The CW Network app running on an Apple TV device. (Screen capture by The Desk)
Nexstar Media Group’s CW Network has updated its Apple TV app to include nearly 50 free, ad-supported streaming television (Fast) channels.
The update was pushed out to all modern Apple TV devices and is available to download via the built-in App Store for streamers who do not yet have the CW Network app.
As The Desk was first to report, the CW Network quietly introduced a handful of Fast channels via its website last year, which also includes video on-demand versions of CW network shows and other licensed programming.
The Fast channels come from a variety of sources, including the E. W. Scripps Company, FilmRise, Lionsgate and Electric Now. Last month, the CW Network launched its own Fast channel that includes re-runs of its competition series “Penn & Teller: Fool Us.”
Some of the channels...
Nexstar Media Group’s CW Network has updated its Apple TV app to include nearly 50 free, ad-supported streaming television (Fast) channels.
The update was pushed out to all modern Apple TV devices and is available to download via the built-in App Store for streamers who do not yet have the CW Network app.
As The Desk was first to report, the CW Network quietly introduced a handful of Fast channels via its website last year, which also includes video on-demand versions of CW network shows and other licensed programming.
The Fast channels come from a variety of sources, including the E. W. Scripps Company, FilmRise, Lionsgate and Electric Now. Last month, the CW Network launched its own Fast channel that includes re-runs of its competition series “Penn & Teller: Fool Us.”
Some of the channels...
- 5/23/2024
- by Matthew Keys
- The Desk
Sam Rubin, a veteran entertainment reporter who spent the bulk of his career with Ktla-tv in Los Angeles, died Friday morning from a heart attack at the age of 64.
His death was first reported in a news story aired by Ktla early Friday afternoon. The television station said the circumstances surrounding his death were not immediately known. Entertainment publication TMZ later revealed it to be a heart attack.
“The Sam that you saw on the air is the Sam that was off the air,” Rubin’s colleague Frank Buckley said on television. “To all of us he shared his mornings with on television, and to those he worked with behind the scenes at Ktla, we will not forget him.”
Rubin started at Ktla in 1991, serving as the lead entertainment correspondent for the Ktla Morning News. He was well-connected in Hollywood, scoring must-have interviews with A-list celebrities from the worlds of film,...
His death was first reported in a news story aired by Ktla early Friday afternoon. The television station said the circumstances surrounding his death were not immediately known. Entertainment publication TMZ later revealed it to be a heart attack.
“The Sam that you saw on the air is the Sam that was off the air,” Rubin’s colleague Frank Buckley said on television. “To all of us he shared his mornings with on television, and to those he worked with behind the scenes at Ktla, we will not forget him.”
Rubin started at Ktla in 1991, serving as the lead entertainment correspondent for the Ktla Morning News. He was well-connected in Hollywood, scoring must-have interviews with A-list celebrities from the worlds of film,...
- 5/10/2024
- by Matthew Keys
- The Desk
Sam Rubin, the popular entertainment anchor on Ktla-tv’s morning show since 1991, has died, The Hollywood Reporter has learned. He was 64.
According to TMZ, Rubin died of a heart attack on Friday. He was on the air Thursday morning.
“Ktla 5 is profoundly saddened to report the death of Sam Rubin,” the channel wrote on X (formerly Twitter). “Sam was a giant in the local news industry and the entertainment world and a fixture of Los Angeles morning television for decades. His laugh, charm and caring personality touched all who knew him. Sam was a loving husband and father: the roles he cherished the most. Our thoughts are with Sam’s family during this difficult time.”
Perry Sook — founder, chairman and CEO of Nexstar, the majority owner of the local station — also issued a statement. “Sam was an icon in Los Angeles and the entertainment industry, and he was a beloved member of our Nexstar Nation,...
According to TMZ, Rubin died of a heart attack on Friday. He was on the air Thursday morning.
“Ktla 5 is profoundly saddened to report the death of Sam Rubin,” the channel wrote on X (formerly Twitter). “Sam was a giant in the local news industry and the entertainment world and a fixture of Los Angeles morning television for decades. His laugh, charm and caring personality touched all who knew him. Sam was a loving husband and father: the roles he cherished the most. Our thoughts are with Sam’s family during this difficult time.”
Perry Sook — founder, chairman and CEO of Nexstar, the majority owner of the local station — also issued a statement. “Sam was an icon in Los Angeles and the entertainment industry, and he was a beloved member of our Nexstar Nation,...
- 5/10/2024
- by Christy Piña
- The Hollywood Reporter - Movie News
The “Penn & Teller: Fool Us” Fast channel joins a growing list of linear content streams available on the CW Network website. (Screen capture by The Desk)
The top executive at Nexstar Media Group has criticized the streaming television business, just a few weeks after the company’s CW Network launched its first free, ad-supported streaming channel.
On a phone call with investors on Thursday, Nexstar CEO Perry Sook affirmed the company has few aspirations to deliver its broadcast and cable stations directly to consumers through an à la carte online offering, unless that product somehow resembles the traditional cable or satellite bundle.
Local broadcast affiliates owned by Nexstar are distributed through a number of cable-like streaming services, including YouTube TV, Hulu with Live TV, Fubo and DirecTV Stream, along with some network-owned services like Paramount Plus with Showtime and Comcast’s Peacock. The platforms are able to distribute Nexstar-owned ABC,...
The top executive at Nexstar Media Group has criticized the streaming television business, just a few weeks after the company’s CW Network launched its first free, ad-supported streaming channel.
On a phone call with investors on Thursday, Nexstar CEO Perry Sook affirmed the company has few aspirations to deliver its broadcast and cable stations directly to consumers through an à la carte online offering, unless that product somehow resembles the traditional cable or satellite bundle.
Local broadcast affiliates owned by Nexstar are distributed through a number of cable-like streaming services, including YouTube TV, Hulu with Live TV, Fubo and DirecTV Stream, along with some network-owned services like Paramount Plus with Showtime and Comcast’s Peacock. The platforms are able to distribute Nexstar-owned ABC,...
- 5/10/2024
- by Matthew Keys
- The Desk
The CW’s losses fell by $50 million in the first quarter and parent Nexstar Media Group still expects the network to turn a profit by next year, but CFO Lee Ann Gliha offered investors some reason for caution.
“We’re no longer going to externally disclose the CW numbers separately,” the exec said during the Nexstar first-quarter earnings call when asked about the network’s revenue trends. Since Nexstar took its 75% stake in 2022, she continued, “the quarter-over-quarter comparison is good. I would say just anecdotally it’s still driven by the national advertising market, which is not in a positive place even despite the green shoots.”
Excluding political spending, advertising declined 7% in the quarter ended March 31 compared with the same period in 2023, the company said. The negative effect of the high-interest-rate environment, among other challenges, took the blame for the dip. Total revenue inched up 2% to $1.28 billion, roughly in line with Wall Street forecasts,...
“We’re no longer going to externally disclose the CW numbers separately,” the exec said during the Nexstar first-quarter earnings call when asked about the network’s revenue trends. Since Nexstar took its 75% stake in 2022, she continued, “the quarter-over-quarter comparison is good. I would say just anecdotally it’s still driven by the national advertising market, which is not in a positive place even despite the green shoots.”
Excluding political spending, advertising declined 7% in the quarter ended March 31 compared with the same period in 2023, the company said. The negative effect of the high-interest-rate environment, among other challenges, took the blame for the dip. Total revenue inched up 2% to $1.28 billion, roughly in line with Wall Street forecasts,...
- 5/9/2024
- by Dade Hayes
- Deadline Film + TV
With Paramount Global and its assets currently in play, Nexstar CEO Perry Sook was asked on a call today if the nation’s biggest broadcast might look at CBS stations.
“Obviously, given our station footprint, the digestion of CBS station assets would be a tough nut, particularly under this regulatory environment and regime,” he said on a call after quarterly earnings. “If that were to change, maybe our opinion would change. But that certainly would have to happen, I think, for anyone to have confidence they could pursue a complicated regulatory transaction in the current environment.”
Regulators could be a headache as well for Sony and Apollo in their preliminary $26 billion joint bid for Paramount. It would see two more Hollywood studios merging. Sony can’t own U.S. broadcast assets under FCC rules. Apollo can, but it already owns stations and might run up against the current ownership cap...
“Obviously, given our station footprint, the digestion of CBS station assets would be a tough nut, particularly under this regulatory environment and regime,” he said on a call after quarterly earnings. “If that were to change, maybe our opinion would change. But that certainly would have to happen, I think, for anyone to have confidence they could pursue a complicated regulatory transaction in the current environment.”
Regulators could be a headache as well for Sony and Apollo in their preliminary $26 billion joint bid for Paramount. It would see two more Hollywood studios merging. Sony can’t own U.S. broadcast assets under FCC rules. Apollo can, but it already owns stations and might run up against the current ownership cap...
- 5/9/2024
- by Jill Goldsmith
- Deadline Film + TV
The National Association of Broadcasters and Curtis LeGeyt have agreed to a contract extension that will keep him as CEO of the organization through 2029, Nab joint board chair Perry Sook announced Tuesday. LeGeyt has been with Nab for more than a decade.
