As a seasoned movie reviewer with a lifetime of watching networks rise and fall like waves on the silver screen, I must say, the latest turn at The CW leaves me with a sense of déjà vu. The layoffs across its publicity and program development teams, coupled with the departure of Dennis Miller, have all the makings of a familiar plot twist.
It appears that The CW has let go of multiple staff members from both the publicity and program development departments, according to our sources.
According to a reliable insider, approximately 26 employees are impacted by these recent layoffs. This decision was reportedly taken because the company is shifting its focus towards sports, non-scripted programs, and a select number of scripted series. This move is part of their ongoing effort to achieve profitability under their new owner, Nexstar Media Group.
Representatives from CW and Nexstar did not immediately respond to request for comment Tuesday.
The recent reductions were made within a mere month’s time, following the announcement by Nexstar-owned network that their CW network president, Dennis Miller, would be leaving his post after only two years in the role.
Miller has been leading The CW ever since he was appointed by Nexstar CEO, Perry Sook, in the autumn of 2022, along with Brad Schwartz who is the CW’s president of entertainment. Last August, his contract as president of The CW was renewed and extended to last until 2027.
On October 16th, it became public knowledge that Miller would be leaving his position by the end of the year. Starting from October 31st, Schwartz assumed Miller’s title and duties as network president, as Miller transitioned into an advisory role.
Last week, Nexstar shared their financial results for the third quarter, showing a significant reduction in losses on The CW, amounting to $36 million between July 1st and September 30th. Yet, Nexstar did not provide details regarding the total loss that The CW is currently carrying.
In the recent quarter, our strategy for The CW progressed significantly. This resulted in a year-over-year decrease in operating losses by $36 million and a year-to-date reduction by $119 million, as stated by Nexstar CEO Perry Sook. In September, we introduced NASCAR Xfinity Series racing and WWE NXT wrestling on The CW broadcast network, which led to double-digit percentage growth in both total audience and adults aged 18-49, compared to previous cable viewership. Overall, our impressive year-to-date operating performance generated $792 million of Adjusted Free Cash Flow. We returned $590 million, or 74%, of this to shareholders through dividends and share buybacks, and reduced debt by $146 million.
More to come…
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2024-11-12 23:17