In what was a stellar year for the local TV station owner, Nexstar CEO Perry Sook’s 2022 salary package rose to $39.3 million, according to the company’s proxy filing, released Friday. That was more than $21.1 million in 2021.
Sook’s 2022 compensation package was primarily driven by a $33.3 million stock award, with his $2 million salary, a $1 million bonus and $3 million in non-equity stimulus benefits.
In 2022, Nexstar not only saw record revenue from mid-term political advertising, but also acquired The CW from Warner Bros. Discovery and Paramount, with the entertainment giants effectively paying the company $54 million to take it out of their hands (and balance sheets).
The CW lost $94 million in the first quarter as a division of Nexstar.
Among other Nexstar executives, President and COO Tom Carter took home $2 million, and network chief Sean Compton (who oversees the CW and NewsNation, among others) earned a package worth $2.5 million.
Nexstar is expanding.
Having effectively reached the maximum number of local TV stations allowed under current FCC rules (with some wiggle room), the company has turned to cable and The CW to expand. In particular, the company invested in its cable news channel NewsNation, which features a lineup of TV news veterans and uses Nexstar’s local TV resources to cover larger cable news competitors.
It also acquired The CW, with plans to lean into more reality, unscripted and international fare, and other value-driven programs like LIV Golf. Nexstar was already the largest owner of CW stations in the country.