“Nab and its members are thrilled to have Curtis LeGeyt leading our advocacy efforts in Washington and delighted about his contract extension,” said Sook. “Curtis has demonstrated exceptional leadership, strategic thinking and an unwavering dedication to the future of broadcasting, ensuring Nab remains at the forefront of innovation. We are confident in his ability to drive continued success for Nab and its members.”
During LeGeyt’s time as president and CEO, Nab has lobbied for policy changes involving tech firms, preserve access to Am radio in car stereos and halted the implemention of new radio performance fees for station owners. In addition, LeGeyt has helped Nab reduce broadcast...
“Nab and its members are thrilled to have Curtis LeGeyt leading our advocacy efforts in Washington and delighted about his contract extension,” said Sook. “Curtis has demonstrated exceptional leadership, strategic thinking and an unwavering dedication to the future of broadcasting, ensuring Nab remains at the forefront of innovation. We are confident in his ability to drive continued success for Nab and its members.”
During LeGeyt’s time as president and CEO, Nab has lobbied for policy changes involving tech firms, preserve access to Am radio in car stereos and halted the implemention of new radio performance fees for station owners. In addition, LeGeyt has helped Nab reduce broadcast...
- 4/24/2024
- by Jack Dunn
- Variety Film + TV
Kevin Adell, the owner of Adell Broadcasting and Wadl in Detroit. (Photo courtesy Adell Media)
The owner of a Detroit-area independent television station will meet with a Federal Communications Commisison (FCC) official on Thursday to discuss the pending sale of his broadcast outlet, The Desk has learned.
Facing opposition from pay TV groups, the acquisition of Wadl (Channel 38) by Mission Broadcasting has been delayed nearly a year because the deal still need regulatory approval from the FCC.
Opponents alleged the deal would give Mission partner Nexstar Media Group more leverage to increase retransmission consent fees for the stations under its ownership and control. All stations licensed to Mission are operated by Nexstar under shared services agreements that are common in the industry.
Supporters of the deal include the Detroit chapter of the NAACP and Reverend Jesse Jackson, Jr., the leader of the Rainbow Push Coalition. Jackson has met with FCC...
The owner of a Detroit-area independent television station will meet with a Federal Communications Commisison (FCC) official on Thursday to discuss the pending sale of his broadcast outlet, The Desk has learned.
Facing opposition from pay TV groups, the acquisition of Wadl (Channel 38) by Mission Broadcasting has been delayed nearly a year because the deal still need regulatory approval from the FCC.
Opponents alleged the deal would give Mission partner Nexstar Media Group more leverage to increase retransmission consent fees for the stations under its ownership and control. All stations licensed to Mission are operated by Nexstar under shared services agreements that are common in the industry.
Supporters of the deal include the Detroit chapter of the NAACP and Reverend Jesse Jackson, Jr., the leader of the Rainbow Push Coalition. Jackson has met with FCC...
- 3/27/2024
- by Matthew Keys
- The Desk
The front of the Wpix television studios in New York City. (Photo via Google Street View)
When the Federal Communications Commission (FCC) penalized Nexstar Media Group and its business partner, Mission Broadcasting, over violations of federal ownership rules related to a local marketing agreement in New York City, it didn’t stop at fining the broadcasters more than $1.2 million for the scheme.
The agency also issued a demand that could see Nexstar’s lose control of a local television station in the biggest market — or lose ownership of several other stations across the country.
On Wednesday, the FCC issued a notice of apparent liability for forfeiture (Nal) that accused Nexstar and Mission of conspiring to pull a fast one on regulators several years ago when Nexstar was seeking approval to acquire Tribune Media.
At the time, Tribune Media owned Wpix in New York City — its biggest television station by market...
When the Federal Communications Commission (FCC) penalized Nexstar Media Group and its business partner, Mission Broadcasting, over violations of federal ownership rules related to a local marketing agreement in New York City, it didn’t stop at fining the broadcasters more than $1.2 million for the scheme.
The agency also issued a demand that could see Nexstar’s lose control of a local television station in the biggest market — or lose ownership of several other stations across the country.
On Wednesday, the FCC issued a notice of apparent liability for forfeiture (Nal) that accused Nexstar and Mission of conspiring to pull a fast one on regulators several years ago when Nexstar was seeking approval to acquire Tribune Media.
At the time, Tribune Media owned Wpix in New York City — its biggest television station by market...
- 3/22/2024
- by Matthew Keys
- The Desk
The Federal Communications Commission hit Nexstar Media Group and its business partner Mission Broadcasting with a $1.2 million fine and an order to sell Wpix-TV New York or other stations to come into compliance with longstanding station ownership limits.
The commission on Thursday issued a 42-page decision in its probe of Nexstar’s ties to Mission Broadcasting and whether their business agreement violated the FCC’s reach limit on TV station ownership. The commission concluded that Nexstar’s near-total oversight of Wpix’s operations gave the station giant effective control of precious TV industry real estate — a full-power broadcast TV station in the nation’s largest market. The commission fined Mission $612,395 for its part in the activity.
The regulatory dust-up stems from Nexstar’s $4.1 billion acquisition of Tribune Media in 2019. The deal made Nexstar Media Group the nation’s largest owner of TV stations at nearly 200. Tribune’s 42 stations included...
The commission on Thursday issued a 42-page decision in its probe of Nexstar’s ties to Mission Broadcasting and whether their business agreement violated the FCC’s reach limit on TV station ownership. The commission concluded that Nexstar’s near-total oversight of Wpix’s operations gave the station giant effective control of precious TV industry real estate — a full-power broadcast TV station in the nation’s largest market. The commission fined Mission $612,395 for its part in the activity.
The regulatory dust-up stems from Nexstar’s $4.1 billion acquisition of Tribune Media in 2019. The deal made Nexstar Media Group the nation’s largest owner of TV stations at nearly 200. Tribune’s 42 stations included...
- 3/22/2024
- by Cynthia Littleton
- Variety Film + TV
The Federal Communications Commission has determined that local TV giant Nexstar Media Group’s takeover of Wpix-tv in New York in 2020 violated federal limits on station ownership.
In a ruling issued Thursday, the regulatory agency ordered Mission Broadcasting, Nexstar’s partner in Wpix, to sell the station. Failing that, Nexstar could put the station under its umbrella and then shed other stations in its portfolio in order to remain under the ownership cap. The FCC also fined the company $1.2 million.
Nexstar responded by vowing to “vigorously” dispute the decision.
Wpix, which went on the air in 1948, has been a fixture in New York media and became an affiliate of The CW in 2006. Nexstar, the No. 1 owner of U.S. TV stations, acquired control of The CW in 2022. The company has operated Wpix since 2020 under a local marketing agreement with Mission. Such agreements, often described as “sidecar” deals, have come under scrutiny...
In a ruling issued Thursday, the regulatory agency ordered Mission Broadcasting, Nexstar’s partner in Wpix, to sell the station. Failing that, Nexstar could put the station under its umbrella and then shed other stations in its portfolio in order to remain under the ownership cap. The FCC also fined the company $1.2 million.
Nexstar responded by vowing to “vigorously” dispute the decision.
Wpix, which went on the air in 1948, has been a fixture in New York media and became an affiliate of The CW in 2006. Nexstar, the No. 1 owner of U.S. TV stations, acquired control of The CW in 2022. The company has operated Wpix since 2020 under a local marketing agreement with Mission. Such agreements, often described as “sidecar” deals, have come under scrutiny...
- 3/21/2024
- by Dade Hayes
- Deadline Film + TV
Nexstar President and COO Mike Biard says there has been “significant misinterpretation and market overreaction” to the sports streaming bundle announced by Disney, Fox and Warner Bros. Discovery.
Speaking on the broadcast TV giant’s fourth-quarter earnings call with Wall Street analysts, Biard said the joint venture plan has raised “more questions than answers.” One question, he pointedly added, relates to “assurance that it will actually launch.”
Biard spent 23 years as a Fox exec before joining Nexstar last summer.
Looking to address what CEO Perry Sook described as “noise” in the marketplace after the streaming Jv news, Biard said, “To be clear, Nexstar will have the option of opting in to secure carriage and compensation for our ABC and Fox affiliated stations. As such, this would be an additive incremental revenue stream for Nexstar.”
Fox and ABC are among the 14 linear networks to be offered by the forthcoming service, with...
Speaking on the broadcast TV giant’s fourth-quarter earnings call with Wall Street analysts, Biard said the joint venture plan has raised “more questions than answers.” One question, he pointedly added, relates to “assurance that it will actually launch.”
Biard spent 23 years as a Fox exec before joining Nexstar last summer.
Looking to address what CEO Perry Sook described as “noise” in the marketplace after the streaming Jv news, Biard said, “To be clear, Nexstar will have the option of opting in to secure carriage and compensation for our ABC and Fox affiliated stations. As such, this would be an additive incremental revenue stream for Nexstar.”
Fox and ABC are among the 14 linear networks to be offered by the forthcoming service, with...
