Broadcast media’s Nextstar?Nexstar Media Group has big plans to turnaround one of the few broadcast networks currently operating at a loss, but can it keep up with competition that even big dogs are struggling with?
- Nextstar Media has agreed to buy a 75% ownership stake in the CW Network, with current owners Warner Bros. Discovery and Paramount Global keeping the other 25% of the network that boasts popular shows like The Vampire Diaries – as fun as it was to watch hot vamps fight over a girl tho, the CW is actually not doing so well as a business.
- CEO of Nextstar Lee Ann Gliha says The CW will be profitable by 2025, which seems like a pretty tall order for one of the only networks around to operate at an ongoing loss, but Nextstar is the nation's largest TV broadcast company so perhaps they’re up to the task – the news sent prices into the red on Monday so investors don't yet seem convinced.
- It comes despite a general sense of bearishness that’s surrounding broadcasters atm on the back of a variety of macroeconomic factors that you’re already, I’m sure, aware of – HBO Max, which falls under the Warner Bros/Paramount umbrella as well, just became the most recent brand to slash its employee count and reduce costs. Nextstar may be able to make the next star, but it’s not gonna be easy.
Chase Yi / Unsplash
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