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Nexstar Media Group Board Adopts Policy Regarding the Roles of Chairperson of the Board of Directors and Chief Executive Officer
IRVING, Texas--(BUSINESS WIRE)-- Nexstar Media Group, Inc. (Nasdaq: NXST) announced today that its Board of Directors has adopted a policy regarding the
About this update from Nexstar Media Group, Inc.
[{"type":"text","content":" IRVING, Texas--(BUSINESS WIRE)--\nNexstar 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.\n\n\nMr. 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.\n\n\nMr. 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.\n\n\nAbout Nexstar Media Group, Inc.\n\n\nNexstar 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 ...