- 2/28/2024
- by Dade Hayes
- Deadline Film + TV
Fans of the San Francisco 49ers football team hold a sign with the logo of the CW Network during an event at Candlestick Park in 2009. (Photo via Wikimedia Commons)
Significant investments in entertainment and live sports content caused Nexstar Media Group to lose hundreds of millions of dollars on the CW Network during its first full year as majority owner, according to financial data released this week.
In its financial earnings report released Wednesday morning, Nexstar revealed the CW lost $52 million on revenue of $55 million during the company’s fourth financial quarter (Q4) of 2023. For the calendar year, losses attributed to the CW clocked in at $273 million on revenue of $250 million, the earnings report revealed.
Nexstar acquired a controlling 75 percent in the CW in August 2022. The network started in 2005 as a joint venture between the predecessors of Paramount Global and Warner Bros Discovery (Wbd), with both companies retaining equal minority stakes in the CW.
Significant investments in entertainment and live sports content caused Nexstar Media Group to lose hundreds of millions of dollars on the CW Network during its first full year as majority owner, according to financial data released this week.
In its financial earnings report released Wednesday morning, Nexstar revealed the CW lost $52 million on revenue of $55 million during the company’s fourth financial quarter (Q4) of 2023. For the calendar year, losses attributed to the CW clocked in at $273 million on revenue of $250 million, the earnings report revealed.
Nexstar acquired a controlling 75 percent in the CW in August 2022. The network started in 2005 as a joint venture between the predecessors of Paramount Global and Warner Bros Discovery (Wbd), with both companies retaining equal minority stakes in the CW.
- 2/28/2024
- by Matthew Keys
- The Desk
The major cities where Nexstar Media Group owns or operates one or more local television stations. (Courtesy image)
Nexstar Media Group saw lower net revenue in 2023 amid ongoing weakness in the core and political advertising markets coupled with sizable operating expenses associated with its broadcast televison stations and CW Network.
On Wednesday, the largest independent owner of television stations in the country said its net revenue for 2023 fell to $4.933 billion, down 5.3 percent from the $5.211 billion the company earned one year prior.
Total advertising from its television and digital operations fell to $1.726 billion in 2023, weighed down by an erosion in its political advertising business despite an increase in overall spending heading into the 2024 presidential election. The total advertising figure was down 22.4 percent compared to the prior year, and included an 87 percent decrease in political advertising, which came in at $66 million during 2023.
The sluggish advertising business was only partially offset by higher carriage fees charged to cable,...
Nexstar Media Group saw lower net revenue in 2023 amid ongoing weakness in the core and political advertising markets coupled with sizable operating expenses associated with its broadcast televison stations and CW Network.
On Wednesday, the largest independent owner of television stations in the country said its net revenue for 2023 fell to $4.933 billion, down 5.3 percent from the $5.211 billion the company earned one year prior.
Total advertising from its television and digital operations fell to $1.726 billion in 2023, weighed down by an erosion in its political advertising business despite an increase in overall spending heading into the 2024 presidential election. The total advertising figure was down 22.4 percent compared to the prior year, and included an 87 percent decrease in political advertising, which came in at $66 million during 2023.
The sluggish advertising business was only partially offset by higher carriage fees charged to cable,...
- 2/28/2024
- by Matthew Keys
- The Desk
Nexstar reported its fourth-quarter 2023 earnings Wednesday, revealing its TV ad sales were down 36% from Oct. 1- Dec. 31.
In the same period, Nexstar’s losses at the CW narrowed to $52 million from $60 million in Q3. That marks a 45% improvement in the network’s losses (down from $94 million) since Q4 of 2022, when the CW was formally acquired by Nexstar from Paramount Global and Warner Bros. Discovery.
Nexstar’s core ad sales were $449 million in Q4, a decrease of 5.9% from the comparable year-ago quarter. Political ad sales fell 88.7% to $30 million from $266 million in 2022, when midterm elections spiked that categories revenue.
Total TV ad sales were $479 million, down 36% year-over-year from $743 million.
Distribution revenue grew 14.3% ($704 million vs. $616 million), digital dropped 5.4% ($106 million vs. $112 million) and “other” revenue dipped 6.3% ($15 million vs. $16 million).
Free cash flow stood at $295 million. Net income was $100 million, down 43.8% year over year from $178 million in fourth-quarter 2022.
Wall Street forecast earnings per share (Eps) of $4.20 on $1.31 billion in revenue,...
In the same period, Nexstar’s losses at the CW narrowed to $52 million from $60 million in Q3. That marks a 45% improvement in the network’s losses (down from $94 million) since Q4 of 2022, when the CW was formally acquired by Nexstar from Paramount Global and Warner Bros. Discovery.
Nexstar’s core ad sales were $449 million in Q4, a decrease of 5.9% from the comparable year-ago quarter. Political ad sales fell 88.7% to $30 million from $266 million in 2022, when midterm elections spiked that categories revenue.
Total TV ad sales were $479 million, down 36% year-over-year from $743 million.
Distribution revenue grew 14.3% ($704 million vs. $616 million), digital dropped 5.4% ($106 million vs. $112 million) and “other” revenue dipped 6.3% ($15 million vs. $16 million).
Free cash flow stood at $295 million. Net income was $100 million, down 43.8% year over year from $178 million in fourth-quarter 2022.
Wall Street forecast earnings per share (Eps) of $4.20 on $1.31 billion in revenue,...
- 2/28/2024
- by Jennifer Maas
- Variety Film + TV
A new report confirmed when Superman & Lois Season 4 will begin filming, giving fans an idea of the series' premiere window on The CW.
The anticipation surrounding Superman & Lois is high after Season 4 was confirmed to be the final season, thus marking the end of the Arrowverse.
Nexstar CEO Perry Sook even told Deadline in August 2023 that Season 4's release will "get pushed further and further into 2024" if the Hollywood writers' and actors' strikes remain unresolved.
Read full article on The Direct.
The anticipation surrounding Superman & Lois is high after Season 4 was confirmed to be the final season, thus marking the end of the Arrowverse.
Nexstar CEO Perry Sook even told Deadline in August 2023 that Season 4's release will "get pushed further and further into 2024" if the Hollywood writers' and actors' strikes remain unresolved.
Read full article on The Direct.
- 11/14/2023
- by Aeron Mer Eclarinal
- The Direct
Nexstar’s third-quarter earnings reflected the soft TV advertising market, with political ad revenue down 85 percent from last year, and so-called “core” advertising revenue down 2.3 percent.
Similarly, The CW keeps losing money for the broadcast TV giant, though its losses continue to narrow quarter by quarter. The CW lost $60 million in Q3, down from $78 million last quarter.
Overall in Q3, Nextsar had revenue of $1.1 billion (down 10.8 percent from a year ago), and net income of $8 million, down more than 97 percent from a year ago, reflecting the robust political ad market in Q3 of last year.
In a comment, Nexstar CEO Perry Sook said that reduced losses at The CW, ad spending for the 2024 presidential election, and an “improving economic environment” should turbocharge the company’s earnings over the coming months.
He also argued that the Disney-Charter deal and changing media environment could work to Nexstar’s benefit.
“Broadcast stations...
Similarly, The CW keeps losing money for the broadcast TV giant, though its losses continue to narrow quarter by quarter. The CW lost $60 million in Q3, down from $78 million last quarter.
Overall in Q3, Nextsar had revenue of $1.1 billion (down 10.8 percent from a year ago), and net income of $8 million, down more than 97 percent from a year ago, reflecting the robust political ad market in Q3 of last year.
In a comment, Nexstar CEO Perry Sook said that reduced losses at The CW, ad spending for the 2024 presidential election, and an “improving economic environment” should turbocharge the company’s earnings over the coming months.
He also argued that the Disney-Charter deal and changing media environment could work to Nexstar’s benefit.
“Broadcast stations...
- 11/8/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
Nexstar reported its third-quarter 2023 earnings Wednesday, revealing TV ad revenue was down overall 23% for the July-September quarter. Meanwhile, the CW network made quarter-over-quarter progress on its path to profitability by narrowing its losses to $60 million.
For the CW, which was formally acquired by Nexstar in October 2022 from Paramount Global and Warner Bros. Discovery, a year-over-year comparison can’t be drawn based on the lack of financial results disclosed publicly by its former parent companies. But it’s long been known the old CW was not profitable, and this $60 million is an improvement over the $78 million loss the network posted in Q2 and the $83 million loss in Q1.
Nexstar’s core ad sales were $391 million in Q3, a decrease of 2.3% from the comparable year-ago quarter. Political ad sales fell 85.3% to $19 million from $129 million last year, when midterm elections spiked that categories revenue.
Total TV ad sales were $410 million, down 23% year-over-year from $529 million.
For the CW, which was formally acquired by Nexstar in October 2022 from Paramount Global and Warner Bros. Discovery, a year-over-year comparison can’t be drawn based on the lack of financial results disclosed publicly by its former parent companies. But it’s long been known the old CW was not profitable, and this $60 million is an improvement over the $78 million loss the network posted in Q2 and the $83 million loss in Q1.
