Nexstar Media Group Board Adopts Policy Regarding the Roles of Chairperson of the Board of Directors and Chief Executive Officer
February 05 2024 - 4:05PM
Business Wire
Nexstar Media Group, Inc. (Nasdaq: NXST) announced today that
its Board of Directors has adopted a policy regarding the roles of
Chairperson of the Board of Directors and Chief Executive Officer.
Under the policy, the roles of Chairperson of the Board of
Directors and Chief Executive Officer of the Company may not be
held by the same individual. The new policy will take effect only
after Nexstar’s Founder, Chairman, and Chief Executive Officer
Perry Sook leaves the Company and the Board.
Mr. Sook’s current employment agreement with Nexstar runs
through March 31, 2026, and as of September 30, 2023, he is the
Company’s third largest shareholder, with holdings of approximately
4.6% of its outstanding shares. The Board believes the adoption of
this policy is in the best interests of the Company and its
shareholders, as the new policy does not interfere with Mr. Sook’s
continued leadership of Nexstar and the benefits he brings to the
Company, while establishing a plan that provides a runway for the
most qualified individuals to serve as Chief Executive Officer and
Chairperson in the future.
Mr. Sook founded Nexstar Media Group, Inc., in 1996, and has
served as Chief Executive Officer since that time. During his
tenure, Mr. Sook has spearheaded the Company’s transformative
growth. Today, Nexstar is a leading diversified media company and
America’s largest local broadcasting group, with revenue for the
twelve months ended September 30, 2023, of over $5 billion.
About Nexstar Media Group, Inc.
Nexstar Media Group, Inc. (NASDAQ: NXST) is a leading
diversified media company that produces and distributes engaging
local and national news, sports and entertainment content across
its television and digital platforms, including more than 300,000
hours of programming produced annually by its business units.
Nexstar owns America’s largest local broadcasting group comprised
of top network affiliates, with 200 owned or partner stations in
116 U.S. markets reaching 212 million people. Nexstar’s national
television properties include The CW, America’s fifth major
broadcast network, NewsNation, America’s fastest-growing national
cable news network, popular entertainment multicast networks
Antenna TV and Rewind TV, and a 31.3% ownership stake in TV Food
Network. The Company’s portfolio of digital assets, including its
local TV station websites, The Hill and NewsNationNow.com, are
collectively a Top 10 U.S. digital news and information property.
For more information, please visit nexstar.tv.
Forward-Looking Statements
This communication 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, Nexstar 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 communication,
concerning, among other things, future financial performance,
including 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, the ability to service and
refinance our outstanding debt, successful integration of business
acquisitions (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, volatility in programming costs,
the effects of governmental regulation of broadcasting, industry
consolidation, technological developments and major world news
events. Nexstar undertakes 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
communication 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 Nexstar’s other filings with the
Securities and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20240205467869/en/
Investor Contacts: Lee Ann Gliha Executive Vice President
and Chief Financial Officer Nexstar Media Group, Inc.
972/373-8800
Joseph Jaffoni or Jennifer Neuman JCIR 212/835-8500 or
nxst@jcir.com
Media Contact: Gary Weitman EVP & Chief
Communications Officer Nexstar Media Group, Inc. 972/383-8800 or
gweitman@nexstar.tv
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