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Disney nominates CVS exec to board; Nexstar chairman's contract extended

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Investment Banking Essentials: February 21

Disney nominates CVS exec to board; Nexstar chairman's contract extended

S&P Global Market Intelligence presents a rundown of recent board changes in the U.S. technology, media and telecommunications industries.

* Nexstar Media Group Inc.'s board extended the employment agreement of President and CEO Perry Sook through Feb. 28, 2023. Sook has also served as chairman since founding the company in 1996. The extension comes as Nexstar is endeavoring to buy Tribune Media Co. in a cash transaction valued at $6.4 billion.

* LiveXLive Media Inc. said Jan. 15 that Ramin Arani was appointed to its board of directors. Arani was most recently lead portfolio manager for the Fidelity Puritan Fund.

* Stephen Lacy, executive chairman of Meredith Corp., will retire from the company March 31. Lacy will continue to serve as chairman of the board in a nonexecutive capacity, according to a Jan. 15 news release.

* Software solutions provider Broadcom Inc. named Diane Bryant to the board as an independent director. Most recently, she was COO of Google Cloud. Previously, she spent 32 years at Intel Corp., most recently as group president of Intel's data center group. Bryant also serves on the board of United Technologies Corp.

* Walt Disney Co. nominated Derica Rice to stand for election as a director at the company's annual meeting scheduled for March 7. Rice has served as executive vice president of CVS Health Corp. and president of its pharmacy benefits management business, CVS Caremark, since March 2018.

A total of nine nominees will stand for election as directors at the meeting, including eight existing members and Rice. Pursuant to Disney board policies that limit tenure to 15 years and set the retirement age at 74, three board members will be departing — John Chen, Aylwin Lewis and Fred Langhammer — the company said Jan. 11.

* James Kirsch resigned as nonexecutive chairman of the board of Professional Diversity Network Inc., the company said Jan. 9. Kirsch was not provided with compensation in connection with his departure.

* Hedge fund FrontFour Capital Group LLC is urging MDC Partners Inc. to replace three of its eight board of directors. FrontFour Capital and related entities, which own a 5.4% stake in the company, sent a letter to MDC Partners on Dec. 31, calling for a shareholder meeting to remove incumbent directors Scott Kauffman, Clare Copeland and Irwin Simon, and replace them with Kristen O'Hara, David Moran and Stephen Loukas, according to a Jan. 2 amended SEC filing. O'Hara was most recently vice president of business solutions at Snap Inc., while Moran is a founding partner of consumer brand strategy firm Deep Relevance Partners. Loukas is the principal owner and a director of FrontFour Corp.

* Townsquare Media Inc. co-founder Dhruv Prasad is resigning as co-CEO and as a director of the company, effective Jan. 31. Bill Wilson will transition from co-CEO to serve as the sole CEO of the radio company, according to a Jan. 2 news release. Wilson; Stuart Rosenstein, co-founder and CFO; and Claire Yenicay, executive vice president of investor relations and corporate communications, will assume the management responsibilities Prasad held over the past year.

* Following the completion of Gray Television Inc.'s $3.65 billion acquisition of Raycom Media Inc., Hilton Howell became Gray's executive chairman and CEO.