Nexstar’s core ad sales were $391 million in Q3, a decrease of 2.3% from the comparable year-ago quarter. Political ad sales fell 85.3% to $19 million from $129 million last year, when midterm elections spiked that categories revenue.
Total TV ad sales were $410 million, down 23% year-over-year from $529 million.
- 11/8/2023
- by Jennifer Maas
- Variety Film + TV
A year ago NewsNation — the Nexstar-owned cable news channel — rebooted its primetime lineup, bringing Chris Cuomo to 8 p.m., leading into Dan Abrams at 9 p.m. and Ashleigh Banfield at 10 p.m.
The idea of launching a new cable news channel in the 2020s, and in particular a cable news channel that isn’t seeking out a hyper-partisan audience, seemed like a crazy one when Nexstar announced it in 2020.
NewsNation still has a ways to go, with cable news stalwarts Fox News, MSNBC and CNN still regularly beating it, but executives at Nexstar are unperturbed. Nexstar CEO Perry Sook said as much at the opening of the company’s new New York City studio back in April.
“This network two years in is further ahead than both Fox and CNN were in their journey 40-plus and 25-plus years ago two years in, and they had a whole lot less...
The idea of launching a new cable news channel in the 2020s, and in particular a cable news channel that isn’t seeking out a hyper-partisan audience, seemed like a crazy one when Nexstar announced it in 2020.
NewsNation still has a ways to go, with cable news stalwarts Fox News, MSNBC and CNN still regularly beating it, but executives at Nexstar are unperturbed. Nexstar CEO Perry Sook said as much at the opening of the company’s new New York City studio back in April.
“This network two years in is further ahead than both Fox and CNN were in their journey 40-plus and 25-plus years ago two years in, and they had a whole lot less...
- 10/5/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
School is back in session. The CW series All American: Homecoming will return for season 3. But two familiar cast members will have much smaller roles in the upcoming season.
The CW renewed ‘All American: Homecoming’ for season 3 (L-r): Peyton Alex Smith as Damon Sims and Camille Hyde as Thea Mays in ‘All American: Homecoming’ Season 2 | Troy Harvey/The CW — © 2022 The CW Network, LLC. All Rights Reserved.
In June 2023, The CW delivered some long-awaited good news for fans of All American: Homecoming when it renewed the show for season 3.
The new season of the All American spinoff will have 13 episodes. Initially, the network planned for All American: Homecoming Season 3 to air sometime during the 2023-24 broadcast season. However, no premiere date has been announced amid strike-related production delays.
“The farther the strike goes on, they get pushed further and further into 2024,” Perry Sook, the CEO of The CW’s parent company Nexstar,...
The CW renewed ‘All American: Homecoming’ for season 3 (L-r): Peyton Alex Smith as Damon Sims and Camille Hyde as Thea Mays in ‘All American: Homecoming’ Season 2 | Troy Harvey/The CW — © 2022 The CW Network, LLC. All Rights Reserved.
In June 2023, The CW delivered some long-awaited good news for fans of All American: Homecoming when it renewed the show for season 3.
The new season of the All American spinoff will have 13 episodes. Initially, the network planned for All American: Homecoming Season 3 to air sometime during the 2023-24 broadcast season. However, no premiere date has been announced amid strike-related production delays.
“The farther the strike goes on, they get pushed further and further into 2024,” Perry Sook, the CEO of The CW’s parent company Nexstar,...
- 10/2/2023
- by Megan Elliott
- Showbiz Cheat Sheet
A new report indicated that a major delay is imminent for Superman & Lois Season 4.
When The CW announced its fall line-up in July 2023, Superman & Lois Season 4 was not included, meaning that the show will premiere sometime in 2024.
This was eventually confirmed when Nexstar CEO Perry Sook told Deadline in August 2023 that Season 4's release will "get pushed further and further into 2024" as the writers' and actors' strikes continue in Hollywood.
Read full article on The Direct.
When The CW announced its fall line-up in July 2023, Superman & Lois Season 4 was not included, meaning that the show will premiere sometime in 2024.
This was eventually confirmed when Nexstar CEO Perry Sook told Deadline in August 2023 that Season 4's release will "get pushed further and further into 2024" as the writers' and actors' strikes continue in Hollywood.
Read full article on The Direct.
- 9/15/2023
- by Aeron Mer Eclarinal
- The Direct
Disney has responded to reports claiming the company is in early talks to sell its ABC network and TV stations, saying the company “has made no decision” on it yet.
“While we are open to considering a variety of strategic options for our linear businesses, at this time The Walt Disney Company has made no decision with respect to the divestiture of ABC or any other property and any report to that effect is unfounded,” the statement reads.
Conversations regarding the potential sale have been swirling since the summer after CEO Bob Iger revealed the company’s intention to be “open-minded and objective” about the future of Disney’s linear TV holdings, which include broadcast network ABC as well as FX, Disney Channel, Nat Geo and Freeform, among others.
Nexstar moved to the top of the bidders list when earlier this week, Tom Carter, a former Nexstar executive who now...
“While we are open to considering a variety of strategic options for our linear businesses, at this time The Walt Disney Company has made no decision with respect to the divestiture of ABC or any other property and any report to that effect is unfounded,” the statement reads.
Conversations regarding the potential sale have been swirling since the summer after CEO Bob Iger revealed the company’s intention to be “open-minded and objective” about the future of Disney’s linear TV holdings, which include broadcast network ABC as well as FX, Disney Channel, Nat Geo and Freeform, among others.
Nexstar moved to the top of the bidders list when earlier this week, Tom Carter, a former Nexstar executive who now...
- 9/14/2023
- by BreAnna Bell
- Variety Film + TV
The CW systematically stripped away its superhero dramas and teen-centric soaps during the 2022-23 television season, taking the foundation of its primetime programming slate down to the studs. Now comes the reveal of a renovation that leans heavily on niche sports, noisy unscripted series, procedural dramas and broad-skewing comedies.
The change comes a year after Texas-based Nexstar Media Group acquired a majority stake in The CW from its founders, CBS and Warner Bros. (the “C” and “W” in “CW”). A new owner inevitably brings new priorities and a new regime, and The CW’s freshly appointed leadership team of president Dennis Miller and entertainment president Brad Schwartz have a nail-biter of a season ahead. There’s little doubt that The CW will see a ratings drop, at least early on, as it implements a radical shift in content strategy.
The new CW team can only hope that Nexstar, led by...
The change comes a year after Texas-based Nexstar Media Group acquired a majority stake in The CW from its founders, CBS and Warner Bros. (the “C” and “W” in “CW”). A new owner inevitably brings new priorities and a new regime, and The CW’s freshly appointed leadership team of president Dennis Miller and entertainment president Brad Schwartz have a nail-biter of a season ahead. There’s little doubt that The CW will see a ratings drop, at least early on, as it implements a radical shift in content strategy.
The new CW team can only hope that Nexstar, led by...
- 9/14/2023
- by Jennifer Maas
- Variety Film + TV
To the relief of many in the embattled pay-tv business, which faces its most uncertain fall season in decades along with existential angst due to cord-cutting, a reliable viewer draw is about to return. College football season kicks off on Saturday, with a slate of seven televised games starting with Notre Dame’s opener against Navy.
A shadow is falling across the gridiron, however. Millions of viewers interested in the Fighting Irish contest may need to tune in via streaming service Peacock instead of on linear NBC because of a protracted carriage battle. The impasse between Nexstar Media Group and DirecTV resulted in Nexstar local station signals going dark on July 1 for an estimated 10 million-plus out of DirecTV’s total footprint of 13 million across satellite, cable and streaming bundle packages.
Soon after the college action starts, the almighty NFL begins its season on September 7, also on NBC. In the current environment,...
A shadow is falling across the gridiron, however. Millions of viewers interested in the Fighting Irish contest may need to tune in via streaming service Peacock instead of on linear NBC because of a protracted carriage battle. The impasse between Nexstar Media Group and DirecTV resulted in Nexstar local station signals going dark on July 1 for an estimated 10 million-plus out of DirecTV’s total footprint of 13 million across satellite, cable and streaming bundle packages.
Soon after the college action starts, the almighty NFL begins its season on September 7, also on NBC. In the current environment,...
- 8/23/2023
- by Dade Hayes
- Deadline Film + TV
Perry Sook, CEO of The CW’s owner, Nexstar, likes the netlet’s chances even as the WGA and SAG-AFTRA strikes push the returning scripted series Walker, All American, Superman & Lois and All American: Homecoming “further and further into 2024.”
“We are confident [the strikes] will not hurt our forward progress at The CW,” Sook said Tuesday during a quarterly earnings call (per Deadline). “The majority of our fall slate was material already developed, and for unscripted.”
More from TVLineBilly Porter Says 'I Have to Sell My House' Due to SAG Strike, Curses Out Disney CEO Bob Iger: 'I'm So...
“We are confident [the strikes] will not hurt our forward progress at The CW,” Sook said Tuesday during a quarterly earnings call (per Deadline). “The majority of our fall slate was material already developed, and for unscripted.”
More from TVLineBilly Porter Says 'I Have to Sell My House' Due to SAG Strike, Curses Out Disney CEO Bob Iger: 'I'm So...
