Financial terms of Sook’s new pact, which was announced by Nexstar Monday, were not disclosed.
Sook, who founded Nexstar Media Group in 1996, has served as CEO since that time. He is also chairman and the top shareholder of the company.
Under Sook’s leadership, the Irving, Texas-based Nexstar has seen revenue rise from approximately $87 million at the time of the November 2003 IPO to over $4.6 billion last year. Nexstar saw shareholder returns of more than 1,800% through the end of 2021.
Nexstar is currently circling a deal to acquire the CW network from joint owners Paramount Global and Warner Bros. Discovery. The owner of some 199 TV stations, Nexstar is the core affiliate group for the CW, home of “Riverdale” and “Walker,” in major markets such as New York, Los Angeles, Dallas, Houston and Washington, D.C. So Nexstar’s pursuit of CW is a natural move for the company.
“Given his long-term record of accomplishments, we are delighted to extend Perry’s employment agreement,” Dennis Miller, chairman of Nexstar’s board of directors compensation committee, said. “He is rightfully recognized as the industry’s 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. On behalf of the entire Board of Directors, we are grateful for Perry’s contributions and look forward to the continued benefit of his vision and dedication to the company’s viewers, advertising clients, team members, shareholders and other stakeholders.”