Perry Sook, who led Nexstar Media Group from humble beginnings more than two decades ago to its current status as the largest television network owner and parent company of The CW, earned $39.3 million in 2022.
The CEO’s total compensation package included a $33 million stock award, according to an SEC filing. Sook’s total salary as of 2021 was $21.1 million. No other driver on record took home more than $2.8 million in 2022.
Shares of the company, one of the few in the media sector to gain ground in a grueling 2022, have risen by around 15% over the past two years. At $173.45 at Friday’s close, that’s more than 10 times since the company went public in 2003. Sook founded the company in 1996 with a television station in Scranton, PA.
Growing through a series of acquisitions, Nexstar enjoyed overwhelming success last fall. It acquired 75% control of the CW after former 50-50 partners Paramount Global and Warner Bros Discovery sold all but a 12.5% stake in the network. Nexstar did not pay any cash or stock up front on the deal, but agreed to assume most of CW’s debt. The company overhauled the network’s programming and began an aggressive three-year plan to become profitable.
Along with The CW and local stations, Nexstar owns a 31% stake in the Food Network (stakes that helped it acquire Tribune Media in 2019), as well as digital assets such as The Hill and cable network NewsNation.
Nexstar will report its first quarter results on May 9 and hold its annual shareholder meeting on June 15.
Source: Deadline
Elizabeth Cabrera is an author and journalist who writes for The Fashion Vibes. With a talent for staying up-to-date on the latest news and trends, Elizabeth is dedicated to delivering informative and engaging articles that keep readers informed on the latest developments.