- 8/8/2023
- by Matt Webb Mitovich
- TVLine.com
Updated with additional strike comments. The CW had to delay four scripted shows produced by minority stakeholders Warner Bros. Discovery and Paramount due to the writers and actors strikes, but it does not expect any further impact from the labor impasse.
That’s the view from Perry Sook, CEO of CW parent Nexstar Media Group, who addressed the strike and other topics during an hour-long quarterly earnings call with Wall Street analysts.
“The farther the strike goes on, they get pushed further and further into 2024,” Sook conceded about the four scripted shows initially slated for 2023-24. And yet, slots given to acquired titles that were produced pre-strikes will give The CW “the most scripted as a percentage of our schedule of any of the Big 5 broadcast networks going into the fall,” Sook maintained. “We also have some more high-profile and noisy reality shows, which will bring attention to the network as well.
That’s the view from Perry Sook, CEO of CW parent Nexstar Media Group, who addressed the strike and other topics during an hour-long quarterly earnings call with Wall Street analysts.
“The farther the strike goes on, they get pushed further and further into 2024,” Sook conceded about the four scripted shows initially slated for 2023-24. And yet, slots given to acquired titles that were produced pre-strikes will give The CW “the most scripted as a percentage of our schedule of any of the Big 5 broadcast networks going into the fall,” Sook maintained. “We also have some more high-profile and noisy reality shows, which will bring attention to the network as well.
- 8/8/2023
- by Dade Hayes
- Deadline Film + TV
The CW continues to lose money, with a net loss of $78 million in the second quarter, however its finances are improving, as executives at Nexstar appear increasingly confident in their strategy to turn the network around.
In Nexstar’s Q2 earnings report, the local TV station giant spent some time discussing The CW, which it acquired from Warner Bros. Discovery and Paramount last year for essentially nothing. The plan, according to Nexstar CEO Perry Sook, is to take a “Moneyball” approach to content (an analytics-based concept popularized by the Michael Lewis book).
That means fewer big-budget superhero shows, more reality programming, and also sports (CW programming chief Brad Schwartz outlined the strategy on last week’s TV’s Top 5 podcast). Though, notably, The CW has been extremely opportunistic in the sports space, first securing Liv Golf rights (in what is believed to be a rev-share agreement), and then Acc college...
In Nexstar’s Q2 earnings report, the local TV station giant spent some time discussing The CW, which it acquired from Warner Bros. Discovery and Paramount last year for essentially nothing. The plan, according to Nexstar CEO Perry Sook, is to take a “Moneyball” approach to content (an analytics-based concept popularized by the Michael Lewis book).
That means fewer big-budget superhero shows, more reality programming, and also sports (CW programming chief Brad Schwartz outlined the strategy on last week’s TV’s Top 5 podcast). Though, notably, The CW has been extremely opportunistic in the sports space, first securing Liv Golf rights (in what is believed to be a rev-share agreement), and then Acc college...
- 8/8/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
Nexstar reported its second-quarter 2023 earnings Tuesday, revealing the TV stations group giant had turned a profit of $153 million in Q2, while its CW broadcast network posted a loss of $78 million for the April-June quarter.
For the CW, which was formally acquired by Nexstar in October 2022 from Paramount Global and Warner Bros. Discovery, a year-over-year comparison can’t be drawn based on the lack of financial results disclosed publicly by its former parent companies. But it’s long been known the old CW was not profitable, and this $78 million is an improvement over the $83 million loss the CW posted in Q1 of this year.
Nexstar CFO’s Lee Ann Gliha expanded on the CW’s performance during the earnings call Tuesday morning, stating that the CW generated $75 million in revenue in Q2, and, with some favorable adjustments accounting for a $3 million one-time expense attributed mostly to restructuring charges, took only a $74 million loss for the quarter.
For the CW, which was formally acquired by Nexstar in October 2022 from Paramount Global and Warner Bros. Discovery, a year-over-year comparison can’t be drawn based on the lack of financial results disclosed publicly by its former parent companies. But it’s long been known the old CW was not profitable, and this $78 million is an improvement over the $83 million loss the CW posted in Q1 of this year.
Nexstar CFO’s Lee Ann Gliha expanded on the CW’s performance during the earnings call Tuesday morning, stating that the CW generated $75 million in revenue in Q2, and, with some favorable adjustments accounting for a $3 million one-time expense attributed mostly to restructuring charges, took only a $74 million loss for the quarter.
- 8/8/2023
- by Jennifer Maas
- Variety Film + TV
The CW Network president Dennis Miller is extending his contract through 2027.
Miller joined the network as president in October after it was acquired by Nexstar Media Group. Since then, he and his team have reshaped The CW’s programming strategy by adding live sporting events such as Acc college football and basketball, the NASCAR Xfinity Racing Series and Liv Golf, and a primetime line-up including shows like “Spencer Sisters,” “Sullivan’s Crossing,” and “Inside the NFL.”
“Dennis has done an outstanding job since taking leadership of The CW. He and Brad Schwartz have completely remade the network and its brand, bringing a fresh, innovative approach to programming that is designed to grow viewership and deliver significant value for our advertisers, affiliates, and distribution partners,” Nexstar chairman and CEO Perry Sook said in a statement. “When Nexstar acquired The CW, we said we intended to run it for a broadcast audience, and...
Miller joined the network as president in October after it was acquired by Nexstar Media Group. Since then, he and his team have reshaped The CW’s programming strategy by adding live sporting events such as Acc college football and basketball, the NASCAR Xfinity Racing Series and Liv Golf, and a primetime line-up including shows like “Spencer Sisters,” “Sullivan’s Crossing,” and “Inside the NFL.”
“Dennis has done an outstanding job since taking leadership of The CW. He and Brad Schwartz have completely remade the network and its brand, bringing a fresh, innovative approach to programming that is designed to grow viewership and deliver significant value for our advertisers, affiliates, and distribution partners,” Nexstar chairman and CEO Perry Sook said in a statement. “When Nexstar acquired The CW, we said we intended to run it for a broadcast audience, and...
- 8/7/2023
- by Lucas Manfredi
- The Wrap
Dennis Miller, who took the helm of The CW after Nexstar Media Group bought majority control of it last fall, has been re-upped as president of the broadcast network through 2027.
With a background in media and venture capital, Miller has steered The CW through a period of transformation and financial overhaul. Nexstar has pledged to make the network profitable by 2025, in large part by ditching the pricey scripted dramas favored by previous joint venture partners Paramount and Warner Bros. Discovery (each of which still has 12.5% of the network). The CW has also boosted its unscripted programming and has gotten into live sports with deals to broadcast Acc football and basketball as well as Liv Golf. By 2025, plans call for the network to carry more than 400 hours of sports programming over 48 weekends each year.
The CW acquisition involved no up-front payments, with Nexstar instead agreeing to absorb the network’s considerable debt load.
With a background in media and venture capital, Miller has steered The CW through a period of transformation and financial overhaul. Nexstar has pledged to make the network profitable by 2025, in large part by ditching the pricey scripted dramas favored by previous joint venture partners Paramount and Warner Bros. Discovery (each of which still has 12.5% of the network). The CW has also boosted its unscripted programming and has gotten into live sports with deals to broadcast Acc football and basketball as well as Liv Golf. By 2025, plans call for the network to carry more than 400 hours of sports programming over 48 weekends each year.
The CW acquisition involved no up-front payments, with Nexstar instead agreeing to absorb the network’s considerable debt load.
- 8/7/2023
- by Dade Hayes
- Deadline Film + TV
The CW Network has extended the contract of president Dennis Miller through 2027.
Miller has been with the CW since October 2022, when the network was acquired by Nexstar Media Group. Since the acquisition, the network has seen extensive changes, which have included cutting most of its original scripted series, in favor of acquisitions, and a greater focus on unscripted series as well as sporting events, including Acc college football and basketball, the NASCAR Xfinity Racing Series and Liv Golf.
By 2025, the network says it will be carrying more than 400 hours of sports programming over 48 weekends. This all comes as part of Nexstar’s goal to make the CW profitable by 2025.
“Dennis has done an outstanding job since taking leadership of The CW,” said Perry Sook, Nexstar’s chairman and chief executive officer. “He and Brad Schwartz have completely remade the network and its brand, bringing a fresh, innovative approach to programming...
Miller has been with the CW since October 2022, when the network was acquired by Nexstar Media Group. Since the acquisition, the network has seen extensive changes, which have included cutting most of its original scripted series, in favor of acquisitions, and a greater focus on unscripted series as well as sporting events, including Acc college football and basketball, the NASCAR Xfinity Racing Series and Liv Golf.
By 2025, the network says it will be carrying more than 400 hours of sports programming over 48 weekends. This all comes as part of Nexstar’s goal to make the CW profitable by 2025.
“Dennis has done an outstanding job since taking leadership of The CW,” said Perry Sook, Nexstar’s chairman and chief executive officer. “He and Brad Schwartz have completely remade the network and its brand, bringing a fresh, innovative approach to programming...
