Nexstar Broadcasting Extends Employment Agreement of President and Chief Executive Officer, Perry A. Sook, Through January 2019
January 29 2015 - 4:34PM
Business Wire
Nexstar Broadcasting Group, Inc. (the “Company”) (Nasdaq: NXST),
announced today that its Board of Directors has extended the
employment agreement of President and Chief Executive Officer,
Perry A. Sook through January 15, 2019. The extension supersedes
Mr. Sook’s prior employment agreement, which was to conclude in
2016. In addition to his responsibilities as President and Chief
Executive Officer, Mr. Sook also serves as the Company’s Chairman,
and has held all three positions since founding the company in
1996.
Under the terms of the agreement, Mr. Sook's base salary remains
unchanged from the levels in the prior employment agreement. He
will continue to be eligible to receive an annual performance-based
bonus and has been granted certain equity-based compensation
incentives that will continue to align his performance with the
interests of all shareholders and the long-term enhancement of
shareholder value.
Commenting on the agreement, Geoff Armstrong, Nexstar
Broadcasting Compensation Committee Chairman stated, “Under Perry’s
leadership, Nexstar has grown to be a top ten local broadcast
television company with a growing portfolio of complementary
digital media operations. Throughout his tenure, Perry has built
the Nexstar platform through a combination of accretive
acquisitions, industry leading innovation and the establishment of
disciplined operating procedures. By doing so, Nexstar has become a
leader in serving viewers and businesses in the markets where it
operates while simultaneously building long-term shareholder value
and a growth pipeline that is expected to extend the Company’s
success. On behalf of the entire Board of Directors, we are
grateful to Perry’s contributions and look forward to the continued
benefit of his vision and commitment to the company’s viewers,
advertising clients and shareholders.”
Perry Sook founded Nexstar Broadcasting in 1996 for the purpose
of acquiring and operating network affiliated television stations
in medium sized markets. The company went public in November 2003
and has grown to become one of the top ten television broadcasters
in the United States. In the last four years Nexstar has acquired
(or agreed to acquire) 61 television stations and 3 digital media
companies in accretive transactions totaling approximately $1.1
billion, doubling the size of its portfolio.
About Nexstar Broadcasting Group, Inc.
Nexstar Broadcasting Group is a leading diversified media
company that leverages localism to bring new services and value to
consumers and advertisers through its traditional media, digital
and mobile media platforms. Nexstar owns, operates, programs or
provides sales and other services to 105 television stations and 34
related digital multicast signals reaching 56 markets or
approximately 15.6% of all U.S. television households. Nexstar’s
portfolio includes affiliates of NBC, CBS, ABC, FOX, MyNetworkTV,
The CW, Telemundo, Bounce TV, Me-TV, and LATV. Nexstar’s 56
community portal websites offer additional hyper-local content and
verticals for consumers and advertisers, allowing audiences to
choose where, when and how they access content while creating new
revenue opportunities.
Pro-forma for the completion of all announced transactions,
including the Pending Acquisitions, Nexstar will own, operate,
program or provide sales and other services to 110 television
stations and related digital multicast signals reaching 58 markets
or approximately 18% of all U.S.
Forward-Looking Statements
This news release includes forward-looking statements. We have
based these forward-looking statements on our current expectations
and projections about future events. Forward-looking statements
include information preceded by, followed by, or that includes the
words "guidance," "believes," "expects," "anticipates," "could," or
similar expressions. For these statements, the Company claims the
protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of
1995.
The forward-looking statements contained in this news release,
concerning, among other things, changes in net revenue, cash flow
and operating expenses, involve risks and uncertainties, and are
subject to change based on various important factors, including the
impact of changes in national and regional economies, our ability
to service and refinance our outstanding debt, successful
integration of acquired television stations (including achievement
of synergies and cost reductions), pricing fluctuations in local
and national advertising, future regulatory actions and conditions
in the television stations' operating areas, competition from
others in the broadcast television markets served by the Company,
volatility in programming costs, the effects of governmental
regulation of broadcasting, industry consolidation, technological
developments and major world news events. Unless required by law,
we undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. In light of these risks, uncertainties and
assumptions, the forward-looking events discussed in this news
release might not occur. You should not place undue reliance on
these forward-looking statements, which speak only as of the date
of this release. For more details on factors that could affect
these expectations, please see our filings with the Securities and
Exchange Commission.
Nexstar Broadcasting Group, Inc.Thomas E. Carter,
972-373-8800Chief Financial OfficerorJCIRJoseph Jaffoni, Jennifer
Neuman212-835-8500nxst@jcir.com
Nexstar Media (NASDAQ:NXST)
Historical Stock Chart
From Apr 2024 to May 2024
Nexstar Media (NASDAQ:NXST)
Historical Stock Chart
From May 2023 to May 2024