Scripps Networks Interactive said it extended CEO Ken Lowe's employment agreement.
Lowe is now expected to serve until Dec. 21, 2016. He was also given a raise in his base salary to $1.42 million from $1.25 million.
In addition, Lowe was given restricted share units valued at $5 million effective March 3. Half of those units will vest at the end of 2015, with the rest vesting at the end of 2016, provided he remains in continuous employment at Scripps.
Vesting would accelerate upon involuntary termination or if there is a change in control of the company.
Scripps Networks has been mentioned as a possible acquisition candidate as the cable industry looks to consolidate on both the operator and programmer side of the business.
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
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