- 8/7/2023
- by Caitlin Huston
- The Hollywood Reporter - Movie News
Dennis Miller has extended his contract as president of the CW Network through 2027.
Miller joined the network as president in October 2022, following its acquisition by Nexstar Media Group from Paramount Global and Warner Bros. Discovery. A month later, Brad Schwartz was brought on as president of entertainment at the network.
Over the past year, Miller and Schwartz had worked together to unveil the shape of the Nexstar-run CW, with its first fall slate coming amid the ongoing writers and actors strikes in Hollywood. A schedule was built around imported series such as “The Spencer Sisters” and “Sullivan’s Crossing,” as well as reality content including “FBoy Island” (revived after cancellation at Max), and a wide world of sports: Acc college football and basketball, the NASCAR Xfinity Racing Series, Liv Golf and the show “Inside the NFL.”
Nexstar says that by 2025, the CW will air more than 400 hours of sports programming over 48 weekends.
Miller joined the network as president in October 2022, following its acquisition by Nexstar Media Group from Paramount Global and Warner Bros. Discovery. A month later, Brad Schwartz was brought on as president of entertainment at the network.
Over the past year, Miller and Schwartz had worked together to unveil the shape of the Nexstar-run CW, with its first fall slate coming amid the ongoing writers and actors strikes in Hollywood. A schedule was built around imported series such as “The Spencer Sisters” and “Sullivan’s Crossing,” as well as reality content including “FBoy Island” (revived after cancellation at Max), and a wide world of sports: Acc college football and basketball, the NASCAR Xfinity Racing Series, Liv Golf and the show “Inside the NFL.”
Nexstar says that by 2025, the CW will air more than 400 hours of sports programming over 48 weekends.
- 8/7/2023
- by Jennifer Maas
- Variety Film + TV
Nexstar is shaking up its top executive ranks.
The local TV giant and CW owner has hired Michael Biard to be its new president and COO, effective Aug. 21. Biard succeeds Tom Carter, who will transition to a senior adviser role.
“Michael is a talented, innovative, and deeply experienced media executive who will be a great leader for Nexstar and the senior management team as we chart the future of the Company,” said Nexstar CEO Perry Sook, to whom Biard will report. “The Board of Directors and I are confident that his vision and judgement will be invaluable as we continue maximizing Nexstar’s shareholder return by furthering the growth of our national brands and audiences, enhancing the value of our spectrum through the additional deployment of Atsc 3.0, and strategically targeting accretive mergers and acquisitions.”
Biard joins Nexstar from Fox Corp., where he had been president of distribution. His deal with Nexstar runs through 2027.
“Perry,...
The local TV giant and CW owner has hired Michael Biard to be its new president and COO, effective Aug. 21. Biard succeeds Tom Carter, who will transition to a senior adviser role.
“Michael is a talented, innovative, and deeply experienced media executive who will be a great leader for Nexstar and the senior management team as we chart the future of the Company,” said Nexstar CEO Perry Sook, to whom Biard will report. “The Board of Directors and I are confident that his vision and judgement will be invaluable as we continue maximizing Nexstar’s shareholder return by furthering the growth of our national brands and audiences, enhancing the value of our spectrum through the additional deployment of Atsc 3.0, and strategically targeting accretive mergers and acquisitions.”
Biard joins Nexstar from Fox Corp., where he had been president of distribution. His deal with Nexstar runs through 2027.
“Perry,...
- 7/25/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
Mike Biard, a 23-year veteran of Fox Corp., has been appointed president and chief operating officer of Nexstar, the No. 1 owner of local TV stations in the U.S. and the parent of The CW and NewsNation.
He will report to CEO Perry Sook, with current COO Tom Carter staying on as an advisor to the company through the end of the year.
In a 23-year run at Fox and its predecessor companies, Biard held exec posts in a range of areas, most recently holding the title of President, Operations and Distribution. In a role with outsized importance given Fox’s reliance on distribution revenue, Biard led distribution, affiliate operations and business affairs for all divisions, including sports, entertainment and news. He steered the company through a number of key renewals in linear and expansions into digital platforms and streaming while also playing a key role in acquiring sports rights...
He will report to CEO Perry Sook, with current COO Tom Carter staying on as an advisor to the company through the end of the year.
In a 23-year run at Fox and its predecessor companies, Biard held exec posts in a range of areas, most recently holding the title of President, Operations and Distribution. In a role with outsized importance given Fox’s reliance on distribution revenue, Biard led distribution, affiliate operations and business affairs for all divisions, including sports, entertainment and news. He steered the company through a number of key renewals in linear and expansions into digital platforms and streaming while also playing a key role in acquiring sports rights...
- 7/25/2023
- by Dade Hayes
- Deadline Film + TV
Longtime Fox exec Michael Biard has be named the new president and chief operating officer of TV station group giant Nexstar, the owner of NewsNation and the CW Network.
Current Nexstar president and COO Thomas Carter is stepping down from his post and shifting to senior advisor. Carter will support the leadership transition, which begins Aug. 21, through the end of the year. Biard, whose Nexstar contract extends through August 2027, will report directly to Nexstar chairman and CEO Perry Sook.
“Michael is a talented, innovative and deeply experienced media executive who will be a great leader for Nexstar and the senior management team as we chart the future of the Company,” Sook said in a statement Tuesday. “The Board of Directors and I are confident that his vision and judgement will be invaluable as we continue maximizing Nexstar’s shareholder return by furthering the growth of our national brands and audiences,...
Current Nexstar president and COO Thomas Carter is stepping down from his post and shifting to senior advisor. Carter will support the leadership transition, which begins Aug. 21, through the end of the year. Biard, whose Nexstar contract extends through August 2027, will report directly to Nexstar chairman and CEO Perry Sook.
“Michael is a talented, innovative and deeply experienced media executive who will be a great leader for Nexstar and the senior management team as we chart the future of the Company,” Sook said in a statement Tuesday. “The Board of Directors and I are confident that his vision and judgement will be invaluable as we continue maximizing Nexstar’s shareholder return by furthering the growth of our national brands and audiences,...
- 7/25/2023
- by Jennifer Maas
- Variety Film + TV
On Feb. 28, hundreds of local broadcast station executives gathered at Nationals Park in Washington D.C. On the agenda for the Nab-sponsored conference were panels and fireside chats with Sen. Ted Cruz and FCC commissioner Nathan Simington, among others.
But on the sidelines of the conference, according to an attendee, executives also commiserated over a long-simmering fight between the owners of the local TV stations, and their network partners, a fight that burst into the public eye that same month.
While the writers and actors are battling the studios over how streaming cash should be divvied up, the owners of local TV stations affiliated with networks like ABC, CBS, Fox and NBC are in a similar dispute: Who exactly should be negotiating with the owners of streaming multichannel video services? The networks whose name brands (ABC, CBS, NBC, Fox) consumers know, or the owners of local affiliates that serve individual markets?...
But on the sidelines of the conference, according to an attendee, executives also commiserated over a long-simmering fight between the owners of the local TV stations, and their network partners, a fight that burst into the public eye that same month.
While the writers and actors are battling the studios over how streaming cash should be divvied up, the owners of local TV stations affiliated with networks like ABC, CBS, Fox and NBC are in a similar dispute: Who exactly should be negotiating with the owners of streaming multichannel video services? The networks whose name brands (ABC, CBS, NBC, Fox) consumers know, or the owners of local affiliates that serve individual markets?...
- 7/21/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
After landing the domestic broadcast rights to the controversial, upstart Liv Golf tour, Nexstar Media Group is looking to add even more live sports rights according to the company’s CEO Perry Sook.
At this week’s Svb MoffettNathanson Technology, Media, and Telecom Conference, Sook touted the success of Liv, noting that local CW affiliates owned by Nexstar were completely supportive of adding the golf league to their programming lineup. Liv Golf is backed by the Saudi Arabian government, whose ties to global terrorism, human rights violations, and the murder of journalist Jamal Khashoggi have made most traditional sports broadcasting partners leery of doing business with the tour. But according to Sook, those issues were less important to affiliates than the prospect of securing more live sports rights.
“At the local level, this is selling like gangbusters,” Sook said. “Car dealers are not deeply involved in national or international geopolitical conversations.
At this week’s Svb MoffettNathanson Technology, Media, and Telecom Conference, Sook touted the success of Liv, noting that local CW affiliates owned by Nexstar were completely supportive of adding the golf league to their programming lineup. Liv Golf is backed by the Saudi Arabian government, whose ties to global terrorism, human rights violations, and the murder of journalist Jamal Khashoggi have made most traditional sports broadcasting partners leery of doing business with the tour. But according to Sook, those issues were less important to affiliates than the prospect of securing more live sports rights.
“At the local level, this is selling like gangbusters,” Sook said. “Car dealers are not deeply involved in national or international geopolitical conversations.
- 5/18/2023
- by David Satin
- The Streamable
Perry Sook, CEO of The CW parent Nexstar, said the network’s deal this year to broadcast the Saudi-backed Liv Golf circuit has led to talks with “everyone” in the vibrant sports rights marketplace.
