadcasting giant through March 31, 2029, signaling a continued strategic direction for the company in a dynamic media landscape.

Perry Sook’s Enduring Leadership at Nexstar

Perry Sook’s tenure at Nexstar is a story of consistent growth and strategic expansion. He founded the company in 1996 and has served as its chief executive ever since, overseeing its evolution into a dominant force in broadcast television. Under his guidance, Nexstar has executed and integrated more than 40 acquisitions, significantly expanding its footprint across the nation. As one of the company’s largest shareholders, Sook’s vision has been integral to Nexstar’s operational success and financial performance.

Currently, Nexstar boasts ownership or partnership in over 200 stations across 116 U.S. markets. This extensive network forms the backbone of its operations, reaching a vast audience through various content offerings, including news, entertainment, and sports.

Strategic Growth and Key Acquisitions

The extension of Sook’s contract comes at a crucial time for Nexstar, as the company is actively pursuing further strategic expansion. In August, Nexstar announced an agreement to acquire rival station group Tegna in a $6.2 billion deal. This acquisition, which encompasses 64 stations, is anticipated to significantly enhance Nexstar’s market reach and influence.

The successful completion of the Tegna acquisition is contingent on regulatory approvals, including the lifting of the current station ownership cap by the Federal Communications Commission (FCC), which restricts broadcasters from reaching more than 39% of the national audience. The company expects the Tegna deal to finalize in the second half of 2026. Jay Grossman, chairman of Nexstar’s board’s compensation committee, highlighted Sook’s “unmatched experience and track record of success in broadcast M&A” as crucial for realizing the full value of the Tegna acquisition for shareholders and the communities served.

Recent Challenges and Corporate Stance

Nexstar and Sook have recently navigated public scrutiny regarding editorial decisions. The company made headlines for its temporary pre-emption of “Jimmy Kimmel Live!” on its ABC affiliates. This decision followed comments made by Kimmel that sparked debate and drew criticism from various figures.

While some speculated that the move was influenced by political considerations related to the pending Tegna deal and discussions with the FCC, Nexstar explicitly denied that external pressures, such as threats from FCC Chairman Brendan Carr, played a role in their decision. Nexstar later reinstated the show after constructive discussions with Disney executives. In a memo to Nexstar staffers, Perry Sook and President/COO Mike Biard defended the company’s action, asserting its “duty to program in the public interest” as FCC licensees and stating that “No one has an unlimited right to say whatever they want on a talk show.” This incident underscored the complexities broadcasters face in balancing content decisions with public interest responsibilities and regulatory landscapes.

Compensation and Shareholder Value

Perry Sook’s leadership has been recognized through his compensation package. In 2024, his total compensation amounted to $35.9 million, representing a 23% increase from the previous year. This package included $27.7 million in stock awards and a $3.2 million cash bonus. Such compensation reflects the board’s confidence in Sook’s ability to continue driving Nexstar’s financial growth and shareholder returns.

Jay Grossman praised Sook’s “vision, commitment and deep understanding of the media landscape” as instrumental in Nexstar’s consistent operational execution and financial growth, ultimately benefiting shareholders.

Nexstar’s Diverse Media Portfolio

Beyond its extensive network of local stations, Nexstar Media Group operates a diverse portfolio of national television and digital assets. These include:

• The CW: The U.S.’s fifth-largest broadcast network.
• NewsNation: A national news cable channel.
• Multicast Networks: Antenna TV and Rewind TV.
• Investment in Food Network: A 31.3% ownership stake in TV Food Network.
• Digital Assets: Websites for its local TV stations, the political news outlet The Hill, and NewsNationNow.com.

This broad array of assets positions Nexstar uniquely in the media industry, allowing it to reach audiences through various platforms and content genres.

Conclusion

The extension of Perry Sook’s contract through 2029 reinforces Nexstar Media Group’s commitment to its established leadership and strategic trajectory. As the company navigates ongoing industry transformations, including significant acquisitions like Tegna and evolving regulatory considerations, Sook’s experience and vision are poised to play a continuing role in shaping Nexstar’s future and its impact on the broadcast television landscape.