Unpacking the Paramount and Warner Bros. Discovery deal that saw the sellers pay $54 million to unload the broadcaster.
analysis of the financial statements that were included in Nexstar’s latest quarterly filing with the SEC on Nov. 9, The CW had revenue of about $100 million per quarter in 2021-22, for an annual run rate of $370 million to $405 million. However, it had annualized losses of between $300 million and $400 million. In other words, for every dollar it took in, as many as $2 were flowing out.
The network has consisted exclusively of scripted originals produced by both Warners and CBS Studios, supplemented by a few unscripted shows and low-cost Canadian series acquired to help flesh out its slate.
And while other suitors kicked the tires, the local TV giant emerged victorious, benefitting from being the largest owner of CW stations in the country . “Nexstar believes it was able to acquire The CW for $0 purchase consideration due to the recurring losses of The CW and its position as the largest affiliate of The CW which it believes limited the number of interested acquirers,” the company wrote in its 10-Q.
Now comes the hard part, as the local TV giant needs to find a way to stem the steep losses The CW is facing. For now, it has agreed to carry 12 scripted series from the previous owners, primarily for the 2022-23 season. But after that, it will turn to new entertainment chief Brad Schwartz to chart a new, much less expensive content strategy. “We just have to be scrappier.
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