“It announced to the world that we were willing to program sports on the weekends,” he said of the transaction during a sit-down at a media conference hosted by Wall Street research firm Svb MoffettNathanson. Due to the staggering of rights expirations and negotiating windows, Sook said it’s hard to tell when the next live sports programming could join The CW’s lineup, but he noted particularly active conversations with Power 5 college conferences and motorsports groups. The next agreement could come together as soon as this fall, though Sook also said some appealing choices wouldn’t be available until 2026.
Moderator Michael Nathanson described the Liv deal as a “risk-free” opportunity that “fell into your lap” last January,...
“It announced to the world that we were willing to program sports on the weekends,” he said of the transaction during a sit-down at a media conference hosted by Wall Street research firm Svb MoffettNathanson. Due to the staggering of rights expirations and negotiating windows, Sook said it’s hard to tell when the next live sports programming could join The CW’s lineup, but he noted particularly active conversations with Power 5 college conferences and motorsports groups. The next agreement could come together as soon as this fall, though Sook also said some appealing choices wouldn’t be available until 2026.
Moderator Michael Nathanson described the Liv deal as a “risk-free” opportunity that “fell into your lap” last January,...
- 5/17/2023
- by Dade Hayes
- Deadline Film + TV
In 2000, when Upn landed The Hughleys from ABC as well as Buffy the Vampire Slayer and Roswell from The WB Network, industry insiders dubbed it the “Used Parts Network.” Flash forward two decades and The CW’s roster of homegrown scripted originals has tumbled from 18 in the 2021-22 broadcast season to only two shows, with three remaining on the bubble at press time.
The writing has been on the wall for what has become of The CW — whose current name represents its former owners, CBS Studios and Warner Bros. TV. But what is The CW’s brand under station group Nexstar, which has vowed to make the formerly younger-skewing network profitable by 2025? With CBS Studios and Warners now owning a mere 12.5 percent of the network each and Nexstar’s new focus on low-cost acquisitions and unscripted fare, The CW’s brand now may best be described as “Castoffs Wanted” or even “Curated Wreckage.
The writing has been on the wall for what has become of The CW — whose current name represents its former owners, CBS Studios and Warner Bros. TV. But what is The CW’s brand under station group Nexstar, which has vowed to make the formerly younger-skewing network profitable by 2025? With CBS Studios and Warners now owning a mere 12.5 percent of the network each and Nexstar’s new focus on low-cost acquisitions and unscripted fare, The CW’s brand now may best be described as “Castoffs Wanted” or even “Curated Wreckage.
- 5/12/2023
- by Lesley Goldberg
- The Hollywood Reporter - Movie News
The CW is now run by Nexstar and its management reportedly wants to focus on using inexpensive and acquired programming that generates good ratings. That's going to be a challenge. Nexstar CEO Perry Sook and CW president Dennis Miller are reportedly fans of Kung Fu, but can the reboot generate enough income to justify the cost? Will Kung Fu be cancelled or renewed for season four? Stay tuned. *Status Update Below.
A martial-arts action-adventure TV show, the Kung Fu TV show stars Olivia Liang, Kheng Hua Tan, Shannon Dang, Jon Prasida, Eddie Liu, Gavin Stenhouse, Vanessa Kai, Yvonne Chapman, Tony Chung, Jb Tadena, and Tzi Ma. The series revolves around Nicky Shen (Liang), a young Chinese American woman who questions her life's trajectory and drops out of college to go on a life-changing journey to an isolated...
A martial-arts action-adventure TV show, the Kung Fu TV show stars Olivia Liang, Kheng Hua Tan, Shannon Dang, Jon Prasida, Eddie Liu, Gavin Stenhouse, Vanessa Kai, Yvonne Chapman, Tony Chung, Jb Tadena, and Tzi Ma. The series revolves around Nicky Shen (Liang), a young Chinese American woman who questions her life's trajectory and drops out of college to go on a life-changing journey to an isolated...
- 5/12/2023
- by TVSeriesFinale.com
- TVSeriesFinale.com
“Walker: Independence” will not be returning for a second season, TheWrap can now confirm. Sources close to the series have said that the Katherine McNamara drama will not be returning to The CW.
“Walker: Independence” was a prequel to “Walker,” which stars Jared Padalecki and was renewed earlier on Tuesday for its fourth season. The same source confirmed that “Walker: Independence’s” cancelation will have no impact on the future of “Walker.” At the moment, no other decisions have been made about pending shows at the network.
This news comes ahead of The CW’s upfronts, which are scheduled for May 18. It also marks the first CW show to be axed during this TV season. At the moment, the fates of “All American: Homecoming,” “Gotham Knights,” “Kung Fu,” “Superman and Lois” and “The Winchesters” are still up in the air.
A reboot of “Walker, Texas Ranger,” “Walker” first premiered on...
“Walker: Independence” was a prequel to “Walker,” which stars Jared Padalecki and was renewed earlier on Tuesday for its fourth season. The same source confirmed that “Walker: Independence’s” cancelation will have no impact on the future of “Walker.” At the moment, no other decisions have been made about pending shows at the network.
This news comes ahead of The CW’s upfronts, which are scheduled for May 18. It also marks the first CW show to be axed during this TV season. At the moment, the fates of “All American: Homecoming,” “Gotham Knights,” “Kung Fu,” “Superman and Lois” and “The Winchesters” are still up in the air.
A reboot of “Walker, Texas Ranger,” “Walker” first premiered on...
- 5/9/2023
- by Kayla Cobb
- The Wrap
Nexstar Media Group said its purchase of The CW Network led it to pull in record revenue in the first quarter, despite the network’s continued losses.
The parent of NewsNation on Tuesday reported revenue of $1.26 billion for the first three months of the year, up 4% from $1.21 billion in Q1 2022. Of that, revenue attributed to The CW was $57 million.
NextStar said a 9% gain in distribution revenue to $728 million mostly related to its ownership interest in the TV Food Network also helped boost the total, more than offsetting a 6% decline in total advertising revenue. Core advertising revenue slipped 2.6% to $417 million in a soft market that also saw no Olympics-related ads, and political advertising revenue plunged 67% to $8 million in the absence of mid-term election ads.
Excluding political advertising, net revenue increased 5.3% year-over-year, the company said.
“All-time high quarterly distribution revenue and the benefit of The CW acquisition more than offset the cyclical...
The parent of NewsNation on Tuesday reported revenue of $1.26 billion for the first three months of the year, up 4% from $1.21 billion in Q1 2022. Of that, revenue attributed to The CW was $57 million.
NextStar said a 9% gain in distribution revenue to $728 million mostly related to its ownership interest in the TV Food Network also helped boost the total, more than offsetting a 6% decline in total advertising revenue. Core advertising revenue slipped 2.6% to $417 million in a soft market that also saw no Olympics-related ads, and political advertising revenue plunged 67% to $8 million in the absence of mid-term election ads.
Excluding political advertising, net revenue increased 5.3% year-over-year, the company said.
“All-time high quarterly distribution revenue and the benefit of The CW acquisition more than offset the cyclical...
- 5/9/2023
- by Eileen AJ Connelly
- The Wrap
Nexstar CEO Perry Sook says the Hollywood community has “responded” to the company’s overhaul of The CW, and sports rights conversations have been “steady” since the company started airing Liv Golf this year.
“They’re talking to everybody in Hollywood,” Sook said of CW chief Dennis Miller and programming head Brad Schwartz. “One of the most pleasant surprises following our takeover is that when we said, ‘The doors are open, let’s talk about doing business,’ the community responded. It’s in everybody’s best interest that there’s a viable fifth network competitive out there.”
Sook delivered the comments during the company’s first quarter earnings call, also volunteering his view that The CW has limited exposure to the WGA strike given its increased focus on unscripted fare.
Earlier Tuesday, Nexstar reported diluted earnings per share of $2.97, which was down significantly from the $5.99 it posted in the political-ad-fueled...
“They’re talking to everybody in Hollywood,” Sook said of CW chief Dennis Miller and programming head Brad Schwartz. “One of the most pleasant surprises following our takeover is that when we said, ‘The doors are open, let’s talk about doing business,’ the community responded. It’s in everybody’s best interest that there’s a viable fifth network competitive out there.”
Sook delivered the comments during the company’s first quarter earnings call, also volunteering his view that The CW has limited exposure to the WGA strike given its increased focus on unscripted fare.
Earlier Tuesday, Nexstar reported diluted earnings per share of $2.97, which was down significantly from the $5.99 it posted in the political-ad-fueled...
- 5/9/2023
- by Dade Hayes
- Deadline Film + TV
Nexstar reported its first-quarter 2023 earnings Tuesday, revealing its overall TV ad sales were down 6% year-over-year but its digital revenue increased by a record 16.5%, in part due to the inclusion of the CW Network in its offering.
Core ad sales were down 2.6%, while political ad revenue fell 66.7% compared to the year ago period, which saw a significant boost due to the midterm election.
Distribution revenue rose 9%. “Other” revenue was up 9.1%. Per Netflix, 66% of its first quarter venue came from its distribution, digital and “other” revenue streams.
