Nexstar extends CEO Perry Sook’s contract through 2029
Nexstar Media Group, the largest U.S. television station group, has extended the employment agreement of Chairman and CEO Perry Sock through March 31, 2029.
Sock, the company’s third-largest shareholder, oversees Nexstar, which has just over 200 owned or partnered stations in 116 U.S. markets. Now Nexstar wants to go bigger: In August, the company announced an agreement to acquire rival station group Tegna, which has 64 stations, for $6.2 billion.
Nexstar and Sook also recently made headlines due to the company’s decision to pre-empt Jimmy Kimmel’s late-night show on its ABC affiliates, due to comments Kimmel made about the MAGA movement’s attempts to score political points from the assassination of Charlie Kirk. With the Tegna deal on hold, Nexstar’s decision was seen as an attempt to gain approval from FCC Chairman Brendan Carr, who sharply criticized Kimmel’s statements and suggested local TV stations could lose their broadcast licenses if Kimmel was 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 that Carr’s threats influenced its decision to pre-empt Kimmel’s bid. Three days after ABC brought back Kimmel’s show, Nexstar agreed to begin broadcasting “Jimmy Kimmel Live!” again (as did Sinclair, who also interrupted Kimmel over Kirk’s remarks).
Sock founded Nexstar in 1996 and has served as CEO ever since. In 2024, he received a compensation package of $35.9 million (up 23% from the previous year), including stock awards of $27.7 million and a cash bonus of $3.2 million.
During his tenure as CEO, Sock led the completion and integration of more than 40 acquisitions.
In a statement released Thursday, Sock said: “As we begin this next phase of growth for Nexstar, I have never been more excited about the prospects for the industry, Nexstar, and 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 Compensation Committee of the Nexstar Board of Directors, commented: “The Board of Directors is pleased 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 track 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. Commenting on the pending Tegna deal, Grossman said, “The proposed acquisition of Tegna represents the next chapter in Nexstar’s growth story and with Perry’s unparalleled experience and track record of success in broadcast M&A, he is uniquely qualified to deliver the full value we expect to shareholders, as well as the local communities we serve.”
Nexstar’s national television holdings include The CW, the No. 5 broadcast network in the U.S., NewsNation, multicast networks Antenna TV and Rewind TV, and a 31.3% ownership stake in TV Food Network. The company’s digital assets include the websites of local TV stations and political news outlets The Hill and NewsNationNow.com.