The CW Loses Millions of Dollars Amid Nexstar Changes

The network reported a $78 million loss amid programming and executive changes.

The CW has been in a transitional period lately, after Nexstar purchased the fan-favorite broadcast network in 2022. In the time since, the network has canceled the majority of its original scripted shows, pivoting towards acquired and unscripted programming in hopes of reversing massive amounts of debt. As Nexstar revealed on Monday, The CW still has a long way to go, with the network drawing in a net loss of $78 million just in the second quarter of 2023. As Nexstar executives hinted in the company's quarterly earnings report, the goal is to build The CW back up in a "Moneyball"-like strategy. Nexstar reportedly hopes for The CW to be profitable by 2025.

"We're competing in the same league as the big four networks, but we've got to do it smartly, and crawl, walk, run," Nexstar CEO Perry Sook revealed. "We're going to take some smart bets and calculated risks."

What Shows Has The CW Renewed?

The CW has renewed a select few of its original scripted series, which are expected to debut at some point in 2024. This includes a shortened fourth season of Superman & Lois, as well as Walker, All-American, and All-American: Homecoming.

"It was very easy to focus on those four as our biggest shows and best performers. And then it was also easier to have conversations with CBS and Warner about 'How can we make these shows work for everybody?' because there was a successful track record," The CW president of entertainment Brad Schwartz said in a recent interview. "CBS and Warner Bros. know what they make on them internationally, know what they make from their Netflix and HBO sales. We know how they do for us. They can project what a library of 60 or 70 episodes is going to make for them forever. You can put all the math together and be like, 'Is there a path for us as partners?'"

When Will The CW's Shows Premiere?

Earlier this week, the network confirmed that those aforementioned original scripted shows have been delayed further into 2024, amid the ongoing WGA and SAG-AFTRA Hollywood strikes. 

"The farther the strike goes on, they get pushed further and further into 2024," Sook revealed, adding "we also have some more high-profile and noisy reality shows, which will bring attention to the network as well. So, we kind of like our chances in this chaotic environment. When others are afraid, we tend to take some big swings."

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