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The TV station group giant turned a profit of $88 million in Q1. Looking at the CW alone, the broadcaster posted a $83 million loss, while Nexstar, excluding the CW, had a net income of $171 million.
Free cash flow stood at $383 million for the quarter ended March 31.
Wall Street...
Core ad sales were down 2.6%, while political ad revenue fell 66.7% compared to the year ago period, which saw a significant boost due to the midterm election.
Distribution revenue rose 9%. “Other” revenue was up 9.1%. Per Netflix, 66% of its first quarter venue came from its distribution, digital and “other” revenue streams.
Click here to sign up for Variety’s free Strictly Business newsletter covering earnings, financial news and more.
The TV station group giant turned a profit of $88 million in Q1. Looking at the CW alone, the broadcaster posted a $83 million loss, while Nexstar, excluding the CW, had a net income of $171 million.
Free cash flow stood at $383 million for the quarter ended March 31.
Wall Street...
- 5/9/2023
- by Jennifer Maas
- Variety Film + TV
Perry Sook, who has led Nexstar Media Group from humble beginnings two-plus decades ago to its current status as the top owner of TV stations and the parent of The CW, made $39.3 million in 2022.
The CEO’s total compensation package included a $33 million stock grant, according to an SEC filing. Sook’s total pay in 2021 came to $21.1 million. No other exec listed in the filing took home more than $2.8 million in 2022.
The company’s stock, which managed to be one of the few in the media sector to gain ground in a grueling 2022, has gone up about 15% over the past two years. At $173.45 as of Friday’s close, it has risen more than tenfold since the company’s IPO back in 2003. Sook founded the company in 1996 with one TV station in Scranton, Pa.
Nexstar, which has grown through a series of acquisitions, pulled off a splashy one last fall. It...
The CEO’s total compensation package included a $33 million stock grant, according to an SEC filing. Sook’s total pay in 2021 came to $21.1 million. No other exec listed in the filing took home more than $2.8 million in 2022.
The company’s stock, which managed to be one of the few in the media sector to gain ground in a grueling 2022, has gone up about 15% over the past two years. At $173.45 as of Friday’s close, it has risen more than tenfold since the company’s IPO back in 2003. Sook founded the company in 1996 with one TV station in Scranton, Pa.
Nexstar, which has grown through a series of acquisitions, pulled off a splashy one last fall. It...
- 4/28/2023
- by Dade Hayes
- Deadline Film + TV
In what was a blockbuster year for the local TV station owner, Nexstar CEO Perry Sook’s 2022 pay package soared to $39.3 million, according to the company’s proxy filing, released Friday. That was up from $21.1 million in 2021.
Sook’s 2022 compensation package was driven mostly by a $33.3 million stock grant, with his salary at $2 million, a $1 million bonus, and $3 million in non-equity incentive compensation.
In 2022 Nexstar not only saw record midterm political advertising revenue, but it acquired The CW from Warner Bros. Discovery and Paramount, with the entertainment giants effectively paying the company $54 million to take it off their hands (and balance sheets).
The CW lost $94 million in its first quarter as a division of Nexstar.
Among other Nexstar executives, president and COO Tom Carter took home $2 million, and networks chief Sean Compton (who oversees the CW and NewsNation, among other channels) earned a package worth $2.5 million.
Nexstar has been on an expansion push.
Sook’s 2022 compensation package was driven mostly by a $33.3 million stock grant, with his salary at $2 million, a $1 million bonus, and $3 million in non-equity incentive compensation.
In 2022 Nexstar not only saw record midterm political advertising revenue, but it acquired The CW from Warner Bros. Discovery and Paramount, with the entertainment giants effectively paying the company $54 million to take it off their hands (and balance sheets).
The CW lost $94 million in its first quarter as a division of Nexstar.
Among other Nexstar executives, president and COO Tom Carter took home $2 million, and networks chief Sean Compton (who oversees the CW and NewsNation, among other channels) earned a package worth $2.5 million.
Nexstar has been on an expansion push.
- 4/28/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
In the middle of what is one of the most consequential weeks for media in years, Michael Corn, the president of Nexstar’s NewsNation cable news channel, took a moment to gloat.
“We are as you probably know the fastest growing news channel in America right now,” Corn told a crowd of a few dozen assembled in the channel’s new New York studio Tuesday afternoon. “We are also the fastest hiring news channel in America right now. In fact, some of our competitors have been dramatically downsizing this week. We are upsizing, and hiring quite a bit.”
It’s something of an understatement for the news channel, which has stacked its lineup with familiar faces for TV news viewers, including ABC News and MSNBC veteran Dan Abrams, former CNN and ABC News anchor Chris Cuomo, former NBC News and ABC News anchor Elizabeth Vargas, Fox News alumni Leland Vittert,...
“We are as you probably know the fastest growing news channel in America right now,” Corn told a crowd of a few dozen assembled in the channel’s new New York studio Tuesday afternoon. “We are also the fastest hiring news channel in America right now. In fact, some of our competitors have been dramatically downsizing this week. We are upsizing, and hiring quite a bit.”
It’s something of an understatement for the news channel, which has stacked its lineup with familiar faces for TV news viewers, including ABC News and MSNBC veteran Dan Abrams, former CNN and ABC News anchor Chris Cuomo, former NBC News and ABC News anchor Elizabeth Vargas, Fox News alumni Leland Vittert,...
- 4/26/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
The CW is hoping advertisers will take another swing at its unorthodox new golf tournament if it offers some different ways of doing transactions that involve it.
The network, recently brought under control of Nexstar Media Group, will work with iSpot.TV, one of a handful of new providers of audience-measurement technologies, to measure the effectiveness of commercials attached to linear and digital broadcasts of tournaments backed by Liv Golf, the upstart league financed by Saudi Arabia. CW is to air 14 global Liv Golf League live events in 2023 and will stream the events live on its app. Weekend tournaments will air live on Saturdays and Sundays on the linear network, and stream online Fridays.
“With this unprecedented integration of experiential omnichannel activations across digital and linear, as well as traditional and offline channels, we needed a measurement provider who could keep pace with our innovative approach to consumer monetization and we found one in iSpot,...
The network, recently brought under control of Nexstar Media Group, will work with iSpot.TV, one of a handful of new providers of audience-measurement technologies, to measure the effectiveness of commercials attached to linear and digital broadcasts of tournaments backed by Liv Golf, the upstart league financed by Saudi Arabia. CW is to air 14 global Liv Golf League live events in 2023 and will stream the events live on its app. Weekend tournaments will air live on Saturdays and Sundays on the linear network, and stream online Fridays.
“With this unprecedented integration of experiential omnichannel activations across digital and linear, as well as traditional and offline channels, we needed a measurement provider who could keep pace with our innovative approach to consumer monetization and we found one in iSpot,...
- 3/8/2023
- by Brian Steinberg
- Variety Film + TV
Updated: Using data from iSpotTV along with internal CW and Liv results, CW says Liv’s opening weekend at Camaleón Mayakoba Golf Course in Mexico averaged more than 3.2 million total viewers across all linear and digital platforms from February 24-26.
Day one of the tourney streamed on the CW app. Days two and three aired on affiliates, as well as indie stations and diginets.
“This was a great start for Liv Golf and a great debut for CW Sports,” said Dennis Miller, President of The CW Network. “We are really encouraged by the dramatic viewership increases we saw across our affiliates. The performance of Liv Golf is very competitive with other longstanding sports leagues, and we are confident that the audience for the league will continue growing throughout the season, as The CW delivers high quality sports programming to our broadcasting and advertising partners for the first time.”
Previously: Liv...
Day one of the tourney streamed on the CW app. Days two and three aired on affiliates, as well as indie stations and diginets.
“This was a great start for Liv Golf and a great debut for CW Sports,” said Dennis Miller, President of The CW Network. “We are really encouraged by the dramatic viewership increases we saw across our affiliates. The performance of Liv Golf is very competitive with other longstanding sports leagues, and we are confident that the audience for the league will continue growing throughout the season, as The CW delivers high quality sports programming to our broadcasting and advertising partners for the first time.”
Previously: Liv...
- 3/3/2023
- by Lynette Rice
- Deadline Film + TV
Walker Independence will wrap up its freshman run with this Thursday’s finale, but it remains to be seen whether the episode will be the final one to air on The CW following much turnover at the network.
In August 2022, local-tv giant Nexstar Media Group acquired majority ownership of The CW, after which network boss Mark Pedowitz exited and was replaced by TV executive-turned-venture capitalist Dennis Miller. Nexstar execs indicated that the plan for The CW’s future includes targeting older viewers and a focus on low-cost unscripted programming. But “there may be a couple of shows that distinguish themselves...
In August 2022, local-tv giant Nexstar Media Group acquired majority ownership of The CW, after which network boss Mark Pedowitz exited and was replaced by TV executive-turned-venture capitalist Dennis Miller. Nexstar execs indicated that the plan for The CW’s future includes targeting older viewers and a focus on low-cost unscripted programming. But “there may be a couple of shows that distinguish themselves...
- 3/2/2023
- by Vlada Gelman
- TVLine.com
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